Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The basis is strong, the disk valuation is low, and there is no fundamental driving force. The overall situation is expected to be mainly volatile [1] Group 3: Summary by Relevant Catalog Spot Market - The center of the spot price has moved down, and the cheapest deliverable is the South China civil gas at 4365 on Thursday. The PG disk strengthened, and the 09 - 10 spread was -450 (+15). The US - Far East arbitrage window is closed [1] - The basis strengthened to 606 (+161), the monthly reverse spread continued to strengthen, the 9 - 10 spread was -478 (-39), and the warehouse receipt registration volume was 10179 lots (+420) [1] International Market - The international market fundamentals are loose. FEI and CP are oscillating, and MB is weakening. The oil - gas price ratio in North Asia and the Middle East has decreased, while that in North America has slightly increased [1] - The internal - external price difference has dropped significantly. PG - CP is 9.3 (-21); PG - FEI is -2.5 (-16). The US - Asia arbitrage window is open [1] - The freight from the US Gulf to Japan is 148 (+16), and that from the Middle East to the Far East is 85 (+11). The waiting time for VLGCs at the Panama Canal has increased, but it is expected to decline next [1] Industrial Profit - The FEI - MOPJ has significantly narrowed to -38 (+15), and the naphtha crack spread has strengthened. The PDH spot profit has weakened, while the paper profit has continued to improve [1] - The production gross profit of alkylated oil has decreased. The MTBE gas fractionation etherification gross profit has slightly increased, and the isomerization etherification gross profit has slightly decreased [1] Fundamental Data - The unloading port volume has increased, the port inventory has risen, the factory inventory has decreased by 0.51%, and the commodity volume has increased by 0.57% [1] - The PDH operating rate is 73.84% (+1.21 pct). Tianjin Bohua has resumed operation, Jiangsu Ruiheng has restarted, but Binhua has stopped due to a fault for an expected 20 days. Wanda Tianhong is expected to restart next week [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The PG market is expected to continue its weak and volatile trend due to increased domestic chemical demand in the short - term, weak domestic combustion demand, high port inventory pressure, and a weak international fundamental situation [1] 3. Summary by Relevant Catalog a. Price and Market Data - **Spot Prices**: Spot prices are oscillating downward, with the cheapest deliverable being South China civil gas at 4400 yuan/ton. The main contract has shifted to the 09 contract, and the basis has strengthened to 445 (+79) [1] - **Futures Market**: The PG futures market is running weakly. The spread between months has weakened, with the 09 - 10 spread at - 436 (-23) on Tuesday and - 439 (-18) later. The inter - month reverse spread continues to strengthen [1] - **International Market**: The international market fundamentals are loose, showing continuous weakness. The August CP official price has been lowered. Propane is at 520 US dollars/ton, a decrease of 55 US dollars/ton from the previous month; butane is at 490 US dollars/ton, also a decrease of 55 US dollars/ton from the previous month [1] b. Cost and Profit - **Production Profit**: FEI and CP continue to decline, PP rises, and the production profit of PP made from FEI and CP has strengthened. The production cost of CP is lower than that of FEI. The spot profit of PDH - made PP oscillates, and the paper profit continues to improve; the profits of other downstream devices have all decreased [1] - **Arrival Cost**: The estimated arrival cost of propane is about 4327 yuan/ton, and that of butane is about 4090 yuan/ton [1] c. Market Structure and Indicators - **Warehouse Receipts**: The registered quantity of warehouse receipts is 9759 lots (-45), with a decrease of 20 lots at Qingdao Yunda and 25 lots at Ningbo Baidinian [1] - **Regional Spreads**: PG - CP is at 30 (-13), FEI - MB is at 159 (+3), FEI - CP is at 5 (+0.5); the US - Asia arbitrage window is open; the CP propane arrival discount oscillates. FEI - MOPJ first expands and then shrinks, with the latest at - 53 (-5) [1] d. Supply and Demand - **Supply**: There is an increase in arrivals, port inventories are accumulating, factory inventories are slightly decreasing, and the commodity volume has slightly recovered [1] - **Demand**: Domestic chemical demand is expected to increase in the short - term, while domestic combustion demand remains weak. The PDH operating rate is 72.63% (-0.5 pct), with Liaoning Jinfa resuming production but Tianjin Bohua shutting down due to a fault. Tianjin Bohua and Jiangsu Ruiheng are expected to restart next week [1]