Group 1: Report Title and Core View - The report focuses on LPG and propylene, with the view that LPG demand improvement is limited and the futures valuation is high, while propylene supply - demand gap narrows and there is a short - term expectation of price stop - falling [2][3] Group 2: Fundamental Data Futures Price - PG2512 yesterday's closing price was 4,272 with a daily increase of 0.16%, and night - session closing price was 4,290 with a night - session increase of 0.42% - PG2601 yesterday's closing price was 4,200 with a daily increase of 0.14%, and night - session closing price was 4,217 with a night - session increase of 0.40% - PL2601 yesterday's closing price was 5,897 with a daily increase of 0.19%, and night - session closing price was 5,895 with a night - session decrease of 0.03% - PL2602 yesterday's closing price was 5,916 with a daily increase of 0.27%, and night - session closing price was 5,929 with a night - session increase of 0.22% - PL2603 yesterday's closing price was 5,858 with a daily increase of 0.10%, and night - session closing price was 5,877 with a night - session increase of 0.32% [3] Position and Trading Volume - PG2512 yesterday's trading volume was 66,578, a decrease of 14,448 from the previous day, and the position was 90,244, a decrease of 5,137 from the previous day - PG2601 yesterday's trading volume was 19,177, a decrease of 1,381 from the previous day, and the position was 39,310, an increase of 2,677 from the previous day - PL2601 yesterday's trading volume was 1,962, a decrease of 816 from the previous day, and the position was 5,415, a decrease of 184 from the previous day - PL2602 yesterday's trading volume was 25,285, an increase of 5,291 from the previous day, and the position was 6,495, a decrease of 443 from the previous day - PL2603 yesterday's trading volume was 46,578, an increase of 2,643 from the previous day, and the position was 14,268, a decrease of 180 from the previous day [3] Spread - The spread between Guangzhou domestic gas and PG12 contract was 178 yesterday, compared with 185 the previous day - The spread between Guangzhou imported gas and PG12 contract was 238 yesterday, compared with 245 the previous day - The spread between Shandong propylene and PL01 contract was - 282 yesterday, compared with - 236 the previous day - The spread between East China propylene and PL01 contract was - 97 yesterday, compared with - 111 the previous day - The spread between South China propylene and PL01 contract was - 72 yesterday, compared with - 61 the previous day [3] Key Industrial Chain Data - This week, the PDH operating rate was 75.5%, compared with 73.9% last week - The MTBE operating rate was 68.6% this week, compared with 68.0% last week - The alkylation operating rate was 38.5% this week, compared with 43.6% last week [3] Group 3: Trend Intensity - LPG trend intensity is 0, and propylene trend intensity is 0, with the range of trend intensity being integers in the [-2,2] interval [7] Group 4: Market Information CP Paper Goods Price - On November 7, 2025, the December CP paper goods price for propane was 466 dollars/ton, a 3 - dollar/ton increase from the previous trading day; the price for butane was 459 dollars/ton, a 6 - dollar/ton increase from the previous trading day. The January CP paper goods price for propane was 476 dollars/ton, a 2 - dollar/ton increase from the previous trading day [8] Domestic PDH Device Maintenance Plan - Multiple companies have PDH device maintenance plans, such as Henan Huasong New Material Technology Co., Ltd. starting maintenance on May 12, 2023, with the end time to be determined; Jiangsu Yanchang Zhongran Chemical Co., Ltd. starting maintenance in late November 2023, with the end time to be determined [9] Domestic LPG Factory Device Maintenance Plan - Many LPG factories have device maintenance plans, including Huaxing Petrochemical in Shandong starting full - plant maintenance on October 22, 2024, with the end time in early November 2025; Rizhao (Zhonghai) in Shandong starting full - plant maintenance on January 3, 2025, with the end time to be determined [9]

Group 1: Report Core Information - Report title: "LPG: Supported by Strong External Market, Domestic Market Still Has Room for Repair" [1] - Date: July 25, 2025 [1] - Analyst: Chen Xinchao [1] - Investment consulting qualification number: Z0020238 [1] - Email: chenxinchao@gtht.com [1] Group 2: Fundamental Tracking Futures - PG2509 yesterday's closing price was 4,023 with a daily increase of 1.41%, and night - session closing price was 4,037 with a night - session increase of 0.35%. Its yesterday's trading volume was 100,180 (a decrease of 1,582 from the previous day), and positions were 88,522 (a decrease of 3,742 from the previous day) [1] - PG2510 yesterday's closing price was 4,456 with a daily increase of 1.48%, and night - session closing price was 4,461 with a night - session increase of 0.11%. Its yesterday's trading volume was 23,707 (an increase of 3,001 from the previous day), and positions were 54,714 (an increase of 160 from the previous day) [1] Spreads - Yesterday, the spread between Guangzhou domestic gas and the 09 contract was 507, compared with 583 the day before [1] - Yesterday, the spread between Guangzhou imported gas and the 09 contract was 527, compared with 633 the day before [1] Industrial Chain Important Price Data - This week, the PDH operating rate was 73.1%, up from 71.8% last week [1] - This week, the MTBE operating rate was 69.0%, up from 67.6% last week [1] - This week, the alkylation operating rate was 47.5%, up from 45.9% last week [1] Group 3: Trend Intensity - LPG trend intensity is 0, with the range of values in the [-2, 2] interval for integers. The classification of strength levels is as follows: weak, relatively weak, neutral, relatively strong, strong, where -2 means the most bearish and 2 means the most bullish [6] Group 4: Market Information Saudi CP Expectations - On July 23, 2025, the August Saudi CP expectation for propane was 530 dollars/ton, up 18 dollars/ton from the previous trading day; for butane, it was 510 dollars/ton, up 18 dollars/ton from the previous trading day [8] - The September Saudi CP expectation for propane was 535 dollars/ton, up 19 dollars/ton from the previous trading day; for butane, it was 515 dollars/ton, up 19 dollars/ton from the previous trading day [8] Domestic PDH Device Maintenance Plans - Multiple PDH device maintenance plans from various companies are listed, including Henan Huasong New Material Technology Co., Ltd., Jiangsu Yanchang Zhongran Chemical Co., Ltd., etc., with different start times and some with undetermined end times [7] Domestic Liquefied Gas Factory Device Maintenance Plans - Multiple domestic liquefied gas factory device maintenance plans are listed, including those from Shandong - based companies like Shengli Heavy Oil Plant, Haike Ruilin, etc., with details of normal production volume, loss volume, start time, end time, and maintenance duration [9]

Group 1 - The operating rate of PDH units is expected to remain below 70% due to poor profitability, despite new units starting up in June and July [1] - The demand for alkylation and MTBE units is increasing, driven by gasoline demand, while there is a slight increase in demand for C4 [1] - The international LPG price is declining, with US propane inventories continuing to rise and overall market resources being abundant [1] Group 2 - The domestic LPG supply is rebounding, with inventory levels remaining high and port storage capacity slightly decreasing after reaching a seasonal high [2] - The market is experiencing a cautious sentiment due to tariff issues, with gasoline consumption at a four-year low and chemical demand being weak [2] - The PDH weekly capacity utilization has slightly rebounded but remains at a multi-year low, while alkylation capacity utilization has also increased, with margins near zero [2] Group 3 - Domestic refinery prices are weak, with terminal gas sales declining and increased refinery output leading to a loose supply of domestic gas [3] - Chemical demand is recovering month-on-month, but PDH margins have slightly decreased due to falling naphtha prices, limiting future growth potential [3] - Overall market pressure is evident with rising inventories at both terminals and refineries, despite some support from strong crude oil prices [3]