Report Industry Investment Rating - The report does not provide an industry investment rating. Core View of the Report - Downstream wait - and - see sentiment has intensified, and overall trading performance is mediocre. With continuous decline in crude oil and waning downstream enthusiasm for purchasing high - priced resources, short - term trading aims to ensure sales. Although there is some support on the cost side due to counter - measures against US tariffs, the market has insufficient upward drive under the background of bearish international crude oil and weak downstream PDH demand [1]. Summary by Related Catalogs Market Analysis - On April 9, regional prices were as follows: Shandong market, 4920 - 5050; Northeast market, 4650 - 4850; North China market, 5050 - 5220; East China market, 5600; Yangtze River market, 5610 - 5730; Northwest market, 4800 - 5100; South China market, 5468 - 5530 [1]. - In the first half of May 2025, the CIF price of frozen propane in East China was 604 US dollars/ton, up 125 US dollars/ton, and butane was 594 US dollars/ton, up 125 US dollars/ton. In RMB terms, propane was 4790 yuan/ton, up 999 yuan/ton, and butane was 4711 yuan/ton, up 999 yuan/ton [1]. - In the first half of May 2025, the CIF price of frozen propane in South China was 616 US dollars/ton, up 39 US dollars/ton, and butane was 606 US dollars/ton, up 39 US dollars/ton. In RMB terms, propane was 4885 yuan/ton, up 318 yuan/ton, and butane was 4806 yuan/ton, up 319 yuan/ton [1]. - Yesterday, import terminals in the South China market took the lead in offering discounts, which intensified downstream wait - and - see sentiment. Some refineries accumulated inventory. High - olefin C4 prices were stable with a downward trend, although downstream deep - processing products had good transactions yesterday [1]. Strategy - Unilateral: Fluctuating; Inter - period: None; Inter - variety: None; Spot - futures: None; Options: None [2]