免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析结论合理，但公司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会 发生任何变化。且全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，客户应当自主做出期货交易决策，独立承担期货交 易后果，凡据此入市者，我公司不承担任何责任。未经公司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全 部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担任何责任。 | | | | | | LPG早报 | | | | 研究中心能化团队 2026/03/06 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | L P G | | | | | | | | | | | | 日 ...

LPG早报 研究中心能化团队 2026/03/05 L P G 日期 华南液化气 华东液化气 山东液化气 丙烷CFR华南 丙烷CIF日 本 CP预测合 同价 山东醚后碳四 山东烷基 化油 纸面进口利润 主力基差 2026/02/26 4760 4444 4480 645 631 550 4410 7300 -301 -22 2026/02/27 4765 4429 4500 644 638 551 4420 7300 -300 10 2026/03/02 4980 4541 4620 774 803 598 4730 7600 -1104 -153 2026/03/03 5070 4591 4630 789 814 601 4740 7600 -1139 -435 2026/03/04 5160 4708 4840 809 814 602 5190 7900 -1182 -496 日度变化 90 117 210 20 0 1 450 300 -43 -61 日度观点 【现货/盘面价格变动情况描述】3月4日，LPG盘面延续上涨，主力合约2604收于5304（+257），4-5月差112（+37）。FEI近月67 ...

| | | | | | LPG早报 | | | | 研究中心能化团队 2026/03/04 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | L P G | | | | | | | | | | | | 日期 | | | 华南液化气 华东液化气 山东液化气 丙烷CFR华南 | | 丙烷CIF日 本 | CP预测合 同价 | 山东醚后碳四 | 山东烷基 化油 | 纸面进口利润 主力基差 | | | 2026/02/25 | 4770 | 4424 | 4500 | 641 | 600 | 540 | 4380 | 7300 | -272 | 14 | | 2026/02/26 | 4760 | 4444 | 4480 | 645 | 631 | 550 | 4410 | 7300 | -301 | -22 | | 2026/02/27 | 4765 | 4429 | 4500 | 644 | 638 | 551 | 4420 | 7300 | -300 | 10 | | 2026/03/02 | 4980 | 454 ...

部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担任何责任。 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析结论合理，但公司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会 发生任何变化。且全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，客户应当自主做出期货交易决策，独立承担期货交 易后果，凡据此入市者，我公司不承担任何责任。未经公司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全 LPG早报 研究中心能化团队 2026/03/03 L P G 日期 华南液化气 华东液化气 山东液化气 丙烷CFR华南 丙烷CIF日 本 CP预测合 同价 山东醚后碳四 山东烷基 化油 纸面进口利润 主力基差 2026/02/24 4760 4424 4500 640 583 540 4380 73 ...

LPG早报 研究中心能化团队 2026/03/02 L P G 日期 华南液化气 华东液化气 山东液化气 丙烷CFR华南 丙烷CIF日 本 CP预测合 同价 山东醚后碳四 山东烷基 化油 纸面进口利润 主力基差 2026/02/13 4750 4467 4470 621 551 529 4460 7280 -171 315 2026/02/24 4760 4424 4500 640 583 540 4380 7300 -289 -58 2026/02/25 4770 4424 4500 641 600 540 4380 7300 -272 14 2026/02/26 4760 4444 4480 645 631 550 4410 7300 -301 -22 2026/02/27 4765 4429 4500 644 638 551 4420 7300 -300 10 日度变化 5 -15 20 -1 7 1 10 0 1 32 周度观点 上周盘面上行，主要受地缘、沙特装置故障影响。基差-342（-76），4-5月差73（-8）。仓单6679手（-83）。最便宜交割品是上海民 用4200（+50）。FEI月差4 ...

| LPG早报 | 研究中心能化团队 2026/02/27 | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | L P G | 丙烷CIF日 | CP预测合 | 山东烷基 | | | | | | | | | | | | | | | | | | | | 日期 | 华南液化气 华东液化气 山东液化气 丙烷CFR华南 | 山东醚后碳四 | 纸面进口利润 主力基差 | 本 | 同价 | 化油 | 2026/02/12 | 4750 | 4467 | 4440 | 635 | 571 | 534 | 4460 | 7280 | -274 | 296 | | | | | | 2026/02/13 | 4750 | 4467 | 4470 | 621 | 551 | 529 | 4460 | 7280 | -171 | 31 ...

免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 LPG早报 研究中心能化团队 2026/02/25 L P G 日期 华南液化气 华东液化气 山东液化气 丙烷CFR华南 丙烷CIF日 本 CP预测合 同价 山东醚后碳四 山东烷基 化油 纸面进口利润 主力基差 2026/02/10 4750 4475 4490 638 578 538 4450 7280 -305 324 2026/02/11 4750 4475 4430 635 581 538 4450 7250 -282 313 2026/02/12 4750 4467 4440 635 571 534 4460 7280 -274 296 2026/02/13 4750 4467 4470 621 551 529 4460 7280 -171 315 2026/02/24 4760 4424 4500 640 583 541 4380 7300 -289 -58 日度变化 10 -43 30 19 32 12 -80 20 -118 -373 日度行情 2月24日， ...

免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 LPG早报 研究中心能化团队 2026/02/24 L P G 日期 华南液化气 华东液化气 山东液化气 丙烷CFR华南 丙烷CIF日 本 CP预测合 同价 山东醚后碳四 山东烷基 化油 纸面进口利润 主力基差 2026/02/09 4765 4475 4470 636 576 534 4370 7280 -281 381 2026/02/10 4750 4475 4490 638 578 538 4450 7280 -305 324 2026/02/11 4750 4475 4430 635 581 538 4450 7250 -282 313 2026/02/12 4750 4467 4440 635 571 534 4460 7280 -274 296 2026/02/13 4750 4467 4470 621 551 529 4460 7280 -171 315 日度变化 0 0 30 -14 -20 -5 0 0 103 19 周度观点 节前一周盘面上行为主，月差 ...

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints - The intraday 3 - 4 month spread is -206 (+52), and the 4 - 5 month spread is 88 (+6). The warehouse receipts remain unchanged. The East China market is mostly stable with the local transaction center moving down. As the Spring Festival approaches, the market transportation capacity gradually decreases, and refineries are actively shipping. It is expected that the East China market will remain stable in the short - term, with local areas possibly weakening [1] - This week, the futures price fluctuated and declined, mainly due to the decline in oil prices and the weak basis of PG itself. The basis strengthened by 163 to -71 (calculated using Shanghai civil LPG). The 3 - 4 month spread is -303 (-9). Warehouse receipts are 6902 lots (+1035), with 1000 lots added by Wuchan Zhongda. The current cheapest deliverable is Shanghai civil LPG at 4150 (+30). The overseas paper - cargo monthly spread has risen, and the oil - gas ratio has fluctuated. The domestic - overseas spread has weakened. PDH profit has declined. Port storage capacity decreased by 1.67 pct, ship arrivals decreased by 5.22%, mainly in East China; refinery storage capacity decreased by 0.39 pct; external sales increased by 0.94%. Chemical demand has increased, and PDH operating rate is 62.66% (+1.94 pct). Overall, the domestic basis is still weak; due to the large price difference between propane and civil LPG, the downward space for civil LPG may be limited before the festival; the 3 - 4 month spread is fairly valued, and subsequent attention should be paid to warehouse receipts. The overseas market is still tight in the short - term, with high freight rates, and geopolitics and cold snaps are still key factors that need continuous attention [1] 3. Summary by Relevant Catalogs Daily Data | Date | South China LPG | East China LPG | Shandong LPG | Propane CFR South China | Propane CIF Japan | CP Forecast Contract Price | Shandong Ether - after C4 | Shandong Alkylation Oil | Paper Import Profit | Main Contract Basis | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2026/02/06 | 4835 | 4475 | 4440 | 635 | 569 | 532 | 4240 | 7230 | -213 | 317 | | 2026/02/09 | 4765 | 4475 | 4470 | 636 | 576 | 534 | 4370 | 7280 | -281 | 381 | | 2026/02/10 | 4750 | 4475 | 4490 | 638 | 578 | 538 | 4450 | 7280 | -305 | 324 | | 2026/02/11 | 4750 | 4475 | 4430 | 635 | 581 | 538 | 4450 | 7250 | -282 | 313 | | 2026/02/12 | 4750 | 4467 | 4440 | 635 | 571 | 534 | 4460 | 7280 | -274 | 296 | | Daily Change | 0 | -8 | 10 | 0 | -10 | -4 | 10 | 30 | 8 | -17 | [1] Daily Viewpoint - The 3 - 4 month spread is -206 (+52), and the 4 - 5 month spread is 88 (+6). Warehouse receipts remain unchanged. The East China market is mostly stable, with local transaction centers moving down, and the mainstream transaction price is 4150 - 4800 yuan/ton. As the Spring Festival approaches, the market transportation capacity gradually decreases, and refineries are actively shipping. It is expected that the East China market will remain stable in the short - term, with local areas possibly weakening [1] Weekly Viewpoint - This week, the futures price fluctuated and declined, mainly due to the decline in oil prices and the weak basis of PG itself. The basis strengthened by 163 to -71 (calculated using Shanghai civil LPG). The 3 - 4 month spread is -303 (-9). Warehouse receipts are 6902 lots (+1035), with 1000 lots added by Wuchan Zhongda. The current cheapest deliverable is Shanghai civil LPG at 4150 (+30) [1] - The overseas paper - cargo monthly spread has risen, and the oil - gas ratio has fluctuated. The domestic - overseas spread has weakened. PG - FEI c1 is 75.26 (-9.6), FEI - MB is 185.6 (+16.6), and FEI - CP is 10 (+13). Freight rates have increased. The actual landed cost has fluctuated weakly. The FEI - MOPJ spread has widened, with the latest at -44.75 (-15.75) [1] - PDH profit has declined. Port storage capacity decreased by 1.67 pct, ship arrivals decreased by 5.22%, mainly in East China; refinery storage capacity decreased by 0.39 pct; external sales increased by 0.94%. Chemical demand has increased, and PDH operating rate is 62.66% (+1.94 pct). The temperature has slightly warmed up but is still low, and the rigid demand on the combustion side is still acceptable [1] - As the Spring Festival approaches, the downstream replenishment is coming to an end. It is expected that the transportation capacity will decline next week, and factories will mainly focus on inventory clearance. Overall, the domestic basis is still weak; due to the large price difference between propane and civil LPG, the downward space for civil LPG may be limited before the festival; the 3 - 4 month spread is fairly valued, and subsequent attention should be paid to warehouse receipts. The overseas market is still tight in the short - term, with high freight rates, and geopolitics and cold snaps are still key factors that need continuous attention [1]

Report Summary - **Industry Investment Rating**: Not provided - **Core View**: This week, the LPG futures market oscillated downward mainly due to falling oil prices and a weakening basis of PG itself. The basis strengthened by 163 to -71 (calculated using Shanghai civil gas). The 3 - 4 month spread was -303 (-9), and the warehouse receipts were 6,902 lots (+1,035). The current cheapest deliverable is Shanghai civil gas at 4,150 (+30). The overseas paper cargo monthly spread increased, and the oil - gas price ratio oscillated. The internal - external spread weakened. PDH profit decreased. Port storage capacity decreased by 1.67 pct, arrivals decreased by 5.22%, mainly in East China; refinery storage capacity decreased by 0.39 pct; external supply increased by 0.94%. Chemical demand increased, with PDH operating rate at 62.66% (+1.94 pct). The demand for combustion was still good due to the low temperature. As the Spring Festival approaches, downstream replenishment is coming to an end. It is expected that the transportation capacity will decline next week, and factories will mainly actively discharge inventory. Overall, the domestic basis is still weak; due to the large price difference between propane and civil gas, the downward space for civil gas may be limited before the festival; the 3 - 4 month spread valuation is neutral, and subsequent attention should be paid to the situation of warehouse receipts. The overseas market is still tight in the short term, with high freight rates, and geopolitical and cold wave factors remain crucial and need continuous attention [1] Data Summary Daily Data - **Date Range**: From February 3rd to February 9th, 2026 - **Price Changes**: The prices of South China LPG, East China LPG, Shandong LPG, propane CFR South China, propane CIF Japan, CP forecast contract price, Shandong ether - after carbon four, Shandong alkylated oil, paper import profit, and the main basis all had corresponding changes, with daily changes of -70, 0, 30, 1, -8, 5, 130, 50, -68, and 64 respectively [1] Daily View - **Spread and Warehouse Receipts**: On Monday, the 3 - 4 month spread dropped significantly to -347, and the 4 - 5 month spread was 90. The warehouse receipts of Shanghai Yuchi increased by 30 [1] - **Spot Market**: LPG spot prices stabilized. The cheapest deliverable was Shanghai civil gas at 4,150. In the East China market, civil gas prices were stable, and imported gas prices rose, with the mainstream transaction price ranging from 4,150 to 4,800 yuan/ton. In Shandong, civil gas prices rose slightly, with the mainstream transaction price ranging from 4,400 to 4,510 yuan/ton [1] Weekly View - **Market Trend**: The futures market oscillated downward this week, mainly affected by falling oil prices and a weakening basis of PG itself [1] - **Basis and Spread**: The basis strengthened by 163 to -71 (calculated using Shanghai civil gas), and the 3 - 4 month spread was -303 (-9) [1] - **Warehouse Receipts**: The number of warehouse receipts was 6,902 lots (+1,035), with Wuchan Zhongda increasing by 1,000 [1] - **External Market**: The overseas paper cargo monthly spread increased, the oil - gas price ratio oscillated, and the internal - external spread weakened. The FEI - MOPJ spread widened to -44.75 (-15.75). Freight rates rose [1] - **Profit and Supply - Demand**: PDH profit decreased. Port storage capacity decreased by 1.67 pct, arrivals decreased by 5.22% (mainly in East China); refinery storage capacity decreased by 0.39 pct; external supply increased by 0.94%. Chemical demand increased, with the PDH operating rate at 62.66% (+1.94 pct). The demand for combustion was still good due to the low temperature [1] - **Outlook**: As the Spring Festival approaches, downstream replenishment is coming to an end. It is expected that the transportation capacity will decline next week, and factories will mainly actively discharge inventory. The domestic basis is still weak; the downward space for civil gas may be limited before the festival; the 3 - 4 month spread valuation is neutral, and subsequent attention should be paid to the situation of warehouse receipts. The overseas market is still tight in the short term, with high freight rates, and geopolitical and cold wave factors remain crucial and need continuous attention [1]