1. Report Industry Investment Rating - Unilateral: Neutral. It is recommended to maintain a light position before the Spring Festival and pay attention to the development of the situation in Iran [2] 2. Core View of the Report - The operating rate of PDH has marginally increased due to the restart of some devices, but there is still a gap compared to the previous level. The overseas supply has tightened marginally, and the external market has phased support, but there are still resistance factors in the market. The high raw material cost suppresses the profits of downstream PDH and other devices, resulting in negative demand feedback. The price inversion of ether post - carbon four and civil gas also exerts additional pressure on the PG disk. During the Spring Festival, the main uncertainty in the market comes from the geopolitical level. If the conflict between Iran and the United States escalates, it may lead to a significant tightening of domestic supply, which is a potential upward risk factor for the disk. Otherwise, the LPG fundamentals are still expected to be oversupplied [1] 3. Summary According to Relevant Contents Market Analysis - On February 12, the regional prices of LPG were as follows: Shandong market, 4380 - 4470 yuan/ton; Northeast market, 3740 - 4200 yuan/ton; North China market, 4150 - 4460 yuan/ton; East China market, 4150 - 4570 yuan/ton; Yangtze River market, 4590 - 4850 yuan/ton; Northwest market, 4250 - 4350 yuan/ton; South China market, 4680 - 4800 yuan/ton [1] - In the first half of March 2026, the CIF prices of frozen propane and butane in East China were 638 US dollars/ton and 628 US dollars/ton respectively, both down 5 US dollars/ton. The RMB - converted prices were 4878 yuan/ton for propane and 4802 yuan/ton for butane, both down 37 yuan/ton. In South China, the CIF prices of frozen propane and butane were 628 US dollars/ton and 618 US dollars/ton respectively, both down 5 US dollars/ton. The RMB - converted prices were 4802 yuan/ton for propane and 4726 yuan/ton for butane, down 37 yuan/ton and 36 yuan/ton respectively [1] - The CP propane - butane swap in the external market had a correction yesterday, while the domestic LPG spot price remained stable overall with partial increases. The East China spot market was mainly stable, with sellers having a low willingness to adjust prices before the festival, and the trading atmosphere was mediocre. The East China market is still at a low level considering the main delivery areas of PG futures. Recently, the overseas supply has tightened marginally, especially in the United States where production and inventory have significantly declined due to the cold wave, providing phased support to the external market. However, there are still resistance factors in the market. The high raw material cost has suppressed the profits of downstream PDH and other devices, resulting in negative demand feedback. This week, the restart of some devices has driven the operating rate up to 65%, but it is still far from the previous level of 75%. The price inversion of ether post - carbon four and civil gas also exerts additional pressure on the PG disk, especially for the main PG2603 contract, where the pressure of concentrated warrant cancellation will be more obvious [1] Strategy - Unilateral: Neutral. Pay attention to the development of the situation in Iran and maintain a light position before the festival. There are no strategies for inter - period, cross - variety, spot - futures, and options [2]

1. Report Industry Investment Rating - Unilateral: Neutral. Pay attention to the development of the Iranian situation and maintain a light position before the festival [2] 2. Core View of the Report - The market driving force is limited, and geopolitical risks still exist. Although the overseas supply has tightened marginally and the Saudi CP has increased in February, the PG futures market is relatively weak, and domestic spot prices generally declined yesterday. High raw material costs have suppressed the profits of downstream PDH and other devices, leading to negative demand feedback. The price inversion between etherified C4 and civil gas has also put additional pressure on the PG futures market. In addition, the game between warehouse receipts and delivery has disturbed the market, especially for the PG2603 contract, where the pressure of centralized cancellation of warehouse receipts will be more obvious. In the short term, it is necessary to focus on the development of the Iranian situation. If the conflict escalates, it may lead to a significant tightening of domestic supplies, which is a potential upward risk factor for the market. However, if the situation eases or remains controllable, the LPG fundamentals are still expected to be oversupplied after the impact of the US cold wave subsides, and there is still resistance above the market [1] 3. Summary by Relevant Catalogs Market Analysis - On February 9, the regional prices were as follows: Shandong market, 4350 - 4510; Northeast market, 3740 - 4150; North China market, 4230 - 4470; East China market, 4150 - 4570; Yangtze River market, 4640 - 4930; Northwest market, 4250 - 4400; South China market, 4780 - 4800 [1] - In the first half of March 2026, the CIF prices of frozen propane and butane in East China were 637 US dollars/ton and 628 US dollars/ton respectively, up 10 US dollars/ton and 11 US dollars/ton. In RMB terms, propane was 4875 yuan/ton, up 71 yuan/ton, and butane was 4807 yuan/ton, up 80 yuan/ton [1] - In the first half of March 2026, the CIF prices of frozen propane and butane in South China were 627 US dollars/ton and 618 US dollars/ton respectively, up 8 US dollars/ton and 9 US dollars/ton. In RMB terms, propane was 4799 yuan/ton, up 57 yuan/ton, and butane was 4730 yuan/ton, up 64 yuan/ton [1] Strategy - Unilateral: Neutral, pay attention to the development of the Iranian situation and maintain a light position before the festival [2] - Inter - period: None [2] - Cross - variety: None [2] - Spot - futures: None [2] - Options: None [2]

1. Report Industry Investment Rating - The rating for unilateral investment is neutral, suggesting short - term observation and attention to the progress of US - Iran negotiations; there are no ratings for inter - period, cross - variety, spot - futures, and options investments [3] 2. Core View of the Report - As the geopolitical situation between Iran and the US eases marginally, the crude oil price has significantly corrected this week, driving down the prices of energy and chemical products including LPG. However, before a relatively clear result or signal emerges from the US - Iran negotiations, the market may be repeatedly affected by news, and caution is needed as the Spring Festival holiday approaches. From the perspective of LPG's own fundamentals and market structure, overseas supply has tightened marginally recently, and Saudi Arabia's February CP has increased. But the PG market trend is relatively weak. High raw material costs have suppressed the profits of downstream PDH and other devices, resulting in negative demand feedback. The price inversion between ether - after carbon four and civil gas has also exerted additional pressure on the PG market. In addition, the game between warehouse receipts and delivery has disturbed the market. If the impact of macro and geopolitical factors weakens, the market may enter a range - bound state again. In the medium term, the LPG balance sheet still anticipates oversupply, and the supply side has relatively high elasticity [1][2] 3. Summary by Relevant Catalog Market Analysis - On February 3, the regional prices were as follows: Shandong market, 4450 - 4520; Northeast market, 3790 - 4150; North China market, 4200 - 4530; East China market, 4120 - 4400; Yangtze River market, 4840 - 5130; Northwest market, 4300 - 4500; South China market, 4800 - 4900. In the first half of March 2026, the CIF price of frozen propane in East China was 615 US dollars/ton, up 5 US dollars/ton, and the price of butane was 605 US dollars/ton, stable. The RMB - converted price of propane was 4713 yuan/ton, up 33 yuan/ton, and that of butane was 4636 yuan/ton, down 6 yuan/ton. In South China, the CIF price of frozen propane was 607 US dollars/ton, up 5 US dollars/ton, and the price of butane was 597 US dollars/ton, stable. The RMB - converted price of propane was 4652 yuan/ton, up 33 yuan/ton, and that of butane was 4575 yuan/ton, down 6 yuan/ton [1] Strategy - Unilateral: Neutral, mainly observe in the short term and pay attention to the progress of US - Iran negotiations. There are no strategies for inter - period, cross - variety, spot - futures, and options [3]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The LPG market is still affected by geopolitical risks and is expected to run with a slight upward trend in the short term, but the medium - term supply is expected to increase, and the global balance sheet is in a state of oversupply [1] - The upward trend is driven by the geopolitical risks in Iran and the cold wave in the United States, while the market also faces resistance such as high raw material import costs and price inversion between ether - post carbon four and civil gas [1] Group 3: Summary According to the Directory Market Analysis - On January 29, the regional prices of LPG in different markets were as follows: Shandong market 4360 - 4450 yuan/ton, Northeast market 3940 - 4100 yuan/ton, North China market 4150 - 4450 yuan/ton, East China market 4120 - 4400 yuan/ton, Yangtze River market 4780 - 5080 yuan/ton, Northwest market 4300 - 4470 yuan/ton, and South China market 4790 - 4900 yuan/ton [1] - In the second half of February 2026, the CIF prices of propane and butane in East China were 635 US dollars/ton and 625 US dollars/ton respectively, up 2 US dollars/ton, equivalent to 4876 yuan/ton and 4838 yuan/ton in RMB, up 15 yuan/ton and 54 yuan/ton respectively [1] - In the second half of February 2026, the CIF prices of propane and butane in South China were 627 US dollars/ton and 622 US dollars/ton respectively, up 2 US dollars/ton and 7 US dollars/ton, equivalent to 4815 yuan/ton and 4777 yuan/ton in RMB, up 15 yuan/ton and 54 yuan/ton respectively [1] Strategy - Unilateral: Short - term shock is on the strong side, and attention should be paid to the development of the Iranian situation [2] - Inter - period: Not provided - Cross - variety: Not provided - Spot - futures: Not provided - Options: Not provided

2月CP预期上调，内盘阻力仍存 市场分析 1、\t1月28日地区价格：山东市场，4360-4440；东北市场，3940-4100；华北市场，4150-4450；华东市场，4170-4390； 沿江市场，4780-5080；西北市场，4270-4440；华南市场，4790-4900。（数据来源：卓创资讯） 2、\t2026年2月下半月中国华东冷冻货到岸价格丙烷633美元/吨，涨6美元/吨，丁烷623美元/吨，涨6美元/吨，折合 人民币价格丙烷4861元/吨，涨39元/吨，丁烷4784元/吨，涨39元/吨。（数据来源：卓创资讯） 3、\t2026年2月下半月中国华南冷冻货到岸价格丙烷625美元/吨，涨6美元/吨，丁烷615美元/吨，涨6美元/吨，折合 人民币价格丙烷4800元/吨，涨39元/吨，丁烷4723元/吨，涨39元/吨。（数据来源：卓创资讯） 近期伊朗局势升温，美国派遣军舰前往中东地区，市场担忧美国与以色列对伊朗采取军事打击。由于LPG是伊朗 出口的主要油品之一，且大部分出口到我国，因此市场供应面临一定风险，需要持续关注伊朗局势发展。此外， 美国的寒潮天气也对LPG存在利多。然而，如果排除地缘和季节因素， ...

1、\t1月26日地区价格：山东市场，4440-4440；东北市场，3940-4100；华北市场，4250-4430；华东市场，4170-4340； 沿江市场，4680-4980；西北市场，4300-4360；华南市场，4740-4820。（数据来源：卓创资讯） 液化石油气日报 | 2026-01-27 地缘风险攀升，盘面强势反弹 市场分析 2、\t2026年2月下半月中国华东冷冻货到岸价格丙烷639美元/吨，涨19美元/吨，丁烷629美元/吨，涨19美元/吨，折 合人民币价格丙烷4913元/吨，涨140元/吨，丁烷4836元/吨，涨140元/吨。（数据来源：卓创资讯） 3、\t2026年2月下半月中国华南冷冻货到岸价格丙烷631美元/吨，涨19美元/吨，丁烷621美元/吨，涨19美元/吨，折 合人民币价格丙烷4852元/吨，涨141元/吨，丁烷4775元/吨，涨141元/吨。（数据来源：卓创资讯） 近期中东局势显著升温，美国上周五加大了对伊朗的施压，对运输伊朗石油的船只实施更多制裁，并宣布一支舰 队正驶向这个中东国家。伊朗不同于委内瑞拉，由于其地缘位置的重要性，可能波及周边重要产油国以及霍尔木 兹海峡，因此 ...

液化石油气日报 | 2026-01-23 策略 单边：中性，短期观望为主 跨期：无 跨品种：无 期现：无 期权：无 风险 现货涨跌互现，内外盘延续分化 市场分析 1、\t1月22日地区价格：山东市场，4460-4510；东北市场，3910-4050；华北市场，4300-4430；华东市场，4220-4310； 沿江市场，4620-5030；西北市场，4250-4400；华南市场，4790-4870。（数据来源：卓创资讯） 2、\t2026年2月下半月中国华东冷冻货到岸价格丙烷628美元/吨，涨18美元/吨，丁烷618美元/吨，涨17美元/吨，折 合人民币价格丙烷4841元/吨，涨139元/吨，丁烷4764元/吨，涨132元/吨。（数据来源：卓创资讯） 3、\t2026年2月下半月中国华南冷冻货到岸价格丙烷620美元/吨，涨18美元/吨，丁烷610美元/吨，涨17美元/吨，折 合人民币价格丙烷4779元/吨，涨139元/吨，丁烷4702元/吨，涨132元/吨。（数据来源：卓创资讯） 昨日外盘与到岸成本延续涨势，但国内液化气现货价格涨跌互现，整体表现一般。其中，只有山东民用液化气与 醚后碳四主流成交价格较上一工作 ...

液化石油气日报 | 2026-01-15 地缘风险上升，盘面延续震荡偏强态势 市场分析 1、\t1月14日地区价格：山东市场，4430-4470；东北市场，3910-4150；华北市场，4200-4430；华东市场，4350-4550； 沿江市场，4750-5080；西北市场，4200-4400；华南市场，4990-5100。（数据来源：卓创资讯） 2、\t2026年2月上半月中国华东冷冻货到岸价格丙烷607美元/吨，涨7美元/吨，丁烷602美元/吨，涨7美元/吨，折合 人民币价格丙烷4686元/吨，涨55元/吨，丁烷4647元/吨，涨55元/吨。（数据来源：卓创资讯） 3、2026年2月上半月中国华南冷冻货到岸价格丙烷599美元/吨，涨7美元/吨，丁烷594美元/吨，涨7美元/吨，折合 人民币价格丙烷4624元/吨，涨55元/吨，丁烷4585元/吨，涨55元/吨。（数据来源：卓创资讯） 随着伊朗地缘局势升温，能源板块整体上涨，PG盘面延续震荡偏强运行，外盘表现坚挺，昨日与国内现货继续上 涨，前期表现较弱的醚后碳四也受到原油端带动上涨。整体来看，近期LPG市场呈现"外强内弱"的格局，海外供应 边际收紧，地缘局 ...

Group 1: Report Industry Investment Rating - Unilateral: Neutral, short - term wait - and - see [2] - Inter - period: None [2] - Inter - variety: None [2] - Futures - spot: None [2] - Options: None [2] Group 2: Core View of the Report - The current LPG market shows a pattern of "strong overseas and weak domestic". Although overseas supply has tightened marginally recently and the external market price is relatively firm, the domestic market's reaction is limited. The inversion of the price of ether - after carbon four and civil gas suppresses the PG market. In the short - term, the fundamentals of LPG have both positive and negative factors. In the medium - term, the overseas supply growth trend continues, and the global supply - demand balance is expected to be oversupplied, with resistance to upward price movement. The escalation of the geopolitical situation is worthy of attention [1] Group 3: Market Analysis Summary - On January 8, the regional prices were as follows: Shandong market, 4380 - 4460; Northeast market, 3890 - 4150; North China market, 4130 - 4420; East China market, 4300 - 4500; Yangtze River market, 4780 - 4950; Northwest market, 4200 - 4350; South China market, 4800 - 4950 [1] - In the first half of February 2026, the CIF price of frozen propane in East China, China was 593 US dollars/ton, down 3 US dollars/ton, and butane was 588 US dollars/ton, down 3 US dollars/ton. In RMB, propane was 4582 yuan/ton, down 26 yuan/ton, and butane was 4543 yuan/ton, down 26 yuan/ton. In South China, the CIF price of frozen propane was 586 US dollars/ton, down 3 US dollars/ton, and butane was 581 US dollars/ton, down 3 US dollars/ton. In RMB, propane was 4528 yuan/ton, down 26 yuan/ton, and butane was 4489 yuan/ton, down 26 yuan/ton [1] - The domestic LPG spot price remained stable overall yesterday, with a slight decline in Shandong civil gas. The East China LPG market was mainly stable, with fair downstream purchasing enthusiasm, moderate trading, limited current demand, general purchasing motivation of industry players, and strong market wait - and - see sentiment [1]

Report Summary 1) Report Industry Investment Rating - Single side: Neutral, mainly wait - and - see in the short term; No suggestions for inter - period, cross - variety, spot - futures, and options strategies [2] 2) Core View of the Report - The LPG market currently shows a pattern of "strong overseas and weak domestic". Although overseas supply has tightened marginally recently and the external market price is relatively firm, the domestic market's reaction is limited. The price inversion of ether - after carbon four and civil gas suppresses the PG futures market. The game between warehouse receipts and delivery also disturbs the market. In the short term, the fundamentals of LPG have both positive and negative factors, and in the medium term, the overseas supply is expected to increase, with a supply - surplus global balance sheet, so there is still resistance above the market [1] 3) Summary According to Related Content Market Analysis - On January 5th, the regional prices were as follows: Shandong market 4380 - 4430 yuan/ton, Northeast market 3960 - 4200 yuan/ton, North China market 4000 - 4400 yuan/ton, East China market 4250 - 4450 yuan/ton, Yangtze River market 4700 - 4900 yuan/ton, Northwest market 4200 - 4350 yuan/ton, South China market 4800 - 4900 yuan/ton [1] - In the first half of February 2026, the CIF prices of propane and butane in East China were 597 dollars/ton and 592 dollars/ton respectively, up 2 dollars/ton, equivalent to 4616 yuan/ton and 4577 yuan/ton in RMB, up 12 yuan/ton. In South China, the CIF prices of propane and butane were 589 dollars/ton and 584 dollars/ton respectively, up 2 dollars/ton, equivalent to 4554 yuan/ton and 4515 yuan/ton in RMB, up 12 yuan/ton and 11 yuan/ton [1] - The spot prices of LPG in Shandong, East China, and South China rose yesterday, and the market atmosphere was fair. The short - term fundamentals of LPG have both positive and negative factors, and in the medium term, the overseas supply is expected to increase, with a supply - surplus global balance sheet [1] Strategy - Single side: Neutral, mainly wait - and - see in the short term; no suggestions for inter - period, cross - variety, spot - futures, and options strategies [2]