Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The market is running strongly with contradictions unresolved. Due to the tense situation in the Middle East and the continuous obstruction of navigation in the Strait of Hormuz, the prices of foreign crude oil and LPG continue to be strong, and the PG futures market also rises accordingly. The domestic LPG spot prices show mixed trends. The upstream inventory is controllable with a willingness to support the market, but the weak demand poses a certain resistance. The impact of geopolitical conflicts on the LPG balance sheet is gradually materializing. As the import cost of propane and butane continues to rise, there is a negative feedback in the demand of downstream chemical plants. The market will continuously seek a new balance. Additionally, the increase in US LPG shipments offsets the shortage of Middle - East raw materials to some extent [1]. 3. Summary by Related Catalogs Market Analysis - **Regional Prices on March 16**: Shandong market: 5250 - 5600 yuan/ton; North China market: 5100 - 5550 yuan/ton; East China market: 5610 - 6340 yuan/ton; Yangtze River area market: 6010 - 6360 yuan/ton; Northwest market: 5150 - 5300 yuan/ton; South China market: 6200 - 6250 yuan/ton [1]. - **April 2026 Lower - half - month Import Prices**: In East China and South China, the CIF price of propane is 980 US dollars/ton, up 23 US dollars/ton, and the CIF price of butane is 980 US dollars/ton, up 23 US dollars/ton. The RMB - converted price of propane is 7450 yuan/ton, up 180 yuan/ton, and that of butane is 7450 yuan/ton, up 180 yuan/ton [1]. Strategy - **Single - side**: Short - term shock is on the strong side, and it is advisable to wait and see [2]. - **Inter - period**: No relevant strategy [2]. - **Inter - variety**: No relevant strategy [2]. - **Futures - spot**: No relevant strategy [2]. - **Options**: No relevant strategy [2].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The market has entered a high - volatility stage, and the current major contradiction in the market lies in the Middle East geopolitical situation, especially the passage situation of the Strait of Hormuz. The situation is still unclear, and the region remains in a high - risk state. Recently, the import cost of LPG has been rising continuously, which has pulled up the domestic spot and futures prices. However, the profits of domestic downstream chemical plants (represented by PDH plants) will be further squeezed, and the negative feedback on the demand side may gradually materialize. The PG futures market has entered a high - volatility stage, and it is necessary to closely monitor the development of the Iranian situation [1]. - In terms of strategies, the short - term trend is expected to be oscillating and strengthening, and attention should be paid to the development of the Iranian situation. There are no strategies for inter - period, inter - variety, spot - futures, and options [2]. 3. Summary by Related Catalog Market Analysis - On March 5, the regional prices were as follows: Shandong market, 4800 - 4950; Northeast market, 3670 - 4100; North China market, 4450 - 4820; East China market, 4650 - 4930; Yangtze River market, 5060 - 5210; Northwest market, 4450 - 4800; South China market, 5100 - 5200 [1]. - In the first half of April 2026, the CIF prices of propane and butane for frozen cargo in East China and South China were both 870 US dollars/ton, up 3 US dollars/ton. The RMB - converted prices of propane and butane were both 6609 yuan/ton, up 11 yuan/ton [1]. Strategy - Unilateral: Short - term oscillating and strengthening, pay attention to the development of the Iranian situation. There are no strategies for inter - period, inter - variety, spot - futures, and options [2]

Group 1: Report's Industry Investment Rating - Not provided Group 2: Report's Core View - Due to the escalation of the conflict in the Middle East, the external market LPG price continued to rise, and the domestic PG futures hit the daily limit The rising import cost will further squeeze the profits of downstream chemical plants, and the PDH operating rate is only about 63%. Attention should be paid to the negative feedback from the demand side. Before the situation in the Middle East eases, the market upward risk remains significant [1] - The strategy is short - term shock - biased upward, and attention should be paid to the development of the situation in Iran [2] Group 3: Summary by Related Catalog Market Analysis - On March 3, regional prices in different markets were: Shandong market 4600 - 4650; Northeast market 3670 - 4100; North China market 4350 - 4600; East China market 4400 - 4660; Yangtze River market 4860 - 5010; Northwest market 4150 - 4510; South China market 5048 - 5100 [1] - In the first half of April 2026, the CIF price of frozen goods in East China, China was propane at 750 US dollars/ton, up 10 US dollars/ton, and butane at 745 US dollars/ton, up 10 US dollars/ton. The RMB - converted price was propane at 5704 yuan/ton, up 64 yuan/ton, and butane at 5666 yuan/ton, up 64 yuan/ton. In South China, the situation was the same [1] - After the conflict in Iran broke out over the weekend, the situation continued to escalate. Iran attacked energy infrastructure in neighboring countries, and Saudi Arabia's largest refinery and Qatar's liquefied export facilities were attacked by drones. The Strait of Hormuz was close to closure, and only a few tankers passed since March 1. Many insurance institutions cancelled war - risk insurance, causing shipowners to avoid the Strait of Hormuz. Coupled with the impact of Saudi facility failures in late February, the external market LPG price continued to rise, and the domestic PG futures hit the daily limit [1] Strategy - Unilateral: Short - term shock - biased upward, pay attention to the development of the situation in Iran; Cross - period: None; Cross - variety: None; Spot - futures: None; Options: None [2]

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

Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Core View of the Report - The market supply of LPG faces certain risks due to the escalating situation in Iran and the US sending warships to the Middle East. The US cold wave also has a positive impact on LPG. However, excluding geopolitical and seasonal factors, the endogenous upward driving force of the LPG market is relatively limited, especially the performance of the domestic PG is weaker than that of the overseas propane and butane. The high raw material import costs suppress the profits of downstream PDH and other devices, resulting in negative demand feedback. The price inversion of etherified C4 and civil gas also exerts additional pressure on the PG market. In the medium term, the overseas supply growth trend continues, and the global balance sheet remains in a situation of oversupply [1]. - The short - term strategy for LPG is to be oscillating and slightly stronger, and attention should be paid to the development of the Iranian situation [2]. Group 3: Summary by Related Catalogs Market Analysis - On January 28, the regional prices of LPG were as follows: Shandong market, 4360 - 4440 yuan/ton; Northeast market, 3940 - 4100 yuan/ton; North China market, 4150 - 4450 yuan/ton; East China market, 4170 - 4390 yuan/ton; Yangtze River market, 4780 - 5080 yuan/ton; Northwest market, 4270 - 4440 yuan/ton; South China market, 4790 - 4900 yuan/ton [1]. - In the second half of February 2026, the CIF prices of frozen propane and butane in East China were 633 US dollars/ton and 623 US dollars/ton respectively, up 6 US dollars/ton, equivalent to 4861 yuan/ton and 4784 yuan/ton in RMB, up 39 yuan/ton. In South China, the CIF prices of frozen propane and butane were 625 US dollars/ton and 615 US dollars/ton respectively, up 6 US dollars/ton, equivalent to 4800 yuan/ton and 4723 yuan/ton in RMB, up 39 yuan/ton [1]. Strategy - Unilateral: Short - term oscillating and slightly stronger, pay attention to the development of the Iranian situation. - Cross - period: None. - Cross - variety: None. - Spot - futures: None. - Options: None [2]

Report Industry Investment Rating No information provided. Report's Core View - The recent significant escalation of the Middle East situation, with the US increasing pressure on Iran, has led to a rise in the geopolitical premium of crude oil and driven up downstream energy - chemical products. The LPG market has a large risk exposure to the Iranian situation, and the US cold wave is also bullish for LPG. However, excluding geopolitical and seasonal factors, the endogenous upward drive of the LPG market is relatively limited. In the medium - term, the global LPG supply is expected to continue to increase, and the market is expected to be in a state of oversupply [1][2]. Summary by Related Catalogs Market Analysis - On January 26, the regional prices in different markets in China were as follows: Shandong market, 4440 - 4440 yuan/ton; Northeast market, 3940 - 4100 yuan/ton; North China market, 4250 - 4430 yuan/ton; East China market, 4170 - 4340 yuan/ton; Yangtze River market, 4680 - 4980 yuan/ton; Northwest market, 4300 - 4360 yuan/ton; South China market, 4740 - 4820 yuan/ton [1]. - In the second half of February 2026, the CIF prices of propane and butane in East China were 639 US dollars/ton and 629 US dollars/ton respectively, up 19 US dollars/ton, equivalent to 4913 yuan/ton for propane and 4836 yuan/ton for butane, up 140 yuan/ton. In South China, the CIF prices of propane and butane were 631 US dollars/ton and 621 US dollars/ton respectively, up 19 US dollars/ton, equivalent to 4852 yuan/ton for propane and 4775 yuan/ton for butane, up 141 yuan/ton [1]. Strategy - Unilateral: Short - term, the market is expected to be volatile and slightly strong, and the development of the Iranian situation should be closely monitored. There are no strategies for inter - period, inter - variety, spot - futures, or options. [3]

Group 1: Investment Rating - Unilateral strategy: Neutral, with a short - term focus on waiting and observing; no suggestions for inter - period, inter - variety, spot - futures, and options strategies [2] Group 2: Core View - The prices of domestic liquefied gas spot are mixed, while the outer market and arrival costs continue to rise. Only the mainstream transaction prices of Shandong civil liquefied gas and ether - after carbon four have increased compared to the previous working day. The downstream purchasing willingness is good due to positive news and improved downstream demand [1]. - Although the outer - market propane and butane are relatively strong, the inner - market is restricted by multiple factors. On one hand, the profits of downstream chemical plants such as PDH are under pressure due to rising costs. On the other hand, the price inversion of ether - after carbon four and civil gas exerts additional pressure on the PG market. In addition, the game between warehouse receipts and delivery disturbs the market, and the pressure of centralized cancellation of warehouse receipts will be more obvious after the main contract switches to the 03 contract [1]. - In the medium term, the growth trend of overseas supply continues, and there is room for recovery in the supply from the Middle East and the United States. The global balance sheet is still expected to have an oversupply situation, and the endogenous upward driving force of the market is limited. However, if the geopolitical situation in Iran further escalates and leads to an LPG supply disruption, it will significantly tighten domestic supplies, which is a potential upward risk factor for the market [1] Group 3: Market Analysis - On January 22, the regional prices are as follows: Shandong market, 4460 - 4510 yuan/ton; Northeast market, 3910 - 4050 yuan/ton; North China market, 4300 - 4430 yuan/ton; East China market, 4220 - 4310 yuan/ton; Yangtze River market, 4620 - 5030 yuan/ton; Northwest market, 4250 - 4400 yuan/ton; South China market, 4790 - 4870 yuan/ton [1]. - In the second half of February 2026, the CIF price of propane in East China is 628 US dollars/ton, up 18 US dollars/ton, and butane is 618 US dollars/ton, up 17 US dollars/ton. In RMB terms, propane is 4841 yuan/ton, up 139 yuan/ton, and butane is 4764 yuan/ton, up 132 yuan/ton. In South China, the CIF price of propane is 620 US dollars/ton, up 18 US dollars/ton, and butane is 610 US dollars/ton, up 17 US dollars/ton. In RMB terms, propane is 4779 yuan/ton, up 139 yuan/ton, and butane is 4702 yuan/ton, up 132 yuan/ton [1]