市场分析 1、\t8月21日地区价格：山东市场，4420-4520；东北市场，3950-4130；华北市场，4280-4620；华东市场，4330-4480； 沿江市场，4480-4760；西北市场，4250-4350；华南市场，4478-4580。（数据来源：卓创资讯） 2、\t2025年9月下半月中国华东冷冻货到岸价格丙烷579美元/吨，涨1美元/吨，丁烷556美元/吨，跌2美元/吨，折合 人民币价格丙烷4544元/吨，涨2元/吨，丁烷4363元/吨，跌22元/吨。（数据来源：卓创资讯） 3、\t2025年9月下半月中国华南冷冻货到岸价格丙烷571美元/吨，涨1美元/吨，丁烷548美元/吨，跌2美元/吨，折合 人民币价格丙烷4481元/吨，涨2元/吨，丁烷4301元/吨，跌21元/吨。（数据来源：卓创资讯） 液化石油气日报 | 2025-08-22 盘面筑底反弹，但驱动仍有限 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 在PG盘面处于低位弱势运行的背景下，近期出现一些边际利多因素（国际运费上涨、化工需求改善），市场情绪有 所改善，叠加主力合约切换到2510，盘面有筑底反弹迹象。 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The overall supply - demand pattern of LPG remains loose, and the market is operating weakly. However, the recent marginal improvement in chemical - end demand and the increase in freight rates are providing some downside support. The spot price of domestic mainstream LPG is stable, with downstream purchasing on demand and sellers having no inventory concerns. Overseas supply is generally abundant, and the domestic commercial volume has slightly decreased but remains abundant. The combustion - end demand is weak due to high summer temperatures, while the chemical - end demand has marginally improved, with the PDH operating rate rising to around 78%, at a high level this year but with limited further upward momentum. In terms of trading strategies, the unilateral strategy is to expect oscillations and focus on short - term rebound opportunities at low PG levels, while there are no specific strategies for inter - period, inter - variety, spot - futures, and options [1][2]. 3. Directory Summaries Market Analysis - On August 18, the domestic regional prices were as follows: Shandong market 4370 - 4460 yuan/ton; Northeast market 3900 - 4110 yuan/ton; North China market 4280 - 4620 yuan/ton; East China market 4350 - 4480 yuan/ton; Yangtze River market 4530 - 4700 yuan/ton; Northwest market 4180 - 4300 yuan/ton; South China market 4378 - 4580 yuan/ton [1]. - In the second half of September 2025, the CIF prices of frozen LPG in East China were propane at 572 dollars/ton (up 2 dollars/ton), butane at 549 dollars/ton (up 2 dollars/ton), equivalent to 4491 yuan/ton (up 15 yuan/ton) for propane and 4311 yuan/ton (up 15 yuan/ton) for butane in RMB. In South China, propane was at 564 dollars/ton (up 2 dollars/ton), butane at 541 dollars/ton (up 2 dollars/ton), equivalent to 4428 yuan/ton (up 14 yuan/ton) for propane and 4248 yuan/ton (up 15 yuan/ton) for butane in RMB [1]. Strategy - Unilateral: Oscillations, focus on short - term rebound opportunities at low PG levels. - Inter - period: None. - Inter - variety: None. - Spot - futures: None. - Options: None [2].

Group 1: Report Industry Investment Rating - The report does not mention an industry investment rating. Group 2: Core Viewpoints - The LPG outer market and domestic futures have shown a weak oscillation recently, with a slight rebound yesterday. Although the market position is low and the short - term downward space may be limited, the upward momentum is still insufficient. The global LPG supply - demand pattern remains loose, and domestic supply is abundant. The combustion - end demand is in the off - season, while the chemical terminal demand shows marginal improvement. The PDH operating rate has reached about 78%, and the new raw material procurement demand will support the domestic and outer - market propane markets [1]. - The unilateral strategy is oscillating weakly, and attention should be paid to the bottom - building signal of the market. There are no strategies for inter - period, inter - variety, spot - futures, and options [2]. Group 3: Summary by Relevant Catalog Market Analysis - On August 14, the regional prices of LPG were as follows: Shandong market, 4350 - 4450 yuan/ton; Northeast market, 3990 - 4260 yuan/ton; North China market, 4360 - 4620 yuan/ton; East China market, 4350 - 4450 yuan/ton; Yangtze River market, 4400 - 4540 yuan/ton; Northwest market, 4100 - 4300 yuan/ton; South China market, 4298 - 4500 yuan/ton [1]. - In the first half of September 2025, the CIF price of frozen propane in East China was 570 US dollars/ton, up 9 US dollars/ton, and butane was 547 US dollars/ton, up 11 US dollars/ton. In RMB terms, propane was 4476 yuan/ton, up 69 yuan/ton, and butane was 4296 yuan/ton, up 86 yuan/ton. In South China, the CIF price of frozen propane was 562 US dollars/ton, up 6 US dollars/ton, and butane was 539 US dollars/ton, up 8 US dollars/ton. In RMB terms, propane was 4414 yuan/ton, up 47 yuan/ton, and butane was 4233 yuan/ton, up 62 yuan/ton [1]. - The domestic civil LPG price remained stable overall yesterday, with a slight decline in Shandong. The global LPG supply - demand pattern is loose, and domestic supply is abundant due to high arrival volume. The combustion - end demand is in the off - season, while the chemical terminal demand shows marginal improvement [1]. Strategy - Unilateral: Oscillating weakly, pay attention to the bottom - building signal of the market - Inter - period: None - Inter - variety: None - Spot - futures: None - Options: None [2]

Report Industry Investment Rating - Not provided Core Viewpoints - The PG futures market shows a weak and volatile trend with insufficient positive catalysts, while the spot market has stable prices, moderate production and sales, and no concerns about inventory pressure from sellers. Overseas supply remains abundant, and domestic arrivals are high. In the off - season, the demand for combustion is weak, and the demand for deep - processing lacks the power for continuous growth [1]. - The strategy for single - side trading is weak and volatile, and attention should be paid to the bottom - building signals of the market. There are no specific strategies for inter - period, cross - variety, spot - futures, and options trading [2]. Summary by Related Contents Market Analysis - On August 7th, the regional prices were as follows: Shandong market 4420 - 4560 yuan/ton; Northeast market 4040 - 4360 yuan/ton; North China market 4410 - 4600 yuan/ton; East China market 4300 - 4500 yuan/ton; Yangtze River market 4400 - 4640 yuan/ton; Northwest market 4000 - 4250 yuan/ton; South China market 4340 - 4500 yuan/ton [1]. - In the first half of September 2025, the CIF prices of frozen propane and butane in East China were 554 dollars/ton and 512 dollars/ton respectively, both down 2 dollars/ton. In South China, they were 550 dollars/ton and 508 dollars/ton respectively, also down 2 dollars/ton. The RMB - converted prices of propane and butane in East China were 4351 yuan/ton and 4021 yuan/ton respectively, down 17 yuan/ton. In South China, they were 4320 yuan/ton and 3990 yuan/ton respectively, down 17 yuan/ton [1]. - Crude oil prices have been continuously falling, and the PG futures market continues to be weak and volatile. Although the price level is low, there is a lack of positive catalysts. Spot prices in various regions were stable yesterday, with moderate production and sales, no inventory pressure for sellers, and acceptable downstream market entry [1]. - Overseas supply remains abundant, and domestic arrivals are high. In the off - season, the demand for combustion continues to be weak, with downstream purchases mainly for rigid needs. The operating rate of downstream deep - processing plants has improved marginally recently, but the product profit situation has not been completely reversed, and the demand lacks the power for continuous growth [1]. Strategy - Single - side trading: Weak and volatile, pay attention to the bottom - building signals of the market. There are no strategies for inter - period, cross - variety, spot - futures, and options trading [2].

Report Summary 1. Investment Rating - The report suggests a unilateral strategy of "oscillating weakly" for the LPG market, with no specific recommendations for cross - period, cross - variety, spot - futures, or option strategies [2]. 2. Core View - The LPG market currently shows weak fundamentals and a dull market atmosphere. The PG main contract has continuously declined and fallen below 4,000 yuan/ton again. It is necessary to wait for signals of market stabilization and stop - falling. The overall price fluctuation of the domestic LPG market is limited, with supply remaining sufficient and demand in a weak state [1]. 3. Summary by Content Market Analysis - On July 23, the regional LPG prices were as follows: Shandong market, 4,520 - 4,670 yuan/ton; Northeast market, 4,190 - 4,380 yuan/ton; North China market, 4,530 - 4,680 yuan/ton; East China market, 4,330 - 4,600 yuan/ton; Yangtze River market, 4,500 - 4,660 yuan/ton; Northwest market, 4,050 - 4,200 yuan/ton; South China market, 4,548 - 4,700 yuan/ton [1]. - In the second half of August 2025, the CIF prices of frozen LPG in East China were propane at 542 US dollars/ton (up 2 US dollars/ton) and butane at 524 US dollars/ton (up 2 US dollars/ton), equivalent to 4,261 yuan/ton (up 13 yuan/ton) for propane and 4,120 yuan/ton (up 13 yuan/ton) for butane in RMB. In South China, the CIF prices were propane at 536 US dollars/ton (up 2 US dollars/ton) and butane at 521 US dollars/ton (up 2 US dollars/ton), equivalent to 4,214 yuan/ton (up 13 yuan/ton) for propane and 4,096 yuan/ton (up 13 yuan/ton) for butane in RMB [1]. - The LPG spot market had a narrow - range adjustment. In South China, the price gap was reduced, and the lower - end prices increased, driving the center of gravity to move up slightly. In Central China, prices declined due to the weak external market. Overseas supply remained abundant, with high US exports and an increase in the arrival volume in July. Domestic supply was also sufficient, while the demand for civil gas was in a slack season, and the PDH profit in the deep - processing sector improved marginally, with the operating rate rising above 70%, but lacked the impetus for continuous growth [1]. Strategy - Unilateral: Oscillating weakly; Cross - period: None; Cross - variety: None; Spot - futures: None; Options: None [2]

1. Report Industry Investment Rating - The investment rating for the LPG industry is "sideways with a weak bias" [2] 2. Core View of the Report - The LPG market has been experiencing weak and volatile trading, with a rather dull atmosphere. Fundamentally, the overall supply - demand pattern of LPG remains relatively loose, especially with abundant overseas supply. The growth in US and Middle - East supplies, especially the expanded export capacity in the US after the commissioning of export terminal expansion projects, has suppressed prices in regions like FEI. In the domestic market, the arrival volume in July increased, port inventories in East China are high, and with weak profits and insufficient demand growth in the domestic chemical downstream, market prices and sentiment have been continuously suppressed [1] 3. Summary by Relevant Catalog Market Analysis - On July 16, regional prices were as follows: Shandong market, 4570 - 4630; Northeast market, 4190 - 4380; North China market, 4425 - 4650; East China market, 4380 - 4650; Yangtze River market, 4520 - 4610; Northwest market, 3900 - 4250; South China market, 4570 - 4700 [1] - In the first half of August 2025, the CIF prices of refrigerated propane in East China were 569 US dollars/ton, down 3 US dollars/ton, and butane was 550 US dollars/ton, down 3 US dollars/ton. In RMB terms, propane was 4480 yuan/ton, down 22 yuan/ton, and butane was 4331 yuan/ton, down 22 yuan/ton. In South China, the CIF prices of refrigerated propane were 566 US dollars/ton, down 3 US dollars/ton, and butane was 547 US dollars/ton, down 3 US dollars/ton. In RMB terms, propane was 4457 yuan/ton, down 22 yuan/ton, and butane was 4307 yuan/ton, down 22 yuan/ton [1] Strategy - Unilateral: Sideways with a weak bias - Inter - period: None - Inter - variety: None - Spot - futures: None - Options: None [2]

Report Industry Investment Rating - Unilateral: Weak and oscillating; Inter - period: None; Cross - variety: None; Spot - futures: None; Options: None [2] Core Viewpoint - Although the crude oil price was strong this week, its boost to the LPG market was limited. The price trends of domestic and foreign LPG were relatively flat, and the market lacked driving forces. The supply was sufficient, while the demand was weak, especially in the civil sector, and the growth space for deep - processing was limited [1] Market Analysis - On July 10, the regional prices were as follows: Shandong market, 4550 - 4610; Northeast market, 4160 - 4330; North China market, 4425 - 4650; East China market, 4380 - 4650; Yangtze River market, 4570 - 4690; Northwest market, 4050 - 4350; South China market, 4570 - 4700 [1] - In the second half of July 2025, the CIF price of propane in East China was 577 dollars/ton, up 6 dollars/ton, and butane was 552 dollars/ton, up 3 dollars/ton. In RMB, propane was 4542 yuan/ton, up 45 yuan/ton, and butane was 4346 yuan/ton, up 22 yuan/ton [1] - In the first half of August 2025, the CIF price of propane in South China was 577 dollars/ton, up 3 dollars/ton, and butane was 552 dollars/ton, up 3 dollars/ton. In RMB, propane was 4542 yuan/ton, up 21 yuan/ton, and butane was 4346 yuan/ton, up 22 yuan/ton [1] - The prices in Shandong and the Yangtze River region decreased yesterday, while other regions remained stable. Overseas supply was abundant, and domestic commercial volume increased, with overall sufficient supply. Civil demand was in the off - season and remained low. PDH profit in deep - processing recovered, and the load increased, but the growth space was limited [1] Figures - There are figures showing the spot prices of civil LPG in Shandong, East China, South China, North China, Northeast, and the Yangtze River regions, the spot prices of ether - post carbon four in Shandong, East China, North China, Northeast, the Yangtze River, and Northwest regions, and the closing prices, month - to - month spreads, and trading volume and open interest of PG futures contracts [3]

液化石油气日报 | 2025-06-18 伊以冲突目前仍在发酵中，能源板块走势偏强，PG期货持续反弹。现货方面，山东，东北区域小幅上涨，其余区 域维稳，受国际油价带动，氛围良好，上游产销无忧，下游积极入市。作为中东地缘冲突的中心，伊朗LPG供应 面临下行风险，今年出口量水平在100万吨/月左右，其中接近80%的LPG直接发往中国。6月份伊朗LPG发货已经 有减少迹象，如果伊以冲突导致伊朗石油设施或LPG出口终端受损，则伊朗LPG产量和出口或持续下滑，我国LPG 原料来源将显著收紧，亚洲及国内LPG市场存在上行驱动。 策略 单边：震荡偏强，关注伊以冲突局势发展 跨期：无 跨品种：无 期现：无 期权：无 风险 宏观政策、关税政策、港口装船延迟、炼厂装置检修超预期等。 地缘冲突持续，盘面震荡偏强运行 市场分析 1、\t6月17日地区价格：山东市场，4560—4700；东北市场，4050—4210；华北市场，4505—4650；华东市场， 4580—4750；沿江市场，4730—4880；西北市场，4350—4450；华南市场，4600—4750。数据来源：卓创资讯 2、\t2025年7月下半月中国华东冷冻货到岸价格 ...

液化石油气日报 | 2025-06-13 国际油价带动，氛围有所好转 市场分析 1、\t6月12日地区价格：山东市场，4570—4650；东北市场，4100—4160；华北市场，4505—4650；华东市场， 4350—4650；沿江市场，4600—4650；西北市场，4300—4400；华南市场，4600—4700。数据来源：卓创资讯 2、\t2025年7月上半月中国华东冷冻货到岸价格丙烷590美元/吨，跌13美元/吨，丁烷542美元/吨，跌1美元/吨，折 合人民币价格丙烷4664元/吨，跌103元/吨，丁烷4284元/吨，跌9元/吨。（数据来源：卓创资讯） 3、\t2025年7月上半月中国华南冷冻货到岸价格丙烷592美元/吨，跌14美元/吨，丁烷547美元/吨，涨1美元/吨，折 合人民币价格丙烷4680元/吨，跌111元/吨，丁烷4324元/吨，涨7元/吨。（数据来源：卓创资讯） 策略 单边：震荡 跨期：无 跨品种：无 期现：无 期权：无 风险 宏观政策、关税政策、港口装船延迟、炼厂装置检修超预期等。 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 现货方面，山东，东北区域小幅上涨 ...

液化石油气日报 | 2025-06-06 盘面震荡筑底，市场驱动仍不足 策略 单边：震荡偏弱，PG位置较低下方空间有限 跨期：无 跨品种：无 期现：无 期权：无 风险 宏观政策、关税政策、港口装船延迟、炼厂装置检修超预期等。 市场分析 1、 6月5日地区价格：山东市场，4530—4690 ；东北市场，4060—4150 ；华北市场，4500—4580 ；华东市场， 4350—4600 ；沿江市场，4550—4650 ；西北市场，4250—4550 ；华南市场，4548—4650 。数据来源：卓创资讯 2、\t2025年7月上半月中国华东冷冻货到岸价格丙烷607美元/吨，稳定，丁烷547美元/吨，稳定，折合人民币价格 丙烷4802元/吨，跌2元/吨，丁烷4328元/吨，跌1元/吨。（数据来源：卓创资讯） 3、\t2025年7月上半月中国华南冷冻货到岸价格丙烷609美元/吨，跌1美元/吨，丁烷550美元/吨，稳定，折合人民 币价格丙烷4818元/吨，跌9元/吨，丁烷4351元/吨，跌2元/吨。（数据来源：卓创资讯） 欧佩克会议后原油价格反弹，对能源板块商品形成提振。就LPG市场而言，由于前期跌幅较大、基差偏高，期 ...