Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Report's Core View - The report predicts that both the Shanghai rubber futures 2601 contract and the synthetic rubber futures 2511 contract will maintain a stable and fluctuating trend on Thursday, with a slightly upward bias [1][5][7]. 3. Summary by Related Catalogs Shanghai Rubber (RU) - **Short - term, Medium - term, and Intraday Views**: Short - term: fluctuating; Medium - term: fluctuating; Intraday: fluctuating with a slight upward bias; Overall view: upward - trending [1][5]. - **Core Logic**: Benefiting from the easing of Sino - US economic and trade relations and the increasing expectation of the Fed's interest rate cut, the macro - factors have improved. Although the Southeast Asian rubber - producing areas are in the peak tapping season, the actual supply output has decreased slightly year - on - year, and the supply pressure is lower than expected. The domestic auto market's production and sales are better than expected, the tire industry remains prosperous, the export growth rate has rebounded, and the external sales are optimistic. On Wednesday night, the 2601 contract of domestic Shanghai rubber futures maintained a stable and fluctuating trend, with the futures price rising slightly by 0.16% to 15,980 yuan/ton [5]. Synthetic Rubber (BR) - **Short - term, Medium - term, and Intraday Views**: Short - term: fluctuating; Medium - term: fluctuating; Intraday: fluctuating with a slight upward bias; Overall view: upward - trending [1][7]. - **Core Logic**: With the increasing expectation of the Fed's interest rate cut, the macro - sentiment has improved. The downstream tire industry remains highly prosperous, the external sales of tires are good, and the domestic terminal auto market has strong production and sales, better than expected. Supported by the stable and fluctuating prices of domestic and international crude oil futures recently, there are differences between long and short positions in the synthetic rubber futures market. On Wednesday night, the 2511 contract of domestic synthetic rubber futures maintained a stable and fluctuating trend, with the futures price rising slightly by 0.13% to 11,720 yuan/ton [7].

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - The report presents the daily arbitrage data of various futures varieties on September 11, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - variety spreads [1][5][21][27][41][53]. 3. Summary by Directory Power Coal - The basis of power coal on September 10, 2025, was - 126.4 yuan/ton, and the spreads of 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month were all 0.0 yuan/ton, remaining unchanged compared to the previous few days [2]. Energy Chemicals - **Energy Commodities**: For fuel oil, the basis on September 10, 2025, was 14.61 yuan/ton; for INE crude oil, the basis was 137.45 yuan/ton. The ratio of crude oil to asphalt on September 4 was 76.04, and it changed in the following days [7]. - **Chemical Commodities** - **Basis**: On September 10, 2025, the basis of rubber was - 930 yuan/ton, methanol was - 97 yuan/ton, PTA was - 68 yuan/ton, LLDPE was 124 yuan/ton, V was - 132 yuan/ton, and PP was - 48 yuan/ton [9]. - **Inter - period Spreads**: For example, the 5 - month minus 1 - month spread of rubber was 40 yuan/ton, and the 9 - month minus 1 - month spread was - 980 yuan/ton [11]. - **Inter - variety Spreads**: On September 10, 2025, the LLDPE - PVC spread was 2384 yuan/ton, LLDPE - PP was 282 yuan/ton, PP - PVC was 2102 yuan/ton, and PP - 3*methanol was - 258 yuan/ton [11]. Black Metals - **Inter - period Spreads**: For example, the 5 - month minus 1 - month spread of rebar was 46.0 yuan/ton, and the 9 - month(10) minus 1 - month spread was - 83.0 yuan/ton [20]. - **Inter - variety Spreads**: On September 10, 2025, the rebar/iron ore ratio was 3.88, rebar/coke was 1.9413, coke/coking coal was 1.4352, and rebar - hot rolled coil was - 227.0 yuan/ton [20]. - **Basis**: On September 10, 2025, the basis of rebar was 101.0 yuan/ton, iron ore was - 7.0 yuan/ton, coke was - 98.0 yuan/ton, and coking coal was 53.0 yuan/ton [21]. Non - ferrous Metals - **Domestic Market**: On September 10, 2025, the basis of copper was - 50 yuan/ton, aluminum was - 50 yuan/ton, zinc was - 115 yuan/ton, lead was - 115 yuan/ton, nickel was 860 yuan/ton, and tin was - 330 yuan/ton [28]. - **London Market**: On September 10, 2025, the LME copper's spread was (56.61), aluminum was 2.92, zinc was 23.01, lead was (44.17), nickel was (182.88), and tin was 27.00. The Shanghai - London ratios were 8.03 for copper, 7.92 for aluminum, 7.74 for zinc, 8.53 for lead, 7.97 for nickel, and 7.89 for tin. The import profit and loss for copper was (161.10) yuan/ton, aluminum was (1267.65) yuan/ton, zinc was (2588.01) yuan/ton, lead was 741.13 yuan/ton, nickel was 702.62 yuan/ton, and tin was (5849.65) yuan/ton [35]. Agricultural Products - **Basis**: On September 10, 2025, the basis of soybeans No.1 was 149 yuan/ton, soybeans No.2 was 335.52 yuan/ton, soybean meal was - 36 yuan/ton, soybean oil was 284 yuan/ton, and corn was 103 yuan/ton [42]. - **Inter - period Spreads**: For example, the 5 - month minus 1 - month spread of soybeans No.1 was 47 yuan/ton, and the 9 - month minus 1 - month spread was 104 yuan/ton [42]. - **Inter - variety Spreads**: On September 10, 2025, the ratio of soybeans No.1 to corn was 1.79, soybeans No.2 to corn was 1.69, soybean oil to soybean meal was 2.72, soybean meal - rapeseed meal was 522 yuan/ton, soybean oil - palm oil was - 1018 yuan/ton, rapeseed oil - soybean oil was 1501 yuan/ton, and corn - corn starch was - 292 yuan/ton [42]. Stock Index Futures - **Basis**: On September 10, 2025, the basis of CSI 300 was 12.96, SSE 50 was 1.79, CSI 500 was 68.71, and CSI 1000 was 79.17 [54]. - **Inter - period Spreads**: The spread of the next - month minus the current - month for CSI 300 was - 7.4, for SSE 50 was - 0.8, for CSI 500 was - 62.0, and for CSI 1000 was - 64.2. The spread of the next - quarter minus the current - quarter for CSI 300 was - 21.2, for SSE 50 was 2.6, for CSI 500 was - 153.4, and for CSI 1000 was - 187.6 [54].

投资咨询业务资格：证监许可【2011】1778 号 宝城期货铁矿石早报（2025 年 9 月 11 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 行情驱动逻辑 铁矿石基本面平稳运行，限产扰动结束后矿石终端消耗在回升，且假期临近补库预期，需求韧性 尚可，继续给予矿价支撑，而钢材矛盾同样在累积，品种利润大幅收缩，回升空间或受限。不过，国 内港口到货有所回落，而海外矿商发运大幅下降，外矿供应迎来收缩，但持续性不强，加之内矿供应 也偏弱，矿石供应短期偏低。综上，铁矿石需求韧性尚可，且供应短期收缩，基本面表现平稳，继续 支撑矿价高位偏强震荡运行，但估值相对偏高，上行空间谨慎乐观，关注钢材表现情况。 （仅供参考，不构成任何投资建议） | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- ...

Group 1: Report Industry Investment Rating - No industry investment rating information is provided in the report. Group 2: Core View of the Report - The supply - demand pattern of rebar is weakly stable, and the steel price is expected to continue the low - level volatile operation situation. The short - term, medium - term, and intraday views on rebar 2601 are shock, shock, and shock - weak respectively, and attention should be paid to the pressure at the MA5 line [2][3]. Group 3: Summary by Relevant Content Variety View Reference - For rebar 2601, the short - term view is shock, the medium - term view is shock, and the intraday view is shock - weak. The view reference is to pay attention to the pressure at the MA5 line, with the core logic of a weakly stable supply - demand pattern and low - level volatile steel prices. The calculation method of price fluctuations and the definitions of shock - strong/weak are also provided [2]. Market Driving Logic - The supply - demand pattern of rebar runs weakly and stably. Short - process steel mills have reduced production, and the weekly rebar output has decreased month - on - month, but the decline is not large and it is still at a relatively high level within the year. Coupled with high inventory, the supply pressure has not been relieved. Meanwhile, the rebar demand is weak, high - frequency indicators are running at a low level, and the downstream industries have not improved, with poor performance in the peak season, which continues to put pressure on steel prices. In the current situation of weak supply and demand, the rebar fundamentals are weak, industrial contradictions continue to accumulate, and the steel price continues to be under pressure. With the relatively favorable peak - season expectation and cost increase, the steel price is expected to continue the low - level volatile operation, and attention should be paid to the production and sales data released by the Steel Union today [3].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Gold is expected to show a short - term and mid - term upward trend, with an intraday view of oscillating strongly. Copper is also expected to have a short - term and mid - term upward trend, with an intraday view of oscillating strongly [1][3][4] 3. Summary by Variety Gold (AU) - **Price Performance**: Yesterday, gold prices maintained high - level oscillating. New York gold oscillated below $3700, and Shanghai gold oscillated around 835 yuan. Since the Jackson Hole meeting on August 22nd, gold prices have been on an upward trend, with foreign gold breaking through the high of the oscillation range since the second quarter of this year [3] - **Core Logic**: Recent stock markets at home and abroad have been oscillating, giving gold a safe - haven premium. In the short term, the upward momentum of gold prices is strong. Attention should be paid to the support of the 5 - day moving average when prices fall. Also, focus on tonight's US inflation data [3] Copper (CU) - **Price Performance**: Last night, copper prices increased in volume and moved upwards, with the main contract price standing above the 80,000 - yuan mark [4] - **Core Logic**: Macroscopically, the expectation of overseas economic decline is rising, which is negative for copper prices, while the expectation of the Fed's interest rate cut is rising, which is positive. Industrially, the support of the domestic industrial peak season for futures prices is constantly strengthening. With a strong domestic and weak overseas macro - environment and the industry entering the peak season, futures prices are expected to move strongly. Technically, the futures price increased in volume and stood above 80,000 yuan, with strong upward momentum [4]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Considering the export downside risk and the weakening fiscal contribution, it is expected that the downward pressure on the domestic economy may increase after September, and the fundamental demand for monetary easing will rise. If the Fed cuts interest rates again, the domestic monetary policy may follow [23]. - In the context of the continuous decline in deposit interest rates, funds are gradually flowing from deposits to the wealth - management market. It is expected that the scale of listed companies' deposit - to - wealth - management conversion will reach hundreds of billions in the next year. Overseas wealth management has also become an important direction for corporate asset allocation [24]. - The new regulations on public fund sales fees mainly affect public bond funds and the bond market through the increase in redemption fees. Bond ETFs may see further incremental capital inflows [24]. - The core driving forces for the market in the fourth quarter may come from three aspects: the continuous decline in the risk - free interest rate, the "anti - involution" policy and the expected improvement of PPI data, and technological breakthroughs and policy support in the technology field [30]. Summary by Directory 1. Macro Data Overview - In Q2 2025, GDP at constant prices increased by 5.2% year - on - year, slightly lower than the previous quarter's 5.4% but higher than the same period last year's 4.7% [1]. - In August 2025, the manufacturing PMI was 49.4%, up from 49.3% in the previous month and 49.1% in the same period last year; the non - manufacturing PMI for business activities was 50.3%, up from 50.1% in the previous month and the same as the same period last year [1]. - In July 2025, M0, M1, and M2 increased by 11.8%, 5.6%, and 8.8% year - on - year respectively, with M1 and M2 accelerating compared to the previous month [1]. - In August 2025, CPI decreased by 0.4% year - on - year, and PPI decreased by 2.9% year - on - year, with the decline of PPI narrowing by 0.7 percentage points compared to the previous month [1][2][11]. - In August 2025, exports increased by 4.4% year - on - year, and imports increased by 1.3% year - on - year, both showing a slowdown compared to the previous month [1]. 2. Commodity Investment Reference Comprehensive - In August, the CPI was flat month - on - month and decreased by 0.4% year - on - year, while the core CPI increased by 0.9% year - on - year. The PPI was flat month - on - month and decreased by 2.9% year - on - year, with the decline narrowing [2]. - Five futures and options products were listed on the Shanghai Futures Exchange on September 10, and some products were included in the QFII trading scope [2]. - Canada is reviewing the current tariff rates on imported products from China and may relax the tariffs on Chinese electric vehicles [3]. - The probability of the Fed cutting interest rates by 25 basis points in September is 92%, and the probability of cutting by 50 basis points is 8% [3]. Metals - Since late August, the international gold price has risen, with a year - to - date increase approaching 40%. The recent jump is related to the market's "front - running" of the Fed's September rate cut and the rise in long - term bond yields in many countries [4][5]. - On September 9, the inventories of some metals on the London Metal Exchange changed, with tin and nickel inventories increasing, and lead and zinc inventories decreasing [5]. - Many banks have adjusted the starting amount of gold accumulation due to the large fluctuations in the gold price [5]. Coal, Coke, Steel, and Minerals - China has made major breakthroughs in oil, gas, and uranium exploration, with oil production stable at 200 million tons and natural gas production exceeding 240 billion cubic meters [6]. - Anhui Province publicly auctioned 5 strategic mineral exploration rights, with a total exploration area of 16.9256 square kilometers [6]. - As of September 10, the prices of black tungsten concentrate and ammonium paratungstate have increased significantly compared to the beginning of the year [6]. Energy and Chemicals - On September 10, the main contract of US crude oil rose, driven by the tense geopolitical situation in the Middle East and OPEC+'s decision to limit production increase [7][8]. - Six departments regulated the photovoltaic industry, and the industry association called for self - discipline [8]. - Russia's seaborne crude oil exports increased, and the oil exports from its western ports in September were raised by 11% [8]. - The US EIA crude oil inventory increased, and the total inventory of crude oil and refined oil reached the highest level since 2023 [8]. Agricultural Products - The Ministry of Agriculture and Rural Affairs and the National Development and Reform Commission will hold a symposium on pig production capacity regulation [9]. - In August, US coffee imports from Brazil decreased significantly, and Germany became the largest overseas market for Brazilian coffee [9]. - The Buenos Aires Grain Exchange expects Argentina's soybean planting area in the 2025/2026 season to decrease by 4.3% year - on - year [9]. 3. Financial News Compilation Open Market - On September 10, the central bank conducted 304 billion yuan of 7 - day reverse repurchase operations, with a net investment of 74.9 billion yuan [10]. Important News - In August, China's CPI decreased year - on - year, and the decline of PPI narrowed [11]. - The National Development and Reform Commission proposed to do a good job in the second - half economic work and promote the domestic and international dual - cycle [11]. - The Ministry of Finance will implement a more proactive fiscal policy, promote consumption, and encourage private investment [12]. - China will expand high - level opening - up and promote the high - quality development of service trade [12][13]. - The market regulator solicited opinions on measures to promote the development of the private economy [13]. - Many bond funds' net values declined, and the redemption pressure increased [14]. - The auction of small and medium - sized bank equity was cold, and some government investment funds had problems such as idle funds [14]. - Some local governments and individuals are prepaying loans to save on interest [15]. - Japan will conduct a 5 - year treasury bond auction, and investors expect moderate demand [15]. - The US 8 - month PPI inflation unexpectedly declined, providing support for the Fed to cut interest rates [16]. - Some companies had bond - related events, and some overseas credit ratings were adjusted [16]. Bond Market Summary - The bond market weakened, with yields of major interest - rate bonds rising and bond futures falling [17]. - The money market interest rates mostly rose, and the yields of some bonds were determined through auctions [18][19][20]. - European and US bond yields mostly declined [20][21]. Foreign Exchange Market - The on - shore RMB against the US dollar rose, and the US dollar index rose slightly [22]. Research Report Highlights - CICC Fixed Income expects the domestic economy to face greater downward pressure after September and believes that the domestic monetary policy may follow the Fed's rate cut [23]. - CITIC Securities expects the scale of listed companies' deposit - to - wealth - management conversion to reach hundreds of billions in the next year [24]. - Xingzheng Fixed Income believes that the new regulations on public fund sales fees will increase the trading cost of public bond funds, and bond ETFs may attract more capital [24]. - Yangtze River Fixed Income analyzes the capital situation, government bond payment, and inter - bank bond market leverage [24]. - Yangtze River Fixed Income also provides information on the disclosure of special new special bonds [25]. - Xingzheng Fixed Income points out that the yields and credit spreads of bank Tier 2 and perpetual bonds have declined [26]. Today's Reminders - On September 11, 235 bonds will be listed, 127 bonds will be issued, 90 bonds will be paid, and 200 bonds will pay principal and interest [26][27]. 4. Stock Market News - The A - share market rebounded with reduced trading volume, with the AI industry chain rising and some sectors falling. The trading volume reached a one - month low [28]. - The Hong Kong stock market rose, with the Hang Seng Index up 1.01%. Southbound funds had a net purchase of HK$75.66 billion [28]. - A person suggested that Hong Kong should cut or cancel the stock stamp duty in three stages and set up differentiated listing standards for the GEM [28]. - The margin trading business is booming, and a securities firm increased its credit business scale [29]. - Multiple public funds held autumn strategy meetings, believing that the market may be driven by factors such as the decline in the risk - free interest rate, policy promotion, and technological breakthroughs [30].

策略参考 投资咨询业务资格：证监许可【2011】1778 号 宝城期货豆类油脂早报（2025 年 9 月 11 日） 品种观点参考 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为偏弱，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为偏强。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货农产品板块 品种：豆粕（M） 日内观点：震荡偏强 中期观点：震荡 参考观点：震荡偏强 核心逻辑：豆类市场仍在弱现实和强预期之间博弈。国内豆类期价较外盘相对抗跌。油厂高开工率背景下， 豆粕库存压力持续累积，豆粕负基差尚未改善。在中美贸易关系尚未改善之前，内外盘豆类期价走势分化 行情仍将持续。豆粕期价震荡持续。 品种：豆油(Y) 日内观点：震荡偏强 中期观点：震荡 参考观点：震荡偏强 核心逻辑：现阶段远期原料大豆供应和成本波动仍面临较大不确定性，产业链弱现实压力难以化解。由于 豆油期价不仅受到美豆油和临池油脂品种的关联影响，同时中美贸易前景对豆类市场的影响也将传导至 ...

专业研究·创造价值 2025 年 9 月 10 日 煤焦日报 多空僵持，煤焦震荡下行 投资咨询业务资格：证监许可【2011】1778 号 （仅供参考，不构成任何投资建议） 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 作者声明 本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 核心观点 焦炭：9 月 10 日，焦炭主力合约报收于 1603 元/吨，日内录得 0.77%的跌 幅。截至收盘，主力合约持仓量为 4.65 万手，较前一交易日仓差为-678 手。现货市场方面，本周，山东主流钢厂对焦炭首轮提降顺利落地，目前 港口准一级湿熄焦报价 1520 元/吨，焦炭现货承压下行。基本面角度来 看，焦炭供需并无明显好转，93 阅兵后焦企和钢厂逐渐复产，但由于下游 钢厂利润走缩，需求端担忧渐显。消息面 ...

姓名：龙奥明 宝城期货投资咨询部 从业资格证号：F3035632 投资咨询证号：Z0014648 电话：0571-87006873 邮箱：longaoming@bcqhgs.com 投资咨询业务资格：证监许可【2011】1778 号 有色金属 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 有色金属 | 日报 2025 年 9 月 10 日 有色日报 专业研究·创造价值 有色震荡上行 核心观点 沪铜 今日铜价震荡上行，持仓量变化不大。宏观层面，美元指数日内 下行，利好铜价。产业层面，SMM 报道，日内采购情绪进一步走弱， 进口货源仍未消化，持货商继续低价出货，沪铜现货升水进一步走 跌。短期关注 8 万关口压力。 沪铝 今日铝价偏强震荡，持仓量有所上升。宏观层面，美元指数日内 走弱，带动有色板块偏强运行。产业层面，随着铝价上涨，下游接货 意愿较低。技术上，关注 20800 关口压力。 沪镍 今日镍价震荡上行 ...

Report Industry Investment Rating No information provided in the content. Core Viewpoints - The domestic Shanghai rubber futures contract 2601 showed a trend of shrinking volume, reducing positions, fluctuating weakly, and slightly closing lower on Wednesday. With the digestion of previous bullish expectations, it is expected to maintain a volatile trend in the future [4]. - The domestic methanol futures contract 2601 showed a trend of increasing volume, reducing positions, fluctuating strongly, and slightly closing higher on Wednesday. Affected by the weakening of domestic coal futures prices and the weak supply - demand structure of methanol, it is expected to maintain a volatile consolidation trend in the future [4]. - The domestic crude oil futures contract 2510 showed a trend of shrinking volume, reducing positions, fluctuating and stabilizing, and slightly closing higher on Wednesday. After the bearish expectations landed, the oil market stopped falling and stabilized, and it is expected to maintain a volatile and stable trend in the future [5]. Summary by Relevant Catalogs 1. Industry Dynamics Rubber - As of September 7, 2025, the total inventory of natural rubber in bonded and general trade in Qingdao was 59.23 tons, a decrease of 10,000 tons from the previous period, a decline of 1.66%. The bonded area inventory decreased by 1.24%, and the general trade inventory decreased by 1.72%. The inbound rate of bonded warehouses increased by 0.95 percentage points, and the outbound rate increased by 1.79 percentage points; the inbound rate of general trade warehouses decreased by 0.6 percentage points, and the outbound rate increased by 0.39 percentage points [8]. - As of the week of September 5, 2025, the capacity utilization rate of China's semi - steel tire sample enterprises was 66.92%, a decrease of 4.05 percentage points from the previous period and 12.98 percentage points from the same period last year; the capacity utilization rate of China's all - steel tire sample enterprises was 60.74%, a decrease of 4.15 percentage points from the previous period and 1.12 percentage points from the same period last year [8]. - In August 2025, China's automobile dealer inventory warning index was 57.0%, an increase of 0.8 percentage points from the same period last year and a decrease of 0.2 percentage points from the previous month. The inventory warning index was above the boom - bust line, and the prosperity of the automobile circulation industry declined [9]. - In August 2025, China's logistics industry prosperity index was 50.9%, an increase of 0.4 percentage points from the previous month [9]. - In August 2025, China's heavy - truck market sold about 84,000 vehicles, a slight decrease of 1% from July and an increase of about 35% from 62,500 vehicles in the same period last year. In the first 8 months of 2025, the cumulative sales of the heavy - truck market reached 710,000 vehicles, a year - on - year increase of 13% [9]. Methanol - As of the week of September 5, 2025, the average domestic methanol operating rate was 83.72%, a week - on - week increase of 1.41%, a month - on - month increase of 3.37%, and a slight increase of 6.20% from the same period last year. The average weekly methanol output reached 1.9183 million tons, a week - on - week increase of 0 tons, a month - on - month increase of 73,000 tons, and a significant increase of 144,200 tons from 1.7741 million tons in the same period last year [10]. - As of the week of September 5, 2025, the domestic formaldehyde operating rate was 30.18%, a week - on - week increase of 0.06%; the dimethyl ether operating rate was 6.89%, a week - on - week increase of 1.10%; the acetic acid operating rate was 79.43%, a week - on - week decrease of 2.03%; the MTBE operating rate was 55.81%, a week - on - week increase of 1.38% [10]. - As of the week of September 5, 2025, the average operating load of domestic coal (methanol) to olefin plants was 80.45%, a week - on - week decrease of 1.88 percentage points and a month - on - month increase of 3.75% [10]. - As of September 5, 2025, the domestic methanol - to - olefin futures market profit was - 265 yuan/ton, a week - on - week decrease of 156 yuan/ton and a month - on - month decrease of 169 yuan/ton [10]. - As of the week of September 5, 2025, the port methanol inventory in East and South China was 1.1446 million tons, a week - on - week increase of 78,600 tons, a month - on - month increase of 341,300 tons, and a significant increase of 175,500 tons from the same period last year. The inland methanol inventory was 341,200 tons, a week - on - week increase of 7,700 tons, a month - on - month increase of 47,400 tons, and a significant decrease of 62,400 tons from 403,600 tons in the same period last year [11][13]. Crude Oil - As of the week of August 29, 2025, the number of active oil drilling platforms in the United States was 412, a week - on - week increase of 1 and a decrease of 71 from the same period last year. The average daily crude oil production in the United States was 13.423 million barrels, a week - on - week decrease of 16,000 barrels per day and a year - on - year increase of 123,000 barrels per day [14]. - As of the week of August 29, 2025, the U.S. commercial crude oil inventory (excluding strategic petroleum reserves) reached 421 million barrels, a week - on - week increase of 2.415 million barrels and a significant increase of 2.397 million barrels from the same period last year. The crude oil inventory in Cushing, Oklahoma, reached 24.222 million barrels, a week - on - week increase of 1.59 million barrels; the U.S. strategic petroleum reserve (SPR) inventory reached 404.7 million barrels, a week - on - week increase of 509,000 barrels [14]. - The U.S. refinery operating rate was maintained at 94.3%, a week - on - week decrease of 0.30 percentage points, a month - on - month decrease of 1.1 percentage points, and a year - on - year increase of 1.0 percentage point [14]. - Since September 2025, international crude oil futures prices have shown a volatile downward trend. As of September 2, 2025, the average non - commercial net long positions in WTI crude oil were 102,428 contracts, a week - on - week decrease of 7,044 contracts and a significant decrease of 19,635 contracts from the August average of 122,063 contracts, a decline of 16.09%. As of September 2, 2025, the average net long positions of Brent crude oil futures funds were 240,729 contracts, a week - on - week increase of 38,583 contracts and a significant increase of 38,411 contracts from the August average of 202,318 contracts, an increase of 18.99% [15]. 2. Spot Price Table | Variety | Spot Price | Change from Previous Day | Futures Main Contract | Change from Previous Day | Basis | Change | |--|--|--|--|--|--|--| | Shanghai Rubber | 15,050 yuan/ton | - 200 yuan/ton | 15,980 yuan/ton | + 40 yuan/ton | - 930 yuan/ton | - 240 yuan/ton | | Methanol | 2,305 yuan/ton | + 5 yuan/ton | 2,407 yuan/ton | + 9 yuan/ton | - 102 yuan/ton | - 4 yuan/ton | | Crude Oil | 459.6 yuan/barrel | + 0.3 yuan/barrel | 486.2 yuan/barrel | + 3.4 yuan/barrel | - 26.6 yuan/barrel | - 3.1 yuan/barrel | [17] 3. Relevant Charts - For rubber, there are charts of rubber basis, rubber 1 - 5 month spread, Shanghai Futures Exchange rubber futures inventory, Qingdao bonded area rubber inventory, all - steel tire operating rate trend, and semi - steel tire operating rate trend [18][20][22]. - For methanol, there are charts of methanol basis, methanol 1 - 5 month spread, methanol domestic port inventory, methanol inland social inventory, methanol - to - olefin operating rate change, and coal - to - methanol cost accounting [31][33][35]. - For crude oil, there are charts of crude oil basis, Shanghai Futures Exchange crude oil futures inventory, U.S. crude oil commercial inventory, U.S. refinery operating rate, WTI crude oil net position holding change, and Brent crude oil net position holding change [44][46][48].