Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - Domestic PTA device is gradually returning, domestic PTA output is rising, and PTA basis is rapidly declining. OPEC+ will consider increasing oil production again at Sunday's meeting. The spread between PX and naphtha remains stable. With the recent improvement in production and sales and inventory reduction, especially the significant reduction of filament inventory, downstream profits have been significantly restored, and the operating load of polyester has rebounded to 91%. However, due to the decline in crude oil prices and the weakening of the basis, PTA shows weakness. [2] Group 3: Summary of Related Index Data Price and Variation - PTA spot price increased from 4600 to 4610, with a change of 10 [2] - MEG domestic price increased from 4378 to 4385, with a change of 7 [2] - PTA closing price increased from 4672 to 4688, with a change of 16 [2] - MEG closing price decreased from 4288 to 4272, with a change of -16 [2] - 1.4D direct-spun polyester staple fiber price increased from 6535 to 6540, with a change of 5 [2] - Polyester staple fiber basis remained unchanged at 102 [2] - 10 - 11 spread increased from 4 to 6, with a change of 2 [2] - Polyester staple fiber cash flow increased from 240 to 246, with a change of 6 [2] - 1.4D imitation large chemical fiber price remained unchanged at 5650 [2] - The spread between 1.4D direct-spun and imitation large chemical fiber increased from 885 to 890, with a change of 5 [2] - East China water bottle chip price increased from 5822 to 5874, with a change of 52 [2] - Hot-filled polyester bottle chip price increased from 5822 to 5874, with a change of 52 [2] - Carbonated polyester bottle chip price increased from 5922 to 5974, with a change of 52 [2] - Outer disk water bottle chip price remained unchanged at 765 [2] - Bottle chip spot processing fee increased from 422 to 463, with a change of 41.11 [2] - T32S pure polyester yarn price remained unchanged at 10300 [2] - T32S pure polyester yarn processing fee decreased from 3765 to 3760, with a change of -5 [2] - Polyester-cotton yarn 65/35 45S price remained unchanged at 16270 [2] - Cotton 328 price increased from 15005 to 15015, with a change of 10 [2] - Polyester-cotton yarn profit decreased from 1265 to 1258, with a change of -7.1 [2] - Primary three-dimensional hollow (with silicon) price remained unchanged at 7050 [2] - Hollow staple fiber 6 - 15D cash flow decreased from 450 to 439, with a change of -10.89 [2] - Primary low-melting staple fiber price remained unchanged at 7430 [2] Load and Production and Sales Rate - Direct-spun staple fiber load (weekly) increased from 90.60% to 91.10%, with a change of 0.01 [3] - Polyester staple fiber production and sales rate increased from 51.00% to 64.00%, with a change of 13.00% [3] - Polyester yarn start-up rate (weekly) increased from 62.00% to 62.80%, with a change of 0.01 [3] - Regenerated cotton-type load index (weekly) increased from 49.00% to 49.50%, with a change of 0.01 [3]

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View of the Report The pulp fundamentals show no signs of repair, with no obvious reduction in pulp port inventory and the number of warehouse receipts. However, benefiting from the warming of commodity sentiment, pulp futures are expected to run strongly in the short term [5]. 3. Summary by Relevant Catalogs Pulp Price Data - **Futures Prices**: On September 16, 2025, SP2601 was 5324 with a daily increase of 0.87% and a weekly increase of 0.64%; SP2511 was 5056 with a daily increase of 1.32% and a weekly increase of 0.60%; SP2509 was 4970 with a daily increase of 0.69% and a weekly decrease of 0.04% [5]. - **Spot Prices**: On September 16, 2025, the price of coniferous pulp Silver Star was 5650 with no daily change and a weekly decrease of 0.88%; Russian Needle was 5200 with a daily and weekly increase of 0.58%; Eucalyptus pulp Goldfish was 4180 with no daily and weekly change [5]. - **Outer - disk Quotes**: The outer - disk quote of Chilean Silver Star was 720 dollars, a decrease of 2.70% compared to the previous period; Japanese Quote increased by 3.92% to 530 dollars; Chilean Venus remained unchanged at 590 dollars [5]. - **Import Costs**: The import cost of Brazilian Goldfish was 4344, an increase of 3.87% compared to the previous period; Chilean Silver Star was 5884, a decrease of 2.68%; Chilean Venus remained unchanged at 4830 [5]. Pulp Fundamental Data - **Supply**: In July 2025, the import volume of coniferous pulp was 64.6 tons, a decrease of 4.72% compared to June; the import volume of eucalyptus pulp was 135.1 tons, a decrease of 5.85%. The pulp shipment volume to China was 158 tons, a year - on - year increase of 23% [5]. - **Production**: The domestic production of eucalyptus pulp and chemimechanical pulp remained relatively stable from July 31 to September 11, 2025 [5]. - **Inventory**: As of September 11, 2025, the inventory of mainstream pulp ports in China was 206.2 tons, a decrease of 0.4 tons compared to the previous period, a 0.2% decrease. The inventory of futures delivery warehouses was 24.5 tons [5]. - **Demand**: The production of finished paper such as offset paper, coated paper, tissue paper, and white cardboard remained relatively stable. Some offset paper and white cardboard manufacturers issued price increase letters, but the implementation remains to be observed [5]. Pulp Valuation Data - **Basis**: On September 16, 2025, the basis of Russian Needle was 144 with a quantile level of 0.871; the basis of Silver Star was 594 with a quantile level of 0.865 [5]. - **Import Profit**: On September 16, 2025, the import profit of coniferous pulp Silver Star was - 234 with a quantile level of 0.27; the import profit of eucalyptus pulp Goldfish was - 164 with a quantile level of 0.479 [5].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - Affected by CATL's meeting related to the resumption of the Jianxiawo lithium mine, the market sentiment is negative, and there is a discussion about whether the eight major mines will shut down simultaneously on September 30. Fundamentally, if they shut down, the impact on the total supply will be limited as other sources can supplement. Emotionally, shutdowns will stimulate the market's bullish sentiment. In the short term, the futures price is expected to fluctuate, and attention should be paid to the end - of - month time node [2] Group 3: Summary According to Related Catalogs Lithium Compound Prices - The average price of SMM battery - grade lithium carbonate is 72,850, with a change of 400; the average price of SMM industrial - grade lithium carbonate is 70,600, with a change of 400 [1] Futures Contract Prices - The closing price of lithium carbonate 2510 is 73,060, with a 1.25% increase; 2511 is 73,180, with a 1.3% increase; 2512 is 73,320, with a 1.24% increase; 2601 is 73,340, with a 1.27% increase; 2602 is 73,240, with a 1.05% increase [1] Lithium Ore Prices - The price of lithium spodumene concentrate (CIF China) is 853, with a change of 5; the price of lithium mica (Li20: 1.5% - 2.0%) is 1105, with a change of 30; (Li20: 2.0% - 2.5%) is 1815, with a change of 40; the price of amblygonite (Li20: 6% - 7%) is 6090, with a change of 115; (Li20: 7% - 8%) is 7205, with a change of 140 [1][2] Cathode Material Prices - The average price of lithium iron phosphate (power type) is 33,470, with a change of 95; the average price of ternary material 811 (polycrystalline/power type) is 146,650, with a change of 200; 523 (single - crystal/power type) is 119,650, with a change of 200; 613 (single - crystal/power type) is 124,150, with a change of 200 [2] Price Spreads - The spread between battery - grade and industrial - grade lithium carbonate is 2250, with a change of 0; the spread between battery - grade lithium carbonate and the main contract is - 330, with a change of - 100; the spread between the near - month and the first - continuous contract is - 120, with a change of 40; the spread between the near - month and the second - continuous contract is - 260, with a change of 100 [2] Inventory - The total weekly inventory is 138,512 tons, with a change of - 1580 tons; the weekly inventory of smelters is 36,213 tons, with a change of - 3262 tons; the weekly inventory of downstream is 58,279 tons, with a change of 3072 tons; the weekly inventory of others is 44,020 tons, with a change of - 1390 tons; the daily registered warehouse receipts are 38,824 tons, with a change of - 139 tons [2] Production Profit - The cash cost of purchasing lithium spodumene concentrate externally is 75,067, and the profit is - 3280; the cash cost of purchasing lithium mica concentrate externally is 77,345, and the profit is - 7539 [2] Industry Policy - The eight departments including the Ministry of Industry and Information Technology issued the "Automobile Industry Steady Growth Work Plan (2025 - 2026)", aiming to promote the industrial application of intelligent and connected technologies, standardize the competition order in the automobile industry, and encourage multi - scenario applications [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - On September 16, the main contract of Shanghai gold futures closed up 1.14% to 842.08 yuan/gram, and the main contract of Shanghai silver futures closed up 0.8% to 10,108 yuan/kilogram [5] - Against the backdrop of a weakening US job market, a decline in the consumer confidence index, and relatively controllable inflation pressure, the market continues to trade on the expectation of Fed rate cuts. The market's expectation of a 50 - basis - point rate cut has resurfaced, and it is generally expected that the Fed will cut rates three times this year. Coupled with a slight increase in geopolitical tensions in some regions, precious metal prices remain high and strong [5] - Before the rate cut in September, precious metal prices are still supported and are expected to remain high and strong, but the risk of increased volatility due to "buy - the - rumor, sell - the - fact" should be watched out for [5] - In the long - term, with the expectation of Fed rate cuts, continuous global geopolitical uncertainties, intensifying great - power games, and the wave of de - dollarization, the long - term center of gold prices is likely to continue to move up [5] Group 3: Summary by Relevant Catalogs Price Tracking - On September 16, 2025, London Gold Spot was at 3,692.53 dollars/ounce, London Silver Spot at 42.74 dollars/ounce, COMEX Gold at 3,729.70 dollars/ounce, COMEX Silver at 43.17 dollars/ounce, AU2510 at 842.08 yuan/gram, AG2510 at 10,108 yuan/kilogram, AU (T + D) at 838.00 yuan/gram, and AG (T + D) at 10,090 yuan/kilogram. Compared with September 15, the price increases were 1.5%, 1.5%, 1.5%, 1.3%, 1.3%, 0.9%, 1.1%, and 0.9% respectively [3] Spread/Ratio - On September 16, 2025, the gold TD - SHFE active price spread was - 4.08 yuan/gram, the silver TD - SHFE active spread was - 18 yuan/kilogram, the gold internal - external spread (TD - London) was - 5.22 yuan/gram, the silver internal - external spread (TD - London) was - 830 yuan/kilogram, the SHFE gold - silver main ratio was 83.31, the COMEX gold - silver main ratio was 86.41, AU2512 - 2510 was 2.50 yuan/gram, and AG2512 - 2510 was 26 yuan/kilogram. Compared with September 15, the changes were 34.2%, - 10.0%, 142.9%, 6.9%, 0.3%, 0.2%, 0.0%, and - 7.1% respectively [3] Position Data - As of September 15, 2025, the gold ETF - SPDR was 976.8 tons, the silver ETF - SLV was 15,069.6026 tons, the non - commercial long position of COMEX gold was 324,875 contracts, the non - commercial short position was 63,135 contracts, the net long position was 261,740 contracts, the non - commercial long position of COMEX silver was 72,450 contracts, the non - commercial short position was 18,513 contracts, and the net long position was 53,937 contracts. Compared with September 12, the changes were 0.21%, 0.00%, 2.87%, - 4.72%, 4.89%, - 2.71%, - 0.16%, and - 3.55% respectively [3] Inventory Data - On September 16, 2025, the SHFE gold inventory was 53,226 kilograms, and the SHFE silver inventory was 1,231,261 kilograms. On September 15, 2025, the COMEX gold inventory was 39,180,931 troy ounces, and the COMEX silver inventory was 527,647,671 troy ounces. Compared with September 15 and September 12 respectively, the changes were 0.00%, - 0.98%, 0.68%, and 0.04% respectively [3] Interest Rate/Foreign Exchange/Equity Market - On September 16, 2025, the 10 - year US Treasury yield was 7.10, the 2 - year US Treasury yield was 97.36, NYMEX crude oil was 3.54, the US dollar index was 4.05, VIX was 15.69, the S&P 500 was 6,615.28, and the US dollar/Chinese yuan central parity rate was 63.28. Compared with September 15 and September 12 respectively, the changes were - 0.04%, - 0.27%, - 0.56%, - 0.25%, 6.30%, 0.47%, and 1.09% respectively [4]

Report Information - Report Title: Stock Index Options Data Daily Report [2] - Date: September 16, 2025 [3] - Research Institute: Guomao Futures Research Institute [3] - Analyst: Li Zeju from the Financial Derivatives Center [3] - Data Sources: Wind, Guomao Futures Research Institute [3] Market Review Index Performance - The closing price of the Shanghai Stock Exchange 50 Index was 1456.98, with a decline of 0.20% and a trading volume of 296.26154 billion yuan [3]. - The closing price of the CSI 300 Index was 4533.0557, with an increase of 0.24% and a trading volume of 613.315 billion yuan [3]. - The closing price of the CSI 1000 Index was 7415.5711, with a decline of 0.10% and a trading volume of 475.105 billion yuan [3]. Overall Market Conditions - The Shanghai Composite Index fell 0.26% to 3860.5 points, the Shenzhen Component Index rose 0.63%, the ChiNext Index rose 1.51%, the Beijing Stock Exchange 50 Index rose 0.38%, the Science and Technology Innovation 50 Index rose 0.18%, the Wind All - A Index rose 0.09%, the Wind A500 rose 0.22%, and the CSI A500 rose 0.3% [5]. - The total A - share trading volume for the day was 2.3 trillion yuan, compared to 2.55 trillion yuan the previous day [5]. CFFEX Stock Index Options Trading Situation Option Trading Volume - For the Shanghai Stock Exchange 50 Index options, the trading volume of call options was 2.71 million contracts, and that of put options was 3.77 million contracts, with a trading volume PCR of 0.51 [3]. - For the CSI 300 Index options, the trading volume of call options was 8.63 million contracts, and that of put options was 0.55 million contracts, with a trading volume PCR of 0.83 [3]. - For the CSI 1000 Index options, the trading volume of call options was 25.04 million contracts, and that of put options was 13.62 million contracts, with a trading volume PCR of 0.84 [3]. Option Open Interest - For the Shanghai Stock Exchange 50 Index options, the open interest of call options was 9.71 million contracts, and that of put options was 4.08 million contracts, with an open interest PCR of 0.64 [3]. - For the CSI 300 Index options, the open interest of call options was 12.77 million contracts, and that of put options was 10.58 million contracts, with an open interest PCR of 0.83 [3]. - For the CSI 1000 Index options, the open interest of call options was 35.62 million contracts, and that of put options was 18.56 million contracts, with an open interest PCR of 1.09 [3]. Volatility Analysis Shanghai Stock Exchange 50 Index Volatility - Historical volatility and historical volatility cone are presented, along with the volatility smile curve and next - month at - the - money implied volatility [3][4]. CSI 300 Index Volatility - Historical volatility and historical volatility cone are shown, as well as the volatility smile curve and next - month at - the - money implied volatility [3][4]. CSI 1000 Index Volatility - Historical volatility and historical volatility cone are provided, together with the volatility smile curve and next - month at - the - money implied volatility [3][4].

1. Report Industry Investment Rating - Not mentioned in the provided content. 2. Core View of the Report - The EC market showed a slight rebound. The main reason is that the 12 - contract was supported by factors such as the suspension of China - Europe freight trains, the expectation of National Day sailings suspension, and price - supporting factors, and performed strongly on Monday. The recommended strategy is to short the 10 - contract on rallies and conduct a rolling 10 - 12 reverse spread [8][9][11]. 3. Summary According to Relevant Catalogs 3.1 Shipping Derivatives Data - **Freight Index**: The current value of the Shanghai Export Container Freight Index (SCFI) is 1398, a decrease of 3.21% from the previous value; the China Export Container Freight Index (CCFI) is 1125, a decrease of 2.07%. The SCFI - US West increased by 8.27%, SCFIS - US West increased by 37.65%, SCFI - US East increased by 7.61%, and SCFI - Northwest Europe decreased by 12.24%. SCFIS - Northwest Europe decreased by 8.05%, and SCFI - Mediterranean decreased by 11.82% [6]. - **Contract Data**: For contracts such as EC2506, EC2608, etc., their current values have varying degrees of increase compared to the previous values, with涨幅 ranging from 0.48% to 3.21%. In terms of positions, the positions of some contracts have increased or decreased slightly [6]. - **Monthly Spread**: The current value of the 10 - 12 monthly spread is - 493.1, a decrease of 40.5 from the previous value; the 12 - 2 monthly spread is 139.3, an increase of 29.9; the 12 - 4 monthly spread is 402.3, an increase of 22.5 [6]. 3.2 Spot Price - The GEMINI price in late September dropped to 1600, QA dropped to 1800, PA dropped to 1700, and MSC dropped to 1750. The PAK freight rate center in the market in late September is around 1750 [10]. 3.3 Market Logic - In the European - line shipping market, the fundamental cargo volume is deduced based on EPMI data. The cargo volume will bottom out in October and turn around in November. In terms of freight rates, shipping companies will "compete for goods" from the end of September to late October, but the "ROLLINGPOOL" strategy in the off - season may intensify the decline of freight rates. It is expected that the offline freight rates will fall back to the low point in May this year in late October, and shipping companies will start signing contracts to support prices after the cargo volume recovers in November. In terms of capacity, some of the capacity suspended during the National Day will not resume after the holiday, but the impact of reducing ships in the off - season on the market is limited [10].

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Report's Core View - The September USDA supply - demand report lowered the US soybean yield to 53.5 bushels per acre, with an adjustment less than expected. The demand side increased crushing and continued to reduce exports, resulting in the 25/26 annual US soybean ending stocks of 300 million bushels slightly higher than market expectations, bringing some negative impacts. However, the new US soybean balance sheet remains tight, supporting the downside of the US market. Recently, rumors of China - US trade negotiations have brought some positive impacts to the US market. After a short - term decline due to report data, the US market rebounded strongly. Also, the Brazilian premium has declined. Considering the import cost expectations of the US market and premium, there is still some support for the downside of the domestic soybean meal. Domestically, with the concentrated arrival of Brazilian soybeans, the short - term supply pressure of domestic soybean meal is still high. This week, soybean meal inventories continued to accumulate, and oil mills are eager to deliver, putting pressure on the spot premium. Overall, there is no substantial progress in China - US negotiations. The domestic soybean meal is expected to be supported by import costs and will mainly operate in a range. Future focus should be on China - US policy changes [7]. Group 3: Summary by Relevant Catalogs 1. Basis Data - The basis data of soybean meal and rapeseed meal in different regions and time periods are presented, including the basis of soybean meal主力合约 (Zhangjiagang), 43% soybean meal spot basis, rapeseed meal spot basis, etc. For example, the basis of 43% soybean meal spot in Dongguan is - 82 [5]. 2. Spread Data - Spread data such as M1 - RM1, M1 - 5, RM1 - 5, and the spread between soybean meal and rapeseed meal in both spot and futures are provided. For example, the spot spread between soybean meal and rapeseed meal in Guangdong is 900, with a change of 352 [6]. 3. Inventory Data - Inventory data of soybeans and soybean meal are shown, including China's port soybean inventory, major oil mills' soybean inventory, feed enterprises' soybean meal inventory days, and major oil mills' soybean meal inventory. For example, the major oil mills' soybean meal inventory in 2025 is presented in the data [6]. 4.开机 and压榨情况 (Operation and Pressing Situation) - The operating rate and soybean pressing volume of major oil mills are presented, showing the data from 2020 to 2025 [6].

Report Industry Investment Ratings No clear overall industry investment ratings are provided in the report. However, specific ratings for some products are as follows: - Gold: Bullish [1] - Silver: Bullish [1] - Copper: Expected to be strong [1] - Aluminum: Expected to be strong [1] - Nickel: Short - term bullish, long - term bearish pressure exists [1] - Stainless steel: Short - term bullish, suggest short - term operation [1] - Tin: Expected to strengthen in shock [1] - Palm oil: Long - term bullish, short - term risk of correction [1] - Rapeseed oil: Suggest 11 - 1 positive spread strategy [1] - PTA: No clear rating, but downstream situation is positive [1] - Ethylene glycol: Bearish [1] Core Viewpoints - Market liquidity has weakened its driving force on stock index futures. With dense macro events this week, it is recommended to control risks in stock index futures positions and adjust for long - positions [1]. - Asset shortage and weak economy are beneficial for bond futures, but short - term central bank's interest rate risk warning suppresses the upward trend [1]. - The approaching Fed rate cut in September provides support for gold prices, which may run strongly at high levels in the short term [1]. - US CPI inflation data meets expectations, removing obstacles for the Fed rate cut. Along with the approaching consumption peak season, copper and aluminum prices are expected to be strong [1]. - For non - ferrous metals, the Fed rate cut expectation is rising, and the market is concerned about the fourth - quarter nickel ore quota approval in Indonesia. Different metals have different trends based on their fundamentals [1]. - For black metals, supply surplus pressure remains, and although there is marginal improvement in peak - season demand, prices are under pressure [1]. - For agricultural products, different products have different trends. For example, cotton supply may be tight in the short term, while sugar prices are expected to be weak in shock [1]. - For energy and chemical products, various factors such as device operation, supply and demand, and cost affect the price trends of different products [1]. Summary by Categories Macro - financial - Stock index futures: Control risks in positions and adjust for long - positions due to weakened liquidity driving force and dense macro events [1]. - Bond futures: Asset shortage and weak economy are beneficial, but short - term interest rate risk warning suppresses the upward trend [1]. Non - ferrous metals - Gold: Supported by the approaching Fed rate cut, may run strongly at high levels in the short term [1]. - Silver: Bullish [1]. - Copper: May be strong due to meeting inflation expectations and approaching consumption peak season [1]. - Aluminum: Expected to be strong with the Fed rate cut expectation and approaching consumption peak season [1]. - Alumina: Fundamentals are weak, but the price is close to the cost line, with limited downward space [1]. - Zinc: Narrow rebound due to improved macro sentiment but pressured by increasing social inventory [1]. - Nickel: Short - term shock and bullish, but long - term surplus pressure exists [1]. - Stainless steel: Short - term shock and bullish, wait for high - selling hedging opportunities [1]. - Tin: Expected to strengthen in shock with improved demand in the peak season [1]. Black metals - Rebar: Valuation returns to neutral, industry driving force is unclear, and macro driving force is warm, with a shock trend [1]. - Hot - rolled coil: Near - month contracts are restricted by production cuts, but far - month contracts have upward opportunities [1]. - Iron ore: Shock trend due to unfavorable short - term fundamentals [1]. - Glass: Supply surplus pressure exists, and prices are under pressure [1]. - Soda ash: Weak reality, supply surplus, and price pressure [1]. - Coal and coke: Fundamentals are weakening, with a shock and weakening trend [1]. Agricultural products - Palm oil: Short - term correction risk, long - term bullish, wait for callback to go long [1]. - Soybean: Pay attention to the adjustment of new - crop soybean yield per unit in the US, and the long - term bullish logic for oils in the fourth quarter remains [1]. - Rapeseed oil: Suggest 11 - 1 positive spread strategy [1]. - Cotton: Short - term supply may be tight, and the acquisition game during the new - cotton acquisition period is the focus [1]. - Sugar: Expected to be weak in shock, with limited short - term downward space [1]. - Corn: Expected to be weak in the short term due to negative news and new - grain selling pressure [1]. - Soybean meal: Maintains range - bound shock in the short term, and pay attention to Sino - US policy changes later [1]. - Pulp: The bottom range is initially shown, but there is no bullish driving force yet [1]. - Log: Weak shock due to unchanged fundamentals and falling external quotes [1]. - Live pigs: Supply continues to increase, downstream acceptance is limited, and the overall is weak [1]. Energy and chemical products - Crude oil: Affected by geopolitical situation, OPEC+ production increase plan, and Fed rate cut expectation [1]. - Fuel oil: Similar influencing factors as crude oil [1]. - Natural rubber: Supported by raw material cost and decreasing inventory [1]. - BR rubber: Pay attention to inventory de - stocking progress and autumn device maintenance [1]. - PTA: Production increases, basis declines rapidly, and downstream profits are repaired [1]. - Ethylene glycol: Basis strengthens, but new device production and hedging pressure exist [1]. - Short - fiber: Factory devices return, and market delivery willingness weakens [1]. - Pure benzene and styrene: Supply increases after maintenance, and domestic import pressure increases [1]. - PF: Price is weak in shock [1]. - PP: Market returns to fundamentals, with increasing supply pressure [1]. - PVC: Peak - season performance is not as expected, and inventory accumulates [1]. - Caustic soda: Weak in short - term shock [1]. - LPG: Suppressed by bearish fundamentals despite production increase [1]. Others - Container shipping: Supply in September exceeds the same - period level, and freight rates are declining [1].

Group 1: Core View - Domestic PTA installations are gradually resuming, leading to an increase in domestic PTA production and a rapid decline in PTA basis. OPEC+ will consider increasing oil production again at Sunday's meeting. The spread between PX and naphtha remains stable. With recent improvements in sales and inventory reduction, especially significant inventory reduction in filaments, downstream profits have been significantly restored, and the operating load of polyester has rebounded to 91%. However, due to the decline in crude oil prices and the weakening of the basis, PTA has shown weak performance [2] Group 2: Market Data Summary PTA and MEG - PTA spot price increased from 4575 to 4600, with a change of 25.00; MEG domestic price decreased from 4386 to 4378, with a change of -8.00. PTA closing price rose from 4648 to 4672, a change of 24.00; MEG closing price increased from 4272 to 4288, a change of 16.00 [2] Short Fiber - 1.4D direct-spun polyester staple fiber rose from 6520 to 6535, with a change of 15.00; short fiber basis increased from 90 to 102, a change of 12.00; 10 - 11 spread decreased from 6 to 4, a change of -2.00; polyester staple fiber cash flow increased from 240 to 246, a change of 6.00; 1.4D imitation large chemical fiber decreased from 5700 to 5650, a change of -50.00; the spread between 1.4D direct-spun and imitation large chemical fiber increased from 820 to 885, a change of 65.00 [2] Bottle Chip - Polyester bottle chip prices in the Jiangsu and Zhejiang markets were in the range of 5820 - 5880 yuan/ton, with the average price rising by 15 yuan/ton compared to the previous working day. The spot processing fee of bottle chips decreased from 469 to 422, a change of -46.70 [2] Others - T32S pure polyester yarn price remained unchanged at 10300; T32S pure polyester yarn processing fee decreased from 3780 to 3765, a change of -15.00; cotton 328 price increased from 14950 to 15005, a change of 55.00; polyester-cotton yarn profit decreased from 1296 to 1265, a change of -30.73; the price of virgin three-dimensional hollow (with silicon) decreased from 7095 to 7050, a change of -45.00; the cash flow of hollow staple fiber 6 - 15D decreased from 514 to 450, a change of -63.69; the price of virgin low-melting staple fiber remained unchanged at 7430 [2] Load and Production and Sales - The weekly load of direct-spun staple fiber increased from 90.60% to 91.10%, a change of 0.01; the production and sales of polyester staple fiber decreased from 64.00% to 51.00%, a change of -13.00%; the weekly start-up rate of polyester yarn increased from 62.00% to 62.80%, a change of 0.01; the weekly load index of recycled cotton-type fiber increased from 49.00% to 49.50%, a change of 0.01 [3]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - PTA: Domestic PTA plants are gradually resuming operation, leading to an increase in domestic PTA production and a rapid decline in PTA basis. OPEC+ increased oil production again at the meeting. Downstream profits have significantly recovered, and the operating load of polyester has rebounded to 91% [2]. - Ethylene Glycol (MEG): The basis of ethylene glycol has weakened. The upcoming commissioning of Yulong Petrochemical's ethylene glycol plant is putting pressure on the futures market. Although the arrival of overseas ethylene glycol plants has decreased, the increase in hedging positions after the price recovery. Polyester inventory is performing well, and the downstream weaving load has increased [2]. 3. Summary by Relevant Catalogs a. Market Data - **Crude Oil**: INE crude oil price rose slightly from 475.3 yuan/barrel on September 12, 2025, to 488.1 yuan/barrel on September 15, 2025 [2]. - **PX**: CFR China PX price increased from 832 to 836, and the PX - naphtha spread widened by 4 to 238 [2]. - **PTA**: The main PTA futures price rose from 4648 yuan/ton to 4672 yuan/ton, and the spot price increased from 4575 yuan/ton to 4600 yuan/ton. Both spot and futures processing fees showed slight increases [2]. - **MEG**: The main MEG futures price rose from 4272 yuan/ton to 4288 yuan/ton. The spot price in Zhangjiagang's ethylene glycol market increased, and the basis weakened [2]. - **Polyester Filament**: Prices of POY, FDY, and DTY decreased, and their cash flows also declined. The production - sales ratio of long - filament increased by 11% to 53% [2]. - **Polyester Staple Fiber**: The price of 1.4D direct - spinning polyester staple fiber increased slightly, and the production - sales ratio decreased by 6% to 50% [2]. - **Polyester Chip**: The price of semi - bright chips decreased slightly, and the production - sales ratio increased by 31% to 80% [2]. b. Operating Rates - PX operating rate remained unchanged at 87.16%, PTA operating rate was stable at 78.25%, MEG operating rate increased by 1.32% to 62.20%, and polyester load increased by 0.53% to 88.78% [2]. c. Device Maintenance An East China 2.5 million - ton PTA plant restarted last weekend after a shutdown for maintenance around August 26 [2].