1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - The price of BR rubber shows wide - range volatile movement. The impact of device maintenance on supply is limited, while demand has mixed factors, and inventory has a negative influence. Fundamentals are relatively strong, but trading volume has weakened. In the short - term, the market is expected to remain in a wide - range volatile state [4]. - The trading strategy suggests a unilateral upward trend in volatility. For arbitrage, it is advisable to pay attention to going long on BR and shorting NR/RU. Key factors to watch include downstream demand, cost changes, device maintenance, and geopolitical situations [4]. 3. Summary by Relevant Catalogs 3.1 Market Review - The prices of high - cis butadiene rubber of Sinopec and PetroChina's major sales companies have been reduced by 200 yuan/ton. As of September 11, 2025, the mainstream ex - factory price of high - cis butadiene rubber in China is between 11,900 - 12,000 yuan/ton [7]. - The suspension of several butadiene rubber devices has led to a slight decline in domestic production and capacity utilization. However, the sufficient supply of most brands limits the price increase. Weakening demand for raw material butadiene and price softening, along with downstream purchasing behavior, have put pressure on prices [7]. 3.2 Refinery Device Maintenance Plan - In 2025, many refineries of Sinopec, PetroChina, and CNOOC have device maintenance plans, involving various regions and different types of devices, with a wide range of maintenance capacities and time spans [12]. 3.3 Butadiene and Butadiene Rubber Device Maintenance Data Statistics - Many butadiene production enterprises have experienced device shutdowns, affecting production capacity. For butadiene rubber, some devices are in normal operation, while others are under maintenance, and some have future shutdown plans [13]. 3.4 Butadiene and Butadiene Rubber Market Data - **Supply**: Butadiene production and high - cis butadiene rubber production and capacity utilization have declined due to device shutdowns [4]. - **Demand**: In the semi - steel tire market, the replacement market is stable, with increased production of winter tires and some shortages in all - season tires. In the all - steel tire market, the replacement market price is stable, with a slight improvement in trading volume [4]. - **Inventory**: Butadiene port inventory has decreased, while butadiene rubber enterprise and trader inventories have increased [4]. - **Basis**: The basis of butadiene rubber in North China is - 165 yuan/ton, in East China is - 65 yuan/ton, and in South China is 35 yuan/ton [4]. - **Spread/Price Ratio**: The RU - BR spread is 4,205 yuan/ton (2.19%), the NR - BR spread is 940 yuan/ton (6.82%), and the BR - SC price ratio is - 0.36% [4]. - **Profit**: The production profit of butadiene through oxidative dehydrogenation is 36 yuan/ton, and through C4 extraction is 1,997.21 yuan/ton. The production profit of butadiene rubber is - 128 yuan/ton, with a gross profit margin of - 1.06% [4].

Report Industry Investment Rating - The investment view on LPG is "oscillating", indicating a neutral stance in the short - term [4]. Report's Core View - The LPG market shows a situation of "weak oil and strong gas". PG prices are firm due to freight and capital factors. The supply - demand contradiction of propylene in the intermediate link is alleviated, and the terminal PP demand is saturated, resulting in continuous and substantial losses in PDH profits. In the short - term, PG prices are expected to oscillate strongly, with a relatively low current valuation. Attention should be paid to the flow of warehouse receipts and geopolitical risks [4]. Summary by Relevant Catalogs 1. Market Review - The main contract of LPG futures fluctuated and rose, with a range of 4360 - 4470 yuan/ton. The spot price trend was weaker than the futures, and the basis weakened. International crude oil prices first fell and then rose, and the trend of PG futures was basically the same as that of crude oil. International LPG prices increased, but domestic spot prices showed both increases and decreases. Chemical demand declined significantly, and the profits of multiple chemical plants continued to be in the red. The internal valuation of futures prices was neutral. The weekly average basis was 37 yuan/ton in East China, 120 yuan/ton in South China, and 30 yuan/ton in Shandong, with the lowest deliverable standard being in Shandong [7]. 2. Influencing Factors Supply - Last week, the total commercial volume of LPG was about 53.74 million tons, including 20.52 million tons of civil gas, 21.04 million tons of industrial gas, and 17.89 million tons of ether - after carbon four. The arrival volume of LPG last week was 65 million tons. With the resumption of some devices in East China and Shandong last week, the supply increased. A refinery in Shandong plans to conduct maintenance this week, and it is expected that the domestic commercial volume may decline [4]. Demand - The combustion demand is gradually coming to an end, and the traditional peak - season logic is weakening, but the price of civil gas remains firm in the short - term. In the carbon - four deep - processing sector, affected by new - energy substitution, gasoline demand has weakened. The profit of MTBE is inverted, but the operating rate is at a high level. The profit of alkylated gasoline has changed from profit to loss, and the loss of isobutane dehydrogenation profit is relatively deep. The ether - after market may decline and stabilize. In the carbon - three deep - processing sector, the utilization rate of PDH production capacity is relatively stable, and the operating rate remains at a medium - to - high level. The price of propylene in the intermediate link has declined, and the terminal PP demand is saturated. There are continuous losses from the PDH device to the propylene and PP links [4]. Inventory - Last week, the factory inventory of LPG was 17.91 million tons, and the port inventory was 318.65 million tons. The domestic LPG inventory continued to increase. Although the trading and transportation capacity resumed after the end of large - scale domestic events, the inventory pressure in some northern regions was gradually relieved. However, in other regions, due to increased supply and weak demand, the shipment volume decreased to varying degrees, and the refinery storage capacity utilization rate continued to rise. At the ports, the number of incoming ships decreased slightly, but the unloading volume was more than the arrival volume, with little change compared to last week. Coupled with the downward trend of overall chemical demand, the port inventory increased slightly [4]. Basis and Position - The weekly average basis was a certain value in East China, South China, and Shandong. The total number of LPG warehouse receipts increased by 6, and the lowest deliverable area was Shandong [4]. Chemical Downstream - The operating rates of PDH, MTBE, and alkylation were 70.49%, 55.81%, and 46.17% respectively. The profits of PDH to propylene, MTBE isomerization, and alkylation in Shandong were - 52 yuan/ton, - 291 yuan/ton, and - 180.50 yuan/ton respectively [4]. Valuation - The PG - SC ratio was a certain value, and the PG continuous - one to continuous - two month spread was a certain value. With the continuous increase in crude oil production, the cost segment was dragged down, and the PG - SC cracking spread continued to strengthen [4]. Other Factors - In October, OPEC+ increased production by 137,000 barrels again, starting the second round of the production - increase cycle to regain market share. The US non - farm payrolls data in August was lower than market expectations, with an increase in the number of unemployed, a month - on - month decline in PPI and CPI, and an enhanced expectation of economic slowdown and interest - rate cuts. The geopolitical situations in Russia - Ukraine, US - Venezuela, and the Middle East still tend to be tense, and the war may further escalate [4]. 3. Trading Strategy - For unilateral trading, it is recommended to wait and see temporarily. For arbitrage, the strategies are to go long on PP2601 and short on PL2601, go long on PP2601 and short on PG2601, and go long on PG2510 and short on SC2510 [4].

Group 1: Market Performance - The Shanghai Composite Index rose 1.65% to 3875.31 points, the Shenzhen Component Index rose 3.36%, the ChiNext Index rose 5.15%, the Northbound 50 Index rose 1.59%, the STAR 50 Index rose 5.32%, the Wind All - A Index rose 2.26%, the Wind + 500 Index rose 2.5%, and the CSI + 500 Index rose 2.41%. A - shares had a turnover of 2.46 trillion yuan throughout the day, compared with 2 trillion yuan the previous day [4] - The Shanghai Stock Exchange 50 Index had a closing price of 2983.0829, a trading volume of 68.33 billion, a daily increase of 1.48%, and a trading value of 1884.95 billion yuan. The CSI 300 Index had a closing price of 4548.0345, a trading volume of 253.26 billion, a daily increase of 2.31%, and a trading value of 6931.57 billion yuan. The CSI 1000 Index had a closing price of 4862.37, a trading volume of 7399.8854 billion, a daily increase of 2.35%, and a trading value of 293.98 billion yuan [3] Group 2: CFFEX Stock Index Options Trading Situation - For the SSE 50 Index options, the call option trading volume was 6.26 million contracts, the put option trading volume was 4.31 million contracts, the call option open interest was 9.32 million contracts, the put option open interest was 5.60 million contracts, the trading volume PCR was 0.67, and the open interest PCR was 0.45 [3] - For the CSI 300 Index options, the call option trading volume was 22.57 million contracts, the put option trading volume was 21.88 million contracts, the call option open interest was 13.80 million contracts, the put option open interest was 8.08 million contracts, the trading volume PCR was 0.59, and the open interest PCR was 0.85 [3] - For the CSI 1000 Index options, the call option trading volume was 24.13 million contracts, the put option trading volume was 0.78 million contracts, the call option open interest was 34.88 million contracts, the put option open interest was 16.74 million contracts, the trading volume PCR was 1.08, and the open interest PCR was 1.08 [3] Group 3: Volatility Analysis - The report presents historical volatility cones and volatility smile curves for the SSE 50 Index, CSI 300 Index, and CSI 1000 Index, including 5 - day, 20 - day, 40 - day, 60 - day, and 120 - day historical volatilities, as well as minimum, maximum, 10%, 30%, 60%, and 90% quantile values [3]

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core Viewpoints - The shipping market shows a downward trend. The spot freight rates are still falling, and there is a possibility of further price drops in September. The shift of some US - bound ships to European routes increases supply and further pressures freight rates. The recommended strategy is to go short on the October contract and roll the 10 - 12 reverse spread [6][7][8]. 3. Summary by Relevant Content Shipping Derivatives Data - **Freight Rate Index**: The Shanghai Export Container Freight Index (SCFI) decreased by 0.04% to 1444, and the China Export Container Freight Index (CCFI) decreased by 0.62% to 1149. The SCFI - US West increased by 13.83% to 2189, SCFIS - US West decreased by 3.26% to 980, SCFI - US East increased by 7.22% to 3073, and SCFI - Northwest Europe decreased by 11.21% to 1315. SCFIS - Northwest Europe decreased by 11.68% to 1566, and SCFI - Mediterranean decreased by 8.11% to 1971 [4]. - **Contracts**: All shipping contracts showed a downward trend. For example, EC2506 decreased by 0.92% to 1430.6, EC2608 decreased by 0.31% to 1595.0 [4]. - **Positions**: The positions of some contracts increased. For example, EC2606 positions increased by 6 to 963, and EC2410 positions increased by 2187 to 49507 [4]. - **Monthly Spread**: The 10 - 12 monthly spread increased by 1.3 to - 405.3, the 12 - 2 monthly spread decreased by 38.3 to 111.7, and the 12 - 4 monthly spread decreased by 60.9 to 367.1 [4]. Market News - **Trade Shift**: Tariffs are accelerating the shift of China's trade focus. Southeast Asia and Africa have become the main growth points. From January to July 2025, the number of direct sailings from China to Vietnam increased by 22% year - on - year, and the monthly number exceeded 300 since March, setting a record. However, if US demand weakens, Southeast Asian exports will be affected, which will reduce the demand for Chinese intermediate goods [5]. - **Transport Season**: The peak season for China - US cargo transportation usually lasts until October, but this year's peak occurred in July [5]. - **Shipping Company Policies**: CMA CGM will not charge shippers additional port fees for using Chinese - built container ships on US routes and will not reduce the coverage of US port calls. The Gemini's TP9/WC6 trans - Pacific route will be completely suspended in the fourth quarter of 2025 [5]. EC Market - **Market Review**: The market is in a downward trend. The GEMINI price in mid - September dropped to 1800. The market FMK freight rate center in mid - September was at 1850 [6]. - **Logic**: Maersk's opening price for the new week (wk39) dropped to 1550, a decrease of 150 compared to the previous week. OOCL dropped to 1600, and there is a possibility of further price drops in September. With the cooling of market optimism and the focus on spot quotes, the spot freight rates are still falling. Before the National Day on October 1st, the competition for goods may cause freight rates to continue to decline in the second half of September [7]. - **Strategy**: The recommended strategy is to go short on the October contract and roll the 10 - 12 reverse spread [8].

数据日报 国贸期货研究院 农产品研究中心 黄向岚 投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 投资咨询号: Z0021658 从业资格号:F03110419 | 粘预期仍处于累库周期:10月国内大豆预期开始去库,明年一季度的豆相供需缺口取决于中美政策变化、需求方面,生猪和禽类养殖辐 | | | --- | --- | | 11 | 斯顿朝维持高存栏。支撑河用需求，但政策导向控生猪存栏和体重，预期影响远月生猪供应。豆粕维价比较高。提货居于高位；本周豆 | | 结 | 柏下游成交谨慎。库存方面，国内大豆库存增至高位、豆粕库存上升，库存水平低于去年同期，但预期仍处于累库周期，饲料企业豆粕 | | 库存天数上升。 | | | 整体来说，出于美盘和贴水综合的进口成本支撑领期下,NO1下方空间预期有限。关注本周USDA9月报告结果。国内现货市场催提现 | | | 象严重,现货基差偏弱。短期盘面震荡调整,以逢低做多为主。 | | | 本报告中的信息均源于公开可获得的资料，国贸期货力求推广可靠，但不对上述信息的准确性及示释担放任何保证。本报告不构 | | | 电 | 成个人投资建议，也未针对个别投资者帮殊的 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report - In the short - term, inflation pressure in the US still exists, but the rebound is relatively limited, supporting the Fed's August rate cut. The increase in the weekly initial jobless claims in the US highlights the downward risk in the job market and boosts the expectation of three rate cuts by the Fed this year, which supports precious metal prices. However, the strong performance of domestic and overseas bond markets restricts the attractiveness of gold, while silver benefits from risk improvement and shows a strong performance similar to industrial products. Before the rate cut is implemented, precious metal prices are expected to remain at a high level, and long positions can be held, but the risk of increased volatility should be watched out for [5]. - In the long - term, due to the Fed's rate - cut expectation, continuous global geopolitical uncertainty, intensified great - power competition, and the wave of de - dollarization, along with the continuous gold purchases by global central banks, the long - term center of gold prices is likely to continue to rise [5]. 3. Summary by Relevant Catalogs Market Quotes - On September 11, the main contract of Shanghai gold futures closed down 0.31% to 830.78 yuan/gram, and the main contract of Shanghai silver futures closed up 0.28% to 9,798 yuan/kilogram [5]. Price and Spread Data - **Price Data**: On September 11, compared with September 10, London gold spot rose 0.2%, COMEX silver fell 0.2%, AG (T + D) fell 0.3%, London silver spot rose 0.1%, AU2510 fell 0.3%, COMEX gold fell 0.3%, AG2510 remained unchanged, and AU (T + D) remained unchanged [5]. - **Spread Data**: For spreads on September 11 compared with September 10, the spread of gold TD - SHFE active price decreased by 17.1%, the spread of silver TD - SHFE active price decreased by 16.3%, the spread of gold domestic - foreign (TD - London) increased by 1.2%, the spread of silver domestic - foreign (TD - London) decreased by 22.0%, the SHFE gold - silver ratio decreased by 0.4%, the AU2512 - 2510 spread increased by 12.0%, the AG2512 - 2510 spread increased by 15.0% [5]. Position and Inventory Data - **Position Data**: For COMEX gold non - commercial long positions on September 10 compared with September 9, the number increased by 14.52%, and for COMEX silver non - commercial long positions, it increased by 7.83%. The number of gold ETF - SPDR positions increased by 16.43%, and the number of silver ETF - SLV positions decreased by 14.79% [5]. - **Inventory Data**: On September 10 compared with September 9, SHFE gold inventory increased by 0.96%, COMEX silver inventory remained unchanged, SHFE silver inventory increased by 0.47%, and COMEX gold inventory increased by 9.14% [5]. Interest Rate, Exchange Rate and Stock Market Data - On September 11 compared with September 10, the 2 - year US Treasury yield remained unchanged, the 10 - year US Treasury yield decreased by 0.98%, the US dollar/Chinese yuan central parity rate increased by 2.06%, NYWEX crude oil decreased by 0.04%, the S&P 500 increased by 0.08%, the US dollar index increased by 0.30%, and VIX increased by 1.56% [5].

Report Industry Investment Rating - No relevant content provided Core View of the Report - Lithium mica extraction of lithium has changed from a previous contraction to an expansion expectation, which is expected to trigger bearish sentiment in the market, and the futures price may be weak in the short term [3] Summary by Related Catalogs Lithium Compound Prices - The average price of SMM battery - grade lithium carbonate is 72,850 yuan/ton, down 600 yuan/ton [1] - The average price of SMM industrial - grade lithium carbonate is 70,600 yuan/ton, down 600 yuan/ton [1] Lithium Ore Prices - The price of lithium spodumene concentrate (CIF China) is 844 dollars, down 5 dollars [1] - The price of lithium mica (Li20: 1.5% - 2.0%) is 1,075 yuan, down 40 yuan [2] - The price of lithium mica (Li20: 2.0% - 2.5%) is 1,775 yuan, down 40 yuan [2] - The price of amblygonite (Li20: 6% - 7%) is 5,770 yuan, down 230 yuan [2] - The price of amblygonite (Li20: 7% - 8%) is 6,845 yuan, down 205 yuan [2] Lithium Futures Prices - The closing price of lithium carbonate 2509 is 71,020 yuan/ton, up 1.81% [1] - The closing price of lithium carbonate 2510 is 70,860 yuan/ton, up 1.64% [1] - The closing price of lithium carbonate 2511 is 71,000 yuan/ton, up 1.25% [1] - The closing price of lithium carbonate 2512 is 71,300 yuan/ton, up 1.57% [1] - The closing price of lithium carbonate 2601 is 71,280 yuan/ton, up 1.48% [1] Positive Electrode Material Prices - The average price of lithium iron phosphate (power type) is 33,470 yuan/ton, down 150 yuan/ton [2] - The average price of ternary material 811 (polycrystalline/power type) is 145,900 yuan/ton [2] - The average price of ternary material 523 (single - crystal/power type) is 118,750 yuan/ton [2] - The average price of ternary material 613 (single - crystal/power type) is 123,550 yuan/ton [2] Price Differences - The price difference between battery - grade and industrial - grade lithium carbonate is 2,250 yuan/ton [2] - The price difference between battery - grade lithium carbonate and the main contract is 1,850 yuan/ton, down 880 yuan [2] - The price difference between the near - month and the first - continuous contract is - 140 yuan/ton, up 20 yuan [2] - The price difference between the near - month and the second - continuous contract is - 440 yuan/ton, down 120 yuan [2] Inventory - The total inventory (weekly, tons) is 138,512 tons, down 1,580 tons [2] - The smelter inventory (weekly, tons) is 36,213 tons, down 3,262 tons [2] - The downstream inventory (weekly, tons) is 58,279 tons, up 3,072 tons [2] - The other inventory (weekly, tons) is 44,020 tons, down 1,390 tons [2] - The registered warehouse receipts (daily, tons) is 38,391 tons, up 290 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 73,549 yuan, and the profit is - 1,761 yuan [3] - The cash cost of purchasing lithium mica concentrate externally is 77,368 yuan, and the profit is - 7,563 yuan [3] Industry News - Ningde Times' subsidiary is discussing the resumption of production of Shixiawo lithium mine, aiming to resume production in November, but the actual situation is yet to be determined [3] - Six departments jointly issued a notice to carry out a 3 - month special rectification action on network chaos in the automobile industry [3]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - PTA: Domestic PTA installations are gradually resuming, leading to an increase in domestic PTA production and a rapid decline in PTA basis. OPEC+ will likely increase oil production again at Sunday's meeting. Downstream profits have significantly recovered, and the operating load of polyester has rebounded to 91% [2] - Ethylene Glycol (MEG): The basis of MEG has weakened. The upcoming commissioning of Yulong Petrochemical's MEG plant is putting pressure on the futures market. Although the arrival of overseas MEG installations has decreased, the increase in hedging positions after the price rebound. Polyester inventory is in good condition, and the operating load of downstream weaving has increased [2] Summary by Relevant Catalogs Market Quotes - INE Crude Oil: The price rose from 486.2 yuan/barrel on September 10th to 489.2 yuan/barrel on September 11th, an increase of 3.00 yuan/barrel [2] - PTA: The spot price decreased from 4,625 yuan/ton to 4,620 yuan/ton, a decrease of 5.0 yuan/ton. The main futures price dropped from 4,698 yuan/ton to 4,688 yuan/ton, a decrease of 10.0 yuan/ton. The spot processing fee decreased from 134.3 yuan/ton to 126.0 yuan/ton, a decrease of 8.2 yuan/ton. The futures processing fee decreased from 202.3 yuan/ton to 194.0 yuan/ton, also a decrease of 8.2 yuan/ton [2] - MEG: The spot price in Zhangjiagang ethylene glycol market decreased from 4,441.5 yuan/ton to 4,437 yuan/ton, a decrease of 4.5 yuan/ton. The main futures price dropped from 4,319 yuan/ton to 4,302 yuan/ton, a decrease of 17.0 yuan/ton [2] Industry Chain Indicators - PX: CFR China PX remained at 838, and the PX-naphtha spread decreased from 241 to 235, a decrease of 6 [2] - Polyester Filament: The POY150D/48F price increased from 6,725 to 6,760, an increase of 35.0. The FDY150D/96F price decreased from 7,025 to 6,990, a decrease of 35.0. The DTY150D/48F price remained unchanged at 8,015. The filament sales rate decreased from 69% to 48%, a decrease of 21% [2] - Polyester Staple Fiber: The 1.4D direct-spun polyester staple fiber price increased from 6,540 to 6,565, an increase of 25. The staple fiber sales rate increased from 55% to 72%, an increase of 17% [2] - Polyester Chip: The semi-gloss chip price increased from 5,770 to 5,775, an increase of 5.0. The chip sales rate decreased from 198% to 54%, a decrease of 144% [2] Installation Maintenance - A 2.5 million-ton PTA installation in East China restarted last weekend after shutting down for maintenance around August 26 [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The A-share market has resumed its upward trend after several days of contraction and oscillation, with future upward potential due to abundant domestic liquidity, increased expectations of a September Fed rate cut, and potential PPI marginal repair and improved A-share profitability. The strategy is to go long opportunistically and utilize the discount advantage of stock index futures to place long orders [6] 3. Summary by Relevant Catalogs 3.1 Money Market - **Price Changes**: DROO1 closed at 1.37, down 5.69bp; DR007 at 1.48, up 0.50bp; GC001 at 1.08, down 46.00bp; GC007 at 1.41, down 8.00bp; SHBOR 3M at 1.55, unchanged; LPR 5-year at 3.50, unchanged; 1-year treasury at 1.40, down 1.31bp; 5-year treasury at 1.63, down 2.24bp; 10-year treasury at 1.87, down 1.74bp; 10-year US treasury at 4.04, down 4.00bp [4] - **Market Operations**: The central bank conducted 292 billion yuan of 7-day reverse repurchase operations, with 212.6 billion yuan of reverse repurchases maturing, resulting in a net injection of 79.4 billion yuan. The money market liquidity has marginally eased, and there are increasing expectations for the central bank to restart treasury trading operations [4] 3.2 Stock Index Market - **Price Changes**: The CSI 300 rose 2.31% to 4548; SSE 50 rose 1.48% to 2983; CSI 500 rose 2.75% to 7123; CSI 1000 rose 2.35% to 7400. The trading volume of the Shanghai and Shenzhen stock markets reached 2.4377 trillion yuan, a significant increase of 459.6 billion yuan. Industry sectors generally rose, with electronics, semiconductors, and communication equipment leading the gains, while precious metals and jewelry underperformed [5] - **Market Analysis**: The overnight surge of Oracle boosted the A-share AI sector. The announcement of 10 pilot projects for factor market - oriented allocation reform also contributed to the market's rise. With ample domestic liquidity, increased Fed rate - cut expectations, and potential PPI repair, the A - share market is expected to continue rising [6] 3.3 Stock Index Futures Market - **Volume and Open Interest Changes**: IF volume increased 29.8% to 169,613, and open interest rose 2.4% to 282,139; IH volume increased 33.3% to 70,995, and open interest rose 8.9% to 104,398; IC volume increased 45.5% to 195,795, and open interest rose 7.7% to 266,336; IM volume increased 15.6% to 318,107, and open interest rose 1.2% to 388,332 [5] - **Premium and Discount Situation**: IF had a discount of - 14.01% for the current - month contract, - 1.42% for the next - month contract, a premium of 1.45% for the current - quarter contract, and 1.72% for the next - quarter contract; IH had a discount of - 10.89% for the current - month contract, - 1.88% for the next - month contract, - 0.66% for the current - quarter contract, and - 0.52% for the next - quarter contract; IC had a discount of - 1.21% for the current - month contract and premiums for other contracts; IM had premiums for all contracts [7]

Group 1: Report's Core View - OPEC+ increases production, causing a significant drop in crude oil prices. Domestic PTA plants are gradually resuming, leading to a rise in domestic PTA production and a rapid decline in PTA basis. OPEC+ will consider further increasing oil production 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 good reduction of filament inventory, downstream profits have been significantly repaired, 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 2: Data Summary Spot Price Changes - PTA spot price decreased from 4625 to 4620, a change of -5.00 [2] - MEG inner - market price decreased from 4439 to 4414, a change of -25.00 [2] Futures Closing Price Changes - PTA closing price decreased from 4698 to 4688, a change of -10.00 [2] - MEG closing price decreased from 4319 to 4302, a change of -17.00 [2] Short - fiber - related Data - 1.4D direct - spun polyester staple fiber price increased from 6540 to 6565, a change of 25.00 [2] - Short - fiber basis increased from 65 to 90, a change of 25.00 [2] - 10 - 11 spread decreased from 14 to 6, a change of -8.00 [2] - Polyester staple fiber cash flow increased from 240 to 246, a change of 6.00 [2] - 1.4D imitation large - chemical fiber price remained unchanged at 5700 [2] - The spread between 1.4D direct - spun and imitation large - chemical fiber increased from 840 to 865, a change of 25.00 [2] Bottle - chip - related Data - East China water bottle chip price increased from 5859 to 5870, a change of 11.00 [2] - Hot - filled polyester bottle chip price increased from 5859 to 5870, a change of 11.00 [2] - Carbonated - grade polyester bottle chip price increased from 5959 to 5970, a change of 11.00 [2] - Outer - market water bottle chip price decreased from 766 to 765, a change of -1.00 [2] - Bottle - chip spot processing fee increased from 418 to 441, a change of 23.65 [2] Other Data - T32S pure - polyester yarn price remained unchanged at 10300 [2] - T32S pure - polyester yarn processing fee decreased from 3760 to 3735, a change of -25.00 [2] - Polyester - cotton yarn 65/35 45S price decreased from 16300 to 16270, a change of -30.00 [2] - Cotton 328 price decreased from 14955 to 14950, a change of -5.00 [2] - Polyester - cotton yarn profit decreased from 1311 to 1266, a change of -44.68 [2] - Primary three - dimensional hollow (with silicon) price remained unchanged at 7110 [2] - Hollow staple fiber 6 - 15D cash flow increased from 469 to 481, a change of 12.65 [2] - Primary low - melting - point staple fiber price remained unchanged at 7450 [2] Group 3: Market Conditions Short - fiber Market - In the short - fiber spot market, the prices of polyester staple fiber production plants are stalemated, and the prices of traders are adjusted within a range. Downstream buyers purchase as needed, and the on - site transactions are sluggish. The price of 1.56dtex*38mm semi - bright natural white (1.4D) polyester staple fiber in the East China market is 6350 - 6600 cash on the spot, tax - included self - pick - up; in the North China market, it is 6470 - 6720 cash on the spot, tax - included delivery; in the Fujian market, it is 6350 - 6570 cash on the spot, tax - included delivery [2] Bottle - chip Market - The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets is 5830 - 5910 yuan/ton, with the average price remaining the same as the previous working day. On the day, polyester raw materials and bottle - chip futures fluctuated slightly. The supply side's offers were mainly stable, and downstream terminals followed up cautiously. The trading atmosphere was light, and the price center of bottle chips remained stable for the time being [2] Group 4: Load and Production - Sales Data - Direct - spun short - fiber load (weekly) increased from 90.60% to 91.10%, a change of 0.01 [3] - Polyester staple fiber production and sales increased from 54.00% to 64.00%, a change of 10.00% [3] - Polyester yarn start - up rate (weekly) increased from 62.00% to 62.80%, a change of 0.01 [3] - Recycled cotton - type load index (weekly) increased from 49.00% to 49.50%, a change of 0.01 [3]