Report Summary 1. Investment Ratings for Industries - **Bullish**: Crude oil, Fuel oil, Coke [1] - **Bearish**: None - **Neutral (Oscillating)**: Most other industries including Index, Treasury bonds, Gold, Silver, Copper, Aluminum, Alumina, Zinc, Nickel, Stainless steel, Industrial silicon, Polysilicon, Lithium carbonate, Rebar, Hot-rolled coil, Iron ore, Non-ferrous metals, Soda ash, Coking coal, Palm oil, Soybean oil, Rapeseed oil, Cotton, Sugar, Corn, Soybean meal, Pulp, Logs, Live pigs, Asphalt, BR rubber, PTA, Ethylene glycol, Short fiber, Pure benzene and styrene, Urea, PP, PVC, STE HOX, LPG, Container shipping on the European route [1] 2. Core Views - **Macro-financial**: The long-term view for stock index futures is bullish, but the probability of a unilateral upward trend in the market before the National Day holiday is low, and investors are advised to control their positions; the asset shortage and weak economy are favorable for bond futures, but the central bank's short-term warning on interest rate risks suppresses the upward space [1] - **Non-ferrous metals**: After the Fed's interest rate cut, the non-ferrous sector has oscillated and corrected. Each metal has different supply and demand fundamentals, resulting in varying price trends, with most having limited downward or upward space [1] - **Agricultural products**: Different agricultural products have different supply and demand situations, such as palm oil having a chance to break through the oscillation range and rise, soybean oil having a long-term bullish outlook, and sugar and corn prices oscillating [1] - **Energy and chemicals**: The supply and demand of energy and chemical products are complex. Crude oil and fuel oil are bullish due to factors such as inventory decline and production increase plans, while most other products oscillate due to various supply and demand and cost factors [1] 3. Summary by Industry **Macro-financial** - **Stock index futures**: Long-term bullish, low probability of unilateral rise before National Day, control positions [1] - **Treasury bonds**: Asset shortage and weak economy are favorable, but central bank's interest rate risk warning suppresses upward space [1] **Non-ferrous metals** - **Gold**: After the Fed's interest rate cut, it is expected to oscillate and adjust in the short term, with limited adjustment intensity [1] - **Silver**: After the Fed's interest rate cut, some long positions left the market, and it is expected to oscillate at a high level in the short term [1] - **Copper**: After the Fed's interest rate cut, copper prices are under pressure, but with the start of the easing cycle and improving downstream demand, the callback space is limited [1] - **Aluminum**: After the Fed's interest rate cut, aluminum prices are under pressure, but with the arrival of the consumption peak season, the downward space is limited [1] - **Alumina**: Production and inventory are increasing, the spot price is under pressure, but it is approaching the cost line, so the downward space is limited [1] - **Zinc**: Social inventory is increasing, and zinc prices are oscillating and weakening in the short term [1] - **Nickel**: After the Fed's interest rate cut, the non-ferrous sector oscillated and corrected. Nickel prices are oscillating in a range in the short term, and attention should be paid to supply and macro changes [1] - **Stainless steel**: After the Fed's interest rate cut, the non-ferrous sector oscillated and corrected. Stainless steel futures are oscillating in the short term, and attention should be paid to the actual production of steel mills [1] **Agricultural products** - **Palm oil**: Affected by floods in Malaysia's Sabah state, the supply is disrupted, and the price is expected to break through the oscillation range and rise [1] - **Soybean oil**: The de-stocking expectation in the fourth quarter remains unchanged, and it is bullish in the long term. Short-term attention should be paid to the impact of Sino-US negotiations [1] - **Rapeseed oil**: Canada may adjust imports, and a positive spread strategy for rapeseed oil 11=1 is recommended [1] - **Cotton**: The new cotton harvest is expected to be abundant, and the short-term supply may be tight. The acquisition game during the new cotton acquisition period will be the focus [1] - **Sugar**: New sugar is on the market, and the price is expected to oscillate weakly with limited downward space in the short term [1] - **Corn**: The new season's corn has not been fully listed, and the price is oscillating at a low level in the short term. C01 is expected to remain weak later [1] - **Soybean meal**: Affected by Sino-US negotiations and pig anti-involution policies, the price is under pressure. It is oscillating in a range, and attention should be paid to Sino-US policies and Brazilian planting weather [1] **Energy and chemicals** - **Crude oil**: Bullish due to factors such as US inventory decline, OPEC+ production increase plan, and Fed's interest rate cut [1] - **Fuel oil**: Bullish for the same reasons as crude oil [1] - **Asphalt**: Short-term supply and demand contradiction is not prominent, following crude oil. The "14th Five-Year Plan" construction demand may be falsified, and the supply of Ma Rui crude oil is sufficient [1] - **BR rubber**: The supply of synthetic rubber is loose, and the downstream trading is weakening. The price is oscillating, and attention should be paid to inventory de-stocking and device maintenance [1] - **PTA**: Domestic production is increasing, the basis is declining rapidly, and the polyester operating rate has recovered [1] - **Ethylene glycol**: The basis is strengthening, but the upcoming production of Yulong Petrochemical's device and the increase in hedging positions after the price rise bring pressure [1] - **Short fiber**: Factory devices are gradually returning, and the delivery willingness of market warehouse receipts has weakened with the price decline [1] - **Pure benzene and styrene**: Supply is increasing after maintenance, and domestic import pressure is increasing [1] - **Urea**: Export sentiment has eased, and there is limited upward space due to insufficient domestic demand, but there is support from anti-involution and cost [1] - **PP**: Oscillating weakly due to factors such as limited maintenance support, rigid demand for orders, and return to fundamentals [1] - **PVC**: Supply pressure is increasing, and there are many near-month warehouse receipts, so the price is oscillating weakly [1] - **LPG**: Crude oil production increase and bearish fundamentals suppress the upward momentum, but there are factors such as international demand and domestic device profit changes [1] **Others** - **Container shipping on the European route**: In September, the supply exceeded the same period, and the freight rate is expected to decline [1]

Report Overview - This is an equity index option data daily report by Guomao Futures Research Institute, with data from September 18, 2025, sourced from Wind and Guomao Futures Research [2][3] Market Review Index Performance - The Shanghai Composite Index rose 0.37% to 3876.34 points, the Shenzhen Component Index rose 1.16%, the ChiNext Index rose 1.95%, the BeiZheng 50 fell 0.6%, the KeChuang 50 rose 0.91%, the Wind All A Index rose 0.67%, the Wind A500 rose 0.72%, and the CSI A500 rose 0.78%. A-share trading volume reached 2.4 trillion yuan, up from 2.37 trillion yuan the previous day [4] Index Quotes | Index | Closing Price | Change (%) | Trading Volume (billion) | Turnover (billion yuan) | | --- | --- | --- | --- | --- | | SSE 50 | 2952.7778 | 0.17 | 1550.34 | 56.67 | | CSI 300 | 4551.023 | 0.61 | 6084.54 | 235.72 | | CSI 1000 | 7554.8125 | 0.95 | 4932.96 | 301.71 | [3] CFFEX Equity Index Option Trading Option Volume and Open Interest | Index | Call Option Volume (million contracts) | Put Option Volume (million contracts) | Volume PCR | Call Option Open Interest (million contracts) | Put Option Open Interest (million contracts) | Open Interest PCR | | --- | --- | --- | --- | --- | --- | --- | | SSE 50 | 5.78 | 3.90 | 0.48 | 10.55 | 6.45 | 0.64 | | CSI 300 | 11.76 | 6.32 | 0.54 | 24.29 | 13.25 | 0.83 | | CSI 1000 | 25.61 | 18.05 | 0.70 | 43.66 | 19.08 | 1.16 | [3] Volatility Analysis Historical Volatility and Volatility Cone - The report presents historical volatility and volatility cones for SSE 50, CSI 300, and CSI 1000, including 5 - day, 20 - day, 40 - day, 60 - day, and 120 - day historical volatilities, along with 10%, 30%, 60%, and 90% quantile values [3] Volatility Smile Curve - Volatility smile curves for the next - month at - the - money implied volatility are provided for SSE 50, CSI 300, and CSI 1000 [3]

Report Core View - The report presents the trading data and volatility analysis of stock index options on September 18, 2025, including the performance of the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, etc., as well as the trading volume, turnover, and volatility of options for the Shanghai 50, CSI 300, and CSI 1000 indices [3][4]. Market Review Index Quotes - The Shanghai Composite Index rose 0.37% to 3876.34 points, the Shenzhen Component Index rose 1.16%, the ChiNext Index rose 1.95%, the North - 50 Index fell 0.6%, the Science and Technology Innovation 50 Index rose 0.91%, the Wind All - A Index rose 0.67%, the Wind A500 Index rose 0.72%, and the CSI A500 Index rose 0.78%. A - share trading volume was 2.4 trillion yuan, compared with 2.37 trillion yuan the previous day [4]. Index Option Quotes | Index | Closing Price | Change (%) | Turnover (Billion Yuan) | Trading Volume (Hundred Million) | | --- | --- | --- | --- | --- | | Shanghai 50 | 2952.7778 | 0.17 | 1550.34 | 56.67 | | CSI 300 | 4551.023 | 0.61 | 6084.54 | 235.72 | | CSI 1000 | 7554.8125 | 0.95 | 4932.96 | 301.71 | [3] CFFEX Stock Index Option Trading | Index | Call Option Volume (Million Contracts) | Put Option Volume (Million Contracts) | Volume PCR | Call Option Open Interest (Million Contracts) | Put Option Open Interest (Million Contracts) | Open Interest PCR | | --- | --- | --- | --- | --- | --- | --- | | Shanghai 50 | 5.78 | 3.90 | 0.48 | 10.55 | 6.45 | 0.64 | | CSI 300 | 11.76 | 6.32 | 0.54 | 24.29 | 13.25 | 0.83 | | CSI 1000 | 25.61 | 18.05 | 0.70 | 43.66 | 19.08 | 1.16 | [3] Volatility Analysis Shanghai 50 Volatility - The report shows the historical volatility and volatility cone of the Shanghai 50 index, as well as the volatility smile curve of the next - month at - the - money implied volatility [3]. CSI 300 Volatility - It presents the historical volatility and volatility cone of the CSI 300 index, along with the volatility smile curve of the next - month at - the - money implied volatility [3]. CSI 1000 Volatility - The historical volatility and volatility cone of the CSI 1000 index are provided, and the volatility smile curve of the next - month at - the - money implied volatility is also shown [3].

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints - The 10 - contract of EC is relatively weak due to the resumption of China - Europe freight trains on Wednesday, while it was strong following the overall commodity sentiment on Tuesday. The 12 - contract was supported by factors such as the suspension of China - Europe freight trains, National Day sailing suspension expectations, and price - holding, and showed strength on Monday [9]. - In the European shipping market, based on IPMI data, the cargo volume will bottom out in October and turn around in November. From late September to late October, shipping companies will "compete for cargo", but the "ROLLINGPOOL" strategy in the off - season may intensify the decline in 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. Although some shipping capacity will not resume after the National Day holiday, the impact of reducing ships in the off - season on the market is limited [10]. 3. Summary by Relevant Content 3.1 Shipping Freight Index - **Shanghai Export Container Freight Index (SCFI)**: The current value is 1398, with a previous value of 1444 and a decline of 3.21% [6]. - **China Export Container Freight Index (CCFI)**: The current value is 1125, with a previous value of 1149 and a decline of 2.07% [6]. - **SCFI - West America**: The current value is 2370, with a previous value of 2189 and an increase of 8.27% [6]. - **SCFIS - West America**: The current value is 1349, with a previous value of 980 and an increase of 37.65% [6]. - **SCFI - East America**: The current value is 3307, with a previous value of 3073 and an increase of 7.61% [6]. - **SCFI - Northwest Europe**: The current value is 1154, with a previous value of 1315 and a decline of 12.24% [6]. - **SCFIS - Northwest Europe**: The current value is 1440, with a previous value of 1566 and a decline of 8.05% [6]. - **SCFI - Mediterranean**: The current value is 1738, with a previous value of 1971 and a decline of 11.82% [6]. 3.2 Shipping Derivative Contracts - **Contract Prices**: For contracts EC2506, EC2608, EC2510, EC2512, EC2602, and EC2604, the current values are 1468.7, 1616.7, 1109.7, 1672.0, 1578.8, and 1285.0 respectively, with corresponding changes of - 0.20%, - 0.57%, - 5.13%, - 0.11%, 0.43%, and 0.10% [7]. - **Contract Positions**: For positions EC2606, EC2608, EC2410, EC2412, EC2602, and EC2604, the current values are 924, 439, 49609, 20437, 7105, and 8334 respectively, with changes of (33), (5), 2092, 678, 386, and 101 [7]. - **Monthly Spreads**: For spreads 10 - 12, 12 - 2, and 12 - 4, the current values are - 562.3, 93.2, and 387.0 respectively, with changes of (58.2), (8.5), and (3.1) [7]. 3.3 Spot Prices - **GEMINI**: The overall average in September is 1600, with Maersk's wk38 opening at 1700, HPL - QQ at 1750 in late September, and HPL - SPOT at 1550 [10]. - **OA**: The overall average is 1800, with CMA at 2000, OOCL at 1650, and EMC at 1900 [10]. - **PA**: The overall average is 1700, with ONE at 1800 and HMM at 1600 [10]. - **MSC**: The price in late September is reported at 1750 [10].

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core Viewpoints - 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 the recent improvement in sales and inventory reduction, especially a significant reduction in 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 has shown weak performance [2] 3. Summary by Relevant Catalogs Price Changes - PTA spot price increased from 4610 to 4620, with a change of 10 [2] - MEG domestic price decreased from 4385 to 4373, a change of -12 [2] - PTA closing price rose from 4688 to 4712, an increase of 24 [2] - MEG closing price increased from 4272 to 4297, a rise of 25 [2] - 1.4D direct - spun polyester staple fiber price remained unchanged at 6540 [2] - Short - fiber basis decreased from 102 to 87, a change of -15 [2] - 10 - 11 spread remained unchanged at 6 [2] - Polyester staple fiber cash flow increased from 240 to 246, an increase 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 remained unchanged at 890 [2] - East China water bottle chip price decreased from 5874 to 2866, a change of -5 [2] - Hot - filled polyester bottle chip price decreased from 5874 to 2866, a change of -5 [2] - Carbonated - grade polyester bottle chip price decreased from 5974 to 5969, a change of -5 [2] - Outer - market water bottle chip price increased from 765 to 770, an increase of 5 [2] - Bottle chip spot processing fee decreased from 463 to 454, a change of -9.53 [2] - T32S pure polyester yarn price remained unchanged at 10300 [2] - T32S pure polyester yarn processing fee remained unchanged at 3760 [2] - Polyester - cotton yarn 65/35 45S price remained unchanged at 16270 [2] - Cotton 328 price decreased from 15015 to 15010, a change of -5 [2] - Polyester - cotton yarn profit increased from 1258 to 1260, an increase of 1.89 [2] - Primary three - dimensional hollow (with silicon) price remained unchanged at 7050 [2] - Hollow staple fiber 6 - 15D cash flow decreased from 439 to 435, a change of -4.53 [2] - Primary low - melting - point staple fiber price remained unchanged at 7430 [2] Operating Rate and Sales - Direct - spun staple fiber load (weekly) increased from 93.90% to 94.40%, a change of 0.01 [3] - Polyester staple fiber sales decreased from 64.00% to 54.00%, a change of -10.00% [3] - Polyester yarn operating rate (weekly) remained unchanged at 63.50% [3] - Regenerated cotton - type load index (weekly) increased from 51.00% to 51.50%, a change of 0.01 [3]

Group 1: Report Industry Investment Rating - No relevant information found Group 2: Core View of the Report - The overall fundamentals have changed little, with both supply and demand increasing, and social inventory continuing to decline. Affected by the meeting held by CATL related to the resumption of production of key lithium factories, market sentiment is negative, and there is speculation about whether eight major mines will shut down simultaneously on September 30. From a fundamental perspective, if they shut down, the impact on the total supply will be limited as other sources can provide supplements. From an emotional perspective, if they shut down, it will stimulate market bullish sentiment. In the short term, futures prices are expected to fluctuate, and attention should be paid to the end - of - month time node [2] Group 3: Summary by Relevant Catalogs Lithium Compounds - SMM battery - grade lithium carbonate average price is 73,150, up 300; SMM industrial - grade lithium carbonate average price is 70,900, up 300. The price difference between battery - grade and industrial - grade lithium carbonate is 2,250 [1] Futures Contracts - Lithium carbonate 2510 closing price is 73,500, with a 0% change; 2511 closing price is 73,640, up 0.03%; 2512 closing price is 73,820, down 0.14%; 2601 closing price is 73,800, with a 0% change; 2602 closing price is 73,600, down 0.16% [1] Lithium Ore - Spodumene concentrate (CIF China) price is 857; lithium mica (Li2O: 1.5% - 2.0%) price is 1,105; lithium mica (Li2O: 2.0% - 2.5%) price is 1,815; amblygonite (Li2O: 6% - 7%) price is 6,090; amblygonite (Li2O: 7% - 8%) price is 7,205 [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 33,540; the average price of ternary material 811 (polycrystalline/power type) is 146,700; the average price of ternary material 523 (single - crystal/power type) is 119,700; the average price of ternary material 613 (single - crystal/power type) is 124,250 [2] Inventory - Smelter inventory (weekly, tons) is 36,213; downstream inventory (weekly, tons) is 58,279; other inventory (weekly, tons) is 44,020; registered warehouse receipts (daily, tons) is 39,234. The total inventory (weekly, tons) decreased by 1,580 to 138,512 [2] Production Profit - The cash cost of purchasing lithium mica concentrate externally is 77,345, and the profit is - 7,245; the cash cost of purchasing spodumene concentrate externally is 75,311, and the profit is - 3,227 [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 connected vehicle technology, further standardize the competition order of the automotive industry, and promote the healthy development of the automotive industry [2]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The 9 - month USDA supply - demand report's downward adjustment of US soybean yield was less than expected, while demand - side压榨 was increased and exports were further decreased. The ending inventory of US soybeans in the 25/26 year was 300 million bushels, slightly higher than market expectations, bringing some negative impacts. However, the US soybean balance sheet remains tight, with the good - excellent rate dropping to 63% this week, and it may continue to decline due to less rainfall and high temperatures in the producing areas [7]. - In September, the expected arrival of soybeans in China is over 10 million tons, and soybean meal is expected to be in a inventory - accumulation cycle. In October, domestic soybeans are expected to start destocking, and the supply - demand gap of soybean meal in the first quarter of next year depends on Sino - US policy changes. On the demand side, short - term high inventory of pig and poultry farming supports feed demand, but policy - oriented control of pig inventory and weight is expected to affect long - term pig supply. Soybean meal has high cost - effectiveness and high pick - up volume [8]. - In terms of inventory, domestic soybean inventory has reached a high level; oil - mill soybean meal inventory has increased but is lower than the same period last year, and it is expected to be in an inventory - accumulation cycle in the short term; the inventory days of feed enterprises' soybean meal have slightly decreased. Overall, due to the expectation of Sino - US tax cuts and the impact of the pig production capacity control symposium, M01 increased positions and volume declined today, the crushing profit deteriorated, and cost - side expectations provide support at the bottom, with an overall expected volatile trend [8]. 3. Summary by Related Catalogs 3.1 Basis Data - **Soybean Meal Main Contract Basis (Zhangjiagang)**: On September 17, basis data for different regions and time periods are provided, such as Dalian with a value of 58 (25/26), Tianjin with 18, and different values for other regions and time intervals [5]. - **43% Soybean Meal Spot Basis**: Basis data for different regions and time periods are presented, including negative values like - 22 in some cases [5]. - **Rapeseed Meal Spot Basis**: Data for different regions and time periods are given, such as 129 in Guangdong with a change of - 14 [5]. 3.2 Spread Data - **Soybean Meal - Rapeseed Meal Spread**: Spot spread in the factory area is 300, and the spread on the main contract is 542 [6]. 3.3 International and Inventory Data - **Soybean CNF Premium and Profitability**: Brazilian soybean CNF premium and import soybean crushing profit data are provided, with the Brazilian premium having different values in different months and a change of - 6 in one case, and the crushing profit being 293 yuan/ton [6]. - **Inventory Data**: Data on Chinese port soybean inventory, major oil - mill soybean inventory, feed enterprises' soybean meal inventory days, and major oil - mill soybean meal inventory are presented for different years from 2020 - 2025, showing trends of increase and decrease in different periods [6]. 3.4开机 and Pressing Data - **Oil - Mill Operating Rate and Soybean Pressing Volume**: Data on the operating rate (%) and soybean pressing volume (10,000 tons) of major oil mills from 2020 - 2023 are provided, showing different trends over time [6].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The pulp fundamentals show no signs of repair, with no significant reduction in pulp port inventory and the number of warehouse receipts, and pulp futures are oscillating [5] Group 3: Summary by Related Catalogs Price Data - On September 17, 2025, the futures prices of SP2601, SP2511, and SP2505 were 5348, 5042, and 5368 respectively, with daily changes of -0.04%, -0.51%, and 0.19%, and weekly changes of 1.44%, 0.92%, and 1.78% [5] - The spot prices of coniferous pulp Silver Star, Russian Needle, and broadleaf pulp Goldfish were 5650, 5250, and 4220 respectively, with daily changes of 0.00%, 0.00%, and 0.96%, and weekly changes of 0.00%, 1.55%, and 0.96% [5] - The outer - disk quotes of Chilean Silver Star, Brazilian Goldfish, and Chilean Venus were 700, 530, and 590 US dollars respectively, with monthly changes of -2.78%, 3.92%, and 0.00% [5] - The import costs of Chilean Silver Star, Brazilian Goldfish, and Chilean Venus were 5721, 4344, and 4830 respectively, with monthly changes of -2.75%, 3.87%, and 0.00% [5] Fundamental Data Supply - In July 2025, the import volume of coniferous pulp was 64.6 tons, a month - on - month decrease of 4.72%, and the import volume of broadleaf pulp was 135.1 tons, a month - on - month decrease of 5.85% [5] - The domestic production of broadleaf pulp and chemimechanical pulp from July 31, 2025, to September 11, 2025, fluctuated within a certain range [5] Inventory - As of September 11, 2025, the inventory of China's mainstream pulp ports was 206.2 tons, a decrease of 0.4 tons from the previous period, a month - on - month decrease of 0.2% [5] - The inventory of the futures delivery warehouse from July 31, 2025, to September 11, 2025, also fluctuated [5] Demand - The production of finished paper such as offset paper, coated paper, tissue paper, and white cardboard from July 31, 2025, to September 11, 2025, remained relatively stable [5] Valuation Data - On September 17, 2025, the Russian Needle basis was 208 with a quantile level of 0.901, and the Silver Star basis was 608 with a quantile level of 0.871 [5] - The import profit of coniferous pulp Silver Star was -71 with a quantile level of 0.496, and that of broadleaf pulp Goldfish was -124 with a quantile level of 0.522 [5] Market Situation - On the supply side, Arauco's September quotes showed a decrease in coniferous pulp outer - disk quotes and an increase in broadleaf pulp quotes [5] - On the demand side, the current demand for paper products is basically stable, and some paper mills have issued price increase letters, but the implementation remains to be seen [5] - On the inventory side, the inventory change is not significant [5]

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report - The supply is diversified during the new sugar - cane crushing season transition period. The competition between processed sugar and domestic sugar intensifies. The market is expected to maintain range - bound trading. It's necessary to be vigilant about the risks of declining import costs and unmet demand expectations. If Brazil's sugar production exceeds expectations or India relaxes sugar exports, raw sugar prices may test previous lows [3][4]. 3) Summary by Related Content Domestic Sugar Price and Futures Data - On September 17, 2025, the spot sugar prices varied by region: 5970 yuan/ton in Nanning Warehouse, Guangxi; 5860 yuan/ton in Kunming, Yunnan (down 5 yuan); 5715 yuan/ton in Dali, Yunnan; 6000 yuan/ton in Rizhao, Shandong. SR09 futures price was 5519 yuan (down 11 yuan), and SR01 was 5529 yuan (down 18 yuan). The spread between SR09 - 01 was - 10 (up 7) [4]. Exchange Rate and International Commodity Data - The exchange rate of RMB against the US dollar was 7.1276 (down 0.0093), the exchange rate of the Brazilian real against the RMB was 1.2818 (up 0.0212), and the exchange rate of the Indian rupee against the RMB was 0.084 (down 0.0004). The ICE raw sugar main contract price was 15.88 (unchanged), the London white sugar main contract price was 573 (up 3), and the Brent crude oil main contract price was 68.49 (unchanged) [4].

Report Industry Investment Rating - Not 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+ increased oil production again at the meeting. Downstream profits have significantly recovered, and the polyester operating load has rebounded to 91% [2] - Ethylene glycol: 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 hedging volume has increased after the price recovery. Polyester inventory is in good condition, and the downstream weaving load has rebounded [2] Summary by Relevant Catalogs Market Quotes - INE crude oil rose from 493.6 yuan/barrel on September 16, 2025, to 499.3 yuan/barrel on September 17, an increase of 5.7 yuan/barrel [2] - PTA-SC decreased from 1101.0 yuan/ton to 1083.5 yuan/ton, a decrease of 17.42 yuan/ton; PTA/SC decreased from 1.3069 to 1.2986, a decrease of 0.0083 [2] - CFR China PX increased from 834 to 836, an increase of 2; PX-naphtha spread increased from 226 to 231, an increase of 6 [2] - PTA's main futures price rose from 4688 yuan/ton to 4712 yuan/ton, an increase of 24 yuan/ton; the spot price rose from 4610 yuan/ton to 4620 yuan/ton, an increase of 10 yuan/ton [2] - PTA's spot processing fee increased from 127.9 yuan/ton to 148.1 yuan/ton, an increase of 20.2 yuan/ton; the futures processing fee increased from 215.9 yuan/ton to 230.1 yuan/ton, an increase of 14.2 yuan/ton [2] - PTA's main basis increased from (80) to (77), an increase of 3; the number of PTA warehouse receipts decreased from 7889 to 0, a decrease of 7889 [2] - MEG's main futures price rose from 4272 yuan/ton to 4297 yuan/ton, an increase of 25 yuan/ton; MEG-naphtha increased from (125.95) yuan/ton to (125.14) yuan/ton, an increase of 0.8 yuan/ton [2] - MEG's domestic price decreased from 4385 yuan/ton to 4373 yuan/ton, a decrease of 12 yuan/ton; the main basis decreased from 105 to 85, a decrease of 20 [2] - POY150D/48F decreased from 6710 to 6705, a decrease of 5; POY cash flow decreased from 49 to 40, a decrease of 9 [2] - FDY150D/96F remained unchanged at 6910; FDY cash flow decreased from (251) to (255), a decrease of 4 [2] - DTY150D/48F decreased from 7970 to 7960, a decrease of 10; DTY cash flow decreased from 109 to 95, a decrease of 14 [2] - The long - filament sales rate increased from 40% to 42%, an increase of 2 percentage points [2] - 1.4D direct - spun polyester staple fiber remained unchanged at 6540; polyester staple fiber cash flow decreased from 229 to 225, a decrease of 4 [2] - The short - fiber sales rate decreased from 65% to 53%, a decrease of 12 percentage points [2] - Semi - bright chips increased from 5755 to 5760, an increase of 5; chip cash flow increased from (6) to (5), an increase of 1 [2] - The chip sales rate decreased from 120% to 105%, a decrease of 15 percentage points [2] Industry Chain Operating Conditions - PX, PTA, MEG operating rates and polyester load all remained unchanged at 87.16%, 78.25%, 62.20%, and 88.78% respectively [2] Device Maintenance - A 2.5 - million - ton PTA plant in East China restarted last weekend after being shut down for maintenance around August 26 [2]