Report Industry Investment Rating - No relevant content provided Core Viewpoints - On September 17, the main contract of Shanghai gold futures closed down 0.36% to 835.08 yuan/gram, and the main contract of Shanghai silver futures closed down 1.77% to 9,906 yuan/kilogram. As the interest rate cut is about to be implemented, the market is worried about the "buy the rumor, sell the fact" risk. Asian - session precious metals showed an early downward trend, with silver performing weaker than gold. However, in the European and American sessions, precious metals rebounded. In the short - term, after the Fed's interest rate cut, precious metals prices will enter a high - level shock. In the long - term, with the Fed restarting interest rate cuts and having more room for cuts, continuous global geopolitical uncertainties, intensified great - power games, and the wave of de - dollarization, the long - term center of gold prices is likely to continue to rise [5] Summary by Relevant Catalogs Price Tracking of Domestic and Foreign Gold and Silver - On September 17, 2025, London Gold Spot was at $3,675.20 per ounce, London Silver Spot was at $41.91 per ounce, COMEX Gold was at $3,712.20 per ounce, and COMEX Silver was at $42.24 per ounce. Compared with September 16, the prices of gold and silver decreased, with gold down about 0.5% and silver down about 1.9% - 2.2%. In the domestic market, AU2510 was at 835.08 yuan/gram, AG2510 was at 9,906 yuan/kilogram, AU(T + D) was at 832.55 yuan/gram, and AG(T + D) was at 9,892 yuan/kilogram, all showing a decline [5] Spread/Ratio and Price Spread Analysis - On September 17, 2025, the gold TD - SHFE active price spread was - 2.53 yuan/gram, and the silver TD - SHFE active price spread was - 14 yuan/kilogram. Compared with September 16, the gold spread decreased by 38.0%, and the silver spread decreased by 22.2%. The SHFE gold - silver main ratio was 84.30, and the COMEX gold - silver main ratio was 87.89, showing an increase compared with September 16 [5] Position Data - As of September 16, 2025, the gold ETF - SPDR position was 979.95 tons, and the silver ETF - SLV position was 15,217.84357 tons, showing an increase compared with September 15. COMEX gold non - commercial long positions increased by 2.87%, non - commercial short positions decreased by 4.72%, and non - commercial net long positions increased by 4.89%. COMEX silver non - commercial long positions decreased by 2.71%, non - commercial short positions decreased by 0.16%, and non - commercial net long positions decreased by 3.55% [5] Inventory Data - On September 17, 2025, SHFE gold inventory was 54,126 kilograms, an increase of 1.69% compared with September 16. SHFE silver inventory was 1,221,428 kilograms, a decrease of 0.80% compared with September 16. COMEX gold inventory on September 16 was 39,166,833 troy ounces, a decrease of 0.04% compared with September 15, and COMEX silver inventory was 524,632,441 troy ounces, a decrease of 0.57% compared with September 15 [5] Interest Rate/Exchange Rate/Stock Market Data - On September 17, 2025, the US dollar/Chinese yuan central parity rate was 7.10, a decrease of 0.02% compared with September 16. The US dollar index on September 16 was 96.64, a decrease of 0.73% compared with September 15. The 2 - year US Treasury yield decreased by 0.85%, the 10 - year US Treasury yield decreased by 0.25%, the VIX increased by 4.27%, the S&P 500 decreased by 0.13%, and NYWEX crude oil increased by 2.01% [5]

Group 1: Market Interest Rates - DROO1 closed at 1.49 with a 4.43bp increase, DR007 closed at 1.54 with a 4.26bp increase [3] - GC001 closed at 1.63 with an 8.50bp decrease, GC007 closed at 1.56 with a 3.00bp decrease [3] - SHBOR 3M closed at 1.55 with a 0.10bp increase, LPR 5 - year remained at 3.50 [3] - 1 - year treasury bond closed at 1.40 with a 0.25bp decrease, 5 - year treasury bond closed at 1.53 with a 2.15bp decrease [3] - 10 - year treasury bond closed at 1.76 with a 1.75bp decrease, 10 - year US treasury bond closed at 4.04 with a 1.00bp decrease [3] Group 2: Central Bank Operations and Liquidity - The central bank conducted 4185 billion yuan of 7 - day reverse repurchase operations, with 3040 billion yuan of reverse repurchases maturing, resulting in a net injection of 1145 billion yuan [3] - Due to tax period, inter - bank liquidity tightened, overnight weighted average rate rose to 1.43%, 7 - day weighted average rate rose to 1.54% [3] - This week, 12645 billion yuan of central bank's open - market reverse repurchases will mature, and 1200 billion yuan of treasury cash fixed - deposit will mature on Monday [3] Group 3: Stock Index Performance - CSI 300 closed at 4551 with a 0.61% increase, IF current - month contract closed at 4553 with a 0.8% increase [4] - SSE 50 closed at 2953 with a 0.17% increase, IH current - month contract closed at 2956 with a 0.2% increase [4] - CSI 500 closed at 7260 with a 0.96% increase, IC current - month contract closed at 7252 with a 1.2% increase [4] - CSI 1000 closed at 7555 with a 0.95% increase, IM current - month contract closed at 7547 with a 1.1% increase [4] - IF trading volume was 162499 with a 5.9% increase, IF open interest was 273912 with a 1.0% decrease [4] - IH trading volume was 64759 with an 8.8% increase, IH open interest was 104771 with a 4.0% increase [4] - IC trading volume was 163824 with a 1.4% increase, IC open interest was 252071 with a 4.1% decrease [4] - IM trading volume was 285903 with a 9.1% increase, IM open interest was 379348 with a 0.2% decrease [4] Group 4: Market Review and Outlook - The previous day, CSI 300 fell 0.21% to 4523.3, SSE 50 fell 0.5% to 2947.8, CSI 500 rose 0.75% to 7191, CSI 1000 rose 0.92% to 7483.6 [4] - Most industry sectors rose, with diversified finance, wind power equipment, etc. leading the gains, and precious metals, commercial department stores, etc. leading the losses [4] - The trading volume of the Shanghai and Shenzhen stock markets was 23767 billion yuan, a slight increase of 353 billion yuan from the previous day [4] - Policies are guiding the further growth of service consumption, and the Ministry of Commerce will introduce more targeted policies [5] - The stock index fluctuated and rose, market sentiment remained good, mid - and small - cap stocks performed better, and the strategy is to go long on dips [5] Group 5: Futures Contract Premium and Discount - IF premium/discount rates were - 8.73% for the current - month contract, 2.47% for the next - month contract, 2.83% for the current - quarter contract, and 2.54% for the next - quarter contract [6] - IH premium/discount rates were - 21.15% for the current - month contract, - 1.16% for the next - month contract, - 0.40% for the current - quarter contract, and - 0.38% for the next - quarter contract [6] - IC premium/discount rates were 19.19% for the current - month contract, 10.56% for the next - month contract, 9.68% for the current - quarter contract, and 9.40% for the next - quarter contract [6] - IM premium/discount rates were 18.87% for the current - month contract, 12.02% for the next - month contract, 11.60% for the current - quarter contract, and 11.25% for the next - quarter contract [6]

Report Industry Investment Ratings - Bullish: Gold, Coke, Palm Oil, Soybean Oil (medium to long - term) [1] - Bearish: Aluminum, Zinc, Stainless Steel (long - term), Black Metal, Soda Ash, Pig, Container Shipping to Europe [1] - Neutral: Silver, Copper, Alumina, Nickel (short - term), Threaded Steel, Hot - Rolled Coil, Iron Ore, Coal, Pulp, Log, BR Rubber, PTA, Ethylene Glycol, Short - Fiber, Pure Benzene Styrene, PE, PVC, PP [1] Core Views - The market trading volume has shrunk but remains above 2 trillion this week. With numerous macro events, investors should control risks in stock index positions and focus on adjusting and going long [1]. - The asset shortage and weak economy are favorable for bond futures, but the central bank's short - term interest rate risk warning suppresses the upward trend [1]. - The approaching Fed rate cut in September supports the gold price, while the Fed's interest - rate meeting affects the prices of other commodities such as copper, aluminum, etc [1]. Summary by Categories Macro - finance - Stock index: Control risks in positions and adjust to go long [1] - Treasury bonds: Asset shortage and weak economy are favorable, but short - term interest rate risk warning suppresses the rise [1] Precious metals - Gold: Bullish, supported by the approaching Fed rate cut in September [1] - Silver: Bullish in the short - term, but beware of increased volatility [1] Non - ferrous metals - Copper: Pressured by the approaching Fed meeting, but the downside is expected to be limited [1] - Aluminum: At risk of correction due to some long - position profit - taking [1] - Alumina: Fundamentals are weak, but the price is close to the cost line, so the downside is limited [1] - Zinc: At risk of short - term correction due to increasing social inventories [1] - Nickel: Short - term shock is strong, but more news is needed to break through upwards. Long - term, the surplus of primary nickel still exerts pressure [1] - Stainless steel: Short - term shock is strong, but long - term, the surplus of primary nickel still exerts pressure [1] Industrial silicon and related products - Industrial silicon: Capacity is expected to decline in the long - term, and terminal installation willingness is low [1] - Polysilicon: There are expectations of production cuts [1] - Lithium carbonate: The expected resumption of production in a lithium mine and limited subsequent replenishment space [1] Black metals - Threaded steel: Valuation returns to neutral, industry drive is unclear, and macro drive is positive [1] - Hot - rolled coil: Similar to threaded steel [1] - Iron ore: Short - term fundamentals are not optimistic, with supply recovery and possible weakening demand, and high inventory [1] - Black metal: Supply surplus pressure persists, and the price is under pressure despite marginal improvement in peak - season demand [1] - Soda ash: Weak reality, large supply surplus pressure, and price under pressure [1] - Coking coal: The bottom support is relatively strong, and the price is expected to rise in the future. Consider partial profit - taking for long positions [1] - Coke: Bullish, with similar logic to coking coal [1] Agricultural products - Palm oil: The flood in Malaysia's Sabah state brings supply - side disturbances, and it is recommended to go long or buy out - of - the - money call options [1] - Soybean oil: The de - stocking expectation in the fourth quarter remains unchanged, and it is bullish in the long - term. Consider going long on volatility [1] - Rapeseed oil: Consider the positive spread strategy of contract 11 - 1 [1] - Cotton: New cotton is expected to be abundant, and the acquisition game during the new - cotton acquisition period will be the focus [1] - Sugar: The price is expected to be weak in shock, but the short - term downside is limited [1] - Corn: The C01 contract is expected to be weak in the short - term [1] - Soybean meal: The overall expectation is neutral, and the cost side provides support [1] Energy and chemical products - Crude oil: Affected by geopolitical tensions, OPEC+ production increase, and Fed rate - cut expectations [1] - Fuel oil: Similar to crude oil [1] - Natural rubber: Supported by raw material costs, and the number of warehouse receipts is significantly reduced compared to the same period in previous years [1] - BR rubber: The market is in shock. Pay attention to inventory de - stocking and autumn equipment maintenance [1] - PTA: Production increases, the basis drops rapidly, and the downstream polyester operating rate rises to 91% [1] - Ethylene glycol: The basis strengthens, but the new device brings pressure [1] - Short - fiber: Factory devices return, and the willingness to deliver warehouse receipts weakens [1] - Pure benzene styrene: Supply increases, and the domestic import pressure of pure benzene rises [1] - PE: The price is in shock and weak [1] - PVC: The supply pressure increases, and the price is in shock and weak [1] - PP: The peak - season demand is not met, and the inventory accumulates [1]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The 9 - month USDA supply - demand report's downward adjustment of US soybean yield was less than expected, with increased demand for crushing and decreased exports, resulting in a slightly higher than expected 25/26 US soybean ending inventory, bringing some bearish influence. However, the new US soybean balance sheet remains tight. The US soybean good - to - excellent rate dropped to 63% this week, and may continue to decline due to less rainfall and high temperatures in the production area recently [8]. - In September, the expected arrival volume of domestic soybeans is over 10 million tons, and soybean meal is expected to be in a stockpiling 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 [9]. - On the demand side, short - term high inventories of pigs and poultry support feed demand, but policy guidance to control pig inventory and weight is expected to affect future pig supply. Soybean meal has a high cost - performance ratio and high提货 volume. - 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 is expected to be in a short - term stockpiling cycle; the number of days of soybean meal inventory in feed enterprises has slightly declined. - Overall, the profit of domestic soybean purchase and shipping has deteriorated. Due to the comprehensive import cost support expectation of US soybean premium and basis, the downside space of the futures market is limited. It is recommended to go long on dips, and future attention should be paid to Sino - US policy changes [9]. 3. Summary by Related Catalogs 3.1 Data Daily - On September 16, the basis of the soybean meal main contract (Zhangjiagang) showed different values in different regions. For example, in Dalian it was 39, in Tianjin - 1, in Rizhao - 41, etc. The 43% soybean meal spot basis (against the main contract) also varied by region, such as - 11 in Zhangjiagang, - 61 in Dongguan, etc. There were also data on the basis of rapeseed meal, spreads between soybean meal and rapeseed meal, and other related spread data [6]. - The US dollar - to - RMB exchange rate was 7.0735, and the import soybean futures gross profit and other international data were presented, along with inventory data of Chinese port soybeans, major oil - mill soybeans, major oil - mill soybean meal, and the number of days of feed - enterprise soybean meal inventory. There were also data on the major oil - mill soybean crushing volume and the major oil - mill operating rate [7]. 3.2 Market Analysis - Supply side: The 9 - month USDA supply - demand report had an unexpected impact on the US soybean balance sheet. In China, the soybean arrival volume in September is expected to be high, and the soybean meal stockpiling situation is expected to change in different months. The supply - demand gap in the first quarter of next year depends on Sino - US policies [8][9]. - Demand side: The short - term high inventories of pigs and poultry support feed demand, but policy may affect future pig supply. Soybean meal has high cost - performance and high提货 volume [9]. - Inventory side: Domestic soybean inventory is at a high level, oil - mill soybean meal inventory is rising but lower than last year, and the number of days of feed - enterprise soybean meal inventory has slightly declined [9]. - Strategy: Due to cost support, the downside space of the futures market is limited, and it is recommended to go long on dips, with attention on Sino - US policy changes [9].

Group 1: Report Information - Report Title: Stock Index Option Data Daily Report [2] - Date: September 17, 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] Group 2: Market Overview - Index Performance: The Shanghai Composite Index rose 0.04% to 3861.87 points, the Shenzhen Component Index rose 0.45%, the ChiNext Index rose 0.68%, the Beixin 50 rose 0.63%, the Kechuang 50 rose 1.32%, the Wind All A rose 0.48%, the Wind 4500 fell 0.1%, and the CSI A500 rose 0.03% [5] - A-share Trading Volume: The total trading volume of A-shares was 2.37 trillion yuan, compared with 2.3 trillion yuan the previous day [5] Group 3: Index Quotes | Index | Turnover (billion yuan) | Closing Price | Change (%) | Volume (billion) | | --- | --- | --- | --- | --- | | SSE 50 | 1554.30 | 2947.8222 | -0.50 | 4523.3367 | | CSI 300 | - | 7483.6282 | -0.21 | 249.27 | | CSI 1000 | - | - | 0.92 | 309.01 | [3] Group 4: 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 | | --- | --- | --- | --- | --- | --- | --- | | SSE 50 | 2.94 | 1.67 | 0.57 | 3.83 | 0.61 | 0.61 | | CSI 300 | 0.64 | 23.86 | 0.80 | 10.60 | 14.99 | 0.80 | | CSI 1000 | 37.50 | 20.75 | 0.81 | 16.75 | 16.89 | 1.09 | [3] Group 5: Volatility Analysis - SSE 50 Volatility: Analyzed historical volatility, historical volatility cone, and volatility smile curve [3][4] - CSI 300 Volatility: Analyzed historical volatility, historical volatility cone, and volatility smile curve [3][4] - CSI 1000 Volatility: Analyzed historical volatility, historical volatility cone, and volatility smile curve [3][4]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The EC market showed a slight rebound, mainly following the strong overall commodity sentiment. 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 - holding. [8][9] - In the European shipping market, based on EPMI data, the cargo volume is expected to 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 May low in late October, and shipping companies will start to hold prices through contracts after the cargo volume recovers in November. The suspension of some shipping capacity during the National Day will not be restored after the festival, but the reduction of ships in the off - season has limited impact on the market. [9] 3. Summary by Related Catalogs 3.1 Freight Index | Index | Present Value | Previous Value | Change Rate | | --- | --- | --- | --- | | SCFI (Comprehensive) | 1398 | 1444 | - 3.21% | | CCFI | 1125 | 1149 | - 2.07% | | SCFI - US West | 2370 | 2189 | 8.27% | | SCFIS - US West | 1349 | 980 | 37.65% | | SCFI - US East | 3307 | 3073 | 7.61% | | SCFI - Northwest Europe | 1154 | 1315 | - 12.24% | | SCFIS - Northwest Europe | 1440 | 1566 | - 8.05% | | SCFI - Mediterranean | 1738 | 1971 | - 11.82% | [6] 3.2 Contract Information | Contract | Present Value | Previous Value | Change Rate | | --- | --- | --- | --- | | EC2506 | 1471.6 | 1431.9 | 2.77% | | EC2608 | 1625.9 | 1603.7 | 1.38% | | EC2510 | 1169.7 | 1163.1 | 0.57% | | EC2512 | 1673.8 | 1656.2 | 1.06% | | EC5602 | 1572.1 | 1516.9 | 3.64% | | EC2604 | 1283.7 | 1253.9 | 2.38% | [6] 3.3 Position Information | Position | Present Value | Previous Value | Change Value | | --- | --- | --- | --- | | EC2606 | 957 | - | (37) | | EC2608 | 444 | 429 | 15 | | EC2410 | 47517 | 47772 | (255) | | EC2412 | 19759 | 19598 | 161 | | EC2602 | 6719 | 6330 | 389 | | EC2604 | 8233 | 8066 | 167 | [6] 3.4 Month - spread Information | Month - spread | Present Value | Previous Value | Change Value | | --- | --- | --- | --- | | 10 - 12 | - 504.1 | - 493.1 | (11.0) | | 12 - 2 | 101.7 | 139.3 | (37.6) | | 12 - 4 | 390.1 | 402.3 | (12.2) | [6] 3.5 Spot Price Information - GEMINI: The average price in September dropped to 1600. Maersk's wk38 opening price was 1700, HPL - QQ was 1750 in late September, and HPL - SPOT was 1550. - 04: The average price of the alliance was 1800, CMA was 2000, OOCL was 1650, and EMC was 1900. - PA: The average price of the alliance was 1700, ONE was 1800, and HMN was 1600. - MSC: The reported price in late September was 1750. The freight rate center of PAK in the market in late September was 1750. [9]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The domestic soybean purchase and shipping profit has turned worse. Due to the comprehensive import cost support expectation of US premiums and discounts, the downside space of the futures market is limited. It is recommended to go long on dips. Later, focus on Sino - US policy changes [9] 3. Summary according to the Directory 3.1 Data Daily - On September 16th, the basis of the main contract of soybean meal in Zhangjiagang was - 11, and the basis of rapeseed meal in Guangdong was 143 with a decline of 3. The spot price difference between soybean meal and rapeseed meal in Guangdong was 523 with a decline of 15, and the price difference between the main contracts was 366 with an increase of 14. The US dollar to RMB exchange rate was 7.0735, and the import soybean futures margin was 299 yuan/ton with a decline of 6 [6][7] 3.2 Supply - demand and Inventory Analysis - Supply side: The reduction of US soybean yield per unit in the September USDA supply - demand report was less than expected. The demand side increased the crushing volume and continued to reduce exports. The ending inventory of US soybeans in the 25/26 season was 300 million bushels, slightly higher than expected. The new balance sheet of US soybeans remained tight. The good - excellent rate of US soybeans dropped to 63%, and may continue to decline. The expected arrival volume of domestic soybeans in September is over 10 million tons, and soybean meal is expected to be in the inventory accumulation cycle. The supply - demand gap of soybean meal in the first quarter of next year depends on Sino - US policy changes [8][9] - Demand side: The short - term high inventory of pig and poultry breeding supports feed demand. Policy guidance to control pig inventory and weight is expected to affect long - term pig supply. The cost - performance of soybean meal is high, and the pick - up volume is at a high level [9] - Inventory side: Domestic soybean inventory has reached a high level. The inventory of soybean meal in oil mills has increased but is lower than the same period last year, and is expected to be in the inventory accumulation cycle in the short term. The inventory days of soybean meal in feed enterprises have slightly decreased [9]

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints - Due to the impact of the tax period, inter - bank liquidity has tightened. The overnight weighted average rate rose 2.82bp to 1.44%, and the 7 - day weighted average rate rose 1.45bp to 1.5%. Exchange - traded Treasury bond repurchase rates increased significantly. The results of the China - US economic and trade talks in Madrid were generally positive, which boosted the stock index during the session. The market volume has been above 2 trillion. The strategy is to mainly go long on stock index adjustments [3][4][6] 3. Summary by Relevant Catalogs 3.1 Interest Rate and Bond Market - **Interest Rate Changes**: DRO01 closed at 1.44%, up 2.82bp; DR007 closed at 1.50%, up 1.46bp; GC001 closed at 1.71%, up 35.00bp; GC007 closed at 1.59%, up 10.00bp; SHBOR 3M was 1.55%, unchanged; LPR 5 - year was 3.50%, unchanged; 1 - year Treasury bond yield was 1.40%, unchanged; 5 - year Treasury bond yield was 1.59%, down 2.50bp; 10 - year Treasury bond yield was 1.78%, down 1.75bp; 10 - year US Treasury bond yield was 4.05%, down 1.00bp [3] - **Central Bank Operations**: The central bank conducted 2870 billion yuan of 7 - day reverse repurchase operations yesterday, with 2470 billion yuan of reverse repurchases maturing, resulting in a net injection of 400 billion yuan. This week, 12645 billion yuan of reverse repurchases will mature in the central bank's open market, and 1200 billion yuan of treasury cash fixed - deposits will mature on Monday [3][4] 3.2 Stock Index Market - **Stock Index Performance**: At yesterday's close, the CSI 300 fell 0.21% to 4523.3; the SSE 50 fell 0.5% to 2947.8; the CSI 500 rose 0.75% to 7191; the CSI 1000 rose 0.92% to 7483.6. The trading volume of the Shanghai and Shenzhen stock markets reached 23414 billion yuan, an increase of 640 billion yuan from the previous day. Most industry sectors closed higher, with motor, auto parts, real - estate services, logistics, computer equipment, diversified finance, consumer electronics, and textile and apparel sectors leading the gains, while insurance and small - metal sectors leading the losses [6] - **Futures Contract Data**: For futures contracts, IF volume was 153511, up 11.4%; IF open interest was 276592, up 3.4%; IH volume was 59526, up 7.5%; IH open interest was 100750, up 2.3%; IC volume was 161577, up 17.6%; IC open interest was 262891, up 5.3%; IM volume was 261972, up 34.8% [5] - **Premium and Discount Situation**: IF premium/discount rates for the current - month, next - month, current - quarter, and next - quarter contracts were 17.58%, 4.15%, 2.93%, and 2.50% respectively; IH were - 11.46%, - 1.43%, - 0.50%, and - 0.48% respectively; IC were 43.64%, 13.69%, 10.49%, and 9.85% respectively; IM were 35.16%, 14.42%, 12.52%, and 11.85% respectively [7]

Report Summary 1) Report Industry Investment Rating - No industry investment rating is provided in the report. 2) Core View of the Report - In the short - term, methanol prices will fluctuate within a range, and in the medium - to - long - term, the methanol spot market may shift from strong to weak and volatile [1]. 3) Summary by Relevant Catalogs Price - On September 15 - 16, 2025, prices of most energy and chemical products remained stable. For example, the price of Jincheng anthracite was 900 yuan, Inner Mongolia steam coal was 630 yuan, and Sichuan - Chongqing liquefied gas was 3810 yuan. International natural gas decreased from 11.02 to 10.97, and Taicang methanol decreased from 2285 to 2280 yuan. Inner Mongolia methanol increased from 2120 to 2140 yuan [1]. Supply - Domestic methanol production decreased from 266,895 to 265,295, domestic operating rate decreased from 82.33 to 81.84, and international operating rate decreased from 72.02 to 69.72 [1]. Inventory - Both enterprise inventory and port inventory of methanol remained unchanged at 347,083 and 1,427,655 respectively [1]. Demand - Order backlog of methanol remained unchanged at 241,285. The operating rates of MTO, dimethyl ether, formaldehyde, acetic acid, chloride, and MTBE all remained unchanged [1]. Associated Product Prices - Among associated products, the price of acetic acid increased from 2370 to 2390 yuan, while the prices of formaldehyde (Shandong), dimethyl ether, methane chloride, and MTBE remained unchanged [1].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - PTA: In the PTA market, the intraday crude oil prices were strong, and the low processing fees provided strong cost support for PTA. However, the ample PTA spot supply restricted its upward movement. Domestic PTA plants are gradually resuming operations, leading to an increase in domestic PTA production and a rapid decline in PTA basis. After the OPEC+ meeting, oil production was increased again, and the downstream profits were significantly restored, with the polyester operating load rising to 91% [2]. - MEG: In the MEG market, the spot price in Zhangjiagang decreased this week. The futures price first rose and then fell, and the spot market price followed suit. The basis negotiation declined. The basis of MEG weakened, and the upcoming commissioning of Yulong Petrochemical's MEG plant put pressure on the futures market. Although the arrival of overseas MEG plants decreased, the hedging positions increased after the price rebounded. The polyester inventory was in good condition, and the downstream weaving load increased [2]. 3. Summary by Relevant Catalogs Market Data - **Crude Oil**: The INE crude oil price increased from 488.1 yuan/barrel on September 15, 2025, to 493.6 yuan/barrel on September 16, 2025, with a change of 5.50 yuan/barrel [2]. - **PTA**: The PTA - SC spread decreased from 1124.9 yuan/ton to 1101.0 yuan/ton, the PTA/SC ratio decreased from 1.3171 to 1.3069. The CFR China PX price decreased from 836 to 834, and the PX - naphtha spread decreased from 238 to 226. The PTA主力期价 increased from 4672 yuan/ton to 4688 yuan/ton, the PTA现货价格 increased from 4600 yuan/ton to 4610 yuan/ton. The spot processing fee increased from 115.4 yuan/ton to 127.9 yuan/ton, and the disk processing fee increased from 187.4 yuan/ton to 215.9 yuan/ton. The PTA仓单数量 decreased from 9893 to 7889 [2]. - **MEG**: The MEG主力期价 decreased from 4288 yuan/ton to 4272 yuan/ton, the MEG - naphtha spread increased from -130.89 yuan/ton to -127.08 yuan/ton. The MEG内盘 increased from 4378 yuan/ton to 4385 yuan/ton, and the主力基差 decreased from 105 to 85 [2]. - **Polyester Products**: The prices of POY150D/48F, FDY150D/96F, and DTY150D/48F remained unchanged. The POY现金流 decreased from 60 to 49, the FDY现金流 decreased from -240 to -251, and the DTY现金流 decreased from 120 to 109. The长丝产销 decreased from 53% to 40%. The price of 1.4D直纺涤短 increased from 6535 to 6540, the涤短现金流 decreased from 235 to 229, and the短纤产销 increased from 50% to 65%. The price of半光切片 increased from 5750 to 5755, the切片现金流 decreased from 0 to -6, and the切片产销 increased from 80% to 120% [2]. Industry Operating Rates - The PX开工率 remained at 87.16%, the PTA开工率 remained at 78.25%, the MEG开工率 remained at 62.20%, and the聚酯负荷 remained at 88.78% [2]. Device Maintenance - A 2.5 - million - ton PTA plant in East China restarted last weekend after shutting down for maintenance around August 26 [2]