Report Industry Investment Rating No relevant content provided. Core View of the Report The performance of pure benzene remains weak due to concentrated arrivals and a decline in downstream开工率. The inventory pressure in the CPL - PA6 - nylon and aniline - MDI industrial chains is still significant. For styrene, although the port inventory slightly declined after reaching a peak, the absolute inventory level is still high. With more maintenance in September, the port inventory is expected to peak. The开工率 of EPS and ABS among styrene's downstream products declined again, while that of PS continued to rise, and the production profits of styrene weakened again [3]. Summary by Directory I. Basis Structure and Inter - Temporal Spreads of Pure Benzene and EB - The pure benzene主力基差 is - 110 yuan/ton (- 24), and the styrene主力基差 is 20 yuan/ton (- 46 yuan/ton). The pure benzene spot - M2 spread is - 45 yuan/ton (- 5 yuan/ton) [1]. II. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Pure benzene CFR China processing fee is 128 dollars/ton (- 9 dollars/ton), and FOB Korea processing fee is 112 dollars/ton (- 8 dollars/ton). The non - integrated production profit of styrene is - 411 yuan/ton (+ 23 yuan/ton) and is expected to gradually compress [1]. III. Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene port inventory is 14.90 million tons (+ 1.10 million tons), and its operating rate is not mentioned. Styrene East China port inventory is 196,500 tons (+ 17,500 tons), commercial inventory is 96,500 tons (+ 12,500 tons), and the operating rate is 78.1% (- 0.5%) [1]. IV. Operating Rates and Production Profits of Styrene's Downstream Products - EPS production profit is 261 yuan/ton (- 59 yuan/ton), PS production profit is 11 yuan/ton (- 9 yuan/ton), and ABS production profit is - 56 yuan/ton (- 52 yuan/ton). EPS operating rate is 58.35% (- 2.63%), PS operating rate is 59.90% (+ 2.40%), and ABS operating rate is 70.80% (- 0.30%) [2]. V. Operating Rates and Production Profits of Pure Benzene's Downstream Products - Caprolactam production profit is - 1700 yuan/ton (+ 0), phenol - ketone production profit is - 539 yuan/ton (+ 0), aniline production profit is - 216 yuan/ton (- 12), and adipic acid production profit is - 1106 yuan/ton (- 41). Caprolactam operating rate is 89.38% (- 2.48%), phenol operating rate is 76.00% (- 2.00%), aniline operating rate is 67.55% (- 2.55%), and adipic acid operating rate is 63.20% (- 2.30%) [1]. Strategy - Unilateral: Cautiously short - hedge pure benzene and styrene at high prices. - Basis and inter - temporal: Wait and see. - Cross - variety: Wait and see [4].

Industry Investment Rating - Gold: Cautiously bullish [8] - Silver: Cautiously bullish [8] - Arbitrage: Short the gold-silver ratio on rallies [9] - Options: On hold [9] Core View - The expectation of interest rate cuts continues to ferment, and the weak economic data boosts the market to bet on the Fed's monetary policy shift. Gold prices are expected to remain in a volatile and upward pattern, with the Au2510 contract oscillating between 800 yuan/gram and 850 yuan/gram [8]. - Silver currently shares the positive logic of loose expectations with gold. Along with the expectation of improved industrial demand after interest rate cuts, the gold-silver ratio is expected to narrow. Silver prices are also expected to maintain a volatile and upward pattern, with the Ag2510 contract oscillating between 9,800 yuan/kilogram and 10,300 yuan/kilogram [8]. Market Analysis - Macro: The US economic Beige Book shows that consumer spending is flat or declining as many households' wages fail to keep up with rising prices. As tariffs are gradually passed through the economy, businesses in some regions have raised prices of goods and services to offset rising costs [1]. - Employment: The number of job openings in the US in July dropped to 7.181 million from a downwardly revised 7.36 million in June, hitting a 10 - month low and far below the expected 7.382 million [1]. - Fed: Fed Governor Waller said the Fed should start cutting interest rates this month and make multiple cuts in the coming months, but he is open to the specific pace of rate cuts, which will depend on future economic data [1] Futures Quotes and Volumes - On September 3, 2025, the Shanghai gold main contract opened at 804.42 yuan/gram and closed at 814.88 yuan/gram, up 1.31% from the previous trading day's close. The trading volume was 41,087 lots, and the open interest was 129,725 lots. In the night session, it opened at 817.50 yuan/gram and closed at 821.68 yuan/gram, up 0.83% from the afternoon close [2]. - On September 3, 2025, the Shanghai silver main contract opened at 9,766.00 yuan/kilogram and closed at 9,820.00 yuan/kilogram, down 0.04% from the previous trading day's close. The trading volume was 627,101 lots, and the open interest was 270,592 lots. In the night session, it opened at 9,851 yuan/kilogram and closed at 9,918 yuan/kilogram, up 1.00% from the afternoon close [2] US Treasury Yield and Spread Monitoring - On September 3, 2025, the yield on the 10 - year US Treasury note closed at 4.219%, up 0.19 BP from the previous trading day. The spread between the 10 - year and 2 - year yields was 0.602%, down 0.43 BP from the previous trading day [3] Position and Volume Changes of Precious Metals on the SHFE - On September 3, 2025, in the Au2508 contract, the long positions changed by 400 lots compared with the previous day, and the short positions changed by 403 lots. The total trading volume of Shanghai gold contracts on the previous trading day was 417,207 lots, a change of 30.38% from the previous trading day [4]. - In the Ag2508 contract, the long positions changed by 2 lots, and the short positions changed by - 2 lots. The total trading volume of silver contracts on the previous trading day was 1,128,851 lots, a change of 16.61% from the previous trading day [4] Precious Metals ETF Position Tracking - The gold ETF holdings were 984.26 tons yesterday, down 6.30 tons from the previous trading day. The silver ETF holdings were 15,366.48 tons, up 56.48 tons from the previous trading day [5] Precious Metals Arbitrage Tracking - On September 3, 2025, the domestic gold premium was - 21.99 yuan/gram, and the domestic silver premium was - 885.80 yuan/kilogram. The price ratio of the main gold and silver contracts on the SHFE was about 82.98, a change of 1.35% from the previous trading day, and the foreign gold - silver ratio was 85.48, a change of 0.65% from the previous trading day [6] Fundamental Data - On September 3, 2025, the trading volume of gold on the Shanghai Gold Exchange's T + d market was 70,268 kilograms, a change of 35.49% from the previous trading day. The trading volume of silver was 373,924 kilograms, a change of - 15.92% from the previous trading day. The gold delivery volume was 17,146 kilograms, and the silver delivery volume was 15,030 kilograms [7]

Report Industry Investment Rating - High-sulfur fuel oil: Volatility [2] - Low-sulfur fuel oil: Volatility [2] - Cross-variety: None [2] - Cross-period: None [2] - Spot-futures: None [2] - Options: None [2] Core Viewpoints - The geopolitical and macro situation remains unclear, with limited progress in Russia-Ukraine peace talks. The crude oil market faces many uncertainties in the short term and is in a range-bound oscillation, and the FU and LU futures also show narrow fluctuations [1]. - High-sulfur fuel oil is in a stage of market adjustment and rebalancing, with a mix of long and short factors. The increasing exports of Middle Eastern high-sulfur fuel oil due to OPEC's production increase pose potential pressure on the market [1]. - The current market pressure on low-sulfur fuel oil is limited. Although the market structure is relatively stable in the short term, there is no strong driving force. In the medium term, it still faces the contradiction of demand share substitution and surplus production capacity, with upward resistance despite some support at the lower end of the valuation [1]. Summary by Related Catalogs Market Analysis - The main contract of SHFE fuel oil futures closed down 0.04% at 2,840 yuan/ton, and the main contract of INE low-sulfur fuel oil futures closed down 0.85% at 3,512 yuan/ton [1]. - The shipments of Middle Eastern high-sulfur fuel oil reached 3.41 million tons and 3.38 million tons in July and August respectively, much higher than the 2.08 million tons in January. There may be more room for export growth after the peak power demand season [1]. - The domestic production of low-sulfur fuel oil remains low, and the arbitrage supply from the West has tightened again. The export of Brazilian low-sulfur fuel oil has declined, and the external market maintains a Back structure [1]. Strategy - High-sulfur fuel oil: Expected to be volatile [2] - Low-sulfur fuel oil: Expected to be volatile [2] - No specific strategies for cross-variety, cross-period, spot-futures, and options [2]

新能源及有色金属日报 | 2025-09-03 宏观因素推动锌价上涨 重要数据 现货方面：LME锌现货升水为14.98美元/吨。SMM上海锌现货价较前一交易日50元/吨至22150元/吨，SMM上海锌 现货升贴水-70元/吨；SMM广东锌现货价较前一交易日40元/吨至22140元/吨，广东锌现货升贴水-80元/吨；天津锌 现货价较前一交易日50元/吨至22140元/吨，天津锌现货升贴水-80元/吨。 期货方面：2025-09-02沪锌主力合约开于22175元/吨，收于22325元/吨，较前一交易日130元/吨，全天交易日成交 125688手，全天交易日持仓107662手，日内价格最高点达到22380元/吨，最低点达到22165元/吨。 库存方面：截至2025-09-02，SMM七地锌锭库存总量为14.63万吨，较上期变化0.18万吨。截止2025-09-02，LME 锌库存为55600吨，较上一交易日变化-275吨。 市场分析 宏观因素叠加海外库存持续下滑支撑锌价上涨，但消费端难以跟随，现货成交持续冷清，现货贴水难修复。国内 基本面依旧偏弱势，虽然国产矿TC难涨，受甚至可能小幅回落，但冶炼利润犹存，国内供给压 ...

Report Industry Investment Rating - Not provided Core Viewpoints - Not provided Summary by Relevant Catalogs Option Trading Volume - On September 2, 2025, the trading volume of SSE 50 ETF options was 958,300 contracts; the trading volume of CSI 300 ETF options (Shanghai market) was 1,071,600 contracts; the trading volume of CSI 500 ETF options (Shanghai market) was 1,355,700 contracts; the trading volume of Shenzhen 100 ETF options was 178,100 contracts; the trading volume of ChiNext ETF options was 2,877,900 contracts; the trading volume of SSE 50 index options was 64,500 contracts; the trading volume of CSI 300 index options was 133,600 contracts; and the total trading volume of CSI 1000 options was 389,200 contracts [1] - The call trading volume, put trading volume, and total trading volume of different index ETF options on a recent day are presented in a table, including details for SSE 50 ETF options, CSI 300 ETF options (Shanghai market), etc [19] Option PCR - The turnover PCR and position PCR, along with their环比 changes, are reported for various options such as SSE 50 ETF options, CSI 300 ETF options (Shanghai market), etc. For example, the turnover PCR of SSE 50 ETF options is reported at 0.47 with a环比 change of +0.04, and the position PCR is 0.94 with a环比 change of +0.00 [2] Option VIX - The VIX and its环比 changes are provided for different options. For instance, the VIX of SSE 50 ETF options is 22.66% with a环比 change of -0.09%, and the VIX of CSI 300 ETF options (Shanghai market) is 21.83% with a环比 change of -0.01% [3]

Report Industry Investment Rating No relevant information provided. Core Insights of the Report - The Fed is expected to restart the easing cycle. Powell's dovish stance at the global central bank meeting paves the way for a September rate cut, making the path of overseas inflation more straightforward [2]. - The current commodity fundamentals are still weak, and caution should be exercised regarding the implementation of policy expectations. Commodity price volatility may remain high [2]. - With the continuous increase in risk aversion and rate - cut expectations, the prices of gold and silver have reached record highs [2]. Summary by Relevant Catalogs Market Analysis - In August, there were initial signs of rising overseas inflation. Global economic data in July remained resilient. China's official manufacturing PMI in July dropped to 49.3, while non - manufacturing remained in expansion. China's exports in July increased by 7.2% year - on - year in US dollars, higher than expected [1]. - The State Council emphasized measures to stabilize the real estate market, and the government plans to expand service consumption and investment. China's official manufacturing PMI in August slightly rebounded to 49.4, and non - manufacturing accelerated its expansion [1]. - On September 2, A - shares fluctuated and adjusted throughout the day, with the three major indices closing down. The basis of IC and IM futures of stock indices has widened, and subsequent basis changes and risks should be monitored [1]. - In the US, the ISM manufacturing PMI in August was 48.7, with the contraction rate of manufacturing activities slightly slowing down. The "Big Beautiful" Act may support subsequent consumption, and attention should be paid to the further transmission and verification of overseas inflation [1]. Fed and Global Central Banks - Powell's dovish speech at the global central bank meeting on August 22 increased the downward risk of employment, which may lead to a policy adjustment. He also abandoned the 2020 flexible average inflation target framework [2]. - The New York Fed President Williams believes that if the neutral interest rate is 1% or slightly lower, the current situation is in a restrictive area. Trump threatened to remove Fed Governor Cook, and the Fed stated that the removal needs "just cause" [2]. - The European Central Bank's July meeting minutes showed that officials considered inflation risks to be "generally balanced." The preliminary annual CPI rate in the eurozone in August was 2.1%, slightly higher than the previous month, supporting the ECB to maintain the status quo [2]. Commodity Market - Domestically, the black and new energy metal sectors are most sensitive to the supply - side. Overseas inflation expectations can focus on precious metals and agricultural products [2]. - The black sector is still dragged down by downstream demand expectations, and attention should be paid to the "anti - involution" situation. The supply constraints in the non - ferrous sector have not been alleviated, and the government will regulate the photovoltaic industry [2]. - In the medium - term, the supply of energy is expected to be relatively loose, with OPEC+ accelerating production increases. In the chemical sector, the "anti - involution" space of some varieties is worthy of attention [2]. - Agricultural products are currently driven by tariffs and inflation expectations, but they still need fundamental signals and attention should be paid to Sino - US negotiations [2]. Key News - The central bank's liquidity injection in August included a net MLF injection of 30 billion yuan, a net PSL withdrawal of 16.08 billion yuan, and a net injection of 30 billion yuan through repurchase agreements [4]. - The ceremony commemorating the 80th anniversary of the victory of the Chinese People's War of Resistance against Japanese Aggression and the World Anti - Fascist War will be held on September 3, with the parade lasting about 70 minutes [4]. - The overall market fluctuated and adjusted, with more stocks falling than rising. The trading volume exceeded 2.91 trillion yuan. The Shanghai Composite Index fell 0.45%, the Shenzhen Component Index fell 2.14%, and the ChiNext Index fell 2.85% [4]. - The US ISM manufacturing index in August was 48.7, with new orders and other sub - indices showing different trends [4]. - The preliminary annual CPI rate in the eurozone in August was 2.1%, and the core CPI also showed certain changes [4]. - The yield of UK long - term government bonds reached the highest level since 1998, putting pressure on the government. US stocks before the market opened saw a decline in European and US stocks, a surge in long - term bond yields, and a rise in gold prices [4].

Industry Investment Rating - Unilateral: Neutral for polysilicon; short-term range operation for polysilicon in the strategy [5][7] - Inter-temporal: None [5][7][8] - Inter-commodity: None [5][7][8] - Spot-futures: None [5][7][8] - Options: None [5][7][8] Core Viewpoints - For industrial silicon, the short-term supply and demand have marginally improved, but there are issues of overcapacity and high inventory pressure, and the supply side is still expected to increase. The industrial silicon futures market fluctuates with the overall commodity sentiment [2] - For polysilicon, the downstream production scheduling of the photovoltaic industry increased slightly in September. Self-discipline production cuts by polysilicon producers led to a slight reduction in supply, and the oversupply situation improved. The market is greatly affected by anti-involution policies, and the policy is still being promoted, causing large market fluctuations. In the medium to long term, it is suitable to build long positions on dips [7] Market Analysis Industrial Silicon - On September 2, 2025, the industrial silicon futures price was strong. The main contract 2511 opened at 8,480 yuan/ton and closed at 8,470 yuan/ton, up 1.13% (95 yuan/ton) from the previous settlement. The position of the main contract 2511 was 281,480 lots, and the number of warehouse receipts was 50,029 lots, down 371 lots from the previous day [1] - The spot price of industrial silicon was stable. The price of East China oxygenated 553 silicon was 9,000 - 9,200 yuan/ton, 421 silicon was 9,300 - 9,500 yuan/ton, Xinjiang oxygenated 553 silicon was 8,400 - 8,600 yuan/ton, and 99 silicon was 8,400 - 8,600 yuan/ton. The silicon prices in Kunming, Huangpu Port, Northwest, Tianjin, Xinjiang, Sichuan, and Shanghai regions increased slightly, and the price of 97 silicon also rose slightly [1] - The consumption of industrial silicon is expected to remain stable. The price of silicone DMC was 10,500 - 10,900 yuan/ton. Silicone enterprises face increased cost pressure, and the peak-season restocking of end consumers is average [1] Polysilicon - On September 2, 2025, the main polysilicon futures contract 2511 oscillated strongly, opening at 52,360 yuan/ton and closing at 51,875 yuan/ton, up 3.97% from the previous trading day. The position of the main contract was 145,855 lots (150,409 lots the previous day), and the trading volume was 530,778 lots [4] - The spot price of polysilicon was stable. The price of N-type material was 49.00 - 54.00 yuan/kg, and N-type granular silicon was 48.00 - 49.00 yuan/kg. The inventory of polysilicon producers and silicon wafers decreased. The latest polysilicon inventory was 21.30 (a month-on-month decrease of 14.29%), and the silicon wafer inventory was 18.05GW (a month-on-month increase of 3.68%). The weekly polysilicon production was 31,000 tons (a month-on-month increase of 6.53%), and the silicon wafer production was 13.31GW (a month-on-month increase of 8.30%) [4] - In September, most domestic silicon wafer enterprises increased their production scheduling plans, and the overall output showed an upward trend compared to August [4] - In September, the global battery production scheduling was about 60GW (a month-on-month increase of 2.3% compared to 59GW in August), and the domestic production scheduling was about 59GW (a month-on-month increase of 2.3% compared to 58GW in August) [6] - The mainstream transaction prices of components remained stable. The mainstream transaction price of PERC182mm was 0.67 - 0.74 yuan/W, PERC210mm was 0.69 - 0.73 yuan/W, N-type 182mm was 0.67 - 0.69 yuan/W, and N-type 210mm was 0.67 - 0.69 yuan/W [6] Strategy Industrial Silicon - The spot price fluctuates slightly. The short-term supply and demand have marginally improved, but due to overcapacity and high inventory pressure, and the supply side is still expected to increase. The industrial silicon futures market fluctuates with the overall commodity sentiment [2] Polysilicon - In September, the downstream production scheduling of the photovoltaic industry increased slightly. Self-discipline production cuts by polysilicon producers led to a slight reduction in supply, and the oversupply situation improved. The market is greatly affected by anti-involution policies, and the policy is still being promoted, causing large market fluctuations. Participants need to pay attention to risk management, continuously follow up on policy implementation and the downward transmission of spot prices. In the medium to long term, it is suitable to build long positions on dips [7]

Report Industry Investment Rating No investment rating information provided in the report. Core Viewpoints - Maersk has lowered its freight rate to $1700/FEU, and the freight rates of other shipping companies are also following suit. The overall freight rate center in September has dropped to around $2000/FEU, and the cargo collection pressure is relatively high. [1][4] - The October contract is mainly for short - allocation as the freight rate center continues to decline. With the release of HPL's two additional vessels in October, it is expected to put pressure on the spot price in October. [4] - The December contract still follows the pattern of peak and off - peak seasons. However, the risk lies in the bottom of this round of freight rate decline. If ships from the US line are diverted to the European line in the fourth quarter, it may put pressure on European line prices. [5] - The main contract of container shipping index futures is oscillating weakly, and it is advisable to short the October contract when the price is high. [7] Summary by Directory 1. Market Analysis - **Online Quotes**: Different shipping alliances and companies have different freight rate quotes for the Shanghai - Rotterdam route. For example, Maersk's 37 - week price for Shanghai - Rotterdam is $1175/1970, and the 38 - week price is $1025/1710. [1] - **Geopolitical Situation**: On September 2, local time, the Israeli military stated that it would intensify its military operations in the Gaza Strip. [2] - **Blank Sailings and Additional Vessels**: MSC has announced blank sailings during the Chinese Golden Week, with a total of about 59,000 TEU of capacity affected. HPL has announced two additional vessels in October, with a total capacity of about 11,500 TEU. [3] 2. Contract Analysis - **October Contract**: The delivery and settlement price of the October contract is the arithmetic average of SCFIS on October 13th, 20th, and 27th. In normal years, the price in October is 20% - 30% lower than that in August. Currently, the freight rate center has dropped, and short - allocation is relatively safe. [4] - **December Contract**: In the fourth quarter, due to Western holidays and shipping companies' preparations for long - term contract negotiations, the freight rate is usually higher. However, the risk is the bottom of the current freight rate decline. [5] 3. Futures and Spot Prices - **Futures Prices**: As of September 2, 2025, the closing prices of different contracts vary. For example, the EC2602 contract closed at 1550.10, and the EC2510 contract closed at 1340.70. [6] - **Spot Prices**: On August 29, the SCFI (Shanghai - Europe route) price was $1481.00/TEU, and on September 1, the SCFIS (Shanghai - Europe) was 1773.60 points. [6] 4. Container Ship Capacity Supply - In 2025, it is still a big year for container ship deliveries. As of August 31, 2025, 180 container ships have been delivered, with a total capacity of 1.452 million TEU. [7] 5. Strategy - **Unilateral Strategy**: The main contract is oscillating weakly. [7] - **Arbitrage Strategy**: Short the October contract when the price is high. [7]

Report Industry Investment Rating - The report gives a neutral rating for PX/PTA/PF/PR, and suggests paying attention to the situation of Shenghong's PX plant [4]. Core Viewpoints - The progress of the Russia-Ukraine issue has stalled or regressed, causing oil prices to decline slightly in fluctuations. The crude oil market remains in a multi - short stalemate. Naphtha has shown strength recently due to supply disruptions and expected demand recovery. The profitability of downstream olefins is guaranteed at the bottom as the peak season approaches [1]. - In the PX market, the PXN was 252 dollars/ton (a month - on - month increase of 0.13 dollars/ton). After the restart of Idemitsu's and Fuhai Chuang's plants, the PX operating rate at home and abroad is expected to rise. Although the PX fundamentals have weakened and the floating price of near - month PX has softened, the low inventory provides support to PXN [1]. - For PTA, the spot basis of the main contract was - 49 yuan/ton (a month - on - month decrease of 7 yuan/ton), the spot processing fee was 171 yuan/ton (a month - on - month increase of 16 yuan/ton), and the processing fee of the main contract on the futures market was 348 yuan/ton (a month - on - month decrease of 7 yuan/ton). Due to the less - than - expected maintenance of Hengli Huizhou's 5 million - ton PTA plant, the de - stocking amplitude of the PTA balance sheet in September will narrow. The demand recovery is limited, and the polyester operating rate may not increase as expected [2]. - In terms of demand, the polyester operating rate was 90.3% (a month - on - month increase of 0.3%). There are signs of demand recovery, but the order connection this week is insufficient. The weaving and texturing loads have declined. The polyester operating rate is expected to remain stable and continue to rise in the short term [2]. - For PF, the spot production profit was 91 yuan/ton (a month - on - month decrease of 19 yuan/ton). The operating rate of direct - spinning polyester staple fiber has increased, the downstream situation has improved, and inventory is being depleted. However, there is obvious wait - and - see sentiment due to falling raw material prices [2]. - For PR, the spot processing fee of bottle chips was 377 yuan/ton (a month - on - month decrease of 14 yuan/ton). The fundamentals of bottle chips have not changed much. The industry plans to maintain a 20% production cut in September, and the increase in the operating rate is expected to be limited. The inventory pressure has decreased, and the processing fee is expected to fluctuate slightly [3]. Summary by Directory 1. Price and Basis - The report presents the trends of TA's main contract, basis, and inter - period spreads; PX's main contract, basis, and inter - period spreads; PTA's East China spot basis; and the basis of 1.56D * 38mm semi - bright natural white staple fiber [9][10][12]. 2. Upstream Profits and Spreads - It shows PX processing fee (PXN), PTA spot processing fee, South Korea's xylene isomerization profit, and South Korea's STDP selective disproportionation profit [18][21]. 3. International Spreads and Import - Export Profits - The report includes the toluene spread between the US and Asia, the spread between South Korea's FOB toluene and Japan's CFR naphtha, and PTA export profit [26][28]. 4. Upstream PX and PTA Operation - It displays the operating rates of PTA in China, South Korea, and Taiwan, as well as the operating rates of PX in China and Asia [29][32][34]. 5. Social Inventory and Warehouse Receipts - The report shows the weekly social inventory of PTA, the monthly social inventory of PX, the total PTA warehouse receipts plus forecasts, PTA warehouse inventory, PX warehouse inventory, and PF warehouse inventory [37][40][41]. 6. Downstream Polyester Load - It presents the production and sales of filament and staple fiber, polyester load, direct - spinning filament load, polyester staple fiber load, polyester bottle chip load, the inventory days of filament DTY, FDY, and POY factories, the operating rates of weaving, texturing, and dyeing in Jiangsu and Zhejiang, and the profits of filament FDY and POY [49][51][60]. 7. PF Detailed Data - It includes the operating rate of polyester staple fiber, the equity inventory days of polyester staple fiber factories, 1.4D physical and equity inventories, the operating rate of recycled cotton - type staple fiber, the spread between raw and recycled 1.4D polyester staple fibers, the operating rates of pure polyester yarn and polyester - cotton yarn, the production profit of pure polyester yarn, the processing fee of polyester - cotton yarn, and the available inventory days of pure polyester yarn and polyester - cotton yarn factories [71][80][84]. 8. PR Fundamental Detailed Data - The report shows the polyester bottle chip load, the inventory days of bottle chip factories, the spot and export processing fees of bottle chips, the export profit of bottle chips, the spread between East China water bottle chips and recycled 3A - grade white bottle chips, and the monthly spreads of bottle chips [90][92][94].

Report Industry Investment Rating - The report does not explicitly mention an industry investment rating. Core Viewpoints - After a continuous weak market, the fundamentals of LPG have shown some marginal improvement recently. With the main contract switching to 2510, the pressure of warrant cancellation has eased, and the support for the futures market has strengthened. The increase in the overseas swap price has boosted the arrival price, which is positive for the domestic market. However, the impact of the rising import cost on downstream chemical demand needs attention. The spot prices in Shandong, North China, Northwest China, and the Yangtze River region have increased slightly, while the rest of the regions have remained stable. Overall, the sentiment in the PG futures market has recovered, but the fundamental pattern has not reversed, and the upward space and driving force are still limited [1]. - The strategy for a single - sided position is to be oscillatingly strong. Attention should be paid to the opportunity to go long on the PG main contract at low prices, but the expected space is limited. There are no strategies for inter - period, cross - variety, spot - futures, or options trading [2]. Summary by Related Catalog Market Analysis - On September 2, the regional prices were as follows: Shandong market, 4530 - 4610; Northeast market, 3880 - 4210; North China market, 4000 - 4650; East China market, 4450 - 4550; Yangtze River region market, 4760 - 4950; Northwest market, 4550 - 4600; South China market, 4558 - 4630 [1]. - In the first half of October 2025, the CIF prices of propane and butane in East China were 590 dollars/ton and 566 dollars/ton respectively, both up 8 dollars/ton. In RMB terms, propane was 4617 yuan/ton, up 63 yuan/ton, and butane was 4430 yuan/ton, up 64 yuan/ton. In South China, the CIF prices of propane and butane were 583 dollars/ton and 559 dollars/ton respectively, both up 8 dollars/ton. In RMB terms, propane was 4563 yuan/ton, up 64 yuan/ton, and butane was 4375 yuan/ton, up 64 yuan/ton [1]. Strategy - Single - sided: Oscillatingly strong. Pay attention to the opportunity to go long on the PG main contract at low prices, but the expected space is limited. Inter - period: None. Cross - variety: None. Spot - futures: None. Options: None [2]