Report Investment Rating - The investment rating for the propylene industry is neutral [3]. Core Viewpoints - On the supply side, the start - up rate of PDH decreased month - on - month due to the maintenance of new units, and the reduction of propylene external sales volume supported the price in the short term. On the demand side, the start - up rates of propylene downstream industries showed a differentiated trend, with a slight improvement in short - term downstream demand, but the increase in propylene spot prices compressed downstream profits, which might suppress downstream purchasing enthusiasm. On the cost side, the decline in crude oil prices weakened cost support [2]. Summary by Directory 1. Propylene Basis Structure - Relevant figures include the closing price of the propylene main contract, the East China basis of propylene, the North China basis of propylene, the 01 - 05 contract of propylene, the market price of propylene in East China, and the market price of propylene in Shandong [7][10][12]. 2. Propylene Production Profit and Start - up Rate - Relevant figures include the difference between China CFR of propylene and Japan CFR of naphtha, propylene capacity utilization rate, PDH production gross profit of propylene, PDH capacity utilization rate of propylene, MTO production gross profit of propylene, methanol - to - olefins capacity utilization rate, propylene naphtha cracking production gross profit, and crude oil main refinery capacity utilization rate [15][20][30]. 3. Propylene Import and Export Profit - Relevant figures include the difference between South Korea FOB and China CFR, the difference between Japan CFR and China CFR, the difference between Southeast Asia CFR and China CFR, and propylene import profit [33][35]. 4. Propylene Downstream Profit and Start - up Rate - Relevant figures include the production profit and start - up rate of PP powder, the production profit and start - up rate of propylene oxide, the production profit and capacity utilization rate of n - butanol, the production profit and capacity utilization rate of octanol, the production profit and capacity utilization rate of acrylic acid, the production profit and capacity utilization rate of acrylonitrile, and the production profit and capacity utilization rate of phenol - acetone [41][43][46]. 5. Propylene Inventory - Relevant figures include propylene in - plant inventory and PP powder in - plant inventory [67].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The freight rate center is continuously being revised downward, with the 10 - month contract mainly for short - allocation and the freight rate center moving down. The 12 - month contract still follows the pattern of off - peak and peak seasons, but the risk lies in the bottom of this round of freight rate decline. The main contract shows a weakening trend in shock, and it is advisable to short the 10 - month contract on rallies [1][6][7]. - The strategy is to go short on the main contract on a single - sided basis and short the 10 - month contract on rallies for arbitrage [10]. 3. Summary According to the Directory 3.1 Futures Prices - As of August 28, 2025, the total open interest of all container shipping index European line futures contracts was 82,878 lots, and the single - day trading volume was 36,721 lots. The closing prices of EC2602, EC2604, EC2606, EC2508, EC2510, and EC2512 contracts were 1400.00, 1216.00, 1374.00, 1577.20, 1285.00, and 1571.00 respectively [9]. 3.2 Spot Prices - Online quotes: For example, Maersk's Shanghai - Rotterdam price in week 36 was 1315/2210, and in week 37 it was 1140/1900 (currently up to 1155/1930). Different shipping companies have different price quotes for different routes and time periods. The 8 - month contract's final delivery settlement price was 2135.28 points. The 10 - month contract is a quarterly contract, mainly for short - allocation, and the delivery settlement price is the arithmetic average of SCFIS on October 13th, 20th, and 27th [2][5][6]. - Geopolitical situation: The Israeli military is preparing to expand military operations in Gaza City against Hamas, and the Houthi armed forces' leader has made relevant statements [4]. - Shipping capacity: The average weekly shipping capacity from China to European base ports in September was 313,900 TEU, and in October it was 282,100 TEU. There were three blank sailings in September, and HPL announced two additional ships for October [4]. 3.3 Container Ship Capacity Supply - 2025 is still a big year for container ship deliveries. As of August 22, 2025, 177 container ships had been delivered with a total capacity of 1.432 million TEU. Among them, 57 ships with a capacity of 12,000 - 16,999 TEU were delivered with a total capacity of 859,000 TEU, and 8 ships with a capacity of over 17,000 TEU were delivered with a total capacity of 176,880 TEU [10]. 3.4 Supply Chain No specific content for in - depth analysis is provided in the text, only some chart names are given. 3.5 Demand and European Economy No specific content for in - depth analysis is provided in the text, only some chart names are given.

1. Report Industry Investment Ratings - Apple: Neutral [3] - Red dates: Neutral [7] 2. Core Views - Apple: With low remaining inventory in production areas and little change in the expected new - season output compared to last year, the apple market has no prominent contradictions, and short - term prices are expected to remain stable. The market is concerned about the growth of late - maturing Fuji due to the poor quality of early - maturing apples [1][2][3]. - Red dates: Since new jujubes entered the critical flowering and fruit - setting period in June, the market has been trading around the expectation of a new - season production cut. There is a large divergence in the expected new - season output. The market is sensitive to weather changes in production areas. The short - term price may rise due to capital sentiment, but if the production cut is less than expected, prices may turn weak under high inventory pressure [6][7]. 3. Summary by Related Catalogs Apple Market News and Important Data - Futures: The closing price of the apple 2510 contract was 8414 yuan/ton, up 136 yuan/ton (+1.64%) from the previous day [1]. - Spot: The price of 80 first - and second - grade late - maturing Fuji in Shandong Qixia was 3.75 yuan/jin, unchanged from the previous day; the price of 70 semi - commercial late - maturing Fuji in Shaanxi Luochuan was 4.50 yuan/jin, unchanged from the previous day. The spot basis AP10 - 914 in Shandong and AP10 + 586 in Shaanxi both decreased by 136 from the previous day [1]. - Market information: In Shaanxi, early - maturing paper - bag Gala is in the middle - late stage, with a low proportion of good - quality fruits and a polarized price. In Shandong, varieties like Luli, Jinduhong, and Cream Huashuo are being traded in small quantities, and the purchase enthusiasm of merchants is okay. The market for stored Fuji apples is stable and dull, with some farmers and holders starting to sell at discounted prices [1]. Market Analysis - The apple futures price rose yesterday. Due to the low proportion of good - quality Gala in the western production areas and the general quality of Shaanxi Gala, concerns about the quality of late - maturing Fuji have increased. The early - maturing fruit market shows a polarized trend, and the stored fruit market is weak. With the low inventory level, the price of stored fruit is supported. The supply of early - maturing apples in northern Shaanxi and Gansu this week may further squeeze the market for stored fruit. It is expected that the price of stored fruit will remain weak in the short term [2]. Strategy - Maintain a neutral view. Given the low inventory and little change in the expected new - season output, the short - term price is expected to remain stable [3]. Red Dates Market News and Important Data - Futures: The closing price of the red date 2601 contract was 11470 yuan/ton, up 110 yuan/ton (+0.97%) from the previous day [4]. - Spot: The price of first - grade gray jujubes in Hebei was 9.60 yuan/kg, unchanged from the previous day. The spot basis CJ01 - 1870 decreased by 110 from the previous day [4]. - Market information: In Xinjiang, gray jujubes are entering the sugar - increasing stage, and weather prevention is crucial. In the Hebei Cui'erzhuang market, 3 trucks of red dates and 4 trucks of walnuts arrived. The price of walnuts decreased to 20.00 yuan/kg. In the Guangdong Ruyifang market, 3 trucks of red dates arrived, and the morning trading was average [4][5]. Market Analysis - The red date futures price rose yesterday. The arrival of goods in the sales areas has decreased, and the purchasing enthusiasm of the downstream market is general, showing a weak - balance pattern. The inventory at sample points has decreased, but the de - stocking speed has slowed down. In the production areas, the fruit - setting of the first - batch flowers in some orchards was average, but the second - and third - batch flowers had better fruit - setting due to temperature drops and rainfall in early July. In August, strong winds in some areas caused some fruit drops. In the sales areas, the spot price is strong, and the trading atmosphere has improved [6]. Strategy - Maintain a neutral view. The price may rise in the short term due to capital sentiment when the production cut cannot be disproven. However, considering the high inventory of old jujubes, if the production cut is less than expected, the price may turn weak [7].

Report Industry Investment Rating - Not provided Core Viewpoints - A-shares stabilized and rebounded, while commodities showed differentiation. The fundamentals in July remained resilient, with economic data in China and the US showing a mixed picture. Powell's attitude turned dovish, which may pave the way for a Fed rate cut in September. The current commodity fundamentals are still weak, and the volatility of commodity prices may remain high. The strategy is to go long on industrial products on dips [1][2][3][4] Summary by Related Catalogs Market Analysis - In July, the global economic data remained resilient. China's official manufacturing PMI in July dropped to 49.3, while the non-manufacturing sector maintained expansion. China's exports in July increased by 7.2% year-on-year in US dollars, higher than expected. The money supply in financial data exceeded expectations, but the financing and loan data were still weak. Investment data in economic data still faced significant pressure. On August 29, more than 2,800 stocks in the Shanghai, Shenzhen, and Beijing stock markets were in the green. The total turnover of the Shanghai and Shenzhen stock markets was 2.97 trillion yuan, a decrease of more than 190 billion yuan from the previous trading day. In the bond market, Treasury bond futures tumbled in the afternoon, with the 30-year main contract falling more than 0.7%. In the commodity market, domestic commodity futures continued to decline, with the container shipping index falling more than 3% and lithium carbonate once falling more than 5%. The onshore RMB against the US dollar closed at 7.1385 on August 28, up 237 points from the previous trading day. In the US, the non-farm payrolls data in July was below expectations, but the PMI in August continued to improve [1] Tariff Policies - On July 31, the White House issued an executive order to reset the "reciprocal tariff" rate standards for some countries. On August 19, the US Commerce Department announced that 407 product categories would be included in the steel and aluminum tariff list, with a 50% tariff rate. Trump said he would announce semiconductor tariffs within two weeks, with a possible rate of 300%. He also threatened to impose about 200% tariffs on China for rare earth magnet supplies and implement export restrictions and tariff measures against foreign digital taxes. The EU reiterated its right to formulate digital rules and refuted the US accusations. The EU plans to legislate to cancel US industrial product tariffs this week to exchange for the US to lower automobile tariffs. The US's 50% tariff increase on India has officially taken effect, and Indian exporters said a large number of orders have been cancelled [2] Central Bank Stances - On August 22, Powell's speech at the global central bank annual meeting turned dovish. He believed that the current situation means that the downside risk to employment has increased, and this change in the risk balance may mean that the policy stance needs to be adjusted. He clearly abandoned the 2020 flexible average inflation target framework and emphasized that the idea of "intentionally allowing inflation to moderately overshoot" is no longer applicable. After Powell's dovish turn, it paves the way for the Fed to cut interest rates in September, making the path of rising overseas inflation smoother. The European Central Bank's July meeting minutes showed that officials believed the inflation risk was "generally balanced" [2] Commodity Analysis - The black and new energy metal sectors are the most sensitive to the domestic supply side. The energy and non-ferrous sectors are more significantly benefited from overseas inflation expectations. Fundamentally, the black sector is still dragged down by the downstream demand expectation, and attention should be paid to the fact of "anti-involution". The supply constraint in the non-ferrous sector has not been alleviated. In the chemical sector, the "anti-involution" space of varieties such as methanol, PVC, caustic soda, and urea is also worthy of attention. Agricultural products are driven by tariffs and inflation expectations in the short term, but they still need to wait for signals from the fundamentals. Currently, the commodity fundamentals are still weak, and a cautious attitude should be maintained towards the implementation of current policy expectations. The volatility of commodity prices may still be high [3] Strategy - For commodities and stock index futures, go long on industrial products on dips [4] To-Do List - The main goal is to make important progress in the construction of a modern people's city by 2030, with continuous improvement of policies and systems suitable for high-quality urban development, accelerated transformation of old and new driving forces, obvious improvement of living quality, in-depth promotion of green transformation, strong consolidation of the safety foundation, full display of cultural charm, and significant improvement of governance level; basically build a modern people's city by 2035 [6] Market Trends - The market rebounded after hitting a low during the day. The Shanghai Composite Index rose more than 1% at the end of the session, the ChiNext Index rose more than 3%, and the STAR 50 Index soared more than 7%. More stocks rose than fell, with more than 2,800 stocks in the Shanghai, Shenzhen, and Beijing stock markets in the green. The total turnover today reached 3 trillion yuan. As of the close, the Shanghai Composite Index rose 1.14%, the Shenzhen Component Index rose 2.25%, and the ChiNext Index rose 3.82% [6] Exchange Rate - The onshore RMB against the US dollar officially closed at 7.1385 at 16:30 Beijing time, up 237 points from the official closing price of the previous trading day and up 115 points from the night session closing price of the previous day [6] Legal Dispute - On August 28, Fed Governor Lisa Cook filed a lawsuit in court, challenging President Trump's attempt to remove her from office on the grounds of fraud in her mortgage application. This move has triggered a historic legal battle over the Fed's independence [6] Economic Data - The revised annualized quarterly growth rate of the US real GDP in the second quarter was 3.3%, higher than the expected 3.1% and the previous 3%. The revised annualized quarterly growth rate of the US core personal consumption expenditure (PCE) price index in the second quarter was 2.5%, in line with expectations and the previous value. Data shows that the US economic growth rate in the second quarter was slightly faster than the initial level, thanks to the rebound in corporate investment and strong trade. Net exports contributed nearly 5 percentage points to GDP, a record high; previously, net exports dragged down GDP growth in the first three months of this year [6] Central Bank Meeting Minutes - The European Central Bank's July meeting minutes showed that most officials believed the inflation risk was "generally balanced", and their outlook for consumer prices still applied. The meeting summary released on Thursday showed that although further interest rate cuts were mentioned, keeping the deposit rate at 2% after eight interest rate cuts was considered a "prudent" approach. "Most members believed that the risks to the inflation outlook were generally balanced. The resilience shown in recent eurozone economic data has been fully reflected in the baseline scenario of the June forecast, and this forecast has been widely verified. Most policymakers believed that the current interest rate level was reasonable, the inflation rate was maintained around the 2% target, and the economy has so far shown resilience to headwinds such as tariffs and wars. In July, the EU and the US reached a trade agreement, locking in a 15% tariff for most export commodities in the region [6]

1. Report Industry Investment Rating - Unilateral: Neutral; - Inter - period: After the export window period, conduct a short - spread arbitrage on UR01 - 05 when the price is high; - Inter - variety: None [3] 2. Core Viewpoints - Recently, manufacturers have lowered prices to attract orders, but downstream follow - up is cautious. Spot trading has improved. It is the off - season for agricultural demand. In the industrial demand, the compound fertilizer industry has entered the autumn fertilizer production season, but due to the military parade, the operating rate has decreased, and the operating rate of board factories has also declined. Industrial demand is weak, and downstream still resists high - priced goods. Urea production is at a high level, and upstream inventory is still relatively high year - on - year. Some companies have started maintenance, and production may decline slightly. However, with the release of new production capacity, the future urea supply and demand will still be relatively loose. The profit of coal - based urea is acceptable, and the cost - side support is average. August is the export window period, urea exports are ongoing, the port collection rhythm is accelerating, and the port inventory accumulation speed is increasing. India's NFL has issued a urea import tender. This tender requires 1 million tons each for the east and west coasts. The Indian tender and demand will boost the international urea market. Continued attention should be paid to changes in export dynamics [2] 3. Summary by Directory 3.1 Urea Basis Structure - On August 28, 2025, the closing price of the urea main contract was 1753 yuan/ton (+16); the ex - factory price of small - sized urea in Henan was 1720 yuan/ton (0); the small - sized urea price in Shandong was 1710 yuan/ton (+10); the small - sized urea price in Jiangsu was 1720 yuan/ton (+10); the price of small - lump anthracite was 750 yuan/ton (+0). The Shandong basis was - 43 yuan/ton (- 6); the Henan basis was - 33 yuan/ton (- 6); the Jiangsu basis was - 33 yuan/ton (- 6) [1] 3.2 Urea Production - As of August 28, 2025, the enterprise capacity utilization rate was 81.70% (0.08%). The total inventory of sample enterprises was 1.0858 million tons (+61,900 tons). Some companies like Henan Xinlianxin and Shanxi Lu'an have started maintenance, and production may decline slightly. However, with the release of new production capacity, future urea supply and demand will still be relatively loose [1][2] 3.3 Urea Production Profit and Operating Rate - As of August 28, 2025, the urea production profit was 180 yuan/ton (+10). The profit of coal - based urea is acceptable, and the cost - side support is average [1][2] 3.4 Urea FOB Price and Export Profit - As of August 28, 2025, the urea export profit was 1294 yuan/ton (+2). August is the export window period, urea exports are ongoing, the port collection rhythm is accelerating, and the port inventory accumulation speed is increasing. India's NFL has issued a urea import tender, which will boost the international urea market [1][2] 3.5 Urea Downstream Operating Rate and Orders - As of August 28, 2025, the capacity utilization rate of compound fertilizer was 39.22% (- 1.62%); the capacity utilization rate of melamine was 58.50% (+11.90%); the number of days of advance orders for urea enterprises was 6.06 days (+0.00). The compound fertilizer industry has entered the autumn fertilizer production season, but due to the military parade, the operating rate has decreased, and the operating rate of board factories has also declined. Industrial demand is weak [1][2] 3.6 Urea Inventory and Warehouse Receipts - As of August 28, 2025, the total inventory of sample enterprises was 1.0858 million tons (+61,900 tons), and the port sample inventory was 594,000 tons (+93,000 tons). Urea production is at a high level, and upstream inventory is still relatively high year - on - year [1][2]

Report Industry Investment Rating - The investment rating for RU and NR is neutral. The rating for BR is also neutral [7]. Core Viewpoints - For natural rubber, the support mainly comes from the cost side and the macro - environment. With the weakening of the macro - market, rubber prices may face adjustment pressure. The supply - demand contradiction of natural rubber itself is not prominent. The cost - side support is further strengthened due to rainfall interference in upstream areas. There is an expectation of increased arrivals in the later period, and there may be pressure on Qingdao ports to accumulate inventory again. It is expected that the domestic supply and demand will show a pattern of both being strong later [7]. - For BR, the upstream production is stable and the inventory is relatively low year - on - year. The improvement of downstream production profits is conducive to the increase of the operating rate. The cost side of BR still has support. The upstream supply of BR is abundant, and the supply increases month - on - month. The downstream demand is still in the off - season, and there is expected to be inventory accumulation pressure later. Currently, BR production continues to be in a loss pattern, and the upstream butadiene raw material price and the surrounding natural rubber prices support the lower limit of BR [7]. Summary by Related Catalogs Market News and Data - Futures: On the previous trading day's close, the RU main contract was at 15,945 yuan/ton, up 185 yuan/ton from the previous day; the NR main contract was at 12,780 yuan/ton, up 165 yuan/ton; the BR main contract was at 11,980 yuan/ton, up 270 yuan/ton [1]. - Spot: The price of Yunnan - produced whole latex in the Shanghai market was 15,000 yuan/ton, up 200 yuan/ton. The price of Thai mixed rubber in Qingdao Free Trade Zone was 14,850 yuan/ton, up 150 yuan/ton. The price of Thai 20 - grade standard rubber in Qingdao Free Trade Zone was 1,840 US dollars/ton, up 20 US dollars/ton. The price of Indonesian 20 - grade standard rubber in Qingdao Free Trade Zone was 1,780 US dollars/ton, up 20 US dollars/ton. The ex - factory price of BR9000 from PetroChina Qilu Petrochemical was 12,100 yuan/ton, unchanged from the previous day. The market price of BR9000 in Zhejiang Chuanhua was 11,900 yuan/ton, up 200 yuan/ton [1]. Market Information - Thailand's natural rubber exports (excluding compound rubber) in the first 7 months of 2025 totaled 1.586 million tons, a year - on - year decrease of 5%. Exports to China totaled 622,000 tons, a year - on - year increase of 7% [2]. - China's natural rubber imports in July 2025 were 474,800 tons, a month - on - month increase of 2.47% and a year - on - year decrease of 1.91%. The cumulative import volume from January to July was 3.6005 million tons, a cumulative year - on - year increase of 21.82% [2]. - Cote d'Ivoire's rubber exports in the first 7 months of 2025 were 908,487 tons, a 14.3% increase compared to the same period in 2024. In July alone, exports increased by 28.3% year - on - year and 28.5% month - on - month [2]. - China's rubber tire exports in the first 7 months of 2025 reached 5.63 million tons, a year - on - year increase of 5.4%, and the export value was 99.2 billion yuan, a year - on - year increase of 5.4%. Automobile tire exports were 4.8 million tons, a year - on - year increase of 4.9%, and the export value was 81.9 billion yuan, a year - on - year increase of 4.9% [3]. Market Analysis Natural Rubber - Spot and spreads: On August 28, 2025, the RU basis was - 945 yuan/ton (+15), the spread between the RU main contract and mixed rubber was 1,095 yuan/ton (+35), the import profit of smoked sheet rubber was - 3,269 yuan/ton (+337.62), the NR basis was 296.00 yuan/ton (- 31.00); the price of whole latex was 15,000 yuan/ton (+200), the price of mixed rubber was 14,850 yuan/ton (+150), the price of 3L spot was 15,150 yuan/ton (+150). The STR20 was quoted at 1,840 US dollars/ton (+20), the spread between whole latex and 3L was - 150 yuan/ton (+50); the spread between mixed rubber and styrene - butadiene rubber was 2,350 yuan/ton (+150) [4]. - Raw materials: The price of Thai smoked sheet was 61.20 Thai baht/kg (- 0.69), the price of Thai glue was 55.45 Thai baht/kg (unchanged), the price of Thai cup lump was 50.70 Thai baht/kg (- 0.10), the spread between Thai glue and cup lump was 4.75 Thai baht/kg (+0.10) [4]. - Operating rate: The operating rate of all - steel tires was 64.89% (- 0.08%), and the operating rate of semi - steel tires was 70.97% (- 0.90%) [5]. - Inventory: The social inventory of natural rubber was 1,270,809 tons (- 14,554.00), the inventory of natural rubber in Qingdao Port was 606,203 tons (- 10,528), the RU futures inventory was 178,470 tons (- 1,460), and the NR futures inventory was 44,857 tons (- 1,612) [5]. BR - Spot and spreads: On August 28, 2025, the BR basis was - 130 yuan/ton (- 120), the ex - factory price of butadiene from Sinopec was 9,500 yuan/ton (unchanged), the price of BR9000 from Qilu Petrochemical was 12,100 yuan/ton (unchanged), the market price of BR9000 in Zhejiang Chuanhua was 11,900 yuan/ton (+200), the price of private - owned BR in Shandong was 11,750 yuan/ton (+200), the import profit of BR in Northeast Asia was - 1,068 yuan/ton (+211) [6]. - Operating rate: The operating rate of high - cis BR was 75.85% (+6.70%) [6]. - Inventory: The inventory of BR traders was 6,620 tons (- 790), and the inventory of BR enterprises was 25,100 tons (+1,900) [6].

1. Report Industry Investment Rating - No specific industry investment rating information is provided in the documents. 2. Core View of the Report - The fundamentals of LPG have shown marginal improvement recently, with market sentiment improving. The switch of the main contract to 2510 has relieved the pressure of warrant cancellation and strengthened the support for the futures market. The domestic LPG port inventory has decreased, but the global oversupply situation of LPG has not changed, and the market does not have the conditions for continuous strengthening [1]. - The strategy for LPG futures is to be oscillating and slightly stronger. There are opportunities to go long on the main PG contract at low prices, but the expected upside is limited [2]. 3. Summary by Relevant Catalog Market Analysis - On August 28, the regional prices of LPG were as follows: Shandong market, 4500 - 4630 yuan/ton; Northeast market, 3880 - 4150 yuan/ton; North China market, 4000 - 4600 yuan/ton; East China market, 4450 - 4510 yuan/ton; Yangtze River market, 4610 - 4860 yuan/ton; Northwest market, 4450 - 4550 yuan/ton; South China market, 4580 - 4660 yuan/ton [1]. - In the second half of September 2025, the CIF prices of frozen LPG in East China were propane at 579 dollars/ton, down 4 dollars/ton, and butane at 554 dollars/ton, down 4 dollars/ton, equivalent to 4530 yuan/ton for propane and 4334 yuan/ton for butane, both down 34 yuan/ton. In South China, the CIF prices were propane at 571 dollars/ton, down 4 dollars/ton, and butane at 546 dollars/ton, down 4 dollars/ton, equivalent to 4467 yuan/ton for propane and 4272 yuan/ton for butane, both down 34 yuan/ton [1]. - According to Longzhong Information, the domestic LPG port inventory this week was 3.0752 million tons, a decrease of 94,500 tons or 2.98% from last week. The decrease was due to limited incoming resources and improved downstream purchasing sentiment [1]. Strategy - Unilateral: The market is expected to be oscillating and slightly stronger. There are opportunities to go long on the main PG contract at low prices, but the expected upside is limited [2]. - Inter - period: No strategy provided. - Cross - variety: No strategy provided. - Spot - futures: No strategy provided. - Options: No strategy provided.

原油日报 | 2025-08-29 俄乌局势再度陷入僵局 市场要闻与重要数据 1、 纽约商品交易所10月交货的轻质原油期货价格上涨45美分，收于每桶64.60美元，涨幅为0.70%；10月交货的伦 敦布伦特原油期货价格上涨57美分，收于每桶68.62美元，涨幅为0.84%。SC原油主力合约收涨1.14%，报487元/桶。 2、 乌克兰无人机系统部队负责人罗伯特·布罗夫迪在社交媒体表示，俄罗斯靠近萨马拉地区的古比雪夫炼油厂 （Kuibyshev）和南部克拉斯诺达尔地区的阿菲普斯基炼油厂（Afipsky）成为了乌军袭击目标。克拉斯诺达尔当局 证实，阿菲普斯基炼油厂的一个车间因掉落的无人机碎片而起火，正在扑灭大约20平方米的大火。俄罗斯方面没 有证实古比雪夫炼油厂遭到任何损坏，该炼油厂归国有巨头俄罗斯石油公司所有。阿菲普斯基炼油厂的年加工能 力为910万吨原油，即每天约18万桶，是俄罗斯规模较小的炼油厂之一。古比雪夫炼油厂的日加工能力约为14万桶， 上个月开始按计划进行维护。(来源：Bloomberg） 3、尽管受到制裁和美国关税的影响，俄罗斯9月份对印度的石油出口仍将增加15万至30万桶/日。(来源：Bloomb ...

Report Summary 1) Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2) Core Viewpoints - The current geopolitical and macro - economic situation is unclear, especially with limited progress in Russia - Ukraine peace talks. The crude oil market faces many uncertainties in the short - term, showing a range - bound oscillation, and the FU and LU fuel oil markets also show narrow - range fluctuations [1]. - High - sulfur fuel oil is in a stage of structural adjustment and market re - balancing, with relatively abundant overall supply. Middle - East high - sulfur fuel oil exports continue to increase and may rise further after the end of the peak power - generation demand season. If the market continues to loosen, it may require a further decline in crack spreads to attract incremental demand from refineries [1]. - Low - sulfur fuel oil currently has limited market pressure. Domestic production remains low, Western - region arbitrage supply has tightened again, and the outer - market monthly spread structure has strengthened slightly. In the short - term, the market structure is relatively stable but lacks strong driving forces. In the medium - term, it still faces the contradiction of demand share substitution and surplus production capacity, so while there is some support below the valuation, there is also significant upward resistance [1]. 3) Strategy Summary - High - sulfur fuel oil: Expected to oscillate [2]. - Low - sulfur fuel oil: Expected to oscillate [2]. - Cross - variety: No strategy provided [2]. - Cross - period: No strategy provided [2]. - Spot - futures: No strategy provided [2]. - Options: No strategy provided [2]. 4) Charts Summary - There are 18 charts in the report, including those showing Singapore high - sulfur 380 fuel oil and low - sulfur fuel oil spot prices, swap near - month contracts, near - month spreads, as well as fuel oil FU and low - sulfur fuel oil LU futures contract closing prices, indices, near - month contract prices, near - month spreads, and trading volume and open interest [3]. - The data sources for these charts are Flush, Steel Union, and Huatai Futures Research Institute [6][7][9]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The report presents the trading and position - holding data of various financial product sectors on August 28, 2025, including trading volume, position - holding amount, and the trading - to - position ratio, along with their changes compared to the previous trading day [1][2] Summary by Directory 1. Plate Liquidity - Figures related to each plate's trading - to - position ratio, trading volume change rate, position - holding volume, position - holding amount, trading volume, and trading amount are provided, with data sources from Flush and Huatai Futures Research Institute [8] 2. Stock Index Plate - On August 28, 2025, the trading volume was 1150.229 billion yuan, up 10.76% from the previous trading day; the position - holding amount was 1411.767 billion yuan, up 0.79%; the trading - to - position ratio was 81.01%. There are also figures about each variety's price change rate, trading - to - position ratio, precipitation fund change, precipitation fund trend, trading amount change, and the top 20 net position - holding ratio trend [1] 3. Treasury Bond Plate - The trading volume was 540.193 billion yuan, up 13.45% from the previous trading day; the position - holding amount was 666.072 billion yuan, down 14.48%; the trading - to - position ratio was 82.32%. There are figures about each variety's price change rate, trading - to - position ratio, precipitation fund change, precipitation fund trend, trading amount change, and the top 20 net position - holding ratio trend [1] 4. Basic Metals and Precious Metals (Metal Plate) - The trading volume was 368.544 billion yuan, down 10.13% from the previous trading day; the position - holding amount was 491.174 billion yuan, down 2.31%; the trading - to - position ratio was 88.48%. The precious metals plate's trading volume was 232.327 billion yuan, up 9.11%; the position - holding amount was 413.434 billion yuan, down 2.55%; the trading - to - position ratio was 67.28%. There are figures about each variety's price change rate, trading - to - position ratio, precipitation fund change, precipitation fund trend, trading amount change rate, and the top 20 net position - holding ratio trend [1] 5. Energy and Chemical Plate - The trading volume was 436.190 billion yuan, down 7.03% from the previous trading day; the position - holding amount was 421.245 billion yuan, down 1.38%; the trading - to - position ratio was 86.19%. There are figures about each main variety's price change rate, trading - to - position ratio, precipitation fund change, precipitation fund trend, trading amount change rate, and the top 20 net position - holding ratio trend [1] 6. Agricultural Products Plate - The trading volume was 353.057 billion yuan, up 8.43% from the previous trading day; the position - holding amount was 563.934 billion yuan, down 1.21%; the trading - to - position ratio was 58.02%. There are figures about each main variety's price change rate, trading - to - position ratio, precipitation fund change, precipitation fund trend, trading amount change rate, and the top 20 net position - holding ratio trend [1] 7. Black Building Materials Plate - The trading volume was 309.799 billion yuan, up 4.81% from the previous trading day; the position - holding amount was 371.818 billion yuan, up 0.29%; the trading - to - position ratio was 78.51%. There are figures about each variety's price change rate, trading - to - position ratio, precipitation fund change, precipitation fund trend, trading amount change rate, and the top 20 net position - holding ratio trend [2]