1. Report Industry Investment Ratings - Steel: Oscillating weakly [2] - Iron Ore: Oscillating [4] - Coking Coal and Coke: Oscillating [7] - Thermal Coal: No strategy provided [9] 2. Core Views - Market sentiment has weakened, and steel prices are oscillating at the bottom. The fundamentals of building materials in the off - season are poor, while the consumption of plates shows good resilience. The overall supply - demand of steel has not improved significantly, and attention should be paid to subsequent supply - demand performance, EAF losses, and real - estate policies [1]. - The market is cautiously observing, and iron ore prices have declined slightly. Supply has increased month - on - month, and demand will decline due to the parade. Attention should be paid to the impact of sea - floating volume on arrivals, as well as iron ore shipments and hot metal changes [3]. - Short - term demand is limited, and coking coal and coke are operating weakly. Affected by the parade, short - term demand is mainly for rigid needs. Attention should be paid to the post - parade market supply recovery progress and material de - stocking rhythm [5][6]. - The market is highly watchful, and the pattern of coal mine price cuts remains unchanged. With the approaching parade, non - power industry production is restricted, and power coal demand has declined from its peak. In the long - term, the pattern of loose coal supply remains unchanged [8]. 3. Summaries by Related Catalogs Steel - **Market Analysis**: Yesterday, the rebar futures contract closed at 3111 yuan/ton, and the hot - rolled coil contract closed at 3349 yuan/ton. Spot steel trading was generally weak, with rebar performing better than hot - rolled coil. Yesterday's steel trading volume was 11.11 tons [1]. - **Supply - Demand and Logic**: The fundamentals of building materials in the off - season are poor, and steel prices are under pressure during the contract roll - over. The consumption of plates shows good resilience, but the off - season pattern remains unchanged. Currently, there is no macro - market disturbance, and the raw material replenishment for parade - related production restrictions has been completed. Downstream demand has a greater impact [1]. - **Strategy**: Unilateral: Oscillating weakly; Other strategies: None [2] Iron Ore - **Market Analysis**: Yesterday, the iron ore futures price oscillated and declined. The main 2601 contract closed at 775.5 yuan/ton, a decrease of 0.64%. The price of mainstream imported iron ore varieties at Tangshan Port fluctuated slightly. Yesterday, the total iron ore trading volume at major ports across the country was 91.3 tons, a month - on - month increase of 12.16%; the total trading volume of forward - delivery iron ore was 160.0 tons, a month - on - month increase of 6.74% [3]. - **Supply - Demand and Logic**: With the arrival of previously high sea - floating iron ore, supply has increased month - on - month. Demand remains at a high level in the short - term but will decline due to the parade. Currently, the supply - demand contradiction is relatively limited [3]. - **Strategy**: Unilateral: Oscillating; Other strategies: None [4] Coking Coal and Coke - **Market Analysis**: Yesterday, the main coking coal and coke contracts continued the weakly oscillating pattern of the previous trading day. The coking coal 2601 contract decreased by 3.87%, and the coke 2601 contract decreased by 2.82%. The price of imported coal fluctuated weakly, and the trading atmosphere was cold [5]. - **Logic and Views**: Affected by the decline in market sentiment, the black commodity sector is in a weakly oscillating pattern. For coking coal, as the delivery month approaches, the open interest has decreased significantly, and there is short - term liquidity pressure. For coke, some enterprises are implementing production restrictions due to environmental protection requirements, and demand is further suppressed by the parade [6]. - **Strategy**: Coking coal: Oscillating; Coke: Oscillating; Other strategies: None [7] Thermal Coal - **Market Analysis**: In the production areas, coal prices have declined slightly. Frequent rainfall has restricted production and sales, and downstream traders have slowed down their purchases. At ports, the market is cold, and coal prices are continuously declining. Ports are still in the de - stocking cycle. Imported coal is operating weakly and stably [8]. - **Demand and Logic**: With the approaching parade, non - power industries are implementing production restrictions, and power coal demand has declined from its peak. In the long - term, the pattern of loose coal supply remains unchanged [8]. - **Strategy**: None [9]

1. Report Industry Investment Rating - There is no clear industry investment rating provided in the report. 2. Core Views of the Report - For pure benzene, port inventory is declining slightly from a high level, but the absolute level remains high. The port basis is expected to strengthen further. Korean aromatics plants are under maintenance, and the monthly import pressure is not increasing. However, attention should be paid to the large inventory pressure in the CPL - PA6 - nylon产业链 and the MDI inventory pressure in the aniline downstream. The performance during the "Golden September and Silver October" season for downstream industries should be monitored [3]. - For styrene, the port basis rebounded slightly due to some traders covering short positions at the end of the month. However, port inventory is continuously accumulating due to high current operating rates. There will be more maintenance in September, and the rate of destocking in September should be monitored. This will also drag down the demand for pure benzene, so there is limited support for the single - side price. In the downstream of EB, the operating rates of EPS and PS continue to rise, but their inventories do not show further destocking, indicating slow downstream follow - up. ABS maintains a state of high inventory and low operating rate. The performance during the "Golden September and Silver October" season for downstream industries should be monitored [3]. 3. Summary According to the Directory 3.1 Pure Benzene and EB's Basis Structure and Inter - period Spreads - Pure benzene: The main basis is - 104 yuan/ton (- 3), and the spot - M2 spread is - 45 yuan/ton (- 5 yuan/ton). There are also data on the spread between the first - and third - month contracts [1]. - Styrene: The main basis is 70 yuan/ton (+ 2 yuan/ton), and there are data on the spread between the first - and third - month contracts [1]. 3.2 Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Pure benzene: The CFR China processing fee is 150 dollars/ton (- 9 dollars/ton), the FOB Korea processing fee is 135 dollars/ton (- 8 dollars/ton), and the US - Korea spread is 45.6 dollars/ton (- 15.1 dollars/ton). There are also data on import profits [1]. - Styrene: The non - integrated production profit is - 326 yuan/ton (- 48 yuan/ton), and there are data on import profits [1]. 3.3 Inventories and Operating Rates of Pure Benzene and Styrene - Pure benzene: The port inventory is 13.80 million tons (- 0.60 million tons), and the operating rate is not specifically mentioned in the text, but the downstream comprehensive operating rate is relatively high [1]. - Styrene: The East China port inventory is 179,000 tons (+ 17,500 tons), the East China commercial inventory is 84,000 tons (+ 7,500 tons), and the operating rate is 78.5% (+ 0.4%) [1]. 3.4 Operating Rates and Production Profits of Styrene Downstream - EPS: The production profit is 282 yuan/ton (+ 84 yuan/ton), and the operating rate is 60.98% (+ 2.90%) [2]. - PS: The production profit is - 68 yuan/ton (+ 34 yuan/ton), and the operating rate is 57.50% (+ 1.10%) [2]. - ABS: The production profit is - 132 yuan/ton (+ 88 yuan/ton), and the operating rate is 71.10% (+ 0.00%) [2]. 3.5 Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam: The production profit is - 1760 yuan/ton (+ 45), and the operating rate is 91.86% (- 1.86%) [1]. - Phenol - acetone: The production profit is - 514 yuan/ton (+ 113), and the operating rate is 78.00% (+ 1.00%) [1]. - Aniline: The production profit is - 204 yuan/ton (- 43), and the operating rate is 70.10% (- 1.47%) [1]. - Adipic acid: The production profit is - 1209 yuan/ton (+ 41), and the operating rate is 65.50% (+ 3.80%) [1]. 3.6 Strategies - Single - side: Hold a wait - and - see attitude towards pure benzene and styrene. - Basis and inter - period: Hold a wait - and - see attitude. - Cross - variety: Expand the EB - BZ spread on dips in the short term [4].

Report Industry Investment Rating - Unilateral: Neutral; Inter - period: None; Cross - variety: None [3] Core View - New capacity such as the 450,000 - ton/year PP new device of CNOOC Ningbo Daxie Petrochemical Phase II Line 2 has been put into production, intensifying the abundant supply situation. The operating rate of PP inventory devices remained flat month - on - month, and the inventory in upstream and mid - stream decreased slightly. The number of PE maintenance devices increased, slightly alleviating the supply pressure, but the overall operating rate was still high, and production enterprises had inventory accumulation and de - stocking pressure. International oil prices showed a weak trend, oil - based production profits were acceptable, propane prices rose slightly, and PDH - based PP profits were near the break - even point. Downstream demand recovered slowly, agricultural films entered the seasonal demand conversion stage, overall order follow - up was slow, and terminal operating rates recovered slightly [2] Summary by Directory 1. Polyolefin Basis Structure - The report shows the plastic futures main contract trend and the LL East China - main contract basis, as well as the polypropylene futures main contract trend and the PP East China - main contract basis [8][11] 2. Production Profit and Operating Rate - PE operating rate was 78.7% (- 5.5%), PP operating rate was 78.2% (+ 0.3%). PE oil - based production profit was 384.7 yuan/ton (+ 130.5), PP oil - based production profit was - 175.3 yuan/ton (+ 130.5), PDH - based PP production profit was 64.2 yuan/ton (+ 38.5) [1] 3. Polyolefin Non - standard Price Difference - The report presents price differences such as HD injection molding - LL East China, HD blow molding - LL East China, etc. [27] 4. Polyolefin Import and Export Profits - LL import profit was - 26.9 yuan/ton (+ 12.1), PP import profit was - 519.2 yuan/ton (+ 32.4), PP export profit was 31.9 US dollars/ton (- 4.0) [1] 5. Polyolefin Downstream Operating Rates and Downstream Profits - PE downstream agricultural film operating rate was 14.5% (+ 0.7%), PE downstream packaging film operating rate was 49.9% (+ 0.8%), PP downstream plastic weaving operating rate was 42.0% (+ 0.6%), PP downstream BOPP film operating rate was 60.7% (- 0.5%) [1] 6. Polyolefin Inventory - The report shows inventory data of PE and PP in oil - based enterprises, coal - chemical enterprises, traders, and ports [74][80][84]

Group 1: Report Industry Investment Rating - There is no mention of the report industry investment rating in the provided content. Group 2: Core Viewpoints - On August 27, the closing price of the main asphalt futures contract BU2510 was 3,471 yuan/ton, down 54 yuan/ton or 1.53% from the previous settlement price, with a position of 136,243 lots (down 23,879 lots) and trading volume of 167,989 lots (up 7,553 lots) [1]. - The spot settlement prices of heavy - traffic asphalt were 3,806 - 4,086 yuan/ton in Northeast China, 3,470 - 3,800 yuan/ton in Shandong, 3,490 - 3,510 yuan/ton in South China, and 3,560 - 3,750 yuan/ton in East China. Prices in Northeast and Shandong markets declined, while those in other regions were generally stable [1]. - The asphalt spot market is affected by falling crude oil and futures prices, with weak rigid demand and a dull trading atmosphere. The current supply - demand weakness persists, and the upward drive of the asphalt market is insufficient, being more influenced by crude oil price fluctuations in the short term [1]. Group 3: Strategy Summary - The strategy for the asphalt market is a unilateral "oscillation," with no strategies for inter - period, cross - variety, spot - futures, or options trading [2]. Group 4: Chart Information - There are multiple charts showing data such as spot prices of heavy - traffic asphalt in different regions (Shandong, East China, South China, North China, Southwest China, Northwest China), asphalt futures prices (index, main contract, near - month contract, near - month spread), trading volume and open interest of asphalt futures, domestic asphalt production (weekly, independent refineries, different regions), domestic asphalt consumption (road, waterproof, coking, ship fuel), and asphalt inventories (refinery, social) [3].

Report Industry Investment Rating - Unilateral: Neutral; Inter - period: After the export window period, conduct a reverse spread on UR01 - 05 when the price is high; Inter - variety: None [3] Core Viewpoints - Recently, the influence of export sentiment has weakened. Manufacturers have cut prices to attract orders, and downstream buyers are cautious. Spot prices have fallen to previous lows, and transactions have improved. The agricultural demand is in the off - season, and the industrial demand is weak. The production of urea remains at a high level, and the upstream inventory is still relatively high year - on - year. Although some companies are expected to conduct maintenance and the output may decline slightly, with the release of new production capacity, the future supply - demand of urea is still relatively loose. The profit of coal - based urea is acceptable, and the cost - side support is average. The export of urea is ongoing, and the port inventory has increased slightly. The Indian NFL's urea import tender may boost the international urea market [2] Summary by Directory 1. Urea Basis Structure - On August 27, 2025, the closing price of the urea main contract was 1,737 yuan/ton (+0). The ex - factory price of small - particle urea in Henan was 1,710 yuan/ton (+0), in Shandong was 1,700 yuan/ton (+0), and in Jiangsu was 1,710 yuan/ton (+0). The basis in Shandong was - 37 yuan/ton (+0), in Henan was - 27 yuan/ton (+0), and in Jiangsu was - 27 yuan/ton (+0) [1] 2. Urea Production - As of August 27, 2025, the capacity utilization rate of enterprises was 83.98% (+0.08%). Some companies such as Yuntianhua, Henan Xinlianxin, and Shanxi Lu'an are expected to conduct maintenance, and the output may decline slightly. But with the release of new production capacity, the future supply - demand of urea is still relatively loose [1][2] 3. Urea Production Profit and Operating Rate - The production profit of urea was 170 yuan/ton (+0). As of August 27, 2025, the capacity utilization rate of enterprises was 83.98% (+0.08%) [1] 4. Urea FOB Price and Export Profit - The export profit was 1,292 yuan/ton (+5). India's NFL issued a urea import tender, and the tender will close on September 2. This tender requires 1 million tons each for the east and west coasts, which will boost the international urea market [1][2] 5. Urea Downstream Operating Rate and Orders - As of August 27, 2025, the capacity utilization rate of compound fertilizer was 40.84% (-2.64%); the capacity utilization rate of melamine was 46.60% (-3.22%); the advance order days of urea enterprises were 6.06 days (+0.00) [1] 6. Urea Inventory and Warehouse Receipts - As of August 27, 2025, the total inventory of sample enterprises was 1.0858 million tons (+61,900 tons), and the inventory of port samples was 501,000 tons (+37,000 tons) [1]

Industry Investment Rating - No information provided Core Viewpoints - The report focuses on the promotion of service industry consumption policies and the development of high - tech industries. It also presents the current situation of different industrial chains from upstream to downstream [1][2] Summary by Directory 1. Middle - view Event Overview Production Industry - The Ministry of Industry and Information Technology issued a guidance on satellite communication industry development, aiming to have over ten million satellite communication users by 2030 [1] Service Industry - Suzhou optimized its real - estate policy by canceling the 2 - year restriction on reselling newly - built commercial housing in urban areas. The Ministry of Commerce will introduce policies to promote service exports and expand service consumption [2] 2. Industry Overview Upstream - Black: Glass prices declined. Energy: International crude oil prices fluctuated. Chemical: Urea prices dropped significantly, while PTA prices increased [3] Middle - stream - Chemical: PX operating rate increased, while PTA operating rate continued to decline. Energy: Power plant coal consumption remained stable. Infrastructure: Asphalt operating rate decreased [3] Downstream - Real estate: Seasonal decline in commercial housing sales in first - and second - tier cities. Service: The number of domestic flights remained high and stable [4] 3. Key Industry Price Index Tracking - On August 27, price changes were observed in various industries. For example, in agriculture, the spot price of corn decreased by 0.55%, and in energy, the spot price of WTI crude oil increased by 2.40% [35]

Report Industry Investment Rating - Not provided Core Viewpoints - In July, the global economic data remained resilient. China's official manufacturing PMI in July dropped to 49.3, while the non - manufacturing sector stayed in expansion. China's exports in July increased by 7.2% year - on - year in US dollars, higher than expected. Financial data showed that money supply exceeded expectations, but financing and loan data were still weak. Investment data faced obvious pressure [2]. - Powell's attitude turned dovish, paving the way for the Fed to cut interest rates in September, making the path of rising overseas inflation smoother. Tariffs are in a "stagnant" stage, dragging down commodities highly affected by external demand [3]. - For commodities, the black and new - energy metal sectors in China are most sensitive to the supply - side. Energy and non - ferrous sectors benefit significantly from overseas inflation expectations. The black sector is still dragged down by downstream demand expectations, and the supply limitation in the non - ferrous sector remains unrelieved. The "anti - involution" space of some chemical products is worth attention, and agricultural products are driven by short - term tariffs and inflation expectations [4]. - The strategy for commodities and stock index futures is to allocate industrial products on dips [5]. Summary by Relevant Catalogs Market Analysis - In July, China's economic data showed mixed performance. The official manufacturing PMI declined, exports increased due to low - base and "rush - to - export" effects, financial data had imbalances, and investment data was under pressure. The government emphasized measures to stabilize the real estate market, expand service consumption, and increase effective investment. On August 27, A - shares tumbled, treasury bond futures rebounded, and domestic commodity futures mostly closed down. In the US, July's non - farm payrolls were below expectations, but August's PMI improved, and the "Big Beautiful" Act may support subsequent consumption [2]. Fed and Tariff Situation - The US government issued administrative orders on tariffs, including setting "reciprocal tariff" rates and expanding the scope of steel and aluminum tariffs. Trump proposed high - rate tariffs on semiconductors and rare - earth magnets and export restrictions on foreign digital taxes. The EU planned to cancel US industrial product tariffs to exchange for lower US auto tariffs. India faced US tariff hikes, and the US - South Korea meeting on trade was inconclusive [3]. - Powell's dovish speech at the global central bank meeting indicated a possible policy adjustment. Trump tried to dismiss Fed理事 Lisa Cook, but Cook responded that he had no right to do so. The Senate Banking Committee will hold a hearing for Trump's nominee Miran, and the US Treasury Secretary said the choice of Fed Chairman will be known in autumn [3]. Commodity Analysis - Domestically, the black and new - energy metal sectors are supply - side sensitive. Overseas, energy and non - ferrous sectors benefit from inflation expectations. The black sector is affected by demand expectations, and the non - ferrous sector has supply constraints. The "anti - involution" in the photovoltaic industry and some chemical products is worthy of attention. Agricultural products are driven by short - term factors but need fundamental support [4]. Strategy - The strategy for commodities and stock index futures is to allocate industrial products on dips [5]. Other News - The Ministry of Commerce will strengthen policies to promote consumption. The market on August 27 showed a decline, with most stocks falling and trading volume exceeding 3 trillion. The euro - dollar exchange rate had little short - term fluctuation, and the EU planned to cut US tariffs. The US imposed additional tariffs on Indian goods, affecting Indian exports. New York Fed President Williams considered rate cuts appropriate, and the US Treasury Secretary was involved in selecting the Fed Chairman and related banking transactions [7].

Report Industry Investment Rating - The investment ratings for both the apple and red date industries are neutral [4][8] Report Core Viewpoints - The apple market currently has no significant contradictions in its fundamentals. With low remaining inventory in the origin and little change expected in the new season's production compared to last year, short - term prices are expected to remain stable. Attention should be paid to the trading situation of new - season early - maturing apples [4] - In the red date market, there is a large divergence in the market's expectations for the new - season production. The market has been trading around the expectation of a new - season production cut since June. Under the condition that the production cut cannot be disproven, the futures price may still rise in the short term due to capital sentiment. However, considering the high inventory of old dates, if the production cut is less than expected, prices may turn weak [7][8] Summary by Related Catalogs Apple Market Market News and Key Data - Futures: The closing price of the apple 2510 contract yesterday was 8278 yuan/ton, up 154 yuan/ton or 1.90% from the previous day [1] - Spot: The price of 80 first - and second - grade late Fuji in Shandong Qixia was 3.75 yuan/jin, unchanged from the previous day; the price of over 70 semi - commercial late Fuji in Shaanxi Luochuan was 4.50 yuan/jin, also unchanged. The spot basis AP10 - 778 in Shandong and AP10 + 722 in Shaanxi both decreased by 154 from the previous day [1] Recent Market Information - In Shaanxi, the early - maturing paper - bag Gala is in the middle - to - late stage, with a low proportion of high - quality goods. The price of ordinary goods is chaotic. In Shandong, the trading atmosphere of inventory apples is not strong, with some fruit farmers offering price cuts. The large - sized fruit has poor demand. In the Guangdong wholesale market, the number of apple trucks has increased, but the terminal sales are slow, with high - quality goods selling better than low - quality ones [2] Market Analysis - The apple futures price rose yesterday. The remaining Gala apples in the western region have uneven quality and chaotic prices. The inventory has a high proportion of large - sized fruit, and the sales are slow. The overall trend of early - maturing apples is polarized, and the inventory apples are running weakly. The low inventory level supports the price of inventory apples. With the concentrated supply of Gala apples in northern Shaanxi and Gansu this week, the inventory apples are expected to remain stable but weak in the short term [3] Strategy - Maintain a neutral view. Given the low inventory and stable new - season production expectations, short - term prices are expected to be stable. Follow - up attention should be paid to the listing and trading of new - season early - maturing apples [4] Red Date Market Market News and Key Data - Futures: The closing price of the red date 2601 contract yesterday was 11360 yuan/ton, down 50 yuan/ton or 0.44% from the previous day [5] - Spot: The price of first - grade grey dates in Hebei was 9.60 yuan/kg, unchanged from the previous day. The spot basis CJ01 - 1760 increased by 50 from the previous day [5] Recent Market Information - Red dates in Xinjiang are entering the sugar - accumulating stage. Attention should be paid to the impact of weather on quality. In the Hebei and Guangdong markets, the arrival of red dates is relatively small, and merchants purchase according to demand, with general trading volume [6] Market Analysis - The red date futures price fell yesterday. The arrival of goods in the sales areas has decreased, and merchants purchase on - demand, resulting in general trading in the downstream market. The market has high sensitivity to weather changes in the production areas. There is a large divergence in the market's expectations for the new - season production [7] Strategy - Adopt a neutral stance. In the short term, the futures price may rise due to capital sentiment. However, considering the high inventory of old dates, if the production cut is less than expected, prices may turn weak [8]

Report Summary 1. Report Industry Investment Rating - PX/PTA/PF/PR are rated neutral [4] 2. Core Viewpoints - Short - term PX/PTA has difficulty breaking through the resistance level, and the market sentiment has declined due to the retracement of crude oil and the stock market. Attention should be paid to the situation of Shenghong and Zhejiang Petrochemical's devices [1] - The cost - end crude oil price has declined significantly, affected by the U.S. tax increase on India and the unexpected inventory accumulation in the U.S. The PX fundamentals have weakened marginally, but the low inventory provides support for PXN. The PTA supply - demand situation has improved, and the balance sheet will shift from a loose balance to significant de - stocking in September. The demand side is gradually warming up [2] - The polyester开工率 is 90.0% (month - on - month increase of 0.6%), showing signs of recovery. The inventory of filament factories has decreased, and the efficiency has gradually improved. The demand for PF has improved slightly, and the overall supply - demand situation has improved. The fundamentals of PR have changed little, and the processing fee is expected to be repaired [3] - For the unilateral strategy, maintain a neutral view on PX/PTA/PF/PR. For the cross - variety strategy, go long on PF processing fees at low prices. There is no cross - period strategy [4] 3. Summary by Directory I. Price and Basis - Include TA main contract, basis, and inter - period spread trends; PX main contract trends, basis, and inter - period spread trends; PTA East China spot basis; and short - fiber basis [9][10][13] II. Upstream Profits and Spreads - Cover PX processing fee PXN, PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [16][19] III. International Spreads and Import - Export Profits - Involve toluene U.S. - Asia spread, toluene South Korean FOB - Japanese naphtha CFR, and PTA export profit [23][24] IV. Upstream PX and PTA Start - up - Include China's PTA load, South Korea's PTA load, Taiwan's PTA load, China's PX load, and Asian PX load [26][29][31] V. Social Inventory and Warehouse Receipts - Comprise PTA weekly social inventory, PX monthly social inventory, PTA total warehouse receipts + forecast volume, PTA warehouse receipt inventory, PX warehouse receipt inventory, and PF warehouse receipt inventory [34][37][38] VI. Downstream Polyester Load - Include filament production and sales, short - fiber production and sales, polyester load, direct - spinning filament load, polyester staple fiber load, polyester bottle - chip load, filament factory inventory days, Jiangsu and Zhejiang loom start - up rate, Jiangsu and Zhejiang texturing start - up rate, Jiangsu and Zhejiang printing and dyeing start - up rate, and filament profit [45][47][56] VII. PF Detailed Data - Cover 1.4D physical inventory, 1.4D equity inventory, polyester staple fiber load, polyester staple fiber factory equity inventory days, recycled cotton - type staple fiber load, raw - recycled spread, pure polyester yarn start - up rate, pure polyester yarn production profit, polyester - cotton yarn start - up rate, and polyester - cotton yarn processing fee [66][75][79] VIII. PR Fundamental Detailed Data - Include polyester bottle - chip load, bottle - chip factory bottle - chip inventory days, bottle - chip spot processing fee, bottle - chip export processing fee, bottle - chip export profit, East China water bottle - chip - recycled 3A - grade white bottle - chip spread, bottle - chip next - month spread, and bottle - chip next - next - month spread [83][85][93]

燃料油日报 | 2025-08-28 中东高硫燃料油发货量持续增加 市场分析 上期所燃料油期货主力合约日盘收跌2.39%，报2821元/吨；INE低硫燃料油期货主力合约日盘收跌1.47%，报3485 元/吨。 当前地缘与宏观形势仍不明朗，尤其俄乌和谈进展有限，原油端短期面临诸多不确定性，昨日油价再度回落，带 动FU、LU盘面下跌。 就燃料油自身基本面而言，高硫燃料油处于结构调整与市场再平衡的阶段，目前还不具备再度走强的条件。参考 船期数据来看，中东高硫燃料油发货量还在持续增加，8月份达到345万吨，环比增加8万吨。未来随着发电终端消 费旺季结束，沙特等国国内消费减少，出口还有进一步提升的空间。 低硫燃料油方面，当前市场压力有限，国产量维持低位，海外供应有再度收紧的态势，外盘月差结构小幅走强。 短期来看，市场结构仍相对稳固。但在中期视角下，低硫燃料油依然面临需求份额被替代、剩余产能较多的矛盾， 因此虽估值下方空间有限，向上阻力也较大。 策略 高硫方面：震荡 低硫方面：震荡 跨品种：无 跨期：无 期现：无 期权：无 风险 宏观风险、关税风险、制裁风险、原油价格大幅波动等、发电端需求超预期、欧佩克增产幅度不及预期、 ...