Report Industry Investment Rating - No relevant information provided Core Views - The first destocking of methanol at ports showed decent results, but the absolute inventory at ports remains high. Future changes mainly depend on when Iran's winter maintenance plan will be announced. The domestic market is stronger than the port market, with domestic inventory decreasing again. For traditional downstream sectors, acetic acid inventory pressure is high, MTBE exports have improved, and formaldehyde operation remains stable [2][3] Summary by Relevant Catalogs 1. Methanol Basis & Inter - period Structure - Figures include methanol Taicang basis and the main methanol contract, methanol basis in different regions against the main futures, and inter - period spreads between different methanol futures contracts [7][8][22] 2. Methanol Production Profit, MTO Profit, and Import Profit - Figures cover Inner Mongolia coal - based methanol production profit, East China MTO profit (PP&EG type), Taicang methanol - CFR China import spread, and price differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam and CFR China [31][27][32] 3. Methanol Operation and Inventory - Figures show the total methanol port inventory, MTO/P operation rate (including integrated ones), domestic factory sample inventory, and China's methanol operation rate (including integrated ones) [35][36] 4. Regional Price Differences - Figures present price differences such as Lubei - Northwest - 280, Taicang - Inner Mongolia - 550, Taicang - Lunan - 250, etc. [38][53][51] 5. Traditional Downstream Profits - Figures display the production gross margins of Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [52][56]

Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. Core Viewpoint The bond market sentiment is fragile, and the recovery of risk appetite suppresses the bond market. Meanwhile, the continued expectation of the Fed's interest rate cuts and the increasing global trade uncertainty add to the uncertainty of foreign capital inflows. Overall, the bond market fluctuates between the expectations of stable growth and monetary easing. Short - term attention should be paid to the policy signals at the end of the month [3]. Summary by Relevant Catalogs I. Interest Rate Pricing Tracking Indicators - China's CPI (monthly) has a 0.00% month - on - month change and a - 0.40% year - on - year change; China's PPI (monthly) has a 0.00% month - on - month change and a - 2.90% year - on - year change [9]. - The social financing scale is 433.66 trillion yuan, with a month - on - month increase of 2.40 trillion yuan and a growth rate of 0.56%. M2 year - on - year is 8.80%, with no month - on - month change. The manufacturing PMI is 49.40%, with a month - on - month increase of 0.10% and a growth rate of 0.20% [10]. - The dollar index is 97.85, with a day - on - day increase of 0.62 and a growth rate of 0.64%. The offshore dollar - to - RMB exchange rate is 7.1193, with a day - on - day increase of 0.005 and a growth rate of 0.07%. SHIBOR 7 - day is 1.59, with a day - on - day increase of 0.13 and a growth rate of 8.76%. DR007 is 1.59, with a day - on - day increase of 0.11 and a growth rate of 7.52%. R007 is 1.51, with a day - on - day decrease of 0.05 and a decline rate of 3.26%. The 3 - month inter - bank certificate of deposit (AAA) is 1.60, with a day - on - day increase of 0.01 and a growth rate of 0.82%. The AA - AAA credit spread (1Y) is 0.09, with a day - on - day increase of 0.00 and a growth rate of 0.82% [11]. II. Overview of the Treasury Bond and Treasury Bond Futures Market The report provides multiple charts related to the treasury bond and treasury bond futures market, including the closing price trend of the main continuous contracts of treasury bond futures, the price change rates of various treasury bond futures varieties, the trend of the settled funds of various treasury bond futures varieties, the proportion of open interest of various treasury bond futures varieties, etc. [15][17][19] III. Overview of the Money Market Liquidity The report presents charts on the trading statistics of inter - bank pledged repurchase and the issuance of local government bonds, as well as the Shibor interest rate trend and the yield - to - maturity trend of inter - bank certificates of deposit (AAA) [28][34]. IV. Spread Overview The report includes charts on the inter - delivery spread trend of various treasury bond futures varieties and the term spread of spot bonds and the cross - variety spread of futures [32][36][37]. V. Two - Year Treasury Bond Futures The report provides charts on the implied interest rate of the main contract of two - year treasury bond futures and the yield to maturity of treasury bonds, the IRR of the TS main contract and the funding rate, and the three - year basis trend and net basis trend of the TS main contract [39][42][50]. VI. Five - Year Treasury Bond Futures The report offers charts on the implied interest rate of the main contract of five - year treasury bond futures and the yield to maturity of treasury bonds, the IRR of the TF main contract and the funding rate, and the three - year basis trend and net basis trend of the TF main contract [52][56]. VII. Ten - Year Treasury Bond Futures The report contains charts on the implied yield of the main contract of ten - year treasury bond futures and the yield to maturity of treasury bonds, the IRR of the T main contract and the funding rate, and the three - year basis trend and net basis trend of the T main contract [59][61]. VIII. Thirty - Year Treasury Bond Futures The report provides charts on the implied yield of the main contract of thirty - year treasury bond futures and the yield to maturity of treasury bonds, the IRR of the TL main contract and the funding rate, and the three - year basis trend and net basis trend of the TL main contract [66][72]. Strategy - Unilateral: As the repurchase rate rebounds, the price of treasury bond futures fluctuates [4]. - Arbitrage: Pay attention to the decline of the 2512 basis [4]. - Hedging: There is medium - term adjustment pressure, and short - position holders can moderately hedge with far - month contracts [4].

化工日报 | 2025-09-25 地缘升温，PTA跟随成本减仓反弹 市场要闻与数据 1、隔夜原油反弹较明显，亚盘时间偏强震荡。乌克兰对两处俄罗斯石油配送设施发动袭击，特朗普对俄罗斯态度 变强硬，威胁若不愿达成停火协议，将准备大幅加征关税，地缘风险升温，隔夜原油在关键支撑位附近短暂调整 后再度反弹。 2、终端订单有所好转，节前备货及原料价格反弹下长丝产销好转，江浙涤丝昨日产销部分放量，至下午3点半附 近平均产销估算在7-8成 市场分析 成本端，近期油价震荡运行，关注俄乌动态。隔夜原油反弹较明显，亚盘时间偏强震荡。乌克兰对两处俄罗斯石 油配送设施发动袭击，特朗普对俄罗斯态度变强硬，威胁若不愿达成停火协议，将准备大幅加征关税，地缘风险 升温，隔夜原油在关键支撑位附近短暂调整后再度反弹。 PX方面，上上个交易日PXN206美元/吨(环比变动-6.88美元/吨）。近期PX四季度供需面转弱，PXN走弱。中国PX 负荷陆续恢复至偏高负荷运行，同时短期内海外开工将进一步走高。由于综合生产效益较好，国内部分PX装置四 季度检修推迟至明年，以及个别装置四季度扩能，PX供应较预期继续增加。而下游PTA工厂在效益大幅压缩后， 新装 ...

Report Industry Investment Rating - The rating for RU and NR is neutral, and the rating for BR is also neutral [6] Core Viewpoints - For natural rubber, before the end of September, rainfall in the main producing areas may still cause disruptions, supporting the cost of rubber and limiting the decline of rubber prices. The concentrated restocking of downstream tire factories may be over, and with the slight increase in recent domestic arrivals, the domestic inventory reduction is expected to slow down. The demand for downstream tires has entered the seasonal peak season, the recent tire factory operating rate has rebounded, and the rigid consumption of raw materials continues, so the supply - demand contradiction is still not significant. After the downstream purchasing demand subsides, the rubber price is expected to weaken, but the overall decline space will be limited [6] - For BR, recently, the overhauled devices will be restarted one after another, and it is expected that the upstream operating rate will rise again, and the supply of BR will increase month - on - month. The demand side currently shows peak - season characteristics, and the tire factory operating rate has rebounded to the normal level. However, after the concentrated restocking of tire factories ends, the raw material demand has declined. The supply - demand situation shows signs of loosening month - on - month. Recently, there are concerns about cost - side drag on BR. Mainly, the weakening of crude oil prices may lead to an adjustment of butadiene prices. At the same time, the recent inventory of butadiene is at a moderately high level, and there may be pressure after the downstream restocking ends. It is expected that BR will show a weak pattern, but the large price difference with natural rubber still supports the lower price limit of BR [6] Market News and Data Futures - The closing price of the RU main contract was 15,620 yuan/ton, up 95 yuan/ton from the previous day; the NR main contract was 12,465 yuan/ton, up 70 yuan/ton; the BR main contract was 11,520 yuan/ton, up 90 yuan/ton [1] Spot - The price of Yunnan - produced whole latex in the Shanghai market was 14,800 yuan/ton, up 50 yuan/ton. The price of Thai mixed rubber in Qingdao Free Trade Zone was 14,780 yuan/ton, down 70 yuan/ton. The price of Thai 20 - grade standard rubber in Qingdao Free Trade Zone was 1,870 US dollars/ton, up 35 US dollars/ton. The price of Indonesian 20 - grade standard rubber in Qingdao Free Trade Zone was 1,760 US dollars/ton, up 10 US dollars/ton. The ex - factory price of BR9000 of PetroChina Qilu Petrochemical was 11,700 yuan/ton, unchanged from the previous day. The market price of BR9000 of Zhejiang Chuanhua was 11,600 yuan/ton, up 150 yuan/ton [1] Market Information Import - In August 2025, China imported 664,000 tons of natural and synthetic rubber (including latex), a month - on - month increase of 4.73% and a year - on - year increase of 7.79%. From January to August 2025, China's cumulative imports of natural and synthetic rubber (including latex) were 5.373 million tons, a cumulative year - on - year increase of 19.06% [2] Export - In the first eight months of 2025, China's rubber tire export volume reached 650,000 tons, a year - on - year increase of 5.1%; the export value was 114.2 billion yuan, a year - on - year increase of 4.6%. Among them, the export volume of new pneumatic rubber tires reached 626,000 tons, a year - on - year increase of 4.8%; the export value was 109.7 billion yuan, a year - on - year increase of 4.4%. In terms of the number of pieces, the export volume reached 47.86 billion pieces, a year - on - year increase of 5.6%. From January to August, the export volume of automobile tires was 555,000 tons, a year - on - year increase of 4.6%; the export value was 94.4 billion yuan, a year - on - year increase of 4.1% [2][3] Production and Sales of Vehicles - In the first eight months of 2025, the export volume of rubber from Cote d'Ivoire totaled 1.05 million tons, a 14.4% increase compared with 920,000 tons in the same period in 2024. Looking at the August data alone, the export volume increased by 14.8% year - on - year and decreased by 8.9% month - on - month. In August 2025, China's heavy - truck market sales were about 84,000 vehicles (wholesale basis, including exports and new energy), a month - on - month slight decrease of 1% and a year - on - year increase of about 35%. From January to August this year, the cumulative sales of China's heavy - truck market were about 708,000 vehicles, a year - on - year increase of about 13%. From January to August, China's automobile production and sales reached 21.051 million and 21.128 million vehicles respectively, a year - on - year increase of 12.7% and 12.6% respectively. Among them, the production and sales of new energy vehicles reached 9.625 million and 9.62 million vehicles respectively, a year - on - year increase of 37.3% and 36.7% respectively, and the new - energy vehicle sales accounted for 45.5% of the total new - vehicle sales. In terms of exports, from January to August, automobile exports reached 4.292 million vehicles, a year - on - year increase of 13.7%. Among them, new - energy vehicle exports reached 1.532 million vehicles, a year - on - year increase of 87.3% [3] Market Analysis Natural Rubber Spot and Spreads - On September 24, 2025, the RU basis was - 820 yuan/ton (- 45), the spread between the RU main contract and mixed rubber was 740 yuan/ton (- 5), the import profit of smoked sheet rubber was - 3,285 yuan/ton (+ 202.68), the NR basis was 826.00 yuan/ton (+ 182.00); the whole latex was 14,800 yuan/ton (+ 50), the mixed rubber was 14,880 yuan/ton (+ 100), the 3L spot was 15,250 yuan/ton (+ 50). The STR20 was quoted at 1,870 US dollars/ton (+ 35), the spread between whole latex and 3L was - 450 yuan/ton (+ 0); the spread between mixed rubber and styrene - butadiene rubber was 2,780 yuan/ton (+ 100) [4] Raw Materials - The price of Thai smoked sheet was 59.35 Thai baht/kg (- 0.38), the price of Thai glue was 55.30 Thai baht/kg (+ 0.00), the price of Thai cup lump was 50.80 Thai baht/kg (+ 0.35), and the difference between Thai glue and cup lump was 4.50 Thai baht/kg (- 0.35) [4] Operating Rate - The operating rate of all - steel tires was 66.36% (+ 0.05%), and the operating rate of semi - steel tires was 72.74% (+ 0.13%) [5] Inventory - The social inventory of natural rubber was 1,112,557 tons (- 122,953.00), the inventory of natural rubber at Qingdao Port was 461,188 tons (- 3,550), the RU futures inventory was 154,920 tons (+ 3,180), and the NR futures inventory was 44,553 tons (- 1,411) [5] BR Spot and Spreads - On September 24, 2025, the BR basis was 80 yuan/ton (+ 110), the ex - factory price of butadiene from Sinopec was 9,150 yuan/ton (+ 0), the price of BR9000 of Qilu Petrochemical was 11,700 yuan/ton (+ 0), the price of BR9000 of Zhejiang Chuanhua was 11,600 yuan/ton (+ 150), the price of private - owned BR in Shandong was 11,450 yuan/ton (+ 50), and the import profit of BR in Northeast Asia was - 1,559 yuan/ton (- 1) [5] Operating Rate - The operating rate of high - cis BR was 69.72% (- 3.76%) [5] Inventory - The inventory of BR traders was 7,820 tons (- 390), and the inventory of BR enterprises was 25,900 tons (- 400) [5]

Group 1: Industry Investment Rating - High-sulfur fuel oil: Short-term neutral, medium-term downward [2] - Low-sulfur fuel oil: Short-term neutral, medium-term downward [2] - Cross-variety: None [2] - Cross-period: Go long the spread of FU2511 - 2512 at low levels (positive spread) [2] - Spot-futures: None [2] - Options: None [2] Group 2: Core Viewpoints - The market structure of high-sulfur fuel oil has strengthened marginally. The main contract of SHFE fuel oil futures closed up 3.7% at 2,860 yuan/ton, and the main contract of INE low-sulfur fuel oil futures closed up 1.26% at 3,387 yuan/ton [1] - The sharp rise in the FU futures was driven by the rebound of crude oil prices after a continuous correction, which boosted energy sector varieties, and the marginal improvement of the fuel oil's fundamentals, including reduced exports from the Middle East, slightly recovered refinery demand, and supply impacts from sanctions on Iran and drone attacks on Russia. The cancellation of all 29,910 tons of warehouse receipts at Dading Warehouse also supported the FU structure [1] - For low-sulfur fuel oil, the market contradictions are relatively limited. The increased exports from Nigeria's Dangote refinery due to the shutdown of its RFCC unit may continue, but the overall supply pressure is limited due to the decline in arbitrage cargoes from the West in September, medium to low domestic production, and the diversion of low-sulfur components by strong gasoline and diesel premiums [1] Group 3: Figures and Data - Figures include Singapore high-sulfur 380 fuel oil spot price, Singapore low-sulfur fuel oil spot price, Singapore high-sulfur fuel oil swap near-month contract, Singapore low-sulfur fuel oil swap near-month contract, Singapore high-sulfur fuel oil near-month spread, Singapore low-sulfur fuel oil near-month spread, fuel oil FU futures main contract closing price, fuel oil FU futures index closing price, fuel oil FU futures near-month contract closing price, fuel oil FU near-month contract spread, fuel oil FU futures main contract trading volume and open interest, fuel oil FU futures total trading volume and open interest, low-sulfur fuel oil LU futures main closing price, low-sulfur fuel oil LU futures index closing price, low-sulfur fuel oil LU futures near-month contract price, low-sulfur fuel oil LU futures near-month spread, low-sulfur fuel oil LU futures main trading volume and open interest, and low-sulfur fuel oil LU futures total trading volume and open interest [3]

Report Industry Investment Rating - Unilateral: Neutral; Inter - term: After the export window period, conduct anti - arbitrage on UR01 - 05 when it reaches a high; Inter - variety: None [3] Core Viewpoints - The domestic urea spot market has manufacturers reducing prices to attract orders. After the spot price breaks through the previous low, the transaction improves but the sustainability is insufficient. The spot price fluctuates weakly. With the rebound of the futures price, the transaction improves. Attention should be paid to the sentiment of order collection before the festival. The domestic demand is weak, the inventory in urea plants continues to accumulate, mainly in Inner Mongolia. The urea production remains at a high level, and the medium - and long - term supply and demand of urea are still relatively loose. The export side still has a great impact on the sentiment of urea prices. The export window period in September is conducive to continuous exports, and the port inventory is decreasing. Attention should be paid to the resonance period of the increase in export speed and the improvement of domestic demand [2] Summary by Related Catalogs Urea Basis Structure - The report provides information on the market prices of small - particle urea in Shandong and Henan, the basis of Shandong and Henan main - continuous contracts, the price of the urea main - continuous contract, and the 1 - 5, 5 - 9, 9 - 1 spreads, with data sources from Flush and Huatai Futures Research Institute [7][8][9] Urea Production - The report shows the weekly urea production and the loss of urea plant maintenance, with data sources from Flush and Huatai Futures Research Institute [20][26] Urea Production Profit and Operating Rate - It presents the production cost, spot production profit, futures production profit, national capacity utilization rate, coal - based capacity utilization rate, and gas - based capacity utilization rate, with data sources from Flush and Huatai Futures Research Institute [26][27][29] Urea FOB Price and Export Profit - The report includes the FOB prices of small - particle urea in the Baltic Sea, the CFR price of large - particle urea in Southeast Asia, the FOB price of small - particle urea in China, the CFR price of large - particle urea in China, the difference between the FOB prices of small - particle urea in the Baltic Sea and China, the difference between the CFR price of large - particle urea in Southeast Asia and the FOB price in China, the urea export profit, and the futures export profit, with data sources from Flush and Huatai Futures Research Institute [32][33][37] Urea Downstream Operating Rate and Orders - It shows the operating rates of compound fertilizer and melamine, the number of days of pending orders, and the number of days of raw material inventory of urea downstream manufacturers in Hebei, with data sources from Flush and Huatai Futures Research Institute [53][48][54] Urea Inventory and Warehouse Receipts - The report provides information on the upstream in - plant inventory, port inventory, futures warehouse receipts, the holding volume of the main contract, and the trading volume of the main contract, with data sources from Flush and Huatai Futures Research Institute [51][54][57] Market Analysis - **Price and Basis**: On September 24, 2025, the closing price of the urea main contract was 1,673 yuan/ton (+15). The ex - factory price of small - particle urea in Henan was 1,610 yuan/ton (0), in Shandong was 1,610 yuan/ton (+0), and in Jiangsu was 1,620 yuan/ton (+0). The price of small anthracite was 750 yuan/ton (+0). The basis in Shandong was - 63 yuan/ton (-15), in Henan was - 63 yuan/ton (-25), and in Jiangsu was - 53 yuan/ton (-15). The urea production profit was 80 yuan/ton (+0), and the export profit was 1,149 yuan/ton (+9) [1] - **Supply Side**: As of September 24, 2025, the enterprise capacity utilization rate was 81.21% (+0.08%). The total inventory of sample enterprises was 1.2182 million tons (+52,900 tons), and the inventory of port samples was 516,000 tons (-33,400 tons) [1] - **Demand Side**: As of September 24, 2025, the capacity utilization rate of compound fertilizer was 38.63% (+0.81%), the capacity utilization rate of melamine was 56.78% (+1.40%), and the number of days of advance orders of urea enterprises was 6.71 days (+0.53) [1]

Report Summary 1) Report Industry Investment Rating - The report does not provide an industry investment rating. 2) Core Viewpoints - The market will maintain a weak and volatile trend. The asphalt spot prices in Shandong and East China continued to decline, and those in other regions remained stable. Due to the weak fundamentals of crude oil, the upward momentum is insufficient, and the cost - side support for asphalt is limited. With the increase in refinery operating rates, the supply is abundant, while the demand side lacks positive stimuli. Typhoon weather in the southern region has temporarily hindered project construction, and the terminal demand remains weak. The spot market is filled with strong wait - and - see sentiment, and traders and end - users mainly purchase cautiously. The market is expected to continue to fluctuate weakly [1]. 3) Summary Based on Related Catalogs Market Analysis - On September 24th, the closing price of the main asphalt futures contract BU2511 in the afternoon session was 3392 yuan/ton, up 15 yuan/ton or 0.44% from the previous settlement price. The open interest was 216,897 lots, a decrease of 14,925 lots from the previous day, and the trading volume was 152,942 lots, a decrease of 29,145 lots [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast: 3756 - 4086 yuan/ton; Shandong: 3450 - 3720 yuan/ton; South China: 3450 - 3550 yuan/ton; East China: 3510 - 3600 yuan/ton [1]. Strategy - Unilateral: Weak and volatile. - Inter - delivery spread: Short the spread of BU2511 - 2512 (reverse spread). - Inter - commodity spread: None. - Futures - cash: None. - Options: None [2]

Report Industry Investment Rating - L, PP are rated neutral; L01 - L05 and PP01 - PP05 are recommended for reverse spreads; no recommendation for cross - variety trading [3] Core View - For PE, the supply side has seen a more - than - expected return due to the restart of many previously shut - down plants. The demand side has a slight improvement in pre - holiday stocking, but the demand follow - up is slow. The cost side is supported by rising international oil prices, yet the PE trend is still suppressed by the supply side [2] - For PP, the supply pressure remains high despite the decline in overall PP start - up rate. The demand side is in a seasonally improving period, but the recovery is slow. The cost side has a slight rebound in international oil prices. In the short term, PP demand improves but is limited by supply, and low profits restrict its downside [2] Summary by Directory Market News and Important Data - **Price and Basis**: L main contract closed at 7,142 yuan/ton (+37); PP main contract closed at 6,877 yuan/ton (+35). LL North China spot was 7,080 yuan/ton (+10), LL East China spot was 7,110 yuan/ton (+0), PP East China spot was 6,730 yuan/ton (+0). LL North China basis was - 62 yuan/ton (-27), LL East China basis was - 32 yuan/ton (-37), PP East China basis was - 147 yuan/ton (-35) [1] - **Upstream Supply**: PE start - up rate was 80.4% (+2.3%), PP start - up rate was 74.9% (-1.9%) [1] - **Production Profit**: PE oil - based production profit was 177.5 yuan/ton (-139.0), PP oil - based production profit was - 442.5 yuan/ton (-139.0), PDH - based PP production profit was - 267.8 yuan/ton (-8.2) [1] - **Imports and Exports**: LL import profit was - 148.9 yuan/ton (-57.6), PP import profit was - 528.9 yuan/ton (+2.4), PP export profit was 34.9 US dollars/ton (-0.3) [1] - **Downstream Demand**: PE downstream agricultural film start - up rate was 26.8% (+2.6%), PE downstream packaging film start - up rate was 51.8% (+0.5%), PP downstream plastic weaving start - up rate was 43.6% (+0.5%), PP downstream BOPP film start - up rate was 61.4% (-0.1%) [1] Market Analysis - **PE**: Supply side has more plants restarting than planned to shut down; demand side has a slight improvement in pre - holiday stocking but slow follow - up; cost side is supported by rising oil prices, yet the trend is suppressed by supply [2] - **PP**: Supply side has increased supply pressure despite more plants likely to restart; demand side is in a seasonally improving period but with slow recovery; cost side has a slight rebound in oil prices and strong propane. Short - term demand improves but is limited by supply, and low profits restrict downside [2] Strategy - **Single - sided**: L, PP are neutral [3] - **Inter - period**: L01 - L05 reverse spread; PP01 - PP05 reverse spread [3] - **Cross - variety**: No recommendation [3]

Group 1: Report Industry Investment Ratings - The investment strategy for both soybeans and peanuts is neutral [3][4] Group 2: Core Views of the Report - The demand for peanuts is weak, and prices are continuously fluctuating. The new - season soybeans in major producing areas are gradually coming onto the market, with overall good supply and price pressure [1][2][3] Group 3: Summary of Soybean - Related Content Market Analysis - In the futures market, the closing price of the soybeans 2511 contract yesterday was 3907.00 yuan/ton, a change of +29.00 yuan/ton from the previous day, an increase of +0.75%. In the spot market, the basis of edible soybeans was A11 + 313, a change of - 29 from the previous day, a decrease of 32.14% [1] - New - season soybeans in Northeast China are gradually coming onto the market, with the purchase price of raw grains between 1.8 - 2 yuan/jin. Due to climate impact this year, the protein content has declined, and the prices of high - protein sources are firm. In the south, Jiangsu large - white - skinned soybeans have recently come onto the market, with raw grain prices of 2.7 - 2.9 yuan/jin and clean grain prices of 3 - 3.15 yuan/jin. Yesterday, the soybean futures price fluctuated. The purchase price in the Northeast is weak, while the price in the South is stable. Overall supply is good, and prices are under pressure [1][2] Group 4: Summary of Peanut - Related Content Market Analysis - In the futures market, the closing price of the peanut 2511 contract yesterday was 7762.00 yuan/ton, a change of - 6.00 yuan/ton from the previous day, a decrease of - 0.08%. In the spot market, the average peanut price was 8440.00 yuan/ton, a change of +10.00 yuan/ton from the previous day, an increase of +0.12%. The basis was PK11 + 438.00, a change of +6.00 from the previous day, an increase of +1.39% [3] - The average price of national peanut general rice is 4.22 yuan/jin, basically stable. Shandong oil mills' contract purchase price for general rice is 8400 yuan/ton, and Henan oil mills' is 7800 yuan/ton. New peanut - producing areas are increasing, but the overall supply is still small. With the approaching of the Double Festival, downstream stocking demand is still weak, and oil mills' contract purchase prices are stable with limited purchases [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - For pure benzene, the domestic focus is on the commissioning progress of Yulong Cracking 2. The operation of domestic existing plants has slightly declined, the import arrival rhythm has slowed down, and downstream pre - holiday提货 procurement and stocking are fair. The destocking rate of port inventory has increased, and the pure benzene basis has continued to strengthen. The downstream operation of pure benzene has rebounded from the bottom, but the overall operation is still low, and the long - term procurement sustainability of the downstream is questionable [3]. - For styrene, the downstream提货 volume has declined during the peak season, EB arrivals are concentrated, and port inventory has accumulated again. The absolute level of port inventory is still high, and the EB basis is weak. The operation of EB gradually rebounds in late September. Among the EB downstream, the operation of ABS and PS has slightly declined, the operation of EPS before the National Day is fair, and the ABS inventory pressure is large. Overseas, the operation of EB in Europe and the United States is still low, but the price difference of EB in Europe and the United States to China has continued to weaken, and the paper - cargo locked import window of EB has opened [3]. 3. Summary by Directory I. Pure Benzene and EB's Basis Structure and Inter - period Spread - The data of pure benzene's basis and inter - period spread, including the main basis of pure benzene, the basis of the main contract of pure benzene, the spot - M2 paper - cargo spread of pure benzene, and the spread between the first - and third - month contracts of pure benzene are presented [8][12]. - The data of EB's basis and inter - period spread, including the trend and basis of the EB main contract, the basis of the EB main contract, and the spread between the first - and third - month contracts of styrene are presented [15][16]. II. Production Profits and Domestic - Foreign Price Differences of Pure Benzene and Styrene - The production profit and price difference data of pure benzene and styrene are provided, such as naphtha processing fee, the difference between FOB Korea price of pure benzene and CFR Japan price of naphtha, the production profit of non - integrated styrene plants, and the price differences between different regions of pure benzene and styrene [19][22][26]. III. Inventory and Operating Rates of Pure Benzene and Styrene - The inventory and operating rate data of pure benzene and styrene are given. Pure benzene's East China port inventory is 10.70 tons (- 2.70 tons), and its operating rate has relevant changes. Styrene's East China port inventory is 186,500 tons (+ 27,500 tons), its East China commercial inventory is 98,500 tons (+ 20,500 tons), and its operating rate is 73.4% (- 1.5%) [1][35][38]. IV. Operating Rates and Production Profits of Styrene's Downstream - The operating rates and production profits of styrene's downstream products are shown. EPS production profit is 194 yuan/ton (- 54 yuan/ton), PS production profit is - 76 yuan/ton (- 74 yuan/ton), ABS production profit is - 23 yuan/ton (- 39 yuan/ton). EPS operating rate is 61.74% (+ 0.72%), PS operating rate is 61.20% (- 0.70%), and ABS operating rate is 69.80% (- 0.20%) [2][45]. V. Operating Rates and Production Profits of Pure Benzene's Downstream - The operating rates and production profits of pure benzene's downstream products are presented. For example, the production profit of caprolactam is - 1995 yuan/ton (- 105), the production profit of phenol - acetone is - 196 yuan/ton (+ 0), the production profit of aniline is 62 yuan/ton (+ 91), and the production profit of adipic acid is - 1356 yuan/ton (- 50). The operating rates of caprolactam, phenol, aniline, and adipic acid also have corresponding changes [1][53][60]. 4. Strategy - Unilateral: Short - hedge BZ and EB at high prices [4]. - Basis and inter - period: No relevant strategies [4]. - Cross - variety: No relevant strategies [4].