Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - For pure benzene, domestic attention is on the commissioning progress of Yulong Cracking Unit 2. The operation of domestic existing plants has slightly declined, and the rhythm of imports has slowed down. Downstream提货 and procurement for stocking before the festival have increased the de - stocking rate of port inventories. The downstream operation of pure benzene has rebounded from the bottom, but the overall operation is still low, and the sustainability of downstream procurement is questionable [3]. - For styrene, the downstream提货 volume has declined during the peak season, and the arrival of EB has been concentrated, leading to the re - accumulation of port inventories. The absolute level of port inventories is still high, and the EB basis has further weakened. The operation of EB has gradually recovered since late September. Among the downstream of EB, the operation of ABS and PS has slightly declined, while the operation of EPS before the National Day was acceptable, and the inventory pressure of ABS is relatively large. Overseas, the operation of EB in Europe and the United States is still low, but the price difference between EB in Europe and the United States and China has continued to weaken, and the paper - cargo locked import window for EB has been opened [3]. Summary According to Relevant Catalogs I. Pure Benzene and EB's Basis Structure and Inter - Period Spread - The pure benzene main contract basis is - 30 yuan/ton (+36), and the spot - M2 spread is 0 yuan/ton (+20 yuan/ton). The EB main contract basis is 0 yuan/ton (- 42 yuan/ton) [1]. II. Production Profits and Internal - External Price Differences of Pure Benzene and Styrene - Pure benzene CFR China processing fee is 132 US dollars/ton (- 3 US dollars/ton), and FOB Korea processing fee is 114 US dollars/ton (- 2 US dollars/ton). The US - Korea price difference of pure benzene is 37.5 US dollars/ton (- 3.0 US dollars/ton). The non - integrated production profit of styrene is - 562 yuan/ton (- 87 yuan/ton) and is expected to gradually compress [1]. III. Inventories and Operating Rates of Pure Benzene and Styrene - Pure benzene port inventory is 10.70 million tons (- 2.70 million tons), and the operating rate has a slight decline. Styrene East China port inventory is 186,500 tons (+27,500 tons), East China commercial inventory is 98,500 tons (+20,500 tons), and the operating rate is 73.4% (- 1.5%) [1]. IV. Operating Rates and Production Profits of Styrene Downstream - EPS production profit is 249 yuan/ton (- 1 yuan/ton), PS production profit is - 1 yuan/ton (- 1 yuan/ton), and ABS production profit is 16 yuan/ton (+81 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]. V. Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam production profit is - 1890 yuan/ton (- 85), phenol - acetone production profit is - 196 yuan/ton (+0), aniline production profit is 62 yuan/ton (+91), and adipic acid production profit is - 1306 yuan/ton (- 12). Caprolactam operating rate is 88.69% (+2.48%), phenol operating rate is 71.00% (+2.00%), aniline operating rate is 71.95% (+6.74%), and adipic acid operating rate is 62.60% (- 1.60%) [1] Strategies - Unilateral: Short - hedge BZ and EB on rallies [4] - Basis and inter - period: None [4] - Cross - variety: None [4]

Report Industry Investment Rating - Unilateral: Neutral [3] Core Viewpoints - The EG market is in a weak consolidation state. The spot price of EG in the East China market and the closing price of the main EG contract both decreased, and the production profit also declined. The inventory showed a slight increase. The supply side has high domestic load and many overseas supply losses, with potential reduction in imports from September to October. The demand side has slow recovery and insufficient order connection, and the polyester load is expected to remain stable with limited upside. The EG balance sheet in September has little imbalance, with low main - port inventory, but the early output of Yulong advances the inventory accumulation time, resulting in greater inventory accumulation pressure in the fourth quarter [1][2] Summary by Directory Price and Basis - The closing price of the main EG contract was 4,212 yuan/ton (down 28 yuan/ton or -0.66% from the previous trading day), and the spot price of EG in the East China market was 4,292 yuan/ton (down 50 yuan/ton or -1.15% from the previous trading day). The spot basis of EG in East China (based on the 2509 contract) was 84 yuan/ton (down 9 yuan/ton month - on - month) [1] Production Profit and Operating Rate - The production profit of ethylene - made EG was -73 US dollars/ton (down 3 US dollars/ton month - on - month), and the production profit of coal - made syngas - made EG was -247 yuan/ton (down 19 yuan/ton month - on - month) [1] International Spread - No specific data or analysis is provided in the given text Downstream Sales, Production and Operating Rate - The current demand is recovering slowly, with insufficient order connection. It is expected that the polyester load will remain stable, but the upside may be limited. Attention should be paid to the time of concentrated order placement in the later stage [2] Inventory Data - According to CCF data released every Monday, the inventory of MEG in the main ports of East China was 46.7 tons (up 0.2 tons month - on - month); according to Longzhong data released every Thursday, it was 38.4 tons (up 2.1 tons month - on - month). The actual arrival volume at the main ports last week was 8.3 tons, and the port inventory remained stable with a slight increase. The planned arrival volume at the main ports in East China this week is 7.3 tons, and the planned arrival volume at the secondary ports is 2.3 tons [1]

盘面偏弱现货成交好转 新能源及有色金属日报 | 2025-09-24 重要数据 铝现货方面：SMM数据，华东A00铝价20680元/吨，较上一交易日变化-70元/吨，华东铝现货升贴水-10元/吨， 较上一交易日变化10元/吨；中原A00铝价20660元/吨，现货升贴水较上一交易日变化30元/吨至-30元/吨；佛山 A00铝价录20630元/吨，较上一交易日变化-70元/吨，铝现货升贴水较上一交易日变化5元/吨至-60元/吨。 铝期货方面：2025-09-23日沪铝主力合约开于20700元/吨，收于20685元/吨，较上一交易日变化-85元/吨，最 高价达20735元/吨，最低价达到20655元/吨。全天交易日成交123298手，全天交易日持仓225448手。 库存方面，截止2025-09-23，SMM统计国内电解铝锭社会库存63.8万吨，较上一期变化0.0吨，仓单库存68960 吨，较上一交易日变化-1801吨，LME铝库存513850吨，较上一交易日变化-50吨。 氧化铝现货价格：2025-09-23SMM氧化铝山西价格录得2960元/吨，山东价格录得2930元/吨，河南价格录得 3005元/吨，广西价格录 ...

新能源及有色金属日报 | 2025-09-24 宏观分歧渐起，镍不锈钢价格弱势震荡 市场分析 2025-09-23日沪镍主力合约2510开于121140元/吨，收于120730元/吨，较前一交易日收盘变化-0.58%，当日成交量 为52899（-13200）手，持仓量为37993（6250）手。 期货方面：昨日沪镍主力合约低开低走，全天呈弱势震荡走势，最高121440元/吨，最低120500元/吨。宏观面来看， 继上周美联储降息 25 个基点后，美联储内部再现政策分歧，多位官员发声抑制降息预期，强调当前利率水平适宜， 对镍价形成一定压力。 镍矿方面：新一轮报价开出，菲律宾CNC矿山1.3%FOB31。近期受台风天气影响，部分沿海地区镍矿卸货受阻。 菲律宾方面，矿山报价维持坚挺。装船方面，苏里高等矿区未受影响，下游铁厂亏损仍存，对原料镍矿采购维持 谨慎压价心理。印尼方面，镍矿市场供应持续宽松格局。9月(二期)内贸基准价上涨0.2-0.3美元，内贸升水方面， 当前升水维持+24，升水区间为+23-24。 现货方面：金川集团上海市场销售价格123000元/吨，较上一个交易日下跌800元/吨。现货交投有所升温，各品牌 ...

农产品日报 | 2025-09-24 棉价延续震荡，纸浆低位盘整 棉花观点 市场要闻与重要数据 期货方面，昨日收盘棉花2601合约13540元/吨，较前一日变动-70元/吨，幅度-0.51%。现货方面，3128B棉新疆到 厂价15070元/吨，较前一日变动-76元/吨，现货基差CF01+1530，较前一日变动-6；3128B棉全国均价15133元/吨， 较前一日变动-91元/吨，现货基差CF01+1593，较前一日变动-21。 市场分析 昨日郑棉期价震荡收跌。国际方面，9月USDA报告调增全球棉花产量和消费量，期初库存和期末库存继续调减， 全球库存创近四年低点，不过USDA对于部分增产国家的产量调整或尚未到位。此次美棉供需数据基本没有变化， 仅产量微增，消费量、进出口量和期末库存均无变化。整体来看，美棉新年度供需预期有望较此前有一定改善， 对美棉形成较强支撑，但由于当前美棉出口销售进度同比偏慢，短期上方空间受到压制，中长期需关注美棉减产 预期的落地情况。国内方面，国内棉花去库速度持续偏快，商业库存降至同期低位。8月滑准税配额靴子终于落地， 但年度末供应偏紧的格局并未改变，叠加旺季来临需求边际改善，短期国内棉价 ...

Report Industry Investment Rating - The rating for L and PP is neutral [4] Core Viewpoints - The polyolefin market continues its weak consolidation due to slow demand follow - up. For PE, supply exceeds expectations, demand improvement is slow, and cost support is insufficient, so its trend is suppressed by supply. For PP, supply pressure is large, demand recovery is slow, and low profit limits its downside [2][3] Summary by Directory 1. Polyolefin Basis Structure - The L main - contract closing price is 7105 yuan/ton (- 25), PP main - contract closing price is 6842 yuan/ton (- 31), LL North China spot price is 7070 yuan/ton (- 40), LL East China spot price is 7110 yuan/ton (- 60), PP East China spot price is 6730 yuan/ton (+ 0), LL North China basis is - 35 yuan/ton (- 15), LL East China basis is 5 yuan/ton (- 35), and PP East China basis is - 112 yuan/ton (+ 31) [1] 2. Production Profit and Operating Rate - PE operating rate is 80.4% (+ 2.3%), PP operating rate is 74.9% (- 1.9%). PE oil - based production profit is 316.5 yuan/ton (+ 9.5), PP oil - based production profit is - 363.5 yuan/ton (+ 9.5), PDH - based PP production profit is - 267.8 yuan/ton (- 8.2) [1] 3. Polyolefin Non - Standard Price Difference - Information not summarized from the given text 4. Polyolefin Import and Export Profits - LL import profit is - 91.3 yuan/ton (+ 1.5), PP import profit is - 531.3 yuan/ton (+ 1.5), PP export profit is 35.2 US dollars/ton (- 0.2) [1] 5. Polyolefin Downstream Operating Rate and Downstream Profits - PE downstream agricultural film operating rate is 26.8% (+ 2.6%), PE downstream packaging film operating rate is 51.8% (+ 0.5%), PP downstream plastic weaving operating rate is 43.6% (+ 0.5%), PP downstream BOPP film operating rate is 61.4% (- 0.1%) [1] 6. Polyolefin Inventory - Information not summarized from the given text Strategies - Unilateral: Neutral for L and PP - Inter - period: Reverse spread for L01 - L05 and PP01 - PP05 - Inter - variety: None [4]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The cost - side support for asphalt is limited, and there is a lack of substantial positive factors in demand. The market may maintain a weak and volatile trend [1][2]. 3) Summary by Relevant Catalogs Market Analysis - On September 23, the closing price of the main asphalt futures contract BU2511 in the afternoon session was 3373 yuan/ton, down 41 yuan/ton or 1.2% from the previous settlement price. The open interest was 231,822 lots, a decrease of 4,519 lots from the previous day, and the trading volume was 182,087 lots, an increase of 14,686 lots [2]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast 3,756 - 4,086 yuan/ton; Shandong 3,480 - 3,720 yuan/ton; South China 3,450 - 3,550 yuan/ton; East China 3,520 - 3,600 yuan/ton. The spot prices in Shandong, East China, and South China declined, while those in other regions remained stable [2]. - Against the backdrop of the Fed's interest - rate cuts, the weak fundamentals of crude oil limit its upward momentum, resulting in limited cost - side support for asphalt. Most regions maintain a pattern of strong supply and weak demand, with no substantial positive factors on the demand side. Typhoon weather has temporarily hindered construction in South China, leading to strong market wait - and - see sentiment, and the market may maintain a weak and volatile trend [2]. Strategy - Unilateral: Weak and volatile. - Inter - delivery spread: None. - Inter - commodity spread: None. - Spot - futures: None. - Options: None [3]

油脂日报 | 2025-09-24 阿根廷关税政策调整，油脂承压运行 油脂观点 市场分析 期货方面，昨日收盘棕榈油2601合约9054.00元/吨，环比变化-306元，幅度-3.27%；昨日收盘豆油2601合约8086.00 元/吨，环比变化-280.00元，幅度-3.35%；昨日收盘菜油2601合约9996.00元/吨，环比变化-147.00元，幅度-1.45%。 现货方面，广东地区棕榈油现货价8860.00元/吨，环比变化-400.00元，幅度-4.32%，现货基差P01+-194.00，环比变 化-94.00元；天津地区一级豆油现货价格8220.00元/吨，环比变化-310.00元/吨，幅度-3.63%，现货基差Y01+134.00， 环比变化-30.00元；江苏地区四级菜油现货价格10220.00元/吨，环比变化-140.00元，幅度-1.35%，现货基差 OI01+224.00，环比变化+7.00元。 近期市场咨询汇总：据外媒报道，9月23日（周二），印尼国有棕榈油生产商Agrinas Palma Nusantara首席执行官Agus Sutomo称，2025年毛棕榈油产量目标为41.5万吨。202 ...

新能源及有色金属日报 | 2025-09-24 多晶硅现货价格仍有支撑，盘面回落后有所企稳 工业硅： 市场分析 2025-09-23，工业硅期货价格震荡运行，主力合约2511开于8930元/吨，最后收于8925元/吨，较前一日结算变化（-210） 元/吨，变化（-2.30）%。截止收盘，2511主力合约持仓273696手，2025-09-23仓单总数为49963手，较前一日变化 161手。 供应端：工业硅现货价格企稳。据SMM数据，昨日华东通氧553#硅在9400-9600（0）元/吨；421#硅在9600-9800 （0）元/吨，新疆通氧553价格8900-9100（0）元/吨，99硅价格在8900-9100（0）元/吨。昆明、黄埔港、西北、天 津、新疆、四川、上海地区硅价小幅持稳。97硅价格小幅持稳。 消费端：据SMM统计，有机硅DMC报价10900-11200（0）元/吨。SMM报道，当前部分单体厂预售排单已至本月 底及下月初，在预售订单，及成本端支撑逐渐增强的情况下，单体厂挺价意愿逐步提升，但根据市场反馈来看， 价格上行仍面临明显制约，自价格开始探涨后，新单成交情况转淡，下游企业对高于低位区间的报价仍 ...

FICC日报 | 2025-09-24 风险 若国内政策落地不及预期、海外货币政策超预期、地缘风险升级，股指有下行风险 市场分析 关注"十五五"规划。国内方面，工信部部长李乐成表示，"十五五"时期，要实施培育新兴产业打造新动能行动， 加快打造一批新兴支柱产业；建立未来产业投入增长机制，开辟人形机器人、脑机接口、元宇宙、量子信息等新 赛道，创建一批未来产业先导区。海外方面，鲍威尔表示，从许多衡量指标来看，比如股票价格，目前的确相当 高估。但他也表示，目前并不是金融稳定风险高企的时候；美联储的职责不是盯着股价或决定合理估值是多少。 此外，他未就美联储是否会在10月会议上降息给出任何暗示，令市场失望。 指数坚挺。现货市场，A股三大指数震荡收红，沪指跌0.18%收于3821.83点，创业板指涨0.21%。行业方面，板块 指数涨多跌少，仅银行、煤炭、电力设备等五个行业收红，社会服务、商贸零售、计算机、钢铁行业跌幅居前。 当日沪深两市成交金额为2.5万亿元。海外方面，美国三大股指全线收跌，纳指跌0.95%报22573.473点。 期指增仓。期货市场，基差方面，IC、IM贴水程度继续加深。成交持仓方面，股指期货成交量和持仓 ...