Group 1: General Information - Reported industry: Soybean meal [1] - Report date: September 22, 2025 [2] - Research team: Agricultural product research team including Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Market Review and Operational Suggestions Market Review - **Domestic Futures Contracts**: For September 22, 2025, the main domestic soybean meal futures contracts showed varying trends. The closing prices of contracts 2601, 2509, and 2511 were 3014, 2899, and 2985 respectively, with corresponding increases of 0.43%, 0.35%, and 0.57%. The trading volumes were 895,606, 5,531, and 63,022 respectively, and the open interest changes were -50,756, 1,848, and -3,744 respectively [6]. - **External Market**: The US soybean futures contracts fluctuated, with the main contract at 1045 cents. The weather for the new - season US soybeans continued to deteriorate, with the latest good - to - excellent rate dropping to 63%, lower than the same period last year, and the drought - affected area rising from 22% a week ago to 33%. The current weather pattern is similar to last year, and there may be adjustments to the yield per unit in the October report [6]. - **Market Focus**: The market focused on the Sino - US economic and trade relations negotiation. From the 14th - 17th, Sino - US representatives held talks in Spain, reaching a general framework agreement on the TikTok incident. However, no further news was reported later in the week. In Brazil, there was sporadic rainfall this week, and the sowing time of new - season soybeans may still be delayed [6]. Operational Suggestions - In the short term, the CBOT price lacks drivers and maintains a narrow - range fluctuation. Externally, attention should be paid to weather and economic and trade negotiations. Domestic soybean meal has been significantly weaker than the external market this week. Due to the slightly bearish USDA report in September and the relatively smooth Sino - US negotiations, the market's long - position risk - aversion sentiment is strong. It is recommended that investors reduce their positions to avoid risks before the National Day. Under the assumption of unchanged tariffs, the long - position window may be in the fourth quarter [6]. Group 3: Industry News - USDA: In September, the expected soybean production in the US for the 2025/2026 season was 4.301 billion bushels, the expected ending stocks were 300 million bushels, and the expected yield per acre was 53.5 bushels, all slightly higher than market expectations [7]. - USDA Crop Growth Report: As of the week ending September 14, 2025, the good - to - excellent rate of US soybeans was 63%, the harvest rate was 5%, and the defoliation rate was 41% [8]. Group 4: Data Overview - There are multiple data charts including the ex - factory price of soybean meal, the basis of the 01 contract, the 1 - 5 spread, the 5 - 9 spread, the US dollar - RMB central parity rate, and the US dollar - Brazilian real exchange rate, with data sources from Wind and the Research and Development Department of CCB Futures [14][16][13]

行业 贵金属日评 日期 2025 年 9 月 22 日 宏观金融团队 研究员：何卓乔(宏观贵金属) 021-60635739 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 请阅读正文后的声明 每日报告 一、贵金属行情及展望 日内行情： 虽然美元指数因美联储预计 2026 年之后大幅放缓降息步伐以及英国央行放 缓缩表步伐、日本央行按兵不动等信息而连续三个交易日回升，但市场乐观评估 特朗普政府压力下的美联储降息进程，伦敦黄金在 3630 美元/盎司附近企稳小幅 反弹。4 月下旬至 8 月份金价横盘震荡消化高估值压力，但美联储降息东风助推 金价于 9 月初突破阻力而开启新一轮上涨趋势，本轮涨势或延续至 2026 年春夏之 交，建议投资者继续持多头思路参与贵金属交易，空头套保者可适当 ...

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: September 19, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Investment Rating - Not provided Core Viewpoints - The SCFIS has fallen below 1500 points for nine consecutive weeks, and online quotes in the second half of September have been further reduced. The decline in freight rates shows characteristics of a smooth downward trend in the off - season, and the decline has further expanded. There is a low - long opportunity in the December contract, and the October contract is recommended to be short - allocated on rallies [8]. Summary by Section 1. Market Review and Operation Suggestions - This week, the SCFIS dropped below 1500 points for nine consecutive weeks. Online quotes in the second half of September were further reduced, with the lowest price breaking through $1600 per 40 - foot container. The price of major shipping companies showed a smooth downward trend in the off - season, and the decline expanded. The current empty - sailing scale is not significantly higher than last year, while the overall shipping capacity has increased. There may be an opportunity to go long in the December contract, and the October contract is recommended to be short - allocated on rallies [8]. 2. Industry News - From September 8th to 12th, the China Export Container Shipping Market was basically stable, with freight rates falling on most routes, dragging down the comprehensive index. In August, China's exports increased by 4.4% year - on - year. The Shanghai Export Containerized Freight Index on September 12th was 1398.11 points, down 3.2% from the previous period. In the European route, China's exports to Europe increased by 10.4% year - on - year in August, and the trade volume with the EU in the first eight months increased by 4.3% year - on - year. In the Mediterranean route, the spot booking price continued to decline. In the North American route, the US employment market slowed down significantly, and China's exports to the US decreased by more than 30% year - on - year in August, but the market freight rates continued to rise. The Middle East situation has become tense again [9][10]. 3. Data Overview 3.1 Container Shipping Spot Prices | Route | 2025/9/15 | 2025/9/8 | Change | MoM (%) | |--|--|--|--|--| | SCFIS: European Route (Base Ports) | 1440.24 | 1566.46 | - 126.22 | - 8.1% | | SCFIS: US West Route (Base Ports) | 1349.84 | 980.48 | 369.36 | 37.7% | [12] 3.2 Container Shipping Index (European Line) Futures Market - Trading data of container shipping European line futures on September 18th are provided, including contract details such as EC2510, EC2512, etc., with information on previous settlement price, opening price, closing price, settlement price, change, change rate, trading volume, open interest, and open interest change [6]. 3.3 Shipping - Related Data Charts - Charts include the container ship capacity in Europe, global container ship orders on hand, Shanghai - European base port freight rates, and Shanghai - Rotterdam spot freight rates [17][19]

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: September 19, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Industry Investment Rating - Not provided Core Viewpoints - After a 25bp interest rate cut and the dot - plot indicating two more cuts this year, the dollar index first fell then rose. With the exhaustion of positive factors, non - ferrous metals declined, and copper and tin led the fall. Shanghai zinc closed at 22,035 yuan/ton, down 245 yuan or 1.10%, with a 10 - 11 spread of - 10. The fundamentals changed little. Enterprises' point - price purchases led to a slight decline in inventory, but the sustainability of de - stocking is to be observed. Spot premiums rose due to increased point - price purchases during the price decline. The pattern of strong overseas and weak domestic zinc markets continued, and there is an expectation of opening the refined zinc export window. Attention should be paid to the support at the 22,000 - yuan level of Shanghai zinc [7]. Section Summaries 1. Market Review - Futures Market: For SHFE zinc 2510, it opened at 22,175 yuan/ton, closed at 22,035 yuan/ton, with a high of 22,205 yuan/ton, a low of 21,950 yuan/ton, down 245 yuan or 1.10%, and the position decreased by 6,337 to 71,757. For SHFE zinc 2511, it opened at 22,215 yuan/ton, closed at 22,045 yuan/ton, down 240 yuan or 1.08%, and the position increased by 15,427 to 109,570. For SHFE zinc 2512, it opened at 22,230 yuan/ton, closed at 22,070 yuan/ton, down 230 yuan or 1.03%, and the position increased by 2,794 to 33,436 [7]. - Inventory: Seven - region zinc ingot inventory decreased by 0.21 million tons to 15.85 million tons [7]. - Spot Premium: Shanghai market quoted a discount of 20 yuan/ton to the 10 - contract, Tianjin quoted a discount of 20 yuan/ton to the Shanghai market, and Guangdong quoted a discount of 90 yuan/ton to the 11 - contract, with the Shanghai - Guangdong spread narrowing [7]. 2. Industry News - On September 18, 2025, the mainstream transaction price of 0 zinc was 21,930 - 22,070 yuan/ton, and different brands had different premiums or discounts to the contract [8]. - In the Ningbo market, the mainstream brand 0 zinc was traded at 21,930 - 22,050 yuan/ton, with different quotes to the 2510 contract and the Shanghai spot [8]. - In the Tianjin market, 0 zinc was traded at 21,970 - 22,090 yuan/ton, and different brands had different quotes to the 2510 contract and the Shanghai market [8]. - In the Guangdong market, 0 zinc was traded at 21,830 - 22,030 yuan/ton, with a discount of 90 yuan/ton to the 2511 contract and a discount of 10 yuan/ton to the Shanghai spot, and the Shanghai - Guangdong spread narrowed [9]. 3. Data Overview - The report includes charts on the price trends of zinc in two markets, SHFE monthly spreads, SMM seven - region zinc ingot weekly inventory, and LME zinc inventory, with data from Wind, SMM, and the research and development department of CCB Futures [11][13]

Group 1: General Information - Reported industry: Oil and fat [1] - Report date: September 19, 2025 [2] - Research analysts: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operational Suggestions Market Review | Futures Contract | Previous Settlement Price | Opening Price | High Price | Low Price | Closing Price | Change | Change Rate | Trading Volume | Open Interest Change | Special Price Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | P2605 | 9258 | 9198 | 9212 | 9090 | 9108 | -150 | -1.62% | 44838 | 89682 | 3604 | | P2601 | 9494 | 9408 | 9428 | 9280 | 9304 | -190 | -2.00% | 627749 | 423179 | -12824 | | Y2605 | 8132 | 8090 | 8114 | 8000 | 8022 | -110 | -1.35% | 48401 | 223676 | -982 | | Y2601 | 8422 | 8352 | 8366 | 8262 | 8284 | -138 | -1.64% | -348953 | 574844 | -13601 | | OI2605 | 9572 | 9533 | 9541 | 9462 | - | -0.80% | 14529 | 47029 | 806 | | OI2601 | 10055 | 9991 | 10010 | 9926 | 9984 | - | -0.71% | 266924 | 326231 | -10512 | [7] Basis Price Information - East China Grade 3 rapeseed oil: September - October: OI2601 + 220; November - December: OI2601 + 230 - East China Grade 1 rapeseed oil: September: OI2601 + 310; October: OI2601 + 330 - East China Grade 1 soybean oil basis price: Spot: Y2601 + 150; October: Y2601 + 160; October - January: Y2601 + 190; February - May: Y2601 + 130; April - July: Y2605 + 200 - East China 24 - degree palm oil liquid oil distribution quote basis: September: P2601 - 50; October: P2601 + 0; October - November: P2601 + 50 [7] Core View - Bullish funds left the market, and the oil and fat market continued to decline. The negative factors mainly came from the external market. The EPA proposed a supplementary rule for the renewable fuel standard to solve the exemption problem of small refineries, but it was not finalized, disappointing the market. Also, the harvest of US soybeans and Canadian rapeseed was approaching, and the harvest pressure and uncertain demand prospects under the trade - war background weighed on the market. Near - term rapeseed oil continued the de - stocking trend, with relatively concentrated supply, and traders mainly tried to sell at higher prices, leading to a continuous increase in the basis price. Attention should be paid to the China - Canada trade situation and the supply of rapeseed raw materials. Recently, the oil and fat market faced pressure on the upside but also had support on the downside. Wait for the technical correction to end. In the long - and medium - term, the oil and fat market is bullish due to the favorable biodiesel policy [8] Group 3: Industry News - According to the data released by shipping surveyor ITS, Malaysia's palm oil exports from September 1 - 15 were 742,648 tons, a 2.5% increase compared to 724,191 tons in the same period of August. Exports to China were 11,000 tons, a significant increase from 8,800 tons in the previous month. - According to the data from the Southern Palm Oil Millers Association of Malaysia (SPPOMA), Malaysia's palm oil production from September 1 - 15 decreased by 8.05% month - on - month. The fresh fruit bunch (FFB) yield per unit area decreased by 6.94% month - on - month, and the oil extraction rate (OER) decreased by 0.21% month - on - month. - According to the data released by shipping surveyor SGS, Malaysia's palm oil exports from September 1 - 15 were 404,688 tons, a 24.7% decrease compared to 537,183 tons in the same period of August. Exports to China were 34,000 tons, higher than 14,000 tons in the previous month. [9] Group 4: Data Overview - The report includes multiple data charts, such as the spot price of East China Grade 3 rapeseed oil, East China Grade 4 soybean oil, South China 24 - degree palm oil, palm oil basis change, soybean oil basis change, rapeseed oil basis change, P1 - 5 spread, P5 - 9 spread, P9 - 1 spread, US dollar - Ringgit exchange rate, and US dollar - RMB exchange rate. The data sources are Wind and the Research and Development Department of CCB Futures [11][13][21]

Group 1: Report Overview - Report Title: Soda Ash and Glass Daily Report [1] - Report Date: September 19, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Industry Investment Rating - Not provided Group 3: Core Views - Soda ash industry contradictions have eased in the short - term, but the supply still exceeds demand. The market is expected to have an oscillating and upward - trending price, and attention should be paid to macro changes [8]. - Glass futures' main contract is expected to maintain an oscillating trend in the short - term [10]. Group 4: Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - On September 18, the main futures contract SA601 of soda ash had an oscillating and weak price, with a closing price of 1306 yuan/ton, a decrease of 27 yuan/ton and a decline of 2.02%, and an increase of 52,381 lots in positions [7]. - Fundamentally, weekly production decreased to 745,700 tons, a 2.02% week - on - week decline. Factory inventories decreased to 1.7556 million tons, 41,900 tons less than last Thursday. Total shipments reached 787,600 tons, a 0.25% week - on - week increase, and the overall shipment rate was 105.62%, a 2.39 - percentage - point increase [8]. - Macroscopically, there is no new policy information to ease the involution, and the possibility of policy implementation in the short - term is low. The supply - demand imbalance persists, but the market price is stimulated by the warming macro - sentiment, the approaching peak season, and the anti - involution expectation [8]. Glass - Fundamentally, the overall glass production showed a slight upward trend but remained at a low level. Spot prices rose, improving industry profits. Deep - processing orders remained stable, mainly driven by rigid demand, and inventory started to accumulate again [9]. - For float glass, supply - side pressure has marginally eased, with some cost support, but demand is weak. New - house glass demand is declining, while automobile and home - appliance production supports glass demand. Photovoltaic glass has seen a significant price increase due to strong demand [9][10]. - Macroscopically, with the boost of peak - season demand and the strengthening of anti - involution expectations, the main glass futures contract is expected to oscillate in the short - term [10]. Group 5: Data Overview - Provided figures include the price trends of active contracts for soda ash and glass, soda ash weekly production, soda ash enterprise inventory, central China heavy soda market price, and flat glass production [12][14][17]

Report Information - Report Date: September 19, 2025 [2] - Report Type: Pig Daily Report [1] Industry Investment Rating - No information provided Core Viewpoints - On the supply side, in September, the planned sales volume of sample breeding enterprises was 25.7 million heads, a 3.92% increase from the actual output in August, and the daily average increase was 7.39%. The slaughter volume may continue to increase significantly, and the utilization rate of second - fattening pens remains high. In the long term, the pig slaughter before the Spring Festival may still show a slight increase. On the demand side, the price difference between fat and standard pigs has slightly widened, the fattening cost is still low, and the current second - fattening is mainly in a wait - and - see state. The overall supply - demand is loose, and the price is still weak. In the futures market, the supply of pigs before the Spring Festival is expected to increase slightly. Although the supply - demand margin of the 2511 and 2601 contracts may improve, they are mainly weak due to the current large spot supply pressure [7] Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 18th, the main 2511 contract of live pigs opened lower, then rose and fell back, and fluctuated downwards, closing with a negative line. The highest was 12,965 yuan/ton, the lowest was 12,820 yuan/ton, and the closing price was 12,830 yuan/ton, a 1.72% decrease from the previous day. The total open interest of the index increased by 13,438 lots to 247,934 lots [6] - **Spot Market**: On the 18th, the average price of ternary pigs nationwide was 12.78 yuan/kg, a decrease of 0.17 yuan/kg from the previous day [6] 2. Industry News - As of September 11, the average profit per head of self - breeding and self - raising pigs was 54 yuan/head, a weekly decrease of 45 yuan/head; the average profit per head of purchasing piglets for breeding was - 175.8 yuan/head, a weekly decrease of 63 yuan/head [8][10] 3. Data Overview - **15kg Piglet Price**: In the week of September 11, the average market sales price of 15kg piglets was 394 yuan/head, a decrease of 32 yuan/head from the previous week [13] - **Price Difference between Fat and Standard Pigs**: In the week of September 11, the price difference between 150 - kg fat pigs and standard pigs was 0.13 yuan/jin, a weekly decrease of 0.06 yuan/jin [13] - **Fattening Cost**: The cost of fattening from 110 kg to 140 kg was 13.18 yuan/kg, a decrease of 0.24 yuan/kg from the previous week; the cost of fattening from 125 kg to 150 kg was 13.52 yuan/kg, a decrease of 0.17 yuan/kg from the previous week [13] - **Slaughtering Enterprise Operating Rate**: In the week of September 11, the operating rate of slaughtering enterprises was 31.40%, a 0.13 - percentage - point increase from the previous week and a 4.15 - percentage - point increase year - on - year. The weekly operating rate fluctuated between 31.20% and 31.71% [13] - **National Average Slaughter Weight**: As of the week of September 11, the national average slaughter weight of pigs was 128.32 kg, a 0.09 - kg increase from the previous week, a 0.07% increase month - on - month, and a 2.36 - kg increase from the same period last year, a 1.84% increase year - on - year [13]

Report Information - Report Name: Treasury Bond Daily Report [1] - Date: September 19, 2025 [2] - Research Team: Macro Finance Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided in the report Core Viewpoints - The Fed cut interest rates as expected, but China is unlikely to follow suit in the short term. Expectations for the central bank to restart bond purchases have also cooled. Due to tax period disturbances, treasury bond futures adjusted across the board [8]. - Yields of major term interest rate bonds in the inter - bank market rose across the board, with medium - and long - term increases mostly around 2bp. By 16:30 pm, the yield of the 10 - year treasury bond active bond 250011 reported 1.7825%, up 1.95bp [9]. - Affected by the tax period, the central bank returned to net investment in the open market, and the money market tightened further. There were 292 billion yuan of reverse repurchase maturities, and the central bank conducted 487 billion yuan of reverse repurchase operations, achieving a net investment of 195 billion yuan. Short - term money rates rose across the board [10]. - The national economic activities in August showed weakening, with consumption slowing down and the decline in the real estate market expanding again. The infrastructure investment on the policy side also slowed down significantly, dragging down the overall investment. However, the overall data showed marginal weakening rather than a stall. It is not necessary for China's monetary policy to implement easing following the Fed in September. Policy may focus more on fiscal and credit easing and real estate policies, which will bring disturbances to the bond market. The suppression of the bond market by the stock market may ease, but the bond market still lacks a breakthrough [11][12]. Summary by Directory 1. Market Review and Operation Suggestions - **Market Conditions**: Treasury bond futures adjusted across the board due to the Fed's rate cut, the cooling of expectations for the central bank to buy bonds, and tax period disturbances [8]. - **Interest Rate Bonds**: Yields of major term interest rate bonds in the inter - bank market rose, with the 10 - year treasury bond active bond 250011 yield up 1.95bp to 1.7825% [9]. - **Money Market**: The central bank conducted net investment in the open market, and short - term money rates rose. The overnight weighted rate of inter - bank deposits rose about 2.6bp to 1.5127%, and the 7 - day rate rose 1.62bp to 1.5566%. The 1 - year AAA certificate of deposit rate fell to 1.59% [10]. - **Conclusion**: The national economic data in August showed weakening, but it is not necessary for China to follow the Fed's easing in September. Policy may focus on fiscal and credit easing and real estate. The bond market suppression may ease, but it still lacks a breakthrough. The short - end may be more resilient than the long - end [11][12]. 2. Industry News - **Fed Rate Cut**: The Fed cut interest rates by 25 basis points to 4.00% - 4.25%, the first rate cut this year. FOMC statement pointed out employment risks, economic slowdown, and rising inflation. The dot - plot showed different expectations for further rate cuts. The probability of a rate cut in October is over 90% [13]. - **Fiscal Revenue**: From January to August, the national general public budget revenue was 14.82 trillion yuan, a year - on - year increase of 0.3%. Tax revenue was 12.11 trillion yuan, with the cumulative growth rate turning positive for the first time this year [14]. - **HKMA Rate Cut**: The Hong Kong Monetary Authority cut the benchmark interest rate by 25 basis points to 4.50% [15]. 3. Data Overview - **Treasury Bond Futures**: Data on multiple treasury bond futures contracts including TL, T, TF, and TS were provided, including settlement prices, opening prices, closing prices, price changes, trading volumes, open interests, and position changes [6]. - **Money Market**: Information on SHIBOR, bank - to - bank pledged repurchase weighted rates, and other money market indicators was mentioned, but specific data was mainly in the form of figures [31][33]. - **Derivatives Market**: Information on Shibor3M and FR007 interest rate swap fixed - rate curves was provided, mainly in the form of figures [36].

Group 1: Report Overview - Report Type: Crude Oil Daily Report [1] - Date: September 19, 2025 [2] Group 2: Investment Rating - No investment rating information provided Group 3: Core Views - The Fed cut interest rates by 25bp, but the oil market reacted calmly. The market is still worried about the impact of the trade war on demand, leading to a slight decline in oil prices [6] - In August, OPEC+ increased production by 510,000 barrels per day. After the latest compensatory production cuts, except for Kazakhstan overproducing by 280,000 barrels per day, the crude oil production of the other seven member countries was basically within the quota [6] - On the 8th, OPEC announced that it had received the latest compensatory production cut plans from some member countries. This update mainly reduced the production cut intensity this year and strengthened the production cuts in 2026, resulting in marginal negative news on the supply side [6] - Ukraine's recent increased attacks on Russian infrastructure may cause SC to be relatively strong in the short term. Pay attention to the long spread opportunity and take profit in time [7] Group 4: Market Review and Operation Suggestions Market Review - WTI: Opened at $63.89, closed at $63.27, with a high of $63.97, a low of $62.98, a decline of 0.86%, and a trading volume of 12.83 million lots [6] - Brent: Opened at $68.07, closed at $67.41, with a high of $68.14, a low of $67.13, a decline of 0.88%, and a trading volume of 24.87 million lots [6] - SC: Opened at 498.3 yuan/barrel, closed at 491.8 yuan/barrel, with a high of 500.5 yuan/barrel, a low of 491.7 yuan/barrel, a decline of 1.60%, and a trading volume of 9.59 million lots [6] Operation Suggestions - Pay attention to the long spread opportunity of SC and take profit in time [7] Group 5: Industry News - Kuwait's oil minister said that if Russian oil is sanctioned, it is expected to have a positive impact on oil prices [8] - U.S. crude oil exports in the week ending September 12 were the highest since the week ending December 29, 2023, and EIA strategic petroleum reserve inventories were the highest since the week ending October 7, 2022 [8] - Ukraine's harassment of Baltic ports caused a sharp drop of 934,000 barrels in Russia's weekly crude oil exports, the largest single - week decline since July last year [8] Group 6: Data Overview - The report presents multiple data charts, including global high - frequency crude oil inventories, EIA crude oil inventories, U.S. crude oil production growth rate, Dtd Brent price, WTI spot price, Oman spot price, U.S. gasoline consumption, and U.S. diesel consumption [9][12][15][20]

Group 1: Report Information - Report Type: Asphalt Daily Report [1] - Date: September 19, 2025 [2] Group 2: Investment Rating - No investment rating provided in the report Group 3: Core View - The asphalt market is in a situation of weak supply and demand, showing a volatile trend. It is recommended to wait and see for now [6] Group 4: Market Review and Operation Suggestions - Futures Market: For BU2511, the opening price was 3445 yuan/ton, the closing price was 3427 yuan/ton, the highest was 3451 yuan/ton, the lowest was 3417 yuan/ton, with a decline of 0.35%, and the trading volume was 152,000 lots. For BU2512, the opening price was 3401 yuan/ton, the closing price was 3388 yuan/ton, the highest was 3408 yuan/ton, the lowest was 3378 yuan/ton, with a decline of 0.38%, and the trading volume was 32,400 lots [6] - Spot Market: Asphalt prices in the Northwest and North China markets increased, while prices in other regions remained generally stable. The limited supply of some asphalt brands supported regional prices [6] - Supply: Jinling Petrochemical may reduce asphalt production, and Qilu Petrochemical in Shandong switched to producing residual oil. However, starting from mid - September, Zhongyou Qinhuangdao may resume asphalt production, and Jincheng Petrochemical and Henan Fengli will gradually switch to asphalt production, so the asphalt plant operating rate is expected to continue to rise [6] - Demand: In the north, road projects are in a concentrated rush to work, and asphalt demand is improving steadily. In the south, due to the long construction period, the peak construction period has not yet arrived, and asphalt demand is mainly released steadily with limited overall growth [6] Group 5: Industry News - South China Market: The mainstream transaction price of 70 A - grade asphalt was 3480 - 3540 yuan/ton, remaining stable. Although the social inventory in South China is abundant, traders still expect strong demand in the fourth - quarter peak season, so the selling prices remain stable [7] - East China Market: The mainstream transaction price of 70 A - grade asphalt was 3550 - 3650 yuan/ton, remaining stable. With the reduction of the trucking price of Zhenhai Refining & Chemical, the trucking factory - pickup spot prices in Zhejiang generally decreased, and the overall market transaction range declined. Currently, the demand growth in the East China market is limited, the social inventory remains high and the destocking is slow, the resource supply is abundant, and the refinery production in September is stable, so the spot prices are under continuous pressure [7] Group 6: Data Overview - Multiple data charts are provided, including asphalt cracking, social inventory, daily operating rate, Shandong asphalt comprehensive profit, etc., with data sources from wind and the Research and Development Department of CCB Futures [10][12][15]