Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - For PTA, with the restart of devices, the de - stocking slows down. Considering the lack of unexpected performance in polyester and future new production, the long - term inventory accumulation is expected. But the processing fee has reached a very low level for a long time, and with the gradual return of PX supply, attention should be paid to the opportunity of expanding processing fees under potential additional maintenance [1]. - For MEG, the near - term domestic oil - based production has a slight reduction in load, coal - based production remains stable, and overseas devices have both maintenance and restart. With the increase in arrivals and high - supply expectations in the long - term, the port may gradually accumulate inventory, but the current inventory is not high, and the valuation may be slowly compressed. Attention should be paid to the cost support of coal - based production [1]. - For polyester staple fiber, the device start - up rate has increased, production and sales have improved, and inventory has decreased. In the future, the speed of increasing the load at the yarn end may slow down, but the start - up rate remains high due to good spot benefits, and the processing fee is expected to fluctuate [1]. - For natural rubber, the national explicit inventory is stable, and the price of Thai cup rubber is stable. The strategy is to wait and see [1]. - For styrene and its related products, the prices and production profits of relevant products have changed, and the start - up rates of some products such as EPS and ABS also show certain trends [1]. Group 3: Summary According to Relevant Catalogs PTA - **Device Changes**: Hengli Huizhou's 5 million - ton device reduced load, Fuhai Chuang's 4.5 million - ton device restarted, and Ineos' 1.25 million - ton device stopped [1]. - **Market Situation**: Near - term TA maintenance was implemented, the start - up rate decreased slightly, polyester load was basically stable, inventory increased slightly, the basis weakened, and spot processing fees were slightly repaired. PX domestic start - up rate decreased, overseas devices operated stably, PXN decreased month - on - month, disproportionation and isomerization benefits were basically stable, and the aromatics price difference between the US and Asia widened [1]. MEG - **Device Changes**: Xinjiang Tianye's 600,000 - ton device stopped again [1]. - **Market Situation**: Near - term domestic oil - based EG slightly reduced load, coal - based start - up remained stable, overseas devices had both maintenance and restart. Arrivals remained stable while shipments were dull, and port inventory increased slightly at the beginning of next week. Downstream stocking levels increased, the basis weakened month - on - month, and the benefit ratio decreased [1]. Polyester Staple Fiber - **Device Changes**: Zhongtai and Xianglu increased their device loads, and the start - up rate increased to 95.4% [1]. - **Market Situation**: Production and sales improved month - on - month, inventory continued to decrease. At the demand end, the start - up rate of the yarn end remained stable, raw material stocking increased, and finished product inventory decreased month - on - month, but the benefits were weak [1]. Natural Rubber - **Price Changes**: The prices of various types of natural rubber, such as US - dollar - denominated Thai mixed rubber and Thai standard rubber, showed certain fluctuations, and the price of Thai cup rubber was relatively stable [1]. - **Inventory Situation**: The national explicit inventory was stable [1]. Styrene and Related Products - **Price Changes**: The prices of ethylene, pure benzene, styrene and other products changed daily, and the production profits of products such as ABS, EPS, and PS also showed corresponding changes [1]. - **Start - up Rate**: The start - up rates of EPS, ABS, and PS showed different trends [1].

Report Summary 1) Report Industry Investment Rating - Not provided 2) Core Viewpoints - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals on September 25, 2025, including copper, zinc, aluminum, nickel, lead, etc., to help investors understand the price relationships and profit situations in different trading scenarios [1][4][5] 3) Summary by Directory Cross - Market Arbitrage Tracking - **Copper**: On September 25, 2025, the domestic spot price was 80025, the LME price was 9935, and the ratio was 8.05. The equilibrium ratio for spot import was 8.12, with a loss of 693.47, and a profit of 317.82 for spot export [1] - **Zinc**: The domestic spot price was 21830, the LME price was 2941, and the ratio was 7.42. The equilibrium ratio for spot import was 8.55, with a loss of 3318.32 [1] - **Aluminum**: The domestic spot price was 20680, the LME price was 2635, and the ratio was 7.85. The equilibrium ratio for spot import was 8.40, with a loss of 1467.29 [1] - **Nickel**: The domestic spot price was 120450, the LME price was 15121, and the ratio was 7.97. The equilibrium ratio for spot import was 8.20, with a loss of 2283.59 [1] - **Lead**: The domestic spot price was 16925, the LME price was 1960, and the ratio was 8.65. The equilibrium ratio for spot import was 8.84, with a loss of 377.93 [3] Cross - Period Arbitrage Tracking - **Copper**: On September 25, 2025, the spreads between the next month, three - month, four - month, and five - month contracts and the spot month were 30, 10, 20, and 0 respectively, while the theoretical spreads were 502, 901, 1310, and 1719 [4] - **Zinc**: The spreads were 20, 35, 50, and 75, and the theoretical spreads were 212, 330, 449, and 567 [4] - **Aluminum**: The spreads were 20, 20, 35, and 30, and the theoretical spreads were 214, 330, 445, and 561 [4] - **Lead**: The spreads were 25, 50, 35, and 65, and the theoretical spreads were 210, 316, 423, and 529 [4] - **Nickel**: The spreads between the next month, three - month, four - month, and five - month contracts and the spot month were 720, 900, 1160, and 1400 [4] - **Tin**: The 5 - 1 spread was 1360, and the theoretical spread was 5635 [4] Cross - Variety Arbitrage Tracking - On September 25, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) were 3.65, 3.86, 4.68, 0.95, 1.21, and 0.78 respectively, and for London (three - continuous) were 3.52, 3.90, 5.17, 0.90, 1.33, and 0.68 [5] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 75 and - 45 respectively, and the theoretical spreads were 363 and 811 [4] - **Zinc**: The spreads were 10 and 30, and the theoretical spreads were 159 and 286 [4] - **Lead**: The spreads were 115 and 140, and the theoretical spreads were 168 and 281 [5]

废钢早报 研究中心黑色团队 2025/09/25 | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2025/09/18 | 2258 | 2332 | 2081 | 2261 | 2290 | 2170 | | 2025/09/19 | 2258 | 2330 | 2081 | 2259 | 2290 | 2168 | | 2025/09/22 | 2261 | 2333 | 2081 | 2261 | 2293 | 2170 | | 2025/09/23 | 2263 | 2331 | 2083 | 2262 | 2293 | 2171 | | 2025/09/24 | 2263 | 2330 | 2083 | 2262 | 2293 | 2171 | | 环比 | 0 | -1 | 0 | 0 | 0 | 0 | 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析结 ...

| 日期 | 豆粕江苏 | 菜粕广东 | 豆油江苏 | 棕榈油广州 | 菜油江苏 | | --- | --- | --- | --- | --- | --- | | 2025/09/18 | 2910 | 2540 | 8500 | 9220 | 10210 | | 2025/09/19 | 2930 | 2600 | 8550 | 9240 | 10320 | | 2025/09/22 | 2940 | 2620 | 8580 | 9280 | 10370 | | 2025/09/23 | 2870 | 2530 | 8250 | 8980 | 10180 | | 2025/09/24 | 2880 | 2490 | 8330 | 9050 | 10120 | 蛋 白 粕 基 差 ： 油 脂 基 差 ： 油脂油料早报 研究中心农产品团队 2025/09/25 隔 夜 市 场 信 息 ： 民间出口商报告向危地马拉出口销售101,400吨豆饼和豆粕 民间出口商报告向危地马拉出口101,400吨豆饼和豆粕，2025/2026市场年度付运。 分析机构对美国9月1日大豆库存的平均预估为3.23亿蒲式耳 分析机构对美国 ...

以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析结论合理，但公司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会 发生任何变化。且全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，客户应当自主做出期货交易决策，独立承担期货交 易后果，凡据此入市者，我公司不承担任何责任。未经公司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全 部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担任何责任。 | | LPG早报 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | ...

| 乖 亦安期货 | | --- | 玻璃纯碱早报 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 华北重碱 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (500) 0 500 1,000 1,500 2,000 华北氨碱法利润 2020 2021 2022 2023 2024 2025 (1,000) (500) 0 500 1,000 1,500 2,000 2,500 华北联碱法利润 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 华北轻碱 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 60 65 70 75 80 85 90 95 100 39083 39096 39109 39122 39135 39148 39161 39174 39187 39200 39213 39226 39239 3925 ...

【行情分析】： 玉米：短期看，新季玉米即将上市，企业陆续开始降低对于老玉米的采购需求，终端需求减弱的背景下价格偏弱运行。不过，由于当下整体渠 道、产业库存水平处于低位，所以玉米的跌幅预计也不大，继续维持弱震荡格局。中长期视角，重点关注新季玉米上市后产区售粮积极性。在 新季产量增加与成本下滑的大背景下，价格预计仍将承压下行，直至国内消费出现好转或产区显现惜售情绪，行情才可能迎来转折。 淀粉：进入九月后，企业开始降低库存备战新作季，因此开始对原料玉米采取压价操作。短期看，随着收粮成本下探，产业预计顺势调低成品 淀粉报价，以降价换销路的操作降低库存压力。中长期看，成品淀粉库存高企限制企业调价空间，叠加新季原料成本预期下移，因此对淀粉价 格仍维持偏空思路。 白糖 现货价格 基差 进口利润 仓单 日期 柳州 南宁 昆明 柳州基差 泰国 巴西 郑盘 2025/09/18 5960 5840 5850 486 517 698 10629 2025/09/19 5940 5830 5845 479 470 651 10364 2025/09/22 5900 5800 5820 448 493 674 10315 2025/0 ...

| | | | | | | | | | 2025/9/25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 品种 | 项目 | | 现货 | | 仓单 | | 盘面 | | | | | | 最新 | 日变化 | 周变化 | 出厂价折盘面 | 最新 | | 日变化 | 周变化 | | 硅铁自然块 | 宁夏#72 | 5330 | 0 | -20 | 5630 | 主力合约 | 5742 | 44 | -24 | | | 内蒙#72 | 5380 | 30 | 30 | 5730 | 01合约 | 5708 | 42 | -34 | | 产区汇总价 | 青海#72 | 5300 | 0 | -70 | 5630 | 05合约 | 5810 | 34 | -36 | | | 陕西#72 | 5300 | 0 | -50 | 5600 | 09合约 | 5908 | 66 | -12 | | | 陕西#75 | 6000 | 0 | 100 | | 主力月基差 | -112 | -44 | 4 | | 硅铁合格块 | 江苏#72 | ...

型 手机 手机手 研究中心农产品团队 2025/9/24 车当2605号冠 14500 12500 10500 8500 6500 4500 r 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 栖霞富士80#一、二级(元/斤) 10 8 6 0 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 =2015 -- 2016 -- 2017 -- 2018 -- 2019 -- 2020 =2021 -- 2022 == 2023 == 2024 == 2025 基差:栖霞 13000 12000 11000 10000 9000 - 8000 7000 6000 A 5000 | 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 -2018 -- 2020 -- 2020 -- 2021 -- 2022 -- 2023 -- 202 ...

红枣09合约 20000 18000 16000 14000 12000 10000 8000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 =2021 == 2022 == 2024 == 2024 == 2025 红枣墓差(河北沧州) 4000 2000 -2000 -4000 -6000 -8000 =2021 == 2022 == 2023 == 2024 == 2025 红枣目度数据 研究中心农产品团队 2025/9/24 3000 6000 5000 2000 4000 1000 3000 2000 2/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 1000 -1008- -2000 -10001/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 08/01 10/01 11/01 -3000 -2000 - -2021 -- 2022 -- 2023 -- 2024 -- 2025 -2021 -- 2022 -- ...