Group 1: Report's Core View - Singapore 380cst high - sulfur cracking oscillated this week, the near - month spread oscillated, the basis strengthened slightly, the EW spread rebounded again, and recently had wide - range oscillations. The FU internal and external near - month also oscillated. The low - sulfur cracking rebounded slightly but was at a historically low level compared to the same period. The month spread was weakly sorted. The LU internal and external price rebounded slightly to 8 - 9 US dollars/ton, and the MF0.5 basis oscillated [4]. - Fundamentally, Singapore's residue decreased, floating storage oscillated, ARA residue inventory decreased slightly, EIA residue decreased slightly, Fujairah inventory decreased, and high - sulfur floating storage in the Middle East increased significantly. The high - sulfur peak season in the Middle East has passed. With logistics reshaping and the support of Singapore's high - sulfur marine fuel demand, the EW spread has completed the repair. Recently, refinery feedstock procurement has supported the 380 cracking level, and the short - term downward space is limited. It is expected that the 380 cracking will maintain an oscillating pattern, and the domestic FU will have an oscillating and bullish outlook in the short - term. This week, the LU disk was still weak. The issuance of the third batch of export quotas was in line with expectations, and the external MF0.5 basis oscillated at a low level. In the fourth quarter, the LU internal and external spread can be expanded on dips, and attention should be paid to the quota usage [5]. Group 2: Data Summary Rotterdam Fuel Oil | Type | 2025/09/17 | 2025/09/18 | 2025/09/19 | 2025/09/22 | 2025/09/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O swap M1 | 384.75 | 383.35 | 382.97 | 386.97 | 397.95 | 10.98 | | Rotterdam 0.5% VLS FO swap M1 | 441.33 | 434.21 | 427.48 | 427.29 | 435.42 | 8.13 | | Rotterdam HSFO - Brent M1 | - 6.96 | - 6.64 | - 5.82 | - 4.97 | - 4.64 | 0.33 | | Rotterdam 10ppm Gasoil swap M1 | 679.88 | 677.55 | 668.48 | 664.85 | 681.15 | 16.30 | | Rotterdam VLSFO - G O M1 | - 238.55 | - 243.34 | - 241.00 | - 237.56 | - 245.73 | - 8.17 | | LGO - Brent M1 | 24.97 | 25.18 | 24.80 | 24.40 | 25.56 | 1.16 | | Rotterdam VLSFO - HSFO M1 | 56.58 | 50.86 | 44.51 | 40.32 | 37.47 | - 2.85 | [3] Singapore Fuel Oil | Type | 2025/09/17 | 2025/09/18 | 2025/09/19 | 2025/09/22 | 2025/09/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 397.55 | 396.06 | 390.12 | 393.02 | 394.24 | 1.22 | | Singapore 180cst M1 | 407.42 | 407.26 | 400.69 | 403.27 | 402.50 | - 0.77 | | Singapore VLSFO M1 | 475.76 | 472.28 | 465.21 | 465.33 | 463.11 | - 2.22 | | Singapore GO M1 | 89.51 | 88.34 | 87.81 | 87.43 | 86.66 | - 0.77 | | Singapore 380cst - Brent M1 | - 5.03 | - 4.97 | - 5.13 | - 4.47 | - 3.74 | 0.73 | | Singapore VLSFO - G O M1 | - 186.61 | - 181.44 | - 184.58 | - 181.65 | - 178.17 | 3.48 | | Singapore Fuel Oil Spot - FOB 380cst | 397.68 | 397.47 | 390.94 | 393.48 | 395.20 | 1.72 | | Singapore Fuel Oil Spot - FOB VLSFO | 477.54 | 472.07 | 464.79 | 463.33 | 461.15 | - 2.18 | | Singapore Fuel Oil Spot - 380 basis | - 0.40 | 0.60 | 0.40 | 0.60 | 1.00 | 0.40 | | Singapore Fuel Oil Spot - High - sulfur internal - external spread | 7.6 | 7.5 | - | 6.0 | 9.7 | 3.7 | | Singapore Fuel Oil Spot - Low - sulfur internal - external spread | 9.3 | 9.7 | - | 9.7 | 9.9 | 0.2 | [3][9] Domestic FU | Type | 2025/09/17 | 2025/09/18 | 2025/09/19 | 2025/09/22 | 2025/09/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2831 | 2798 | 2796 | 2784 | 2759 | - 25 | | FU 05 | 2787 | 2754 | 2754 | 2743 | 2718 | - 25 | | FU 09 | 2722 | 2698 | 2699 | 2697 | 2673 | - 24 | | FU 01 - 05 | 44 | 44 | 42 | 41 | 41 | 0 | | FU 05 - 09 | 65 | 56 | 55 | 46 | 45 | - 1 | | FU 09 - 01 | - 109 | - 100 | - 97 | - 87 | - 86 | 1 | [3] Domestic LU | Type | 2025/09/17 | 2025/09/18 | 2025/09/19 | 2025/09/22 | 2025/09/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3432 | 3385 | 3362 | 3351 | 3325 | - 26 | | LU 05 | 3405 | 3368 | 3337 | 3342 | 3302 | - 40 | | LU 09 | 3350 | 3322 | 3308 | 3306 | 3286 | - 20 | | LU 01 - 05 | 27 | 17 | 25 | 9 | 23 | 14 | | LU 05 - 09 | 55 | 46 | 29 | 36 | 16 | - 20 | | LU 09 - 01 | - 82 | - 63 | - 54 | - 45 | - 39 | 6 | [4]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - In the short - term, the EC futures market is under pressure from spot prices. The price in early October is expected to decline, with a potential rebound in late October (before the National Day), but more likely to stabilize due to the off - season [1]. - From a medium - term perspective, considering multiple upward drivers, the 02 contract has a higher cost - performance for long - position allocation as the Spring Festival in 2026 is relatively late (February 17, 2026), which may lead to a higher settlement price. The 04 contract, being an off - season contract, is suitable for short - position allocation in the short term, but its low liquidity may cause price fluctuations. Attention should be paid to the 02 and 04 contracts. Also, be aware of the pre - holiday position - reduction volatility and the capital transfer risk of the 10 contract [8]. 3. Summary by Related Catalogs 3.1 EC Futures Contract Price and Trading Volume - **Contract Prices**: The prices of EC2510, EC2512, EC2602, EC2604, and EC2606 contracts are 1100.0, 1623.4, 1535.6, 1234.6, and 1421.3 respectively, with daily changes of 0.58%, - 1.84%, - 2.41%, - 3.17%, and - 2.28% [1]. - **Trading Volumes**: The trading volumes of EC2510, EC2512, EC2602, EC2604, and EC2606 contracts are 28527, 12535, 2521, 1838, and 157 respectively [1]. - **Open Interest**: The open interest of EC2510, EC2512, EC2602, EC2604, and EC2606 contracts are 41508, 22118, 7601, 8854, and 961 respectively, with changes of - 4522, 162, 203, - 68, and 11 [1]. 3.2 Month - to - Month Spreads - **EC2510 - 2512**: The spread is - 523.4, with a daily increase of 36.8 and a weekly increase of 38.9 [1]. - **EC2512 - 2602**: The spread is 87.8, with a daily increase of 7.5 and a weekly decrease of 5.4 [1]. 3.3 Spot Freight Rate Indexes - **TCI**: Updated every Monday, as of September 15, 2025, it is 1440.24 points, down 8.06% from the previous period and 11.68% from the period before that [1]. - **SCFI (European Line)**: Updated weekly, as of September 19, 2025, it is 1052 dollars/EU, down 8.84% from the previous period and 12.24% from the period before that [1]. - **CCFI (European Line)**: Updated every Friday, as of September 19, 2025, it is 1470.97 points, down 4.31% from the previous period and 6.19% from the period before that [1]. - **NCFI (European Line)**: Updated every Friday, as of September 19, 2025, it is 673.61 points, down 7.65% from the previous period and 14.78% from the period before that [1]. 3.4 European Line Spot Quotations - **Week 39**: The average quotation is 1600 dollars (equivalent to 1150 points on the disk). MSK's quotation is 1500 dollars (later rising to 1570), PA Alliance's is 1550 - 1600 dollars, and OA Alliance's is 1600 - 1720 dollars [2]. - **Week 40 - 41**: The average quotation is 1450 dollars (equivalent to 1020 points on the disk). MSK's is 1400 dollars; PA's is 1300 - 1500 dollars, with YML's 1300 dollars being the lowest price of the year; OA's is 1400 - 1600 dollars [2]. 3.5 Related News - On September 23, the Polish Prime Minister decided to reopen the border crossing with Russia. The Polish Interior Minister is expected to issue a relevant order, and border traffic is expected to resume between Wednesday and Thursday midnight [3]. - On September 23, Trump expected the meeting on the Gaza issue to be successful and hoped for an end to the war in Gaza [3]. - A UN investigation report showed that the Israeli government intends to establish permanent control in the Gaza Strip [3].

金十数据9月22日讯，一位消息人士表示，沙特与巴基斯坦的新共同防御协议不太可能改变利雅得与主要消费国印度的 能源关系。当被问及印度是否会继续购买沙特石油时，一位知情人士表示，"当然会。"消息人士称，沙特正在寻求通过 扩大联盟来加强其安全，但不会以牺牲其商业关系为代价。印度是世界上最大的原油消费国之一，也是沙特的主要客 户。几十年来，印度一直与邻国巴基斯坦发生冲突。Kpler的数据显示，利雅得7月份的原油日销量略高于60万桶，与俄 罗斯和伊拉克一起为印度三大原油供应国之一。 原油成品油早报 研究中心能化团队 2025/09/24 | 日期 | WTI | BRENT | DUBAI | diff FOB dated bre | BRENT 1- | WTI-BREN | DUBAI-B | NYMEX RB | RBOB-BR | NYMEX | HO-BRT | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 2月差 | T | RT（EFS | OB | T | HO | | | | ...

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints - Not explicitly stated in the provided content 3. Summary by Relevant Catalogs SP Main Contract - The closing price of the SP main contract on September 23, 2025, was 5008.00, with no change from the previous day. The corresponding US dollar price was 614.33. The price has shown a fluctuating trend in the past few days, with a -0.51302% change on September 17, -0.55534% on September 18, 0.07978% on September 19, -0.19928% on September 22, and 0.00000% on September 23 [3]. - The Shandong Yinxing basis was 602 on September 23, 2025, and the Jiangsu-Zhejiang-Shanghai Yinxing basis was 617 [3]. Import Pulp Price and Profit - For imported pulp, taking a 13% VAT into account, the Canadian Golden Lion (CFR) had a port US dollar price of 780 and a Shandong region RMB price of 6200, with an import profit of -136.75. The Canadian Lion (CFR) had a port US dollar price of 730, a Shandong region RMB price of 5410, and an import profit of -525.04. The Chilean Silver Star (CFR letter of credit 90 days) had a port US dollar price of 700, a Shandong region RMB price of 5610, and an import profit of -84.01 [4]. Pulp and Paper Prices and Margins - From September 17 - 23, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively. The Shandong region average prices also remained stable [4]. - The prices of cultural paper (double - offset index, double - copper index), packaging paper (white card index), and tissue paper (tissue index) did not change from September 18 - 23, 2025 [4]. - The profit margins of double - offset paper, double - copper paper, white card paper, and tissue paper showed some fluctuations from September 18 - 23, 2025. As of September 23, the double - offset profit margin was 1.9642%, the double - copper profit margin was 15.6172%, the white card profit margin was - 12.6135%, and the tissue profit margin was 6.6876% [4]. Pulp Price Spreads - The spreads between softwood and hardwood pulp, softwood and natural pulp, softwood and chemimechanical pulp, and softwood and waste paper pulp have shown certain changes from September 17 - 23, 2025. As of September 23, the softwood - hardwood spread was 1370.00, the softwood - natural spread was 210, the softwood - chemimechanical spread was 1785, and the softwood - waste paper spread was 4034 [4].

Report Information - Report Title: Synthetic Rubber Morning Report - Research Team: Energy and Chemicals Team of the Research Center - Date: September 24, 2025 1. Market Data Summary BR (Butadiene Rubber) - **Futures Market**: The closing price of the main contract on September 23 was 11,430, a daily decrease of 75 and a weekly decrease of 245. The open interest was 65,588, a daily decrease of 4,718 but a weekly increase of 1,372. The trading volume was 109,780, a daily increase of 13,914 and a weekly increase of 35,016 [3][13][23]. - **Spot Market**: The Shandong market price dropped to 11,500, a daily decrease of 50 and a weekly decrease of 200. The Chuanhua market price remained at 11,450, with no daily change but a weekly decrease of 100. The Qilu ex - factory price was 11,700, unchanged daily but down 200 weekly [3][13][23]. - **Processing and Trade**: The spot processing profit was - 237, with a weekly decrease of 47. The import profit was - 83,069, a daily decrease of 62 but a weekly increase of 1,407. The export profit was 19, a daily decrease of 133 and a weekly decrease of 4 [3][13][23]. BD (Butadiene) - **Spot Market**: The Shandong market price was 9,350, a daily decrease of 50 and a weekly decrease of 150. The Jiangsu market price was 9,150, also down 50 daily and 150 weekly. The Yangzi ex - factory price was 9,150, unchanged daily but down 100 weekly [3][13][23]. - **Processing and Trade**: The butene oxidative dehydrogenation profit was 336, a daily increase of 140 and a weekly increase of 200. The import profit was 478, a daily decrease of 51 but a weekly increase of 91. The export profit was - 996, a daily decrease of 98 and a weekly decrease of 47 [3][13][23]. Downstream Products - The SBS production profit (791 - H) was 985, unchanged daily but up 160 weekly. The ABS production profit data was not available [3][13][23]. Price Spreads - **Inter - variety Spreads**: The RU - BR spread was - 50,063, a daily increase of 4,628 but a weekly decrease of 1,887. The NR - BR spread was - 53,193, a daily increase of 4,688 and a weekly decrease of 1,692. The Thai mixed - butadiene rubber spread was 3,280, a daily decrease of 20 and a weekly decrease of 170 [3][13][23]. - **Intra - variety Spreads**: The butadiene rubber standard - non - standard price spread was 100, a daily decrease of 50 and a weekly decrease of 50. The styrene - butadiene rubber 1502 - 1712 spread was 1,000, with no daily or weekly change [3][13][23]. 2. Core Viewpoints The report provides a comprehensive overview of the synthetic rubber market, including futures and spot prices, processing profits, import and export profits, and price spreads of BR, BD, and their downstream products. It shows the dynamic changes in the market over a week, which can help investors understand the market trends and potential investment opportunities in the synthetic rubber industry.

1,000 1,200 1,400 1,600 1,800 2,000 2,200 河北鑫利4.8mm（折5mm） 2022 2023 2024 2025 (600) (400) (200) 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 华北玻璃生产利润（气） 2020 2021 2022 2023 2024 2025 1138 1155 1138 1060 1076 1069 1183 1312 900 1000 1100 1200 1300 1400 沙河德金 沙河安全 沙河低价 湖北低价 10合约 11合约 01合约 05合约 玻璃价格结构 今日(9/23） 昨日(9/22） 一周前(9/16） 一月前(8/25） (500) 0 500 1,000 1,500 华南玻璃利润（气） 2020 2021 2022 2023 2024 2025 0 500 1,000 1,500 2,000 2,500 3,000 3,500 玻璃：河北低价大板 2019 2020 2021 2022 2023 2024 2025 0 100 200 300 400 500 ...

有色早报 研究中心有色团队 2025/09/24 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2025/09/17 70 1420 81851 33291 -247.87 198.41 55.0 56.0 -71.13 149775 14450 2025/09/18 80 1131 81851 32469 -357.73 202.07 56.0 58.0 -71.09 148875 13450 2025/09/19 80 1121 105814 31838 -331.21 138.59 57.0 59.0 -64.90 147650 14400 2025/09/22 70 1351 105814 29893 -157.47 153.75 58.0 59.0 -72.44 145375 12475 2025/09/23 55 1248 105814 27727 -118.34 228.24 58.0 59.0 -73.11 144975 11875 变化 -1 ...

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Report Overview - Report Title: Global Asset Market Performance - Major Asset Morning Report - Report Date: September 24, 2025 - Research Team: Macro Team of the Research Center 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Report's Core View - The report presents the performance data of various global asset markets on September 23, 2025, including 10 - year and 2 - year government bond yields of major economies, exchange rates of the US dollar against major emerging - economy currencies, major economy stock indices, credit bond indices, stock index futures trading data, and government bond futures trading data. 3. Summary by Relevant Catalogs 3.1 Global Asset Market Performance - Bond Yields - **10 - Year Government Bond Yields**: On September 23, 2025, the 10 - year government bond yields of the US, UK, France, etc. were 4.107%, 4.679%, 3.563% respectively. The latest changes ranged from - 0.041 (US) to 0.004 (France), with weekly changes from - 0.030 (Switzerland) to 0.078 (US), monthly changes from - 0.155 (US) to 0.065 (France), and annual changes from - 0.220 (Switzerland) to 0.912 (UK) [2]. - **2 - Year Government Bond Yields**: On September 23, 2025, the 2 - year government bond yields of the US, UK, Germany, etc. were 3.570%, 3.950%, 2.019% respectively. The latest changes ranged from 0.000 (US, Japan) to 0.011 (South Korea), with weekly changes from - 0.014 (China 1Y) to 0.058 (Japan), monthly changes from - 0.012 (UK) to 0.084 (Germany), and annual changes from - 0.432 (South Korea) to 0.544 (Japan) [2]. 3.2 Global Asset Market Performance - Exchange Rates - **US Dollar against Major Emerging - Economy Currencies**: On September 23, 2025, the exchange rates of the US dollar against the Brazilian real, South African rand, etc. were 5.282, 17.245 respectively. The latest changes ranged from - 0.99% (Brazil) to 0.24% (South Korean won), with weekly changes from - 0.54% (South African rand) to 1.09% (South Korean won), monthly changes from - 2.75% (Brazil) to 0.05% (South Korean won), and annual changes from - 5.07% (Brazil) to 4.58% (South Korean won) [2]. - **Renminbi**: On September 23, 2025, the on - shore RMB, off - shore RMB, and the central parity rate were 7.113, 7.113, 7.106 respectively. The latest changes were - 0.02%, - 0.03%, - 0.07% respectively, with weekly changes of - 0.02%, 0.12%, 0.04% respectively, monthly changes of - 0.55%, - 0.56%, - 0.18% respectively, and annual changes of 0.23%, 0.18%, 0.04% respectively [2]. 3.3 Global Asset Market Performance - Stock Indices - **Major Economy Stock Indices**: On September 23, 2025, the S&P 500, Dow Jones Industrial Average, and NASDAQ were 6656.920, 46292.780, 22573.470 respectively. The latest changes ranged from - 0.95% (NASDAQ) to 0.59% (Mexican stock index), with weekly changes from - 0.03% (Spanish stock index) to 1.21% (German DAX), monthly changes from - 2.24% (German DAX) to 7.29% (Mexican stock index), and annual changes from 5.45% (French CAC) to 31.35% (Spanish stock index) [2]. 3.4 Global Asset Market Performance - Credit Bond Indices - **Credit Bond Indices**: The latest changes of the US investment - grade credit bond index, euro - zone investment - grade credit bond index, etc. ranged from - 0.03% (euro - zone investment - grade credit bond index) to 0.40% (emerging - economy high - yield credit bond index), with weekly changes from - 0.39% (US investment - grade credit bond index) to 0.27% (euro - zone high - yield credit bond index), monthly changes from 0.26% (euro - zone investment - grade credit bond index) to 1.61% (US investment - grade credit bond index), and annual changes from 3.66% (US investment - grade credit bond index) to 13.30% (emerging - economy high - yield credit bond index) [2][3]. 3.5 Stock Index Futures Trading Data - **Index Performance**: The closing prices of A - shares, CSI 300, SSE 50, etc. were 3821.83, 4519.78, 2919.51 respectively, with changes of - 0.18%, - 0.06%, - 0.09% respectively [4]. - **Valuation**: The PE (TTM) of the CSI 300, SSE 50, and CSI 500 were 14.01, 11.64, 34.17 respectively, with环比 changes of 0.04, 0.07, - 0.25 respectively [4]. - **Fund Flow**: The latest values of the fund flow of A - shares, the main board, and small - and medium - sized enterprise boards were - 1566.78, - 1050.60, etc., with 5 - day average values of - 1037.14, - 806.14, etc. respectively [4]. - **Trading Volume**: The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, and SSE 50 were 24943.82, 6805.14, 1689.87 respectively, with环比 changes of 3728.99, 1173.65, 125.86 respectively [4]. - **Main Contract Premium/Discount**: The basis of IF, IH, and IC were - 35.98, 5.49, - 240.11 respectively, with premiums/discounts of - 0.80%, 0.19%, - 3.34% respectively [4]. 3.6 Government Bond Futures Trading Data - **Government Bond Futures**: The closing prices of T00, TF00, T01, and TF01 were 107.715, 105.625, 107.385, 105.505 respectively, with changes of 0.13%, 0.09%, 0.12%, 0.09% respectively [5]. - **Funding Rates**: The funding rates of R001, R007, and SHIBOR - 3M were 1.4619%, 1.5218%, 1.5620% respectively, with daily changes of - 7.00 BP, - 1.00 BP, 0.00 BP respectively [5].

Report Industry Investment Rating - Not provided Core Viewpoint - Not provided Summary by Relevant Catalogs Price and Profit - The report presents the spot prices of various steel products in different regions from September 17 to September 23, 2025, including Beijing, Shanghai, and other locations for both threaded steel and hot-rolled and cold-rolled coils. It also shows the price changes during this period. For example, the price of Beijing threaded steel decreased by 30, Shanghai threaded steel by 40, and so on [1]. Basis and Spread - Not provided Production and Inventory - Not provided