Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - This week, the high - sulfur cracking of Singapore 380cst fluctuated at a high level. The near - month spread weakened, the basis weakened month - on - month, the EW spread continued to weaken, the high - sulfur in the ARA region strengthened, and the FU internal - external spread oscillated between 8 - 10 US dollars. The low - sulfur cracking weakened month - on - month but was at a historical low year - on - year. The month - spread weakened slightly, and the LU internal - external spread dropped to 7 - 8 US dollars. The basis stabilized in the second half of the week. From a fundamental perspective, Singapore's residue oil inventory increased, at a historical high year - on - year. The floating storage inventory stabilized after destocking, also at a high level year - on - year. The residue oil in the ARA region increased slightly, with inventory at a historical low for the same period. The EIA residue oil inventory increased slightly at a low level. The inventory in Fujairah increased month - on - month, at a low level year - on - year. The high - sulfur floating storage in the Middle East increased significantly this week. Recently, the high - sulfur spot in Singapore has weakened, but the cracking is supported by raw material procurement, with limited short - term downside. It is expected that the 380 cracking will maintain an oscillating pattern. The FU internal - external spread should be viewed within a range recently, and the end - point of the 01 contract is bearish. This week, the LU futures remained weak. In the fourth quarter, the overseas low - sulfur market has a short - selling pattern on rallies, and the internal - external spread should focus on quota usage [3][6] Group 3: Data Summaries Rotterdam Fuel Oil Swap Data - From October 17 to October 23, 2025, the 3.5% HSF O swap M1 in Rotterdam increased from 367.92 to 395.67, a change of 21.78; the 0.5% VLS FO swap M1 increased from 393.96 to 420.75, a change of 18.09; the HSFO - Brent M1 changed from - 2.92 to - 2.95, a change of 0.17; the 10ppm Gasoil swap M1 increased from 607.89 to 677.93, a change of 45.67; the VLSFO - GO M1 changed from - 213.93 to - 257.18, a change of - 27.58; the VLSFO - H SFO M1 changed from 22.57 to 25.08, a change of 2.48; the VLSFO - H SFO M1 spread changed from 26.04 to 25.08, a change of - 3.69 [1] Singapore Fuel Oil Swap Data - From October 17 to October 23, 2025, the Singapore 380cst M1 increased from 359.76 to 384.53, a change of 17.57; the Singapore 180cst M1 increased from 369.96 to 392.53, a change of 17.57; the Singapore VLSFO M1 increased from 420.01 to 442.26, a change of 10.97; the Singapore GO M1 increased from 80.60 to 88.08, a change of 4.36; the Singapore 380cst - Brent M1 changed from - 3.71 to - 3.34, a change of 0.76; the Singapore VLSFO - GO M1 changed from - 176.43 to - 209.53, a change of - 21.29 [1] Singapore Fuel Oil Spot Data - From October 17 to October 23, 2025, the FOB 380cst in Singapore increased from 361.29 to 384.00, a change of 19.30; the FOB VLSFO increased from 421.95 to 438.50, a change of 11.20; the 380 basis changed from - 0.65 to - 0.73, a change of 0.73; the high - sulfur internal - external spread remained unchanged at 8.9; the low - sulfur internal - external spread increased from 6.8 to 6.9, a change of 0.1 [2] Domestic FU Data - From October 17 to October 23, 2025, the FU 01 increased from 2627 to 2752, a change of 61; the FU 05 increased from 2600 to 2701, a change of 53; the FU 09 increased from 2560 to 2640, a change of 44; the FU 01 - 05 spread increased from 27 to 51, a change of 8; the FU 05 - 09 spread increased from 40 to 61, a change of 9; the FU 09 - 01 spread changed from - 67 to - 112, a change of - 17 [2] Domestic LU Data - From October 17 to October 23, 2025, the LU 01 increased from 3064 to 3193, a change of 57; the LU 05 increased from 3099 to 3220, a change of 62; the LU 09 increased from 3110 to 3234, a change of 59; the LU 01 - 05 spread changed from - 35 to - 27, a change of - 5; the LU 05 - 09 spread changed from - 11 to - 14, a change of 3; the LU 09 - 01 spread changed from 46 to 41, a change of 2 [3]

、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，我司均不承担任何责任。 最新 日变化 周变化 月变化 年变化 最新 日变化 周变化 月变化 年变化 秦皇岛5500 767.0 3.0 31.0 62.0 -88.0 25省终端可用天数 23.9 -0.1 4.0 3.0 6.3 秦皇岛5000 677.0 3.0 31.0 62.0 -78.0 25省终端供煤 533.9 4.4 -74.7 -106.2 -89.0 广州港5500 805.0 0.0 25.0 40.0 -105.0 北方港库存 2239.0 -5.0 42.0 148.0 -114.9 鄂尔多斯5500 560.0 5.0 50.0 80.0 -70.0 北方锚地船舶 82.0 -3.0 -14.0 -24.0 18.0 大同5500 610.0 10.0 50.0 70.0 -100.0 北方港调入量 158.0 21.8 16.0 8.7 0.9 榆林6000 682.0 0.0 30.0 60.0 -137.0 北方港吞吐量 152.7 36.6 -23.5 15.1 8.7 榆林6200 710.0 0 ...

玻璃纯碱早报 | | | | | | | | | 研究中心能化团队 | | 2025/10/24 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 玻 璃 | | | | | | | | | | | | | 2025/10/16 2025/10/22 2025/10/23 周度变化 日度变化 | | | | | | | | | 2025/10/16 2025/10/22 2025/10/23 周度变化 日度变化 | | | | 沙河安全 | 1181.0 | 1143.0 | 1130.0 | -51.0 | -13.0 | FG05合约 | 1284.0 | 1241.0 | 1256.0 | -28.0 | 15.0 | | 5mm大 板 | | | | | | | | | | | | | 沙河长城 | 1160.0 | 1113.0 | 1113.0 | -47.0 | 0.0 | FG01合约 | 1147.0 | 1094.0 | 1108.0 | -39.0 | 14.0 | | 5mm大 ...

废钢早报 研究中心黑色团队 2025/10/24 | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2025/10/17 | 2229 | 2292 | 2050 | 2219 | 2258 | 2135 | | 2025/10/20 | 2226 | 2298 | 2051 | 2220 | 2258 | 2135 | | 2025/10/21 | 2227 | 2300 | 2051 | 2226 | 2256 | 2134 | | 2025/10/22 | 2227 | 2302 | 2053 | 2228 | 2250 | 2135 | | 2025/10/23 | 2228 | 2304 | 2053 | 2231 | 2250 | 2134 | | 环比 | 1 | 2 | 0 | 3 | 0 | -1 | 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 ...

玉米：新季玉米已陆续上市，国庆期间市场收购价大幅下调。短期来看，受粮源集中上市影响，玉米价格仍将维持弱势。中长期需重点关注产 区农户与贸易商的博弈，当前新季玉米产量增加、种植成本下滑，价格已逐步向种植成本靠拢；但鉴于当前绝对价格偏低且今年粮质较好，若 价格出现大幅回调，预计将触发农户抗价惜售情绪，进而带动玉米价格迎来反弹。 淀粉：节后，新季玉米陆续上市，企业普遍下调原料收购价格。但受成品淀粉制成成本偏高影响，淀粉端调价空间有限。短期来看，原料价格 走弱将带动淀粉价格预期下行，且随着企业开机率回升，库存大概率累积，这将进一步制约淀粉价格的反弹可能。中长期需重点关注下游消费 节奏变化，若淀粉价格出现大幅下跌，预计将刺激下游补货积极性提升，届时价格有望获得支撑。 研究中心农产品团队 2025/10/24 | 玉米/淀粉 | | | | 玉米 | | | | | | 淀粉 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 | 进口盈亏 | ...

Group 1: Report Information - Report Name: Synthetic Rubber Morning Report [2] - Research Team: Research Center's Energy and Chemicals Team [3] - Report Date: October 24, 2025 [3] Group 2: BR (Butadiene Rubber) Market Data Futures Information - BR主力合约(12) price on October 23 was 11,120, with a daily increase of 70 and a weekly increase of 195 compared to September 24 [4]. - Open interest on October 23 was 69,872, a daily decrease of 2,100 and a weekly increase of 52,871 [4]. - Trading volume on October 23 was 99,398, a daily increase of 19,944 and a weekly increase of 42,371 [4]. - Warehouse receipt quantity on October 23 was 8,920, with no daily change and a weekly increase of 170 [4]. - The virtual - physical ratio on October 23 was 39.17, a daily decrease of 1 and a weekly increase of 29 [4]. Basis/Spread Information - The basis of BR on October 23 was - 20, a daily decrease of 70 and a weekly decrease of 145 [4]. - The 12 - 01 spread on October 23 was 25, with no daily change [4]. - The 01 - 02 spread on October 23 was 10, with no daily change and a weekly increase of 5 [4]. - The RU - BR spread on October 23 was 4,125 [4]. - The NR - BR spread on October 23 was 1,310, a daily increase of 10 and a weekly increase of 10 [4]. Spot Price and Profit Information - Shandong market price on October 23 was 11,100, with no daily change and a weekly increase of 50 [4]. - Chuanhua market price on October 23 was 10,950, with no daily change and a weekly increase of 50 [4]. - Qilu factory price on October 23 was 11,200, with no daily and weekly change [4]. - CFR Northeast Asia price on October 23 was 1,475, with no daily change and a weekly decrease of 25 [4]. - CFR Southeast Asia price on October 23 was 1,700, with no daily and weekly change [4]. - Spot processing profit on October 23 was 281, a daily increase of 51 and a weekly increase of 229 [4]. - Import profit on October 23 was - 1,280, a daily decrease of 2 and a weekly increase of 252 [4]. - Export profit on October 23 was 1,805, a daily increase of 2 and a weekly decrease of 44 [4]. Group 3: BD (Butadiene) Market Data Spot Price Information - Shandong market price on October 23 was 8,450, a daily decrease of 50 and a weekly decrease of 175 [4]. - Jiangsu market price on October 23 was 8,450, a daily decrease of 50 and a weekly decrease of 100 [4]. - Yangzi factory price on October 23 was 8,600, with no daily and weekly change [4]. - CFR China price on October 23 was 970, a daily decrease of 5 and a weekly decrease of 40 [4]. Profit Information - Carbon four extraction profit data was incomplete, with the last available value on October 22 being 1,768 [4]. - Butene oxidative dehydrogenation profit on October 23 was - 154, a daily decrease of 50 and a weekly decrease of 30 [4]. - Import profit on October 23 was 492, a daily decrease of 11 and a weekly increase of 222 [4]. - Butadiene production profit on October 23 was 838, a daily decrease of 25 and a weekly increase of 88 [4]. - ABS production profit data was incomplete, with the last available value on October 21 being - 60 [4]. - SBS production profit on October 23 was 175, with no daily change and a weekly decrease of 282 [4].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - No relevant content Group 3: Summary by Related Catalogs 1. Basis and Spread - On October 23, the Shandong basis (+80) (Hongrun) was 113, a daily decrease of 28; the East China basis (Zhenjiang Warehouse) was 123, a daily increase of 42; the South China basis (Foshan Warehouse) was 83, a daily increase of 12 [3]. - The 12 - 01 spread was 17, a daily decrease of 2; the 12 - 03 spread was 2, a daily decrease of 7; the 01 - 02 spread was -6, a daily decrease of 2 [3]. 2. BU Main Contract (01) - On October 23, the price of the BU main contract (01) was 3277, a daily increase of 28; the trading volume was 404474, a daily increase of 14514; the open interest was 356221, a daily decrease of 12596; the contract free - of - the - property was 12420, a daily decrease of 620 [3]. 3. Crude Oil and Asphalt Prices - On October 23, Brent crude oil was at 62.6, a daily increase of 1.3; the price of Jingbo asphalt was 3330, a daily increase of 20; the price of Hongrun asphalt was 3310, unchanged; the price of Zhenjiang Warehouse asphalt was 3400, a daily increase of 70; the price of Foshan Warehouse asphalt was 3360, a daily increase of 40 [3]. 4. Profits - On October 23, the asphalt - Ma Rui profit was 413, a daily decrease of 51; the Ma Rui - type refinery comprehensive profit was 862, a daily decrease of 44 [3].

Group 1: Spot Market Information - Newman powder price is 780, with a daily change of 2 and a weekly change of 7. The discounted spot price is 834.6, and the import profit is -27.15 [1] - PB powder price is 783, with a daily change of 2 and a weekly change of 5. The discounted spot price is 830.5, and the import profit is -23.48 [1] - Macfarlane powder price is 780, with a daily change of 3 and a weekly change of 5. The discounted spot price is 851.9, and the import profit is 2.81 [1] - Jinbuba powder price is 751, with a daily change of 2 and a weekly change of 3. The discounted spot price is 844.1, and the import profit is 7.56 [1] - Mainstream mixed powder price is 750, with a daily change of 6 and a weekly change of 5. The discounted spot price is 880.8, and the import profit is 2.47 [1] - Super special powder price is 705, with a daily change of 0 and a weekly change of 2. The discounted spot price is 922.2, and the import profit is 3.27 [1] - Carajás powder price is 907, with a daily change of 2 and a weekly change of 3. The discounted spot price is 853.6, and the import profit is -7.99 [1] - Brazilian blend price is 816, with a daily change of 0 and a weekly change of 6. The discounted spot price is 830.9, and the import profit is -13.47 [1] - Brazilian coarse IOC6 price is 784, with a daily change of 2 and a weekly change of 5 [1] - Brazilian coarse SSFG price is 789, with a daily change of 2 and a weekly change of 5 [1] - Ukrainian concentrate price is 905, with a daily change of 2 and a weekly change of 5 [1] - 61% Indian powder price is 740, with a daily change of 2 and a weekly change of 3 [1] - Karara concentrate price is 905, with a daily change of 2 and a weekly change of 5 [1] - Roy Hill powder price is 770, with a daily change of 2 and a weekly change of 5. The discounted spot price is 847.6, and the import profit is 4.64 [1] - KUMBA powder price is 842, with a daily change of 2 and a weekly change of 5 [1] - 57% Indian powder price is 640, with a daily change of 2 and a weekly change of 4 [1] - Atlas powder price is 745, with a daily change of 6 and a weekly change of 5 [1] - Tangshan iron concentrate price is 1021, with a daily change of 0 and a weekly change of 8 [1] Group 2: Futures Market Information - i2601 contract price is 777.0, with a daily change of 3.0 and a weekly change of 3.5. The monthly spread is -42.0, and the spread change is 53.5, with a daily change of -0.8 and a weekly change of 2.7 [1] - i2605 contract price is 756.0, with a daily change of 3.0 and a weekly change of 4.0. The monthly spread is 21.0, and the spread change is 74.5, with a daily change of -0.8 and a weekly change of 2.2 [1] - i2609 contract price is 735.0, with a daily change of 4.0 and a weekly change of 4.0. The monthly spread is 21.0, and the spread change is 95.5, with a daily change of -1.8 and a weekly change of 2.2 [1] - FE01 contract price is 100.95, with a daily change of 0.70 and a weekly change of -0.55. The monthly spread is -4.07, and the spread change is -38.5, with a daily change of -1.3 and a weekly change of 3.8 [1] - FE05 contract price is 98.95, with a daily change of 0.71 and a weekly change of -0.08. The monthly spread is 2.00, and the spread change is -43.4, with a daily change of -2.3 and a weekly change of 1.5 [1] - FE09 contract price is 96.88, with a daily change of 0.69 and a weekly change of 0.02. The monthly spread is 2.07, and the spread change is -48.7, with a daily change of -4.2 and a weekly change of -0.3 [1]

芳烃橡胶早报 研究中心能化团队 2025/10/24 P T A 日期 原油 石脑油日 本 PX CFR 台湾 PTA内盘现 货 POY 1 50D/4 8F 石脑油裂 解价差 PX加工差 PTA加 工差 聚酯毛利 PTA平衡 负荷 PTA负 荷 仓单+有 效预报 TA基差 产销 2025/1 0/17 61.3 537 783 4340 6465 87.74 246.0 95 226 80.7 76.0 44590 -85 0.50 2025/1 0/20 61.0 552 798 4315 6390 92.72 246.0 44 177 80.7 76.0 47536 -85 0.55 2025/1 0/21 61.3 540 784 4320 6340 90.52 244.0 70 131 80.7 76.0 48538 -87 1.65 2025/1 0/22 62.6 552 798 4370 6380 92.72 246.0 44 118 80.7 76.0 48742 -88 0.75 2025/1 0/23 62.6 552 798 4425 6360 92.72 246.0 44 29 80 ...

2025年10月23日星期四 ➢ 特朗普料中美谈妥一切；香港拟放 宽零售基金规则。A股缩量调整。上 证指数跌0.07%报3913.76点，深证成 指跌0.62%，创业板指跌0.79%。地产、 银行板块涨幅居前。港股低开低走， 香港恒生指数收盘跌 0.94% 报 25781.77点，恒生科技指数跌1.41%， 恒生中国企业指数跌0.85%。医药股 高开低走。大市成交额达2275.37亿 港元。外盘方面，欧洲三大股指收 盘涨跌不一。美国三大股指全线收 跌，道指跌0.71%，标普500指数跌 0.53%，纳指跌0.93%。美国考虑对中 国实施广泛的软件出口限制，特朗 普预测与习近平会晤能谈妥一切问 题。香港拟放宽零售基金规则。 | 25781.77 | -0.94 | 28.52 | | --- | --- | --- | | 9223.78 | -0.85 | 26.53 | | 5923.09 | -1.41 | 32.56 | | 119.30 | 0.33 | -16.57 | | 3913.76 | -0.07 | 16.77 | | 12996.61 | -0.62 | 24.79 | | 4592.5 ...