1. Report Industry Investment Rating - No information provided 2. Core View - The report mainly presents the cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data of non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on October 23, 2025 [1][4][5] 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On October 23, 2025, the domestic spot price was 84980, LME spot price was 10663, and the spot ratio was 8.01. The domestic March price was 85370, LME March price was 10669, and the March ratio was 7.96. The equilibrium ratio for spot import was 8.09 [1] - **Zinc**: The domestic spot price was 21910, LME spot price was 3350, and the spot ratio was 6.54. The domestic March price was 22040, LME March price was 3011, and the March ratio was 5.70. The equilibrium ratio for spot import was 8.49, with a profit of - 6539.20 [1] - **Aluminum**: The domestic spot price was 20980, LME spot price was 2800, and the spot ratio was 7.49. The domestic March price was 21050, LME March price was 2797, and the March ratio was 7.50. The equilibrium ratio for spot import was 8.37, with a profit of - 2452.65 [1] - **Nickel**: The domestic spot price was 123500, LME spot price was 14998, and the spot ratio was 8.23. The equilibrium ratio for spot import was 8.19, with a profit of - 1463.49 [1] - **Lead**: The domestic spot price was 16975, LME spot price was 1953, and the spot ratio was 8.70. The domestic March price was 17185, LME March price was 1993, and the March ratio was 11.03. The equilibrium ratio for spot import was 8.82, with a profit of - 232.67 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month were 40, - 10, - 40, - 80 respectively, while the theoretical spreads were 529, 956, 1392, 1828 respectively [4] - **Zinc**: The spreads were 15, 55, 70, 100 respectively, and the theoretical spreads were 213, 332, 451, 570 respectively [4] - **Aluminum**: The spreads were 30, 35, 35, 35 respectively, and the theoretical spreads were 216, 333, 450, 567 respectively [4] - **Lead**: The spreads were 15, 25, 35, 40 respectively, and the theoretical spreads were 211, 318, 424, 531 respectively [4] - **Nickel**: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month were 260, 440, 590, 790 respectively [4] - **Tin**: The 5 - 1 spread was - 620, and the theoretical spread was 5833 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month contract - spot and the next - month contract - spot were 445 and 485 respectively, and the theoretical spreads were 487 and 963 respectively [4] - **Zinc**: The spreads were 75 and 90 respectively, and the theoretical spreads were 176 and 304 respectively [4] - **Lead**: The spreads were 185 and 200 respectively, and the theoretical spreads were 186 and 299 respectively [5] Cross - Variety Arbitrage Tracking - On October 23, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) were 3.87, 4.06, 4.97, 0.96, 1.22, 0.78 respectively, and for London (three - continuous) were 3.53, 3.80, 5.34, 0.93, 1.41, 0.66 respectively [5]

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Views 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 fluctuated 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, the LU internal - external spread fell to 7 - 8 US dollars, and the MF0.5 basis stabilized in the second half of the week [3]. - Fundamentally, Singapore's residue inventory increased and was at a historical high year - on - year. Floating storage inventory stabilized after de - stocking and was at a high level year - on - year. ARA residue inventory increased slightly and was at a low level in the same period of history. EIA residue inventory increased slightly at a low level. Fujairah inventory increased month - on - month and was at a low level year - on - year. Middle - East high - sulfur floating storage inventory increased significantly this week [4]. - Recently, the Singapore high - sulfur spot market weakened. The cracking was supported by raw material procurement, and the short - term downside space was limited. It is expected that the 380 cracking will maintain a fluctuating pattern. The FU internal - external spread will be viewed within a range recently, and the 01 contract is bearish in the end. This week, the LU market was still weak. In the fourth quarter, the overseas low - sulfur market is in a pattern of shorting on rallies, and attention should be paid to the quota usage for internal - external spread [4]. 3) Summary by Related Catalogs Fuel Oil Price Data - **Rotterdam**: From October 16 to 22, 2025, the prices of Rotterdam 3.5% HSF O swap M1 and 0.5% VLS FO swap M1 changed by 7.05 and 4.96 respectively. Other indicators such as Rotterdam HSFO - Brent M1 also had corresponding changes [1]. - **Singapore**: During the same period, the prices of Singapore 380cst M1 and 180cst M1 changed by 4.56 and 4.31 respectively. The Singapore VLSFO M1 price increased by 6.43 [1]. - **Singapore Fuel Oil Spot**: From October 16 to 22, 2025, the FOB 380cst price increased by 3.18, and the FOB VLSFO price increased by 5.63. The 380 basis decreased by 0.46 [2]. - **Domestic FU**: The prices of FU 01, FU 05, and FU 09 increased by 44, 36, and 30 respectively from October 16 to 22, 2025 [2]. - **Domestic LU**: The prices of LU 01, LU 05, and LU 09 increased by 66, 65, and 70 respectively during the same period [3].

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Report's Core View - There is no clear core view explicitly stated in the given content. Group 3: Summary by Related Catalogs 1. Basis and Monthly Spread - The Shandong basis (+80) (Hongrun) decreased from 197 on 9/23 to 141 on 10/22, a daily change of -92 [3]. - The East China basis (Zhenjiang Warehouse) decreased from 47 on 9/23 to 81 on 10/22, with a daily change of -92 [3]. - The South China basis (Foshan Warehouse) decreased from 77 on 9/23 to 71 on 10/22, a daily change of -102 [3]. - The 12 - 01 spread decreased from 36 on 9/23 to 19 on 10/22, a daily change of -14 [3]. - The 12 - 03 spread increased from 23 on 9/23 to 9 on 10/22, a daily change of 4 [3]. - The 01 - 02 spread increased from -4 on 9/23 to -4 on 10/22, a daily change of 3 [3]. 2. Futures - The BU main contract (01) price increased from 3373 on 9/23 to 3249 on 10/22, a daily change of 92 [3]. - The trading volume increased from 280,475 on 9/23 to 389,960 on 10/22, a daily change of 110,926 [3]. - The open interest decreased from 425,862 on 9/23 to 368,817 on 10/22, a daily change of -2,998 [3]. - The warehouse receipts remained at 13,040 from 10/16 to 10/22, with no change [3]. 3. Spot - Brent crude oil price increased from 66.6 on 9/23 to 61.3 on 10/22, a daily change of 0.3 [3]. - Jingbo's price decreased from 3610 on 9/23 to 3310 on 10/22, a daily change of -10 [3]. - Hongrun's price remained at 3310 from 10/21 to 10/22, with no change [3]. - Zhenjiang Warehouse's price remained at 3330 from 10/20 to 10/22, with no change [3]. - Foshan Warehouse's price decreased from 3450 on 9/23 to 3320 on 10/22, a daily change of -10 [3]. 4. Profit - The asphalt - Ma Rui profit decreased from 334 on 9/23 to 464 on 10/22, a daily change of -24 [3]. - The Ma Rui - type refinery's comprehensive profit decreased from 792 on 9/23 to 905 on 10/22, a daily change of -13 [3].

Report Information - Report Title: Scrap Steel Morning Report [1] - Research Team: Black Team of the Research Center [1] - Report Date: October 23, 2025 [1] Key Data - Scrap steel prices in different regions from October 16 - 22, 2025: In East China, prices were 2234 on Oct 16, 2229 on Oct 17, 2226 on Oct 20, 2227 on Oct 21, and 2227 on Oct 22; in North China, 2293, 2292, 2298, 2300, 2302 respectively; in Central China, 2053, 2050, 2051, 2051, 2053; in South China, 2220, 2219, 2220, 2226, 2228; in Northeast China, 2258, 2258, 2258, 2256, 2250; in Southwest China, 2135, 2135, 2135, 2134, 2135 [2] -环比 changes: East China 0, North China 2, Central China 2, South China 2, Northeast China -6, Southwest China 1 [2]

| | | | | | 纯 碱 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2025/10/15 2025/10/21 2025/10/22 周度变化 日度变化 | | | | | | 2025/10/15 2025/10/21 2025/10/22 周度变化 日度变化 | | | | 沙河重碱 | 1160.0 | 1150.0 | 1160.0 | 0.0 | 10.0 | SA05合 约 | 1319.0 | 1298.0 | 1308.0 | -11.0 | 10.0 | | 华中重碱 | 1170.0 | 1170.0 | 1180.0 | 10.0 | 10.0 | SA01合约 | 1232.0 | 1210.0 | 1223.0 | -9.0 | 13.0 | | 华南重碱 | 1350.0 | 1350.0 | 1350.0 | 0.0 | 0.0 | SA09合约 | 1384.0 | 1361.0 | 1370.0 | -14.0 | 9.0 ...

| 研究中心农产品团队 2025/10/23 | | --- | | 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 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/10/16 | 1970 | 2080 | 2120 | 2310 | -31 | 90 | 202 2700 | 2800 | 279 | 110 | | 2025/10/17 | 1970 | 2080 | 2120 | 2310 | -37 | 90 | 203 2700 | 2800 | 281 | - | | 2025/10/20 | 2020 | 2100 | 2140 | 2310 | -38 | 70 | 194 2700 | 2800 | 275 | - | | 2025/10/21 | 2020 | 2130 | 2170 | 2310 | -14 | 40 | 195 27 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - PG main contract significantly increased due to news disturbances in macro and geopolitical aspects. Although the spot supply pressure is high and the PG basis has dropped sharply and turned negative, due to tariff policies and geopolitical disturbances, the futures market may not decline significantly in the short - term [4]. - There is high inventory pressure and short - term supply pressure, but chemical demand provides support and combustion demand is expected to pick up. The PDH operating rate is 68.76% (-2.12pct), and enterprises are expected to increase production next week [4]. 3. Summary by Related Content Daily Changes - On Wednesday, the prices of civil LPG showed differentiation, with a rebound in Shandong. The price in East China was 4259 (-5), in Shandong 4250 (+50), and in South China 4400 (-20). The price of ether - post carbon four was 4390 (+0). The lowest delivery location was Shandong, with a basis of -76 (-39), and the November - December spread was 145 (-1). FEI increased significantly, and CP increased slightly, at 478 (+21) and 447 (+5) US dollars/ton respectively [4]. Weekly View - The PG main contract rose significantly. The basis was -20 (-334), and the November - December spread was 137 (+59). Domestic civil LPG prices dropped significantly. The cheapest delivery product was Shandong civil LPG at 4200 (-250); in East China it was 4345 (-39), and in South China 4460 (-110). Wanhua added 2300 lots of warehouse receipts [4]. - The external market prices dropped significantly. The FEI monthly spread was -10 US dollars (+5), and the CP monthly spread was -4 US dollars (+5). The internal - external price difference PG - CP reached 132 (+27); PG - FEI reached 112 (+14). FEI - CP reached 20 (+12.5). The US - Asia arbitrage window closed. The arrival discount of CP propane and butane increased significantly, at 78 (+26) in South China. Freight rates dropped significantly, with the US Gulf - Japan at 108 (-18) and the Middle East - Far East at 60.5 (-2.5) [4]. - The FEI - MOPJ spread narrowed but the switching window remained open, at -71 (-12). The profit of PDH to produce propylene decreased. The PDH operating rate was 68.76% (-2.12pct), with Zhongjing Phase II resuming production, but Bohua under maintenance and Wanda Tianhong having a short - term shutdown; enterprises are expected to increase production next week [4].

、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 764.0 5.0 36.0 64.0 -91.0 25省终端可用天数 24.0 -0.4 4.0 3.1 6.4 秦皇岛5000 674.0 5.0 36.0 63.0 -81.0 25省终端供煤 529.4 -0.1 -79.1 -110.6 -93.4 广州港5500 805.0 5.0 25.0 40.0 -105.0 北方港库存 2244.0 0.0 50.0 150.0 -93.7 鄂尔多斯5500 555.0 10.0 50.0 80.0 -75.0 北方锚地船舶 88.0 -8.0 -24.0 -19.0 36.0 大同5500 600.0 10.0 45.0 70.0 -110.0 北方港调入量 146.9 5.6 17.1 -17.9 -26.6 榆林6000 682.0 10.0 30.0 60.0 -137.0 北方港吞吐量 140.1 -7.3 -6.8 -24.7 10.4 榆林6200 71 ...

Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: October 23, 2025 [3] Key Points BR (Butadiene Rubber) Futures Market - The closing price of the BR12 main contract on October 22 was 11,050, up 10 from the previous day and down 85 from the previous week [4]. - The open interest was 71,972, down 836 from the previous day and up 53,561 from the previous week [4]. - The trading volume was 79,454, down 44,237 from the previous day and up 2,550 from the previous week [4]. - The number of warehouse receipts was 8,920, up 300 from the previous day and up 170 from the previous week [4]. - The long - short ratio was 40.34, down 2 from the previous day and up 30 from the previous week [4]. Basis, Spread and Inter - Variety Spread - The basis between BR12 and BR01 was 25, up 5 from the previous day and unchanged from the previous week [4]. - The spread between BR01 and BR02 was 10, down 5 from the previous day and up 10 from the previous week [4]. - The spread between RU - BR was 4,100, down 10 from the previous day and up 335 from the previous week [4]. - The spread between NR - BR was 1,300, down 25 from the previous day and up 120 from the previous week [4]. Spot Market - The Shandong market price was 11,100, unchanged from the previous day and up 50 from the previous week [4]. - The Transfar market price was 10,950, unchanged from the previous day and up 50 from the previous week [4]. - The Qilu ex - factory price was 11,200, unchanged from the previous day and the previous week [4]. - The CFR Northeast Asia price was 1,475, unchanged from the previous day and down 25 from the previous week [4]. - The CFR Southeast Asia price was 1,700, unchanged from the previous day and the previous week [4]. Profit - The spot processing profit was 230, up 102 from the previous day and up 203 from the previous week [4]. - The import profit was - 1,277, down 2 from the previous day and up 255 from the previous week [4]. - The export profit was 1,803, up 2 from the previous day and down 47 from the previous week [4]. BD (Butadiene) Spot Market - The Shandong market price was 8,500, down 100 from the previous day and down 150 from the previous week [4]. - The Jiangsu market price was 8,500, down 25 from the previous day and down 50 from the previous week [4]. - The Yangzi ex - factory price was 8,600, unchanged from the previous day and the previous week [4]. - The CFR China price was 975, down 35 from the previous week [4]. Profit - The carbon - four extraction profit was 1,885 (data for October 20) [4]. - The butylene oxidative dehydrogenation profit was - 104, down 25 from the previous day and up 20 from the previous week [4]. - The import profit was 203 (data for October 22), up 234 from the previous week [4]. - The export profit was - 921, down 48 from the previous day and down 386 from the previous week [4]. Production Profit of Related Products - The butadiene - styrene production profit was 863, unchanged from the previous day and up 138 from the previous week [4]. - The ABS production profit was - 33 (data for October 20) [4]. - The SBS production profit was 175, down 300 from the previous day and down 810 from the previous week [4].

Group 1: Spot Market - Newman powder price is 778, with a daily change of 2 and a weekly change of 6; its import profit is -26.32 [1] - PB powder price is 781, with a daily change of 4 and a weekly change of 6; its import profit is -22.41 [1] - Mac powder price is 777, with a daily change of 1 and a weekly change of 7; its import profit is 7.00 [1] - Jinbuba powder price is 749, with a daily change of 2 and a weekly change of 4; its import profit is 9.43 [1] - Mainstream mixed powder price is 744, with a daily change of 5 and a weekly change of -1; its import profit is -1.17 [1] - Super special powder price is 705, with a daily change of 3 and a weekly change of 2; its import profit is 6.32 [1] - Carajás powder price is 905, with a daily change of 1 and a weekly change of 2; its import profit is -9.09 [1] - Brazilian blend price is 816, with a daily change of 3 and a weekly change of 6; its import profit is -11.12 [1] - IOC6 price is 782, with a daily change of 4 and a weekly change of 3 [1] - SSFG price is 787, with a daily change of 4 and a weekly change of 3 [1] - Ukrainian concentrate price is 903, with a daily change of 6 and a weekly change of 3 [1] - 61% Indian powder price is 738, with a daily change of 2 and a weekly change of 4 [1] - Karara concentrate price is 903, with a daily change of 6 and a weekly change of 3 [1] - Roy Hill powder price is 768, with a daily change of 4 and a weekly change of 6; its import profit is 4.25 [1] - KUMBA powder price is 840, with a daily change of 4 and a weekly change of 6 [1] - 57% Indian powder price is 638, with a daily change of 3 and a weekly change of 2 [1] - Atlas powder price is 739, with a daily change of 5 and a weekly change of -1 [1] - Tangshan iron concentrate price is 1021, with a daily change of 0 and a weekly change of 8 [1] Group 2: Futures Market - i2601 price is 774.0, with a daily change of 4.5 and a weekly change of -2.5; its monthly spread is -43.0 [1] - i2605 price is 753.0, with a daily change of 3.5 and a weekly change of -1.0; its monthly spread is 21.0 [1] - i2609 price is 731.0, with a daily change of 1.5 and a weekly change of -2.0; its monthly spread is 22.0 [1] - FE01 price is 100.25, with a daily change of 0.10 and a weekly change of -1.25; its monthly spread is -4.06 [1] - FE05 price is 98.24, with a daily change of 0.04 and a weekly change of -0.79; its monthly spread is 2.01 [1] - FE09 price is 96.19, with a daily change of 0.02 and a weekly change of -0.67; its monthly spread is 2.05 [1]