1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - No clear core view is presented in the given content. It mainly provides data on the synthetic rubber market, including prices, positions, trading volumes, and profit margins. 3. Summary by Relevant Catalogs 3.1 BR (Butadiene Rubber) - **Prices**: The closing price of the main contract on October 20 was 10,840, a daily decrease of 85 and a weekly decrease of 55. The Shandong market price remained unchanged at 11,050 compared to the previous day, with a weekly increase of 100. The Qilu factory price remained at 11,200 [3]. - **Positions and Trading Volumes**: The position of the main contract on October 20 was 74,828, a daily increase of 57,827 and a weekly increase of 50,360. The trading volume was 101,950, a daily increase of 44,923 and a weekly increase of 41,695 [3]. - **Warehouse Receipts**: The number of warehouse receipts on October 20 was 8,640, a daily and weekly decrease of 110 [3]. - **Profit Margins**: The spot processing profit was 53, and the on - screen processing profit was - 158. The import profit was - 79,579, and the export profit was 242 [3]. - **Basis and Spread**: The basis and spread data, such as the 10 - 11 month spread, showed various changes. The 10 - 11 month spread on October 20 was 200, a daily decrease of 90 and a weekly increase of 425 [3]. 3.2 BD (Butadiene) - **Prices**: The Shandong market price on October 20 was 8,625. The Jiangsu market price was 8,500, a daily decrease of 50 and a weekly increase of 50. The Yangzi factory price remained at 8,600 [3]. - **Profit Margins**: The carbon tetrachloride extraction profit was 1,885, and the butene oxidative dehydrogenation profit was - 104. The import profit was not available, and the export profit was - 851 [3]. - **Downstream Profits**: The production profit of butadiene - based products such as ABS, SBS (791 - H) also showed different changes. For example, the ABS production profit was - 33, a daily decrease of 142 and a weekly decrease of 129 [3]. 3.3 Variety Spreads - **Inter - Variety Spreads**: The spreads between different rubber varieties, such as RU - BR, NR - BR, Thai mixed - butadiene rubber, and 3L - styrene - butadiene rubber, showed different trends. For example, the RU - BR spread on October 20 was - 60,018, a daily decrease of 57,712 and a weekly decrease of 50,445 [3]. - **Intra - Variety Spreads**: The spreads within the same rubber variety, such as the difference between standard and non - standard butadiene rubber, and the difference between styrene - butadiene rubber 1502 and 1712, also changed. For example, the difference between standard and non - standard butadiene rubber on October 20 was 350, a daily increase of 50 and a weekly increase of 20 [3].

Report Industry Investment Rating - Not mentioned in the provided content Report's Core View - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on October 22, 2025 [1][3][4] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On October 22, 2025, the domestic spot price was 85720, the LME spot price was 10639, and the spot import equilibrium ratio was 8.09. The domestic three - month price was 85350, and the LME three - month price was 10670 [1] - **Zinc**: The domestic spot price was 21950, the LME spot price was 3278, and the spot import equilibrium ratio was 8.50 with a loss of 5922.81. The domestic three - month price was 22000, and the LME three - month price was 2979 [1] - **Aluminum**: The domestic spot price was 20970, the LME spot price was 2771, and the spot import equilibrium ratio was 8.37 with a loss of 2234.72. The domestic three - month price was 20975, and the LME three - month price was 2770 [1] - **Nickel**: The domestic spot price was 123950, the LME spot price was 15009, and the spot import equilibrium ratio was 8.19 with a loss of 1173.88 [1] - **Lead**: The domestic spot price was 16975, the LME spot price was 1947, and the spot import equilibrium ratio was 8.83 with a loss of 181.73. The domestic three - month price was 17155, and the LME three - month price was 1987 [3] Cross - Period Arbitrage Tracking - **Copper**: On October 22, 2025, the spreads between the next month, three - month, four - month, and five - month contracts and the spot month were 20, - 30, - 60, - 60 respectively, while the theoretical spreads were 529, 956, 1392, 1828 [4] - **Zinc**: The spreads were 115, 145, 180, 220, and the theoretical spreads were 212, 331, 449, 567 [4] - **Aluminum**: The spreads were 75, 85, 95, 95, and the theoretical spreads were 215, 332, 448, 565 [4] - **Lead**: The spreads were 95, 95, 100, 160, and the theoretical spreads were 210, 317, 423, 529 [4] - **Nickel**: The spreads were 670, 820, 950, 1230 [4] - **Tin**: The spread between the 5 - month and 1 - month contracts was - 150, and the theoretical spread was 5818 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 325 and - 305 respectively, while the theoretical spreads were 398 and 874 [4] - **Zinc**: The spreads were - 95 and 20, and the theoretical spreads were 153 and 299 [4] - **Lead**: The spreads were 85 and 180, and the theoretical spreads were 175 and 289 [5] Cross - Variety Arbitrage Tracking - On October 22, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) were 3.88, 4.07, 4.98, 0.95, 1.22, 0.78 respectively, and in London (three - continuous) were 3.54, 3.81, 5.32, 0.93, 1.40, 0.67 [5]

Report Summary 1. Report Information - The report is the Pulp Morning Report, released by the Energy and Chemicals Team of the Research Center on October 22, 2025 [2] 2. SP Main Contract Closing Price - On October 21, 2025, the SP main contract closing price was 5170.00. The closing prices and related data from October 15 - 21, 2025, are as follows: - Closing prices: 4856.00 (Oct 15 - 16), 5122.00 (Oct 17), 5156.00 (Oct 20), 5170.00 (Oct 21) - Dollar - converted prices: 594.54 (Oct 15), 594.45 (Oct 16), 627.35 (Oct 17), 631.87 (Oct 20 - 21) - Daily price changes: 0.20636% (Oct 15), 0.00000% (Oct 16), 5.47776% (Oct 17), 0.66380% (Oct 20), 0.27153% (Oct 21) - Shandong Yinxing basis: 734 (Oct 15), 744 (Oct 16), 478 (Oct 17), 444 (Oct 20), 430 (Oct 21) - Jiangsu, Zhejiang, and Shanghai Yinxing basis: 729 (Oct 15 - 16), 438 (Oct 17), 404 (Oct 20), 390 (Oct 21) [3] 3. Import Price and Profit - With a 13% VAT calculation, the import prices and profits of different pulp brands are as follows: - Canadian Golden Lion (CFR): port dollar price 780, Shandong RMB price 6200, import profit - 145.57 - Canadian Lion (CFR): port dollar price 730, Shandong RMB price 5350, import profit - 593.29 - Chilean Yinxing (CFR letter of credit 90 days): port dollar price 700, Shandong RMB price 5600, import profit - 101.92 [4] 4. Pulp and Paper Price and Margin - Pulp prices (Oct 15 - 21, 2025): - 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 - Shandong average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4] - Paper prices and margins: - Cultural paper (Oct 16 - 21, 2025): double - offset index and double - copper index remained at 5725 and 5670 respectively; double - offset profit margin remained at - 0.0774%, double - copper profit margin remained at 12.9677% - Packaging paper (Oct 16 - 21, 2025): white - card index remained at 4350, white - card profit margin remained at - 10.3133% - Tissue paper (Oct 16 - 21, 2025): tissue index increased from 839 to 841, tissue profit margin changed from 6.9359% (Oct 16) to 7.0696% (Oct 21) [4] 5. Pulp Price Spreads - From October 15 - 21, 2025, the price spreads between different types of pulp were as follows: - Softwood - hardwood spread: 1330 (Oct 15), 1340 (Oct 16 - 17), 1350 (Oct 20 - 21) - Softwood - natural spread: 190 (Oct 15), 200 (Oct 16 - 21) - Softwood - chemimechanical spread: 1790 (Oct 15), 1800 (Oct 16 - 21) - Softwood - waste paper spread: 4014 (Oct 15), 4024 (Oct 16 - 21) [4]

铁合金早报 | | | | | | | | | | 2025/10/22 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | | | 宁夏#72 内蒙#72 | 5130 5150 | 0 -30 | 0 0 | 5430 5500 | 主力合约 01合约 | 5474 5474 | 38 38 | 96 152 | | 硅铁自然块 | | | | | | | | | | | 产区汇总价 | 青海#72 | 5150 | 0 | 0 | 5480 | 05合约 | 5510 | 20 | 82 | | | 陕西#72 | 5150 | 0 | 50 | 5450 | 09合约 | 5616 | 16 | 74 | | | 陕西#75 | 5800 | 0 | -300 | | 主力月基差 | -44 | -38 | -96 | | 硅铁合格块 | 江苏#72 | ...

甲醇聚烯烃早报 研究中心能化团队 2025/10/22 | 甲 醇 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 动力煤期 | | 江苏现货 华南现货 | 鲁南折盘 | 西南折盘面 | 河北折盘 | 西北折盘 | CFR中国 | CFR东南 | | 进口利润 主力基差 | 盘面MTO | | | 货 | | | 面 | | 面 | 面 | | 亚 | | | 利润 | | 2025/10/1 5 | 801 | 2320 | 2280 | 2505 | 2500 | 2495 | 2678 | 266 | 326 | 14 | 8 | - | | 2025/10/1 6 | 801 | 2305 | 2285 | 2495 | 2500 | 2470 | 2665 | 265 | 325 | 20 | 5 | - | | 2025/10/1 7 | 801 | 2280 | 2263 | 2505 | 2500 | 2470 | 2 ...

| | | | 钢材早报 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 研究中心黑色团队 2025/10/22 | | | 现 货 价 格 | | | | | | | | 日期 | 北京螺纹 | 上海螺纹 | 成都螺纹 | 西安螺纹 | 广州螺纹 | 武汉螺纹 | | 2025/10/15 | 3090 | 3180 | 3270 | 3130 | 3250 | 3210 | | 2025/10/16 | 3090 | 3180 | 3270 | 3130 | 3230 | 3210 | | 2025/10/17 | 3070 | 3210 | 3270 | 3130 | 3230 | 3210 | | 2025/10/20 | 3120 | 3210 | 3270 | 3130 | 3230 | 3240 | | 2025/10/21 | 3120 | 3210 | 3210 | 3130 | 3230 | 3210 | | 变化 | 0 | 0 | -60 | 0 | 0 | -30 | | 日期 | 天津热卷 | 上海热卷 ...

Report Summary 1. Price Performance - Latest prices of London Gold, London Silver, London Platinum, London Palladium, and LME Copper are $4169.60, $49.95, $1626.00, $1484.00, and $10669.50 respectively, with changes of -$124.75, -$1.85, -$16.00, -$55.00, and -$10.00 [1] - Latest values of the US Dollar Index, Euro - US Dollar, British Pound - US Dollar, and US Dollar - Japanese Yen are 98.97, 1.16, 1.34, and 151.93 respectively, with changes of 0.35, -0.00, -0.00, and 1.17 [1] 2. Trading Data - Latest COMEX silver inventory is 15670.94, with a change of -81.96; latest上期所白银 inventory is 749.36, with a change of -106.49 [1] - Latest gold ETF持仓 is 1058.66, with no change; latest silver ETF持仓 is 15676.64, with a change of -93.14 [1] - The latest上金所白银递延费支付方向 and上金所黄金递延费支付 direction are 2 and 1 respectively, with no change [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - **PTA**: Near - term TA partial units increased load,开工 slightly increased, polyester load remained stable, inventory slightly accumulated, basis weakened, and spot processing fees remained low. PX domestic operation rate declined, overseas partial maintenance took place, PXN widened, disproportionation and isomerization benefits were stable, and the US - Asia aromatics spread widened. Later, polyester showed no unexpected performance, TA gradually entered the inventory accumulation stage, but considering the long - term low processing fees, additional maintenance should be noted. With limited far - month production capacity expansion, the processing fee center may gradually recover [2]. - **MEG**: Near - term domestic maintenance and restart coexisted, the load still slightly increased, overseas maintenance took place, arrivals were stable but shipments were weak, and port inventory continued to slightly accumulate at the beginning of next week. The basis was stable, and coal - based benefits and ratios further shrank. Later, EG's existing operation rate returned to a relatively high level, and with new unit commissioning, it entered a continuous inventory accumulation stage. However, after the weakening of coal - based benefits and ratios, there may be some negative feedback on the supply side. Considering the recent strengthening of coal prices, short - put opportunities near the coal - based cost should be noted [2]. - **Polyester Staple Fiber**: Near - term units operated stably, the operation rate remained at 94.3%, sales improved month - on - month, and inventory slightly decreased. On the demand side, the operation rate of polyester yarn slightly increased, both raw material and finished product inventories decreased, and benefits slightly improved. Later, the operation rate and finished product inventory of polyester yarn did not significantly increase. Staple fiber's exports maintained high growth, the operation rate remained high due to good spot benefits, the overall inventory pressure was limited, and the processing fee on the futures market was not high. Attention should be paid to the situation of warehouse receipts [2]. - **Natural Rubber & 20 - number Rubber**: The main contradiction was that the national explicit inventory remained stable at a relatively low level, and the price of Thai cup lump rubber remained stable while rainfall affected tapping. The strategy was to wait and see [2]. 3. Summary by Product PTA - **Price and Margin Changes**: From October 15 to 21, crude oil increased by 0.3, PTA spot increased by 5, POY 150D/48F decreased by 50, naphtha cracking spread increased by 0.00, PX processing margin increased by 0.0, PTA processing margin remained unchanged, polyester gross margin decreased by 46, PTA balance load and PTA load remained unchanged, and the basis decreased by 2 [2]. - **Market Situation**: Near - term TA partial units increased load, polyester load was stable, inventory slightly accumulated, basis weakened, and spot processing fees were low. PX domestic operation rate declined, overseas partial maintenance took place, PXN widened, and the US - Asia aromatics spread widened [2]. MEG - **Price and Margin Changes**: From October 15 to 21, Northeast Asian ethylene remained unchanged, MEG outer - market price decreased by 1, MEG inner - market price decreased by 25, MEG coal - based profit decreased by 25, and other indicators remained unchanged [2]. - **Market Situation**: Near - term domestic maintenance and restart coexisted, the load slightly increased, overseas maintenance took place, port inventory slightly accumulated, basis was stable, and coal - based benefits and ratios further shrank [2]. Polyester Staple Fiber - **Price and Margin Changes**: From October 15 to 21, 1.4D cotton - type staple fiber decreased by 15, low - melting - point staple fiber remained unchanged, and other prices and margins had corresponding changes. The operation rate remained at 94.3%, and the short - fiber profit remained unchanged while the pure - polyester yarn profit increased by 15 [2]. - **Market Situation**: Near - term units operated stably, sales improved, inventory slightly decreased. On the demand side, the operation rate of polyester yarn slightly increased, both raw material and finished product inventories decreased, and benefits slightly improved [2]. Natural Rubber & 20 - number Rubber - **Price Changes**: From October 15 to 21, the price of US - dollar Thai standard rubber increased by 40, the price of US - dollar Thai mixed rubber increased by 30, and other prices also had different degrees of increase. The difference between rubber types and various margins also had corresponding changes [2]. - **Market Situation**: The main contradiction was the stable and relatively low national explicit inventory and the impact of rainfall on tapping while the Thai cup lump rubber price remained stable. The strategy was to wait and see [2]. Styrene - **Price and Margin Changes**: From October 15 to 21, ethylene remained unchanged, pure benzene (CFR China) remained unchanged, pure benzene (East China) decreased by 100, styrene (CFR China) increased by 10, and other prices and margins had corresponding changes. The domestic profit of EPS decreased by 75, and the domestic profit of PS decreased by 75 [5].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report - PG main contract significantly increased due to news disturbances in macro and geopolitical aspects. The basis was -20 (-334), and the 11 - 12 monthly spread was 137 (+59). Domestic civil gas prices dropped significantly. The cheapest deliverable was Shandong civil gas at 4200 (-250); East China was 4345 (-39), and South China was 4460 (-110). Wanhua added 2300 lots of warehouse receipts. The external market prices tumbled. FEI monthly spread was -10 US dollars (+5), and 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, with South China at 78 (+26). Freight rates dropped sharply, with the US Gulf - Japan at 108 (-18) and the Middle East - Far East at 60.5 (-2.5). FEI - MOPJ narrowed but the switching window remained open, at -71 (-12). PDH - to - propylene profit declined. Inventory pressure was high, with short - term supply pressure large, but supported by chemical demand and the expected recovery of combustion demand. PDH operating rate was 68.76% (-2.12 pct), with Zhongjing Phase II restored, but Bohua under maintenance and Wanda Tianhong having a short - term shutdown; enterprises were expected to gradually increase their loads next week. Although the spot supply pressure was large and the PG basis fell sharply to negative, due to tariff policies and geopolitical disturbances, the futures market might not decline significantly in the short term [1]. 3) Summary According to Related Catalogs Daily Changes - On Tuesday, civil gas showed differentiation, with a rebound in Shandong. In East China, it was 4264 (-74), in Shandong 4200 (+110), and in South China 4420 (-30). Ether - after carbon four was 4390 (-10). The lowest deliverable area was Shandong, with a basis of 49 (+197), and the 11 - 12 monthly spread was 151 (+9). FEI declined and CP fluctuated, at 465 (+2) and 440 (-2) US dollars/ton respectively [1]. Weekly View - The PG main contract rose significantly because of macro and geopolitical news. The basis decreased by 334 to -20, and the 11 - 12 monthly spread increased by 59 to 137. Domestic civil gas prices dropped substantially. The cheapest deliverable was Shandong civil gas with a price reduction of 250 to 4200; East China was 4345 (-39), and South China was 4460 (-110). Wanhua added 2300 lots of warehouse receipts. External market prices dropped sharply. FEI and CP monthly spreads increased by 5 US dollars, reaching -10 and -4 respectively. The internal - external price differences PG - CP, PG - FEI, and FEI - CP all increased. The US - Asia arbitrage window closed. The arrival discount of CP propane and butane in South China increased by 26 to 78. Freight rates decreased significantly. FEI - MOPJ narrowed but the switching window was still open. PDH - to - propylene profit decreased. Inventory pressure was high, but there was support from chemical demand and an expected recovery of combustion demand. PDH operating rate decreased by 2.12 pct to 68.76%. Although spot supply pressure was large and the PG basis dropped sharply, the futures market might not decline significantly in the short term due to tariff policies and geopolitical disturbances [1].

【行情分析】： 研究中心农产品团队 2025/10/22 | 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 | | 2025/10/15 | 1970 2080 | 2120 | 2310 | -21 | 90 247 | 2700 | 2800 | 254 | 120 | | 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 | - ...