纯碱现货：重碱河北交割库现货报价在1180左右，送到沙河1210左右 纯碱产业：工厂库存较大幅度下行 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 1143 1155 1143 1060 1082 1079 1199 1329 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(9/22） 昨日(9/19） 一周前(9/15） 一月前(8/22） (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 ...

Group 1: Report Industry Investment Rating - Not available in the provided content Group 2: Core Viewpoints of the Report - The report presents a comprehensive overview of the current situation in the global oilseeds and oils market, including export, production, and import data, as well as policy changes and climate - related information [1] Group 3: Summary Based on Different Aspects 1. U.S. Soybean Data - As of the week ending September 18, the U.S. soybean export inspection volume was 484,116 tons, at the lower end of the estimated range. The previous week's volume was 821,809 tons (revised). The cumulative export inspection volume for the current crop year is 1,569,77 tons, compared to 1,246,429 tons in the same period last year [1] - As of the week ending September 21, the U.S. soybean good - to - excellent rate was 61%, lower than the market expectation of 62%. The harvest rate was 9%, lower than the expected 12%. The leaf - falling rate was 61% [1] 2. Argentina's Policy - Argentina's government announced the suspension of export taxes on all grains and by - products such as soybean oil and soybean meal to boost exports and increase dollar supply. The policy will be effective from Tuesday until October 31 or until the declared export value reaches $7 billion. The soybean export tax will drop from 26% to zero, soybean oil and meal from 24.5% to zero, and corn from 9.5% to zero [1] 3. Brazil's Soybean Export - Brazil exported 4,719,426.05 tons of soybeans in the first three weeks of September, with an average daily export volume of 314,628.40 tons, an 8.20% increase compared to the same period last year [1] 4. Malaysia's Palm Oil Data - Different institutions reported different trends in Malaysia's palm oil exports from September 1 - 20. ITS showed an 8.7% increase, AmSpec an 8.3% increase, and SGS a 16.1% decrease compared to the previous month. The production from September 1 - 20 decreased by 7.89% compared to the previous period [1] 5. China's Import Data - In August 2025, China's palm oil imports were 336,550.12 tons, a month - on - month increase of 82.32% and a year - on - year increase of 16.54%. The main import sources were Indonesia and Malaysia [1] - China's rapeseed imports in August were 246,639.83 tons, a month - on - month increase of 40.13% but a year - on - year decrease of 58.52%. The main source was Canada [1] - China's rapeseed meal imports in August were 213,385.30 tons, a month - on - month increase of 16.56% and a year - on - year increase of 4.72%. The main sources were India and the UAE [1] - China's rapeseed oil imports in August were 137,572.47 tons, a month - on - month increase of 3.75% and a year - on - year increase of 18.68%. The main sources were Russia and the UAE [1] 6. Indonesia's Policy Consideration - Indonesia is considering introducing B45 as a transitional step before implementing B50 due to potential technical and economic obstacles that may delay the full implementation of B50 until after 2026 [1] 7. Price and Spread Data - The report also includes data on import crushing margins, import profits, spot prices, protein meal basis, oil basis, regional price spreads, and seasonal spreads for various oilseeds and oils products [2][4][6][8]

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 2025/09/16 5970 5890 5865 423 376 557 11268 2025/09/17 5970 5870 5860 441 487 668 10988 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 变化 -40 -30 -25 -31 23 23 -49 【行情分析】： 白糖：国际市场方面，现阶段巴西正处于压榨高峰期，供应压力使得国际糖价承压。截至目前，巴西单产和出糖率同比持续偏低，但制糖比屡 创新高，后期产量不确定 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The market opened high and moved low on Monday. In the morning, it might have been trading on the price support in mid - October (CMA price increase) and the suspension of the China - Europe Railway Express (with limited actual impact), and then the decline was likely affected by the falling spot prices. The basis for October was around 60 points, and the spread between October and December was - 560 (-20) [1]. - The price is still falling in early October. There is an expected price increase in late October, but under the suppression of the off - season, the expectation may not be well - realized, and it is more likely to stabilize. In the medium term, there are multiple upward drivers [1]. - The valuation of the December contract is not low. The 02 contract may have a higher cost - performance ratio for long - allocation than the December contract because the Spring Festival in 2026 is relatively late (February 17, 2026), and the settlement price of the 02 contract may be higher. The current valuation of the 04 contract is also high, and as an off - season contract, it is more suitable for short - allocation in the short term, but its low liquidity may make it vulnerable to fluctuations. Therefore, the long - 02 and short - 04 spread trading can be considered. In addition, attention should be paid to the fluctuations caused by pre - holiday position reduction, and the risk of capital position transfer for the October contract with a large number of open positions [1]. 3. Summary by Relevant Catalogs 3.1 Futures Market Information - **Futures Contract Prices and Changes**: The closing prices of EC2510, EC2512, EC2602, EC2604, and EC2606 were 1093.7, 1653.9, 1573.6, 1275.0, and 1454.5 respectively, with changes of 4.11%, 1.47%, 0.71%, 2.00%, and 1.07%. The open interest of EC2510, EC2512, EC2602, EC2604, and EC2606 was 46030 (-1685), 21956 (-124), 7398 (122), 8922 (81), and 0 (-33) respectively [1]. - **Monthly Spreads**: The spreads of EC2510 - 2512, EC2512 - 2602 were - 560.2 and 80.3 respectively, with month - on - month changes of 19.3 and 12.8, and week - on - week changes of - 56.1 and - 21.4 [1]. 3.2 Spot Market Information - **Spot Freight Indexes**: The SCHIC SCFI (European line) was 1440.24 dollars/TEU on September 15 and 1052 dollars/TEU on September 19, with decreases of 8.06% and 8.84% compared to the previous period. The CCFI was 1470.97 points on September 19, a decrease of 4.31% from the previous period. The NCFI was 673.61 points on September 19, a decrease of 7.65% from the previous period [1]. 3.3 Recent European Line Quotation Information - **Week 39 (End of September)**: The average quotation was 1600 US dollars (equivalent to 1150 points on the futures market). MSK's quotation was initially 1500 US dollars and then rose to 1570 US dollars. The PA Alliance's quotation was 1550 - 1600 US dollars, and the OA Alliance's was 1600 - 1720 US dollars [2]. - **Weeks 40 - 41 (Early October)**: The average quotation was 1450 US dollars (equivalent to 1030 points on the futures market). MSK's quotation was 1400 US dollars, the PA Alliance's was 1300 - 1500 US dollars (YML's 1300 US dollars was the lowest of the year), and the OA Alliance's was 1400 - 1600 US dollars [2]. - **Monday Changes**: OOCL's price dropped 50 to 1400 US dollars, and MSC's dropped 100 to 1490 US dollars. HPL - SPOT quoted 1435 for early October, 2035 for late October, and 2525 for November (HPL - SPOT's quotations usually fluctuate greatly and have limited reference value) [2]. 3.4 Related News - As of September 22, 2025, 157 out of 193 UN member states had recognized the State of Palestine. Israel stated that its war goal "is not limited to Gaza", and the rift in the Western world's consensus on Israel's policy was gradually widening [3].

有色套利早报 研究中心有色团队 2025/09/23 铜：跨市套利跟踪 2025/09/23 国内价格 LME价格 比价 现货 80210 9926 8.09 三月 80150 9999 8.01 均衡比价 盈利 现货进口 8.10 -157.47 现货出口 -44.51 锌：跨市套利跟踪 2025/09/23 国内价格 LME价格 比价 现货 21960 2960 7.42 三月 22095 2915 5.87 均衡比价 盈利 现货进口 8.53 -3284.10 铝：跨市套利跟踪 2025/09/23 国内价格 LME价格 比价 现货 20750 2677 7.75 三月 20760 2673 7.77 均衡比价 盈利 现货进口 8.37 -1657.38 镍：跨市套利跟踪 2025/09/23 国内价格 LME价格 比价 现货 120550 15058 8.01 均衡比价 盈利 现货进口 8.18 -1660.15 铅：跨市套利跟踪 2025/09/23 国内价格 LME价格 比价 现货 17000 1951 8.71 三月 17175 1997 11.05 均衡比价 盈利 现货进口 8.82 -210 ...

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 708.0 3.0 23.0 6.0 -162.0 25省终端可用天数 22.7 0.7 2.8 1.8 5.1 秦皇岛5000 618.0 3.0 24.0 -11.0 -147.0 25省终端供煤 580.1 -7.3 -28.4 -59.9 -42.7 广州港5500 765.0 0.0 10.0 0.0 -145.0 北方港库存 2069.0 26.0 27.0 34.0 -157.9 鄂尔多斯5500 510.0 10.0 35.0 20.0 -120.0 北方锚地船舶 95.0 -5.0 0.0 3.0 8.0 大同5500 565.0 5.0 35.0 5.0 -145.0 北方港调入量 141.7 -11.3 -18.7 -11.3 -30.3 榆林6000 642.0 0.0 40.0 20.0 -196.0 北方港吞吐量 143.9 -12.8 -9.5 0.1 41.7 榆林6200 670.0 0.0 40.0 20.0 -196.0 CBCFI海运指数 698.4 4.3 61.7 18.4 ...

Global Asset Market Performance - 10 - year Treasury yields of major economies on September 19, 2025: US 4.128%, UK 4.714%, France 3.553%, etc. Latest changes, weekly, monthly and yearly changes vary by country [3] - 2 - year Treasury yields of major economies on September 19, 2025: China (1Y) 3.520%, US 3.976%, UK 2.019%, etc. with corresponding changes [3] - Dollar exchange rates against major emerging - economy currencies on September 19, 2025: South Africa zar 5.324, Russia 17.344, etc. with different changes over different periods [3] - RMB data on September 19, 2025: on - shore RMB 7.118, off - shore RMB 7.119, etc. with various changes [3] - Stock indices of major economies on September 19, 2025: Dow Jones 6664.360, S&P 500 46315.270, etc. with percentage changes over different time frames [3] - Credit bond indices: latest changes, weekly, monthly and yearly changes of emerging - economy investment - grade, high - yield, US investment - grade, etc. are presented [3][4] Stock Index Futures Trading Data - A - share closing prices: A - share 3820.09, CSI 300 4501.92, etc. with corresponding percentage changes [5] - Valuation data: PE(TTM) of CSI 300 is 13.96, S&P 500 is 27.73, etc. with环比 changes [5] - Risk premium: 1/PE - 10 - year interest rate of S&P 500 is - 0.52, German DAX is 2.38 with环比 changes [5] - Fund flow data: latest values and 5 - day average values of A - shares, main board, etc. are given [5] - Trading volume data: latest values and环比 changes of Shanghai and Shenzhen stock markets, CSI 300, etc. are shown [5] - Futures basis and premium/discount data: IF basis is - 37.52, IH basis is 3.66, etc. with corresponding percentages [5] Treasury Futures Trading Data - Treasury futures closing prices: T00 107.835, TF00 105.675, etc. with percentage changes [6] - Fund interest rates: R001 1.4993%, R007 1.5160%, SHIBOR - 3M 1.5620% with daily changes in basis points [6]

Group 1: SP Main Contract Closing Price - The closing price of the SP main contract on September 19, 2025, was 5018.00 [3] - The closing prices from September 15 - 19, 2025, were 5056.00, 5068.00, 5042.00, 5014.00, and 5018.00 respectively [3] - The corresponding dollar - converted prices were 619.47, 621.53, 619.23, 615.54, and 615.54 respectively [3] - The daily price changes were 1.32265%, 0.23734%, - 0.51302%, - 0.55534%, and 0.07978% respectively [3] - The Shandong Yinxing basis was 609, 582, 598, 611, and 607 from September 15 - 19, 2025 [3] - The Jiangsu, Zhejiang, and Shanghai Yinxing basis was 624, 612, 623, 636, and 632 from September 15 - 19, 2025 [3] Group 2: Pulp Import Information - With a 13% VAT, the import profit for Canadian Golden Lion (CFR) was - 136.75, for Canadian Lion (CFR) was - 510.04, and for Chilean Yinxing (CFR, 90 - day letter of credit) was - 229.70 [4] - The port dollar prices for Canadian Golden Lion, Canadian Lion, and Chilean Yinxing were 780, 730, and 720 respectively, and the Shandong region RMB prices were 6200, 5425, and 5625 respectively [4] Group 3: Pulp Price Averages - From September 15 - 19, 2025, the national average prices for coniferous pulp, broad - leaf pulp, natural pulp, and chemical mechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively [4] - The Shandong region average prices for coniferous pulp, broad - leaf pulp, natural pulp, and chemical mechanical pulp also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4] Group 4: Paper Index and Profit Margin - From September 16 - 19, 2025, the cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and the change values were all 0, while the life - paper index had a change of 0, with the life - paper index on September 18 being 839 and others being 835 [4] - The profit margins for double - offset paper on September 16 - 19, 2025, were 2.0653%, 2.0989%, 2.1495%, 2.1495% respectively; for double - copper paper were 17.4005%, 17.4311%, 17.4770%, 17.4770% respectively; for white - card paper were - 12.5644%, - 12.5399%, - 12.5031%, - 12.5031% respectively; for life - paper were 7.3369%, 7.2032%, 7.2796%, 7.0505% respectively, with the change in life - paper profit margin being - 0.2291 [4] Group 5: Pulp Price Spreads - From September 15 - 19, 2025, the coniferous - broadleaf price spreads were 1490, 1460, 1440, 1425, and 1410 respectively; coniferous - natural price spreads were 265, 250, 240, 225, and 225 respectively; coniferous - chemical mechanical price spreads were 1840, 1825, 1815, 1800, and 1800 respectively; coniferous - waste paper price spreads were 4089, 4074, 4064, 4049, and 4049 respectively [4]

Group 1: Report Summary - The report is an early morning report on crude oil and refined oil, released on September 22, 2025, by the Energy and Chemicals Team of the Research Center [2] - It provides price data from September 15 - 19, 2025, for various oil - related products and analyzes daily news, regional fundamentals, and presents a weekly view [3][5][6] Group 2: Price Data Changes Crude Oil and Related Products - WTI decreased by $0.89 from September 15 - 19, 2025; BRENT decreased by $0.76; DUBAI decreased by $0.35 [3] - SC decreased by 4.80; OMAN decreased by 1.30 [3] Refined Oil and Other Products - Domestic gasoline decreased by $50.00; domestic diesel decreased by $28.00 [3] - Japan naphtha CFR dropped by 2.95; Singapore fuel oil 380CST decreased by 0.2 [3] Group 3: Daily News - Trump pressured European countries to stop buying Russian oil to end the Russia - Ukraine conflict [3] - Iran will suspend cooperation with the International Atomic Energy Agency due to the actions of the UK, France, and Germany [4] - Russia called the EU's reduction of Russian energy imports a "self - harm" behavior [4] - Cuba condemned the US for trying to seize Venezuela's resources through its actions in the Caribbean [5] - The UN Security Council vetoed the resolution to extend Iran's sanctions exemption, and sanctions may resume if no agreement is reached by September 27 [5] Group 4: Regional Fundamentals - In the week of September 12, US crude oil exports increased by 253.2 thousand barrels per day, while domestic production decreased by 1.3 thousand barrels [5] - Commercial crude oil inventory (excluding strategic reserves) decreased by 9.285 million barrels, a 2.19% decline [6] - Strategic Petroleum Reserve (SPR) inventory increased by 504 thousand barrels, a 0.12% increase [6] - The four - week average supply of US crude oil products increased by 1.69% year - on - year [6] - From September 12 - 18, the main refinery operating rate fluctuated, Shandong local refinery operating rate increased, domestic production of gasoline and diesel rose, and their inventories also increased [6] Group 5: Weekly View - This week, oil prices fluctuated at a high level, with fundamental and geopolitical factors diverging [6] - The EU's sanctions on Russia target shadow fleets, Russian banks, and oil buyers; Russian refined oil exports decreased by about 300 thousand barrels per day, while crude oil net exports increased by about 9% year - on - year [6] - Iranian crude oil exports did not decline; OPEC crude oil net exports increased by 11% year - on - year in September [6] - US EIA commercial crude oil inventory decreased, gasoline inventory decreased, and diesel inventory increased significantly [6] - Global refinery profits were divided, with US refinery profits rebounding, domestic refinery operating rates rising, and European and American refinery operating rates falling [6] - In the baseline scenario, there will be an oversupply of over 200 thousand barrels per day in Q4 2025 and 180 - 250 thousand barrels per day in 2026 [6] - It is expected that the absolute price center in Q4 will fall to $55 - 60 per barrel [6]

甲醇聚烯烃早报 研究中心能化团队 2025/09/22 甲 醇 日期 动力煤期 货 江苏现货 华南现货 鲁南折盘 面 西南折盘面 河北折盘 面 西北折盘 面 CFR中国 CFR东南 亚 进口利润 主力基差 盘面MTO 利润 2025/09/1 5 801 2293 2290 2580 2520 2565 2713 266 326 12 -100 -1322 2025/09/1 6 801 2290 2288 2580 2555 2570 2735 266 326 0 -105 -1255 2025/09/1 7 801 2282 2283 2590 2555 2570 2715 266 326 -9 -100 -1255 2025/09/1 8 801 2267 2270 2585 2545 2570 2690 262 326 -10 -110 -1255 2025/09/1 9 801 2260 2268 2580 2545 2570 2690 262 326 6 -105 -1255 日度变化 0 -7 -2 -5 0 0 0 0 0 16 5 0 观点 仍是交易港口压力传导到内地得逻辑，内地后期有季节性 ...