Group 1: Report Information - Report Name: "Asphalt Morning Report" [2] - Report Date: October 9, 2025 [3] - Research Team: Energy and Chemicals Team of the Research Center [3] Group 2: Futures Market Data Futures Contract Prices - The prices of BU main contract, BU10, BU11, BU12, BU01, and BU03 all showed an upward trend from September 9 to September 29. For example, the BU main contract rose from 3420 to 3466, with a weekly increase of 93 [4]. Trading Volume and Open Interest - The trading volume decreased by 83,458 on a daily basis and 15,365 on a weekly basis to 265,110 on September 29. - The open interest decreased by 24,223 on a daily basis and 83,527 on a weekly basis to 342,335 on September 29 [4]. Warehouse Receipts - The number of warehouse receipts remained unchanged at 13,930 on September 29, with a weekly decrease of 5,010 [4]. Group 3: Spot Market Data Market Prices - The market prices of asphalt in different regions showed different trends. The prices in Shandong, East China, and Northeast China decreased slightly, while the price in South China increased by 10 to 3510. The price in North China remained unchanged at 3660 [4]. Warehouse Prices - The prices of the Zhenjiang warehouse and Foshan warehouse increased, with the Zhenjiang warehouse rising by 70 to 3490 and the Foshan warehouse rising by 30 to 3480 [4]. Refinery Prices - The prices of some refineries decreased. For example, the price of Yinrun decreased by 20 to 3470, and the price of Jingbo decreased by 30 to 3580 [4]. Group 4: Basis and Calendar Spread Basis - The basis of Shandong, East China, and South China showed different trends. The Shandong basis decreased by 113 on a weekly basis to 84, the East China basis decreased by 23 on a weekly basis to 24, and the South China basis decreased by 63 on a weekly basis to 14 [4]. Calendar Spread - The calendar spreads between different contracts also changed. For example, the spread between BU10 - BU11 decreased by 8 on a weekly basis to 19, and the spread between BU10 - BU12 decreased by 13 on a weekly basis to 67 [4]. Group 5: Crack Spread and Profit Crack Spread - The asphalt - Brent crack spread decreased by 26 on a weekly basis to 92 on September 29 [4]. Profit - The asphalt - MRE profit decreased by 23 on a weekly basis to 16. The comprehensive profit of ordinary refineries increased by 8 on a weekly basis to 480, and the comprehensive profit of MRE - type refineries decreased by 4 on a weekly basis to 807 [4]. Group 6: Related Commodity Prices - The price of Brent crude oil remained unchanged at 65.5 on September 29, with a weekly increase of 0.1. The price of gasoline in Shandong decreased by 21 on a daily basis and increased by 27 on a weekly basis to 7492. The price of diesel in Shandong increased by 30 on a daily basis and 100 on a weekly basis to 3743. The price of residue oil in Shandong decreased by 28 on a daily basis and increased by 35 on a weekly basis to 6450 [4][5]

Group 1: Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center - Report Date: October 9, 2025 Group 2: BR (Butadiene Rubber) Data Futures Contract Data - On September 29, the closing price of the main contract was 11,340, down 90 from the previous day and 90 from the previous week [3]. - The open interest of the main contract was 38,520, down 1,541 from the previous day and 27,038 from the previous week. - The trading volume of the main contract was 158,160, down 33,594 from the previous day but up 48,380 from the previous week. Inventory and Ratio Data - The warrant quantity was 7,600, down 1,650 from the previous day and 1,590 from the previous week. - The virtual - to - real ratio was 25.36, up 4 from the previous day and down 10 from the previous week. Basis and Spread Data - The butadiene basis was 660, up 90 from the previous day and down 10 from the previous week. - The 10 - 11 spread was 0, unchanged from the previous day and down 15 from the previous week. - The 11 - 12 spread was 5, down 15 from the previous day and 10 from the previous week. Price Data - The Shandong market price was 11,450, down 100 from the previous day and 50 from the previous week. - The Chuanhua market price was 11,350, down 100 from the previous day and 100 from the previous week. - The Qilu ex - factory price was 11,500, down 200 from the previous day and 200 from the previous week. Processing and Trade Data - The spot processing profit was - 32, down 49 from the previous day but up 205 from the previous week. - The on - disk processing profit was - 142, down 39 from the previous day. - The import profit was - 81,760, up 1,526 from the previous day and 1,265 from the previous week. - The export profit was 90, up 86 from the previous day and 76 from the previous week. Group 3: BD (Butadiene) Data Price Data - The Shandong market price was 9,100, down 50 from the previous day and 250 from the previous week. - The Jiangsu market price was 8,950, down 50 from the previous day and 200 from the previous week. - The Yangzi ex - factory price was 9,000, down 150 from the previous day and 150 from the previous week. Processing and Trade Data - The carbon - four extraction profit was not available after September 29 [3]. - The butylene oxidative dehydrogenation profit was 206, up 20 from the previous day and down 130 from the previous week. - The import profit was 452 (data not fully updated). - The export profit data was incomplete after September 23. Downstream Profit Data - The butadiene - styrene production profit was 875, down 188 from the previous day and 188 from the previous week. - The ABS production profit data was incomplete after September 25. - The SBS production profit (791 - H) was 1,090, up 105 from the previous day and 105 from the previous week. Group 4: Inter - and Intra - Variety Spread Data Inter - Variety Spread - The RU - BR spread was - 23,175, up 1,446 from the previous day and 26,888 from the previous week. - The NR - BR spread was - 26,120, up 1,536 from the previous day and 27,073 from the previous week. - The Thai mixed - butadiene spread was 3,350, up 50 from the previous day and 70 from the previous week. - The 3L - butadiene - styrene spread was 3,200, unchanged from the previous day and up 100 from the previous week. Intra - Variety Spread - The butadiene - styrene 1502 - 1712 spread was 1,000, unchanged from the previous day and the previous week. - The butadiene standard - non - standard spread was 250, unchanged from the previous day and up 150 from the previous week.

Group 1: Price Performance - Latest price of London Gold is 3825.30 with a change of -1.55 [1] - Latest price of London Silver is 46.18 with a change of -0.77 [1] - Latest price of London Platinum is 1589.00 with a change of 37.00 [1] - Latest price of London Palladium is 1257.00 with a change of -18.00 [1] - Latest price of WTI Crude is 62.37 with a change of -1.08 [1] - Latest price of LME Copper is 10382.00 with a change of 118.00 [1] - Latest value of US Dollar Index is 97.82 with a change of -0.11 [1][11] - Latest value of Euro to US Dollar is 1.17 with a change of 0.00 [1][11] - Latest value of British Pound to US Dollar is 1.34 with a change of 0.00 [1][11] - Latest value of US Dollar to Japanese Yen is 147.93 with a change of -0.68 [1][11] - Latest value of US 10 - year TIPS is 1.80 with a change of 0.00 [1][11] Group 2: Trading Data - Latest COMEX Silver inventory is 16491.06 with a change of -39.95 [2] - Latest SHFE Silver inventory is 1192.28 with a change of 2.63 [2] - Latest Gold ETF持仓 is 1012.88 with a change of 1.15 [2] - Latest Silver ETF持仓 is 15685.09 with a change of 163.74 [2] - Latest Shanghai Gold Exchange Silver Deferred Fee Payment Direction is 1 with a change of 0.00 [2] - Latest Shanghai Gold Exchange Gold Deferred Fee Payment Direction is 1 with a change of 0.00 [2]

Report Summary 1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints No clear core viewpoints are presented in the provided content. It mainly contains data on pulp prices, spreads, and profit margins. 3. Summary by Relevant Catalogs Pulp Futures Data - The closing price of the SP main contract on 2025/09/30 was 4,834.00, with a -0.90201% change from the previous day [3]. - The discount to the US dollar price on 2025/09/30 was 592.24 [3]. - The Shandong Yinxing basis on 2025/09/30 was 731, and the Jiangsu-Zhejiang-Shanghai Yinxing basis was 726 [3]. Import Cost and Profit Data - Based on a 13% VAT calculation, the import profit for Canadian Golden Lion pulp was -145.57, for Canadian Lion pulp was -588.29, and for Chilean Silver Star pulp was -136.92 [4]. Pulp and Paper Price Data - From 2025/09/24 to 2025/09/30, there were no changes in the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp, nor in the Shandong regional average prices [4]. - From 2025/09/25 to 2025/09/30, there were no changes in the indices of cultural paper (offset and coated paper), packaging paper (white card), and the living paper index [4]. Paper Profit Margin Data - From 2025/09/25 to 2025/09/30, the offset paper profit margin remained at 0.0430%, the coated paper profit margin at 14.9105%, the white card paper profit margin at -10.8970%, and the living paper profit margin increased from 6.6876% to 7.0696% [4]. Pulp Spread Data - From 2025/09/24 to 2025/09/30, the softwood-hardwood pulp spread was 1,325.00 on 2025/09/30, the softwood-natural pulp spread was 165, the softwood-chemimechanical pulp spread was 1,765, and the softwood-waste paper spread was 3,989 [4].

甲醇聚烯烃早报 研究中心能化团队 2025/10/09 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 2025/09/2 4 801 2260 2265 2540 2535 2505 2685 264 326 -22 -110 -1255 2025/09/2 5 801 2252 2260 2540 2535 2505 2685 264 326 -26 -110 -1255 2025/09/2 6 801 2255 2265 2545 2535 2505 2685 262 326 -10 -110 -1255 2025/09/2 9 801 2267 2263 2545 2535 2505 2690 263 326 -14 -108 -1255 2025/09/3 0 801 2261 2248 2545 2525 2505 2695 261 326 -3 -108 -1255 日度变化 0 -6 -15 0 -10 0 5 -2 0 11 0 0 观点 仍是交易港口压力传导到内地得逻辑， ...

Report Summary Core Viewpoints - This week, the cracking spread of Singapore 380cst high-sulfur fuel oil fluctuated, the near-month spread oscillated, the basis strengthened slightly, the EW spread rebounded again and has been in wide fluctuations recently, and the domestic and foreign spreads of FU near-month oscillated. The low-sulfur cracking spread rebounded slightly but is still at a historical low year-on-year. The monthly spread was weakly sorted, the domestic and foreign spreads of LU rebounded slightly to $8 - 9 per ton, and the MF0.5 basis oscillated [4]. - From a fundamental perspective, 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. Supported by logistics reshaping and Singapore's high-sulfur marine fuel demand, the EW spread has completed its repair. Recently, refinery feedstock purchases have supported the 380 cracking level, with limited short-term downside. It is expected that the 380 cracking spread will maintain an oscillating pattern, and domestic FU is expected to oscillate with a slightly bullish bias in the short term. This week, the LU futures market remained 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 domestic and foreign spreads of LU can be widened on dips, and attention should be paid to the quota usage [5]. Data Summary Rotterdam Fuel Oil Data | Index | 2025/09/24 | 2025/09/25 | 2025/09/26 | 2025/09/29 | 2025/09/30 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 403.73 | 407.73 | 412.75 | 393.32 | 390.14 | -3.18 | | Rotterdam 0.5% VLS FO Swap M1 | 438.54 | 442.97 | 447.68 | 430.72 | 428.43 | -2.29 | | Rotterdam HSFO - Brent M1 | -4.47 | -4.10 | -4.79 | -5.01 | -4.62 | 0.39 | | Rotterdam 10ppm Gasoil Swap M1 | 686.77 | 696.42 | 705.52 | 675.28 | 669.53 | -5.75 | | Rotterdam VLSFO - Gasoil M1 | -248.23 | -253.45 | -257.84 | -244.56 | -241.10 | 3.46 | | LGO - Brent M1 | 24.65 | 26.25 | 26.82 | 24.98 | 25.19 | 0.21 | | Rotterdam VLSFO - HSFO M1 | 34.81 | 35.24 | 34.93 | 37.40 | 38.29 | 0.89 | [2] Singapore Fuel Oil Data | Index | 2025/09/24 | 2025/09/25 | 2025/09/26 | | --- | --- | --- | --- | | Singapore 380cst M1 | 405.15 | 407.32 | 412.16 | | Singapore 180cst M1 | 414.65 | 416.26 | 421.41 | | Singapore VLSFO M1 | 468.56 | 475.67 | 479.10 | | Singapore Gasoil M1 | 88.66 | 89.89 | 91.66 | | Singapore 380cst - Brent M1 | -3.17 | -3.83 | -3.78 | | Singapore VLSFO - Gasoil M1 | -187.52 | -189.52 | -199.18 | [2] Singapore Fuel Oil Spot Data | Index | 2025/09/24 | 2025/09/25 | 2025/09/26 | 2025/09/29 | 2025/09/30 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 406.82 | 407.53 | 413.20 | 410.90 | 400.31 | -10.59 | | FOB VLSFO | 466.07 | 473.88 | 478.80 | 477.90 | 470.02 | -7.88 | | 380 Basis | 1.45 | 1.25 | 1.35 | 0.95 | 0.74 | -0.21 | | High - Sulfur Domestic - Foreign Spread | 6.9 | 7.6 | 7.2 | 8.8 | 9.8 | 1.0 | | Low - Sulfur Domestic - Foreign Spread | 9.4 | 10.2 | 11.1 | 10.8 | 11.4 | 0.6 | [3] Domestic FU Data | Index | 2025/09/24 | 2025/09/25 | 2025/09/26 | 2025/09/29 | 2025/09/30 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2860 | 2887 | 2918 | 2919 | 2867 | -52 | | FU 05 | 2808 | 2830 | 2855 | 2852 | 2804 | -48 | | FU 09 | 2726 | 2738 | 2757 | 2748 | 2722 | -26 | | FU 01 - 05 | 52 | 57 | 63 | 67 | 63 | -4 | | FU 05 - 09 | 82 | 92 | 98 | 104 | 82 | -22 | | FU 09 - 01 | -134 | -149 | -161 | -171 | -145 | 26 | [3] Domestic LU Data | Index | 2025/09/24 | 2025/09/25 | 2025/09/26 | 2025/09/29 | 2025/09/30 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3367 | 3431 | 3464 | 3469 | 3398 | -71 | | LU 05 | 3347 | 3389 | 3440 | 3423 | 3359 | -64 | | LU 09 | 3319 | 3363 | 3400 | 3390 | 3308 | -82 | | LU 01 - 05 | 20 | 42 | 24 | 46 | 39 | -7 | | LU 05 - 09 | 28 | 26 | 40 | 33 | 51 | 18 | | LU 09 - 01 | -48 | -68 | -64 | -79 | -90 | -11 | [4] Fuel Oil Morning Report Data | Index | 2025/09/29 | 2025/09/30 | Change | | --- | --- | --- | --- | | | 409.64 | 399.48 | -10.16 | | | 418.64 | 407.91 | -10.73 | | | 477.13 | 469.01 | -8.12 | | | 90.86 | 87.92 | -2.94 | | | -3.88 | -3.36 | 0.52 | | | -195.23 | -181.60 | 13.63 | [9]

Report Overview - The report provides cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals on October 9, 2025 [1] Cross - Market Arbitrage Tracking Copper - Spot price in China is 83240, LME price is 10339, and the ratio is 8.06; March price in China is 83110, LME price is 10382, and the ratio is 8.00. The equilibrium ratio for spot import is 8.10, with a profit of - 295.06 [1] Zinc - Spot price in China is 21820, LME price is 2971, and the ratio is 7.34; March price in China is 21850, LME price is 2915, and the ratio is 5.81. The equilibrium ratio for spot import is 8.53, with a profit of - 3533.69 [1] Aluminum - Spot price in China is 20720, LME price is 2663, and the ratio is 7.78; March price in China is 20690, LME price is 2665, and the ratio is 7.79. The equilibrium ratio for spot import is 8.39, with a profit of - 1618.40 [1] Nickel - Spot price in China is 120150, LME price is 15012, and the ratio is 8.00. The equilibrium ratio for spot import is 8.18, with a profit of - 1281.13 [1] Lead - Spot price in China is 16775, LME price is 1949, and the ratio is 8.62; March price in China is 16985, LME price is 1991, and the ratio is 11.00. The equilibrium ratio for spot import is 8.83, with a profit of - 406.67 [3] Cross - Period Arbitrage Tracking Copper - The spreads of next - month, March, April, and May relative to the spot month are - 240, - 240, - 300, - 300 respectively, while the theoretical spreads are 519, 936, 1361, 1787 [4] Zinc - The spreads of next - month, March, April, and May relative to the spot month are 685, 710, 735, 785 respectively, and the theoretical spreads are 209, 323, 438, 553 [4] Aluminum - The spreads of next - month, March, April, and May relative to the spot month are - 30, - 20, - 10, - 10 respectively, and the theoretical spreads are 215, 330, 446, 561 [4] Lead - The spreads of next - month, March, April, and May relative to the spot month are 515, 560, 570, 530 respectively, and the theoretical spreads are 207, 310, 413, 517 [4] Nickel - The spreads of next - month, March, April, and May relative to the spot month are 590, 750, 960, 1260 respectively [4] Tin - The 5 - 1 spread is 300, and the theoretical spread is 5700 [4] Spot - Futures Arbitrage Tracking Copper - The spreads of the current - month and next - month contracts relative to the spot are 155 and - 85 respectively, and the theoretical spreads are 314 and 739 [4] Zinc - The spreads of the current - month and next - month contracts relative to the spot are - 680 and 5 respectively, and the theoretical spreads are 129 and 257 [4] Lead - The spreads of the current - month and next - month contracts relative to the spot are - 350 and 165 respectively, and the theoretical spreads are 77 and 190 [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) are 3.80, 4.02, 4.89, 0.95, 1.22, 0.78 respectively, and for LME (three - continuous) are 3.47, 3.83, 5.16, 0.91, 1.35, 0.67 respectively [5]

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 705.0 -1.0 -4.0 12.0 -165.0 25省终端可用天数 22.7 0.1 2.7 1.7 5.1 秦皇岛5000 613.0 -2.0 -6.0 2.0 -162.0 25省终端供煤 548.3 -3.0 -60.2 -91.7 -74.5 广州港5500 765.0 0.0 0.0 5.0 -150.0 北方港库存 2046.0 -5.0 -48.0 30.0 -147.0 鄂尔多斯5500 500.0 0.0 -10.0 30.0 -160.0 北方锚地船舶 78.0 -51.0 -17.0 -7.0 -32.0 大同5500 555.0 0.0 -10.0 30.0 -175.0 北方港调入量 182.2 23.9 21.0 19.8 24.8 榆林6000 642.0 0.0 0.0 40.0 -214.0 北方港吞吐量 171.0 -0.5 7.8 22.7 -19.2 榆林6200 670.0 0.0 0.0 40.0 -215.0 CBCFI海运指数 608.2 -13.8 -90.2 ...

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Views of the Report - For corn, in the short - term, with new - season corn approaching and terminal demand weakening, the price is running weakly but the decline is limited due to low inventory levels. In the long - term, the price is expected to decline under the background of increased production and lower costs until consumption improves or there is惜售 sentiment. For starch, in the short - term, as the cost of raw materials decreases, the price of starch is likely to be lowered to reduce inventory. In the long - term, high inventory and expected lower raw material costs keep the outlook bearish [3] - For sugar, the international sugar price is under pressure due to the peak - season supply in Brazil. The domestic sugar price is also facing pressure as imported sugar arrives and processing sugar prices are lowered [4] - For cotton, the price has entered a shock phase. If there are no major macro - risk events, the April low can be regarded as the long - term bottom, and the downside space is limited. Attention should be paid to changes in demand [6] - For eggs, the spot price has rebounded due to increased demand and the "buy - on - rising" mentality. High inventory and cold - storage eggs limit the price increase, but the price is unlikely to fall below the feed cost. Post - holiday chicken culling should be monitored [9] - For apples, the new - season output is expected to be similar to last year, with some regional variations. Consumption is in the off - season, and the price is currently stable. Attention should be paid to the final output determination [11] - For pigs, there are policy - related expectations of a production - capacity inflection point next year. However, insufficient capacity reduction still suppresses the medium - term supply. The near - term supply pressure is being released, and the spot price is hitting new lows. Attention should be paid to factors such as the slaughter rhythm, diseases, and policies [15] Group 3: Summary of Each Product Corn/Starch - Price and data: From 2025/09/24 - 2025/09/30, the price in some regions changed, e.g., the price in Jinzhou decreased by 40, the base difference decreased by 24, and the processing profit of starch increased by 40 [2] - Market analysis: Short - term, the price of corn is weakly oscillating due to reduced demand. Starch prices are likely to be lowered to reduce inventory. Long - term, both corn and starch prices are under pressure [3] Sugar - Price and data: From 2025/09/24 - 2025/09/30, the spot price remained unchanged in some regions, the base difference decreased by 14, and the import profit decreased [4] - Market analysis: International supply pressure affects prices, and domestic prices are also under pressure with the arrival of imported sugar [4] Cotton - Price and data: From 2025/09/24 - 2025/09/30, the price of 3128 cotton decreased by 85, the import profit increased by 57, and the number of warehouse receipts decreased by 92 [6] - Market analysis: The price is in a shock phase, and the downside space is limited if there are no major macro - events [6] Eggs - Price and data: From 2025/09/24 - 2025/09/30, the prices in some regions decreased, the base difference decreased by 101, and the prices of substitutes such as chickens and pigs changed slightly [9] - Market analysis: The spot price has rebounded, but high inventory limits the increase, and the price is unlikely to fall below the feed cost [9] Apples - Price and data: From 2025/09/24 - 2025/09/30, the spot price remained stable, and the inventory decreased in some regions [10][11] - Market analysis: The new - season output is expected to be similar to last year, and consumption is in the off - season [11] Pigs - Price and data: From 2025/09/24 - 2025/09/30, the prices in some regions changed slightly, and the base difference decreased by 10 [15] - Market analysis: There are expectations of a production - capacity inflection point next year, but medium - term supply pressure remains, and the spot price is hitting new lows [15]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Report's Core View - For PTA, near - term PX has some maintenance delays and increased load of existing capacity, passing the fastest de - stocking stage. TA processing fees are still low, and short - process benefits may be under pressure. TA has more maintenance and production cut discussions due to low processing fees, but polyester load also drops. Inventory remains low, processing fees have a slight repair, and there is still a far - month inventory build - up expectation. Suggest to focus on opportunities to short the PX - MX spread at high levels and long the far - month TA processing fees at low levels [2]. - For MEG, near - term EG has maintenance returns and new device startups, so supply remains at a relatively high level. Port arrivals increase month - on - month, and ports may gradually enter the inventory build - up stage. The current situation is still okay, and the valuation may be slowly compressed. Pay attention to the coal - based cost support below and the opportunity to sell put options near the coal - based cost [4]. - For polyester staple fiber, near - term device operation is stable, the start - up rate is maintained at 95.4%, production and sales improve month - on - month, and inventory is significantly reduced. On the demand side, the start - up rate of polyester yarn is stable, raw material inventory increases, and finished product inventory decreases month - on - month, with weak benefits. In the future, the rate of increasing production at high finished - product inventory levels of polyester yarn may slow down. The start - up rate of staple fiber remains high due to good spot benefits, and inventory pressure is limited. Processing fees are expected to fluctuate [5]. - For natural rubber and 20 - grade rubber, the main contradictions are that the national explicit inventory is stable at a relatively low absolute level, and the price of Thai cup rubber is stable with rainfall affecting tapping. The strategy is to wait and see [8]. 3. Summary by Product PTA - **Price and Margin Changes**: From 2025/09/24 to 2025/09/30, crude oil decreased by 1.7, naphtha decreased by 23, PX CFR Taiwan decreased by 11, PTA inner - market spot decreased by 55. Naphtha cracking spread decreased by 3.53, PX processing margin increased by 12, PTA processing margin remained unchanged, and polyester gross profit increased by 53. PTA balance load remained unchanged, PTA load increased by 0.3, and the sum of warehouse receipts and valid forecasts increased by 1402. The average daily transaction basis of PTA spot was 2601(-53) [2]. - **Market Outlook**: Near - term PX has some maintenance delays and increased load of existing capacity, passing the fastest de - stocking stage. TA processing fees are low, and short - process benefits may be under pressure. TA has more maintenance and production cut discussions, polyester load drops, inventory remains low, processing fees have a slight repair, and there is still a far - month inventory build - up expectation [2]. MEG - **Price and Margin Changes**: From 2025/09/24 to 2025/09/30, Northeast Asian ethylene decreased by 5, MEG outer - market price decreased by 3, MEG inner - market price decreased by 20, MEG East China price decreased by 20, MEG far - month price decreased by 19. MEG coal - based profit decreased by 20, MEG inner - market cash flow (ethylene) decreased by 18, MEG total load remained unchanged, coal - based MEG load remained unchanged, and MEG port inventory remained unchanged [4]. - **Market Outlook**: Near - term EG has maintenance returns and new device startups, supply remains high, port arrivals increase month - on - month, ports may enter the inventory build - up stage, the current situation is okay, and the valuation may be slowly compressed [4]. Polyester Staple Fiber - **Price and Margin Changes**: From 2025/09/24 to 2025/09/30, the price of 1.4D cotton - type staple fiber decreased by 15, the price of low - melting - point staple fiber remained unchanged, the price of pure polyester yarn remained unchanged, and the price of polyester - cotton yarn remained unchanged. The profit of staple fiber increased by 38, and the profit of pure polyester yarn increased by 15 [4][5]. - **Market Outlook**: Near - term device operation is stable, production and sales improve month - on - month, inventory is significantly reduced. On the demand side, the start - up rate of polyester yarn is stable, raw material inventory increases, and finished product inventory decreases month - on - month. In the future, the rate of increasing production at high finished - product inventory levels of polyester yarn may slow down, the start - up rate of staple fiber remains high, and inventory pressure is limited [5]. Natural Rubber and 20 - grade Rubber - **Price Changes**: From 2025/09/24 to 2025/09/30, the price of US - dollar Thai standard decreased by 45, the price of US - dollar Thai mixed decreased by 50, the price of RMB mixed decreased by 270, the price of Shanghai full - latex decreased by 495, and the price of Shanghai 3L decreased by 50 [8]. - **Market Outlook**: The main contradictions are stable national explicit inventory at a relatively low level and stable Thai cup rubber price with rainfall affecting tapping. The strategy is to wait and see [8]. Styrene - **Price and Margin Changes**: From 2025/09/24 to 2025/09/30, the price of ethylene (CFR Northeast Asia) decreased by 25, the price of pure benzene (CFR China) remained unchanged, the price of pure benzene (East China) decreased by 35, the price of hydrogenated benzene (Shandong) decreased by 210, the price of styrene (CFR China) remained unchanged, the price of styrene (Jiangsu) decreased by 125, and the price of styrene (South China) decreased by 130. The domestic profit of EPS increased by 85, and the domestic profit of PS increased by 54 [11].