1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoint - There is no clear core viewpoint presented in the provided documents. 3. Summary by Relevant Catalogs Price - For silicon iron, on September 29, 2025, the latest prices of Ningxia 72 and Inner Mongolia 72 were 5330 and 5380 respectively, with daily changes of 0 and weekly changes of -20 and 30. The latest prices of the main contract and 01 contract were 5660 and 5628, with daily changes of -126 and -108, and weekly changes of -76 and -108 [1]. - For silicon manganese, on the same day, the latest prices of Inner Mongolia 6517, Ningxia 6517, and Guangxi 6517 were 5700, 5660, and 5730 respectively, with daily changes of 0 and weekly changes of -30, -40, and -20. The latest price of the main contract was 5848, with a daily change of -90 and a weekly change of -116 [1]. Supply - The production data of 136 silicon iron enterprises in China from 2021 - 2025 are presented, including monthly production, weekly production (capacity ratio 95%), and monthly capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi [4]. - The production data of silicon manganese in China from 2021 - 2025 are also given, including weekly production, monthly procurement prices and quantities by HeSteel Group, and the weekly and annual enterprise start - up rates [6]. Demand - The demand - related data of silicon iron and silicon manganese from 2021 - 2025 are provided, such as the estimated monthly production of crude steel in China, the demand for silicon manganese in China (Steel Union caliber), and the procurement volume of FeSi75 - B by HeSteel Group [4][6][7]. Inventory - The inventory data of 60 sample silicon iron enterprises in China from 2021 - 2025 are shown, including weekly inventory in China, Ningxia, Inner Mongolia, and Shaanxi, as well as daily CZCE silicon iron warehouse receipt quantity, effective forecast, and the sum of warehouse receipts and effective forecasts [5]. - The inventory data of silicon manganese from 2021 - 2025 are also presented, including daily CZCE silicon manganese warehouse receipt quantity, effective forecast, and the sum of warehouse receipts and effective inventory, as well as the weekly inventory of 63 sample enterprises in China [7]. Cost and Profit - The cost - profit data of silicon iron from 2021 - 2025 are provided, including electricity prices in different regions, the market price of blue carbon, the production profit of blue carbon, and the production cost, profit on the main contract, and spot profit of silicon iron in Ningxia and Inner Mongolia [5]. - The cost - profit data of silicon manganese from 2021 - 2025 are also given, including the profit in Inner Mongolia and Guangxi (Steel Union caliber), and the profit on the main contract in Guangxi and Ningxia [7].

Report Information - Report Date: September 29, 2025 [1] - Report Title: Agricultural Products Morning Report [21] Industry Investment Rating - Not provided in the given content Core Viewpoints - Corn is expected to maintain a weak oscillation pattern in the short - term due to reduced terminal demand and low inventory, and face downward pressure in the long - term due to increased production and lower costs [3] - Starch prices are expected to be lowered in the short - term to reduce inventory, and remain bearish in the long - term due to high inventory and lower expected raw material costs [3] - Sugar prices are under pressure due to high supply from Brazil in the international market, and the domestic market is also facing pressure with the arrival of imported sugar [4] - Cotton is in a consolidation phase, with limited downside if no major macro - risks occur, and attention should be paid to demand changes [5] - Egg prices have rebounded but are restricted by high inventory and cold - storage eggs, and the possibility of falling below feed costs is low. Post - festival chicken culling should be monitored [10] - Apple production in the new season is expected to be similar to last year, and consumption is in the off - season. Attention should be paid to the final production [11] - Pig prices are supported by policy expectations for the long - term next year, but face medium - term supply pressure. Near - term, attention should be paid to factors such as slaughter rhythm, diseases, and policies [15] Summary by Commodity Corn/Starch - **Price and Index Changes**: From September 22 - 26, the price in Shekou increased by 20, the basis decreased by 13, the trade profit increased by 20, and the import profit increased by 19 for corn. For starch, the basis decreased by 6, and the processing profit remained unchanged [2] - **Market Analysis**: Short - term, corn prices are weak due to reduced demand, and starch prices are expected to be lowered. Long - term, both are under downward pressure [3] Sugar - **Price and Index Changes**: From September 22 - 26, the basis increased by 7, the import profit from Thailand and Brazil decreased by 32 each, and the number of warehouse receipts decreased by 329 [4] - **Market Analysis**: International sugar prices are under pressure due to Brazil's high supply, and the domestic market is also affected by imported sugar [4] Cotton - **Price and Index Changes**: From September 22 - 26, the price of 3128 cotton decreased by 70, the number of warehouse receipts + forecasts decreased by 186, the import profit of Vietnamese yarn decreased by 21, and the 32S spinning profit increased by 73 [5] - **Market Analysis**: Cotton is in a consolidation phase, with limited downside and attention on demand [5] Eggs - **Price and Index Changes**: From September 22 - 26, the prices in Hebei, Liaoning, and Hubei decreased by 0.09, and the basis increased by 230 [10] - **Market Analysis**: Egg prices have rebounded but are restricted by high inventory, and the possibility of falling below feed costs is low. Monitor post - festival chicken culling [10] Apples - **Price and Index Changes**: From September 22 - 26, the national inventory increased by 45, Shandong inventory increased by 32, and Shaanxi inventory increased by 28 [11] - **Market Analysis**: New - season apple production is expected to be similar to last year, and consumption is in the off - season. Monitor final production [11] Pigs - **Price and Index Changes**: From September 22 - 26, the prices in Hubei and Anhui decreased by 0.05, and the price in Jiangsu decreased by 0.10, while the basis increased by 110 [15] - **Market Analysis**: Pig prices are supported by long - term policy expectations but face medium - term supply pressure. Monitor factors such as slaughter rhythm [15]

Report Industry Investment Rating - No relevant content found. Core Viewpoints - In the glass market, spot prices in various regions showed different trends, with some increasing and some remaining stable, and the production - sales situation also varied by region. In the soda ash market, factory inventory decreased significantly while delivery warehouses had a small increase, and downstream demand was driven by pre - holiday restocking [2]. Summary by Related Content Glass - **Spot Price Changes**: From September 19th to September 26th, the price of 5mm large - plate glass in Shahe Security increased from 1155.0 to 1224.0, a weekly increase of 69.0 and a daily increase of 17.0; Wuhan Changli's 5mm large - plate glass price rose from 1100.0 to 1180.0, a weekly increase of 80.0 and a daily increase of 40.0. However, the prices of Shandong and South China's 5mm large - plate glass remained unchanged [2]. - **Futures Contract Price Changes**: The FG05 contract price decreased from 1383.0 on September 25th to 1372.0 on September 26th, a daily decrease of 11.0; the FG01 contract price dropped from 1270.0 to 1252.0, a daily decrease of 18.0 [2]. - **Price Difference Changes**: The FG 1 - 5 spread was - 120.0 on September 26th, with a weekly increase of 7.0 and a daily decrease of 7.0; the 01 Hebei basis was - 49.0 on September 26th, with a weekly increase of 24.0 and a daily increase of 23.0 [2]. - **Profit Changes**: North China's coal - fired profit increased from 291.6 on September 25th to 302.2 on September 26th, a daily increase of 10.6; North China's natural gas profit increased from - 159.3 to - 150.1, a daily increase of 9.2 [2]. - **Production - Sales Situation**: The production - sales rates in Shahe, Hubei, East China, and South China were 104, 108, 116, and 157 respectively [2]. Soda Ash - **Spot Price Changes**: From September 19th to September 26th, the price of Shahe heavy soda decreased from 1230.0 to 1200.0, a weekly decrease of 30.0 and a daily decrease of 20.0; North China's light soda price dropped from 1170.0 to 1120.0, a weekly decrease of 50.0 and a daily decrease of 10.0 [2]. - **Futures Contract Price Changes**: The SA05 contract price decreased from 1404.0 on September 25th to 1384.0 on September 26th, a daily decrease of 20.0; the SA01 contract price dropped from 1315.0 to 1293.0, a daily decrease of 22.0 [2]. - **Price Difference Changes**: The SA01 - SA05 spread was - 91.0 on September 26th, a weekly decrease of 2.0 and a daily decrease of 2.0; the SA01 Shahe basis was - 93.0 on September 26th, a weekly decrease of 5.0 and a daily increase of 2.0 [2]. - **Profit Changes**: North China's ammonia - soda process profit decreased from - 152.0 on September 25th to - 168.8 on September 26th, a daily decrease of 16.8; North China's combined - soda process profit dropped from - 175.0 to - 192.4, a daily decrease of 17.4 [2]. - **Inventory Situation**: Factory inventory decreased significantly, while delivery warehouses had a small increase, and overall inventory decreased [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Report Core Views - **PTA**: Near - term TA has both maintenance and restart, with a slight increase in start - up. Polyester load drops, inventory accumulates slightly, and basis is stable. Spot processing fees continue to recover. In the future, TA has additional reduction and production cut plans, but considering the lack of super - expected performance in polyester, the far - month is expected to accumulate inventory. After the valuation recovers, the far - month processing fee is relatively reasonable. Attention should be paid to additional maintenance situations [2] - **MEG**: Near - term domestic oil - based start - up is stable, coal - based maintenance is implemented, and there is some overseas maintenance. Port inventory accumulates slightly. Downstream stocking level drops, basis weakens, and the benefit ratio further shrinks. In the future, new EG devices are put into production earlier than expected, and the valuation is significantly compressed. With the increase in arrivals and high - supply expectations in the far - month, ports may start to accumulate inventory, but the current inventory is not high, and the valuation may be slowly compressed. Attention should be paid to the coal - based cost support [4] - **Polyester Staple Fiber**: Near - term device operation is stable, start - up is maintained at 95.4%, sales improve, and inventory is significantly reduced. On the demand side, the start - up of polyester yarn is stable, raw material stocking increases, and finished product inventory is reduced. In the future, the speed of increasing load may slow down due to high finished product inventory in the polyester yarn end. The start - up of staple fiber remains high due to good spot benefits, but the inventory pressure is limited, and the processing fee is expected to fluctuate [4] - **Natural Rubber & 20 - number Rubber**: The main contradictions are that the national explicit inventory is stable and at a relatively low level, and the price of Thai cup rubber is stable while rainfall affects rubber tapping. The strategy is to wait and see [4] - **Styrene**: The prices of related products such as ethylene, pure benzene, and styrene show certain daily changes, and the domestic profits of styrene and related products also change accordingly [7] 3. Summary by Related Catalogs PTA - **Data Changes**: From September 22 - 26, the price of PTA - related products such as crude oil, naphtha, PX CFR Taiwan, and PTA inner - market spot has certain changes. The average daily trading basis of PTA spot is 2601(-74). The PTA device has changes including the restart of Fuhai Chuang's 4.5 million - ton device and the shutdown of Ineos' 1.25 million - ton device. The near - term TA start - up slightly increases, polyester load drops, inventory accumulates slightly, basis is stable, and spot processing fees continue to recover [2][9] MEG - **Data Changes**: From September 22 - 26, the prices of Northeast Asian ethylene, MEG outer - market price, MEG inner - market price, etc. change. The MEG device has changes including the restart of Xinjiang Tianye's 600,000 - ton device and the maintenance of Shanxi Meijin's 300,000 - ton device. Near - term domestic oil - based start - up is stable, coal - based maintenance is implemented, and port inventory accumulates slightly [4] Polyester Staple Fiber - **Data Changes**: From September 22 - 26, the prices of 1.4D cotton - type, low - melting - point staple fiber, etc. change. Near - term device operation is stable with a start - up of 95.4%, sales improve, and inventory is significantly reduced. On the demand side, the start - up of polyester yarn is stable, raw material stocking increases, and finished product inventory is reduced [4] Natural Rubber & 20 - number Rubber - **Data Changes**: From September 22 - 26, the prices of US - dollar Thai standard spot, US - dollar Thai mixed spot, etc. change. The main contradictions are stable national explicit inventory at a low level and stable Thai cup rubber price with rainfall affecting rubber tapping [4] Styrene - **Data Changes**: From September 22 - 26, the prices of ethylene (CFR Northeast Asia), pure benzene (CFR China), etc. change. The domestic profits of styrene and related products such as EPS, PS, and ABS also change accordingly [7]

声明 成的全部或部分信息中断、延迟、遗漏、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 707.0 0.0 2.0 12.0 -163.0 25省终端可用天数 24.6 -0.5 4.7 3.7 7.0 秦皇岛5000 615.0 -1.0 0.0 0.0 -160.0 25省终端供煤 561.6 -4.3 -46.9 -78.4 -61.2 广州港5500 765.0 0.0 0.0 5.0 -150.0 北方港库存 2063.0 -10.0 33.0 47.0 -193.0 鄂尔多斯5500 500.0 -10.0 0.0 25.0 -160.0 北方锚地船舶 129.0 7.0 34.0 51.0 78.0 大同5500 555.0 -10.0 -5.0 25.0 -175.0 北方港调入量 158.3 -11.4 5.2 -1.9 10.8 榆林6000 642.0 0.0 0.0 40.0 -214.0 北方港吞吐量 171.5 -5.1 -0.6 25.6 ...

Report Summary Core View - The report provides a daily update on volatility data, including implied volatility indices, historical volatility, and their spreads for various financial and commodity options [2]. - It explains that the financial option implied volatility index reflects the 30 - day implied volatility (IV) trend as of the previous trading day, and the commodity option implied volatility index is obtained by weighting the IVs of the two - strike options around the at - the - money option of the main contract to show the IV change trend of the main contract. The difference between the IV index and historical volatility (HV) indicates the relative level of IV to HV [2]. Data Summary Implied Volatility and Historical Volatility Spread - The report presents the IV, HV, and their spreads for multiple assets such as 300 Index, 50ETF, 1000 Index, 500ETF, and various commodities like silver, gold, soybean meal, corn, etc. through charts [3]. Implied Volatility and Historical Volatility Quantiles - The implied volatility quantiles show the current level of an asset's IV in its historical range. For example, the implied volatility quantile of 50ETF is 0.58, and that of 300 Index is 0.78 [5]. - The historical volatility quantiles are also presented for different assets, with values varying across different commodities and financial instruments [5].

Report Overview - Report Title: Synthetic Rubber Morning Report [2][11][20] - Report Date: September 26, 2025 [2][11][20] - Research Team: Energy and Chemicals Team of the Research Center [2][11][20] 1. Report Industry Investment Rating - Not provided in the report. 2. Report's Core View - Not explicitly stated in the report. The report mainly presents data on the synthetic rubber market, including prices, trading volumes, and profit margins. 3. Summary by Relevant Catalogs 3.1 BR (Butadiene Rubber) 3.1.1 Futures Market - The closing price of the main contract on September 25 was 11,545, a daily increase of 25 and a weekly increase of 130 [3][12][21]. - The trading volume of the main contract on September 25 was 83,682, a daily decrease of 29,720 and a weekly decrease of 32,429 [3][12][21]. - The open interest of the main contract on September 25 was 51,154, a daily decrease of 7,496 and a weekly decrease of 23,349 [3][12][21]. - The warehouse receipt quantity on September 25 was 9,250, a daily increase of 100 and a weekly decrease of 1,740 [3][12][21]. - The virtual - to - physical ratio on September 25 was 27.65, a daily decrease of 4 and a weekly decrease of 6 [3][12][21]. 3.1.2 Basis and Spread - The butadiene basis on September 25 was 35, a daily decrease of 25 and a weekly decrease of 100 [3][12][21]. - The 8 - 9 month spread on September 25 was - 5, a daily decrease of 15 and a weekly decrease of 170 [3][12][21]. - The 9 - 10 month spread on September 25 was 190, a daily decrease of 40 and a weekly increase of 45 [3][12][21]. 3.1.3 Spot Market - The Shandong market price on September 25 was 11,580, with no daily change and a weekly increase of 30 [3][12][21]. - The Chuanhua market price on September 25 was 11,500, with no daily change and a weekly increase of 50 [3][12][21]. - The Qilu ex - factory price on September 25 was 11,700, with no daily or weekly change [3][12][21]. 3.1.4 Processing and Import - Export - The spot processing profit on September 25 was - 121, a daily increase of 87 and a weekly increase of 142 [3][12][21]. - The futures processing profit on September 25 was - 156, a daily increase of 112 and a weekly increase of 242 [3][12][21]. - The import profit on September 25 was - 83,107, a daily decrease of 151 and a weekly decrease of 128 [3][12][21]. - The export profit on September 25 was - 38, a daily increase of 16 and a weekly decrease of 187 [3][12][21]. 3.2 BD (Butadiene) 3.2.1 Price - The Shandong market price on September 25 was 9,315, a daily decrease of 85 and a weekly decrease of 110 [3][12][21]. - The Jiangsu market price on September 25 was 9,175, with no daily change [3][12][21]. - The Yangzi ex - factory price on September 25 was 9,150, with no daily change and a weekly decrease of 100 [3][12][21]. - The CFR China price on September 25 was 1,060, with no daily change and a weekly decrease of 30 [3][12][21]. 3.2.2 Processing and Import - Export - The carbon four extraction profit data on September 25 was not available [3][12][21]. - The butene oxidative dehydrogenation profit on September 25 was 361, with no daily change and a weekly increase of 305 [3][12][21]. - The import profit on September 25 was 492, a daily decrease of 14 and a weekly increase of 252 [3][12][21]. - The export profit on September 25 was - 1,080, a daily decrease of 60 and a weekly decrease of 259 [3][12][21]. 3.3 Downstream Profit - The butadiene production profit on September 25 was - 156, a daily increase of 112 and a weekly increase of 242 [3][12][21]. - The styrene - butadiene production profit on September 25 was 1,063, with no daily change and a weekly increase of 125 [3][12][21]. - The ABS production profit on September 25 was 106, a daily decrease of 19 and a weekly increase of 109 [3][12][21]. - The SBS (791 - H) production profit on September 25 was 985, with no daily change and a weekly increase of 130 [3][12][21]. 3.4 Price Spreads 3.4.1 Inter - Variety Spreads - The RU - BR spread on September 25 was - 35,584, a daily increase of 7,446 and a weekly increase of 23,349 [3][12][21]. - The NR - BR spread on September 25 was - 38,724, a daily increase of 7,461 and a weekly increase of 23,479 [3][12][21]. - The Thai mixed - butadiene spread data on September 25 was not available [3][12][21]. - The 3L - styrene - butadiene spread on September 25 was 3,100, a daily decrease of 50 and a weekly increase of 50 [3][12][21]. 3.4.2 Intra - Variety Spreads - The butadiene standard - non - standard price spread on September 25 was 180, a daily increase of 20 and a weekly increase of 30 [3][12][21]. - The styrene - butadiene 1502 - 1712 spread on September 25 was 1,000, with no daily or weekly change [3][12][21].

Group 1: SP Main Contract Closing Price - The closing price of the SP main contract on September 25, 2025, was 5060.00 [3] - The closing prices on September 24, 23, 22, and 19 were 5044.00, 5008.00, 5008.00, and 5018.00 respectively [3] - The corresponding converted US dollar prices were 619.75, 618.06, 614.33, 614.20, and 615.64 [3] - The price changes from the previous day were 0.31721%, 0.71885%, 0.00000%, -0.19928%, and 0.07978% [3] - The Shandong Yinxing basis was 550, 566, 602, 602, and 607 respectively [3] - The Jiangsu, Zhejiang, and Shanghai Yinxing basis was 565, 581, 617, 617, and 632 respectively [3] Group 2: Import Profit Calculation - With a 13% VAT calculation, the import profit for Canadian Golden Lion pulp was -154.38, for Canadian Lion pulp was -541.54, and for Chilean Yinxing pulp was -99.83 [4] - The port US dollar prices were 780, 730, and 700 respectively, and the Shandong region RMB prices were 6200, 5425, and 5610 [4] Group 3: National and Regional Pulp Price Averages - From September 19 - 25, 2025, the national average prices for softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively [4] - The Shandong region average prices for the same types of pulp also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 [4] Group 4: Paper Index and Profit Margin - From September 22 - 25, 2025, the cultural paper (offset paper index, copperplate paper index), packaging paper (white card index), and tissue paper (tissue index) remained unchanged at 5725, 5670, 4350, and 839 respectively [4] - The profit margins for offset paper, copperplate paper, white card, and tissue paper on September 25 were 1.9958%, 15.6563%, -12.3681%, and 6.6876% respectively [4] - The changes in profit margins were 0.0316, 0.0391, 0.2454, and -0.0382 respectively [4] Group 5: Pulp Price Spreads - On September 25, 2025, the softwood - hardwood price spread was 1370.00, the softwood - natural price spread was 210, the softwood - chemimechanical price spread was 1810, and the softwood - waste paper price spread was 4034 [4]

示 沥青早报 示 贸易商基差 ( +80 华朱皋芳 川朱本 500 400 700 300 300 500 200 100 300 100 -100 100 10/1 11/1 12/1 -100 -300 -100 -200 -300 -500 -300 华东基差(镇江库) 2019 2020 2021 2022 2021 2022 山东县差 2019 2020 华南基差(佛山库) 2023 2024 2025 2023 2024 ·2025 BU10-12 700 500 400 300 500 300 200 300 100 100 -100 100 9/19 10/3 -300 -100 -100 -500 -300 -200 2019 -2022 2019 2020 2021 2020 2022 2021 ·2019 -2020 -2021 2022 2023 -2023 -2024 2024 2025 2025 =2023 - 2024 -2025 BU12-03 BU11-01 BU连 -连_ 300 400 200 150 300 200 100 200 50 100 100 0 -50 -1 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - There is a contradiction between the current reality and strong expectations. The cargo receiving in early October is weak. Although shipping companies' price increase announcements have boosted the market sentiment, the purpose is to stabilize prices and encourage pre - holiday bookings, with poor expected implementation. Consider shorting the October contract at high points [1]. - After the holiday, there are multiple upward drivers, including multiple price increase announcement nodes, high operational space for shipping companies to slow down and suspend voyages, and the long - term agreement signing season from December to January [1]. - In terms of valuation, the 12 and 02 contracts are already highly valued, but funds may be more concentrated on them, so a long - allocation strategy is recommended in the short term. The 04 contract, as an off - season contract, is suitable for short - allocation, but its low liquidity may make it vulnerable to disturbances [1]. 3. Summary by Related Content Futures Market Data - **Futures Contract Prices**: On September 26, 2025, the closing prices of EC2510, EC2512, EC2602, EC2604, and EC2606 were 1173.0, 1783.1, 1696.2, 1285.1, and 1482.3 respectively, with daily increases of 5.26%, 5.10%, 6.81%, 1.91%, and 2.56% [1]. - **Month - to - Month Spreads**: The spreads of EC2510 - 2512, FC2512 - 2602 were - 610.1 and 86.9 respectively, with day - on - day changes of - 23.0 and - 21.5, and week - on - week changes of - 30.6 and 19.4 [1]. - **Market Indicators**: The Tetanite index on September 15, 2025, was 1440.24 points, down 8.06% from the previous period; the SCFI (European Line) on September 19, 2025, was 1052 dollars/TEU, down 8.84% from the previous period; the CCFI was 1470.97 points, down 4.31%; the NCFI was 673.61 points, down 7.65% [1]. Spot Market Data - **Booking Situation**: Currently, downstream customers are booking spaces for the period from the end of September to early October (week 39 - 41). In week 39, the average quotation was 1600 dollars (equivalent to 1150 points on the disk), with MSK's price rising from 1500 to 1570 dollars. In weeks 40 - 41, the average quotation was 1450 dollars (equivalent to 1020 points on the disk). In week 42, MSK's opening quotation was 1800 dollars (up 400 dollars), CMA's was 2520 dollars (up 900 dollars), HPL's was 2035 dollars (up 600 dollars), and OOCL's was 2000 dollars (up 500 dollars) [1][2]. News - On September 25, 2025, US Middle East envoy Witkoff introduced Trump's 21 - point Middle East and Gaza peace plan, expecting a breakthrough in the Gaza issue in the coming days. Netanyahu stated that some Western countries' recognition of the State of Palestine would not bind Israel. On September 26, 2025, Trump had a good talk about the Gaza issue and a pleasant conversation with Netanyahu [2].