Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The LPG market is expected to remain weak overall. The price in South China decreased mainly due to the impact of typhoons, which led to the near - stagnation of exports and some refineries reducing prices to clear inventories. The supply in Shandong is abundant due to incoming resources, and chemical demand has declined [1]. Group 3: Summary Based on Specific Information Price and Basis Information - From September 18 - 24, 2025, the prices of LPG in different regions showed fluctuations. For example, on September 24, South China was 4600, East China was 4387, and Shandong was 4550. The daily change on September 24 saw South China down 40, East China up 2, and Shandong unchanged. The basis of the PG main contract weakened to 51 (-74), and the 10 - 11 monthly spread was 49 (-20), 11 - 12 monthly spread was 62 (+3) [1]. Inventory and Demand Information - Port inventories and factory warehouses both increased as imports decreased and external sales slightly increased, but demand narrowed. Chemical demand declined, with the PDH operating rate at 70.49% (-2.61), and the operating rates of alkylation and MTBE also decreasing [1]. International Market Information - External market prices rose. FEI and CP changed little, with FEI at 549 (+1) and CP at 543 (+0) dollars/ton (as of 2:30 pm). The FEI monthly spread remained at 5 dollars, and the CP monthly spread was -2.5. The price difference between the domestic and international markets decreased slightly, and the US - Asia arbitrage window was closed [1].

| 乖 亦安期货 | | --- | 玻璃纯碱早报 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 华北重碱 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (500) 0 500 1,000 1,500 2,000 华北氨碱法利润 2020 2021 2022 2023 2024 2025 (1,000) (500) 0 500 1,000 1,500 2,000 2,500 华北联碱法利润 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 华北轻碱 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 60 65 70 75 80 85 90 95 100 39083 39096 39109 39122 39135 39148 39161 39174 39187 39200 39213 39226 39239 3925 ...

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - Corn: In the short - term, with new - season corn about to hit the market, terminal demand weakens and prices are likely to decline slightly. In the medium - to - long - term, prices are expected to face downward pressure due to increased production and lower costs [3]. - Starch: In the short - term, as the cost of raw corn drops, the price of starch is likely to be adjusted downward to reduce inventory. In the medium - to - long - term, high inventory and expected lower raw material costs keep the outlook for starch prices bearish [3]. - Sugar: Internationally, Brazil's high - pressure sugar supply weighs on prices. In China, with imported sugar arriving and processing sugar prices falling, the futures market faces pressure [4]. - Cotton: The market has entered a consolidation phase, waiting for demand verification. If there are no major macro - risks, the April low could be the long - term bottom, and the downside for cotton prices is limited [5]. - Eggs: In September, demand increased due to school openings and holiday stocking, causing a nearly 40% price rebound. High inventory and cold - storage eggs limit price increases, but the likelihood of prices falling below feed costs is low [8]. - Apples: New - season apple production is expected to be similar to last year. Consumption is in the off - season, and seasonal fruits are squeezing the market share of apples. Attention should be paid to the final production [10]. - Pigs: There are policy - related expectations for a production inflection point next year, but in the short - term, supply pressure persists, and the market focuses on factors like slaughter rhythm, diseases, and policies [14]. Summary by Related Catalogs Corn/Starch - Price and Indicator Changes: From September 18 to 24, the price in蛇口 decreased by 20, the基差 decreased by 6, the贸易利润 decreased by 20, and the加工利润 of starch increased by 20 [2]. Sugar - Price and Indicator Changes: From September 18 to 24, the柳州基差 decreased by 53, the进口利润 from Thailand decreased by 8, the进口利润 from Brazil decreased by 8, and the仓单 decreased by 168 [4]. Cotton/Cotton Yarn - Price and Indicator Changes: From September 18 to 24, the price of 3128 cotton increased by 20, the仓单 + 预报 decreased by 199, the越南纱进口利润 decreased by 6, and the 32S纺纱利润 decreased by 21 [5]. Eggs - Price and Indicator Changes: From September 18 to 24, the基差 decreased by 130, and the price of生猪 increased by 0.03 [8]. Apples - Price and Indicator Changes: From September 18 to 24, the全国库存 decreased by 48, the山东库存 decreased by 46, and the陕西库存 decreased by 62 [9][10]. Pigs - Price and Indicator Changes: From September 18 to 24, the基差 decreased by 65, and the price in江苏南通 decreased by 0.05 [14].

| | | | | | | | | | 2025/9/25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | | 硅铁自然块 | 宁夏#72 | 5330 | 0 | -20 | 5630 | 主力合约 | 5742 | 44 | -24 | | | 内蒙#72 | 5380 | 30 | 30 | 5730 | 01合约 | 5708 | 42 | -34 | | 产区汇总价 | 青海#72 | 5300 | 0 | -70 | 5630 | 05合约 | 5810 | 34 | -36 | | | 陕西#72 | 5300 | 0 | -50 | 5600 | 09合约 | 5908 | 66 | -12 | | | 陕西#75 | 6000 | 0 | 100 | | 主力月基差 | -112 | -44 | 4 | | 硅铁合格块 | 江苏#72 | ...

Group 1: Price Data - Price trends of Qixia Fuji 80 Grade 1 and 2 (yuan/jin) from 2015 - 2025 [4][5] - Price trends of Luochuan Paper - bagged 70 (yuan/jin) from 2015 - 2025 [9][10] - Price trends of Apple 2510 contract from 2018 - 2025 [7][8] - Price trends of Apple 2601 contract (main - continuous) from 2018 - 2025 [14] - Closing price trends of the main apple contract from 2018 - 2025 [15] Group 2: Inventory Data - National apple inventory, regional inventory comparison from 2016/17 - 2024/25 [11] - Apple inventory in Shandong and Shaanxi from 2019/20 - 2024/25 [11] - National apple weekly de - stocking and cumulative de - stocking from 2020/21 - 2024/25 [11] Group 3: Export Data - Monthly apple export data and annual cumulative export data from 2016/17 - 2024/25 [11]

红枣09合约 20000 18000 16000 14000 12000 10000 8000 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 =2021 == 2022 == 2024 == 2024 == 2025 红枣墓差(河北沧州) 4000 2000 -2000 -4000 -6000 -8000 =2021 == 2022 == 2023 == 2024 == 2025 红枣目度数据 研究中心农产品团队 2025/9/24 3000 6000 5000 2000 4000 1000 3000 2000 2/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 1000 -1008- -2000 -10001/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 08/01 10/01 11/01 -3000 -2000 - -2021 -- 2022 -- 2023 -- 2024 -- 2025 -2021 -- 2022 -- ...

Group 1: Report's Core View - Singapore 380cst high - sulfur cracking oscillated this week, the near - month spread oscillated, the basis strengthened slightly, the EW spread rebounded again, and recently had wide - range oscillations. The FU internal and external near - month also oscillated. The low - sulfur cracking rebounded slightly but was at a historically low level compared to the same period. The month spread was weakly sorted. The LU internal and external price rebounded slightly to 8 - 9 US dollars/ton, and the MF0.5 basis oscillated [4]. - Fundamentally, 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. With logistics reshaping and the support of Singapore's high - sulfur marine fuel demand, the EW spread has completed the repair. Recently, refinery feedstock procurement has supported the 380 cracking level, and the short - term downward space is limited. It is expected that the 380 cracking will maintain an oscillating pattern, and the domestic FU will have an oscillating and bullish outlook in the short - term. This week, the LU disk was still 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 LU internal and external spread can be expanded on dips, and attention should be paid to the quota usage [5]. Group 2: Data Summary Rotterdam Fuel Oil | Type | 2025/09/17 | 2025/09/18 | 2025/09/19 | 2025/09/22 | 2025/09/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O swap M1 | 384.75 | 383.35 | 382.97 | 386.97 | 397.95 | 10.98 | | Rotterdam 0.5% VLS FO swap M1 | 441.33 | 434.21 | 427.48 | 427.29 | 435.42 | 8.13 | | Rotterdam HSFO - Brent M1 | - 6.96 | - 6.64 | - 5.82 | - 4.97 | - 4.64 | 0.33 | | Rotterdam 10ppm Gasoil swap M1 | 679.88 | 677.55 | 668.48 | 664.85 | 681.15 | 16.30 | | Rotterdam VLSFO - G O M1 | - 238.55 | - 243.34 | - 241.00 | - 237.56 | - 245.73 | - 8.17 | | LGO - Brent M1 | 24.97 | 25.18 | 24.80 | 24.40 | 25.56 | 1.16 | | Rotterdam VLSFO - HSFO M1 | 56.58 | 50.86 | 44.51 | 40.32 | 37.47 | - 2.85 | [3] Singapore Fuel Oil | Type | 2025/09/17 | 2025/09/18 | 2025/09/19 | 2025/09/22 | 2025/09/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 397.55 | 396.06 | 390.12 | 393.02 | 394.24 | 1.22 | | Singapore 180cst M1 | 407.42 | 407.26 | 400.69 | 403.27 | 402.50 | - 0.77 | | Singapore VLSFO M1 | 475.76 | 472.28 | 465.21 | 465.33 | 463.11 | - 2.22 | | Singapore GO M1 | 89.51 | 88.34 | 87.81 | 87.43 | 86.66 | - 0.77 | | Singapore 380cst - Brent M1 | - 5.03 | - 4.97 | - 5.13 | - 4.47 | - 3.74 | 0.73 | | Singapore VLSFO - G O M1 | - 186.61 | - 181.44 | - 184.58 | - 181.65 | - 178.17 | 3.48 | | Singapore Fuel Oil Spot - FOB 380cst | 397.68 | 397.47 | 390.94 | 393.48 | 395.20 | 1.72 | | Singapore Fuel Oil Spot - FOB VLSFO | 477.54 | 472.07 | 464.79 | 463.33 | 461.15 | - 2.18 | | Singapore Fuel Oil Spot - 380 basis | - 0.40 | 0.60 | 0.40 | 0.60 | 1.00 | 0.40 | | Singapore Fuel Oil Spot - High - sulfur internal - external spread | 7.6 | 7.5 | - | 6.0 | 9.7 | 3.7 | | Singapore Fuel Oil Spot - Low - sulfur internal - external spread | 9.3 | 9.7 | - | 9.7 | 9.9 | 0.2 | [3][9] Domestic FU | Type | 2025/09/17 | 2025/09/18 | 2025/09/19 | 2025/09/22 | 2025/09/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2831 | 2798 | 2796 | 2784 | 2759 | - 25 | | FU 05 | 2787 | 2754 | 2754 | 2743 | 2718 | - 25 | | FU 09 | 2722 | 2698 | 2699 | 2697 | 2673 | - 24 | | FU 01 - 05 | 44 | 44 | 42 | 41 | 41 | 0 | | FU 05 - 09 | 65 | 56 | 55 | 46 | 45 | - 1 | | FU 09 - 01 | - 109 | - 100 | - 97 | - 87 | - 86 | 1 | [3] Domestic LU | Type | 2025/09/17 | 2025/09/18 | 2025/09/19 | 2025/09/22 | 2025/09/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3432 | 3385 | 3362 | 3351 | 3325 | - 26 | | LU 05 | 3405 | 3368 | 3337 | 3342 | 3302 | - 40 | | LU 09 | 3350 | 3322 | 3308 | 3306 | 3286 | - 20 | | LU 01 - 05 | 27 | 17 | 25 | 9 | 23 | 14 | | LU 05 - 09 | 55 | 46 | 29 | 36 | 16 | - 20 | | LU 09 - 01 | - 82 | - 63 | - 54 | - 45 | - 39 | 6 | [4]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - In the short - term, the EC futures market is under pressure from spot prices. The price in early October is expected to decline, with a potential rebound in late October (before the National Day), but more likely to stabilize due to the off - season [1]. - From a medium - term perspective, considering multiple upward drivers, the 02 contract has a higher cost - performance for long - position allocation as the Spring Festival in 2026 is relatively late (February 17, 2026), which may lead to a higher settlement price. The 04 contract, being an off - season contract, is suitable for short - position allocation in the short term, but its low liquidity may cause price fluctuations. Attention should be paid to the 02 and 04 contracts. Also, be aware of the pre - holiday position - reduction volatility and the capital transfer risk of the 10 contract [8]. 3. Summary by Related Catalogs 3.1 EC Futures Contract Price and Trading Volume - **Contract Prices**: The prices of EC2510, EC2512, EC2602, EC2604, and EC2606 contracts are 1100.0, 1623.4, 1535.6, 1234.6, and 1421.3 respectively, with daily changes of 0.58%, - 1.84%, - 2.41%, - 3.17%, and - 2.28% [1]. - **Trading Volumes**: The trading volumes of EC2510, EC2512, EC2602, EC2604, and EC2606 contracts are 28527, 12535, 2521, 1838, and 157 respectively [1]. - **Open Interest**: The open interest of EC2510, EC2512, EC2602, EC2604, and EC2606 contracts are 41508, 22118, 7601, 8854, and 961 respectively, with changes of - 4522, 162, 203, - 68, and 11 [1]. 3.2 Month - to - Month Spreads - **EC2510 - 2512**: The spread is - 523.4, with a daily increase of 36.8 and a weekly increase of 38.9 [1]. - **EC2512 - 2602**: The spread is 87.8, with a daily increase of 7.5 and a weekly decrease of 5.4 [1]. 3.3 Spot Freight Rate Indexes - **TCI**: Updated every Monday, as of September 15, 2025, it is 1440.24 points, down 8.06% from the previous period and 11.68% from the period before that [1]. - **SCFI (European Line)**: Updated weekly, as of September 19, 2025, it is 1052 dollars/EU, down 8.84% from the previous period and 12.24% from the period before that [1]. - **CCFI (European Line)**: Updated every Friday, as of September 19, 2025, it is 1470.97 points, down 4.31% from the previous period and 6.19% from the period before that [1]. - **NCFI (European Line)**: Updated every Friday, as of September 19, 2025, it is 673.61 points, down 7.65% from the previous period and 14.78% from the period before that [1]. 3.4 European Line Spot Quotations - **Week 39**: The average quotation is 1600 dollars (equivalent to 1150 points on the disk). MSK's quotation is 1500 dollars (later rising to 1570), PA Alliance's is 1550 - 1600 dollars, and OA Alliance's is 1600 - 1720 dollars [2]. - **Week 40 - 41**: The average quotation is 1450 dollars (equivalent to 1020 points on the disk). MSK's is 1400 dollars; PA's is 1300 - 1500 dollars, with YML's 1300 dollars being the lowest price of the year; OA's is 1400 - 1600 dollars [2]. 3.5 Related News - On September 23, the Polish Prime Minister decided to reopen the border crossing with Russia. The Polish Interior Minister is expected to issue a relevant order, and border traffic is expected to resume between Wednesday and Thursday midnight [3]. - On September 23, Trump expected the meeting on the Gaza issue to be successful and hoped for an end to the war in Gaza [3]. - A UN investigation report showed that the Israeli government intends to establish permanent control in the Gaza Strip [3].

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - This week, oil prices fluctuated at high levels, with fundamental factors and geopolitical sanctions risks diverging. The U.S. President Trump called on European countries to "stop buying" Russian oil, and Iran suspended cooperation with the International Atomic Energy Agency. The EU's sanctions on Russia targeted shadow fleets, Russian banks, and Russian oil buyers. Russia's refined oil exports declined significantly due to drone attacks, while its crude oil net exports remained high. Iran's crude oil exports did not decline. Fundamentally, global oil inventories decreased slightly, with the absolute level similar to that in 2019, the highest in the past five years. In September's preliminary data, OPEC's crude oil net exports rebounded significantly. U.S. EIA commercial crude oil inventories decreased, gasoline inventories decreased, and diesel inventories increased significantly. Global refinery profits were divided, with U.S. refinery profits rebounding, domestic refinery operations rising overall, and European and American refinery operations declining. Under the baseline scenario, there will be a surplus of over 2 million barrels per day in the crude oil market in the fourth quarter, and an expected surplus of 1.8 - 2.5 million barrels per day in 2026. It is expected that refinery maintenance in October will exceed previous levels, the fundamentals will turn to the off - season, and the medium - term surplus pattern remains unchanged. The absolute price center in the fourth quarter is expected to fall to $55 - 60 per barrel [5]. 3. Summary by Relevant Catalogs 3.1 Oil Price Data - From September 17 - 23, 2025, WTI prices fluctuated from $62.28 - $64.05, with a change of $1.13; BRENT prices fluctuated from $66.57 - $67.95, with a change of $1.06; DUBAI prices fluctuated from $69.74 - $70.50, with a change of $0.07. Other related product prices such as domestic gasoline, diesel, and various oil - related spreads also showed corresponding changes [3]. 3.2 Daily News - Iraq and oil companies are preparing to sign an agreement to restart exports from the Kurdish region. Saudi Arabia and Pakistan signed a defense agreement, which is unlikely to change Saudi Arabia's energy relations with India. Saudi Arabia's crude oil production in July decreased by 551,000 barrels per day to 9.201 million barrels per day. Iran's Foreign Minister set off for New York to participate in the United Nations General Assembly, and Iran will hold foreign - minister - level talks with Germany, France, and the UK [3][4]. 3.3 Regional Fundamentals - In the week of September 12, U.S. crude oil exports increased by 2.532 million barrels per day to 5.277 million barrels per day; domestic crude oil production decreased by 13,000 barrels to 13.482 million barrels per day; commercial crude oil inventories excluding strategic reserves decreased by 9.285 million barrels to 415 million barrels, a decrease of 2.19%; the four - week average supply of U.S. refined oil products was 20.671 million barrels per day, a year - on - year increase of 1.69%; strategic petroleum reserve (SPR) inventories increased by 504,000 barrels to 405.7 million barrels, an increase of 0.12%; commercial crude oil imports excluding strategic reserves were 5.692 million barrels per day, a decrease of 579,000 barrels per day compared to the previous week. From September 12 - 18, the operating rate of major refineries fluctuated, the operating rate of Shandong local refineries increased, domestic gasoline and diesel production increased, inventories increased, the comprehensive profit of major refineries strengthened, and the comprehensive profit of local refineries decreased [4][5].

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints - Not explicitly stated in the provided content 3. Summary by Relevant Catalogs SP Main Contract - The closing price of the SP main contract on September 23, 2025, was 5008.00, with no change from the previous day. The corresponding US dollar price was 614.33. The price has shown a fluctuating trend in the past few days, with a -0.51302% change on September 17, -0.55534% on September 18, 0.07978% on September 19, -0.19928% on September 22, and 0.00000% on September 23 [3]. - The Shandong Yinxing basis was 602 on September 23, 2025, and the Jiangsu-Zhejiang-Shanghai Yinxing basis was 617 [3]. Import Pulp Price and Profit - For imported pulp, taking a 13% VAT into account, the Canadian Golden Lion (CFR) had a port US dollar price of 780 and a Shandong region RMB price of 6200, with an import profit of -136.75. The Canadian Lion (CFR) had a port US dollar price of 730, a Shandong region RMB price of 5410, and an import profit of -525.04. The Chilean Silver Star (CFR letter of credit 90 days) had a port US dollar price of 700, a Shandong region RMB price of 5610, and an import profit of -84.01 [4]. Pulp and Paper Prices and Margins - From September 17 - 23, 2025, the 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. The Shandong region average prices also remained stable [4]. - The prices of cultural paper (double - offset index, double - copper index), packaging paper (white card index), and tissue paper (tissue index) did not change from September 18 - 23, 2025 [4]. - The profit margins of double - offset paper, double - copper paper, white card paper, and tissue paper showed some fluctuations from September 18 - 23, 2025. As of September 23, the double - offset profit margin was 1.9642%, the double - copper profit margin was 15.6172%, the white card profit margin was - 12.6135%, and the tissue profit margin was 6.6876% [4]. Pulp Price Spreads - The spreads between softwood and hardwood pulp, softwood and natural pulp, softwood and chemimechanical pulp, and softwood and waste paper pulp have shown certain changes from September 17 - 23, 2025. As of September 23, the softwood - hardwood spread was 1370.00, the softwood - natural spread was 210, the softwood - chemimechanical spread was 1785, and the softwood - waste paper spread was 4034 [4].