Report Information - Report Title: Synthetic Rubber Morning Report - Research Team: Energy and Chemicals Team of the Research Center - Date: September 24, 2025 1. Market Data Summary BR (Butadiene Rubber) - **Futures Market**: The closing price of the main contract on September 23 was 11,430, a daily decrease of 75 and a weekly decrease of 245. The open interest was 65,588, a daily decrease of 4,718 but a weekly increase of 1,372. The trading volume was 109,780, a daily increase of 13,914 and a weekly increase of 35,016 [3][13][23]. - **Spot Market**: The Shandong market price dropped to 11,500, a daily decrease of 50 and a weekly decrease of 200. The Chuanhua market price remained at 11,450, with no daily change but a weekly decrease of 100. The Qilu ex - factory price was 11,700, unchanged daily but down 200 weekly [3][13][23]. - **Processing and Trade**: The spot processing profit was - 237, with a weekly decrease of 47. The import profit was - 83,069, a daily decrease of 62 but a weekly increase of 1,407. The export profit was 19, a daily decrease of 133 and a weekly decrease of 4 [3][13][23]. BD (Butadiene) - **Spot Market**: The Shandong market price was 9,350, a daily decrease of 50 and a weekly decrease of 150. The Jiangsu market price was 9,150, also down 50 daily and 150 weekly. The Yangzi ex - factory price was 9,150, unchanged daily but down 100 weekly [3][13][23]. - **Processing and Trade**: The butene oxidative dehydrogenation profit was 336, a daily increase of 140 and a weekly increase of 200. The import profit was 478, a daily decrease of 51 but a weekly increase of 91. The export profit was - 996, a daily decrease of 98 and a weekly decrease of 47 [3][13][23]. Downstream Products - The SBS production profit (791 - H) was 985, unchanged daily but up 160 weekly. The ABS production profit data was not available [3][13][23]. Price Spreads - **Inter - variety Spreads**: The RU - BR spread was - 50,063, a daily increase of 4,628 but a weekly decrease of 1,887. The NR - BR spread was - 53,193, a daily increase of 4,688 and a weekly decrease of 1,692. The Thai mixed - butadiene rubber spread was 3,280, a daily decrease of 20 and a weekly decrease of 170 [3][13][23]. - **Intra - variety Spreads**: The butadiene rubber standard - non - standard price spread was 100, a daily decrease of 50 and a weekly decrease of 50. The styrene - butadiene rubber 1502 - 1712 spread was 1,000, with no daily or weekly change [3][13][23]. 2. Core Viewpoints The report provides a comprehensive overview of the synthetic rubber market, including futures and spot prices, processing profits, import and export profits, and price spreads of BR, BD, and their downstream products. It shows the dynamic changes in the market over a week, which can help investors understand the market trends and potential investment opportunities in the synthetic rubber industry.

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 1138 1155 1138 1060 1076 1069 1183 1312 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(9/23） 昨日(9/22） 一周前(9/16） 一月前(8/25） (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 2020 2021 2022 2023 2024 2025 0 100 200 300 400 500 ...

Group 1: Overall Report Information - The report is a non - rating research report focusing on the non - ferrous metals industry, covering copper, aluminum, zinc, nickel, stainless steel, lead, tin, industrial silicon, and lithium carbonate, providing price data, market analysis, and investment strategies for each metal [1] Group 2: Copper - **Price and Data**: This week, copper prices fluctuated widely around 80,000 yuan. By September 23, the spot import profit increased by 39.13 yuan, and the three - month import profit increased by 74.49 yuan compared to September 17 [1] - **Market Analysis**: Before the interest rate meeting, the market's profit - taking sentiment led to a decline in copper prices. The downstream showed resilience, and the substitution effect of refined and scrap copper weakened. The internal and external positive spread has space, and the overseas structure may continue to tighten [1] - **Investment Strategy**: Consider laying out medium - term long positions below 79,000 - 79,500 yuan, or selling put options below 78,000 yuan [1] Group 3: Aluminum - **Price and Data**: From September 17 to 23, Shanghai, Yangtze River, and Guangdong aluminum ingot prices all decreased by 70 yuan. The aluminum spot import profit increased by 194.50 yuan, and the three - month import profit increased by 177.16 yuan [1] - **Market Analysis**: Supply increased slightly, downstream start - up improved, overseas demand declined significantly, and inventory is expected to decrease in September [1][2] - **Investment Strategy**: Hold at low prices under the low - inventory pattern, and pay attention to the far - month inter - month and internal - external reverse spreads [2] Group 4: Zinc - **Price and Data**: This week, zinc prices oscillated downward. By September 23, the spot import profit increased by 280.41 yuan, and the futures import profit increased by 116.81 yuan compared to September 17. LME zinc inventory decreased by 1,050 tons [4] - **Market Analysis**: Domestic TC decreased slightly, import TC increased significantly, and smelting output decreased slightly in September. Domestic demand was seasonally weak, and overseas demand was average. The current pattern of strong overseas and weak domestic may further differentiate [4] - **Investment Strategy**: Continue to hold short positions; partially take profits on internal - external positive spreads [4] Group 5: Nickel - **Price and Data**: From September 17 to 23, the price of Shanghai nickel spot decreased by 800 yuan. The spot import return decreased by 639.04 yuan, and LME inventory increased by 1,554 tons [5] - **Market Analysis**: Pure nickel production remained high, demand was weak, domestic inventory increased slightly, and overseas delivery increased. The short - term fundamental situation was weak, and geopolitical risks were alleviated [5] Group 6: Stainless Steel - **Price and Data**: From September 17 to 23, the price of waste stainless steel decreased by 70 yuan [5] - **Market Analysis**: Steel mills are expected to resume production slightly, demand is mainly for rigid needs, costs are relatively stable, and inventory in Xifu has decreased [5] Group 7: Lead - **Price and Data**: This week, lead prices rose due to macro - factors. By September 23, the spot import return decreased by 1.42 yuan, and LME inventory decreased by 1,700 tons compared to September 17 [7] - **Market Analysis**: Supply was tight, demand improved slightly, and inventory was at a high level. The market has expectations for the peak season in September, but the terminal consumption destocking and lead ingot purchasing efforts were weak [7] - **Investment Strategy**: It is expected that lead prices will continue to fluctuate significantly next week, with an expected range of 16,800 - 17,200 yuan [7] Group 8: Tin - **Price and Data**: This week, tin prices fluctuated widely. By September 23, the spot import return decreased by 3,948.22 yuan, and the spot export return increased by 3,564.29 yuan compared to September 17 [10] - **Market Analysis**: The supply side is expected to gradually recover, and the demand side is mainly supported by rigidity. The domestic short - term supply and demand are weak, and attention should be paid to the expected changes after October and the impact of interest rate cuts [10] - **Investment Strategy**: In the short term, it is recommended to wait and see. Lightly short when the price is higher than 275,000 yuan/ton. In the long - term, hold near the cost line [10] Group 9: Industrial Silicon - **Price and Data**: From September 17 to 23, the 421 Yunnan, Sichuan, 553 East China, and Tianjin basis all increased by 25 yuan, and the number of warehouse receipts increased by 161 [13] - **Market Analysis**: Xinjiang's leading enterprises remained stable, and the production in Southwest China and Northwest China changed. The supply and demand in September and October are in a tight balance, and the long - term production capacity is in excess [13] - **Investment Strategy**: In the long - term, the price is expected to fluctuate at the bottom of the cycle based on the seasonal marginal cost [13] Group 10: Lithium Carbonate - **Price and Data**: This week, lithium carbonate prices oscillated strongly. By September 23, the SMM electric carbon and industrial carbon prices remained unchanged, and the number of warehouse receipts increased by 540 compared to September 17 [15] - **Market Analysis**: Raw material suppliers are reluctant to sell, and the procurement activity of lithium salt is affected by pre - holiday stocking. The current supply is still in an expansion cycle, and the static supply - demand pattern is in excess, but there is a trend of destocking [15] - **Investment Strategy**: The price elasticity is high after the supply - side disturbance hype, and the downward support before the disturbance is strong [15]

铁矿石早报 (200) 50 1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/110/111/112/1 0 20 数据来源：MYSTEEL 免责 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及 建议内容的客观、公正，研究方法专业审慎，分析结论合理，但我司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信 息和建议不会发生任何变化。我们提供的全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，您应当自主做出期货 交易决策，独立承担期货交易后果，凡据此入市者，我司不承担任何责任。我司在为您提供服务时已最大程度避免与您产生利益冲突。 未经我司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全部或部分材料、内容。对可能因互联网软硬 件设备故障或失灵、或因不可抗力造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。 声明 15 20 25 30 35 40 1/1 2/1 3/1 4/1 5/1 6/1 ...

Report Overview - Report Title: Global Asset Market Performance - Major Asset Morning Report - Report Date: September 24, 2025 - Research Team: Macro Team of the Research Center 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Report's Core View - The report presents the performance data of various global asset markets on September 23, 2025, including 10 - year and 2 - year government bond yields of major economies, exchange rates of the US dollar against major emerging - economy currencies, major economy stock indices, credit bond indices, stock index futures trading data, and government bond futures trading data. 3. Summary by Relevant Catalogs 3.1 Global Asset Market Performance - Bond Yields - **10 - Year Government Bond Yields**: On September 23, 2025, the 10 - year government bond yields of the US, UK, France, etc. were 4.107%, 4.679%, 3.563% respectively. The latest changes ranged from - 0.041 (US) to 0.004 (France), with weekly changes from - 0.030 (Switzerland) to 0.078 (US), monthly changes from - 0.155 (US) to 0.065 (France), and annual changes from - 0.220 (Switzerland) to 0.912 (UK) [2]. - **2 - Year Government Bond Yields**: On September 23, 2025, the 2 - year government bond yields of the US, UK, Germany, etc. were 3.570%, 3.950%, 2.019% respectively. The latest changes ranged from 0.000 (US, Japan) to 0.011 (South Korea), with weekly changes from - 0.014 (China 1Y) to 0.058 (Japan), monthly changes from - 0.012 (UK) to 0.084 (Germany), and annual changes from - 0.432 (South Korea) to 0.544 (Japan) [2]. 3.2 Global Asset Market Performance - Exchange Rates - **US Dollar against Major Emerging - Economy Currencies**: On September 23, 2025, the exchange rates of the US dollar against the Brazilian real, South African rand, etc. were 5.282, 17.245 respectively. The latest changes ranged from - 0.99% (Brazil) to 0.24% (South Korean won), with weekly changes from - 0.54% (South African rand) to 1.09% (South Korean won), monthly changes from - 2.75% (Brazil) to 0.05% (South Korean won), and annual changes from - 5.07% (Brazil) to 4.58% (South Korean won) [2]. - **Renminbi**: On September 23, 2025, the on - shore RMB, off - shore RMB, and the central parity rate were 7.113, 7.113, 7.106 respectively. The latest changes were - 0.02%, - 0.03%, - 0.07% respectively, with weekly changes of - 0.02%, 0.12%, 0.04% respectively, monthly changes of - 0.55%, - 0.56%, - 0.18% respectively, and annual changes of 0.23%, 0.18%, 0.04% respectively [2]. 3.3 Global Asset Market Performance - Stock Indices - **Major Economy Stock Indices**: On September 23, 2025, the S&P 500, Dow Jones Industrial Average, and NASDAQ were 6656.920, 46292.780, 22573.470 respectively. The latest changes ranged from - 0.95% (NASDAQ) to 0.59% (Mexican stock index), with weekly changes from - 0.03% (Spanish stock index) to 1.21% (German DAX), monthly changes from - 2.24% (German DAX) to 7.29% (Mexican stock index), and annual changes from 5.45% (French CAC) to 31.35% (Spanish stock index) [2]. 3.4 Global Asset Market Performance - Credit Bond Indices - **Credit Bond Indices**: The latest changes of the US investment - grade credit bond index, euro - zone investment - grade credit bond index, etc. ranged from - 0.03% (euro - zone investment - grade credit bond index) to 0.40% (emerging - economy high - yield credit bond index), with weekly changes from - 0.39% (US investment - grade credit bond index) to 0.27% (euro - zone high - yield credit bond index), monthly changes from 0.26% (euro - zone investment - grade credit bond index) to 1.61% (US investment - grade credit bond index), and annual changes from 3.66% (US investment - grade credit bond index) to 13.30% (emerging - economy high - yield credit bond index) [2][3]. 3.5 Stock Index Futures Trading Data - **Index Performance**: The closing prices of A - shares, CSI 300, SSE 50, etc. were 3821.83, 4519.78, 2919.51 respectively, with changes of - 0.18%, - 0.06%, - 0.09% respectively [4]. - **Valuation**: The PE (TTM) of the CSI 300, SSE 50, and CSI 500 were 14.01, 11.64, 34.17 respectively, with环比 changes of 0.04, 0.07, - 0.25 respectively [4]. - **Fund Flow**: The latest values of the fund flow of A - shares, the main board, and small - and medium - sized enterprise boards were - 1566.78, - 1050.60, etc., with 5 - day average values of - 1037.14, - 806.14, etc. respectively [4]. - **Trading Volume**: The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, and SSE 50 were 24943.82, 6805.14, 1689.87 respectively, with环比 changes of 3728.99, 1173.65, 125.86 respectively [4]. - **Main Contract Premium/Discount**: The basis of IF, IH, and IC were - 35.98, 5.49, - 240.11 respectively, with premiums/discounts of - 0.80%, 0.19%, - 3.34% respectively [4]. 3.6 Government Bond Futures Trading Data - **Government Bond Futures**: The closing prices of T00, TF00, T01, and TF01 were 107.715, 105.625, 107.385, 105.505 respectively, with changes of 0.13%, 0.09%, 0.12%, 0.09% respectively [5]. - **Funding Rates**: The funding rates of R001, R007, and SHIBOR - 3M were 1.4619%, 1.5218%, 1.5620% respectively, with daily changes of - 7.00 BP, - 1.00 BP, 0.00 BP respectively [5].

Report Industry Investment Rating - Not provided Core Viewpoint - Not provided Summary by Relevant Catalogs Price and Profit - The report presents the spot prices of various steel products in different regions from September 17 to September 23, 2025, including Beijing, Shanghai, and other locations for both threaded steel and hot-rolled and cold-rolled coils. It also shows the price changes during this period. For example, the price of Beijing threaded steel decreased by 30, Shanghai threaded steel by 40, and so on [1]. Basis and Spread - Not provided Production and Inventory - Not provided

仓单 最新 日变化 周变化 出厂价折盘面 日变化 周变化 宁夏#72 5330 -50 -70 5630 主力合约 5698 50 -2 内蒙#72 5350 0 -50 5700 01合约 5666 22 -14 现货 盘面 最新 品种 项目 铁合金早报 | 硅铁自然块 产区汇总价 | 青海#72 | 5300 | -70 | -100 | 5630 | 05合约 | 5776 | 12 | -8 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 陕西#72 | 5300 | -50 | -80 | 5600 | 09合约 | 5842 | -12 | -50 | | | 陕西#75 | 6000 | 0 | 50 | | 主力月基差 | -68 | -100 | -68 | | 硅铁合格块 | 江苏#72 | 5900 | 100 | 350 | | 1-5月差 | -110 | 10 | -6 | | 贸易商价 | 天津#72 | 5800 | 0 | 50 | | 5-9月差 | -66 | 24 | 42 | | ...

焦炭日报 研究中心黑色团队 2025/9/24 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 山西准一湿熄 | 1427.78 | 0.00 | 0.00 | -108.16 | -14.41% 高炉开工率 | 90.35 | | 0.17 | 0.10 | 7.70% | | 河北准一干熄 | 1680.00 | 0.00 | 0.00 | -110.00 | 4.35% 铁水日均产量 | 241.02 | | 0.47 | 0.27 | 7.68% | | 山东准一干熄 | 1605.00 | 0.00 | 0.00 | -110.00 | -13.01% 盘面05 | 1847 | -21.50 | -10.00 | 27.50 | -3.45% | | 江苏准一干熄 | 1645.00 | 0.00 | 0.00 | -110.00 | -12.73% 盘面09 | 1933.5 | -14 ...

| | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 柳林主焦 | 1503.00 | 0.00 | 102.00 | -2.00 | 7.36% Peak Downs | 202.00 | -1.00 | 0.00 | -3.00 | -18.60 | | 原煤口岸库提价 | 1040.00 | 20.00 | 49.00 | 55.00 | -8.77% Goonyella | 203.00 | -1.00 | 0.50 | -5.30 | -14.00 | | 沙河驿蒙5# | 1350.00 | 0.00 | 0.00 | -30.00 | -18.18% 盘面05 | 1301.00 | -22.00 | -8.00 | 59.50 | 1.56% | | 安泽主焦 | 1500.00 | 0.00 | 80.00 | 30.00 | -13.29% 盘面09 | 1370.50 | -19. ...

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 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 2685 262 326 6 -105 -1255 2025/09/2 2 801 2257 2258 2563 2545 2570 2665 262 326 -6 -110 -1255 2025/09/2 3 801 2245 2253 2560 2535 2570 2665 262 326 -6 -110 -1255 日度变化 0 -12 -5 -3 -10 0 0 0 0 0 0 0 观点 仍是交易港口压力传导到内地得逻辑，内地后期有季节性备货需求+联泓新装置备货增量，但是港口会持续性形 ...