Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on September 24, 2025 [1][3][4] Group 3: Cross - Market Arbitrage Tracking Copper - Spot price: domestic 80000, LME 9894, ratio 8.11; March price: domestic 79920, LME 9967, ratio 8.02; Spot import equilibrium ratio 8.10, profit - 118.34; Spot export profit - 117.86 [1] Zinc - Spot price: domestic 21880, LME 2917, ratio 7.50; March price: domestic 21865, LME 2874, ratio 5.95; Spot import equilibrium ratio 8.53, profit - 3003.69 [1] Aluminum - Spot price: domestic 20680, LME 2642, ratio 7.83; March price: domestic 20695, LME 2642, ratio 7.83; Spot import equilibrium ratio 8.38, profit - 1462.88 [1] Nickel - Spot price: domestic 119750, LME 15047, ratio 7.96; Spot import equilibrium ratio 8.17, profit - 1446.69 [1] Lead - Spot price: domestic 16950, LME 1949, ratio 8.71; March price: domestic 17110, LME 1991, ratio 11.03; Spot import equilibrium ratio 8.82, profit - 211.89 [3] Group 4: Cross - Period Arbitrage Tracking Copper - Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 270, - 270, - 280, - 290 respectively; Theoretical spreads are 503, 904, 1314, 1724 [4] Zinc - Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 235, - 215, - 195, - 175 respectively; Theoretical spreads are 213, 333, 452, 572 [4] Aluminum - Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 65, - 55, - 60, - 50 respectively; Theoretical spreads are 215, 331, 446, 562 [4] Lead - Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 40, - 15, - 10, 50 respectively; Theoretical spreads are 211, 317, 424, 531 [4] Nickel - Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 490, - 300, - 60, 170 respectively [4] Tin - 5 - 1 spread 560, theoretical spread 5597 [4] Group 5: Spot - Futures Arbitrage Tracking Copper - Spreads for当月合约 - 现货 and 次月合约 - 现货 are 215 and - 55 respectively; Theoretical spreads are 419 and 823 [4] Zinc - Spreads for当月合约 - 现货 and 次月合约 - 现货 are 200 and - 35 respectively; Theoretical spreads are 154 and 281 [4] Lead - Spreads for当月合约 - 现货 and 次月合约 - 现货 are 175 and 135 respectively; Theoretical spreads are 181 and 294 [5] Group 6: Cross - Variety Arbitrage Tracking - Ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc: Shanghai (triple - continuous) are 3.66, 3.86, 4.67, 0.95, 1.21, 0.78 respectively; London (triple - continuous) are 3.45, 3.78, 4.98, 0.91, 1.32, 0.69 respectively [5]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - For PTA, with the implementation of near - end TA maintenance, the start - up declined slightly, polyester load remained stable, inventory accumulated slightly, basis weakened, and spot processing fees repaired slightly. PX domestic start - up decreased, overseas devices ran smoothly, PXN weakened month - on - month, disproportionation and isomerization benefits remained stable, and the aromatics price difference between the US and Asia widened. In the future, as device restarts slow down TA de - stocking, polyester has no unexpected performance and new production is expected, the far - month inventory accumulation is expected to continue. However, the processing fees have reached a very low level and lasted for a long time, and PX supply is gradually recovering. Attention should be paid to the opportunity of expanding processing fees under potential additional maintenance [1]. - For MEG, near - end domestic oil - based EG slightly reduced its load, coal - based start - up remained stable, overseas maintenance and restarts coexisted, arrivals remained the same while shipments were dull, and port inventory accumulated slightly at the beginning of next week. Downstream stocking levels increased, the basis weakened month - on - month, and the benefit ratio shrank. Near - end new device feeding was earlier than expected, and the valuation was significantly compressed. In the future, with the increase in arrivals month - on - month and the expectation of high supply in the far - month, ports may start to gradually accumulate inventory, but the actual inventory is still not high, and the valuation may be slowly compressed. Attention should be paid to the cost support of coal - based production [1]. - For polyester staple fiber, the start - up of some devices increased, and production and sales improved month - on - month, with inventory continuing to decline. On the demand side, the start - up of the polyester yarn end remained stable, raw material stocking increased, finished product inventory decreased month - on - month, and benefits were weak. In the future, the speed of increasing the load at the polyester yarn end may slow down due to high finished product inventory, but the start - up of staple fiber remains high due to good spot benefits, and inventory pressure is limited. Processing fees are expected to fluctuate [1]. - For natural rubber, the national explicit inventory remained stable, and the price of Thai cup rubber remained stable. The strategy is to wait and see [1]. - For styrene and its downstream products, the prices of some raw materials and products decreased, and the production profits and start - up rates of some products also changed to different degrees [1]. 3. Summary by Relevant Catalogs PTA - **Device Changes**: Hengli Huizhou's 5 million - ton device reduced its load, and Fuhai Chuang's 4.5 million - ton device restarted [1]. - **Market Conditions**: The basis of the PTA main contract weakened, and the spot processing fee repaired slightly. PX domestic start - up decreased, and PXN weakened month - on - month [1]. - **Future Outlook**: Slowdown in TA de - stocking, far - month inventory accumulation expected, and attention to the opportunity of expanding processing fees [1]. MEG - **Device Changes**: Xinjiang Tianye's 600,000 - ton device stopped again [1]. - **Market Conditions**: Near - end domestic oil - based EG slightly reduced its load, and the basis weakened month - on - month [1]. - **Future Outlook**: Ports may gradually accumulate inventory, but actual inventory is not high, and attention to coal - based cost support [1]. Polyester Staple Fiber - **Device Changes**: Some devices increased their start - up, and production and sales improved [1]. - **Market Conditions**: Spot price was around 6390, and the market basis was around 10 + 10 [1]. - **Future Outlook**: The speed of increasing the load at the polyester yarn end may slow down, and processing fees are expected to fluctuate [1]. Natural Rubber - **Market Conditions**: National explicit inventory remained stable, and Thai cup rubber price remained stable [1]. - **Strategy**: Wait and see [1]. Styrene and Its Downstream Products - **Price Changes**: The prices of some raw materials and products such as ethylene, pure benzene, and styrene decreased [1]. - **Profit and Start - up Rate Changes**: The production profits and start - up rates of PS, EPS, and ABS changed to different degrees [1].

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report The LPG market is expected to remain weak overall. The decline in South China prices is mainly due to the impact of the typhoon, which led to the near - stagnation of exports and some refineries reducing prices to clear inventories. With an increase in port and factory inventories, a decline in chemical demand, and sufficient supply in Shandong, the market is under pressure [1]. 3) Summary by Relevant Contents Price Changes - **Domestic Spot Prices**: On Tuesday, the low - end price in East China was 4385 (+0), in Shandong it was 4550 (+0), and in South China it was 4600 (-40). The price of ether - after carbon four was 4670 (-10). The South China price decrease was due to the typhoon impact [1]. - **International Prices**: FEI and CP changed little. As of 2:30 pm, FEI was 549 (+1) and CP was 543 (+0) dollars/ton. The FEI monthly spread remained at 5 dollars, and the CP monthly spread was - 11 [1]. - **Futures Prices**: The PG main contract fluctuated strongly. The cheapest deliverable was Shandong civil gas at 4500. The basis weakened to 51 (-74), the 10 - 11 monthly spread was 49 (-20), and the 11 - 12 monthly spread was 62 (+3) [1]. Market Indicators - **Basis and Spread**: The basis of the lowest delivery area in East China was 60 (+19), and the 10 - 11 monthly spread was 70 (+0). The internal - external price difference decreased slightly. The PG - CP was 75 (-3), the PG - FEI was 67.6 (-9.3), and the FEI - CP was 7.5 (+6.5) [1]. - **Warehouse Receipts**: There were 13002 warehouse receipts (-6), with Shanghai Yuchi decreasing by 1 and Donghua decreasing by 5 [1]. - **Freight**: Freight continued to rise. The freight from the US Gulf to Japan was 155 (+11), and from the Middle East to the Far East was 82 (+7) [1]. Supply and Demand - **Supply**: Incoming shipments decreased, and external shipments increased slightly, but demand narrowed, leading to an increase in both port and factory inventories [1]. - **Demand**: Chemical demand declined. The PDH operating rate was 70.49% (-2.61). The operating rates of alkylation and MTBE also decreased [1].

Group 1: Price Performance - London Gold's latest price is 3783.80 with a change of 64.10 [1] - London Silver's latest price is 44.33 with a change of 0.59 [1] - London Platinum's latest price is 1413.00 with a change of 20.00 [1] - London Palladium's latest price is 1176.00 with a change of 25.00 [1] - LME Copper's latest price is 9967.00 with a change of -31.50 [1] Group 2: Trading Data - COMEX Silver inventory data is not provided [1] - SHFE Silver inventory's latest value is 1149.04 with a change of 0.42 [1] - Gold ETF持仓's latest value is 1000.57 with no change [1] - Silver ETF持仓's latest value is 15469.12 with a change of 100.22 [1] - SGE Silver inventory data is not provided [1] - SGE Gold deferred fee payment direction's latest value is 2 with a change of 1.00 [1] - SGE Silver deferred fee payment direction's latest value is 1 with no change [1] Group 3: Other Information - The data sources for the above charts are Bloomberg, Yong'an Yuandian Information, and Wind [11]

Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [2] - Report Date: September 24, 2025 [2] Core Data Analysis BR (Butadiene Rubber) - **Price and Volume**: On September 23, the closing price of the main contract was 11,430, down 75 from the previous day and 245 from the previous week; the trading volume was 109,780, up 13,914 from the previous day and 35,016 from the previous week; the open interest was 65,588, down 4,718 from the previous day but up 1,372 from the previous week; the warrant quantity was 9,190, unchanged from the previous day and down 4,440 from the previous week [3]. - **Basis and Spread**: The basis of cis - butadiene rubber increased by 25 from the previous day and 45 from the previous week; the 8 - 9 spread decreased by 135 from the previous day and 120 from the previous week, while the 9 - 10 spread increased by 15 from the previous day and 135 from the previous week [3]. - **Market Price**: The Shandong market price was 11,500, down 50 from the previous day and 200 from the previous week; the Transfar market price was 11,450, unchanged from the previous day and down 100 from the previous week; the Qilu ex - factory price was 11,700, unchanged from the previous day and down 200 from the previous week [3]. - **Processing and Import/Export Profits**: The spot processing profit was - 237, with a weekly decrease of 47; the futures processing profit was - 307, down 24 from the previous day and 92 from the previous week; the import profit was - 83,069, down 62 from the previous day but up 1,407 from the previous week; the export profit was 19, down 133 from the previous day and 4 from the previous week [3]. BD (Butadiene) - **Market Price**: The Shandong market price was 9,350, down 50 from the previous day and 150 from the previous week; the Jiangsu market price was 9,150, down 50 from the previous day and 150 from the previous week; the Yangzi ex - factory price was 9,150, unchanged from the previous day and down 100 from the previous week; the CFR China price was 1,060, unchanged from the previous day and down 30 from the previous week [3]. - **Processing and Import/Export Profits**: The carbon - four extraction profit was not available; the butylene oxidative dehydrogenation profit was 336, up 140 from the previous day and 200 from the previous week; the import profit was 447, down 51 from the previous day but up 91 from the previous week; the export profit was - 996, down 98 from the previous day and 47 from the previous week [3]. Downstream Products - **Production Profits**: The butadiene - styrene production profit was 1,063, unchanged from the previous day and down 50 from the previous week; the SBS 791 - H production profit was 882, unchanged from the previous day and up 160 from the previous week; the ABS production profit was not available [3]. Inter - and Intra - Product Spreads - **Inter - Product Spreads**: The RU - BR spread was - 50,063, up 4,628 from the previous day and down 1,887 from the previous week; the NR - BR spread was - 53,193, up 4,688 from the previous day and down 1,692 from the previous week; the Thai mixed - cis - butadiene spread was 3,280, down 20 from the previous day and 170 from the previous week; the 3L - butadiene - styrene spread was 3,100, unchanged from the previous day and up 50 from the previous week [3]. - **Intra - Product Spreads**: The butadiene - styrene 1502 - 1712 spread was 1,000, unchanged from the previous day and the previous week; the cis - butadiene standard - non - standard spread was 100, down 50 from the previous day and the previous week [3].

Group 1: Report Information - Report Title: Asphalt Morning Report [2] - Research Team: Research Center Energy and Chemicals Team - Report Date: September 24, 2025 [3] Group 2: Price and Volume Data Futures Contracts - The closing prices of BU main contract, BU10, BU11, BU12, BU01, and BU03 on September 23 were 3373, 3400, 3373, 3320, 3284, and 3297 respectively, with daily changes of -28, -6, -28, -32, -38, and -28 [4]. - The trading volume on September 23 was 280,475, an increase of 37,104 from the previous day, and the open interest was 425,862, an increase of 7,128 [4]. Spot Market - The market prices of asphalt in Shandong, East China, South China, North China, and Northeast China on September 23 were 3510, 3570, 3500, 3660, and 3830 respectively [4]. - The prices of asphalt in Zhenjiang Warehouse, Foshan Warehouse, Yinyun, and Jingbo on September 23 were 3420, 3450, 3490, and 3610 respectively [4]. Group 3: Basis and Spread Data Basis - The Shandong basis (+80), East China basis, and South China basis on September 23 were 197, 47, and 77 respectively [4]. Spread - The 10 - 11, 10 - 12, 11 - 12, 11 - 01, and 12 - 03 spreads on September 23 were 27, 80, 23, 89, and 23 respectively [4]. - The asphalt Brent spread and asphalt MRE profit on September 23 were 53 and -20 respectively [4]. Group 4: Refining Margin Data - The comprehensive profit of ordinary refineries, MRE - type refineries, and the import profit (South Korea - East China) and (Singapore - South China) on September 23 were 417, 756, -160, and -937 respectively [4]. Group 5: Related Commodity Prices - The price of Brent crude oil on September 23 was 66.6, a decrease of 0.1 from the previous day [4]. - The market prices of gasoline, diesel, and residual oil in Shandong on September 23 were 7465, 3703, and 6438 respectively [4][5].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst oscillated, the near - month spread oscillated, the basis strengthened slightly, the EW spread rebounded again and fluctuated widely recently, and the domestic and foreign near - months of FU oscillated. The low - sulfur cracking rebounded slightly but was at a historical low compared to the same period. The spread was weakly sorted, the domestic and foreign prices of LU rebounded slightly to $8 - 9 per ton, and the MF0.5 basis oscillated. 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 been repaired. Recently, refinery feedstock purchases have 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 domestic FU should have a short - term domestic and foreign oscillating and bullish mindset. This week, the LU market 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 domestic and foreign spreads of LU can be expanded on dips, and attention should be paid to the quota usage [3][4]. 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Data - From 2025/09/16 to 2025/09/17, for Rotterdam 3.5% HSF O swap M1, the price changed from 385.64 to 384.75 with a change of - 0.89; for Rotterdam 0.5% VLS FO swap M1, it changed from 443.49 to 441.33 with a change of - 2.16; for Rotterdam HSFO - Brent M1, it changed from - 7.14 to - 6.96 with a change of 0.18; for Rotterdam 10ppm Gasoil swap M1, it changed from 686.03 to 679.88 with a change of - 6.15; for Rotterdam VLSFO - Gasoil M1, it changed from - 242.54 to - 238.55 with a change of 3.99; for LGO - Brent M1, it changed from 25.32 to 24.97 with a change of - 0.35; for Rotterdam VLSFO - HSFO M1, it changed from 57.85 to 56.58 with a change of - 1.27 [1]. - From 2025/09/18 to 2025/09/22, for Rotterdam 3.5% HSF O swap M1, the price changed from 383.35 to 386.97 with a change of 3.62; for Rotterdam 0.5% VLS FO swap M1, it changed from 434.21 to 427.29 with a change of - 6.92; for Rotterdam HSFO - Brent M1, it changed from - 6.64 to - 4.97 with a change of 1.67; for Rotterdam 10ppm Gasoil swap M1, it changed from 677.55 to 664.85 with a change of - 12.7; for Rotterdam VLSFO - Gasoil M1, it changed from - 243.34 to - 237.56 with a change of 5.78; for LGO - Brent M1, it changed from 25.18 to 24.40 with a change of - 0.78; for Rotterdam VLSFO - HSFO M1, it changed from 50.86 to 40.32 with a change of - 10.54 [1][9]. Singapore Fuel Oil Data - For Singapore 380cst M1 from 2025/09/16 to 2025/09/22, the price changed from 392.01 to 393.02 with a change of 1.01; for Singapore 180cst M1, it changed from 403.72 to 403.27 with a change of - 0.45; for Singapore VLSFO M1, it changed from 469.70 to 465.33 with a change of - 4.37; for Singapore Gasoil M1, it changed from 87.75 to 87.43 with a change of - 0.32; for Singapore 380cst - Brent M1, it changed from - 5.19 to - 4.47 with a change of 0.72; for Singapore VLSFO - Gasoil M1, it changed from - 179.65 to - 181.65 with a change of - 2 [1]. - For Singapore fuel oil spot from 2025/09/16 to 2025/09/22, FOB 380cst changed from 393.21 to 393.48 with a change of 0.27; FOB VLSFO changed from 472.39 to 463.33 with a change of - 9.06; the 380 basis changed from - 1.65 to 0.60 with a change of 2.25; the high - sulfur internal - external spread on 2025/09/17 was 7.6, on 2025/09/18 was 7.5, and on 2025/09/22 was 6.0; the low - sulfur internal - external spread on 2025/09/17 was 9.3, on 2025/09/18 was 9.7, and on 2025/09/22 was 9.7 [2]. Domestic FU Data - From 2025/09/16 to 2025/09/22, for FU 01, the price changed from 2795 to 2784 with a change of - 11; for FU 05, it changed from 2751 to 2743 with a change of - 8; for FU 09, it changed from 2700 to 2697 with a change of - 3; for FU 01 - 05, it changed from 44 to 41 with a change of - 3; for FU 05 - 09, it changed from 51 to 46 with a change of - 5; for FU 09 - 01, it changed from - 95 to - 87 with a change of 8 [2]. Domestic LU Data - From 2025/09/16 to 2025/09/22, for LU 01, the price changed from 3368 to 3351 with a change of - 17; for LU 05, it changed from 3341 to 3342 with a change of 1; for LU 09, it changed from 3345 to 3306 with a change of - 39; for LU 01 - 05, it changed from 27 to 9 with a change of - 18; for LU 05 - 09, it changed from - 4 to 36 with a change of 40; for LU 09 - 01, it changed from - 23 to - 45 with a change of - 22 [3].

白糖 现货价格 基差 进口利润 仓单 日期 柳州 南宁 昆明 柳州基差 泰国 巴西 郑盘 2025/09/17 5970 5870 5860 441 487 668 10988 2025/09/18 5960 5840 5850 486 517 698 10629 2025/09/19 5940 5830 5845 479 470 651 10364 2025/09/22 5900 5800 5820 448 493 674 10315 2025/09/23 5890 5790 5810 - - - 10022 变化 -10 -10 -10 - - - -293 【行情分析】： 白糖：国际市场方面，现阶段巴西正处于压榨高峰期，供应压力使得国际糖价承压。截至目前，巴西单产和出糖率同比持续偏低，但制糖比屡 创新高，后期产量不确定性增加，关注双周报制糖比拐点出现时点。国内整体跟随原糖，进口糖陆续到港，加工糖报价下调明显，盘面上方压 力较大。 | | | | | | | | | | 研究中心农产品团队 2025/09/24 | | | | --- | --- | --- | --- | --- | --- | --- ...

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 709.0 1.0 19.0 7.0 -161.0 25省终端可用天数 23.7 -0.4 3.7 2.8 6.1 秦皇岛5000 619.0 1.0 21.0 -7.0 -151.0 25省终端供煤 572.3 -5.9 -36.3 -67.8 -50.6 广州港5500 765.0 0.0 5.0 0.0 -150.0 北方港库存 2094.0 25.0 25.0 76.0 -162.1 鄂尔多斯5500 510.0 0.0 30.0 25.0 -120.0 北方锚地船舶 106.0 11.0 20.0 17.0 49.0 大同5500 565.0 0.0 25.0 15.0 -155.0 北方港调入量 149.3 -11.9 -3.7 -10.8 0.5 榆林6000 642.0 0.0 25.0 40.0 -205.0 北方港吞吐量 137.6 -25.6 -19.1 -26.2 8.5 榆林6200 670.0 0.0 25.0 40.0 -205.0 CBCFI海运指数 694.5 -3.9 12.0 45 ...

1. Report Industry Investment Rating - No investment rating information is provided in the report 2. Core Viewpoints of the Report - The Malaysian palm oil market shows that the August production increased by 4.3 million tons (+2.4%) to 1.85 million tons, mainly driven by the increase in Sabah and Sarawak, while the production in the Malaysian Peninsula declined after peaking in July [1] - August exports were basically the same as in July, at 1.32 million tons, with different trends in different regions [1] - Due to increased production and flat exports, August palm oil inventories reached 2.2 million tons, the highest since January 2024, and are expected to decline starting in November [1] - Palm oil led the rise in the vegetable oil market in the third quarter, with a 10.9% increase, while the performance of other vegetable oils varied, but the overall market sentiment is optimistic and the upward trend is expected to continue into the fourth quarter [1] - In 2026, the consumption growth rate of the four major vegetable oils is expected to exceed the production growth rate, resulting in a small supply gap, which may support vegetable oil prices to remain firm for the rest of 2025 [1] 3. Summary According to Relevant Catalogs Overnight Market Information - Malaysian palm oil production in August increased by 4.3 million tons (+2.4%) to 1.85 million tons, driven by Sabah and Sarawak, while the Malaysian Peninsula's production declined [1] - August exports were flat at 1.32 million tons, with varying trends in different regions [1] - August inventories reached 2.2 million tons, the highest since January 2024, expected to rise slightly from September to October and decline starting in November [1] - Palm oil led the vegetable oil market in the third quarter, rising 10.9% quarter - on - quarter, while other vegetable oils had different performances, and the overall market sentiment is optimistic with the upward trend expected to continue into the fourth quarter [1] - In 2026, the consumption growth of the four major vegetable oils is expected to exceed production, leading to a supply gap, and factors such as increased biodiesel quotas in the US, Brazil, and potentially in Indonesia may support vegetable oil prices in the rest of 2025 [1] Spot Prices - Spot prices of various products (soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu) from September 17 to September 23, 2025 are provided [1]