Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Report Core View There is no clear core view presented in the given content. It mainly provides various data related to the scrap steel industry. 3. Summary by Relevant Catalogs Scrap Steel Prices - Scrap steel prices in different regions (East China, Central, Northeast, South China, Southwest) from September 17 - 23, 2025 are presented, with some showing slight price changes such as a 2 - unit increase in East China and a 2 - unit decrease in Central on September 23 compared to the previous data [1][13]. - The prices of Zhenjiang Hongtai shearings (tax - free) and Shagang heavy three (tax - included) from 2022 - 2025 are also shown, with a general downward trend over the years [1][2]. Consumption and Inventory - Long - flow daily consumption data from 2022 - 2025 is provided, showing fluctuations throughout the year [3][4]. - The arrival of scrap steel at 147 steel mills from 2019 - 2025 is presented, with different trends each year [5][6]. - Steel mill scrap steel inventory data from 2022 - 2025 shows changes over the months [7][8]. - Short - flow daily consumption data from 2022 - 2025 is given, with varying consumption levels [9]. - Zhangjiagang scrap steel arrival data from 2022 - 2025 shows different arrival volumes each year [10]. - Scrap steel social inventory data from 2019 - 2025 is presented, with changes over the months [11][12]. Profit and Spread - Jiangsu electric furnace rebar profit and East China screw - scrap spread data from 2022 - 2025 are shown, with fluctuations throughout the year [12].

Report Information - Report Title: Yongan Synthetic Rubber Morning Report [2][12][22] - Research Team: Research Center Energy and Chemicals Team [2][12][22] - Report Date: September 23, 2025 [2][12][22] Core Data Summary BR (Butadiene Rubber) - **Price and Volume Metrics**: On September 22, the closing price of the main contract was 11,505, up 60 from the previous day and down 200 from the same period last month; the open interest was 70,306, down 4,953 from the previous day and up 51,521 from the same period last month; the trading volume was 95,866, up 1,305 from the previous day and up 59,284 from the same period last month; the warrant quantity was 9,190, down 1,040 from the previous day and down 4,480 from the same period last month; the virtual - to - real ratio was 38.25 [3][13][23]. - **Basis and Spread Metrics**: The butadiene basis was 45, down 110 from the previous day and up 50 from the same period last month; the 8 - 9 month spread was 125, down 60 from the previous day and down 30 from the same period last month; the 9 - 10 month spread was 90, down 40 from the previous day and up 120 from the same period last month [3][13][23]. - **Price and Profit Metrics**: The Shandong market price was 11,550, down 50 from the previous day and down 150 from the same period last month; the spot processing profit was - 238; the on - screen processing profit was - 283, up 162 from the previous day and down 200 from the same period last month; the export profit was 111, up 44 from the previous day and up 124 from the same period last month [3][13][23]. BD (Butadiene) - **Price and Profit Metrics**: The CFR China price was 1,060, down 10 from the previous day and down 30 from the same period last month; the carbon tetrachloride extraction profit was N/A; the butene oxidative dehydrogenation profit was 196, up 90 from the previous day and up 110 from the same period last month; the import profit was 527, up 80 from the previous day and up 197 from the same period last month; the export profit was - 896, unchanged from the previous day and up 110 from the same period last month [3][13][23]. Downstream Products - **Profit Metrics**: The butadiene - styrene production profit was 1,063, up 100 from the previous day and down 50 from the same period last month; the SBS (791 - H) production profit was 882, up 70 from the previous day and up 130 from the same period last month; the ABS production profit was N/A [3][13][23]. Variety Spreads - **Spread Metrics**: The Thai mixed - butadiene spread was 3,300, up 170 from the previous day and down 150 from the same period last month; the 3L - butadiene - styrene spread was 3,100, unchanged from the previous day and unchanged from the same period last month; the butadiene standard - non - standard spread was 150, down 50 from the previous day and down 50 from the same period last month; the butadiene - styrene 1502 - 1712 spread was 1,000, unchanged from the previous day and unchanged from the same period last month; the RU - BR spread was - 54,691, up 5,033 from the previous day; the NR - BR spread was - 57,881, down 51,806 from the same period last month [3][13][23].

Report Information - Report Title: Iron Ore Morning Report [1] - Research Team: Black Team of the Research Center [2] - Date: September 23, 2025 [2] Report Industry Investment Rating - No information provided Core Viewpoints - No information provided Summary by Related Catalogs Spot Market - The latest price of the Platts 62 Index is 106.55, with a daily change of 1.35 and a weekly change of 0.20 [3] - Among Australian mainstream ores, Newman powder is priced at 795, with a weekly increase of 10; PB powder is 799, up 10 weekly; Mac powder is 789, up 2 daily and 12 weekly; etc [3] - For Brazilian mainstream ores, the price of Brazilian Blend is 828, with a weekly increase of 17; the price of Brazilian Coarse IOC6 is 803, up 9 weekly [3] - In the non - mainstream ores, Roy Hill powder is priced at 769, with a weekly increase of 10 [3] - The price of PB lump/ore premium is 935, with a weekly increase of 12; the price of Ukrainian pellets/pellet premium is 927, down 1 daily and up 9 weekly [3] - The price of Tangshan iron concentrate is 1008, with a weekly increase of 7 [3] Forward Market - On the Dalian Commodity Exchange, the latest price of i2601 is 808.5, with a daily change of 1.0 and a weekly change of 12.5; i2605 is 786.0, with a weekly change of 11.5; i2609 is 766.0, with a daily change of 2.0 and a weekly change of 9.0 [3] - On the Singapore Exchange, the latest price of FE01 is 103.61, with a daily change of 0.83 and a weekly change of 0.99; FE05 is 101.57, with a daily change of 0.72 and a weekly change of 1.25; FE09 is 105.70, with a daily change of 0.43 and a weekly change of 0.00 [3] Basis/Internal - External Spread - The report provides basis and internal - external spread data for different varieties and contracts, such as the import profit of Newman powder is - 35.39 [3]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - Methanol: The trading logic is that port pressure is transmitted to the inland. The inland has seasonal stocking demand and new device stocking increment from Lianhong, but the port will continuously cause reverse flow impact. Currently, the price is benchmarked against the inland price, and the inland's actions are crucial. Xingxing is expected to start operation in early September, but inventory is still accumulating. Reverse flow can relieve port pressure but will impact inland valuations. With average valuation, inventory, and weak drivers, it's necessary to wait before bottom - fishing [2]. - Plastic: For polyethylene, the inventory of Sinopec and PetroChina is neutral year - on - year. Upstream and coal - chemical industries are reducing inventory, while social inventory remains flat. Downstream raw material and finished - product inventories are neutral. Overall inventory is neutral. The 09 basis is about - 110 in North China and - 50 in East China. External markets in Europe, America, and Southeast Asia are stable. Import profit is around - 200 with no further increase. Non - standard HD injection prices are stable, other price differences are fluctuating, and LD is weakening. September maintenance is flat compared to the previous period, and recent domestic linear production has decreased. Attention should be paid to LL - HD conversion and US quotations. New device pressure in 2025 is large, and the commissioning of new devices should be monitored [6]. - PP: Polypropylene inventory in upstream Sinopec and PetroChina and mid - stream is decreasing. In terms of valuation, the basis is - 60, non - standard price differences are neutral, and import profit is around - 700. Exports have been good this year. Non - standard price differences are neutral. European and American markets are stable. PDH profit is around - 400, propylene is fluctuating, and powder production starts are stable. Drawing production scheduling is neutral. Future supply is expected to increase slightly month - on - month. Current downstream orders are average, and raw material and finished - product inventories are neutral. Under the background of over - capacity, the 01 contract is expected to face moderately excessive pressure. If exports continue to increase or there are many PDH device overhauls, the supply pressure can be relieved to a neutral level [8]. - PVC: The basis of 01 contract maintains at - 270, and the factory - delivery basis is - 480. Downstream operation starts are seasonally weakening, and the willingness to hold goods at low prices is strong. Mid - upstream inventory is continuously accumulating. Northwest devices have seasonal overhauls in summer, and the load center is between the spring overhaul and the high production in Q1. In Q4, attention should be paid to the commissioning of new devices and the sustainability of exports. Recent export orders have slightly declined. Coal sentiment is positive, semi - coke costs are stable, and calcium carbide profits are under pressure due to PVC overhauls. The FOB counter - offer for caustic soda exports is 380. Attention should be paid to whether future export orders can support high - price caustic soda. PVC comprehensive profit is - 100. Currently, the static inventory contradiction is accumulating slowly, costs are stable, downstream performance is average, and the macro - environment is neutral. Attention should be paid to exports, coal prices, commercial housing sales, terminal orders, and operation starts [8]. 3. Summary by Related Catalogs Methanol - Price Data: From September 16 to 22, 2025, the power coal futures price remained at 801. The prices of Jiangsu spot, South China spot, and other regions showed certain fluctuations. For example, the Jiangsu spot price decreased from 2290 on September 16 to 2257 on September 22, with a daily change of - 3 [2]. - Profit Data: Import profit was mainly 0 or - 9, - 10, 6; the main contract basis was around - 100 to - 1255; the MTO profit on the disk was - 1255 [2]. Plastic - Price Data: From September 16 to 22, 2025, Northeast Asian ethylene price remained at 850 (except for September 19 - 22 when it was 845). The prices of North China LL, East China LL, etc. had some changes. For example, North China LL decreased from 7130 on September 16 to 7070 on September 22, with a daily change of - 30 [6]. - Inventory and Profit Data: Two - oil inventory decreased from 67 on September 16 to 63 on September 22. Import profit was mainly - 22, - 12, - 66 [6]. PP - Price Data: From September 16 to 22, 2025, Shandong propylene price decreased from 6530 on September 16 to 6500 on September 22, with a daily change of - 80. The prices of East China PP, North China PP, etc. also changed. For example, East China PP decreased from 6840 on September 16 to 6770 on September 22, with a daily change of - 25 [8]. - Inventory and Profit Data: Two - oil inventory decreased from 67 on September 16 to 63 on September 22. Export profit was mainly - 19, - 30, - 26, - 24 [8]. PVC - Price Data: From September 16 to 22, 2025, Northwest calcium carbide price increased from 2500 on September 16 to 2600 on September 19 and remained at 2600 on September 22. The prices of calcium carbide - based PVC in East China decreased from 4830 on September 16 to 4810 on September 22, with a daily change of - 20 [8]. - Profit Data: Export profit was 342, 335, 336; Northwest comprehensive profit was 356; North China comprehensive profit was - 244; the basis of high - end delivery products was - 150 [8].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Relevant Catalogs Price - For silicon ferroalloy, prices vary by region and type, e.g., Ningxia 72 natural block is 5380 with a daily change of 30 and a weekly change of 100; Tianjin 72 export price is 1025 USD with no daily or weekly change. For silicon manganese, Inner Mongolia 6517 factory - ex price is 5730 with a weekly change of 50 [1]. - Multiple price charts for different types of silicon ferroalloy and silicon manganese from 2021 - 2025 are presented, including market prices, contract closing prices, and basis prices [2][6]. Supply - 136 silicon ferroalloy enterprises' production data in China is presented, including monthly and weekly production, and capacity utilization in Inner Mongolia, Ningxia, and Shaanxi from 2021 - 2025. Silicon manganese production in China is also shown on a weekly basis from 2021 - 2025 [4][6]. Demand - Indicators related to demand such as China's estimated and actual crude steel production, metal magnesium production and prices, silicon ferroalloy and silicon manganese procurement volume and price of Hebei Iron and Steel Group, and silicon manganese demand in China are presented from 2021 - 2025 [4][7]. Inventory - Inventory data of silicon ferroalloy and silicon manganese are provided, including inventory of 60 sample enterprises in different regions, warehouse - receipt quantity, effective forecast, and inventory average available days from 2021 - 2025 [5][7]. Cost and Profit - Cost - related data like electricity prices in different regions, market prices of raw materials such as semi - carbonated manganese ore and manganese blocks, and profit - related data such as production profit of silicon ferroalloy and silicon manganese in different regions from 2021 - 2025 are presented [5][7].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints No information provided. 3) Summary by Relevant Catalogs Price and Profit - The report presents the spot prices of various steel products in different regions from September 16 to September 22, 2025, including Beijing, Shanghai, Chengdu, etc. for rebar, and Tianjin, Shanghai, Lecong for hot - rolled and cold - rolled coils. It also shows the price changes during this period. For example, the price of Beijing rebar increased by 10 yuan, and the price of Tianjin hot - rolled coil increased by 60 yuan [1]. Output and Inventory No information provided. Basis and Spread No information provided.

Report Information - Report Date: September 23, 2025 [2] - Report Type: Global Asset Market Performance and Futures Trading Data Report Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - On September 22, 2025, the 10 - year Treasury yields of the US, UK, France, etc. were 4.148, 4.712, 3.559 respectively. The latest changes were 0.020, - 0.002, 0.006; weekly changes were 0.109, 0.080, 0.081; monthly changes were - 0.128, 0.021, 0.050; and annual changes were 0.473, 0.931, 0.710 [3]. 2 - Year Treasury Yields of Major Economies - On September 22, 2025, the 2 - year Treasury yields of the US, UK, Germany, etc. were 3.570, 3.976, 2.014 respectively. The latest changes were 0.050, 0.000, - 0.005; weekly changes were 0.050, 0.028, - 0.002; monthly changes were - 0.020, 0.038, 0.045; and annual changes were - 0.020, 0.161, - 0.206 [3]. US Dollar Exchange Rates Against Major Emerging - Market Currencies - On September 22, 2025, the US dollar exchange rates against the Brazilian real, South African rand, South Korean won, etc. were 5.335, 17.326, 1391.250 respectively. The latest changes were 0.21%, - 0.10%, - 0.43%; weekly changes were 0.35%, - 0.19%, 0.36%; monthly changes were - 1.41%, - 1.60%, 0.05%; and annual changes were - 5.16%, - 2.67%, 3.67% [3]. Stock Indices of Major Economies - On September 22, 2025, the S&P 500, Dow Jones Industrial Average, NASDAQ, etc. were 6693.750, 46381.540, 22788.980 respectively. The latest changes were 0.44%, 0.14%, 0.70%; weekly changes were 1.19%, 1.09%, 1.97%; monthly changes were 3.95%, 2.43%, 6.25%; and annual changes were 19.62%, 12.86%, 29.71% [3]. Credit Bond Indices - The latest changes of the US investment - grade credit bond index, euro - area investment - grade credit bond index, etc. were - 0.16%, 0.06%, etc.; weekly changes were - 0.53%, - 0.03%, etc.; monthly changes were 1.47%, 0.43%, etc.; and annual changes were 3.74%, 4.30%, etc. [3][4] Futures Trading Data Stock Index Futures Trading Data - The closing prices of A - shares, CSI 300, SSE 50, etc. were 3828.58, 4522.61, 2922.18 respectively, with percentage changes of 0.22%, 0.46%, 0.43%. The PE (TTM) of CSI 300, SSE 50, etc. were 13.97, 11.57, etc., with环比 changes of 0.01, - 0.01, etc. The latest values of capital flows in A - shares, the main board, etc. were - 336.93, - 447.76, etc. The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, etc. were 21214.83, 5631.49, etc., with环比 changes of - 2023.46, - 407.38, etc. The basis of IF, IH, IC were - 38.61, 0.82, - 211.93, with amplitudes of - 0.85%, 0.03%, - 2.93% [5]. Treasury Bond Futures Trading Data - The closing prices of T00, TF00, T01, TF01 were 107.975, 105.770, 107.620, 105.640 respectively, with percentage changes of 0.00%, 0.00%, 0.00%, 0.00%. The R001, R007, SHIBOR - 3M were 1.4749%, 1.5262%, 1.5620% respectively, with daily changes of - 5.00, 1.00, 0.00 BP [6]

Group 1: Price Performance - London Gold's latest price is 3663.15 with no change [2] - London Silver's latest price is 42.24 with no change [2] - London Platinum's latest price is 1393.00, down 1.00 [2] - London Palladium's latest price is 1151.00, down 6.00 [2] - WTI Crude's latest price is 62.68 with no change [2] - LME Copper's latest price is 9998.50, up 36.00 [2] - US Dollar Index's latest value is 97.65 with no change [2] - Euro to US Dollar's latest exchange rate is 1.17 with no change [2] - British Pound to US Dollar's latest exchange rate is 1.35 with no change [2] - US Dollar to Japanese Yen's latest exchange rate is 147.97 with no change [2] - US 10 - year TIPS's latest value is 1.75 with no change [2] Group 2: Trading Data - COMEX Silver's latest inventory is 16299.57 with no change [3] - SHFE Silver's latest inventory is 1148.62, down 10.82 [3] - Gold ETF's latest holding is 1000.57, up 6.01 [3] - Silver ETF's latest holding is 15368.90, up 163.76 [3] - SGE Silver's latest inventory is 1248.26 with no change [3] - SGE Gold's latest deferred fee payment direction is 1, down 1.00 [3] - SGE Silver's latest deferred fee payment direction is 1 with no change [3]

Group 1: SP Main Contract Closing Price - The closing price of the SP main contract on September 22, 2025, was 5008.00 [3] - The closing prices from September 16 - 22, 2025, were 5068.00, 5042.00, 5014.00, 5018.00, and 5008.00 respectively, with corresponding percentage changes of 0.23734%, -0.51302%, -0.55534%, 0.07978%, and -0.19928% [3] - The corresponding converted US - dollar prices were 621.53, 619.23, 615.54, 615.64, and 614.20 [3] - The Shandong Yinxing basis on September 22, 2025, was 602, and values from September 16 - 21 were 582, 598, 611, 607 [3] - The Jiangsu - Zhejiang - Shanghai Yinxing basis on September 22, 2025, was 617, and values from September 16 - 21 were 612, 623, 636, 632 [3] Group 2: Pulp Import Information - With a 13% VAT calculation, for Canadian Golden Lion (CFR), the port US - dollar price was 780, the Shandong region RMB price was 6200, and the import profit was - 136.75; for Canadian Lion (CFR), the port US - dollar price was 730, the Shandong region RMB price was 5410, and the import profit was - 510.04; for Chilean Yinxing (CFR letter of credit 90 days), the port US - dollar price was 720, the Shandong region RMB price was 5610, and the import profit was - 244.70 [4] Group 3: Pulp Price Averages - From September 16 - 22, 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 unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 [4] Group 4: Paper Index and Profit Margin - From September 17 - 22, 2025, the cultural paper (double - offset index, double - copper index), packaging paper (white - card index) remained unchanged at 5725, 5670, 4350 respectively; the living paper index changed from 835 to 839 and then back to 835 [4] - The profit margins of double - offset paper, double - copper paper, white - card paper, and living paper on September 22, 2025, were 1.9642%, 15.6172%, - 12.6135%, and 6.6876% respectively, with changes of - 0.0674, - 1.7680, - 0.0368, and - 0.3629 compared to September 17, 2025 [4] Group 5: Pulp Price Spreads - From September 16 - 22, 2025, the softwood - hardwood price spread changed from 1460 to 1370; the softwood - natural price spread changed from 250 to 210; the softwood - chemimechanical price spread changed from 1825 to 1785; the softwood - waste paper price spread changed from 4074 to 4034 [4]

Group 1: Market Data Overview - The report provides data on asphalt futures contracts (BU10, BU11, BU12, BU01, BU03) from August 22 to September 22, 2025, including prices, trading volume, open interest, and inventory [4]. - It also presents spot market prices in different regions (Shandong, East China, South China, North China, Northeast China) and at various warehouses (Zhenjiang, Foshan), as well as price differentials and basis [4]. - Data on crack spreads, profits (including asphalt - Brent crack spread, asphalt - Ma Rui profit, refinery comprehensive profits, and import profits), and related oil prices (Brent crude, gasoline, and diesel in Shandong) are included [4]. Group 2: Futures Contract Price Movements - For BU10, the price decreased by 20 on September 22 compared to the previous day and increased by 33 on a weekly basis [4]. - BU11, BU12, BU01, and BU03 also showed daily and weekly price changes, with varying degrees of increase or decrease [4]. Group 3: Trading Volume and Open Interest - The trading volume of asphalt futures decreased by 3,245 on September 22 compared to the previous day and decreased by 114,402 on a weekly basis [4]. - Open interest increased by 9,303 on September 22 compared to the previous day and decreased by 16,211 on a weekly basis [4]. Group 4: Spot Market Prices - Shandong's asphalt market price decreased by 10 on September 22 compared to the previous day and decreased by 20 on a weekly basis [4]. - East China's price remained stable on September 22 but decreased by 50 on a weekly basis, while South China's price was unchanged on both a daily and weekly basis [4]. - North China's price was stable on September 22 and increased by 10 on a weekly basis, and Northeast China's price decreased by 20 on both a daily and weekly basis [4]. Group 5: Basis and Spread - The basis and spread between different regions and contracts showed various changes. For example, the Shandong - East China basis decreased by 10 on September 22 compared to the previous day and increased by 30 on a weekly basis [4]. - The basis between different contract months (e.g., 10 - 11, 10 - 12) also had daily and weekly fluctuations [4]. Group 6: Crack Spreads and Profits - The asphalt - Brent crack spread increased by 29 on September 22 compared to the previous day and increased by 23 on a weekly basis [4]. - Asphalt - Ma Rui profit increased by 27 on September 22 compared to the previous day and increased by 22 on a weekly basis [4]. - Refinery comprehensive profits (ordinary and Ma Rui - type) and import profits showed different trends, with some increasing and some remaining stable [4].