1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No specific core viewpoints are presented in the given content 3. Summary by Related Catalogs Price - For silicon ferroalloy, on September 19, 2025, the latest spot price of Ningxia 72 silicon ferroalloy natural block was 5350 yuan, with no daily change and a weekly increase of 100 yuan; the latest price of the main contract on the disk was 5756 yuan, a daily decrease of 10 yuan and a weekly increase of 130 yuan. Similar price data are provided for other regions and varieties [2]. - For silicon manganese, on September 19, 2025, the ex - factory price of Inner Mongolia 6517 silicon manganese was 5730 yuan, with no daily change and a weekly increase of 50 yuan; the latest price of the main contract on the disk was 5970 yuan, a daily decrease of 20 yuan and a weekly increase of 132 yuan [2]. Supply - The production data of 136 silicon ferroalloy enterprises in China from 2021 - 2025 are presented, including monthly and weekly production, and the capacity utilization rate of enterprises in Inner Mongolia, Ningxia, and Shaanxi [4]. - The production data of silicon manganese in China from 2021 - 2025 are provided, including weekly production and the start - up rate of enterprises [6]. Demand - The demand data of silicon ferroalloy and silicon manganese in China from 2021 - 2025 are presented, including the demand for silicon manganese (in ten thousand tons) and the procurement volume and price of Hebei Iron and Steel Group for silicon ferroalloy and silicon manganese [4][6][7]. Inventory - The inventory data of 60 sample silicon ferroalloy enterprises in China from 2021 - 2025 are provided, including weekly inventory in different regions, and the inventory data of silicon manganese, such as the inventory of 63 sample enterprises in China (in tons) [5][7]. Cost and Profit - The cost and profit data of silicon ferroalloy and silicon manganese from 2021 - 2025 are presented, including electricity prices in different regions, the market price of raw materials such as blue charcoal and manganese ore, and the production cost, profit on the disk, and spot profit of silicon ferroalloy and silicon manganese in different regions [5][6][7].

Report Industry Investment Rating - Not provided Core Viewpoints - Conab anticipates Brazil's 2025/26 soybean production to rise by 3.6% to 177.67 million tons, with the planting area expanding by 3.7% to 49.08 million hectares; corn production is expected to be 138.28 million tons, and the planting area is estimated at 22,630 tons [1]. - Conab predicts Brazil's 2025/26 soybean exports to reach a record 112.12 million tons, mainly driven by exports to China; corn exports are expected to be 4.65 million tons [1]. - The USDA reports that for the week ending September 11, US 2025/26 market - year soybean export sales net increased by 92.30 million tons, meeting expectations; exports loaded were 83.71 million tons, up 31% from the previous week and 70% from the four - week average [1]. - China's customs data shows that in August, palm oil imports were 340,000 tons (up 16.5% year - on - year), soybean oil imports were 100,000 tons (up 113.9% year - on - year), and rapeseed and mustard oil imports were 140,000 tons (up 18.7% year - on - year) [1]. Summary by Related Catalogs Overnight Market Information - Conab's first forecast for the 2025/2026 crop year shows an increase in Brazil's soybean production and planting area, and a slight decrease in corn production; soybean and corn exports are expected to rise [1]. - The USDA's export sales report indicates the situation of US soybean export sales and shipments for the week ending September 11 [1]. - China's customs data reveals the import volume and year - on - year changes of palm oil, soybean oil, and rapeseed and mustard oil in August and from January to August [1]. Spot Prices - The spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from September 12 to September 18, 2025, are presented, showing price fluctuations [2]. Protein Meal Basis and Oil Basis - Not provided with specific content Oilseed and Oil Futures Price Spreads - Not provided with specific content

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints of the Report - For PTA, the restart of international TA plants has led to a rise in production, a slight increase in polyester load, stable inventory, weak basis, and low spot processing fees. With the restart of plants, TA de - stocking slows down. Considering the lack of unexpected performance in polyester and future new production, far - month inventory accumulation is expected. However, processing fees are at a very low level for a long time, and with the gradual return of PX supply, potential additional maintenance may offer opportunities to expand processing fees [1]. - Regarding MEG, domestic oil - based production is stable, coal - based production has a slight increase in load, overall load rises, overseas plants have a mix of maintenance and restart. With the increase in arrivals this week, port inventory accumulates slightly. Downstream stocking levels rise, and the basis weakens. New MEG plants start production earlier than expected, and valuations are significantly compressed. Future arrivals are expected to increase, and port inventory may gradually accumulate, but current inventory is not high, and valuations may be slowly compressed. Attention should be paid to the cost support of coal - based production [1]. - For polyester staple fiber, the production of some plants increases, leading to a rise in overall production. Sales improve, and inventory decreases slightly. On the demand side, the start - up rate of polyester yarn remains stable, raw material stocking decreases, and finished product inventory decreases. Given the high inventory of polyester yarn finished products, the speed of increasing production may slow down. Although the spot profit of staple fiber is good and production remains high, inventory pressure is limited, and processing fees are expected to fluctuate [1]. - In the natural rubber market, the national inventory remains stable, and the price of Thai cup rubber is stable. The strategy is to wait and see [1]. 3. Summary by Related Catalogs PTA - **Market data**: From September 12 - 18, 2025, crude oil prices fluctuated slightly, PX prices and processing spreads changed, PTA prices increased slightly, spot processing fees were at a low level, and the average daily trading basis was 2601(-77). The PTA device of Zhongtai Chemical with a capacity of 1.2 million tons was under maintenance [1]. - **Market situation**: International TA plants restarted, production increased, polyester load rose slightly, inventory was stable, basis was weak, and spot processing fees were low. PX domestic production increased, overseas plants restarted, PXN remained stable, disproportionation benefits remained, and isomerization benefits weakened. The price difference between American and Asian aromatics was stable [1]. - **Future outlook**: TA de - stocking slows down. Given the lack of unexpected performance in polyester and future new production, far - month inventory accumulation is expected. However, processing fees are at a very low level for a long time, and with the gradual return of PX supply, potential additional maintenance may offer opportunities to expand processing fees [1]. MEG - **Market data**: From September 12 - 18, 2025, MEG prices were relatively stable, the basis for 01 was around (+78), and the Xinjiang Tianye plant with a capacity of 600,000 tons restarted [1]. - **Market situation**: Domestic oil - based production was stable, coal - based production had a slight increase in load, overall load rose, overseas plants had a mix of maintenance and restart. With the increase in arrivals this week, port inventory accumulated slightly, downstream stocking levels rose, and the basis weakened [1]. - **Future outlook**: New MEG plants start production earlier than expected, and valuations are significantly compressed. Future arrivals are expected to increase, and port inventory may gradually accumulate, but current inventory is not high, and valuations may be slowly compressed. Attention should be paid to the cost support of coal - based production [1]. Polyester Staple Fiber - **Market data**: From September 1 - 18, 2025, spot prices were around 6462, and the market basis for 10 was around - 40. The production of Sanfangxiang and Yizheng increased, and the overall production rate reached 94.4% [1]. - **Market situation**: Production increased, sales improved, and inventory decreased slightly. On the demand side, the start - up rate of polyester yarn remained stable, raw material stocking decreased, and finished product inventory decreased. The profit of polyester yarn was weak [1]. - **Future outlook**: Given the high inventory of polyester yarn finished products, the speed of increasing production may slow down. Although the spot profit of staple fiber is good and production remains high, inventory pressure is limited, and processing fees are expected to fluctuate [1]. Natural Rubber - **Market data**: From September 1 - 18, 2025, prices of various types of natural rubber fluctuated. For example, the price of Shanghai full - latex rubber decreased, and the price of Thai cup rubber was stable [1]. - **Market situation**: National inventory remained stable, and the price of Thai cup rubber was stable [1]. - **Strategy**: Wait and see [1]. Styrene and Its Derivatives - **Market data**: From September 12 - 18, 2025, prices of ethylene, pure benzene, styrene, and its downstream products such as EPS, ABS, and PS changed. For example, the price of styrene in some regions decreased, and the production profit of some products also changed [1]. - **Market situation**: The production profit of some styrene - related products changed, and the start - up rates of EPS, ABS, and PS also showed certain fluctuations [1].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The overall LPG market is expected to remain weak. The domestic market has declined significantly, with the basis weakening. The external market prices have risen, and the internal - external price difference has decreased slightly. The chemical demand has declined, and the supply is abundant in Shandong, the cheapest delivery location [1]. 3) Summary by Related Catalogs Price and Basis - **Domestic Prices**: The low - end price in East China is 4462 (-20), in Shandong is 4530 (-10), and in South China is 4610 (+25). The post - ether carbon four is 4700 (+0). The lowest delivery location is East China [1]. - **Basis and Spreads**: The basis of the PG main contract has weakened to 51 (-74). The 10 - 11 month spread is 49 (-20), and the 11 - 12 month spread is 62 (+3) [1]. External Market and Price Differences - **External Market Prices**: FEI and CP are 553.05 (-6) and 547.55 (-2.45) dollars/ton respectively. The FEI monthly spread has decreased by 1 to - 6 dollars, and the CP monthly spread is - 11 [1]. - **Internal - External Price Differences**: PG - CP is 75 (-3); PG - FEI is 67.6 (-9.3). FEI - CP is 7.5 (+6.5). The US - Asia arbitrage window is closed [1]. Market Conditions and Demand - **Market Conditions**: The external market prices have risen, and the internal - external price difference has decreased slightly. The freight rates have continued to rise [1]. - **Demand**: Chemical demand has declined. The PDH operating rate is 70.49% (-2.61), and the operating rates of alkylation and MTBE have also decreased [1]. Inventory and Supply - **Inventory**: Port inventory and factory inventory have both increased. Incoming shipments have decreased, and external shipments have slightly increased, but demand has narrowed [1]. - **Supply**: Shandong, the cheapest delivery location, has abundant supply due to incoming resources [1].

Report Summary 1) Report Industry Investment Rating - No information provided 2) Core Viewpoints - The report presents the latest price, profit, and inventory data of glass and soda ash, as well as the production and sales situation of glass [1]. 3) Summary by Related Catalogs Glass - **Price Changes**: From September 11th to September 18th, the prices of 5mm glass plates from different manufacturers showed various trends. For example, the price of 5mm large - plate glass from Shahe Anquan increased from 1144 to 1155, and that from Wuhan Changli increased from 1060 to 1100 [1]. - **Contract Price Changes**: FG05 contract price decreased by 14 from 1342 to 1328 on September 18th compared to September 17th, and FG01 contract price decreased by 26 from 1234 to 1208 [1]. - **Profit Changes**: The profit of North China coal - fired glass increased by 4.1 to 241.2 on September 18th compared to September 17th, while the profit of South China natural - gas glass remained unchanged at - 188.1 [1]. - **Production and Sales**: Shahe factories had fair production and sales, but Shahe traders had poor sales at low prices. Hubei factories raised prices and had good transactions, while the middle - stream in Hubei had poor sales [1]. - **Production and Sales Rates**: Shahe's production and sales rate was 108, Hubei's was 95, East China's was 101, and South China's was 100 [1]. Soda Ash - **Price Changes**: From September 11th to September 18th, the prices of heavy and light soda ash from different regions also changed. For example, the price of Shahe heavy soda decreased by 20 from 1230 to 1210 on September 18th compared to September 17th [1]. - **Contract Price Changes**: SA05 contract price decreased by 18 from 1418 to 1400 on September 18th compared to September 17th, and SA01 contract price decreased by 28 from 1334 to 1306 [1]. - **Profit Changes**: The profit of North China ammonia - soda method decreased by 33.8 to - 144.6 on September 18th compared to September 17th, and the profit of North China combined - soda method decreased by 33.1 to - 119.0 [1]. - **Inventory Situation**: Factory inventories decreased significantly, while delivery warehouse inventories increased significantly, resulting in a slight overall increase in inventory [1].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The report provides cross - market, cross - period, and cross - variety arbitrage tracking data for multiple non - ferrous metals including copper, zinc, aluminum, lead, nickel, and tin on September 19, 2025 [1][4][5] 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price is 79,990 (domestic) and 9,871 (LME) with a ratio of 8.17; March price is 79,650 (domestic) and 9,943 (LME) with a ratio of 8.04. Spot import equilibrium ratio is 8.10, and the profit is - 357.73 [1] - **Zinc**: Spot price is 22,020 (domestic) and 2,944 (LME) with a ratio of 7.48; March price is 22,070 (domestic) and 2,920 (LME) with a ratio of 5.86. Spot import equilibrium ratio is 8.55, and the profit is - 3,166.55 [1] - **Aluminum**: Spot price is 20,780 (domestic) and 2,678 (LME) with a ratio of 7.76; March price is 20,785 (domestic) and 2,673 (LME) with a ratio of 7.79. Spot import equilibrium ratio is 8.37, and the profit is - 1,631.16 [1] - **Nickel**: Spot price is 120,900 (domestic) and 15,087 (LME) with a ratio of 8.01. Spot import equilibrium ratio is 8.17, and the profit is - 2,181.20 [1] - **Lead**: Spot price is 17,000 (domestic) and 1,967 (LME) with a ratio of 8.63; March price is 17,175 (domestic) and 2,011 (LME) with a ratio of 10.97. Spot import equilibrium ratio is 8.81, and the profit is - 359.88 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next month, March, April, May and the spot month are - 980, - 910, - 980, - 1000 respectively, while the theoretical spreads are 505, 908, 1319, 1731 [4] - **Zinc**: The spreads between the next month, March, April, May and the spot month are - 235, - 210, - 175, - 145 respectively, and the theoretical spreads are 214, 335, 455, 576 [4] - **Aluminum**: The spreads between the next month, March, April, May and the spot month are - 125, - 125, - 135, - 140 respectively, and the theoretical spreads are 216, 332, 449, 565 [4] - **Lead**: The spreads between the next month, March, April, May and the spot month are 65, 75, 65, 75 respectively, and the theoretical spreads are 211, 317, 424, 530 [4] - **Nickel**: The spreads between the next month, March, April, May and the spot month are - 680, - 450, - 310, 40 respectively [4] - **Tin**: The 5 - 1 spread is 220, and the theoretical spread is 5583 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts minus the spot are 610 and - 370 respectively, and the theoretical spreads are 549 and 848 [4] - **Zinc**: The spreads of the current - month and next - month contracts minus the spot are 260 and 25 respectively, and the theoretical spreads are 201 and 308 [5] - **Lead**: The spreads of the current - month and next - month contracts minus the spot are 100 and 165 respectively, and the theoretical spreads are 189 and 302 [5] Cross - Variety Arbitrage Tracking - **Copper/Zinc, Copper/Aluminum, Copper/Lead, Aluminum/Zinc, Aluminum/Lead, Lead/Zinc**: The Shanghai (three - continuous) ratios are 3.61, 3.83, 4.64, 0.94, 1.21, 0.78 respectively, and the London (three - continuous) ratios are 3.41, 3.70, 4.96, 0.92, 1.34, 0.69 respectively [5]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - Corn: In the short - term, with new - season corn approaching and terminal demand weakening, the price is weak. Due to low inventory, the decline is limited, maintaining a weak oscillation. In the long - term, with increased production and lower costs, the price is expected to decline until consumption improves or there is farmers' reluctance to sell [3]. - Starch: In the short - term, as the cost of raw corn decreases, the price of starch is expected to be lowered to reduce inventory. In the long - term, high inventory and lower expected raw material costs keep the outlook bearish [3]. - Sugar: Internationally, Brazil's high - pressure supply weighs on prices. Domestic prices follow the international trend, with imported sugar arrival and lower processing sugar quotes, facing upward pressure [6]. - Cotton: It has entered a consolidation phase. Without major macro - risks, the April low may be the long - term bottom, and the downward space is limited. Attention should be paid to demand changes [9]. - Eggs: In August, high supply and low demand led to price drops. In September, school openings and holiday stocking boosted prices, but high cold - storage egg inventory and slow chicken culling may suppress the price increase [14]. - Apples: New - season production may be similar to last year. Consumption is in the off - season, and the price is currently stable. Attention should be paid to the final production [18]. - Pigs: The price is in a range - bound oscillation. There are policy expectations for the future, but mid - term supply pressure remains. In September, there is high potential supply, and the market is affected by factors like sales rhythm, diseases, and policies [18]. 3. Summary by Commodity Corn/Starch - **Price Data**: From 2025/09/12 - 2025/09/18, the price in some regions like Jinzhou decreased by 10, the basis of corn decreased by 26, and the basis of starch decreased by 18 [2]. - **Market Analysis**: Short - term price is weak due to new - season arrival and weak demand; long - term price is pressured by increased production and lower costs. For starch, short - term price reduction is expected to clear inventory, and long - term outlook is bearish [3]. Sugar - **Price Data**: From 2025/09/12 - 2025/09/18, the basis increased by 45, and the import profit from Thailand and Brazil increased by 30, while the number of warehouse receipts decreased by 359 [6]. - **Market Analysis**: International supply pressure from Brazil affects prices, and domestic prices are under pressure due to imported sugar arrival [6]. Cotton - **Price Data**: From 2025/09/12 - 2025/09/18, the price of 3128 cotton decreased by 120, the total of warehouse receipts and forecasts decreased by 177, and the 32S spinning profit increased by 106 [9]. - **Market Analysis**: It is in a consolidation phase, and the downward space is limited without major macro - risks. Demand changes are crucial [9]. Eggs - **Price Data**: From 2025/09/12 - 2025/09/18, the price in some regions like Hebei and Liaoning decreased by 0.07, and the basis increased by 125 [14]. - **Market Analysis**: August saw price drops due to high supply and low demand. September's price increase is affected by high cold - storage inventory and slow chicken culling [14]. Apples - **Price Data**: From 2025/09/12 - 2025/09/18, the price of Shandong 80 first - and second - grade apples remained stable, and the basis of different contract months changed slightly [17][18]. - **Market Analysis**: New - season production may be similar to last year. Consumption is in the off - season, and price is stable. Final production is to be watched [18]. Pigs - **Price Data**: From 2025/09/12 - 2025/09/18, the price in some regions like Henan Kaifeng decreased, and the basis increased by 120 [18]. - **Market Analysis**: The price is range - bound. There are future policy expectations, but mid - term supply pressure remains, and it is affected by multiple factors [18].

Group 1: Coal Price Information - The latest price of Qinhuangdao 5500 is 696.0, with a daily change of 6.0, a weekly change of 15.0, a monthly change of -6.0, and an annual change of -164.0 [1] - The latest price of Qinhuangdao 5000 is 605.0, with a daily change of 7.0, a weekly change of 16.0, a monthly change of -28.0, and an annual change of -155.0 [1] - The latest price of Guangzhou Port 5500 is 760.0, with a daily change of 0.0, a weekly change of 5.0, a monthly change of -5.0, and an annual change of -150.0 [1] - The latest price of Ordos 5500 is 495.0, with a daily change of 5.0, a weekly change of 30.0, a monthly change of 5.0, and an annual change of -125.0 [1] - The latest price of Datong 5500 is 555.0, with a daily change of 5.0, a weekly change of 35.0, a monthly change of -5.0, and an annual change of -155.0 [1] - The latest price of Yulin 6000 is 622.0, with a daily change of 5.0, a weekly change of 20.0, a monthly change of 0.0, and an annual change of -193.0 [1] - The latest price of Yulin 6200 is 650.0, with a daily change of 5.0, a weekly change of 20.0, a monthly change of 0.0, and an annual change of -192.0 [1] Group 2: Terminal and Inventory Information - The 25 - province terminal available days are 22.3, with a daily change of 0.5, a weekly change of 2.4, a monthly change of 1.4, and an annual change of 4.7 [1] - The 25 - province terminal coal supply is 585.2, with a daily change of -2.6, a weekly change of -23.3, a monthly change of -54.8, and an annual change of -37.6 [1] - The 25 - province terminal daily consumption is 553.4, with a daily change of -10.8, a weekly change of -89.8, a monthly change of -92.6, and an annual change of -101.0 [1] - The 25 - province terminal inventory is 12333.3, with a daily change of 27.2, a weekly change of -487.2, a monthly change of -1171.2, and an annual change of 815.8 [1] Group 3: Northern Port Information - The northern port inventory is 2069.0, with a daily change of 27.0, a weekly change of 29.0, a monthly change of 0.0, and an annual change of -35.0 [1] - The number of northern anchored ships is 86.0, with a daily change of 5.0, a weekly change of 23.0, a monthly change of 16.0, and an annual change of -8.0 [1] - The northern port inbound volume is 153.0, with a daily change of -7.4, a weekly change of -5.2, a monthly change of -11.1, and an annual change of 0.0 [1] - The northern port throughput is 156.7, with a daily change of 3.3, a weekly change of 35.6, a monthly change of -11.5, and an annual change of -5.2 [1] Group 4: Shipping Index and Freight Information - The CBCFI shipping index is 692.1, with a daily change of 0.8, a weekly change of 113.3, a monthly change of -50.6, and an annual change of 42.8 [1] - The freight from Qinhuangdao to Shanghai (4 - 5DWT) is 27.3, with a daily change of 0.4, a weekly change of 6.2, a monthly change of -2.6, and an annual change of 2.9 [1] - The freight from Qinhuangdao to Guangzhou (5 - 6DWT) is 38.7, with a daily change of 0.5, a weekly change of 4.3, a monthly change of -6.8, and an annual change of 2.4 [1]

Report Information - Report Title: Yongan Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [2] - Report Date: September 19, 2025 [2] Core Data Summary BR (Butadiene Rubber) - **Price and Volume**: The closing price of the main contract was 11,415, down 175 from the previous day and 240 from the previous week. The open interest of the main contract was 74,503, an increase of 7,604 from the previous day and 52,260 from the previous week. The trading volume of the main contract was 116,114, an increase of 42,925 from the previous day and 53,914 from the previous week [3]. - **Basis and Spread**: The basis of butadiene rubber was 135, up 40 from the previous week. The 8 - 9 month spread was 165, up 100 from the previous week. The 9 - 10 month spread was 145, down 5 from the previous day and 50 from the previous week [3]. - **Spot Price**: The Shandong market price was 11,550, down 150 from the previous day and 200 from the previous week. The Chuanhua market price was 11,450, down 100 from the previous day and 100 from the previous week. The Qilu ex - factory price was 11,700, down 200 from the previous day and 200 from the previous week [3]. - **Processing and Import/Export**: The spot processing profit was - 264, down 125 from the previous day and 149 from the previous week. The on - screen processing profit was - 399, down 150 from the previous day and 189 from the previous week. The import profit was - 82,873, up 1,455 from the previous day and 1,609 from the previous week. The export profit was 137, up 131 from the previous day and 223 from the previous week [3]. BD (Butadiene) - **Price**: The Shandong market price was 9,425, down 25 from the previous day and 50 from the previous week. The Jiangsu market price was 9,150, down 100 from the previous day and 125 from the previous week. The Yangzi ex - factory price was 9,250, unchanged from the previous day and the previous week [3]. - **Processing and Import/Export**: The carbon - four extraction profit was not available. The butene oxidative dehydrogenation profit was 56, down 30 from the previous day and 55 from the previous week. The import profit was 250, down 100 from the previous day and 66 from the previous week. The export profit was - 862, up 51 from the previous day [3]. Downstream Products - **Production Profit**: The butadiene styrene rubber (SBR) production profit was 938, down 175 from the previous day and 175 from the previous week. The ABS production profit was - 3, up 92 from the previous week. The SBS production profit (791 - H) was 825, unchanged from the previous day and the previous week [3]. Variety Spreads - **Inter - Variety Spreads**: The RU - BR spread was - 28,933, down 7,914 from the previous day and 25,295 from the previous week. The NR - BR spread was - 62,203, down 7,894 from the previous day and 52,580 from the previous week. The Thai mixed - butadiene rubber spread was 3,200, down 100 from the previous day and 50 from the previous week [3]. - **Intra - Variety Spreads**: The spread between standard and non - standard butadiene rubber was 150, unchanged from the previous day and down 100 from the previous week. The spread between SBR 1502 and 1712 was 1,000, unchanged from the previous day and the previous week [3].

1. Report Industry Investment Rating - No information provided in the content. 2. Core Viewpoints - No clear core viewpoints are presented in the given content. It mainly provides a series of data on asphalt, including futures prices, trading volumes, positions, spot prices, basis, spreads, and profit margins. 3. Summary by Relevant Catalogs Futures Prices - On September 18, the BU main contract price was 3427, a daily decrease of 18 and a weekly decrease of 23 [4]. - BU06 was 3358, down 12 daily and 12 weekly [4]. - BU09 was 3349, down 13 daily and 71 weekly [4]. - BU12 was 3388, down 16 daily and 11 weekly [4]. - BU03 was 3377, down 1 daily and unchanged weekly [4]. Trading Volume and Position - The trading volume on September 18 was 210,608, an increase of 1,178 daily and a decrease of 12,209 weekly [4]. - The position was 408,756, an increase of 1,203 daily and a decrease of 27,301 weekly [4]. Spot Prices - The Shandong market price was 3,520, unchanged daily and down 20 weekly [4]. - The East China market price was 3,590, down 50 daily and 50 weekly [4]. - The South China market price was 3,490, unchanged daily and down 30 weekly [4]. - The North China market price was 3,660, unchanged daily and up 10 weekly [4]. - The Northeast market price was 3,850, unchanged daily and down 20 weekly [4]. Basis and Monthly Spreads - The Shandong basis was 93, an increase of 18 daily and 3 weekly [4]. - The East China basis was 163, down 32 daily and 27 weekly [4]. - The South China basis was 63, an increase of 18 daily and a decrease of 7 weekly [4]. - The 03 - 06 spread was 19, an increase of 11 daily and 12 weekly [4]. - The 06 - 09 spread was 9 [4]. - The 09 - 12 spread was -39, an increase of 3 daily and a decrease of 60 weekly [4]. - The 12 - 03 spread was 11, down 12 daily and 11 weekly [4]. Spreads and Profits - The asphalt Brent spread was -4, an increase of 27 daily and a decrease of 93 weekly [4]. - The asphalt Ma Rui profit was -71, an increase of 24 daily and a decrease of 84 weekly [4]. - The general refinery comprehensive profit was 384, an increase of 14 daily and a decrease of 76 weekly [4]. - The Ma Rui - type refinery comprehensive profit was 715, an increase of 18 daily and a decrease of 79 weekly [4]. - The import profit (South Korea - East China) was -137, down 44 daily and 36 weekly [4]. - The import profit (Singapore - South China) was -939, unchanged daily and down 16 weekly [4]. Related Prices - The Brent crude oil price was 68.0, down 0.5 daily and up 1.6 weekly [4]. - The Shandong gasoline market price was 7,511, down 9 daily and 36 weekly [4]. - The Shandong diesel market price was 6,468, down 17 daily and 1 weekly [4]. - The Shandong residual oil market price was 3,700, unchanged daily and up 125 weekly [4].