Group 1: Report Information - Report Name: Yongan Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [2] - Report Date: September 12, 2025 [2] Group 2: BR (Butadiene Rubber) Market Data Futures Market - On September 11, the closing price of the main contract was 11,652, down 65 from the previous day and 155 from the previous week; the open interest was 22,243, down 1,100 from the previous day and 4,371 from the previous week; the trading volume was 62,200, down 2,019 from the previous day and 68,304 from the previous week [3] - The warrant quantity was 13,670, unchanged from the previous day and up 1,130 from the previous week; the long - short ratio was 8.14, unchanged from the previous day and down 2 from the previous week [3] Basis and Spread - The basis of butadiene rubber was 15 from the previous day and 5 from the previous week; the basis of butadiene rubber (two major oil companies) was 245, up 65 from the previous day and down 45 from the previous week [3] - The 8 - 9 month spread was 0 from the previous day and down 240 from the previous week; the 9 - 10 month spread was 65 from the previous day and up 175 from the previous week [3] Price and Profit - The Shandong market price was 11,750, down 50 from the previous day and 150 from the previous week; the Transfar market price was 11,550, down 150 from the previous day and 200 from the previous week [3] - The Qilu ex - factory price was 11,900, unchanged from the previous day and down 200 from the previous week; CFR Northeast Asia was 1,515, unchanged from the previous day and up 15 from the previous week; CFR Southeast Asia was 1,700, unchanged from the previous day and the previous week [3] - The spot processing profit was - 115, up 27 from the previous day and down 48 from the previous week; the on - screen processing profit was - 210, up 12 from the previous day and down 53 from the previous week [3] - The import profit was - 84,515, down 46 from the previous day and up 1,591 from the previous week; the export profit was - 82, up 43 from the previous day and 224 from the previous week [3] Group 3: BD (Butadiene) Market Data Price - The Shandong market price was 9,475, down 75 from the previous day and 100 from the previous week; the Jiangsu market price was 9,275, down 75 from the previous day and 75 from the previous week [3] - The Yangzi ex - factory price was 9,250, down 100 from the previous day and 250 from the previous week; CFR China was 1,095, unchanged from the previous day and the previous week [3] Processing and Profit - The carbon four extraction profit data was not available; the butene oxidative dehydrogenation profit was 111, down 75 from the previous day and 75 from the previous week [3] - The import profit was 314, down 75 from the previous day and 63 from the previous week; the export profit was - 920, up 65 from the previous day and 234 from the previous week [3] Group 4: Downstream Product Profit Data - The butadiene rubber production profit was - 210, up 12 from the previous day and down 53 from the previous week; the styrene - butadiene rubber production profit was 1,038, unchanged from the previous day and down 88 from the previous week [3] - The ABS production profit was - 94, unchanged from the previous day and down 82 from the previous week; the SBS (791 - H) production profit was 755, down 300 from the previous day and 195 from the previous week [3] Group 5: Spread Data Inter - variety Spread - The RU - BR spread was - 6,338, up 1,025 from the previous day and 4,316 from the previous week; the NR - BR spread was - 9,623, up 1,005 from the previous day and 4,256 from the previous week [3] - The Thai mixed - butadiene rubber spread was 3,250, up 50 from the previous day and 170 from the previous week; the 3L - styrene - butadiene rubber spread was 3,000, unchanged from the previous day and up 200 from the previous week [3] Intra - variety Spread - The butadiene rubber standard - non - standard price spread was 250, up 30 from the previous day and down 50 from the previous week; the styrene - butadiene rubber 1502 - 1712 spread was 1,000, up 50 from the previous day and unchanged from the previous week [3]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No core viewpoints explicitly stated in the provided content 3. Summary by Relevant Catalogs Futures Data - The closing prices of BU main contract, BU06, BU09, BU12, and BU03 on September 11 were 3463, 3383, 3450, 3413, and 3382 respectively, with daily changes of 13, 13, 30, 14, and 8, and weekly changes of -87, -71, -85, -73, and -73 [4]. - The trading volume on September 11 was 268,488, a daily increase of 45,671 and a weekly increase of 24,191. The open interest was 443,831, a daily increase of 7,774 and a weekly decrease of 49,369. The futures inventory was 26,490, a daily decrease of 400 and a weekly decrease of 3,300 [4]. Spot Market - On September 11, the market prices in Shandong, East China, South China, North China, and Northeast China were 3540, 3640, 3500, 3650, and 3850 respectively. The daily changes were 0, 0, -20, 0, and -20, and the weekly changes were -10, -60, -30, 0, and -20 [4]. - The price differences between Shandong - East China, Shandong - Northeast, and East China - South China on September 11 were -100, -310, and 140 respectively, with daily changes of 0, 20, and 20, and weekly changes of 50, 10, and -30 [4]. Basis and Calendar Spread - The basis in Shandong, East China, and South China on September 11 were 77, 177, and 37 respectively, with daily changes of -13, -13, and -33, and weekly changes of 77, 27, and 57 [4]. - The calendar spreads of 03 - 06, 06 - 09, 09 - 12, and 12 - 03 on September 11 were 2, -67, 37, and 28 respectively, with daily changes of -5, -17, 16, and 6, and weekly changes of -2, 14, -12, and 0 [4]. Crack Spread and Profit - The asphalt - Brent crack spread on September 11 was 32, a daily decrease of 57 and a weekly decrease of 31. The asphalt - Ma Rui profit was -39, a daily decrease of 52 and a weekly decrease of 28 [4]. - The comprehensive profit of ordinary refineries and Ma Rui - type refineries on September 11 were 416 and 702 respectively, with daily changes of -43 and -46, and weekly changes of -19 and -23. The import profits from South Korea - East China and Singapore - South China were -101 and -940 respectively, with daily changes of 0 and -18, and weekly changes of -49 and -21 [4]. Related Prices - The price of Brent crude oil on September 11 was 67.5, a daily increase of 1.1 and a weekly increase of 0.5. The market prices of gasoline, diesel, and residue oil in Shandong on September 11 were 7557, 6478, and 3575 respectively, with daily changes of 10, 8, and 0, and weekly changes of 4, 8, and 40 [4].

1. Report Industry Investment Rating - No relevant content provided 2. Core Views Methanol - The market is trading on the logic of port pressure being transmitted to the inland. Inland regions will have seasonal stocking demand and increased stocking from the new Lianhong plant, but continuous reverse flow from ports will impact inland prices. Currently, the price is benchmarked against inland prices, and the inland situation is crucial. Xingxing is expected to resume operations in early September, but inventory is still accumulating. Reverse flow can relieve port pressure but will lower inland valuations. With average valuations and inventory and weak drivers, it's advisable to wait before bottom - fishing. Import variables such as India's purchase of Iranian methanol and unplanned maintenance should be monitored [2] Plastic (Polyethylene) - The inventory of Sinopec and PetroChina is neutral year - on - year. Upstream Sinopec and PetroChina and coal - chemical enterprises are reducing inventory, while social inventory remains flat. Downstream raw material and finished - product inventories are also neutral. Overall inventory is neutral. The basis for the 09 contract is around - 110 in North China and - 50 in East China. International prices in Europe, America, and Southeast Asia are stable. The import profit is around - 200, with no further increase for now. The price of non - standard HD injection molding is stable, and other price differentials are fluctuating, with LD weakening. In September, the number of maintenance activities is the same as the previous month, and the domestic linear production has decreased recently. Attention should be paid to the LL - HD conversion and US price quotes. The pressure from new plants in 2025 is significant, and the commissioning of new plants should be monitored [6] PP (Polypropylene) - Upstream Sinopec and PetroChina and mid - stream enterprises are reducing inventory. The basis is - 60, non - standard price differentials are neutral, and the import profit is around - 700. Exports have been performing well this year, and non - standard price differentials are neutral. Prices in Europe and America are stable. PDH profit is around - 400, propylene prices are fluctuating, and powder production starts are stable. The proportion of drawing production is neutral. Future supply is expected to increase slightly month - on - month. Downstream orders are currently average, and raw material and finished - product inventories are neutral. Under the background of over - capacity, the pressure on the 01 contract is expected to be moderately excessive. If exports continue to increase or there are more PDH plant maintenance activities, the supply pressure can be alleviated to a neutral level [8] PVC - The basis for the 01 contract is maintained at - 270, and the ex - factory basis is - 480. Downstream operating rates are seasonally weakening, but there is a strong willingness to hold inventory at low prices. Mid - and upstream inventories are continuously accumulating. Northwest plants are seasonally under maintenance in summer, and the load center is between the spring maintenance and the high - production period in Q1. In Q4, attention should be paid to the commissioning of new plants and the sustainability of exports. Recent export orders have declined slightly. Coal sentiment is positive, and the cost of semi - coke is stable. The profit of calcium carbide is under pressure due to PVC maintenance. The counter - offer for caustic soda exports is FOB380. Attention should be paid to whether future export orders can support high - price caustic soda. The comprehensive profit of PVC 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 operating rates [8] 3. Summary by Commodity Methanol - **Price Data**: From September 4th to 10th, the power coal futures price remained at 801. The Jiangsu spot price increased from 2255 to 2302, and the South China spot price increased from 2250 to 2290. Other regional prices also showed certain changes. The import profit remained at 323, and the main contract basis and MTO profit on the disk remained relatively stable [2] Plastic (Polyethylene) - **Price Data**: From September 4th to 10th, the Northeast Asia ethylene price remained at 840. The prices of North China LL, East China LL, East China LD, and East China HD remained stable. The import profit remained around - 180 - 190, and the main futures price decreased slightly. The two - oil inventory remained at 67, and the warehouse receipts increased by 887 [6] PP (Polypropylene) - **Price Data**: From September 4th to 10th, the Shandong propylene price decreased from 6590 to 6500 and then increased to 6650. The Northeast Asia propylene price remained at 760. The East China PP and North China PP prices showed minor fluctuations. The export profit remained around - 15, and the main futures price decreased slightly. The two - oil inventory remained at 67, and the warehouse receipts decreased by 64 [8] PVC - **Price Data**: From September 4th to 10th, the Northwest calcium carbide price increased from 2300 to 2400 and then remained stable. The Shandong caustic soda price increased from 882 to 902 and then decreased to 897. The prices of calcium carbide - based PVC in East China, South China, and the Northwest, and ethylene - based PVC in East China remained relatively stable. The import price (CFR China) remained at 700, and other profit and basis data remained stable [8]

Report Summary 1) Industry Investment Rating No industry investment rating is provided in the given content. 2) Core View There is no clear core view presented in the provided content. 3) Summary by Related Catalogs Price and Profit - The report shows the spot prices of different types of steel (including various regions' threaded steel and hot - rolled and cold - rolled steel) from September 4th to September 10th, 2025, along with the price changes during this period. For example, Beijing's threaded steel price decreased by 40 from 3200 on September 4th to 3160 on September 10th, and Tianjin's hot - rolled steel price decreased by 30 from 3270 to 3310 [1]. Basis and Spread No relevant content is provided. Production and Inventory No relevant content is provided.

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - This week, oil prices declined. OPEC+ plans to increase production by 137,000 barrels per day in October and gradually increase production by 1.65 million barrels of oil per month until August 2026, worsening the fourth - quarter crude oil balance sheet. Brent and WTI crude oil spreads weakened, while the Dubai near - month spread strengthened. Refining margins in Europe and the US increased significantly, and gasoline and diesel cracks fluctuated upwards. Globally, oil product inventories increased slightly. The fourth - quarter crude oil balance sheet is expected to have a surplus of over 2 million barrels per day, and in 2026, the surplus is expected to be between 1.8 - 2.5 million barrels per day. It is estimated that refinery maintenance in October will exceed previous years, pressuring crude oil spreads. The absolute price of crude oil is expected to fall to a central range of $55 - 60 per barrel in the fourth quarter, and attention should be paid to the impact of geopolitics and sanctions on Iran and Russia's production cuts [6] Group 3: Summary by Related Catalogs 1. Oil Price Data - From September 4 to 10, 2025, WTI prices increased by $1.04, BRENT by $1.10, and DUBAI by $0.91. Other related prices such as NYMEX RB, HO - BRT, etc., also showed corresponding changes. For domestic data, SC increased by 3.40, and domestic gasoline - BRT decreased by 68.00 [3] 2. Daily News - Israel's attack and US pressure on the EU pushed up oil prices. The reaction of Qatar is crucial. Meanwhile, the risk of Russian supply disruptions due to Ukraine's attacks and Western sanctions also supported oil prices. Russia's crude oil exports reached a three - month high, with the four - week average up 4% to about 3.34 million barrels per day, and the seven - day data showing an increase of 200,000 barrels per day to 3.9 million barrels per day [3] 3. Regional Fundamentals - From August 22 - 29, the operating rate of major refineries and Shandong local refineries increased slightly. Domestic gasoline production decreased while diesel production increased, and both gasoline and diesel inventories decreased. The comprehensive profit of major refineries fluctuated weakly, and that of local refineries decreased month - on - month [6] 4. EIA Report - In the week of September 5, US crude oil exports decreased by 1.139 million barrels per day to 2.745 million barrels per day, domestic production increased by 72,000 barrels to 13.495 million barrels per day, commercial crude oil inventories (excluding strategic reserves) increased by 3.939 million barrels to 425 million barrels (a 0.94% increase), strategic petroleum reserve (SPR) inventories increased by 514,000 barrels to 405.2 million barrels (a 0.13% increase), and commercial crude oil imports decreased by 471,000 barrels per day to 6.271 million barrels per day. The four - week average supply of US crude oil products increased by 1.97% year - on - year [14]

焦炭日报 研究中心黑色团队 2025/9/11 | | 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 | 1482.39 | 0.00 | -53.55 | 55.68 | -11.13% 高炉开工率 | 85.79 | | -4.23 | -4.30 | 3.41% | | 河北准一湿熄 | 1725.00 | 0.00 | -55.00 | 75.00 | -4.43% 铁水日均产量 | 228.84 | | -11.29 | -11.48 | 2.80% | | 山东准一干熄 | 1660.00 | 0.00 | -55.00 | 55.00 | -10.03% 盘面05 | 1726 | -18.00 | 57.50 | -136.50 | -5.79% | | 江苏准一干熄 | 1700.00 | 0.00 | -55.00 | 55.00 | -9.81% 盘面09 | 1512. ...

1. Report Industry Investment Rating - The report does not provide an overall industry investment rating 2. Core Viewpoints - This week, copper prices fluctuated widely around 80,000. Domestic copper consumption is expected to be boosted in the peak season, and attention should be paid to the price support at 78,500 - 79,500 for Shanghai copper [1] - For aluminum, the short - term fundamentals are acceptable. Pay attention to demand, hold on dips under the low - inventory pattern, and pay attention to far - month spreads and domestic - overseas reverse arbitrage [1] - Zinc prices fluctuated narrowly this week. The current pattern of strong overseas and weak domestic may further diverge. Short - term is supported by interest - rate cut expectations, and medium - long - term is for short - position allocation. Hold domestic - overseas positive arbitrage and pay attention to the 10 - 12 positive arbitrage opportunity [2] - The short - term fundamentals of nickel are weak, and the geopolitical risk in Indonesia has eased. Continued attention is needed [3][4] - The fundamentals of stainless steel remain weak, and the short - term macro follows the anti - involution expectations [5] - Lead prices oscillated this week. It is expected that next week's lead prices will remain in a low - level oscillation in the range of 16,800 - 16,900 [6] - Tin prices fluctuated narrowly this week. The domestic fundamentals are in a short - term supply - demand double - weak state. Short - term, it is recommended to wait and see; medium - long - term, hold on dips near the cost line [6] - The short - and medium - term supply - demand of industrial silicon is in a tight balance, and the medium - long - term outlook is for bottom - range oscillation [6] - The spot supply of lithium carbonate is sufficient, and the price is supported during the peak season. Before the supply - side disturbance materializes, the price has strong downward support [8] 3. Summary by Metal Copper - **Price and Market**: This week, copper prices fluctuated widely around 80,000, and the domestic stock market volatility increased. Overseas, the interest - rate cut expectation in the US supported commodity prices [1] - **Fundamentals**: The spread between scrap and refined copper slightly rebounded. The downstream is expected to enter the peak season in September, with a slight increase in the start - up rate. The supply side has some maintenance and production cuts [1] - **Recommendation**: Pay attention to the price support at 78,500 - 79,500 for Shanghai copper [1] Aluminum - **Supply and Demand**: Supply increased slightly, with aluminum ingot imports providing an increment from January to July. Downstream start - up improved, but overseas demand declined significantly [1] - **Inventory**: Inventory is expected to decline in September [1] - **Recommendation**: The short - term fundamentals are acceptable. Pay attention to demand, hold on dips under the low - inventory pattern, and pay attention to far - month spreads and domestic - overseas reverse arbitrage [1] Zinc - **Supply**: Domestic TC decreased slightly, and imported TC increased. September has concentrated maintenance, with a slight decline in smelting output. Overseas quarterly mine supply increased more than expected, and zinc ore imports in July exceeded 500,000 tons [2] - **Demand**: Domestic demand is seasonally weak but has some resilience; overseas, European demand is average, and some smelters face production resistance due to processing fees [2] - **Inventory**: Domestic social inventory oscillated upwards, and overseas LME inventory decreased rapidly [2] - **Strategy**: Short - term is supported by interest - rate cut expectations, and medium - long - term is for short - position allocation. Hold domestic - overseas positive arbitrage and pay attention to the 10 - 12 positive arbitrage opportunity [2] Nickel - **Supply**: Pure nickel production remained at a high level [4] - **Demand**: Overall demand was weak, and the premium was stable recently [4] - **Inventory**: Domestic inventory increased slightly, and overseas inventory increased due to warehouse receipts [4] - **Situation**: The short - term fundamentals are weak, the geopolitical risk in Indonesia has eased, and continued attention is needed [3][4] Stainless Steel - **Supply**: Steel mills in the north are expected to resume production gradually due to the military parade [5] - **Demand**: Demand is mainly for rigid needs [5] - **Cost**: Nickel - iron prices remained stable, and chrome - iron prices increased slightly [5] - **Inventory**: Inventories in Xijiao and Foshan remained stable, and warehouse receipts decreased slightly [5] - **Situation**: The fundamentals remain weak, and the short - term macro follows the anti - involution expectations [5] Lead - **Supply**: Scrap volume was weak year - on - year. Due to the expansion of recycling plants, waste batteries were in short supply. Refined ore production increased from April to August, but there was a supply shortage due to smelting profits [6] - **Demand**: Battery finished - product inventory was high. The battery start - up rate increased this week, but the market was not in a peak - season state [6] - **Inventory**: The exchange inventory reached a historical high of nearly 70,000 tons. The supply is expected to be flat in September [6] - **Price Forecast**: It is expected that next week's lead prices will remain in a low - level oscillation in the range of 16,800 - 16,900 [6] Tin - **Supply**: The processing fee at the mine end was at a low level. Some domestic smelters cut production, and Yunnan smelters started regular maintenance this weekend. Overseas, there are signals of复产 in Wa State, but large - scale exports are difficult before October [6] - **Demand**: Solder demand has limited elasticity. There is an expectation of a peak season for terminal electronic consumption, but the growth rate of photovoltaics is expected to decline. Domestic inventory decreased slightly, and overseas consumption was strong with low LME inventory [6] - **Situation**: The domestic fundamentals are in a short - term supply - demand double - weak state. Pay attention to the possible supply - demand mismatch from September to October and the impact of interest - rate cut expectations on non - ferrous metals [6] - **Recommendation**: Short - term, it is recommended to wait and see; medium - long - term, hold on dips near the cost line [6] Industrial Silicon - **Supply**: The resumption of production of Xinjiang's leading enterprises was slow. Sichuan and Yunnan had stable production, and some Xinjiang silicon plants had plans to increase production later [6] - **Situation**: The short - and medium - term supply - demand is in a tight balance, and the medium - long - term outlook is for bottom - range oscillation [6] Lithium Carbonate - **Price**: The futures price oscillated this week, and the basis started to strengthen slightly [8] - **Supply and Demand**: The current spot supply is sufficient, and downstream restocking during the peak season is good. The core contradiction is the supply - side compliance disturbance in the context of over - capacity [8] - **Inventory**: The monthly balance has turned to continuous inventory reduction, but the reduction amplitude is small compared to the existing inventory [8] - **Price Outlook**: Before the supply - side disturbance materializes, the price has strong downward support during the peak season [8]

Report Date - The report was published on September 11, 2025 [2] Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - On September 10, 2025, yields in the US, UK, France, etc. were 4.047, 4.632, 3.461 respectively. Latest changes ranged from -0.041 (US) to 0.005 (Switzerland). Weekly changes were from -0.171 (US) to -0.057 (Switzerland). Monthly changes varied from -0.188 (US) to 0.127 (France). Annual changes were from -0.309 (Italy) to 0.579 (UK) [3] 2 - Year Treasury Yields of Major Economies - On September 10, 2025, yields in the US, UK, Germany, etc. were 3.490, 3.936, 1.949 respectively. Latest changes were from -0.020 (US) to 0.033 (South Korea). Weekly changes, monthly changes, and annual changes also showed different trends [3] Dollar - Exchange Rates Against Major Emerging - Market Currencies - On September 10, 2025, the exchange rate of the dollar against the Brazilian real was 5.409 with a latest change of -0.54%. Weekly, monthly, and annual changes also varied for different currencies [3] Stock Indices of Major Economies - On September 10, 2025, the S&P 500 was at 6532.040 with a latest change of 0.30%. Weekly, monthly, and annual changes differed among various indices such as the Dow Jones Industrial Average, NASDAQ, etc. [3] Credit Bond Indices - For credit bond indices including US investment - grade, euro - area investment - grade, etc., latest changes were from 0.03% (euro - area high - yield) to 0.46% (emerging - market high - yield). Weekly, monthly, and annual changes also showed different magnitudes [3][4] Stock Index Futures Trading Data Index Performance - Closing prices of A - shares, CSI 300, SSE 50, etc. were 3812.22, 4445.36, 2939.59 respectively on September 10, 2025. Percentage changes were 0.13%, 0.21%, 0.37% respectively [5] Valuation - PE (TTM) of CSI 300, SSE 50, and CSI 500 were 13.94, 11.79, 33.18 respectively. Their环比changes were 0.04, 0.04, - 0.03 respectively [5] Risk Premium - Risk premium (1/PE - 10 - year interest rate) of S&P 500 was -0.37 with a环比change of 0.03, and that of German DAX was 2.47 with a环比change of 0.02 [5] Fund Flows - Latest values of fund flows for A - shares, the main board, etc. were -460.27, -445.33, etc. respectively. Their 5 - day average values also varied [5] Trading Volume - Latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, etc. were 19781.23, 5355.39, etc. respectively. Their环比changes were -1404.01, -273.22, etc. respectively [5] Main Contract Basis - Basis of IF, IH, IC were -12.96, -1.79, -68.71 respectively, and their basis spreads were -0.29%, -0.06%, -0.99% respectively [5] Treasury Bond Futures Trading Data - Closing prices of T00, TF00, T01, TF01 were 107.725, 105.570, 107.490, 105.425 respectively. Their percentage changes were 0.00%, -0.01%, -0.08%, -0.01% respectively [6] - Money market rates of R001, R007, SHIBOR - 3M were 1.4592%, 1.4988%, 1.5530% respectively, and their daily changes were -3.00BP, 1.00BP, 0.00BP respectively [6]

Group 1: Price Performance - The latest prices of London Gold, London Silver, London Platinum, London Palladium, WTI Crude Oil, and LME Copper are 3649.55, 41.25, 1392.00, 1135.00, 62.63, and 9940.50 respectively. The price of LME Copper changed by 16.00, while others remained unchanged [3]. - The latest values of the US Dollar Index, Euro to US Dollar, British Pound to US Dollar, US Dollar to Japanese Yen, and US 10 - year TIPS are 97.77, 1.17, 1.35, 147.42, and 1.72 respectively, with no changes [3]. Group 2: Trading Data - The latest inventories of COMEX Silver, SHFE Silver, and SGE Silver are 16195.80, 1252.17, and 1281.86 respectively. The SHFE Silver inventory changed by 1.83, while others remained unchanged [4]. - The latest holdings of Gold ETF and Silver ETF are 979.96 and 15069.60 respectively, with the Gold ETF holding changing by 0.28 and the Silver ETF holding remaining unchanged [4]. - The latest deferred fee payment directions of SGE Silver and SGE Gold are 2 and 1 respectively, with changes of 1.00 and - 1.00 [4].

Report Overview - The report is a pulp morning report released by the Energy and Chemicals Team of the Research Center on September 11, 2025 [2] SP Main Contract Information - On September 10, 2025, the closing price of the SP main contract was 4996.00, with a 0.52314% increase from the previous day. The converted US dollar price was 612.08. The basis of Shandong Yinxing was 694, and that of Jiangsu, Zhejiang, and Shanghai Yinxing was 704 [3] Import Pulp Price and Profit - Calculated with a 13% VAT, for Canadian pulp, the CFR price of Golden Lion was 780 US dollars, and the RMB price in Shandong was 6300, with an import profit of -45.57; the CFR price of Lion was 730 US dollars, and the RMB price in Shandong was 5410, with an import profit of -533.29. For Chilean pulp, the CFR L/C 90 - day price of Yinxing was 720 US dollars, and the RMB price in Shandong was 5690, with an import profit of -172.83 [4] Pulp Price Averages - From September 4 to September 10, 2025, the national average prices of softwood pulp, hardwood pulp, natural color pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively. The average prices in Shandong area also remained unchanged [4] Paper Product Index and Profit Margin - From September 5 to September 10, 2025, the indices of cultural paper (double - offset and double - copper), packaging paper (white card), and tissue paper remained unchanged. The profit margins of double - offset paper, double - copper paper, and tissue paper remained stable, while the profit margin of white card paper increased by 0.6954 from September 5 to September 10 [4] Pulp Price Spreads - From September 4 to September 10, 2025, the spreads between softwood and hardwood pulp, softwood and natural color pulp, softwood and chemimechanical pulp, and softwood and waste paper pulp changed slightly [4]