Group 1: SP Main Contract Information - The closing price of the SP main contract on September 15, 2025, was 5056.00, with a daily increase of 1.32265%. The closing prices on September 12 - 9 were 4990.00, 5016.00, 4996.00, and 4970.00 respectively, with corresponding daily changes of -0.51834%, 0.40032%, 0.52314%, and -1.11421% [4]. - The converted US - dollar prices on September 15 - 9 were 611.31, 611.31, 614.44, 612.08, and 608.62 respectively [4]. - The Shandong Yinxing basis on September 15 - 9 was 609, 675, 674, 694, and 720 respectively, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 624, 690, 684, 704, and 740 respectively [4]. Group 2: Import Profit and Price Information - With a 13% VAT calculation, the import profits for brands like Jinshi, Xiongshi, and Yinxing were -145.57, -533.29, and -197.83 respectively. The port US - dollar prices were 780, 730, and 720, and the Shandong region RMB prices were 6200, 5410, and 5665 [5]. - From September 9 - 15, 2025, the national average prices of coniferous pulp, broad - leaf pulp, natural pulp, and chemimechanical pulp remained unchanged, with changes of 0.00. The same was true for the Shandong region average prices [5]. - The prices of cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and living paper (living index) remained unchanged from September 10 - 15, 2025, with changes of 0 [5]. - The profit margins of double - offset paper, double - copper paper, white - card paper, and living paper remained mostly unchanged from September 10 - 15, 2025, with the living paper profit margin changing slightly from 7.7571% on September 10 to 8.0245% on September 12 and remaining at this level on September 15 [5]. - The price differences between coniferous and broad - leaf pulp, coniferous and natural pulp, coniferous and chemimechanical pulp, and coniferous pulp and waste paper from September 9 - 15, 2025, showed little change [5].

Global Asset Market Performance - On September 15, 2025, the 10 - year Treasury yields of major economies showed various changes. For example, the US was 4.039% with a latest change of - 0.028%, a one - week change of - 0.002%, a one - month change of - 0.295%, and a one - year change of 0.311%. Other countries like the UK, France, etc. also had their own yield data and changes [3]. - The 2 - year Treasury yields of major economies were reported. For instance, the US was 3.520% on September 15, 2025, with a latest change of - 0.020%, a one - week change of - 0.070%, a one - month change of - 0.100%, and a one - year change of - 0.360% [3]. - The US dollar exchange rates against major emerging economies' currencies had different changes. For example, against the Brazilian real, it was 5.317 on September 15, 2025, with a latest change of - 0.70%, a one - week change of - 1.89%, a one - month change of - 2.20%, and a one - year change of - 4.60% [3]. - The performance of major economies' stock indices was presented. For example, the Dow Jones Industrial Average was 6615.280 on September 15, 2025, with a latest change of 0.47%, a one - week change of 1.85%, a one - month change of 2.58%, and a one - year change of 20.20% [3]. - Credit bond indices of different regions and levels had their own changes. For example, the emerging economies' investment - grade credit bond index had a latest change of 0.24%, a one - week change of 0.46%, a one - month change of 2.37%, and a one - year change of 4.76% [3][4]. Stock Index Futures Trading Data - The closing prices and price changes of A - share indices such as the Shanghai Composite Index, CSI 300, SSE 50, ChiNext, and CSI 500 were reported. For example, the Shanghai Composite Index closed at 3860.50 with a change of - 0.26% [5]. - Valuation data including PE (TTM) and their环比变化 of indices like CSI 300, SSE 50, CSI 500, S&P 500, and German DAX were provided. For example, the PE (TTM) of CSI 300 was 14.13 with a环比变化 of 0.00 [5]. - Risk premium data and their环比变化 of some indices were given. For example, the risk premium (1/PE - 10 - year interest rate) of S&P 500 was - 0.41 with a环比变化 of 0.01 [5]. - The latest values and 5 - day average values of fund flows in different segments of the A - share market were reported. For example, the latest value of A - share fund flow was - 1180.37, and the 5 - day average was - 554.63 [5]. - The latest values and环比变化 of trading volumes in different segments of the A - share market were reported. For example, the latest trading volume of the Shanghai and Shenzhen stock markets was 22773.85 with a环比变化 of - 2435.40 [5]. - The basis and basis percentage of index futures such as IF, IH, and IC were reported. For example, the basis of IF was - 5.26 with a basis percentage of - 0.12% [5]. Treasury Futures Trading Data - The closing prices and price changes of Treasury futures T00, TF00, T01, and TF01 were reported. All of them had a change of 0.00% on September 15, 2025 [6]. - The money market rates R001, R007, and SHIBOR - 3M and their daily changes (BP) were reported. For example, R001 was 1.4474% with a daily change of - 2.00 BP [6].

Group 1: Report Overview - Report Title: Crude Oil and Refined Oil Morning Report [2] - Date: September 16, 2025 [2] - Team: Research Center's Energy and Chemicals Team [2] Group 2: Price Data Crude Oil and Related Products - **Price Changes from September 9 - 15, 2025**: WTI increased by $0.61 to $63.30, BRENT by $0.45 to $67.44, DUBAI by $0.54 to $70.74 [3] - **Other Products**: SC increased by 12.80 to 488.10, OMAN decreased by 0.39 to 69.71 [3] Other Oil - Related Products - **Price Changes**: Japan Naphtha CFR - related data had a 6.70 change in the differential with BRT, Singapore Fuel Oil 380 CST had a - 0.85 change in its differential [3] Group 3: News and Events Conflict - Related - Israel destroyed Gaza's tallest residential building, carried out large - scale night air strikes on Gaza City, and attacked a Hezbollah headquarters in Lebanon [3] - Israel's military launched a ground offensive on Gaza City on Monday, aiming to eliminate Hamas [3] Iran - Related - Iran is pushing the International Atomic Energy Agency to pass a resolution condemning the US - Israeli nuclear facility attack in June [3][5] - Iran's top nuclear official warned of chaos if a related proposal is vetoed [5] Other News - Goldman Sachs said that due to strong supply growth, oil prices may fall further next year, but multiple factors could lead to an earlier rebound [5] Group 4: Regional Fundamentals - **US Data (09/05 Week)**: US crude exports decreased by 113.9万桶/日 to 274.5万桶/日, domestic production increased by 7.2万桶 to 1349.5万桶/日 [5] - **Inventory Changes**: Commercial crude inventory (ex - SPR) increased by 393.9万桶 to 4.25 billion barrels, SPR inventory increased by 51.4万桶 to 4.052 billion barrels [5] - **Domestic China (9/5 - 9/11)**: Mainland refinery operating rates had minor fluctuations, Shandong refinery operating rates rose slightly, domestic gasoline and diesel production and inventory increased [5] Group 5: Weekly View - **Price Movement**: Oil prices rose this week, with absolute price fluctuations intensifying due to geopolitical news [5] - **Fundamentals**: The global oil market is in a state of inventory accumulation, with US EIA commercial crude and refined product inventories rising, and global refinery profits falling [5][6] - **Forecast**: In the fourth quarter, the oil price central level is expected to fall to $55 - 60/barrel, and the mid - term surplus pattern remains unchanged [6]

2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 20 40 60 80 100 120 140 PB - 2022 2023 2024 2025 / 50 100 150 200 250 300 350 PB - 2022 2023 2024 2025 / 0 20 40 60 80 100 120 140 160 -57% 2022 2023 2024 2025 / 铁矿石早报 研究中心黑色团队 2025/9/16 (200) | | | | | | 现货 | | | | 远期 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 地区 | 品种 | 最新 | 日变化 | 周变化 | | 折盘面 | 最新 | 日变化 | 周变化 | 进口利润 | | | 普氏62指数 | | 106.35 | 0.70 | 1.20 | | | | | | | | | | 纽曼粉 | 785 | -3 | 2 | | 840.0 | 103 ...

焦炭日报 研究中心黑色团队 2025/9/16 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 山西准一湿熄 | 1427.78 | -54.61 | -108.16 | -53.55 | -11.51% 高炉开工率 | 90.18 | | 4.39 | -0.04 | 7.87% | | 河北准一湿熄 | 1725.00 | 0.00 | -55.00 | 0.00 | -1.43% 铁水日均产量 | 240.55 | | 11.71 | -0.11 | 7.69% | | 山东准一干熄 | 1660.00 | 0.00 | -55.00 | 0.00 | -7.26% 盘面05 | 1809 | 59.50 | 65.00 | -8.50 | -4.69% | | 江苏准一干熄 | 1700.00 | 0.00 | -55.00 | 0.00 | -7.10% 盘面09 | 1845 | 345. ...

Group 1: Price Performance - London Platinum's latest price is 1399.00 with a change of 7.00 [3] - London Palladium's latest price is 1218.00 with a change of 33.00 [3] - WTI Crude's latest price is 63.30 with a change of 0.61 [3] - LME Copper's latest price is 10081.50 with a change of -38.00 [3] - The latest value of the US Dollar Index is 97.36 with a change of -0.26 [3] - The latest value of Euro to US Dollar is 1.18 with no change [3] - The latest value of Pound to US Dollar is 1.36 with no change [3] - The latest value of US Dollar to Japanese Yen is 147.42 with a change of -0.24 [3] Group 2: Trading Data - The latest inventory of SHFE Silver is 1243.48 with a change of -3.09 [4] - The latest Gold ETF holding is 976.81 with a change of 2.01 [4] - The latest inventory of SGE Silver is 1283.61 with no change [4] - The SGE Silver and Gold deferred fee payment directions are both 1 with no change [4]

Report Industry Investment Rating - Not provided Report's Core View - Not provided Summary by Relevant Catalogs Price and Profit - The report presents the spot prices of various steel products in different regions from September 9th to September 15th, 2025, including Beijing, Shanghai, Chengdu, Xi'an, Guangzhou, and Wuhan for rebar, and Tianjin, Shanghai, and Lecong for hot-rolled and cold-rolled coils, along with the price changes during this period [1]. Production and Inventory - Not provided Basis and Spread - Not provided

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 15, 2025 [2] Group 2: BR (Butadiene Rubber) Contract and Market Data - On September 12, the closing price of the main contract was 11,615, a daily decrease of 40 and a weekly decrease of 202 [3] - The position volume of the main contract was 21,059, a daily decrease of 1,184 and a weekly decrease of 12,435 [3] - The trading volume of the main contract was 52,955, a daily decrease of 9,245 and a weekly decrease of 84,362 [3] - The warehouse receipt quantity was 13,670, with no daily change and a weekly increase of 930 [3] - The long - short ratio was 7.70, with no daily change and a weekly decrease of 5 [3] Price and Spread - The Shandong market price was 11,700, a daily decrease of 50 and a weekly decrease of 250 [3] - The Chuanhua market price was 11,550, with no daily change and a weekly decrease of 350 [3] - The Qilu ex - factory price was 11,900, with no daily change and a weekly decrease of 200 [3] - The CFR Northeast Asia price was 1,515, with no daily change and a weekly increase of 15 [3] - The CFR Southeast Asia price was 1,700, with no daily and weekly changes [3] - The spot processing profit was - 114, with a weekly decrease of 21 [3] - The on - disk processing profit was - 199, a daily increase of 11 and a weekly decrease of 366 [3] - The import profit was - 84,597, a daily decrease of 115 and a weekly increase of 1,459 [3] - The export profit was - 35, a daily increase of 50 and a weekly increase of 314 [3] Spread Analysis - The Shun - Ding county spread was 85, a daily decrease of 10 and a weekly increase of 345 [3] - The Shun - Ding basis (two - oil) was 285, a daily increase of 40 and a weekly increase of 335 [3] - The 8 - 9 month spread was 60, a daily decrease of 5 and a weekly decrease of 10 [3] - The 9 - 10 month spread was 60, a daily decrease of 135 and a weekly increase of 20 [3] Group 3: BD (Butadiene) Price and Profit - The Shandong market price was 9,425, a daily decrease of 50 and a weekly decrease of 225 [3] - The Jiangsu market price was 9,200, a daily decrease of 75 and a weekly decrease of 300 [3] - The Yangzi ex - factory price was 9,250, with no daily change and a weekly decrease of 250 [3] - The CFR China price was 1,095, with no daily and weekly changes [3] - The carbon - four extraction profit was 2,041, a daily increase of 44 and a weekly decrease of 167 [3] - The butene oxidative dehydrogenation profit was 36, a daily decrease of 75 and a weekly decrease of 300 [3] - The import profit was 236, a daily decrease of 81 and a weekly decrease of 291 [3] - The export profit was - 852, a daily increase of 70 and a weekly increase of 432 [3] Downstream Profit - The Shun - Ding production profit was - 199, a daily increase of 11 and a weekly decrease of 366 [3] - The styrene - butadiene production profit was 1,113, with no daily change and a weekly decrease of 13 [3] - The ABS production profit data was unavailable on September 12 [3] - The SBS 791 - H production profit was 825, with no daily change and a weekly decrease of 125 [3] Group 4: Variety Spreads Inter - Variety Spreads - The RU - BR spread was - 5,239, a daily increase of 1,099 and a weekly increase of 11,930 [3] - The NR - BR spread was - 8,504, a daily increase of 1,119 and a weekly increase of 11,900 [3] - The Thai mixed - Shun - Ding spread was 3,280, a daily increase of 30 and a weekly decrease of 70 [3] - The 3L - styrene - butadiene spread was 3,050, a daily increase of 50 and no weekly change [3] - The Shun - Ding standard - non - standard price spread was 250, with no daily change and a weekly increase of 50 [3] Intra - Variety Spreads - The styrene - butadiene 1502 - 1712 spread was 1,000, with no daily and weekly changes [3]

1. Report Industry Investment Rating No relevant content provided in the given documents. 2. Core View of the Report - Spot prices are still falling, but the decline is expected to slow down and gradually bottom out in October. The shipping company's Week 39 quote is 1550 - 1650 US dollars (equivalent to 1150 points on the disk). The far - month futures prices have risen significantly, reflecting the expectation of a slower decline and multiple rounds of price increases in the future. The 10 - 12 spread is - 493.1, and the valuation of the December contract is relatively neutral to high. There are multiple upward drivers in the future, so the December contract is cautiously bullish. The Spring Festival in 2026 is relatively late (February 17, 2026), so the settlement price of the February 2026 contract may be higher, and its current valuation is low, with a higher cost - performance ratio for long positions compared to the December contract. To avoid the potential price - cutting risk of shipping companies in October, a long - February 2026/short - April 2026 spread trade can be considered. [1] 3. Summary by Relevant Catalogs 3.1 Futures Market Data - **Contract Prices and Changes**: The closing prices of EC2510, EC2512, EC2602, EC2604, and EC2606 contracts are 1163.1, 1656.2, 1516.9, 1253.9, and 1431.9 respectively, with daily changes of 0.48%, 2.86%, 1.07%, 1.91%, and 1.52%. [1] - **Trading Volume and Open Interest**: The trading volumes of EC2510, EC2512, and EC2602 contracts are 17803, 10786, and 1953 respectively, and the open interests are 47772, 19598, and 6330 respectively, with open interest changes of 161, 39, and 0. [1] - **Month - to - Month Spreads**: The spreads of EC2510 - 2512 and EC2512 - 2602 are - 493.1 and 139.3 respectively, with daily changes of - 40.5 and 29.9, and weekly changes of - 78.9 and - 16.2. [1] 3.2 Spot Market Data - **Spot Price Indexes**: The current spot price index is 1440.24, down 8.06% from the previous period. The SCFI (European Line) is 1154 US dollars/TEU, down 12.24% from the previous period. The CCFI (European Line) is 1537.28 points, down 6.19% from the previous period. The NCFI (European Line) is 729.42 points, down 14.78% from the previous period. [1] 3.3 Recent European Line Quotations - **Week 37**: The average quote is 2100 US dollars (equivalent to 1450 points on the disk). MSK's quote is 1900 US dollars (later increased to 1950), PA's is 2100 - 2150, and OA's is 2100 - 2300. [2] - **Week 38**: The average quote is 1800 US dollars (equivalent to 1260 points on the disk). MSK's quote is 1700 US dollars (later increased to 1760), PA and MSC's are 1800 - 1950, and OA's is 1650 - 2020. [2] - **Week 39**: The average quote is 1550 - 1650 US dollars (equivalent to 1150 points on the disk). MSK's quote is 1500 US dollars (later increased to 1560), PA Alliance's is 1550 - 1600 US dollars, and O4 Alliance's is 1600 - 1720 US dollars. [2]

Report Overview - Report Title: Coking Coal Daily Report - Research Team: Black Team of the Research Center - Report Date: September 16, 2025 [1] Key Points Coal Prices - The latest price of Liulin Main Coking Coal is 1401.00, with no daily change, a weekly decrease of 9.00, a monthly decrease of 3.00, and an annual increase of 0.07% [2] - The latest price of Peak Downs is 201.50, with no daily change, a weekly increase of 2.50, a monthly decrease of 7.00, and an annual increase of 6.00 [2] - The latest price of raw coal at the port delivery price is 950.00, with a daily increase of 15.00, a weekly increase of 20.00, a monthly decrease of 4.00, and an annual decrease of 17.39% [2] Inventory - The total inventory is 3316.37, with a weekly decrease of 89.59, a monthly decrease of 107.20, and an annual decrease of 12.25% [2] - The coal mine inventory is 254.52, with a weekly decrease of 13.56, a monthly decrease of 3.15, and an annual decrease of 17.86% [2] - The port inventory is 275.49, with a weekly increase of 0.14, a monthly decrease of 1.85, and an annual decrease of 31.83% [2] Capacity Utilization and Other Indicators - The coking capacity utilization rate is 75.92, with a weekly increase of 2.78, a monthly increase of 1.58, and an annual increase of 9.74% [2] - The coking coke inventory is 85.93, with a weekly increase of 1.62, a monthly decrease of 0.24, and an annual decrease of 0.26% [2] Futures Market - The latest price of the futures contract 05 is 1264.50, with a daily increase of 44.00, a weekly increase of 38.50, no monthly change, and an annual decrease of 1.10% [2] - The latest price of the futures contract 09 is 1292.00, with a daily increase of 334.00, a weekly increase of 341.50, a monthly increase of 230.00, and an annual increase of 7.00% [2] - The latest price of the futures contract 01 is 1172.00, with a daily increase of 34.50, a weekly increase of 33.00, a monthly decrease of 45.50, and an annual decrease of 7.46% [2]