| 玻璃纯碱早报 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 研究中心能化团队 | | 2025/9/15 | | | 玻 璃 | | | | | | | | | | | | | 2025/9/12 周度变化 日度变化 | 2025/9/5 | 2025/9/11 | | | | | 2025/9/5 | 2025/9/11 | | 2025/9/12 周度变化 日度变化 | | | 沙河安全 5mm大 板 | 1130.0 | 1144.0 | 1144.0 | 14.0 | 0.0 | FG09合约 | 991.0 | 989.0 | 968.0 | -23.0 | -21.0 | | 沙河长城 5mm大板 | 1113.0 | 1147.0 | 1147.0 | 34.0 | 0.0 | FG01合约 | 1189.0 | 1185.0 | 1180.0 | -9.0 | -5.0 | | 沙河5mm大 板低价 | 1 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Week39 ship - line average is $1660 (equivalent to 1150 points on the disk), the basis of contract 10 is - 53 points, and the spread between contracts 10 and 12 is - 405.3 points. The spot price has little change today. The price of contract 10 on the disk drops significantly because the spot price breaks through the previous low of the year, indicating the edge of ship - line competition. The valuation space below contract 10 decreases significantly, and position reduction can be considered. The price of contract 12 also drops, and the change in the spread between contracts 10 and 12 is small and relatively reasonable. Currently, the cargo is still in the spot downward period, the ship - line loading rate is not high, and the overall driving force is still downward [2][23] 3. Summary by Relevant Catalogs Futures - For EC2510, the closing price is 1203.8, with a change of - 5.02%, trading volume of 32766, open interest of 49507, and an open - interest change of 2187 [2][23] - For EC2512, the closing price is 1609.1, with a change of - 3.88%, trading volume of 10045, open interest of 19025, and an open - interest change of 1417 [2][23] - For EC2602, the closing price is 1497.4, with a change of - 1.75%, trading volume of 1268, open interest of 6001, and an open - interest change of 59 [2][23] - For EC2604, the closing price is 1242.0, with a change of - 0.32%, trading volume of 919, open interest of 7791, and an open - interest change of 279 [2][23] - For FC2606, the closing price is 1430.6, with a change of - 0.92%, trading volume of 67, and open interest of 963 [2][23] Month - to - Month Spreads - The spread of EC2510 - 2512 is - 405.3, compared to - 406.6 the previous day and - 414.2 the day before the previous day, with a change of 1.3 and a week - on - week change of - 5.0 [2][23] - The spread of FC2512 - 2602 is 111.7, compared to 150.0 the previous day and 155.5 the day before the previous day, with a change of - 38.3 and a week - on - week change of - 61.9 [2][23] Indicators - SCHIS is updated weekly, and on September 8, 2025, it is 1566.46 points, down 11.68% from the previous period and 10.88% from the period before the previous period [2][23] - SCFI (European line) is updated at a certain frequency, and on September 5, 2025, it is $1315/TEU, down 11.21% from the previous period and 11.21% from the period before the previous period [2][23] - CCFI is updated at a certain frequency, and on September 5, 2025, it is 1638.77 points, down 2.79% from the previous period and 4.09% from the period before the previous period [2][23] - NCFI is updated at a certain frequency, and on September 5, 2025, it is 855.93 points, down 7.92% from the previous period and 14.23% from the period before the previous period [2][23] Recent European Line Quotations - Week37: The average quotation is $2100 (equivalent to 1450 points on the disk). Among them, MSK quotes $1900 (later raised to $1950), PA quotes $2100 - 2150, and OA quotes $2100 - 2300 [2][23] - Week38: The average quotation is $1800 (equivalent to 1260 points on the disk). Among them, MSK quotes $1700 (later raised to $1760), PA & MSC quote $1800 - 1950, and OA quotes $1650 - 2020 [2][23] - Week39: The average quotation is $1660 (equivalent to 1150 points on the disk). Among them, MSK quotes $1550, PA's quotation drops to $1600 - 1700, and OA quotes $1650 - 1700 [2][23] Related News - On September 11, a Hamas spokesman stated that the cease - fire conditions in Gaza remain unchanged, and the US and Israel are conspiring to undermine the negotiation process - On September 12, Israeli Prime Minister Netanyahu approved a plan to build 3401 housing units in the "E1 area" between the Jewish settlement of Ma'ale Adumim in the West Bank and East Jerusalem. Netanyahu declared that the eastern border of Israel will be the Jordan Valley, not Ma'ale Adumim, and that "everything starting in Gaza will end in Gaza, and we will defeat Hamas, and the Palestinian state will cease to exist." The expansion of Jewish settlements in the "E1 area" will divide the West Bank into two north - south regions, preventing the Palestinian areas of East Jerusalem, Bethlehem, and Ramallah from being connected, and creating a continuous Jewish community between Jerusalem and Ma'ale Adumim. This plan has been opposed by the international community and has also sparked intense controversy within Israel [2][23]

Group 1: Volatility Index Introduction - The implied volatility index of financial options reflects the 30 - day implied volatility trend as of the previous trading day. The implied volatility index of commodity options is obtained by weighting the implied volatility of the two - strike options above and below the at - the - money option of the main contract month, reflecting the implied volatility change trend of the main contract [3] - The difference between the implied volatility index and historical volatility: a larger difference indicates that the implied volatility is relatively higher than historical volatility, and a smaller difference means the opposite [3] Group 2: Implied Volatility Quantile Ranking - The historical volatility quantile ranking of 50ETF is 0.81 [7] - The historical volatility quantile ranking of 300 Index is 0.79 [5] Group 3: Implied Volatility and Historical Volatility Difference Graph Explanation - The implied volatility quantile represents the current level of the implied volatility of a variety in history. A high quantile means the current implied volatility is high, and a low quantile means it is low [8] - The volatility spread refers to the implied volatility index minus the historical volatility [8]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Methanol trading follows the logic of port pressure being transmitted to the inland. Although there is seasonal stocking demand and new device stocking increment in the inland later, the port will continuously cause reverse flow impact. The current price on the futures market is benchmarked against the inland price, and the inland's actions are crucial. It's not advisable to bottom - fish yet, and attention should be paid to import variables such as India's purchase of Iranian methanol and unplanned maintenance [2]. - For polyethylene, the overall inventory is neutral. The 09 basis is around - 110 in North China and - 50 in East China. The import profit is around - 200 with no further increment for now. The domestic linear production has decreased recently. Attention should be paid to the LL - HD conversion and new device commissioning [6]. - Polypropylene inventory shows upstream and mid - stream destocking. The basis is - 60, and the non - standard price difference is neutral. The import profit is around - 700, and the export situation is good. The subsequent supply is expected to increase slightly, and the 01 contract is under moderate to excessive pressure under the background of over - capacity. The supply pressure can be alleviated if exports continue to increase or there are many PDH device overhauls [7]. - For PVC, the basis remains stable. The downstream start - up rate is seasonally weak, and the willingness to hold goods at low prices is strong. The mid - upstream inventory is continuously accumulating. Attention should be paid to commissioning and export sustainability in Q4. The current static inventory contradiction accumulates slowly, and attention should be paid to factors such as exports, coal prices, and terminal orders [7]. 3. Summary by Related Catalogs Methanol - **Price Data**: From September 5th to 11th, the power coal futures price remained at 801. The prices of methanol in different regions showed certain fluctuations, and the import profit and other indicators also changed slightly. For example, the Jiangsu spot price decreased by 10 from September 10th to 11th [2]. - **Viewpoint**: The trading logic is the port pressure transmission to the inland. The inland has seasonal and new device stocking demand, but the port's reverse flow will impact the inland. The current valuation, inventory, and driving forces are not ideal for bottom - fishing [2]. Plastic (Polyethylene) - **Price Data**: From September 5th to 11th, the Northeast Asia ethylene price remained at 840. The prices of different types of polyethylene in different regions had minor changes, and the import profit and other indicators also showed some adjustments. The two - oil inventory remained at 67, and the number of warehouse receipts increased by 2695 from September 10th to 11th [6]. - **Viewpoint**: The overall inventory is neutral. The import profit is around - 200. The domestic linear production has decreased recently. Attention should be paid to the LL - HD conversion and new device commissioning [6]. Polypropylene - **Price Data**: From September 5th to 11th, the Shandong propylene price increased from 6540 to 6680. The prices of polypropylene in different regions and other related indicators had certain fluctuations. The two - oil inventory remained at 67, and the number of warehouse receipts remained unchanged [7]. - **Viewpoint**: The inventory shows upstream and mid - stream destocking. The basis is - 60, and the non - standard price difference is neutral. The import profit is around - 700, and the export is good. The subsequent supply is expected to increase slightly, and the 01 contract is under moderate to excessive pressure [7]. PVC - **Price Data**: From September 5th to 11th, the Northwest calcium carbide price remained at 2400 on September 8th - 11th, and the Shandong caustic soda price decreased by 5 from September 10th to 11th. The prices of PVC in different regions and other related indicators had minor changes [7]. - **Viewpoint**: The basis remains stable. The downstream start - up rate is seasonally weak, and the mid - upstream inventory is accumulating. Attention should be paid to commissioning and export sustainability in Q4, as well as factors such as exports, coal prices, and terminal orders [7].

本周锌价窄幅震荡。供应端，国产TC小幅下降，进口TC进一步上升。9月检修集中冶炼产量环比小幅下滑，海外季度矿 端增量超预期，7月我国锌矿进口超50万吨，近三年最高，预计三季度整体进口矿量都偏高位。需求端内雲季节性疲 软，难见增长但往下亦有一定韧性;海外，欧洲需求一般，但部分炼厂因为加工费问题生产有一定阻力。国内，社库震 荡上升。海外LME库存去化较快，主要流向欧美，显性库存已接近近两年低位，当前外强内弱格局可能进一步分化。策 略方面，短期受降息预期及国内商品情绪支撑影响，中长期空头配置;内外方面.。内外正套可继续持有;月差方面，可留 意10-12正套机会。 镍 ： 日期 1.5菲律宾镍矿 高镍铁 沪镍现货 金川升贴水 俄镍升贴水 2025/09/05 57.0 - 119750 2050 350 2025/09/08 57.0 - 120450 2150 300 2025/09/09 57.0 - 120200 2200 300 2025/09/10 57.0 - 119450 2200 300 2025/09/11 57.0 - 119600 2250 300 变化 0.0 - 150 50 0 日期 现货 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The overall driver remains downward as shipping companies' loading rates are low during the spot price decline period. The 10 - contract on the futures market dropped significantly as the spot price broke through the previous low of the year, showing signs of shipping companies' price competition. The valuation space below the 10 - contract has significantly decreased, and investors can consider reducing their positions. The 12 - contract followed the decline, and the 10 - 12 spread changed little and is relatively reasonable. Currently, the spot price has little change [1][8]. 3. Summary by Relevant Catalogs 3.1 Futures Contract Information - **Yesterday's Closing Price and Changes**: EC2510 closed at 1203.8, down 5.02%; EC2512 at 1609.1, down 3.88%; EC2602 at 1497.4, down 1.75%; EC2604 at 1242.0, down 0.32%; EC2606 at 1430.6, down 0.92% [1]. - **Basis**: EC2510's basis is 362.7; EC2512's is - 42.6; EC2602's is 69.1; EC2604's is 324.5; EC2606's is 135.9 [1]. - **Yesterday's Trading Volume and Open Interest**: EC2510's trading volume is 32766, and open interest is 49507; EC2512's trading volume is 10045, open interest is 19025 with a change of 1417; EC2602's trading volume is 1268, open interest is 6001 with a change of 59; EC2604's trading volume is 919, open interest is 7791 with a change of 279; EC2606's trading volume is 67, open interest change is 6 [1]. - **Monthly Spread**: EC2510 - 2512 spread is - 405.3, with a daily increase of 1.3 and a weekly decrease of 5.0; EC2512 - 2602 spread is 111.7, with a daily decrease of 38.3 and a weekly decrease of 61.9 [1]. 3.2 Spot Index Information - **SCFIS (European Line)**: On September 8, 2025, it was 1566.46 points, down 11.68% from the previous period; on September 5, 2025, it was 1773.60 points, down 10.88% from the previous period [1]. - **CCFI**: On September 5, 2025, it was 1638.77 points, down 2.79% from the previous period [1]. - **NCFI**: On September 5, 2025, it was 855.93 points, down 7.92% from the previous period [1]. 3.3 Recent European Line Quotation Situation - **Week 37**: The average quotation was 2100 US dollars (equivalent to 1450 points on the disk), among which MSK was 1900 US dollars (later rose to 1950), PA was 2100 - 2150, and OA was 2100 - 2300 [2]. - **Week 38**: The average quotation was 1800 US dollars (equivalent to 1260 points on the disk), among which MSK was 1700 US dollars (later rose to 1760), PA&MSC was 1800 - 1950, and OA was 1650 - 2020 [2]. - **Week 39**: The average quotation was 1660 US dollars (equivalent to 1150 points on the disk), among which MSK opened at 1550 US dollars, PA dropped to 1600 - 1700 US dollars, and OA quoted 1650 - 1700 US dollars [2].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - This week, oil prices declined. OPEC+ plans to further increase production in October, with a daily oil production increase of 137,000 barrels in October and a cumulative increase of 1.65 million barrels by August 2026. This deteriorates the crude oil balance sheet in the fourth quarter. Brent and WTI crude oil spreads weakened, while the Dubai near - month spread strengthened due to physical market factors. Refining margins in Europe and the United States strengthened significantly, and gasoline and diesel cracks fluctuated upwards. Fundamentally, global oil inventories increased slightly. The US EIA commercial crude oil inventory increased by 2.415 million barrels, and the strategic reserve inventory increased by 509,000 barrels. US gasoline inventories decreased rapidly, diesel inventories increased slightly, and residue inventories decreased. European ARA port oil products and Singapore oil production inventories increased significantly. The crude oil balance sheet is expected to have a surplus of over 2 million barrels per day in the fourth quarter and 1.8 - 2.5 million barrels per day in 2026. It is estimated that refinery maintenance in October will exceed previous years, pressuring the crude oil spreads. The absolute price of crude oil is weak in the short - term, and the medium - term surplus pattern remains unchanged. The absolute price center in the fourth quarter is expected to fall to $55 - 60 per barrel. Attention should be paid to the impact of geopolitics and sanctions on the supply reduction of Iran and Russia [5]. Group 3: Summary by Relevant Catalog Daily News - Venezuelan Interior Minister Diosdado Cabello stated that the ship sunk by the US in the Caribbean was a fishing boat, accusing the US of "murdering civilians" and suggesting that the US's motive was Venezuela's rich resources such as oil, gas, and gold [4]. - US Commerce Secretary Lutnick said that the US could reach a trade agreement with India if India stops buying Russian oil. He also mentioned that a trade agreement with Switzerland is "likely to be completed" and that an agreement with South Korea has been reached but is awaiting document submission [4]. - Due to drone attacks limiting refinery production, Russia's oil product exports in early September significantly shrank, with diesel and naphtha shipments dropping sharply. The average daily export volume in the first 7 days of September was 1.96 million barrels, and if this rate continues, the monthly average export volume will hit a one - year low, a 10% decrease from August [4]. - Saudi Aramco has asked Asian buyers to increase crude oil pick - up in October. After lowering crude oil prices more than expected, Saudi Aramco held off - site discussions with Asian buyers during the APPEC in Singapore, which may delay the October crude oil supply allocation until next week [4]. Regional Fundamentals - 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 [4]. - EIA report: In the week of September 5, US domestic crude oil production increased by 72,000 barrels to 13.495 million barrels per day [5]. - EIA report: Commercial crude oil inventories excluding strategic reserves increased by 3.939 million barrels to 425 million barrels, a 0.94% increase [5]. - EIA report: The four - week average supply of US crude oil products was 20.888 million barrels per day, a 1.97% increase compared to the same period last year [5]. - EIA report: In the week of September 5, the US Strategic Petroleum Reserve (SPR) inventory increased by 514,000 barrels to 405.2 million barrels, a 0.13% increase [5]. - EIA report: In the week of September 5, US commercial crude oil imports excluding strategic reserves were 6.271 million barrels per day, a decrease of 471,000 barrels per day from the previous week [5]. - 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 the comprehensive profit of local refineries decreased month - on - month [5]. Weekly Price Data | Date | WTI | BRENT | DUBAI | BRENT 1 - 2 Month Spread | WTI - BRENT | DUBAI - BRENT | NYMEX RB | RBOB - BRENT | NYMEX HO | HO - BRENT | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/09/05 | 61.87 | 65.50 | 68.45 | 0.39 | - 3.63 | 0.59 | 196.42 | 17.00 | 228.70 | 30.55 | | 2025/09/08 | 62.26 | 66.02 | 69.03 | 0.35 | - 3.76 | 0.47 | 195.86 | 16.24 | 231.19 | 31.08 | | 2025/09/09 | 62.63 | 66.39 | 69.50 | 0.28 | - 3.76 | 0.34 | 199.25 | 17.30 | 231.99 | 31.05 | | 2025/09/10 | 63.67 | 67.49 | 70.41 | 0.33 | - 3.82 | - 0.04 | 200.80 | 16.85 | 233.37 | 30.53 | | 2025/09/11 | 62.37 | 66.37 | 69.85 | 0.36 | - 4.00 | - 0.02 | 197.93 | 16.76 | 228.19 | 29.47 | | Change | - 1.30 | - 1.12 | - 0.56 | 0.03 | - 0.18 | 0.02 | - 2.87 | - 0.09 | - 5.18 | - 1.06 | | Date | SC | OMAN | SC - BRENT | SC - WTI | Domestic Gasoline | Domestic Gasoline - BRENT | Domestic Diesel | Domestic Diesel - BRENT | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/09/05 | | 482.00 | 2.33 | 5.96 | 7800 | 3923 | 6438 | 3017 | | 2025/09/08 | | 490.50 | 3.04 | 6.80 | 7780 | 3874 | 6456 | 3009 | | 2025/09/09 | | 482.80 | 1.60 | 5.36 | 7800 | 3873 | 6464 | 2999 | | 2025/09/10 | | 486.20 | 0.93 | 4.75 | 7800 | 3805 | - | - | | 2025/09/11 | | 489.20 | 2.50 | 6.50 | 7810 | 3883 | 6469 | 3004 | | Change | | 3.00 | 1.57 | 1.75 | 10.00 | 78.00 | - | - | | Date | Japanese Naphtha CFR | Japanese Naphtha - BRENT | Singapore Fuel Oil 380CST Premium | Singapore 380 - BRENT | SHFE FU Main Contract | SHFE FU - BRENT | SHFE BU Main Contract | SHFE BU - BRENT | HH Natural Gas | BFO | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/09/05 | 596.25 | 114.83 | - 0.95 | - 92.49 | 2759 | - 93.18 | 3437 | 2.22 | 3.050 | 65.09 | | 2025/09/08 | 594.25 | 109.00 | - 0.5 | - 96.26 | 2767 | - 95.69 | 3440 | - 0.94 | 3.110 | 65.66 | | 2025/09/09 | 597.25 | 109.28 | 0.25 | - 92.78 | 2766 | - 98.43 | 3420 | - 6.33 | 3.120 | 68.1 | | 2025/09/10 | 603.25 | 107.20 | 0.35 | - 100.36 | 2786 | - 104.00 | 3450 | - 10.56 | 2.900 | 67.73 | | 2025/09/11 | - | 116.18 | - 0.4 | - | 2802 | - 93.36 | 3463 | - 0.31 | 2.900 | 67.73 | | Change | - | 8.98 | - 0.75 | - | 16 | 10.64 | 13 | 10.25 | - 0.220 | - 0.37 | [3]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints The report presents a comprehensive overview of the synthetic rubber market, including the performance of BR (butadiene rubber) and BD (butadiene) futures and spot markets, as well as various price indicators, profit margins, and spreads. It tracks the daily and weekly changes in these metrics, providing insights into the market dynamics of synthetic rubber [3][12][21]. 3. Summary by Relevant Catalogs BR (Butadiene Rubber) - **Futures Indicators**: The BR主力合约收盘价 decreased by 65 to 11,655 on 9/11 compared to the previous day, and decreased by 155 on a weekly basis. The主力合约持仓量 decreased by 1,100 to 22,243, and the主力合约成交量 decreased by 2,019 to 62,200 [3][12][21]. - **Basis and Month - Spreads**: The顺丁基差 increased by 15 to 15, and the 9 - 10月差 increased by 175 to 195 [3][12][21]. - **Spot Prices**: The山东市场价 decreased by 50 to 11,750, and the传化市场价 decreased by 150 to 11,550. The齐鲁出厂价 remained unchanged at 11,900 on 9/11 but decreased by 200 on a weekly basis [3][12][21]. - **Processing and Trade Profits**: The现货加工利润 increased by 27 to - 115, and the进口利润 decreased by 46 to - 84,515. The出口利润 increased by 43 to - 82 [3][12][21]. BD (Butadiene) - **Spot Prices**: The山东市场价 decreased by 75 to 9,475, and the江苏市场价 decreased by 75 to 9,275. The扬子出厂价 decreased by 100 to 9,250 [3][12][21]. - **Processing Profits**: The丁烯氧化脱氢利润 decreased by 75 to 111, and the进口利润 decreased by 75 to 314. The出口利润 increased by 234 to - 920 [3][12][21]. Downstream Profits - The丁苯生产利润 was 1,038, the ABS生产利润 remained unchanged at - 94, and the SBS生产利润(791 - H) decreased by 300 to 755 [3][12][21]. Spreads - **Inter - Variety Spreads**: The泰混 - 顺丁 increased by 50 to 3,250, and the RU - BR increased by 1,025 to - 6,338 [3][12][21]. - **Intra - Variety Spreads**: The丁苯1502 - 1712 increased by 50 to 1,000 [3][12][21].

Report Summary 1. Report Date - The report was released on September 12, 2025, by the macro team of the research center [2] 2. Global Asset Market Performance 2.1 Government Bond Yields - **10 - year Government Bond Yields**: Yields showed various changes across different economies. For example, the US 10 - year yield on September 11, 2025, was 4.022, with a latest change of - 0.025, a one - week change of - 0.140, a one - month change of - 0.264, and a one - year change of 0.190 [3] - **2 - year Government Bond Yields**: The US 2 - year yield on September 11, 2025, was 3.540, with a latest change of 0.050, a one - week change of - 0.120, a one - month change of - 0.070, and a one - year change of - 0.370 [3] 2.2 Exchange Rates - **USD against Major Emerging Economies' Currencies**: The USD/Brazilian Real exchange rate on September 11, 2025, was 5.389, with a latest change of - 0.37%, a one - week change of - 1.06%, a one - month change of - 0.52%, and a one - year change of - 4.52% [3] - **Renminbi**: The on - shore RMB exchange rate on September 11, 2025, was 7.119, with a latest change of - 0.03%, a one - week change of - 0.32%, a one - month change of - 0.88%, and a one - year change of - 0.04% [3] 2.3 Stock Indices - **Major Economies' Stock Indices**: The S&P 500 index on September 11, 2025, was 6587.470, with a latest change of 0.85%, a one - week change of 1.31%, a one - month change of 1.84%, and a one - year change of 19.15% [3] - **Other Stock Indices**: The Hang Seng Index on September 11, 2025, was 26086.320, with a latest change of - 0.43%, a one - week change of 4.10%, a one - month change of 2.22%, and a one - year change of 47.79% [3] 2.4 Credit Bond Indices - The US investment - grade credit bond index on September 11, 2025, was 3529.910, with a latest change of 0.28%, a one - week change of 1.28%, a one - month change of 2.09%, and a one - year change of 5.49% [3][4] 3. Stock Index Futures Trading Data 3.1 Index Performance - The closing price of the A - share index was 3875.31, with a change of 1.65% [5] 3.2 Valuation - The PE (TTM) of the CSI 300 was 14.18, with a环比 change of 0.24 [5] 3.3 Risk Premium - The risk premium (1/PE - 10 - year interest rate) of the S&P 500 was - 0.37, with a环比 change of 0.00 [5] 3.4 Fund Flows - The latest value of fund flows into A - shares was 1342.66, and the 5 - day average was 30.55 [5] 4. Government Bond Futures Trading Data - The closing price of the T00 government bond futures was 107.880, with a change of - 0.31% [6] 5. Other Stock Indices - The Malaysian index on September 11, 2025, was 1582.850, with a latest change of - 0.50%, a one - week change of 0.30% [9]

Report Summary 1. Report Information - Report title: Pulp Morning Report - Research team: Energy and Chemicals Team of the Research Center - Date: September 12, 2025 [2] 2. Core Viewpoints - There is limited information in the report, mainly presenting data on the pulp market including contract prices, import costs, and price differentials, without clear core viewpoints on investment or market trends [3][4] 3. Key Data Summaries 3.1 SP Main Contract Data - On September 11, 2025, the closing price of the SP main contract was 5016.00, with a daily increase of 0.40032%. The converted US - dollar price was 614.44. The Shandong Yinxing basis was 674, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 684 [3] 3.2 Import Pulp Data - For imported pulp from different origins and brands on September 11, 2025, Canadian Golden Lion (CFR) had a port US - dollar price of 780, a Shandong - area RMB price of 6200, and an import profit of - 45.57. Canadian Lion (CFR) had a port US - dollar price of 730, a Shandong - area RMB price of 5410, and an import profit of - 533.29. Chilean Yinxing (CFR, 90 - day letter of credit) had a port US - dollar price of 720, a Shandong - area RMB price of 5690, and an import profit of - 172.83 [4] 3.3 Pulp Price Averages - From September 5 to September 11, 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 - area average prices also remained unchanged [4] 3.4 Paper Product Indexes and Margins - From September 8 to September 11, 2025, the cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and living paper (living index) remained unchanged. The profit margins of double - offset paper, double - copper paper, white - card paper, and living paper also remained unchanged [4] 3.5 Pulp Price Differentials - From September 5 to September 11, 2025, the softwood - hardwood price differential was between 1510 - 1525, the softwood - natural price differential was between 290 - 315, the softwood - chemimechanical price differential was between 1865 - 1890, and the softwood - waste paper price differential was between 4114 - 4139 [4]