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]

| 11 75 22 111 | | --- | | Contract of the county SURE PLAN | | | 研究中心宏观团队 2025/09/11 | 全 球 资 产 市 场 表 现 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主要经济体10年期国债收益率 | | | | | | | | | | | 美国 | 英国 | 法国 | 德国 | 意大利 | 西班牙 | 瑞士 | 希腊 | | 2025/09/10 | 4.047 | 4.632 | 3.461 | 2.650 | 3.464 | 3.234 | 0.215 | 3.315 | | 最新变化 | -0.041 | 0.010 | -0.007 | -0.008 | -0.014 | -0.012 | 0.005 | -0.004 | | 一周变化 | -0.171 | -0.115 | -0.079 | -0.089 | -0.148 | -0.111 | -0.057 | -0.122 | | 一月变化 | -0.18 ...

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]

Report Information - Report Title: Coking Coal Daily Report [1] - Report Date: September 11, 2025 [1] - Research Team: Black Team of the Research Center [1] Key Data Summary Coal Price - LiuLin Main Coking Coal: The latest price 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] - Peak Downs: The latest price is 201.50, with a daily increase of 1.50, a weekly increase of 2.00, a monthly increase of 3.50, and an annual increase of 4.00 [2] - Raw Coal Port Delivery Price: The latest price is 931.00, with a daily increase of 2.00, a weekly increase of 25.00, a monthly decrease of 109.00, and an annual decrease of 19.04% [2] - Goonyella: The latest price is 202.50, with a daily increase of 2.00, no weekly change, a monthly increase of 1.50, and an annual increase of 5.00 [2] - ShaHeYi Meng 5: The latest price is 1380.00, with no daily, weekly, or monthly change, and an annual decrease of 16.36% [2] - AnZe Main Coking Coal: The latest price is 1420.00, with no daily change, a weekly decrease of 30.00, a monthly decrease of 50.00, and an annual decrease of 16.47% [2] Inventory - Total Inventory: The latest inventory is 3397.68, with a weekly decrease of 105.01, a monthly decrease of 53.62, and an annual decrease of 9.53% [2] - Coal Mine Inventory: The latest inventory is 268.08, with a weekly decrease of 15.54, a monthly increase of 22.42, and an annual decrease of 18.32% [2] - Port Inventory: The latest inventory is 275.35, with a weekly increase of 13.86, a monthly decrease of 6.76, and an annual decrease of 24.01% [2] - Steel Mill Coking Coal Inventory: The latest inventory is 811.85, with a weekly decrease of 0.46, a monthly increase of 8.06, and an annual increase of 10.54% [2] - Coking Coking Coal Inventory: The latest inventory is 961.27, with a weekly decrease of 5.14, a monthly decrease of 31.46, and an annual increase of 12.87% [2] - Coking Coke Inventory: The latest inventory is 84.31, with a weekly decrease of 0.68, a monthly decrease of 1.99, and an annual decrease of 1.51% [2] Capacity Utilization and Other Data - Coking Capacity Utilization: The latest utilization rate is 73.14, with a weekly decrease of 0.22, a monthly decrease of 0.89, and an annual increase of 5.27% [2] - 05 Basis: The latest basis is -4.29, with a daily decrease of 15.87, a weekly decrease of 102.37, a monthly increase of 63.18, and an annual decrease of 332.81 [2] - 09 Basis: The latest basis is 215.71, with a daily decrease of 71.37, a weekly decrease of 86.87, a monthly increase of 114.68, and an annual decrease of 0.32 [2] - 01 Basis: The latest basis is 69.21, with a daily decrease of 29.37, a weekly decrease of 78.87, a monthly increase of 111.68, and an annual decrease of 0.80 [2] - 5 - 9 Spread: The latest spread is 220.00, with a daily decrease of 55.50, a weekly increase of 15.50, a monthly increase of 51.50, and an annual decrease of 17.92 [2] - 9 - 1 Spread: The latest spread is -146.50, with a daily increase of 42.00, a weekly increase of 8.00, a monthly decrease of 3.00, and an annual decrease of 5.07 [2] - 1 - 5 Spread: The latest spread is -73.50, with a daily increase of 13.50, a weekly decrease of 23.50, a monthly decrease of 48.50, and an annual increase of 2.20 [2] - Futures Prices: The latest prices of Futures 05, 09, and 01 are 1189.00, 969.00, and 1115.50 respectively, with corresponding daily changes of -37.00, 18.50, and -23.50 [2]

仓单 铁合金早报 现货 盘面 品种 项目 | | | 最新 | 日变化 | 周变化 | 出厂价折盘面 | | 最新 | 日变化 | 周变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 硅铁自然块 产区汇总价 | 宁夏#72 | 5250 | -30 | 50 | 5550 | 主力合约 | 5628 | 8 | 108 | | | 内蒙#72 | 5310 | 0 | 60 | 5660 | 01合约 | 5588 | 10 | 104 | | | 青海#72 | 5250 | 0 | 0 | 5580 | 05合约 | 5702 | 20 | 90 | | | 陕西#72 | 5250 | -30 | 50 | 5550 | 09合约 | 5464 | 30 | 120 | | | 陕西#75 | 5950 | 0 | 0 | | 主力月基差 | -78 | -38 | -58 | | 硅铁合格块 | 江苏#72 | 5450 | 0 | 0 | | 1-5月差 | -114 | -10 | 14 | | 贸易商价 | ...

美国军演 | | | | | | | 研究中心能化团队 | | | 2025/9/11 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 告叙 | | 昨日收盘价 | 涨跌 (%) | 脚 | 昨日成交量 | 昨日持命量 | | 持合变动 | | 期货 | EC2510 | | 1267.4 | -0.10 | 299.1 | 15226 | | 47320 | 114 | | | EC2512 | | 1674.0 | -0.5 | -107.5 | 8134 | | 17608 | 7 249 | | | EC2602 | | 1524.0 | -0.22 | 42.5 | | 885 | 5942 | 23 | | | EC2604 | | 1246.0 | -0.85 | 320.5 | | 447 | 7512 | 22 | | | EC2606 | | 1443.9 | 0.66 | 122.6 | | 100 | 957 | 43 | | | 月差 | | 前一日 | 前两日 | 前三日 | 目环比 | | 周 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst weakened in a fluctuating manner, the nearby monthly spread continued to strengthen, the basis fluctuated after a rebound, the EW spread continued to strengthen, and the FU internal - external spread was affected by the delivery warehouse. The low - sulfur cracking fluctuated, the monthly spread weakened in a fluctuating manner, and the LU internal - external spread fluctuated around 9 US dollars. The MF0.5 basis fluctuated [6]. - Fundamentally, Singapore's residual oil inventories increased significantly, floating storage decreased slightly, ARA residual oil inventories increased significantly, floating storage inventories increased significantly, and EIA residual oil decreased slightly. The global supply - demand of high - sulfur fuel oil weakened. Due to the reshaping of logistics, the demand for high - sulfur marine fuel in Singapore provided support, the EW spread repair was completed, and the domestic high - sulfur spot was still in excess. One should be vigilant against over - heating sentiment. This week, LU remained weak, the external MF0.5 basis remained volatile. Due to the support of European and American gasoline and diesel cracking, one can pay attention to the opportunity of the low - sulfur to high - sulfur spread widening in the fourth quarter [7]. 3. Summary by Relevant Data Rotterdam Fuel Oil Swap Data | Type | 2025/09/04 | 2025/09/05 | 2025/09/08 | 2025/09/09 | 2025/09/10 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 376.87 | 366.78 | 372.49 | 379.86 | 382.27 | 2.41 | | Rotterdam 0.5% VLS FO Swap M1 | 442.59 | 431.93 | 439.86 | 439.55 | 439.10 | - 0.45 | | Rotterdam HSFO - Brent M1 | - 7.25 | - 6.98 | - 7.20 | - 6.70 | - 6.95 | - 0.25 | | Rotterdam 10ppm Gasoil Swap M1 | 665.68 | 651.05 | 662.46 | 670.83 | 670.27 | - 0.56 | | Rotterdam VLSFO - Gasoil M1 | - 223.09 | - 219.12 | - 222.60 | - 231.28 | - 231.17 | 0.11 | | LGO - Brent M1 | 24.02 | 23.59 | 24.62 | 25.35 | 24.25 | - 1.10 | | Rotterdam VLSFO - HSFO M1 | 65.72 | 65.15 | 67.37 | 59.69 | 56.83 | - 2.86 | [4] Singapore Fuel Oil Swap Data | Type | 2025/09/04 | 2025/09/05 | 2025/09/08 | 2025/09/09 | 2025/09/10 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 387.61 | 388.79 | 388.46 | 395.12 | 396.58 | 1.46 | | Singapore 180cst M1 | 398.86 | 398.59 | 397.67 | 399.61 | 406.58 | 6.97 | | Singapore VLSFO M1 | 475.19 | 471.33 | 468.78 | 471.70 | 468.91 | - 2.79 | | Singapore Gasoil M1 | 86.84 | 86.70 | 86.66 | 87.38 | 87.92 | 0.54 | | Singapore 380cst - Brent M1 | - 5.59 | - 5.05 | - 4.94 | - 4.25 | - 4.55 | - 0.30 | | Singapore VLSFO - Gasoil M1 | - 167.43 | - 170.25 | - 172.50 | - 174.91 | - 181.70 | - 6.79 | [4] Singapore Fuel Oil Spot Data | Type | 2025/09/04 | 2025/09/05 | 2025/09/08 | 2025/09/09 | 2025/09/10 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 387.09 | 388.16 | 388.92 | 396.64 | 396.90 | 0.26 | | FOB VLSFO | 474.28 | 468.87 | 468.99 | 469.80 | 466.00 | - 3.80 | | 380 Basis | - 1.00 | - 0.95 | - 0.50 | 0.25 | 0.35 | 0.10 | | High - sulfur Internal - external Spread | 6.0 | 7.3 | 8.0 | 6.4 | - | - | | Low - sulfur Internal - external Spread | 9.4 | 9.4 | 7.9 | 9.8 | - | - | [5] Domestic FU Data | Type | 2025/09/04 | 2025/09/05 | 2025/09/08 | 2025/09/09 | 2025/09/10 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2760 | 2759 | 2767 | 2766 | 2786 | 20 | | FU 05 | 2721 | 2719 | 2721 | 2724 | 2741 | 17 | | FU 09 | 2694 | 2695 | 2679 | 2678 | 2697 | 19 | | FU 01 - 05 | 39 | 40 | 46 | 42 | 45 | 3 | | FU 05 - 09 | 27 | - | 42 | 46 | 44 | - 2 | | FU 09 - 01 | - 66 | - 64 | - 88 | - 88 | - 89 | - 1 | [5] Domestic LU Data | Type | 2025/09/04 | 2025/09/05 | 2025/09/08 | 2025/09/09 | 2025/09/10 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3395 | 3375 | 3385 | 3367 | 3370 | 3 | | LU 05 | 3359 | 3343 | 3347 | 3335 | 3339 | 4 | | LU 09 | 3341 | 3321 | 3344 | 3330 | 3331 | 1 | | LU 01 - 05 | 36 | 32 | 38 | 32 | 31 | - 1 | | LU 05 - 09 | 18 | 22 | 3 | 5 | 8 | 3 | | LU 09 - 01 | - 54 | - 54 | - 41 | - 37 | - 39 | - 2 | [6]

| | | | | | 纯 碱 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2025/9/3 | 2025/9/9 | | 2025/9/10 周度变化 日度变化 | | | 2025/9/3 | 2025/9/9 | | 2025/9/10 周度变化 日度变化 | | | 沙河重碱 | 1180.0 | 1180.0 | 1180.0 | 0.0 | 0.0 | SA05合 约 | 1357.0 | 1358.0 | 1353.0 | -4.0 | -5.0 | | 华中重碱 | 1160.0 | 1190.0 | 1190.0 | 30.0 | 0.0 | S A0 1合 约 | 1276.0 | 1278.0 | 1281.0 | 5.0 | 3.0 | | 华南重碱 | 1320.0 | 1320.0 | 1320.0 | 0.0 | 0.0 | S A0 9合 约 | 1158.0 | 1159.0 | 1162.0 | 4.0 | 3.0 | | 青 海 重 ...

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