Group 1: Core Concepts - Financial option implied volatility index reflects the 30 - day implied volatility trend as of the previous trading day, while the commodity option implied volatility index is obtained by weighting the implied volatilities of the two - strike options above and below the at - the - money option of the main contract, reflecting the implied volatility change trend of the main contract [2] - 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 it is relatively lower [2] - Implied volatility quantile represents the current implied volatility level of a variety in history. A high quantile means the current implied volatility is high, and a low quantile means it is low. Volatility spread is the implied volatility index minus historical volatility [4] Group 2: Implied Volatility and Historical Volatility Difference Chart - The document presents charts showing the differences between implied volatility (IV) and historical volatility (HV) for various financial and commodity options, including 300 - stock index, 50ETF, 1000 - stock index, 500ETF, and many commodity options such as soybean meal, corn, sugar, cotton, etc. [3] Group 3: Implied Volatility Quantile and Volatility Spread Quantile Ranking - The implied volatility quantile rankings are provided for different options, such as 50ETF, 300 - stock index, etc. For example, the implied volatility quantile of 300 - stock index is 0.82, and for 50ETF, it is shown in the context. The historical volatility quantile rankings are also presented for these options [4][5]

Report Information - Report Title: Yongan Synthetic Rubber Morning Report [2][12][22] - Report Date: September 5, 2025 [2][12][22] - Research Team: Research Center Energy and Chemicals Team [2][12][22] Core Viewpoints - The report presents a comprehensive overview of the synthetic rubber market, including BR and BD, by analyzing various indicators such as prices, production and processing profits, and import/export profits [3][13][23]. Summary by Category BR (Butadiene Rubber) - **Contract and Position Data**: On September 4, the closing price of the main contract was 11,810, down 75 from the previous day and 170 from August 5; the position volume was 26,614, a daily decrease of 2,330 and a decrease of 14,464 from August 5; the trading volume was 130,504, a daily increase of 25,435 and a decrease of 1,793 from August 5 [3][13][23]. - **Warehouse Receipts and Virtual - Real Ratio**: The number of warehouse receipts remained at 12,540 on September 4, with an increase of 280 compared to August 5; the virtual - real ratio was 10.61, a daily decrease of 1 and a decrease of 6 from August 5 [3][13][23]. - **Basis and Spread**: The butadiene basis was 90, a daily increase of 75 and an increase of 120 from August 5; the 8 - 9 month spread was 305, an increase of 290 from August 5; the 9 - 10 month spread was 20, an increase of 35 from August 5 [3][13][23]. - **Spot Prices**: The Shandong market price remained at 11,900 on September 4, a decrease of 50 from August 5; the Chuanhua market price was 11,750, a decrease of 50 from the previous day and 150 from August 5; the Qilu ex - factory price was 12,100, unchanged [3][13][23]. - **Processing and Import/Export Profits**: The spot processing profit was - 67, a daily increase of 26 and a decrease of 35 from August 5; the on - screen processing profit was - 157, a daily decrease of 50 and a decrease of 155 from August 5; the import profit was - 86,106, unchanged from the previous day and a decrease of 60 from August 5; the export profit was - 306, unchanged from the previous day and an increase of 223 from August 5 [3][13][23]. BD (Butadiene) - **Prices**: On September 4, the Shandong market price was 9,575, a decrease of 25 from the previous day and 15 from August 5; the Jiangsu market price was 9,350, a decrease of 50 from the previous day and 50 from August 5; the Yangzi ex - factory price was 9,500, unchanged; the CFR China price was 1,095, unchanged [3][13][23]. - **Processing and Import/Export Profits**: The carbon tetrachloride extraction profit data was incomplete; the butene oxidative dehydrogenation profit was 186, a daily decrease of 50 and a decrease of 120 from August 5; the import profit was 377, a daily decrease of 50 and a decrease of 51 from August 5; the export profit was - 975, a daily increase of 44 and an increase of 222 from August 5 [3][13][23]. Downstream Products - **Production Profits**: The butadiene - styrene production profit was 1,125, unchanged from the previous day and an increase of 50 from August 5; the ABS production profit was - 12, a daily increase of 3 and a decrease of 45 from August 5; the SBS 791 - H production profit was 20, unchanged from the previous day and a decrease of 140 from August 5 [3][13][23]. Inter - and Intra - Product Spreads - **Inter - Product Spreads**: On September 4, the Thai mixed - butadiene spread was 3,080, an increase of 80 from the previous day and 180 from August 5; the RU - BR spread was - 10,654, an increase of 2,405 from the previous day and 14,479 from August 5; the NR - BR spread was - 13,879, an increase of 2,350 from the previous day and 14,419 from August 5 [3][13][23]. - **Intra - Product Spreads**: The butadiene standard - non - standard price spread was 300, an increase of 50 from the previous day and 100 from August 5; the butadiene styrene 1502 - 1712 spread was 1,000, unchanged from the previous day and an increase of 100 from August 5 [3][13][23].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints No relevant content provided. 3. Summary by Related Catalogs Futures Contract Prices - The price of the BU main contract on September 4 was 3468, with a daily change of -82 and a weekly change of -3 [4][12][20]. - The prices of other contracts (BU06, BU09, BU12, BU03) also showed certain changes on September 4 compared to previous days [4][12][20]. Trading Volume and Open Interest - The trading volume on September 4 was 396,842, with a daily increase of 152,545 and a weekly increase of 96,736 [4][12][20]. - The open interest on September 4 was 464,569, with a daily decrease of 28,631 and a weekly increase of 84,140 [4][12][20]. Spot Market Prices - The market price in Shandong on September 4 was 3540, with a daily change of -10 and a weekly change of 20 [4][12][20]. - The market prices in other regions (East China, South China, North China, Northeast China) also had different changes [4][12][20]. Basis and Monthly Spread - The Shandong basis on September 4 was 72, with a daily increase of 72 and a weekly increase of 23 [4][12][20]. - The monthly spreads (03 - 06, 06 - 09, 09 - 12, 12 - 03) also showed different changes [4][12][20]. Crack Spread and Profit - The asphalt Brent crack spread on September 4 was 21, with a daily increase of 70 and a weekly increase of 88 [4][12][20]. - The profits of different types of refineries (ordinary refineries, Ma Rui - type refineries) and import profits also had various changes [4][12][20]. Related Commodity Prices - The price of Brent crude oil on September 4 was 67.6, with a daily change of -1.5 and a weekly change of -1.0 [4][12][20]. - The prices of gasoline, diesel, and residue oil in Shandong also showed different trends [4][12][20].

Report Summary 1. Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints - The overall pattern in September is loose, and the driving force is weak for at least the next two weeks. The decline in October depends on shipping companies' suspension of voyages, but the valuation is close to the annual low (1250 - 1300), with limited downside space. - The December contract follows the downward trend in the short - term, but considering the peak season and long - term contract negotiation season, investors can look for low - buying opportunities [1]. 3. Summary by Related Content EC Futures Contract Information | Contract | Yesterday's Closing Price | Change (%) | Basis | Yesterday's Trading Volume | Yesterday's Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | | EC2510 | 1300.7 | - | 472.9 | 25760 | 49963 | -1983 | | EC2512 | 1676.0 | -1.48 | 97.6 | 9231 | 16447 | 61 | | EC2602 | 1518.7 | -1.00 | 254.9 | 1479 | 5653 | -122 | | EC2604 | 1247.8 | -0.53 | 525.8 | 645 | 7306 | - | | EC2606 | 1443.0 | - | 330.6 | 87 | - | -15 | [1] Month - to - Month Spread Information | Month Spread | Previous Day | Two Days Ago | Three Days Ago | Day - on - Day Change | Week - on - Week Change | | --- | --- | --- | --- | --- | --- | | EC2510 - 2512 | -375.3 | -378.2 | -392.8 | - | -7.6 | | EC2512 - 2602 | 157.3 | 167.2 | 183.4 | - | 2.7 | [1] Index Information | Index | Update Frequency | Announcement Date | Unit | Current Period | Previous Period | Current Period Change | Previous Period Change | | --- | --- | --- | --- | --- | --- | --- | --- | | - | Weekly | 2025/9/1 | Points | 1773.6 | 1990.20 | -10.88% | -8.71% | | SCFI (European Line) | Weekly | 2025/8/29 | USD/TEU | 1481 | 1668 | -11.21% | -8.5% | | CCFI (European Line) | Weekly | 2025/8/29 | Points | 1685.8 | 1757.74 | -4.09% | -1.83% | | NCFI (European Line) | Weekly | 2025/8/29 | Points | 929.56 | 1083.74 | -14.23% | -8.83% | [1] Shipping Capacity Information - As of 9/4 update, during the National Day holiday (week40 - 41), the shipping capacity will be reduced to 310,000 and 237,000 TEU respectively. The weekly average in October is 289,000 TEU. After considering all TBN as suspended voyages, the shipping capacity in September and October is 296,000 and 260,000 TEU respectively [2]. Recent European Line Quotation Information - Week37: The average quotation is 2100 US dollars (equivalent to 1450 points). MSK quoted 1900 US dollars (later rose to 1950), PA 2100 - 2150, OA 2100 - 2300. - Week38: The average quotation is 1870 US dollars (equivalent to 1300 points). MSK quoted 1700 US dollars (later rose to 1740), PA&MSC 1800 - 2000, OA 1850 - 2020. - On Wednesday, YML quoted 1800 US dollars for the second half of September and the first half of October offline. - On Thursday, CMA reduced the price by 200 to 2220 US dollars, HPL by 200 to 1735, OOCL by 100 to 1850. EMC quoted 1900 US dollars offline, and HMM quoted 1900 (1700 for one route) [3].

Group 1: SP Main Contract Information - The closing price of the SP main contract on September 4, 2025, was 5052.00 [3] - The closing prices of the main contract from August 29 to September 4, 2025, were 5018.00, 5040.00, 5042.00, 5050.00, and 5052.00 respectively [3] - The corresponding converted US - dollar prices were 613.87, 616.59, 615.59, 616.65, and 617.47 respectively [3] - The daily price changes were 0.31987%, 0.43842%, 0.03968%, 0.15867%, and 0.03960% respectively [3] - The Shandong Yinxing basis from August 29 to September 4, 2025, was 732, 710, 708, 700, and 663 respectively [3] - The Jiangsu - Zhejiang - Shanghai Yinxing basis from August 29 to September 4, 2025, was 747, 725, 723, 715, and 683 respectively [3] Group 2: Pulp Import Information - With a 13% VAT calculation, the import profit of Canadian Golden Lion pulp was - 63.20, Canadian Lion pulp was - 509.79, and Chilean Silver Star pulp was - 164.10 [4] - The port US - dollar prices of Canadian Golden Lion, Canadian Lion, and Chilean Silver Star pulp were 780, 730, and 720 respectively, and the Shandong region RMB prices were 6300, 5450, and 5715 respectively [4] Group 3: Pulp Price and Margin Information - From August 29 to September 4, 2025, the national average prices of coniferous pulp, broad - leaf pulp, natural color pulp, and chemical mechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively [4] - The Shandong region average prices of coniferous pulp, broad - leaf pulp, natural color pulp, and chemical mechanical pulp also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4] - From September 1 to September 4, 2025, the cultural paper (double - offset index, double - copper index), packaging paper (white card index), and living paper (living index) prices remained unchanged at 5725, 5670, 4350, and 835 respectively [4] - The margin changes of double - offset paper, double - copper paper, white card paper, and living paper from September 1 to September 4, 2025, were 0.1167, 0.1050, 0.0864, and 0.0000 respectively [4] Group 4: Pulp Price Spread Information - The price spreads between coniferous and broad - leaf pulp, coniferous and natural color pulp, coniferous and chemical mechanical pulp, and coniferous and waste paper pulp on September 4, 2025, were 1525.00, 315, 1890, and 4139 respectively [4] - The price spreads of these pulp types from August 29 to September 3, 2025, were also provided [4]

Group 1: Report Investment Rating - Not provided in the given content Group 2: Core Views - This week, copper prices broke through and moved upward. The market order trading remained resilient, and the copper rod operating rate showed no obvious distinction between peak and off - peak seasons. The supply was continuously disturbed, and there was potential squeeze - out risk. Attention should be paid to the changes in the monthly and internal - external structure from September to October [1]. - For aluminum, supply increased slightly. In August, the demand was in the seasonal off - peak, with improvement in the second half of the month. In September, inventory was expected to decline. In the short term, the downstream was in the off - peak season, and attention should be paid to the long - term monthly and internal - external reverse hedging under the low - inventory pattern [1]. - Zinc prices fluctuated narrowly this week. Supply increased, and demand was seasonally weak. Domestically, social inventory rose, and overseas LME inventory declined rapidly. In the short term, it was expected to rebound, and in the long term, a short - position allocation was recommended [5]. - Nickel prices declined slightly. Supply was at a high level, demand was weak, and domestic inventory decreased slightly while overseas inventory remained stable. Attention should be paid to the development of the riots in Indonesia [6][7]. - Stainless steel prices were relatively stable. Supply decreased due to partial passive production cuts by steel mills, demand was mainly for rigid needs, and the overall fundamentals remained weak. Attention should be paid to the development of the riots in Indonesia [10]. - Lead prices fluctuated. Supply was expected to be tight, and demand was in the peak season but with weak performance. It was expected that lead prices would remain in a low - level shock next week [12]. - Tin prices fluctuated upward. Supply was affected by domestic and overseas factors, and demand had different performances at home and abroad. In the short term, it was recommended to wait and see, and in the long term, buy at low prices near the cost line [15]. - Industrial silicon prices changed. The resumption of production in Xinjiang was stable with an expected acceleration. The current supply - demand balance was in a state of slight inventory decline, and in the long term, it was expected to fluctuate at the cycle bottom [18]. - Lithium carbonate prices declined. The core contradiction was the imbalance between long - term over - capacity and short - term supply disturbances. With the arrival of the downstream peak season, the price had strong downward support [20]. Group 3: Summary by Metal Copper - This week, copper prices broke through and moved upward. The market order trading was resilient, and the copper rod operating rate had no obvious peak - off - peak distinction. The rumor of tax - refund cancellation in some areas affected the scrap copper market, and the supply was disturbed. The electrolytic copper production in September decreased unexpectedly, and there was potential squeeze - out risk [1]. Aluminum - Supply increased slightly. In August, demand was in the seasonal off - peak, with improvement in the second half of the month. In September, inventory was expected to decline. In the short term, the downstream was in the off - peak season, and attention should be paid to the long - term monthly and internal - external reverse hedging under the low - inventory pattern [1]. Zinc - Zinc prices fluctuated narrowly. Domestic TC had difficulty rising, and import TC increased. In August, the smelting output increased, and overseas mine output in the second quarter exceeded expectations. Demand was seasonally weak, and domestic social inventory rose while overseas LME inventory declined rapidly. In the short term, it was expected to rebound, and in the long term, a short - position allocation was recommended [5]. Nickel - Nickel prices declined slightly. Supply was at a high level, demand was weak, and domestic inventory decreased slightly while overseas inventory remained stable. Attention should be paid to the development of the riots in Indonesia [6][7]. Stainless Steel - Stainless steel prices were relatively stable. Supply decreased due to partial passive production cuts by steel mills, demand was mainly for rigid needs, and the overall fundamentals remained weak. Attention should be paid to the development of the riots in Indonesia [10]. Lead - Lead prices fluctuated. Supply was expected to be tight due to various factors such as low scrap battery supply and high inventory of battery products. Demand was in the peak season but with weak performance. It was expected that lead prices would remain in a low - level shock next week [12]. Tin - Tin prices fluctuated upward. Supply was affected by domestic and overseas factors, such as the low processing fee of domestic mines and the potential resumption of production in overseas areas. Demand had different performances at home and abroad, with weak domestic demand and strong overseas demand. In the short term, it was recommended to wait and see, and in the long term, buy at low prices near the cost line [15]. Industrial Silicon - Industrial silicon prices changed. The resumption of production in Xinjiang was stable with an expected acceleration. The current supply - demand balance was in a state of slight inventory decline, and in the long term, it was expected to fluctuate at the cycle bottom [18]. Lithium Carbonate - Lithium carbonate prices declined. The core contradiction was the imbalance between long - term over - capacity and short - term supply disturbances. With the arrival of the downstream peak season, the price had strong downward support [20].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints - This week, oil prices fluctuated within a narrow range, and the absolute price declined on Friday. The inflection point of the crude oil fundamentals has emerged at the end of the peak refinery operation season in summer. The spreads of Brent and WTI crude oil strengthened slightly, while the spread of Dubai crude oil strengthened significantly. The refining margins of European and American refineries declined slightly, the gasoline crack spread in the United States strengthened, and the European diesel crack spread fluctuated. The balance sheet is expected to have a surplus of 1.8 million barrels per day in the fourth quarter and 1.8 - 2.5 million barrels per day in 2026. Global oil inventories increased slightly, U.S. commercial crude oil inventories decreased seasonally, with the absolute inventory at a historically low level in the same period, Cushing inventories decreased, and U.S. gasoline and diesel inventories decreased. Institutions estimate that refinery maintenance in October globally will exceed previous years (in Europe and Africa), and the crude oil spreads are expected to face pressure. Recently, the absolute price of crude oil has been fluctuating. Pay attention to the switch between peak and off - peak seasons. The market focuses on the medium - and long - term surplus pattern, and the absolute price faces downward pressure. It is expected that the price center in the fourth quarter will fall to $60 per barrel. Due to the adjustment of the European autumn maintenance expectations, the European diesel crack spread forecast for the fourth quarter is raised [5] Group 3: Summary by Related Catalogs 1. Price Data - From August 29 to September 4, 2025, WTI crude oil price decreased by $0.49, BRENT decreased by $0.61, and DUBAI decreased by $0.52. The BRENT 1 - 2 month spread increased by $0.02, WTI - BRENT increased by $0.12, and DUBAI - BRT increased by $0.16. Other related price indicators also showed corresponding changes [3] 2. Daily News - U.S. President Trump will talk with Russian President Putin in the near future. Brazil exported 9.01 million barrels of crude oil in August, compared with 6.98 million barrels in the same period last year. OPEC's oil production in August increased by 360,000 barrels per day compared with July, reaching 27.84 million barrels per day. U.S. President Trump called on European leaders to stop buying Russian oil [3][4] 3. Regional Fundamentals - In the week of August 29, U.S. crude oil exports increased by 74,000 barrels per day to 3.884 million barrels per day, domestic crude oil production decreased by 16,000 barrels to 13.423 million barrels per day, commercial crude oil inventories excluding strategic reserves increased by 2.415 million barrels to 421 million barrels (a 0.58% increase), the four - week average supply of U.S. crude oil products was 21.282 million barrels per day, 2.47% higher than the same period last year, strategic petroleum reserve (SPR) inventories increased by 509,000 barrels to 404.7 million barrels (a 0.13% increase), and commercial crude oil imports excluding strategic reserves were 6.742 million barrels per day, an increase of 508,000 barrels per day compared with the previous week. From August 22 - 29, the operating rate of major refineries increased slightly, and the operating rate of 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 weakened, and the comprehensive profit of local refineries decreased [4]

Group 1: Methanol and Polyolefins Overall - The report is a methanol polyolefins morning report from the energy and chemical team of the research center on September 5, 2025 [1][2] Group 2: Methanol Market - The trading logic is that port pressure is transmitted to the inland. The inland has seasonal stocking demand and new device stocking increment from Lianhong, but ports will cause continuous backflow impact. The current price is based on inland prices, and the inland situation is crucial later [2] - Xingxing is expected to start operation in early September, but inventory is still accumulating. Backflow can relieve port pressure but will affect inland valuation. Currently, valuation and inventory are average, and the driving force is weak. It's necessary to wait before bottom - fishing [2] - Import variables include India's purchase of Iranian products and unplanned maintenance [2] Group 3: Polyethylene Market - Two - oil inventory is neutral year - on - year. Upstream two - oil and coal chemical industries are destocking, social inventory is flat. Downstream raw material and finished product inventories are neutral. Overall inventory is neutral. The 09 basis is about - 110 in North China and - 50 in East China [3] - External markets in Europe, America, and Southeast Asia are stable. Import profit is around - 200 with no further increment for now. Non - standard HD injection molding prices are stable, other spreads are volatile, and LD is weakening [3] - September maintenance is flat compared to the previous month. Recently, domestic linear production has decreased month - on - month. Attention should be paid to LL - HD conversion and US quotations. New device pressure in 2025 is large, and the commissioning of new devices should be monitored [3] Group 4: Polypropylene Market - Polypropylene upstream two - oil and mid - stream are destocking. In terms of valuation, the basis is - 60, non - standard spreads are neutral, and import profit is around - 700. Exports have been good this year [3] - Non - standard spreads are neutral. European and American markets are stable. PDH profit is around - 400, propylene is volatile, and powder production start - up is stable. Drawstring production scheduling is neutral [3] - Future supply is expected to increase slightly month - on - month. Current downstream orders are average, and raw material and finished product inventories are neutral. Under the background of over - capacity, the 01 contract is expected to have a slightly excessive supply pressure. If exports continue to increase or there are many PDH device maintenance, the supply pressure can be alleviated to a neutral level [3] Group 5: PVC Market - The basis of 01 contract is maintained at - 270, and the factory - delivery basis is - 480. Downstream start - up is seasonally weak, and the willingness to hold goods at low prices is strong. Mid - and upstream inventories are continuously accumulating [3] - Summer seasonal maintenance of northwest devices has a load center between the spring maintenance and the high production in Q1. Pay attention to production commissioning and export continuity in Q4. Near - term export orders have slightly declined [3] - Coal sentiment is positive, blue - carbon cost is stable, and calcium carbide profit is under pressure due to PVC maintenance. The counter - offer for caustic soda exports is FOB380. Pay attention to whether subsequent export orders can support high - level caustic soda. PVC comprehensive profit is - 100 [3] - Currently, the static inventory contradiction is accumulating slowly, cost is stable, downstream performance is average, and the macro situation is neutral. Pay attention to exports, coal prices, commercial housing sales, terminal orders, and start - up [3]

Report Information - Research Team: Guanyi'an Futures Research Center Macro Team [1] - Report Date: September 5, 2025 [1] Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - On September 4, 2025, yields varied widely across countries, e.g., the US was 4.162%, Japan 3.589%, and China 1.806% [2] - Recent changes showed mixed trends, with some yields rising and others falling over different time - frames (latest, one - week, one - month, one - year) [2] 2 - Year Treasury Yields of Major Economies - Yields on September 4, 2025, such as the US at 3.660%, the UK at 3.944%, and Germany at 1.961% [2] - Changes over different periods also showed a mix of increases and decreases [2] Dollar Exchange Rates Against Major Emerging Economies' Currencies - On September 4, 2025, exchange rates were as follows: Brazil 5.447, South Africa zar 17.779, etc. [2] - Exchange rates had different percentage changes over various time - spans, with some appreciating and others depreciating [2] Performance of Major Economies' Stock Indices - On September 4, 2025, indices like the S&P 500 was 6502.080, the Nikkei was 42580.270, etc. [2] - Indices showed different trends in terms of daily, weekly, monthly, and yearly changes [2] Credit Bond Indices - Different credit bond indices (US investment - grade, Eurozone investment - grade, etc.) had varying percentage changes over different time periods [2][3] Stock Index Futures Trading Data Index Performance - Closing prices on September 4, 2025: A - share was 3765.88, CSI 300 was 4365.21, etc. [4] - All indices had negative percentage changes on that day, e.g., A - share - 1.25%, CSI 300 - 2.12% [4] Valuation - PE (TTM) values and their环比 changes were provided for several indices, such as CSI 300 (13.85, - 0.16) and S&P 500 (27.06, 0.28) [4] Risk Premium - Risk premium values and their环比 changes were given for some indices, e.g., S&P 500 (- 0.47, 0.01) and Germany's DAX (2.38, - 0.01) [4] Fund Flows - Latest and 5 - day average fund flow values were negative for most segments, e.g., A - shares (- 1326.31, - 1317.62) [4] Trading Volume - Latest trading volume and环比 changes were presented for different markets, e.g., Shanghai and Shenzhen stock markets (25442.57, 1801.71) [4] Basis and Spread of Main Contracts - Basis and spread percentages were provided for IF, IH, and IC contracts, e.g., IF (- 15.81, - 0.36%) [4] Treasury Futures Trading Data Futures Closing Prices and Changes - Closing prices on September 4, 2025, for T00 was 108.350, TF00 was 105.815, etc. [5] - All had positive percentage changes, e.g., T00 0.15%, TF00 0.09% [5] Money Market Interest Rates - Interest rates for R001, R007, and SHIBOR - 3M were 1.3577%, 1.4622%, and 1.5500% respectively, with R001 having a - 10.00 BP daily change [5]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Brazil exported 9,338,292.80 tons of soybeans in August 2025, a 16% year - on - year increase, with a daily average export volume of 444,680.61 tons, a 22% year - on - year increase [1]. - Malaysia's crude palm oil production in August 2025 increased by 2.07% compared to the previous month, with production in the Malay Peninsula down 1.26% and in East Malaysia up 7.56% (Sabah up 7.36% and Sarawak up 8.14%) [1]. - Australia's rapeseed production in the 2025/26 season is expected to reach 5.9 million tons, a 3% increase from the previous forecast, due to good weather conditions [1]. 3. Summaries by Related Catalogs Overnight Market Information - Brazil's soybean export data in August 2025 shows significant year - on - year growth [1]. - Malaysia's palm oil production in August 2025 has a mixed performance in different regions [1]. - Australia's rapeseed production is expected to increase due to favorable weather [1]. Spot Prices - The spot prices of various products including soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from August 29 to September 4, 2025, are presented [2]. Protein Meal Basis No detailed information provided. Oil Basis No detailed information provided. Oil and Oilseed Futures Spreads No detailed information provided. Main Producer Precipitation Conditions No detailed information provided. Imported Soybean Futures Crushing Profit No detailed information provided. Oil Import Profit No detailed information provided.