Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst fluctuated strongly, the near - month spread strengthened slightly, the basis rebounded, and the EW spread continued to rebound. Affected by the impact of US sanctions on the delivery warehouse, FU10 rose sharply and then fell. The low - sulfur cracking weakened, the spread fluctuated, the LU internal - external spread fluctuated around $10, and the MF0.5 basis began to rebound [3][4]. - Fundamentally, Singapore's residue inventory increased, floating storage decreased, ARA's residue inventory remained flat, floating storage inventory increased significantly, and EIA residue began to accumulate. 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, and the EW spread was still being repaired. The domestic high - sulfur spot was still in excess, and over - heated sentiment should be vigilant. The new round of sanctions had a large potential impact on the domestic heavy crude oil supply, providing some support for the Asian fuel oil valuation [4]. - This week, LU maintained a volatile trend, and the external MF0.5 basis began to rebound. Opportunities for the spread between low - sulfur and high - sulfur fuel oil to widen in the fourth quarter could be focused on [4]. 3. Summary by Related Catalogs Fuel Oil Price Data - **Rotterdam Fuel Oil Data**: From August 28 to September 3, the prices of Rotterdam 3.5% HSF O swap M1 decreased by $8.64, Rotterdam 0.5% VLSFO swap M1 decreased by $8.39, and other price - related indicators also had corresponding changes [1]. - **Singapore Fuel Oil Data**: The prices of Singapore 380cst M1 and other related fuel oil products also changed during the same period. For example, from August 28 to September 3, the price of Singapore 380cst M1 decreased by $11.56, and the price of Singapore VLSFO M1 decreased by $11.75 [1][9]. - **Singapore Fuel Oil Spot Data**: From August 28 to September 3, the FOB 380cst price decreased by $6.17, and the FOB VLSFO price decreased by $6.40 [2]. - **Domestic FU Data**: From August 28 to September 3, the price of FU 01 decreased by 7, the price of FU 05 decreased by 10, and the price of FU 09 decreased by 8 [2]. - **Domestic LU Data**: From August 28 to September 3, the price of LU 01 decreased by 17, the price of LU 05 decreased by 10, and the price of LU 09 increased by 13 [3].

Report Information - Report Name: Asphalt Morning Report [2][10][18] - Research Team: Research Center Energy and Chemicals Team [3][11][19] - Report Date: September 3, 2025 [3][11][19] Core Data Futures Data - **Contract Prices**: On September 2, the BU main contract was at 3551, up 17 from the previous day and 39 week - on - week. BU06 was at 3457, up 27 daily and 82 weekly. BU09 was at 3543, down 4 daily and 2 weekly. BU12 was at 3492, up 26 daily and 60 weekly. BU03 was at 3468, up 38 daily and 74 weekly [4][12][20]. - **Volume and Open Interest**: The trading volume on September 2 was 349,892, up 12,718 from the previous day and 92,337 week - on - week. The open interest was 491,894, with a daily increase of 35,558 and a weekly increase of 80,407. The inventory was 29,790, unchanged from the previous day and down 11,500 week - on - week [4][12][20]. Spot Market Data - **Market Prices**: On September 2, the Shandong market price was 3540, up 30 from the previous day and 20 week - on - week. The East China market price was 3700, unchanged from the previous day and down 20 week - on - week. The South China market price was 3530, up 10 from the previous day and 50 week - on - week. The North China market price was 3650, up 10 from the previous day and unchanged week - on - week. The Northeast market price was 3870, unchanged from the previous day and down 10 week - on - week [4][12][20]. - **Price Spreads**: The Shandong - East China spread was - 160, up 30 from the previous day and 40 week - on - week. The Shandong - Northeast spread was - 330, up 30 from the previous day and 30 week - on - week. The East China - South China spread was 170, down 10 from the previous day and 70 week - on - week [4][12][20]. Basis and Calendar Spread Data - **Basis**: The Shandong basis was - 11, up 19 from the previous day and down 19 week - on - week. The East China basis was 149, down 11 from the previous day and 59 week - on - week. The South China basis was - 21, down 1 from the previous day and up 11 week - on - week [4][12][20]. - **Calendar Spreads**: The 03 - 06 spread was 11, up 11 from the previous day and down 11 week - on - week. The 06 - 09 spread was - 86, up 31 from the previous day and 87 week - on - week. The 09 - 12 spread was 51, down 30 from the previous day and 62 week - on - week. The 12 - 03 spread was 24, down 12 from the previous day and 14 week - on - week [4][12][20]. Crack Spread and Profit Data - **Crack Spreads and Profits**: The asphalt Brent crack spread was - 8, up 28 from the previous day and down 11 week - on - week. The asphalt Ma Rui profit was - 75, up 25 from the previous day and down 11 week - on - week. The general refinery comprehensive profit was 361, up 21 from the previous day and down 55 week - on - week. The Ma Rui - type refinery comprehensive profit was 656, up 25 from the previous day and down 34 week - on - week [4][12][20]. - **Import Profits**: The import profit from South Korea to East China was - 52, up 75 from the previous day and 74 week - on - week. The import profit from Singapore to South China was - 919, up 86 from the previous day and 141 week - on - week [4][12][20]. Related Commodity Prices - **Brent Crude Oil**: On September 2, the price of Brent crude oil was 68.2, unchanged from the previous day and up 0.9 week - on - week [4][12][20]. - **Shandong Gasoline Price**: The Shandong gasoline market price on September 2 was 7525, up 8 from the previous day and down 93 week - on - week [4][12][20].

Price Performance - London Gold's latest price is $3490.00, with a change of $15.10 [1] - London Silver's latest price is $40.52, with a change of -$0.06 [1] - London Platinum's latest price is $1411.00, with a change of $64.00 [1] - London Palladium's latest price is $1128.00, with a change of $34.00 [1] - WTI Crude's latest price is $65.59 [1] - LME Copper's latest price is $9888.00, with a change of -$32.00 [1] - The latest value of the US Dollar Index is 98.31, with a change of 0.64 [1] - The latest exchange rate of Euro to US Dollar is 1.16, with a change of -0.01 [1] - The latest exchange rate of British Pound to US Dollar is 1.34, with a change of -0.02 [1] - The latest exchange rate of US Dollar to Japanese Yen is 148.33, with a change of 1.16 [1] Trading Data - COMEX Silver inventory is 16118.83 [1] - SHFE Silver inventory is 1215.23, with a change of 8.00 [1] - Gold ETF holdings are 990.56 [1] - Silver ETF holdings are 15366.48 [1] - SGE Gold deferred fee payment direction has a change of 1.00 [1] - SGE Silver deferred fee payment direction has a change of 1.00 [1]

| | | | 钢材早报 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 研究中心黑色团队 2025/09/03 | | | 现 货 价 格 | | | | | | | | 日期 | 北京螺纹 | 上海螺纹 | 成都螺纹 | 西安螺纹 | 广州螺纹 | 武汉螺纹 | | 2025/08/27 | 3220 | 3280 | 3310 | 3240 | 3290 | 3320 | | 2025/08/28 | 3220 | 3280 | 3310 | 3240 | 3290 | 3320 | | 2025/08/29 | 3200 | 3250 | 3300 | 3240 | 3280 | 3300 | | 2025/09/01 | 3170 | 3240 | 3270 | 3210 | 3260 | 3280 | | 2025/09/02 | 3170 | 3220 | 3270 | 3210 | 3260 | 3250 | | 变化 | 0 | -20 | 0 | 0 | 0 | -30 | | 日期 | 天津热卷 | 上海热卷 ...

Report Overview - Report Title: Yong'an Synthetic Rubber Morning Report - Research Team: Research Center's Energy and Chemicals Team - Report Date: September 3, 2025 [2][12][22] Report Industry Investment Rating - Not provided in the document Core Viewpoints - Not provided in the document Summary by Relevant Catalogs BR (Butadiene Rubber) Futures Market - The closing price of the main contract on September 2 was 11,820, a decrease of 75 from the previous day and 25 from the previous period [3][13][23] - The open interest of the main contract was 31,283, a decrease of 1,887 from the previous day and 11,837 from the previous period [3][13][23] - The trading volume of the main contract was 103,125, a decrease of 9,988 from the previous day and 9,322 from the previous period [3][13][23] Basis and Spread - The basis of cis - butadiene rubber was 80 on September 2, an increase of 75 from the previous day and a decrease of 25 from the previous period [3][13][23] - The 8 - 9 month spread was 235 on September 2, an increase of 110 from the previous day and 60 from the previous period [3][13][23] - The 9 - 10 month spread was 80 on September 2, an increase of 100 from the previous day [3][13][23] Spot Market - The Shandong market price remained at 11,900, with no change from the previous day and a decrease of 50 from the previous period [3][13][23] - The Chuanhua market price remained at 11,800, with no change from the previous day and a decrease of 50 from the previous period [3][13][23] - The Qilu ex - factory price remained at 12,100 [3][13][23] Processing and Import - Export - The spot processing profit was - 67 on September 2, a decrease of 26 from the previous day and 76 from the previous period [3][13][23] - The import profit was - 86,106, with no change from the previous day and an increase of 294 from the previous period [3][13][23] - The export profit was - 306, with no change from the previous day and an increase of 187 from the previous period [3][13][23] BD (Butadiene) Price - The Shandong market price on September 2 was 9,575, an increase of 25 [3][13][23] - The Jiangsu market price on September 2 was 9,375, a decrease of 125 [3][13][23] - The Yangzi ex - factory price remained at 9,500 [3][13][23] Processing and Import - Export - The carbon tetrachloride extraction profit was not available for calculation [3][13][23] - The butene oxidative dehydrogenation profit was 211, a decrease of 195 [3][13][23] - The import profit was 402, a decrease of 94 [3][13][23] - The export profit was - 997, a decrease of 22 [3][13][23] Downstream Products - The production profit of butadiene styrene rubber was 1,138, with no change from the previous day and an increase of 75 from the previous period [3][13][23] - The production profit of SBS (791 - H) was 1,090, with no change from the previous day and a decrease of 110 from the previous period [3][13][23] - The production profit of ABS was not available for calculation [3][13][23] Price Spreads Inter - Variety Spreads - The spread between Thai mixed rubber and cis - butadiene rubber was 2,980 on September 2, an increase of 60 from the previous day and 130 from the previous period [3][13][23] - The spread between RU - BR was - 15,413 on September 2, an increase of 1,897 from the previous day and 11,822 from the previous period [3][13][23] - The spread between NR - BR was - 18,573 on September 2, an increase of 1,917 from the previous day and 11,757 from the previous period [3][13][23] Intra - Variety Spreads - The spread between standard and non - standard cis - butadiene rubber remained at 250 [3][13][23] - The spread between butadiene styrene 1502 and 1712 remained at 1,050, with no change from the previous day and an increase of 100 from the previous period [3][13][23]

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - This week, oil prices fluctuated within a narrow range, and the absolute price declined on Friday. The peak season of refinery operations in summer is coming to an end, and the inflection point of the crude oil fundamentals has emerged. The monthly spreads of Brent and WTI crude oil strengthened slightly, while that of Dubai crude oil strengthened significantly. The refining margins of European and American refineries declined slightly, the gasoline crack spread in the US 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, US commercial crude oil inventories decreased seasonally, the absolute inventory is at a historically low level in the same period, Cushing inventories decreased, and US gasoline and diesel inventories decreased. Institutions estimate that refinery maintenance in October globally will exceed previous levels (in Europe and Africa), and the crude oil monthly spread is expected to face pressure. Recently, the absolute price of crude oil has been fluctuating. Pay attention to the switch between the off - peak and peak seasons. The market focuses on the medium - and long - term surplus pattern, and the absolute price is under downward pressure. It is expected that the price center in the fourth quarter will drop to $60 per barrel. Due to the adjustment of the European autumn maintenance expectations, the European diesel crack spread price expectation for the fourth quarter is raised [5] 3. Summary by Relevant Catalogs 3.1 Oil Price Data - From August 27 to September 2, 2025, the price of BRENT crude oil increased by $0.99. The price of OMAN increased by $1.92, and the price of domestic gasoline increased by $60.00. The price of Japanese naphtha - BRT decreased by $3.03, the price of Singapore fuel oil 380CST increased by $0.35, the price of the SHFE FU main contract increased by 15, and the price of the SHFE BU main contract increased by 11. The price of HH natural gas decreased by $0.74 [3] 3.2 Daily News - Trump will hold an emergency meeting on tariff rulings on Wednesday, and will appeal to the Supreme Court as soon as possible. If the tariff appeal is rejected, tariffs will have to be withdrawn. If the tariff ruling is unfavorable, trillions of dollars will have to be refunded, and he will urge the Supreme Court to speed up the ruling [3] - Russian Foreign Minister Lavrov said that India did not yield to US pressure to stop buying resources from Russia, and Russia appreciates this [3] - US Treasury Secretary Bessent said that by targeting Iran's oil revenue sources, the Treasury will further weaken Iran's ability to attack the US and its allies. The US is still committed to ensuring that oil supply is not affected by Iran and will continue to prevent Iran's ongoing attack attempts [3] - US Secretary of State Rubio said that the US military carried out a fatal strike on a drug - carrying vessel departing from Venezuela in the South Caribbean Sea [3] 3.3 Regional Fundamentals - According to the EIA report, in the week of August 15, US crude oil exports increased by 795,000 barrels per day to 4.372 million barrels per day, and domestic crude oil production increased by 55,000 barrels to 13.382 million barrels per day [4] - Commercial crude oil inventories excluding strategic reserves decreased by 6.014 million barrels to 421 million barrels, a decrease of 1.41%. The four - week average supply of US crude oil products was 21.093 million barrels per day, a year - on - year increase of 3.34% [4] - In the week of August 15, the US Strategic Petroleum Reserve (SPR) inventory increased by 223,000 barrels to 403.4 million barrels, an increase of 0.06%. The import of commercial crude oil excluding strategic reserves was 6.497 million barrels per day, a decrease of 423,000 barrels per day compared with the previous week [4] - From August 15 to August 22, US EIA gasoline inventory was - 2.72 million barrels (expected - 0.915 million barrels, previous value - 0.792 million barrels), and EIA refined oil inventory was 2.343 million barrels (expected 0.928 million barrels, previous value 0.714 million barrels) [4][5] - From August 22 to 29, the operating rate of major refineries decreased 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 fluctuated weakly, and the comprehensive profit of local refineries decreased month - on - month [5]

Report Summary Report Information - The report is titled "Pulp Morning Report" and is dated September 3, 2025, prepared by the Energy and Chemicals Team of the Research Center [2] SP Main Contract Information - On September 2, 2025, the closing price of the SP main contract was 5042.00. The closing prices on September 1, August 29, August 28, and August 27 were 5040.00, 5018.00, 5002.00, and 5010.00 respectively. The corresponding US dollar prices were 615.59, 616.59, 613.87, 611.42, and 610.38. The daily price changes were 0.03968%, 0.43842%, 0.31987%, -0.15968%, and -1.18343% respectively. The Shandong Yinxing basis was 708, 710, 732, 723, and 725, and the Jiangsu, Zhejiang, and Shanghai Yinxing basis was 723, 725, 747, 748, and 765 [3] Pulp Pricing and Profitability - With a 13% VAT calculation, the US dollar prices and RMB prices in Shandong for different pulp brands from various origins are as follows: Canadian Golden Lion (CFR) at 780 with a RMB price of 6300 and an import profit of -72.01; Canadian Lion (CFR) at 730 with a RMB price of 5450 and an import profit of -518.04; Chilean Silver Star (CFR, 90 - day letter of credit) at 720 with a RMB price of 5750 and an import profit of -137.24. The exchange rate on the previous day was 7.15 [4] Pulp Price Averages - From August 27 to September 2, 2025, the national average prices for softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively. The average prices in Shandong for these pulp types also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4] Paper Product Indexes and Profit Margins - For paper products, from August 28 to September 2, 2025, the double - offset paper index, double - copper paper index, and white cardboard index remained at 5725, 5670, and 4350 respectively. The living paper index was 828 on August 28 and 29, 835 on September 1, and 828 on September 2. The profit margins for double - offset paper, double - copper paper, white cardboard, and living paper on August 28 were 3.6870%, 19.0975%, - 13.2222%, and 8.0818% respectively, and there were changes in the following days, but remained stable from September 1 to 2 [4] Pulp Price Spreads - From August 27 to September 2, 2025, the price spreads between softwood and hardwood pulp, softwood and natural pulp, softwood and chemimechanical pulp, and softwood and waste paper pulp showed some fluctuations. For example, the softwood - hardwood pulp spread was 1560.00 on September 2, 1560 on September 1, 1560 on August 29, 1565 on August 28, and 1560 on August 27 [4]

Report Overview - The report is a daily report on major asset markets released by the macro team of the research center on September 3, 2025 [1] Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - On September 2, 2025, the 10 - year Treasury yields of the US, UK, France, etc. were 4.262%, 4.799%, 3.582% respectively [2] - The latest changes ranged from 0.020% (Switzerland) to 0.067% (Italy), with weekly changes from - 0.055% (Brazil) to 0.120% (Italy), monthly changes from - 0.085% (Japan) to 0.298% (France), and annual changes from - 0.276% (Japan) to 0.888% (UK) [2] 2 - Year Treasury Yields of Major Economies - On September 2, 2025, the 2 - year Treasury yields of the US, UK, Germany were 3.590%, 3.977%, 1.971% respectively [2] - The latest changes ranged from - 0.030% (US) to 0.037% (Italy), with weekly changes from - 0.090% (US) to 0.063% (Italy), monthly changes from - 0.160% (US) to 0.157% (UK), and annual changes from - 0.644% (South Korea) to 0.502% (Japan) [2] US Dollar Exchange Rates Against Major Emerging - Market Currencies - On September 2, 2025, the exchange rates of the US dollar against the Brazilian real, South African rand, etc. were 5.465, 17.691 respectively [2] - The latest changes were from 0.17% (South Korean won) to 0.47% (Brazilian real), weekly changes from - 0.29% (Thai baht) to 0.61% (Brazilian real), monthly changes from - 1.26% (South African rand) to 0.67% (South Korean won), and annual changes from - 5.47% (Thai baht) to 4.94% (South Korean won) [2] Major Economies' Stock Indexes - On September 2, 2025, the S&P 500, Dow Jones Industrial Average, and Nasdaq were 6415.540, 45295.810, 21279.630 respectively [2] - The latest changes were from - 2.29% (German DAX) to 1.50% (Mexican index), weekly changes from - 2.76% (German DAX) to 2.78% (Mexican index), monthly changes from - 1.50% (German DAX) to 6.65% (Shanghai Composite Index), and annual changes from - 7.83% (Thai index) to 44.77% (Hang Seng Index) [2] Credit Bond Indexes - On September 2, 2025, the US investment - grade credit bond index, euro - area investment - grade credit bond index were 3453.350, 263.168 respectively [2] - The latest changes were from - 0.31% (emerging - market high - yield credit bond index) to - 0.14% (euro - area high - yield credit bond index), weekly changes from - 0.34% (US and euro - area investment - grade credit bond indexes) to 0.09% (emerging - market high - yield credit bond index), monthly changes from - 0.49% (euro - area investment - grade credit bond index) to 0.82% (US high - yield credit bond index), and annual changes from 2.98% (US investment - grade credit bond index) to 13.03% (emerging - market high - yield credit bond index) [2][3] Stock Index Futures Trading Data Index Performance - The closing prices of A - shares, CSI 300, SSE 50, etc. were 3858.13, 4490.45, 2992.88 respectively, with daily changes of - 0.45%, - 0.74%, 0.39% respectively [4] Valuation - The PE (TTM) of CSI 300, SSE 50, and CSI 500 were 14.14, 11.88, 33.92 respectively, with环比 changes of 0.00, 0.00, 0.00 respectively [4] Risk Premium - The risk premium (1/PE - 10 - year interest rate) of the S&P 500 and German DAX were - 0.51, 2.37 respectively, with环比 changes of - 0.01, 0.08 respectively [4] Fund Flows - The latest values of fund flows for A - shares, the main board, and the ChiNext were - 2098.61, - 1276.56, - 608.60 respectively, and the 5 - day average values were - 1398.64, - 1061.97, - 290.34 respectively [4] Trading Volume - The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, and SSE 50 were 28749.91, 7779.99, 1960.61 respectively, with环比 changes of 1250.30, 76.21, 7.99 respectively [4] Main Contract Basis - The basis of IF, IH, and IC were - 9.25, - 0.08, - 65.49 respectively, with basis ratios of - 0.21%, - 0.00%, - 0.94% respectively [4] Treasury Bond Futures Trading Data - The closing prices of T00, TF00, T01, and TF01 were 108.130, 105.700, 107.955, 105.570 respectively, with daily changes of 0.23%, 0.03%, 0.18%, 0.08% respectively [5] - The R001, R007, and SHIBOR - 3M were 1.3548%, 1.4619%, 1.5490% respectively, with daily changes of - 12.00 BP, - 1.00 BP, 0.00 BP respectively [5]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - Currently, downstream customers are booking shipping space for the first half of September (week 36 - 37). Week 36's average quoted price is $2,270 (equivalent to 1,600 points on the futures), and Week 37's is $2,125 (1,450 points). The overall shipping capacity in September has been reduced, mainly due to additional sailings cancellations by the OA Alliance's FAL3 in week 37, and PA & MSC's FE3 in weeks 39 and 41, and FE4 in week 41. The average weekly shipping capacity in September and October is 296,000 and 309,000 TEU respectively, and after classifying all TBN sailings as cancellations, it becomes 296,000 and 281,000 TEU. The situation in September is relatively relaxed, and the downward trend is expected to continue for at least two more weeks. In October, attention should be paid to shipping companies' sailing cancellation actions. In terms of valuation, the price of the 10 - contract is approaching the annual low (1,250 - 1,300), with limited downward space. The 12 - contract may decline in the short term but is in the peak season and long - term contract negotiation period, so opportunities to go long at low prices can be considered [1]. 3. Summary by Related Content EC Futures Contracts - EC2510 closed at 1,340.7 with a 3.82% increase, trading volume of 36,023 and open interest of 54,157, an increase of 1,886 [1]. - EC2512 closed at 1,733.5 with a 5.64% increase, trading volume of 7,001 and open interest of 16,673, an increase of 178 [1]. - EC2602 closed at 1,550.1 with a 6.08% increase, trading volume of 1,133 [1]. - EC2604 closed at 1,246.9 with a 0.41% increase, trading volume of 877 and open interest of 7,199, an increase of 130 [1]. - EC2606 closed at 1,438.9 with a 0.73% increase, trading volume of 68 [1]. Month - to - Month Spreads - The spread between EC2510 - 2512 was - 392.8, a daily decrease of 43.3 and a weekly decrease of 88.3 [1]. - The spread between EC2512 - 2602 was 183.4, a daily increase of 3.8 and a weekly increase of 3.7 [1]. Shipping Freight Indexes - The SCFIS SCFI (European route) on September 1, 2025, was $1,481/TEU, a decrease of 100.00% from the previous period and 8.71% from the period before last [1]. - The CCFI on August 29, 2025, was 1,685.8, a decrease of 4.09% from the previous period [1]. - The NCFI on August 29, 2025, was 929.56, a decrease of 14.23% from the previous period [1]. Recent European Route Quotations - Week 36: The latest quoted prices from shipping companies range from $2,120 - 2,420, with an average of $2,250 (1,550 points). PA Alliance's price is $2,200 - 2,300, MSK's initially $2,100 then rose to $2,200, and OA Alliance's is $2,300 - 2,400 [2]. - Week 37: The average quoted price is $2,100 (1,450 points). MSK's price is $1,900 (later rose to $1,950), PA Alliance's is $2,100 - 2,150, and OA Alliance's is $2,100 - 2,300 [2]. - Week 38: MSK's opening quoted price is $1,700. On Tuesday, HMM decreased by $100 to $2,100, HPL by $100 to $1,935, MSC by $100 to $2,040, and OOCL maintained at $1,950 - 2,000 [2]. Related News - On September 2, 2025, the Israeli military stated that its military operations in Gaza City had advanced to a new area, and it would intensify its actions until the "enemy is completely defeated" [3]. - On September 1, 2025, the Houthi armed forces claimed to have attacked an oil tanker in the northern Red Sea. After the Israeli military's air - strike on Sanaa on August 28, the Houthi armed forces' leader announced retaliation and an escalation of military attacks and shipping blockades against Israel [3].

Group 1: Report General Information - Report Name: Methanol Polyolefin Morning Report [1] - Research Team: Research Center Energy and Chemical Team - Report Date: September 3, 2025 [2] Group 2: Methanol Analysis Price Data - From August 27 to September 2, the price of动力煤期货 remained at 801, while the prices of江苏现货,华南现货,鲁南折盘面,西南折盘面,河北折盘面,西北折盘面, CFR中国, CFR东南亚, 进口利润, 主力基差, 盘面MTO利润 showed various changes, with the日度变化 of西南折盘面 increasing by 5 and西北折盘面 decreasing by 2 [2] Core View - The current 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 the port will continuously cause reverse flow impact. The current price is benchmarked against the inland price, and the inland's actions are crucial. Xingxing is expected to start operation in early September, but inventory is still accumulating. Reverse flow can relieve port pressure but will affect the inland valuation. Currently, the valuation and inventory are average, and the driving force is weak. It's still necessary to wait before bottom - fishing, considering import variables such as India's purchase of Iranian products and unplanned maintenance [2] Group 3: Plastic (Polyethylene) Analysis Price Data - From August 27 to September 2, the prices of东北亚乙烯 remained stable, while the prices of华东LD increased by 10 and华东HD decreased by 20. The主力期货 decreased by 18, and the基差 increased by 20 [6] Core View - For polyethylene, the inventory of the two major oil companies is neutral year - on - year. The upstream two major oil companies and coal chemical industry are destocking, and the social inventory is flat. The downstream inventory of raw materials and finished products is neutral. The overall inventory is neutral. The 09基差 is about - 110 in North China and - 50 in East China. The overseas markets in Europe and the United States are stable, and Southeast Asia is also stable. The import profit is around - 200, with no further increase for now. The price of non - standard HD injection molding is stable, and other price differences are fluctuating, with LD weakening. The maintenance in September is flat compared to the previous month, and the domestic linear production has decreased recently. Attention should be paid to the LL - HD conversion situation and the US quotation. The pressure from new devices in 2025 is large, and attention should be paid to the commissioning of new devices [6] Group 4: PP (Polypropylene) Analysis Price Data - From August 27 to September 2, the price of山东丙烯 increased by 30,华东PP increased by 30, and华北PP decreased by 15. The主力期货 decreased by 22 [8] Core View - For polypropylene, the upstream two major oil companies and the middle - stream are destocking. In terms of valuation, the基差 is - 60, the non - standard price difference is neutral, and the import profit is around - 700. Exports have been good this year. The non - standard price difference is neutral, and the markets in Europe and the United States are stable. The PDH profit is around - 400, propylene is fluctuating, and the powder production start - up rate is stable. The production scheduling of drawing materials is neutral. The subsequent supply is expected to increase slightly month - on - month. The current downstream orders are average, and the inventory of raw materials and finished products is neutral. Under the background of over - capacity, the pressure on the 01 contract is expected to be moderately excessive. If exports continue to increase or there are many PDH device maintenance, the supply pressure can be alleviated to a neutral level [8] Group 5: PVC Analysis Price Data - From August 27 to September 2, the price of电石法 - 华东 increased by 20 [8] Core View - The基差 of PVC maintains at 01 - 240, and the factory - delivered基差 is - 440. The downstream start - up rate has partially increased seasonally, and the willingness to hold goods at low prices is strong. The inventory of the middle and upstream is continuously accumulating. The summer seasonal maintenance of Northwest devices has a load center between the spring maintenance and the high production in Q1. In Q4, attention should be paid to the commissioning of new devices and the sustainability of exports. The recent export orders have decreased slightly. The coal market sentiment is good, the cost of semi - coke is stable, and the profit of calcium carbide is under pressure due to PVC maintenance. The counter - offer for caustic soda exports is FOB390. Attention should be paid to whether subsequent export orders can support the high price of caustic soda. The comprehensive profit of PVC is - 100. Currently, the static inventory contradiction is accumulating slowly, the cost is stable, the downstream performance is average, and the macro - environment is neutral. Attention should be paid to exports, coal prices, commercial housing sales, terminal orders, and start - up rates [8]