| 玻璃纯碱早报 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 研究中心能化团队 | | | 2025/9/2 | | 玻 璃 | | | | | | | | | | | | | 2025/8/25 2025/8/29 2025/9/1 周度变化 日度变化 | | | | | | | 2025/8/25 | 2025/8/29 | | 2025/9/1 周度变化 日度变化 | | | 沙河安全 5mm大 板 | 1143.0 | 1130.0 | 1130.0 | -13.0 | 0.0 | FG09合约 | 999.0 | 996.0 | 943.0 | -56.0 | -53.0 | | 沙河长城 5mm大板 | 1113.0 | 1130.0 | 1104.0 | -9.0 | -26.0 | FG01合约 | 1191.0 | 1182.0 | 1137.0 | -54.0 | -45.0 | | 沙河5mm大 板低价 ...

示频专期货 沥青厚报 研究中心能化团队 2025/9/2 | | 指标 | 8/1 | 8/22 | 8/28 | 8/29 | 9/1 | 日度变化 | 周度変化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | BU主力合约 | 3658 | 3483 | 3517 | 3507 | 3540 | 33 | 57 | | | BU06 | 3456 | 3360 | 3373 | 3399 | 3430 | 31 | 70 | | | BU09 | 3628 | 3520 | 3529 | 3519 | 3547 | 28 | 27 | | | BU12 | 3542 | 3400 | 3427 | 3433 | 3466 | 33 | 66 | | 程南 | BU03 | 3484 | 3362 | 3394 | 3408 | 3430 | 22 | 68 | | | 成交量 | 227589 | 210728 | 289008 | 300820 | 337174 | 36354 | 126446 | | | 持仓量 | 5081 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst oscillated 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 delivery warehouses, FU10 soared and then declined. The low - sulfur cracking weakened, the spread oscillated, the LU internal - external spread fluctuated around 10 US dollars, and the MF0.5 basis began to rebound [4]. - Fundamentally, Singapore's residue inventory increased, floating storage decreased, ARA's residue inventory remained flat, floating storage inventory increased significantly, and EIA's 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, the EW spread was still being repaired, and the domestic high - sulfur spot was still in excess. Be vigilant against over - heating sentiment. The new round of sanctions has a large potential impact on the supply of heavy crude oil in China, providing some support for the valuation of Asian fuel oil. This week, LU maintained an oscillation, the external MF0.5 basis began to rebound, and the opportunity for the low - sulfur to high - sulfur spread to widen in the fourth quarter can be noted [5]. 3. Data Summaries Rotterdam Fuel Oil Swap Data | Type | 2025/08/26 | 2025/09/01 | Change | | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 383.86 | 388.11 | - 0.95 | | Rotterdam 0.5% VLS FO Swap M1 | 452.63 | 456.37 | 0.00 | | Rotterdam HSFO - Brent M1 | - 6.45 | - 6.40 | - 0.26 | | Rotterdam 10ppm Gasoil Swap M1 | 651.89 | 658.54 | 4.38 | | Rotterdam VLSFO - Gasoil M1 | - 199.26 | - 202.17 | - 4.38 | | LGO - Brent M1 | 22.75 | 22.05 | - 0.10 | | Rotterdam VLSFO - HSFO M1 | 68.77 | 68.26 | 0.95 | [2] Singapore Fuel Oil Swap Data | Type | 2025/08/26 | 2025/09/01 | Change | | --- | --- | --- | --- | | Singapore 380cst M1 | 397.90 | 398.02 | - 3.14 | | Singapore 180cst M1 | 410.84 | 412.08 | - 4.08 | | Singapore VLSFO M1 | 487.99 | 482.37 | - 3.40 | | Singapore Gasoil M1 | 86.31 | 85.23 | - 0.71 | | Singapore 380cst - Brent M1 | - 5.01 | - 4.43 | 0.05 | | Singapore VLSFO - Gasoil M1 | - 150.70 | - 148.33 | 1.86 | [2] Singapore Fuel Oil Spot Data | Type | 2025/08/26 | 2025/09/01 | Change | | --- | --- | --- | --- | | FOB 380cst | 396.25 | 397.89 | - 1.96 | | FOB VLSFO | 489.51 | 485.45 | - 2.60 | | 380 Basis | - 2.00 | - 0.40 | 0.70 | | High - sulfur Internal - external Spread | 4.1 | 6.0 | 3.6 | | Low - sulfur Internal - external Spread | 9.5 | 14.9 | 6.9 | [3] Domestic FU Data | Type | 2025/08/26 | 2025/09/01 | Change | | --- | --- | --- | --- | | FU 01 | 2842 | 2824 | 12 | | FU 05 | 2799 | 2782 | 9 | | FU 09 | 2827 | 2737 | 2 | | FU 01 - 05 | 43 | 42 | 3 | | FU 05 - 09 | - 28 | 45 | 7 | | FU 09 - 01 | - 15 | - 87 | - 10 | [3] Domestic LU Data | Type | 2025/08/26 | 2025/09/01 | Change | | --- | --- | --- | --- | | LU 01 | 3488 | 3451 | - 28 | | LU 05 | 3451 | 3398 | - 37 | | LU 09 | 3460 | 3374 | 62 | | LU 01 - 05 | 37 | 53 | 9 | | LU 05 - 09 | - 9 | 24 | - 99 | | LU 09 - 01 | - 28 | - 77 | 90 | [4]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoint - Not provided in the given content. 3. Summary by Relevant Catalog Spot Market - **Australian Mainstream Iron Ore**: Newman powder price is 762, down 14 daily and 14 weekly; PB powder is 765, down 14 daily and 15 weekly; Mac powder is 750, down 16 daily and 16 weekly; Jinbuba powder is 738, down 12 daily and 14 weekly; Mixed powder is 703, down 15 daily and 10 weekly; Super special powder is 663, down 10 daily and 5 weekly; Carajás powder is 873, down 18 daily and 14 weekly [1]. - **Brazilian Mainstream Iron Ore**: Brazilian mixed powder is 802, down 14 daily and 10 weekly; Brazilian coarse IOC6 is 770, down 14 daily and 18 weekly; Brazilian coarse SSFG is 775, down 14 daily and 18 weekly [1]. - **Other Iron Ore**: Ukrainian concentrate powder is 885, down 18 daily and 5 weekly; 61% Indian powder is 727, down 12 daily and 14 weekly; Karara concentrate powder is 885, down 18 daily and 5 weekly; Roy Hill powder is 735, down 14 daily and 15 weekly; KUMBA powder is 824, down 14 daily and 15 weekly; 57% Indian powder is 608, down 10 daily and 5 weekly; Atlas powder is 698, down 15 daily and 10 weekly; Tangshan iron concentrate powder is 982, down 7 daily and 7 weekly [1]. Futures Market - **DCE Contracts**: i2601 is 766.0, down 21.5 daily and 21.0 weekly; i2605 is 743.0, down 20.5 daily and 20.0 weekly; i2509 is 801.5, down 1.5 daily and 5.0 weekly [1]. - **SGX Contracts**: FE01 is 102.52, down 0.47 daily and up 2.68 weekly; FE05 is 100.09, down 0.54 daily and up 2.54 weekly; FE09 is 103.50, down 0.70 daily and up 2.91 weekly [1].

废钢早报 研究中心黑色团队 2025/09/02 钢厂废钢库存 ◆ 2022 ↓ 2023 ↓ 2024 ↓ 2025 04 短流程日耗 ● 2022 ● 2023 ● 2024 ● 2025 唱启剧H lle 12 10 8 6 4 2 0 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月11月12月 张家港废钢到货 體常原因 ● 2022 ● 2023 ● 2024 ● 2025 tial 3 2.5 2 1.5 1 0.5 ● 2022 ● 2023 ● 2024 ● 2025 4,200元/吨 3,900 3,600 3,300 3,000 2,700 2,400 2,100 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月11月12月 镇江鸿泰剪切料价格 (不含税) ● 2022 ↓ 2023 ↓ 2024 ↓ 2025 3,600元/吨 3,300 3,000 2,700 2,400 2,100 1,800 品周H 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月11月12月 长流程日耗 ◆ 2022 ↓ 2023 ↓ 2024 ● 2025 nd 18 16 ...

Report Industry Investment Rating - Not provided Core View - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on September 2, 2025 [1][3] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On September 2, 2025, the domestic spot price was 79,890, the LME spot price was 9,834, with a spot ratio of 8.10; the domestic three - month price was 79,750, the LME three - month price was 9,920, with a ratio of 8.04. The equilibrium ratio for spot import was 8.13, with a profit of - 66.94, and the profit for spot export was - 178.49 [1] - **Zinc**: The domestic spot price was 22,100, the LME spot price was 2,848, with a ratio of 7.76; the domestic three - month price was 22,155, the LME three - month price was 2,833, with a ratio of 5.94. The equilibrium ratio for spot import was 8.60, with a profit of - 2,390.85 [1] - **Aluminum**: The domestic spot price was 20,620, the LME spot price was 2,614, with a ratio of 7.89; the domestic three - month price was 20,630, the LME three - month price was 2,609, with a ratio of 7.91. The equilibrium ratio for spot import was 8.41, with a profit of - 1,372.78 [1] - **Nickel**: The domestic spot price was 122,300, the LME spot price was 15,317, with a ratio of 7.98. The equilibrium ratio for spot import was 8.20, with a profit of - 2,000.07 [1] - **Lead**: The domestic spot price was 16,650, the LME spot price was 1,949, with a ratio of 8.58; the domestic three - month price was 16,870, the LME three - month price was 1,991, with a ratio of 11.14. The equilibrium ratio for spot import was 8.85, with a profit of - 517.92 [3] Cross - Period Arbitrage Tracking - **Copper**: On September 2, 2025, the spreads between the next - month and spot - month, three - month and spot - month, four - month and spot - month, five - month and spot - month were 340, 310, 270, and 230 respectively, while the theoretical spreads were 499, 896, 1303, and 1709 [3] - **Zinc**: The spreads were 25, 5, 25, and 25 respectively, and the theoretical spreads were 214, 334, 453, and 573 [3] - **Aluminum**: The spreads were - 120, - 135, - 150, and - 160 respectively, and the theoretical spreads were 215, 331, 446, and 562 [3] - **Lead**: The spreads were 15, 30, 50, and 75 respectively, and the theoretical spreads were 209, 314, 420, and 525 [3] - **Nickel**: The spreads between the next - month and spot - month, three - month and spot - month, four - month and spot - month, five - month and spot - month were 2000, 2130, 2280, and 2410 [3] - **Tin**: The spread between the 5 - month and 1 - month was 470, and the theoretical spread was 5663 [3] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month contract and spot, next - month contract and spot were - 390 and - 50 respectively, and the theoretical spreads were 208 and 699 [3] - **Zinc**: The spreads were 50 and 75 respectively, and the theoretical spreads were 136 and 265 (also mentioned with theoretical spreads of 149 and 255) [3] - **Lead**: The spreads were 190 and 205 respectively, and the theoretical spreads were 152 and 263 [3] Cross - Variety Arbitrage Tracking - On September 2, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc for Shanghai (three - continuous) were 3.60, 3.87, 4.73, 0.93, 1.22, 0.76 respectively, and for London (three - continuous) were 3.49, 3.79, 4.93, 0.92, 1.30, 0.71 [3]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The LPG market shows a mixed trend. The PG main contract fluctuates weakly, and the basis first weakens and then strengthens. The 9 - 10 and 10 - 11 spreads change. The warehouse receipt registration volume increases. The 9 - month CP official price remains stable. The fundamentals show that port inventories are decreasing, refinery commodity volume increases by 2.47%, and plant inventories increase but are controllable. PDH, alkylation, and MTBE have different operating rates. The combustion off - season is ending but demand is still weak. The cheapest delivery area in East China is expected to have a tight supply, improved demand, and increased import costs, with an overall stable and upward trend [1]. 3) Summary by Relevant Catalog Market Data - **Price Changes**: From August 26 to September 1, the prices of South China LPG, East China LPG, Shandong LPG, etc., show different changes. For example, South China LPG drops from 4620 to 4580, a decrease of 40 [1]. - **Spread Changes**: The 9 - 10 month spread is - 721 (- 212), and the 10 - 11 month spread is 84 (- 3). The FEI - CP is 21.5 (+ 4.5), and the AFEL offshore discount is 5.5 (- 0.5), while the CP South China arrival discount is 65 (+ 8) [1]. - **Inventory and Warehouse Receipts**: Port inventories are decreasing, refinery commodity volume increases by 2.47%, and plant inventories increase but are controllable. The warehouse receipt registration volume is 13207 hands (+ 320), with different changes in different companies such as Qingdao Yunda (- 55), Wuchan Zhongda (- 65), and Donghua (+ 440) [1]. Fundamental Analysis - **Operating Rates**: PDH operating rate is 73.02% (- 2.64pct), alkylation operating rate is 48.42% (+ 0.74), and MTBE operating rate is 63.54% (+ 0). Wanhua Phase II is under maintenance, Quanzhou Guoheng restarts at the end of the week and is expected to increase load next week, and Hebei Haiwei plans to stop work [1]. - **Profit Situation**: PDH spot profit changes little, paper profit fluctuates downward, alkylation oil production gross profit declines, and MTBE gross profit moves down [1]. - **Supply and Demand**: The combustion off - season is gradually ending, but demand is still weak. The cheapest delivery area in East China is expected to have a tight supply, improved demand, and increased import costs [1].

| 农产品早报 | | --- | 研究中心农产品团队 2025/09/02 | 玉米/淀粉 | | | | 玉米 | | | | | 淀粉 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/08/26 | 2230 | 2210 | 2400 | 2360 | 52 | 10 254 | 2850 | 2930 | 330 | 17 | | 2025/08/27 | 2230 | 2210 | 2400 | 2360 | 46 | 10 264 | 2850 | 2900 | 334 | 15 | | 2025/08/28 | 2230 | 2230 | 2400 | 2370 | 45 | 0 291 | 2850 | 2900 | 312 | 15 | | 2025/08/29 | 2230 | 2220 | 2394 | 2370 | 29 | 15 276 | ...

授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息 中断、延迟、遗漏、误导或造成资料传输或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我司均不承担任何责任。 最新 日变化 周变化 月变化 年变化 最新 日变化 周变化 月变化 年变化 秦皇岛5500 694.0 -1.0 -8.0 32.0 -146.0 25省终端可用天数 19.9 0.1 0.0 -1.0 2.3 秦皇岛5000 613.0 -2.0 -16.0 15.0 -127.0 25省终端供煤 608.0 3.3 -0.5 -32.0 -14.8 广州港5500 760.0 0.0 -5.0 20.0 -140.0 北方港库存 1996.0 -3.0 -41.0 -197.0 -167.3 鄂尔多斯5500 470.0 0.0 -5.0 30.0 -140.0 北方锚地船舶 66.0 -4.0 -14.0 -22.0 6.0 大同5500 525.0 0.0 -5.0 10.0 -165.0 北方港调入量 172.0 4.3 2. ...

Group 1: Report Overview - Report Title: "Yongan Synthetic Rubber Morning Report" [2] - Report Date: September 2, 2025 [3] - Research Team: Research Center Energy and Chemicals Team [3] Group 2: BR Main Contract Disk Overview - Closing Price of Main Contract: On September 1, it was 11,895, a decrease of 5 from the previous day and 115 from July 31 [3] - Open Interest of Main Contract: On September 1, it was 33,170, a decrease of 2,323 from the previous day and 13,535 from July 31 [3] - Trading Volume of Main Contract: On September 1, it was 113,113, an increase of 25,436 from the previous day and a decrease of 42,291 from July 31 [3] - Warehouse Receipt Quantity: On September 1, it was 12,440, an increase of 180 from the previous day and a decrease of 30 from July 31 [3] - Virtual-to-Physical Ratio: On September 1, it was 13.33, a decrease of 1 from the previous day and 5 from July 31 [3] Group 3: BR Price Structure - Basis and Spread: - Butadiene Rubber Basis: On September 1, it was 5, a decrease of 45 from the previous day and an increase of 115 from July 31 [3] - Butadiene Rubber Basis (Two Oil): On September 1, it was 205, an increase of 5 from the previous day and 315 from July 31 [3] - Styrene-Butadiene Rubber Basis: On September 1, it was 5, an increase of 5 from the previous day and 215 from July 31 [3] - August - September Spread: On September 1, it was 125, an increase of 20 from the previous day and 105 from July 31 [3] - September - October Spread: On September 1, it was -20, a decrease of 35 from the previous day and an increase of 5 from July 31 [3] - Spot Prices: - Shandong Market Price: On September 1, it was 11,900, a decrease of 50 from the previous day and unchanged from July 31 [3] - Chuanhua Market Price: On September 1, it was 11,800, unchanged from the previous day and an increase of 50 from July 31 [3] - Qilu Factory Price: On September 1, it was 12,100, unchanged from the previous day and an increase of 200 from July 31 [3] - CFR Northeast Asia: On September 1, it was 1,500, an increase of 25 from the previous day and 50 from July 31 [3] - CFR Southeast Asia: On September 1, it was 1,700, a decrease of 25 from the previous day and 25 from July 31 [3] Group 4: BD Processing and Import/Export - Carbon Tetrachloride Extraction Profit: On September 1, the data was N/A [4] - Butene Oxidative Dehydrogenation Profit: On September 1, it was 186, a decrease of 50 from the previous day and 170 from July 31 [4] - Import Profit: On September 1, it was 377, a decrease of 50 from the previous day and 57 from July 31 [4] - Export Profit: On September 1, it was -975, an increase of 44 from the previous day and 230 from July 31 [4] - Butadiene Rubber Production Profit: On September 1, it was -46, a decrease of 31 from the previous day and 166 from July 31 [4] Group 5: Downstream Profits - Styrene-Butadiene Rubber Production Profit: On September 1, it was 1,075, unchanged from the previous day and an increase of 138 from July 31 [4] - ABS Production Profit: On September 1, the data was N/A [4] - SBS Production Profit (791-H): On September 1, the data was not provided, a decrease of 125 from the previous available data and 180 from July 31 [4] Group 6: Price Spreads - Variety-to-Variety Spreads: - Thai Mixed - Butadiene Rubber: On September 1, it was 2,920, an increase of 70 from the previous day and a decrease of 30 from July 31 [4] - 3L - Styrene-Butadiene Rubber: On September 1, it was 2,650, unchanged from the previous day and a decrease of 100 from July 31 [4] - Variety - Internal Spreads: - Butadiene Rubber Standard - Non - Standard Price Difference: On September 1, it was 250, unchanged from the previous day and July 31 [4] - Styrene-Butadiene Rubber 1502 - 1712: On September 1, it was 1,050, unchanged from the previous day and an increase of 50 from July 31 [4]