| 日期 | 沪锌现货进口盈利 | 沪锌期货进口盈利 | 锌保税库premium | LME C-3M | LME锌库存 | LME锌注销仓单 | | --- | --- | --- | --- | --- | --- | --- | | 2025/09/19 | -3326.26 | -2684.28 | 130 | 51 | 47825 | 16450 | | 2025/09/22 | -3284.10 | -2610.97 | 130 | 46 | 46825 | 15450 | | 2025/09/23 | -3003.69 | -2494.16 | 130 | 43 | 45775 | 14950 | | 2025/09/24 | -3318.32 | -2606.04 | 130 | 60 | 44400 | 13675 | | 2025/09/25 | -3597.09 | -2807.34 | 130 | 54 | 43800 | 13075 | | 变化 | -278.77 | -201.30 | 0 | -6 | -600 | -600 | 本周锌价震荡下移。供应端，国产TC小幅下降，进口 ...

| | | | 钢材早报 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 研究中心黑色团队 2025/09/26 | | | 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 | | 2025/09/19 | 3200 | 3280 | 3260 | 3200 | 3320 | 3290 | | 2025/09/22 | 3210 | 3290 | 3330 | 3250 | 3370 | 3330 | | 2025/09/23 | 3180 | 3250 | 3270 | 3200 | 3330 | 3270 | | 2025/09/24 | 3180 | 3290 | 3270 | 3200 | 3330 | 3270 | | 2025/09/25 | 3180 | 3300 | 3270 | 3200 | 3330 | 3270 | | 变化 | 0 | 10 | 0 | 0 | 0 | 0 | | 日期 | 天津热卷 | 上海热卷 | ...

| 大类资产早报 | | --- | 研究中心宏观团队 2025/09/26 最新变化 -0.20% -0.12% -0.10% -0.24% -0.07% -0.40% 一周变化 -0.47% -0.14% -0.11% -0.22% 0.11% 1.09% 一月变化 0.91% 0.11% 1.03% 0.67% 0.53% 1.25% 一年变化 3.04% 3.85% 5.04% 7.37% 6.88% 11.92% 股 指 期 货 交 易 数 据 | 指数表现 | A股 | 沪深300 | 上证50 | 创业板 | 中证500 | | --- | --- | --- | --- | --- | --- | | 收盘价 | 3853.30 | 4593.49 | 2952.74 | 3235.76 | 7341.32 | | 涨跌（%） | -0.01 | 0.60 | 0.45 | 1.58 | 0.24 | | 估值 | 沪深300 | 上证50 | 中证500 | 标普500 | 德国DAX | | PE(TTM) | 14.13 | 11.70 | 34.89 | 27.49 | 19.42 | ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The LPG market is expected to remain weak overall. The cheapest delivery location is Shandong, where the supply is abundant due to incoming resources, while the chemical demand is declining [1]. 3) Summary by Relevant Contents - **Price Changes**: - **Daily Changes**: On Thursday, the low - end price in East China was 4387 (+0), in Shandong was 4570 (+20), and in South China was 4600 (+0). The price of ether - post carbon four was 4620 (-10). The lowest delivery location was East China, with a basis of 7 (-55) and a 10 - 11 month spread of 113 (+33). FEI and CP c1 decreased to 550 (-3) and 544 (-3) dollars/ton respectively. The FEI monthly spread remained unchanged at 6 dollars, and the CP monthly spread dropped to -14.5 dollars (-3.5) [1]. - **Weekly Changes**: The PG main contract fluctuated strongly. The cheapest delivery product was Shandong civil gas at 4500. The basis weakened to 51 (-74). The 10 - 11 month spread was 49 (-20), the 11 - 12 month spread was 62 (+3). The number of warehouse receipts was 13002 (-6). The external market price increased. The internal - external price difference decreased slightly: PG - CP to 75 (-3); PG - FEI to 67.6 (-9.3). The FEI - CP was 7.5 (+6.5). The US - Asia arbitrage window closed [1]. - **Market Conditions**: - **Supply and Demand**: Incoming shipments decreased, external sales increased slightly, but demand narrowed, leading to an increase in both port and factory inventories. Chemical demand decreased, with the PDH operating rate at 70.49% (-2.61). The operating rates of alkylation and MTBE both declined [1]. - **Profitability**: The profit of PDH to PP continued to weaken, and the production gross margins of alkylated oil and MTBE were low [1]. - **Shipping and Spreads**: Freight rates continued to rise, with the latest rates from the US Gulf to Japan at 155 (+11) and from the Middle East to the Far East at 82 (+7). The FEI - MOPJ was -41.5 (-6.5), and the naphtha spread strengthened [1].

废钢早报 研究中心黑色团队 2025/09/26 日期 华东 华北 中部 华南 东北 西南 2025/09/19 2258 2330 2081 2259 2290 2168 2025/09/22 2261 2333 2081 2261 2293 2170 2025/09/23 2263 2331 2083 2262 2293 2171 环比 1 -1 2 1 0 -6 2025/09/24 2263 2330 2083 2262 2293 2171 2025/09/25 2264 2329 2085 2263 2293 2165 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析结论合理，但我司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会 发生任何变化。我们提供的全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，您应当自主做出期货交易决策，独立承担 期货交易后果，凡据此入市者，我司不承担任何责任。我司在为您提供服务时已最大程度避免与您产生利益冲突 ...

Report Industry Investment Rating - Not provided Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst oscillated, the near - month spread oscillated, the basis strengthened slightly, the EW spread rebounded again, and recently had wide - range oscillations. The domestic FU is expected to oscillate more in the short - term. The low - sulfur cracking rebounded slightly but is at a historically low level compared to the same period. The LU disk remained weak this week. The third batch of export quotas was issued as expected. In the fourth quarter, the spread between domestic and foreign LU can be widened on dips, and attention should be paid to the quota usage [3][4]. Summary by Relevant Data Rotterdam Fuel Oil Swap Data - From September 19 to September 25, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased from 382.97 to 407.73, with a change of 4.00; Rotterdam 0.5% VLS FO swap M1 increased from 427.48 to 442.97, with a change of 4.43; Rotterdam HSFO - Brent M1 increased from - 5.82 to - 4.10, with a change of 0.37; Rotterdam 10ppm Gasoil swap M1 increased from 668.48 to 696.42, with a change of 9.65; Rotterdam VLSFO - Gasoil M1 decreased from - 241.00 to - 253.45, with a change of - 5.22; LGO - Brent M1 increased from 24.80 to 26.25, with a change of 1.60; Rotterdam VLSFO - HSFO M1 decreased from 44.51 to 35.24, with a change of 0.43 [1]. Singapore Fuel Oil Swap Data - From September 19 to September 25, 2025, the price of Singapore 380cst M1 increased from 390.12 to 407.32, with a change of 2.17; Singapore 180cst M1 increased from 400.69 to 416.26, with a change of 1.61; Singapore VLSFO M1 increased from 465.21 to 475.67, with a change of 7.11; Singapore Gasoil M1 increased from 87.81 to 89.89, with a change of 1.23; Singapore 380cst - Brent M1 increased from - 5.13 to - 3.83, with a change of - 0.66; Singapore VLSFO - Gasoil M1 decreased from - 184.58 to - 189.52, with a change of - 2.00 [1]. Singapore Fuel Oil Spot Data - From September 19 to September 25, 2025, the FOB 380cst price increased from 390.94 to 407.53, with a change of 0.71; FOB VLSFO increased from 464.79 to 473.88, with a change of 7.81; the 380 basis decreased from 0.40 to 1.25, with a change of - 0.20; the high - sulfur domestic - foreign spread increased from 6.0 to 7.6, with a change of 0.7; the low - sulfur domestic - foreign spread increased from 9.7 to 10.2, with a change of 0.8 [2]. Domestic FU Data - From September 19 to September 25, 2025, FU 01 increased from 2796 to 2887, with a change of 27; FU 05 increased from 2754 to 2830, with a change of 22; FU 09 increased from 2699 to 2738, with a change of 12; FU 01 - 05 increased from 42 to 57, with a change of 5; FU 05 - 09 increased from 55 to 92, with a change of 10; FU 09 - 01 decreased from - 97 to - 149, with a change of - 15 [2]. Domestic LU Data - From September 19 to September 25, 2025, LU 01 increased from 3362 to 3431, with a change of 64; LU 05 increased from 3337 to 3389, with a change of 42; LU 09 increased from 3308 to 3363, with a change of 44; LU 01 - 05 increased from 25 to 42, with a change of 22; LU 05 - 09 decreased from 29 to 26, with a change of - 2; LU 09 - 01 decreased from - 54 to - 68, with a change of - 20 [3]. Fundamental Data - In terms of fundamentals, Singapore's residue decreased, floating storage oscillated, ARA residue inventory decreased slightly, EIA residue decreased slightly, Fujairah inventory decreased, and high - sulfur floating storage in the Middle East increased significantly. The high - sulfur peak season in the Middle East has passed. Supported by logistics reshaping and Singapore's high - sulfur marine fuel demand, the EW spread has been repaired. Recently, refinery feedstock purchases support the 380 cracking level, and the short - term downward space is limited [4].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on September 26, 2025 [1][4][5] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On September 26, 2025, the domestic spot price was 82525, LME price was 10291, and the ratio was 8.04; the domestic three - month price was 82690, LME price was 10323, and the ratio was 8.01. The equilibrium ratio for spot import was 8.12, with a profit of - 745.90, and the spot export profit was 433.73 [1] - **Zinc**: The domestic spot price was 21870, LME price was 2979, and the ratio was 7.34; the domestic three - month price was 22055, LME price was 2926, and the ratio was 5.85. The equilibrium ratio for spot import was 8.55, with a profit of - 3597.09 [1] - **Aluminum**: The domestic spot price was 20770, LME price was 2645, and the ratio was 7.85; the domestic three - month price was 20765, LME price was 2648, and the ratio was 7.85. The equilibrium ratio for spot import was 8.40, with a profit of - 1466.82 [1] - **Nickel**: The domestic spot price was 122300, LME price was 15261, and the ratio was 8.01. The equilibrium ratio for spot import was 8.20, with a profit of - 2154.78 [1] - **Lead**: The domestic spot price was 16950, LME price was 1967, and the ratio was 8.62; the domestic three - month price was 17115, LME price was 2004, and the ratio was 11.00. The equilibrium ratio for spot import was 8.84, with a profit of - 434.90 [3] Cross - Period Arbitrage Tracking - **Copper**: On September 26, 2025, the spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were 50, 30, 30, and - 30 respectively, while the theoretical spreads were 515, 929, 1351, and 1773 respectively [4] - **Zinc**: The spreads were 15, 25, 35, and 65 respectively, and the theoretical spreads were 213, 332, 451, and 571 respectively [4] - **Aluminum**: The spreads were 5, 5, 5, and 15 respectively, and the theoretical spreads were 215, 331, 446, and 562 respectively [4] - **Lead**: The spreads were 30, 55, 65, and 30 respectively, and the theoretical spreads were 210, 317, 423, and 529 respectively [4] - **Nickel**: The spreads were 310, 480, 670, and 740 respectively [4] - **Tin**: The 5 - 1 spread was 650, and the theoretical spread was 5676 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were 195 and 245 respectively, and the theoretical spreads were 391 and 856 respectively [4] - **Zinc**: The spreads were 160 and 175 respectively, and the theoretical spreads were 176 and 304 respectively [4] - **Lead**: The spreads were 110 and 140 respectively, and the theoretical spreads were 164 and 277 respectively [5] Cross - Variety Arbitrage Tracking - On September 26, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (triple - continuous) were 3.75, 3.98, 4.83, 0.94, 1.21, and 0.78 respectively; for London (triple - continuous) were 3.51, 3.86, 5.09, 0.91, 1.32, and 0.69 respectively [5]

| | | | | | 纯 碱 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2025/9/18 | 2025/9/24 | 2025/9/25 | | 周度变化 日度变化 | | 2025/9/18 | 2025/9/24 | 2025/9/25 | | 周度变化 日度变化 | | 沙河重碱 | 1210.0 | 1210.0 | 1220.0 | 10.0 | 10.0 | SA05合 约 | 1400.0 | 1394.0 | 1404.0 | 4.0 | 10.0 | | 华中重碱 | 1200.0 | 1200.0 | 1210.0 | 10.0 | 10.0 | SA01合约 | 1306.0 | 1307.0 | 1315.0 | 9.0 | 8.0 | | 华南重碱 | 1350.0 | 1350.0 | 1350.0 | 0.0 | 0.0 | SA09合约 | 1442.0 | 1448.0 | 1459.0 | 17.0 | 11.0 | | 青 海 ...

音烙橡胶呈报 图1 研究中心能化团队 2025/09/26 P 不 A = 点击 POY 1 石脑油 PX CFR |PTA内盘现 PTA平衡 仓单+有 PTA加 PTA负 石脑油裂 聚酯毛利 50D/4 TA基美 日期 原油 PX加工美 产销 工差 效预报 日本 台湾 न्ह 解价差 负荷 荷 8F rest 2025/0 0.50 66.7 597 816 4555 6655 107.99 219.0 136 153 80.6 75.9 15804 -78 9/19 2025/0 107.67 31310 66.6 596 808 4510 6600 212.0 137 139 80.6 75.9 -80 0.50 9/22 图H 2025/0 67.6 209 0.30 598 803 4470 6620 101.77 205.0 125 80.6 75.9 32714 -80 9/23 2025/0 69.3 812 4525 32714 0.75 606 6600 97.96 206.0 120 140 80.6 75.9 -75 9/24 2025/0 (图H 69.4 4585 99.65 80 ...

| 研究中心农产品团队 2025/09/26 | | --- | | 隔 夜 市 场 信 息 ： | | 9月18日止当周美国大豆出口销售合计净增72.45万吨，符合预期 | | 9月18日止当周，美国当前市场年度大豆出口销售净增72.45万吨，市场预估为净增60-160万吨。当周，美国下一年 | | 度大豆出口销售净增0万吨。 | | 当周，美国大豆出口装船51.24万吨。 | | 9月18日止当周美国豆粕出口销售合计净增22.62万吨，符合预期 | | 9月18日止当周，美国当前市场年度豆粕出口销售净增7.96万吨，较之前一周增加156%，较前四周均值增加196%。 | | 市场预估为净增0-5万吨。当周，美国下一年度豆粕出口销售净增14.66万吨。市场预估为净增15-40万吨。 | | 当周，美国豆粕出口装船22.85万吨。较之前一周减少3%，较前四周均值减少8%。 | | 当周，美国当前市场年度豆粕新销售10.69万吨，下一市场年度豆粕新销售23.5万吨。 | | 阿根廷大豆出口创七年高位，受出口税暂停刺激 | | 阿根廷大豆出口创下至少七年新高。政府数据显示，在该国暂停谷物出口税近三天后，2024/ ...