1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - The report presents the index trends, the impact of sector fluctuations on indices, the basis and annualized opening costs of stock index futures, and the point differences and annualized costs of stock index futures roll - over on September 3rd [1][2][12][19] 3. Summary by Relevant Catalogs 3.1 Index Trends - On September 3rd, the Shanghai Composite Index fell 1.16% to 3813.56 points with a trading volume of 1012.296 billion yuan; the Shenzhen Component Index fell 0.65% to 12472.0 points with a trading volume of 1351.79 billion yuan [1] - The CSI 1000 Index fell 1.46% with a trading volume of 486.667 billion yuan; the CSI 500 Index fell 1.34% with a trading volume of 449.58 billion yuan; the SSE 50 Index fell 1.07% with a trading volume of 161.065 billion yuan; the CSI 300 Index fell 0.68% with a trading volume of 655.697 billion yuan [1] 3.2 Impact of Sector Fluctuations on Indices - The CSI 1000 dropped 107.0 points compared to the previous closing price, and sectors such as non - ferrous metals, national defense and military industry, and computer significantly pulled the index down [2] - The CSI 500 dropped 93.23 points compared to the previous closing price, and sectors such as computer, non - bank finance, and national defense and military industry significantly pulled the index down [2] - The CSI 300 dropped 30.62 points compared to the previous closing price. Sectors such as power equipment and communication significantly pulled the index up, while sectors such as banks, electronics, and non - bank finance significantly pulled the index down [2] - The SSE 50 dropped 31.89 points compared to the previous closing price. Sectors such as pharmaceutical biology significantly pulled the index up, while sectors such as banks, electronics, and non - bank finance significantly pulled the index down [2] 3.3 Stock Index Futures Basis and Annualized Opening Costs - For IM contracts, IM00 had an average daily basis of - 72.73, IM01 had - 133.83, IM02 had - 271.16, and IM03 had - 448.11 [12] - For IC contracts, IC00 had an average daily basis of - 79.74, IC01 had - 130.22, IC02 had - 237.48, and IC03 had - 382.87 [12] - For IF contracts, IF00 had an average daily basis of - 16.61, IF01 had - 23.0, IF02 had - 42.88, and IF03 had - 63.45 [12] - For IH contracts, IH00 had an average daily basis of - 4.99, IH01 had - 5.58, IH02 had - 6.58, and IH03 had - 4.13 [12] 3.4 Stock Index Futures Roll - over Point Differences and Annualized Costs - The report provides the point differences and annualized costs of roll - over for IM, IC, IF, and IH contracts at different time points, such as for the IF contract, at 09:45, the point differences between different contracts (e.g., IF00 - 01 was - 12.31678) are presented [20][21][23][24][25]

Group 1: Report Information - Report Title: Asphalt Report [2] - Research Team: Research Center's Energy and Chemicals Team [3] - Report Date: September 3, 2025 [3] Group 2: Futures Contract Data - **Prices**: On September 2, BU主力合约 was at 3551, up 11 from the previous day and 39 from the previous week; BU06 was at 3457, up 27 daily and 85 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] - **Volume and Open Interest**: On September 2, the trading volume was 349,892, up 12,718 from the previous day and 92,337 from the previous week; the open interest was 491,894, up 35,556 daily and 80,407 weekly [4] - **Combined Positions**: On September 2, the combined positions were 29,790, unchanged from the previous day and down 1,150 from the previous week [4] Group 3: Spot Market Data - **Market Prices**: On September 2, the Shandong market price was 3,540, up 30 from the previous day and 20 from the previous week; the East China market price was 3,700, up 10 daily and 50 weekly; the South China market price was 3,530, up 10 daily and 50 weekly; the North China market price was 3,650, up 10 daily and unchanged weekly; the Northeast market price was 3,870, unchanged daily and down 10 weekly [4] - **Enterprise Prices**: On September 2, Jingbo (Haiyun) was at 3,670, up 10 from the previous day and down 10 from the previous week; Xinhai (Xin Bohai) was at 3,650, up 10 daily and unchanged weekly [4] - **Regional Price Differences**: On September 2, Shandong - East China was -160, up 30 from the previous day and 40 from the previous week; Shandong - Northeast was -330, up 30 daily and 30 weekly; East China - South China was 170, down 10 daily and 70 weekly [4] Group 4: Basis and Calendar Spread Data - **Basis**: On September 2, the Shandong basis was -11, up 19 from the previous day and down 19 from the previous week; the East China basis was 149, down 11 daily and 20 weekly; the South China basis was -21, down 1 daily and up 11 weekly [4] - **Calendar Spreads**: On September 2, 03 - 06 was 11, up 11 from the previous day and down 11 from the previous week; 06 - 09 was -86, up 31 daily and 87 weekly; 09 - 12 was 51, down 30 daily and 62 weekly; 12 - 03 was 24, down 12 daily and 14 weekly; the first - second contract spread was 8, down 10 daily and 21 weekly [4] Group 5: Crack Spread and Profit Data - **Crack Spreads**: On September 2, the asphalt - Brent crack spread was -8, up 28 from the previous day and down 11 from the previous week [4] - **Profits**: On September 2, the asphalt - Ma Rui profit was -75, up 25 from the previous day and down 11 from the previous week; the ordinary refinery's comprehensive profit was 361, up 21 daily and down 55 weekly; the Ma Rui - type refinery's comprehensive profit was 656, up 25 daily and down 34 weekly; the import profit (South Korea - East China) was -52, up 75 daily and 74 weekly; the import profit (Singapore - South China) was -919, up 86 daily and 141 weekly [4] Group 6: Related Price Data - **Crude Oil**: On September 2, Brent crude oil was at 68.2, unchanged from the previous day and up 0.9 from the previous week [4] - **Refined Products**: On September 2, the Shandong market price of gasoline was 7,525, up 8 from the previous day and down 93 from the previous week; the Shandong market price of diesel was 6,441, up 52 daily and down 35 weekly; the Shandong market price of residual oil was 3,252, down 25 daily and 110 weekly [4]

Report Industry Investment Rating - Not provided 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 rose sharply and then fell. The low-sulfur cracking weakened, the spread oscillated, the LU internal and external spread fluctuated around 10 US dollars, and the MF0.5 basis began to rebound [3]. - 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 and 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 recovering. The domestic high-sulfur spot was still in excess supply, so beware of overheating sentiment. The new round of sanctions has a large potential impact on the supply of heavy crude oil in China, which provides some support for the valuation of Asian fuel oil. This week, LU remained oscillating, and the basis of the external MF0.5 began to rebound. One can pay attention to the opportunity of the low-sulfur - high-sulfur spread widening in the fourth quarter [4]. Summary by Related Catalogs Rotterdam Fuel Oil Swap Data - From August 27 to September 2, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed from 381.95 to 388.30, with a change of 0.19; the price of Rotterdam 0.5% VLS FO swap M1 changed from 454.66 to 457.64, with a change of 1.27; the Rotterdam HSFO - Brent M1 changed from -6.75 to -7.42, with a change of -1.02; etc. [1] Singapore Fuel Oil Swap Data - During the same period, the price of Singapore 380cst M1 changed from 394.03 to 400.25, with a change of 2.23; the price of Singapore 180cst M1 changed from 406.97 to 412.56, with a change of 0.48; the price of Singapore VLSFO M1 changed from 482.43 to 488.34, with a change of 5.97 [1]. Singapore Fuel Oil Spot Data - From August 27 to September 2, 2025, the FOB 380cst price changed from 395.34 to 402.43, with a change of 4.54; the FOB VLSFO price changed from 485.57 to 492.24, with a change of 6.79; the 380 basis changed from 1.50 to -0.05, with a change of 0.35 [2]. Domestic FU Data - During the same period, the price of FU 01 changed from 2790 to 2847, with a change of 23; the price of FU 05 changed from 2748 to 2807, with a change of 25; the price of FU 09 changed from 2763 to 2750, with a change of 13 [2]. Domestic LU Data - From August 27 to September 2, 2025, the price of LU 01 changed from 3444 to 3509, with a change of 58; the price of LU 05 changed from 3408 to 3458, with a change of 60; the price of LU 09 changed from 3418 to 3428, with a change of 54 [3].

1. Report Industry Investment Rating There is no information about the report industry investment rating in the content. 2. Core Viewpoints of the Report The report provides a daily tracking of stock index futures data on September 2, 2025, including the index trends, the impact of sector fluctuations on the indices, the basis and annualized opening costs of stock index futures, and the points differences and annualized costs of stock index futures roll - over [1]. 3. Summary by Relevant Catalogs 3.1 Index Trends - On September 2, the Shanghai Composite Index fell 0.45% to close at 3858.13 points, with a trading volume of 1222.778 billion yuan; the Shenzhen Component Index fell 2.14% to close at 12553.84 points, with a trading volume of 1652.214 billion yuan [1]. - The CSI 1000 Index fell 2.5% with a trading volume of 598.514 billion yuan, opening at 7498.44, closing at 7313.88, with a daily high of 7499.6 and a low of 7258.59 [1]. - The CSI 500 Index fell 2.09% with a trading volume of 541.494 billion yuan, opening at 7108.94, closing at 6961.69, with a daily high of 7108.94 and a low of 6909.72 [1]. - The SSE 50 Index rose 0.39% with a trading volume of 196.061 billion yuan, opening at 2983.72, closing at 2992.88, with a daily high of 3006.46 and a low of 2967.52 [1]. - The SSE 50 Index rose 0.39% with a trading volume of 196.061 billion yuan, opening at 2983.72, closing at 2992.88, with a daily high of 3006.46 and a low of 2967.52 [1]. 3.2 Impact of Sector Fluctuations on the Indices - The CSI 1000 Index dropped 187.27 points from the previous closing price, and sectors such as communication, computer, and electronics significantly pulled the index down [3]. - The CSI 500 Index dropped 148.6 points from the previous closing price, and sectors such as computer and electronics significantly pulled the index down [3]. - The SSE 300 Index dropped 33.26 points from the previous closing price. Sectors such as banks significantly pulled the index up, while sectors such as computer, communication, and electronics pulled it down [3]. - The SSE 50 Index rose 11.68 points from the previous closing price. Sectors such as banks, food and beverage, and petroleum and petrochemicals significantly pulled the index up, while sectors such as non - bank finance and electronics pulled it down [3]. 3.3 Basis and Annualized Opening Costs of Stock Index Futures - For IM contracts, IM00 had an average daily basis of - 79.56, IM01 had - 138.59, IM02 had - 271.34, and IM03 had - 446.93 [14]. - For IC contracts, IC00 had an average daily basis of - 74.3, IC01 had - 122.99, IC02 had - 224.75, and IC03 had - 369.83 [14]. - For IF contracts, IF00 had an average daily basis of - 10.05, IF01 had - 15.77, IF02 had - 30.9, and IF03 had - 51.13 [14]. - For IH contracts, IH00 had an average daily basis of - 0.65, IH01 had - 2.19, IH02 had - 1.79, and IH03 had - 0.25 [14]. 3.4 Points Differences and Annualized Costs of Stock Index Futures Roll - over - The document provides the 15 - minute average points differences and their annualized costs for IM, IC, IF, and IH contracts' roll - over, including data such as IM00 - 01, IM00 - 02, etc. for different time points from 09:45 to 15:00 [23][25][27][26].

交易咨询业务资格：证监许可【2012】1091号 PTA&MEG早报-2025年9月3日 大越期货投资咨询部 金泽彬 投资咨询资格证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 PTA 每日观点 PTA： 1、基本面：昨日PTA期货小幅收跌，现货市场商谈氛围一般，现货基差偏弱，贸易商商谈为主，零星聚酯工厂买盘。本周及下 周货在01贴水48~50有成交，价格商谈区间在4710~4750附近。9月中下及下旬在01-45~50有成交。今日主流现货基差在01-49。 中性 5、主力持仓：净空 空增 偏空 6、预期：PTA装置检修效果不及预期，现货市场流通性尚可，现货基差走弱，价格则跟随成本端震荡，加工差虽较低点略有改 善，但仍处于偏低水平，关注恒力惠州装置检修情况，以及后续上下游装置变动。 2、基差：现货4727，01合约基差-29， ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report is a daily arbitrage data report for various futures varieties of Baocheng Futures on September 3, 2025, presenting the basis, inter - period, and inter - variety data of different commodities including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. 3. Summary by Commodity Category Power Coal - Basis data from August 27 to September 2, 2025, shows that the basis has been negative and gradually decreasing, from - 108.4 yuan/ton on August 27 to - 117.4 yuan/ton on September 2. The 5 - 1, 9 - 1, and 9 - 5 spreads are all 0.0 [1][2] Energy Chemicals - **Energy Commodities**: Basis data of fuel oil, INE crude oil, and crude oil/asphalt from August 27 to September 2, 2025, along with their ratios are presented. For example, on September 2, the basis of INE crude oil is 21.11 yuan/ton, and the ratio of crude oil/asphalt is 0.1378 [7] - **Chemical Commodities** - **Basis**: Basis data of rubber, methanol, PTA, LLDPE, V, and PP from August 27 to September 2, 2025, are provided. For instance, the basis of rubber on September 2 is - 870 yuan/ton [9] - **Inter - period**: Inter - period spreads (5 - 1, 9 - 1, 9 - 5) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the 5 - 1 spread of rubber is 100 yuan/ton [10] - **Inter - variety**: Inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from August 27 to September 2, 2025, are shown. On September 2, the LLDPE - PVC spread is 2369 yuan/ton [10] Black Metals - **Inter - period**: Inter - period spreads (5 - 1, 9(10) - 1, 9(10) - 5) of rebar, iron ore, coke, and coking coal are presented. For example, the 5 - 1 spread of rebar is 52.0 yuan/ton [19] - **Inter - variety**: Inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from August 27 to September 2, 2025, are provided. On September 2, the rebar/iron ore ratio is 4.04 [19] - **Basis**: Basis data of rebar, iron ore, coke, and coking coal from August 27 to September 2, 2025, are given. On September 2, the basis of rebar is 103.0 yuan/ton [20] Non - Ferrous Metals - **Domestic Market**: Basis data of copper, aluminum, zinc, lead, nickel, and tin from August 27 to September 2, 2025, are provided. On September 2, the basis of copper is 410 yuan/ton [26][27] - **London Market**: LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on September 2, 2025, are presented. For example, the LME spread of copper is (69.58) [35] Agricultural Products - **Basis**: Basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc., from August 27 to September 2, 2025, are given. On September 2, the basis of soybeans No.1 is 90 yuan/ton [41] - **Inter - period**: Inter - period spreads (5 - 1, 9 - 1, 9 - 5) of various agricultural products are provided. For example, the 5 - 1 spread of soybeans No.1 is 47 yuan/ton [41] - **Inter - variety**: Inter - variety spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc., from August 27 to September 2, 2025, are shown. On September 2, the soybean oil/soybean meal ratio is 2.74 [41] Stock Index Futures - **Basis**: Basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from August 27 to September 2, 2025, are presented. On September 2, the basis of CSI 300 is 9.25 [53] - **Inter - period**: Inter - period spreads (next month - current month, next quarter - current quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are given. For example, the next month - current month spread of CSI 300 is - 6.2 [53]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report presents the basis, basis rate, spot reference, spot price, futures price, historical quantile, and other data of various commodities on September 1, 2025, including ferrous metals, non - ferrous metals, precious metals, agricultural products, and energy chemicals, as well as stock index futures and bond futures [1][3]. 3. Summary by Commodity Categories Ferrous Metals - **Silicon Iron (SF51)**: The basis is 112, the basis rate is 2.01%, the spot price is 5678, and the futures price is 5566 [1]. - **Silicon Manganese (SM601)**: The basis information for the 6517 silicon - manganese (Inner Mongolia - Hubei warehouse receipt) shows a spot price of 5970 and a futures - related rate of 56.10% [1]. - **Rebar (RB2601)**: The basis is 180, the basis rate is 5.83%, the spot price is 3270, and the futures price is 3090 [1]. - **Hot - Rolled Coil (HC2601)**: The spot price is 3380, with a change rate of 1.02% [1]. - **Iron Ore (I2601)**: The basis is - 8, the basis rate is - 0.49%, the spot price is 1635, and the futures price is 1643 [1]. - **Coke (J2601)**: Information about the quasi - first - grade metallurgical coke (A13, S0.7, CSR60, MT7) at Rizhao Port is presented [1]. - **Coking Coal (JM2601)**: The basis is - 6, the basis rate is - 0.52%, the spot price is 1145, and the futures price is 1151 [1]. Non - Ferrous Metals - **Copper (CU2510)**: The basis is - 20, the basis rate is - 0.03%, the spot price is 79390, and the futures price is 79410 [1]. - **Aluminum (AL2510)**: The basis is - 10, the basis rate is - 0.05%, the spot price is 20730, and the futures price is 20740 [1]. - **Zinc (ZN2510)**: The basis is - 30, the basis rate is - 0.90%, the spot price is 22140 [1]. - **Tin (SN2510)**: The basis is - 5750, the basis rate is - 2.06%, the spot price is 272900, and the futures price is 278650 [1]. - **Nickel (NI2510)**: The basis is - 100, the basis rate is - 0.08%, the spot price is 121600, and the futures price is 121700 [1]. - **Stainless Steel (SS2510)**: The basis is 455, the basis rate is 3.55%, the spot price is 13270, and the futures price is 12815 [1]. Precious Metals - **Gold (AU2510)**: The basis is - 3.4, the basis rate is - 0.44%, the spot price is 781.7, and the futures price is 785.1 [1]. - **Silver (AG2510)**: The basis is - 21.0, the basis rate is - 0.22%, the spot price is 9365.0, and the futures price is 9386.0 [1]. Agricultural Products - **Soybean Meal (M2601)**: The basis is - 75.0, the basis rate is - 2.45%, the spot price is 2980, and the futures price is 3055.0 [1]. - **Soybean Oil (Y2601)**: The basis is 132.0, the basis rate is 1.58%, the spot price is 8490, and the futures price is 8358.0 [1]. - **Palm Oil (P2601)**: The basis is - 36.0, the basis rate is - 0.39%, the spot price is 9280, and the futures price is 9316.0 [1]. - **Rapeseed Meal (RM601)**: The basis is 57.0, the basis rate is 2.27%, the spot price is 2570, and the futures price is 2513.0 [1]. - **Rapeseed Oil (Ol601)**: The basis is 81.0, the basis rate is 0.83%, the spot price is 9870, and the futures price is 9789.0 [1]. - **Corn (C2511)**: The basis is 79.0, the basis rate is 3.61%, the spot price is 2270, and the futures price is 2191.0 [1]. - **Corn Starch (CS2511)**: The basis is 159.0, the basis rate is 6.36%, the spot price is 2660, and the futures price is 2501.0 [1]. - **Live Pigs (H251)**: The basis is 195.0, the basis rate is 1.44%, the spot price is 13750, and the futures price is 13555.0 [1]. - **Eggs (JD2510)**: The basis is 331.0, the basis rate is 11.26%, the spot price is 3270, and the futures price is 2939.0 [1]. - **Cotton (CF601)**: The basis is 1003.0, the basis rate is 7.04%, the spot price is 15243, and the futures price is 14240.0 [1]. - **Sugar (SR601)**: The basis is 396.0, the basis rate is 7.07%, the spot price is 6000, and the futures price is 5604.0 [1]. - **Apples (AP510)**: The basis is 212.0, the basis rate is 2.53%, the spot price is 8600 [1]. - **Red Dates (CJ601)**: The basis is - 3210.0, the basis rate is - 27.89%, the spot price is 8300, and the futures price is 11510.0 [1]. Energy Chemicals - **Paraxylene (PX511)**: The basis is 96.7, the basis rate is 1.40%, the spot price is 6982.7, and the futures price is 6886.0 [1]. - **PTA (TA601)**: The basis is - 22.0, the basis rate is - 0.46%, the spot price is 4770.0, and the futures price is 4792.0 [1]. - **Ethylene Glycol (EG2601)**: The basis is 65.0, the basis rate is 1.46%, the spot price is 4530.0, and the futures price is 4465.0 [1]. - **Polyester Staple Fiber (PF510)**: The basis is 29.0, the basis rate is 0.44%, the spot price is 6555.0, and the futures price is 6526.0 [1]. - **Styrene (EB2510)**: The basis is 21.0, the basis rate is 0.29%, the spot price is 7185.0, and the futures price is 7164.0 [1]. - **Methanol (MA601)**: The basis is - 143.0, the basis rate is - 6.0%, the spot price is 2230.0, and the futures price is 2373.0 [1]. - **Urea (UR601)**: The basis is - 43.0, the basis rate is 4.20%, the spot price is 1710.0, and the futures price is 1753.0 [1]. - **LLDPE (L2601)**: The basis is - 43.0, the basis rate is - 0.58%, the spot price is 7315.0, and the futures price is 7358.0 [1]. - **PP (PP2601)**: The basis is 30.0, the basis rate is 0.43%, the spot price is 7050.0, and the futures price is 7020.0 [1]. - **PVC (V2601)**: The basis is - 246.0, the basis rate is - 4.97%, the spot price is 4700.0, and the futures price is 4946.0 [1]. - **Caustic Soda (SH601)**: The basis is 26.8, the basis rate is 0.99%, the spot price is 2718.8 [1]. - **LPG (PG2510)**: The basis is 199.0, the basis rate is 4.51%, the spot price is 4608.0, and the futures price is 4409.0 [1]. - **Asphalt (BU2510)**: The basis is - 7.0, the basis rate is - 0.20%, the spot price is 3510.0, and the futures price is 3517.0 [1]. - **Butadiene Rubber (BR2510)**: The basis is 120.0, the basis rate is 1.00%, the spot price is 12100.0, and the futures price is 11980.0 [1]. - **Glass (FG601)**: The basis is - 142.0, the basis rate is - 13.65%, the spot price is 1040.0, and the futures price is 1200.0 [1]. - **Soda Ash (SA601)**: The basis is - 96.0, the basis rate is - 8.00%, the spot price is 1200.0, and the futures price is 1296.0 [1]. - **Natural Rubber (RU2601)**: The basis is - 960.0, the basis rate is - 6.44%, the spot price is 14900.0, and the futures price is 15860.0 [1]. Stock Index Futures and Bond Futures - **IF2509**: The basis is 9.4, the basis rate is 0.21%, the spot price is 4496.8, and the futures price is 4506.2 [1]. - **IH2509**: The basis is 3.5, the basis rate is 0.12%, the spot price is 2976.5, and the futures price is 2980.0 [1]. - **IC2509**: The basis is - 47.1, the basis rate is - 0.67%, the spot price is 7043.9, and the futures price is 6996.8 [1]. - **IM2509**: The basis is - 72.1, the basis rate is - 0.98%, the spot price is 7438.7, and the futures price is 7366.6 [1]. - **TS2512**: The basis is - 0.04, the basis rate is - 0.04%, the spot price is 99.97, and the futures price is 102.42 [1]. - **TF2512**: The basis is 0.05, the basis rate is 0.05%, the spot price is 99.29, and the futures price is 105.52 [1]. - **T2512**: The basis is 0.44, the basis rate is 0.41%, the spot price is 106.25, and the futures price is 107.82 [1]. - **TL2512**: The basis is 0.72, the basis rate is 0.61%, the spot price is 132.09, and the futures price is 116.56 [1].

Report Industry Investment Ratings No relevant information provided. Core Views of the Reports Fats and Oils Industry - Palm oil futures are expected to return to 4500 ringgit, and the domestic palm oil futures may gradually rise after the adjustment, with a view of near - term weakness and long - term strength. US soybean oil has a downward space in the short term, while domestic soybean oil may see a decrease in inventory and a rise in the spot basis in the future [1]. Corn Industry - The short - term corn futures are in a rebound and consolidation stage, and the medium - term situation remains weak. It is advisable to consider shorting on rallies [2]. Sugar Industry - The international raw sugar is expected to consolidate in the 15 - 17 cents/pound range. The domestic sugar price will maintain a wide - range oscillation, and the 01 contract is expected to oscillate narrowly around 5500 - 5700 [7]. Cotton Industry - The cotton price center has risen, but there is no obvious upward driving force. It is expected to maintain a high - level oscillation in the range of 13500 - 14500 yuan/ton [8]. Pig Industry - The spot price of pigs is stabilizing with slight fluctuations. It is recommended to wait and see, and pay attention to the support levels of the 11 and 01 contracts [9]. Meal Industry - The domestic meal prices have limited downward space. It is advisable to wait for the market to stabilize and then go long at low levels in the 3000 - 3050 range [11]. Egg Industry - Egg prices may rebound in early September, but the overall increase is limited, maintaining a bearish view [15]. Summary by Related Catalogs Fats and Oils Industry - **Price Changes**: On August 29, Y2601 decreased by 0.52%, and the palm oil futures price also showed certain fluctuations. The price of soybean oil and palm oil in the spot market also changed to different degrees [1]. - **Fundamentals**: Malaysian palm oil production growth is lower than export growth, and the market expects limited inventory growth at the end of August. The US biodiesel policy for soybean oil is unclear, and the domestic demand for soybean oil is improving [1]. Corn Industry - **Price Changes**: On September 1, 2025, the price of corn 2511 increased by 0.27%, and the price of corn starch 2511 increased by 0.32%. The spot prices and spreads also changed [2]. - **Fundamentals**: Northeast corn traders have insufficient inventory, but there is supplementary auction grain. Spring corn in North China is gradually on the market, and the new - season corn has a large expected increase in production. The demand side has relatively sufficient inventory and weak purchasing enthusiasm [2]. Sugar Industry - **Price Changes**: On September 1, 2025, the price of sugar 2601 increased by 0.04%, and the price of ICE raw sugar decreased by 0.97%. The spot prices and spreads also changed [7]. - **Fundamentals**: The supply of raw sugar is expected to increase, but the Brazilian sugar production may be revised down. The 09 contract is affected by beet warehouse receipts, and the demand side is relatively stable during the double festivals [7]. Cotton Industry - **Price Changes**: On September 1, 2025, the price of cotton 2509 increased by 0.73%, and the price of cotton 2601 increased by 1.21%. The spot prices and spreads also changed [8]. - **Fundamentals**: The supply of new cotton is yet to be verified, the inventory is relatively tight before the new cotton is on the market, the demand has improved marginally since August, but the downstream improvement is not obvious [8]. Pig Industry - **Price Changes**: On September 1, 2025, the price of live pigs 2511 decreased by 0.26%, and the price of live pigs 2601 decreased by 0.50%. The spot prices and spreads also changed [9]. - **Fundamentals**: The spot price of pigs is stabilizing, the slaughter volume has increased, and the market demand is expected to improve with the approach of the school season and cooler weather, but there may be a wave of concentrated slaughter before the double festivals [9]. Meal Industry - **Price Changes**: On September 1, 2025, the price of soybean meal M2601 increased by 0.53%, and the price of rapeseed meal RM2601 increased by 1.21%. The spot prices, spreads, and crushing margins also changed [11]. - **Fundamentals**: The expected high yield of US soybeans suppresses the market, the Sino - US negotiation has no substantial progress, and the domestic supply concern has eased [11]. Egg Industry - **Price Changes**: On September 1, 2025, the price of egg 09 contract increased by 0.28%, and the price of egg 10 contract increased by 0.31%. The spot prices, spreads, and related indicators also changed [14]. - **Fundamentals**: The number of newly - opened laying hens in September may decrease, and the demand will weaken after the Mid - Autumn Festival [15].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report is a daily report on futures variety arbitrage data from Baocheng Futures on September 2, 2025, presenting the basis, inter - period, and inter - variety data of multiple futures varieties [1] 3. Summary by Directory 3.1 Power Coal - The report shows the basis and inter - period data of power coal from August 26 to September 1, 2025. The basis was - 105.4 yuan/ton on August 26, gradually decreasing to - 113.4 yuan/ton on September 1, while the 5 - 1, 9 - 1, and 9 - 5 inter - period spreads were all 0.0 [1][2] 3.2 Energy and Chemicals 3.2.1 Energy Commodities - It provides the basis data of fuel oil, crude oil/asphalt, and INE crude oil from August 26 to September 1, 2025, along with some ratio data such as the comparison between crude oil and asphalt [7] 3.2.2 Chemical Commodities - **Basis Data**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from August 26 to September 1, 2025 are presented. For example, the basis of rubber was - 935 yuan/ton on August 26 and - 910 yuan/ton on September 1 [9] - **Inter - period Data**: The 5 - 1, 9 - 1, and 9 - 5 inter - period spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For instance, the 5 - 1 inter - period spread of rubber is 90 yuan/ton [10] - **Inter - variety Data**: The inter - variety spreads such as LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from August 26 to September 1, 2025 are provided [10] 3.3 Black Metals - **Inter - period Data**: The 5 - 1, 9(10) - 1, and 9(10) - 5 inter - period spreads of rebar, iron ore, coke, and coking coal are presented. For example, the 5 - 1 inter - period spread of rebar is 43.0 yuan/ton [20] - **Inter - variety Data**: The inter - variety spreads such as rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from August 26 to September 1, 2025 are given [20] - **Basis Data**: The basis data of rebar, iron ore, coke, and coking coal from August 26 to September 1, 2025 are shown. For example, the basis of rebar was 177.0 yuan/ton on August 26 and 125.0 yuan/ton on September 1 [21] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from August 26 to September 1, 2025 are provided. For example, the basis of copper was 310 yuan/ton on August 26 and 100 yuan/ton on September 1 [28] 3.4.2 London Market - On September 1, 2025, the LME forward premium/discount, Shanghai - London ratio, CIF, domestic spot price, and import profit/loss data of LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, and tin) are presented. For example, the LME forward premium/discount of copper is (86.27) [35] 3.5 Agricultural Products - **Basis Data**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from August 26 to September 1, 2025 are shown. For example, the basis of soybeans No.1 was 86 yuan/ton on August 26 and 95 yuan/ton on September 1 [41] - **Inter - period Data**: The 5 - 1, 9 - 1, and 9 - 5 inter - period spreads of multiple agricultural products such as soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are given [41] - **Inter - variety Data**: The inter - variety spreads such as soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch from August 26 to September 1, 2025 are provided [41] 3.6 Stock Index Futures - **Basis Data**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from August 26 to September 1, 2025 are presented. For example, the basis of CSI 300 was 3.59 on August 26 and 13.11 on September 1 [53] - **Inter - period Data**: The inter - period spreads of the next - month - current - month and next - quarter - current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are given [55]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For PTA, focus on opportunities to expand processing fees on dips and the restart progress of Hengli Huizhou [3]. - For MEG, in the short - term, EG port inventories are expected to decline. The situation is good and the benefits are not low. The far - month is expected to accumulate inventories with the return of maintenance and new device production, but the valuation is greatly affected by the subsequent evolution of the cost side, and it should be regarded as a wide - range shock. Pay attention to the restart progress of Satellite and Xinrun [4]. - For polyester staple fiber, after the finished product inventory of polyester yarn accumulates, the speed of increasing load may slow down. The staple fiber is expected to maintain a high start - up rate with acceptable spot benefits, and the processing fee should be regarded as oscillatory [4]. - For natural rubber and 20 - grade rubber, the main contradictions are that the national explicit inventory is stable and at a relatively low absolute level, and the price of Thai cup lump rubber is stable with rainfall affecting tapping. The strategy is to wait and see [4]. 3. Summary by Relevant Catalogs PTA - **Price and Transaction**: PTA spot daily average transaction basis is 2509(-2) [3]. - **Device Changes**: Sanfangxiang's 1.2 million - ton device is under maintenance, and Dushan Energy's 2.5 million - ton device is under maintenance [3]. - **Market Situation**: After the recent TA maintenance, the start - up rate decreased month - on - month. Polyester load was basically stable, inventory decreased significantly, basis weakened month - on - month, and spot processing fee weakened. PX domestic start - up decreased slightly, overseas devices ran smoothly, PXN weakened month - on - month, disproportionation benefits improved while isomerization benefits weakened slightly, and the US - Asia aromatics spread remained [4]. - **Future Outlook**: TA accidental maintenance increases, polyester start - up continues to rise and the inventory is relatively healthy, so the load is expected to be maintained. The supply of raw material PX will gradually return, and the near - end supply - demand pattern of TA is expected to continue to improve [4]. MEG - **Price and Transaction**: MEG spot basis is around (+64) to 01 [4]. - **Device Changes**: Xinjiang Tianying's 150,000 - ton device restarted, and Shaanxi Weihua's 300,000 - ton device is under maintenance [4]. - **Market Situation**: Recently, the domestic oil - based production capacity increased, the coal - based start - up rate decreased slightly, the overall load increased, overseas accidental maintenance increased, port inventory continued to decline due to low arrivals and stable shipments during the week, downstream stocking levels increased, basis strengthened month - on - month, and the benefit ratio remained [4]. - **Future Outlook**: In the short term, due to few arrivals, EG port inventory is expected to continue to decline. The situation is good and the benefits are not low. In the far - month, with the return of maintenance and new device production, there is an expectation of inventory accumulation, but the valuation is greatly affected by the subsequent evolution of the cost side, and it should be regarded as a wide - range shock. Pay attention to the restart progress of Satellite and Xinrun [4]. Polyester Staple Fiber - **Price and Production**: The load of polyester staple fiber remained stable at 92%, and the load of recycled cotton - type was 51%. The short - fiber profit and pure - polyester yarn profit changed, and the differences between cotton - polyester staple and viscose - polyester staple also changed [4]. - **Market Situation**: The start - up of polyester yarn was stable, raw material stocking decreased, and finished product inventory increased. The benefits were weak [4]. - **Future Outlook**: After the finished product inventory of polyester yarn accumulates, the speed of increasing load may slow down. The staple fiber is expected to maintain a high start - up rate with acceptable spot benefits, and the processing fee should be regarded as oscillatory [4]. Natural Rubber and 20 - grade Rubber - **Price Changes**: Prices of various types of rubber such as US - dollar - denominated Thai standard rubber, Thai mixed rubber, etc. changed. The weekly changes of some varieties were significant, such as a 35 - unit increase in US - dollar - denominated Thai standard rubber [4]. - **Market Indicators**: Indicators such as the spread between mixed rubber and RU main contract, US - dollar - denominated Thai standard rubber and NR main contract changed, and the warehouse receipts of RU on the Shanghai Futures Exchange increased [4]. - **Main Contradictions**: The national explicit inventory is stable and at a relatively low absolute level, and the price of Thai cup lump rubber is stable with rainfall affecting tapping [4]. - **Strategy**: Wait and see [4]. Styrene - **Price Changes**: Prices of raw materials such as ethylene, pure benzene, and product prices of styrene, EPS, etc. decreased. For example, the price of pure benzene (CFR China) decreased from 751 on August 25 to 742 on August 29 [7]. - **Profit Changes**: The domestic profit of styrene, EPS, PS, etc. changed. The domestic profit of EPS decreased by 20 units on August 29 compared with August 25 [7].