Report Industry Investment Rating No relevant content provided. Report's Core View - This week, the high - sulfur cracking of Singapore 380cst fluctuated, the near - month spread fluctuated, the basis strengthened slightly, the EW spread rebounded again, and recently showed wide - range fluctuations. The FU internal - external near - month also fluctuated. The low - sulfur cracking rebounded slightly but was at a historically low level year - on - year, the spread was weakly sorted, the LU internal - external price rebounded slightly to $8 - 9 per ton, and the MF0.5 basis fluctuated [3][4]. - From a fundamental perspective, Singapore's residual oil decreased, floating storage fluctuated, ARA residual oil inventory decreased slightly, EIA residual oil decreased slightly, Fujairah inventory decreased, and Middle - East high - sulfur floating storage increased significantly. The high - sulfur Middle - East peak season has passed. Supported by logistics reshaping and Singapore's high - sulfur marine fuel demand, the EW spread has completed its repair. Recently, refinery feedstock procurement has supported the 380 cracking level, with limited short - term downside space. It is expected that the 380 cracking will maintain a fluctuating pattern, and a short - term internal - external bullish view is taken on domestic FU [4]. - This week, the LU market was still weak. The issuance of the third batch of export quotas met expectations, and the external MF0.5 basis fluctuated at a low level. In the fourth quarter, the LU internal - external spread can be enlarged on dips, and attention should be paid to quota usage [4]. Summary by Related Catalogs Rotterdam Fuel Oil Data - From September 23 to September 29, 2025, the prices of Rotterdam 3.5% HSF O swap M1 decreased by 17.08, Rotterdam 0.5% VLS FO swap M1 decreased by 15.75, Rotterdam HSFO - Brent M1 increased by 0.03, Rotterdam 10ppm Gasoil swap M1 decreased by 30.16, Rotterdam VLSFO - Gasoil M1 increased by 14.41, LGO - Brent M1 decreased by 1.84, and Rotterdam VLSFO - HSFO M1 increased by 1.33 [1]. Singapore Fuel Oil Data - From September 23 to September 29, 2025, the prices of Singapore 380cst M1 decreased by 8.74, Singapore 180cst M1 decreased by 8.74, Singapore VLSFO M1 decreased by 7.92, Singapore Gasoil M1 decreased by 2.85, Singapore 380cst - Brent M1 increased by 0.24, and Singapore VLSFO - Gasoil M1 increased by 13.17 [1]. Singapore Fuel Oil Spot Data - From September 23 to September 29, 2025, the FOB 380cst price decreased by 2.30, the FOB VLSFO price decreased by 0.90, the 380 basis decreased by 0.40 [2]. Domestic FU Data - From September 23 to September 29, 2025, FU 01 increased by 1, FU 05 decreased by 3, FU 09 decreased by 9, FU 01 - 05 increased by 4, FU 05 - 09 increased by 6, and FU 09 - 01 decreased by 10 [2]. Domestic LU Data - From September 23 to September 29, 2025, LU 01 increased by 5, LU 05 decreased by 17, LU 09 decreased by 10, LU 01 - 05 increased by 22, LU 05 - 09 decreased by 7, and LU 09 - 01 decreased by 15 [3].

Report Summary 1) Report Industry Investment Rating No investment rating is provided in the report. 2) Core Viewpoints - PG main contract fluctuated upwards, mainly following the rise in oil prices [1]. - In the short - term, Shandong prices are firm; East China has high supply pressure and is expected to remain weak overall [1]. - For the external market, although there is a seasonal increase, under the expectation of high supply and a slowdown in the year - on - year growth rate of winter demand, it is expected to be generally weak with fluctuations [1]. 3) Summary by Relevant Content Price Changes - On Monday, the low price in East China was 4363 yuan/ton (-30), Shandong was 4570 yuan/ton (-10), and South China was 4640 yuan/ton (-10). Ether - after carbon four was 4570 yuan/ton (-50). The lowest delivery location was East China, with a basis of 70 (-33), and the 10 - 11 month spread was 152 (+4) [1]. - FEI monthly spread dropped 1.5 to -10 US dollars, CP monthly spread dropped 1 to -14 US dollars. FEI and CP c1 decreased, reaching 541 (-7) and 540 (-5) US dollars respectively (as of 9:50 am) [1]. - The daily changes in prices showed that South China LPG, East China LPG, Shandong LPG, propane CFR South China, propane CIF Japan, MB propane spot, CP forecast contract price, Shandong ether - after carbon four, Shandong alkylated oil, paper import profit, and the main basis had changes of -10, -30, -10, -1, -11, -1, -1, -50, -60, 6, -33 respectively [1]. Market Conditions - The cheapest deliverable was East China civil gas at 4373 yuan/ton (-42), Shandong at 4570 yuan/ton (+40), and South China at 4640 yuan/ton (-10). The basis was 103 (+113), the 10 - 11 month spread was 148 (+83), and the 11 - 12 month spread was 79 (+19) [1]. - There were 14327 lots of warehouse receipts (+1353), with Yunda +2031 and Donghua -670. The external market prices were divergent. The FEI monthly spread was -10 US dollars (-4), the CP monthly spread was -13.5 US dollars (-2.5). The internal - external price differences PG - CP reached 56.7 (-23.3); PG - FEI reached 55.7 (-18). FEI - CP was 1 (-5). The US - Asia arbitrage window was closed. The AFEI discount was -13 (-3), and the CP South China arrival discount was 41 (-4) [1]. - Freight rates decreased slightly, with the US Gulf - Japan at 148 (-3) and the Middle East - Far East at 75 (-2). The FEI - MOPJ spread significantly widened to -57.5 (-18.5) [1]. Industry Operation - The PDH operating rate was 69.48% (+4.34 percentage points), with Quanzhou Guoheng and Zhongjing increasing their loads, and Zhenhua starting production at the end of the week; it is expected to rise next week [1]. - Before the holiday, upstream inventory was cleared, arrivals decreased; propane chemical demand increased, and combustion demand replenished inventory; factory inventories increased slightly, and port inventories decreased [1].

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The PG main contract fluctuated upward, mainly following the rise in oil prices. In the short - term, Shandong prices are firm, while East China has high supply pressure and is expected to remain weak overall. The external market is expected to be volatile and weak under the expectations of high supply and a slowdown in the year - on - year growth rate of winter demand, despite the seasonal increase [1]. 3. Summary by Relevant Catalogs 3.1 Price Data - **Daily Price Changes**: From September 22 - 26, 2025, in the spot market, the price of South China LPG increased from 4640 to 4650 (+50), East China from 4385 to 4393 (+6), and Shandong from 4550 to 4580 (+10). The price of ether - post carbon four remained at 4620. The paper import profit increased by 42, and the main contract basis decreased by 17 [1]. - **Futures Market**: The PG main contract fluctuated upward. The cheapest deliverable was East China civil gas at 4373 (-42), Shandong at 4570 (+40), and South China at 4640 (-10). The basis was 103 (+113), the 10 - 11 spread was 148 (+83), and the 11 - 12 spread was 79 (+19). The number of warehouse receipts was 14327 (+1353) [1]. - **External Market**: The FEI monthly spread dropped 2.5 to - 8.5 dollars, and the CP monthly spread rose 1.5 to - 13 dollars. The FEI - CP spread was 1 (-5), and the US - Asia arbitrage window was closed [1]. 3.2 Weekly Outlook - **Domestic Market**: Before the holiday, upstream inventory was cleared, arrivals decreased, propane chemical demand increased, and combustion demand replenished stocks. The PDH operating rate was 69.48% (+4.34 percentage points), and it is expected to rise next week [1]. - **External Market**: Although there is a seasonal increase, under the expectations of high supply and a slowdown in the year - on - year growth rate of winter demand, it is expected to be volatile and weak overall [1]. 3.3 Daily Changes - The basis was 103 (+96), and the 10 - 11 spread was 35 (+148). As of 9:00 am, FEI and CP c1 fluctuated, at 548 (-2) and 545 (+1) respectively [1].

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].

Group 1: Industry Investment Rating - High-sulfur fuel oil: Short-term neutral, medium-term downward [2] - Low-sulfur fuel oil: Short-term neutral, medium-term downward [2] - Cross-variety: None [2] - Cross-period: Go long the spread of FU2511 - 2512 at low levels (positive spread) [2] - Spot-futures: None [2] - Options: None [2] Group 2: Core Viewpoints - The market structure of high-sulfur fuel oil has strengthened marginally. The main contract of SHFE fuel oil futures closed up 3.7% at 2,860 yuan/ton, and the main contract of INE low-sulfur fuel oil futures closed up 1.26% at 3,387 yuan/ton [1] - The sharp rise in the FU futures was driven by the rebound of crude oil prices after a continuous correction, which boosted energy sector varieties, and the marginal improvement of the fuel oil's fundamentals, including reduced exports from the Middle East, slightly recovered refinery demand, and supply impacts from sanctions on Iran and drone attacks on Russia. The cancellation of all 29,910 tons of warehouse receipts at Dading Warehouse also supported the FU structure [1] - For low-sulfur fuel oil, the market contradictions are relatively limited. The increased exports from Nigeria's Dangote refinery due to the shutdown of its RFCC unit may continue, but the overall supply pressure is limited due to the decline in arbitrage cargoes from the West in September, medium to low domestic production, and the diversion of low-sulfur components by strong gasoline and diesel premiums [1] Group 3: Figures and Data - Figures include Singapore high-sulfur 380 fuel oil spot price, Singapore low-sulfur fuel oil spot price, Singapore high-sulfur fuel oil swap near-month contract, Singapore low-sulfur fuel oil swap near-month contract, Singapore high-sulfur fuel oil near-month spread, Singapore low-sulfur fuel oil near-month spread, fuel oil FU futures main contract closing price, fuel oil FU futures index closing price, fuel oil FU futures near-month contract closing price, fuel oil FU near-month contract spread, fuel oil FU futures main contract trading volume and open interest, fuel oil FU futures total trading volume and open interest, low-sulfur fuel oil LU futures main closing price, low-sulfur fuel oil LU futures index closing price, low-sulfur fuel oil LU futures near-month contract price, low-sulfur fuel oil LU futures near-month spread, low-sulfur fuel oil LU futures main trading volume and open interest, and low-sulfur fuel oil LU futures total trading volume and open interest [3]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The LPG market is expected to remain weak overall. The price in South China decreased mainly due to the impact of typhoons, which led to the near - stagnation of exports and some refineries reducing prices to clear inventories. The supply in Shandong is abundant due to incoming resources, and chemical demand has declined [1]. Group 3: Summary Based on Specific Information Price and Basis Information - From September 18 - 24, 2025, the prices of LPG in different regions showed fluctuations. For example, on September 24, South China was 4600, East China was 4387, and Shandong was 4550. The daily change on September 24 saw South China down 40, East China up 2, and Shandong unchanged. The basis of the PG main contract weakened to 51 (-74), and the 10 - 11 monthly spread was 49 (-20), 11 - 12 monthly spread was 62 (+3) [1]. Inventory and Demand Information - Port inventories and factory warehouses both increased as imports decreased and external sales slightly increased, but demand narrowed. Chemical demand declined, with the PDH operating rate at 70.49% (-2.61), and the operating rates of alkylation and MTBE also decreasing [1]. International Market Information - External market prices rose. FEI and CP changed little, with FEI at 549 (+1) and CP at 543 (+0) dollars/ton (as of 2:30 pm). The FEI monthly spread remained at 5 dollars, and the CP monthly spread was -2.5. The price difference between the domestic and international markets decreased slightly, and the US - Asia arbitrage window was closed [1].

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report The LPG market is expected to remain weak overall. The decline in South China prices is mainly due to the impact of the typhoon, which led to the near - stagnation of exports and some refineries reducing prices to clear inventories. With an increase in port and factory inventories, a decline in chemical demand, and sufficient supply in Shandong, the market is under pressure [1]. 3) Summary by Relevant Contents Price Changes - **Domestic Spot Prices**: On Tuesday, the low - end price in East China was 4385 (+0), in Shandong it was 4550 (+0), and in South China it was 4600 (-40). The price of ether - after carbon four was 4670 (-10). The South China price decrease was due to the typhoon impact [1]. - **International Prices**: FEI and CP changed little. As of 2:30 pm, FEI was 549 (+1) and CP was 543 (+0) dollars/ton. The FEI monthly spread remained at 5 dollars, and the CP monthly spread was - 11 [1]. - **Futures Prices**: The PG main contract fluctuated strongly. The cheapest deliverable was Shandong civil gas at 4500. The basis weakened to 51 (-74), the 10 - 11 monthly spread was 49 (-20), and the 11 - 12 monthly spread was 62 (+3) [1]. Market Indicators - **Basis and Spread**: The basis of the lowest delivery area in East China was 60 (+19), and the 10 - 11 monthly spread was 70 (+0). The internal - external price difference decreased slightly. The PG - CP was 75 (-3), the PG - FEI was 67.6 (-9.3), and the FEI - CP was 7.5 (+6.5) [1]. - **Warehouse Receipts**: There were 13002 warehouse receipts (-6), with Shanghai Yuchi decreasing by 1 and Donghua decreasing by 5 [1]. - **Freight**: Freight continued to rise. The freight from the US Gulf to Japan was 155 (+11), and from the Middle East to the Far East was 82 (+7) [1]. Supply and Demand - **Supply**: Incoming shipments decreased, and external shipments increased slightly, but demand narrowed, leading to an increase in both port and factory inventories [1]. - **Demand**: Chemical demand declined. The PDH operating rate was 70.49% (-2.61). The operating rates of alkylation and MTBE also decreased [1].

Group 1: Report Information - Report Title: Asphalt Morning Report [2] - Research Team: Research Center Energy and Chemicals Team - Report Date: September 24, 2025 [3] Group 2: Price and Volume Data Futures Contracts - The closing prices of BU main contract, BU10, BU11, BU12, BU01, and BU03 on September 23 were 3373, 3400, 3373, 3320, 3284, and 3297 respectively, with daily changes of -28, -6, -28, -32, -38, and -28 [4]. - The trading volume on September 23 was 280,475, an increase of 37,104 from the previous day, and the open interest was 425,862, an increase of 7,128 [4]. Spot Market - The market prices of asphalt in Shandong, East China, South China, North China, and Northeast China on September 23 were 3510, 3570, 3500, 3660, and 3830 respectively [4]. - The prices of asphalt in Zhenjiang Warehouse, Foshan Warehouse, Yinyun, and Jingbo on September 23 were 3420, 3450, 3490, and 3610 respectively [4]. Group 3: Basis and Spread Data Basis - The Shandong basis (+80), East China basis, and South China basis on September 23 were 197, 47, and 77 respectively [4]. Spread - The 10 - 11, 10 - 12, 11 - 12, 11 - 01, and 12 - 03 spreads on September 23 were 27, 80, 23, 89, and 23 respectively [4]. - The asphalt Brent spread and asphalt MRE profit on September 23 were 53 and -20 respectively [4]. Group 4: Refining Margin Data - The comprehensive profit of ordinary refineries, MRE - type refineries, and the import profit (South Korea - East China) and (Singapore - South China) on September 23 were 417, 756, -160, and -937 respectively [4]. Group 5: Related Commodity Prices - The price of Brent crude oil on September 23 was 66.6, a decrease of 0.1 from the previous day [4]. - The market prices of gasoline, diesel, and residual oil in Shandong on September 23 were 7465, 3703, and 6438 respectively [4][5].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The market opened high and moved low on Monday. In the morning, it might have been trading on the price support in mid - October (CMA price increase) and the suspension of the China - Europe Railway Express (with limited actual impact), and then the decline was likely affected by the falling spot prices. The basis for October was around 60 points, and the spread between October and December was - 560 (-20) [1]. - The price is still falling in early October. There is an expected price increase in late October, but under the suppression of the off - season, the expectation may not be well - realized, and it is more likely to stabilize. In the medium term, there are multiple upward drivers [1]. - The valuation of the December contract is not low. The 02 contract may have a higher cost - performance ratio for long - allocation than the December contract because the Spring Festival in 2026 is relatively late (February 17, 2026), and the settlement price of the 02 contract may be higher. The current valuation of the 04 contract is also high, and as an off - season contract, it is more suitable for short - allocation in the short term, but its low liquidity may make it vulnerable to fluctuations. Therefore, the long - 02 and short - 04 spread trading can be considered. In addition, attention should be paid to the fluctuations caused by pre - holiday position reduction, and the risk of capital position transfer for the October contract with a large number of open positions [1]. 3. Summary by Relevant Catalogs 3.1 Futures Market Information - **Futures Contract Prices and Changes**: The closing prices of EC2510, EC2512, EC2602, EC2604, and EC2606 were 1093.7, 1653.9, 1573.6, 1275.0, and 1454.5 respectively, with changes of 4.11%, 1.47%, 0.71%, 2.00%, and 1.07%. The open interest of EC2510, EC2512, EC2602, EC2604, and EC2606 was 46030 (-1685), 21956 (-124), 7398 (122), 8922 (81), and 0 (-33) respectively [1]. - **Monthly Spreads**: The spreads of EC2510 - 2512, EC2512 - 2602 were - 560.2 and 80.3 respectively, with month - on - month changes of 19.3 and 12.8, and week - on - week changes of - 56.1 and - 21.4 [1]. 3.2 Spot Market Information - **Spot Freight Indexes**: The SCHIC SCFI (European line) was 1440.24 dollars/TEU on September 15 and 1052 dollars/TEU on September 19, with decreases of 8.06% and 8.84% compared to the previous period. The CCFI was 1470.97 points on September 19, a decrease of 4.31% from the previous period. The NCFI was 673.61 points on September 19, a decrease of 7.65% from the previous period [1]. 3.3 Recent European Line Quotation Information - **Week 39 (End of September)**: The average quotation was 1600 US dollars (equivalent to 1150 points on the futures market). MSK's quotation was initially 1500 US dollars and then rose to 1570 US dollars. The PA Alliance's quotation was 1550 - 1600 US dollars, and the OA Alliance's was 1600 - 1720 US dollars [2]. - **Weeks 40 - 41 (Early October)**: The average quotation was 1450 US dollars (equivalent to 1030 points on the futures market). MSK's quotation was 1400 US dollars, the PA Alliance's was 1300 - 1500 US dollars (YML's 1300 US dollars was the lowest of the year), and the OA Alliance's was 1400 - 1600 US dollars [2]. - **Monday Changes**: OOCL's price dropped 50 to 1400 US dollars, and MSC's dropped 100 to 1490 US dollars. HPL - SPOT quoted 1435 for early October, 2035 for late October, and 2525 for November (HPL - SPOT's quotations usually fluctuate greatly and have limited reference value) [2]. 3.4 Related News - As of September 22, 2025, 157 out of 193 UN member states had recognized the State of Palestine. Israel stated that its war goal "is not limited to Gaza", and the rift in the Western world's consensus on Israel's policy was gradually widening [3].

Report Overview - The report is an asphalt morning report from the Energy and Chemicals Team of the Research Center, dated September 22, 2025 [2][3] 1. Report Industry Investment Rating - No investment rating is provided in the report 2. Report's Core View - No core view is explicitly stated in the provided content 3. Summary by Relevant Catalogs Futures Market - **Prices**: On September 19, the BU main contract was at 3421, down 6 from the previous day and 42 for the week. Other contracts like BU06, BU09, etc., also showed various price changes [4] - **Volume and Open Interest**: The trading volume was 246,616, up 36,008 from the previous day but down 21,872 for the week. The open interest was 409,431, up 675 from the previous day and down 34,400 for the week [4] - **Futures Inventory**: The inventory was 23,240, unchanged from the previous day and down 3,250 for the week [4] Spot Market - **Market Prices**: The Shandong market price was 3,520, unchanged from the previous day and down 20 for the week; the East China market price was 3,590, unchanged from the previous day and down 50 for the week; and prices in other regions also had different changes [4] - **Refinery Prices**: For example, Jingbo (Haiyun) was at 3,620, down 10 from the previous day and 30 for the week; Xinhai (Xin Bohai) was at 3,660, unchanged from the previous day and up 10 for the week [4] Basis and Calendar Spreads - **Basis**: The Shandong basis was 6, up 6 from the previous day and 22 for the week; the East China basis was 169, up 6 from the previous day and down 8 for the week; and other regional bases also changed [4] - **Calendar Spreads**: For example, 03 - 06 was 17, down 2 from the previous day and up 15 for the week; 06 - 09 was 8, down 1 from the previous day and up 75 for the week [4] Crack Spreads and Profits - **Crack Spreads**: The asphalt - Brent crack spread was 18, up 26 from the previous day and down 40 for the week [4] - **Profits**: The asphalt - Ma Rui profit was -51, up 24 from the previous day and down 36 for the week; ordinary refinery comprehensive profit was 387, up 7 from the previous day and down 52 for the week; and other profit indicators also had different changes [4] Related Prices - **Crude Oil**: Brent crude oil was at 67.4, down 0.5 from the previous day and up 0.5 for the week [4] - **Gasoline and Diesel**: The Shandong market price of gasoline was 7,483, down 28 from the previous day and 74 for the week; the Shandong market price of diesel was 6,438, down 30 from the previous day and 40 for the week [4] - **Residual Oil**: The Shandong market price of residual oil was 3,660, down 40 from the previous day and up 85 for the week [4]