Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the report. 2) Core View of the Report - The fundamentals of the LPG market are generally weak, with expected supply growth, increased chemical demand, and weak combustion demand [1]. 3) Summary by Relevant Content Price and Market Conditions - **Day - to - day Changes**: On Monday, for civil gas, prices in Shandong increased by 10 to 4490, in East China increased by 2 to 4495, and remained stable in South China at 4820. For imported gas, prices in East China decreased by 24 to 4929, and in South China decreased by 20 to 4900. The price of ether - post carbon four remained stable at 4740. The lowest price was Shandong civil gas at 4490. The PG futures market was weak, with the basis of the 06 contract slightly weakening to 375, the 06 - 07 spread remaining unchanged at 53, and the 07 - 09 spread basically flat at 128. The US - to - Far - East arbitrage window was closed [1]. - **Recent Trends**: Civil gas prices significantly declined, ether - post carbon four prices rebounded, and the cheapest deliverable was Shandong civil gas at 4480. The PG futures market declined due to weak spot prices. The basis of the 06 contract was 385 (+139), the 06 - 07 spread was 54 (-27), and the 07 - 08 spread was 61 (-15). In the external market, FEI and MB declined, CP increased, and the oil - gas ratio fluctuated. The internal - external price difference significantly decreased, and FEI - MOPJ slightly declined. Freight rates from the US Gulf to Japan and from the Middle East to the Far East decreased [1]. Fundamental Analysis - **Supply**: Port inventory decreased as arrivals dropped significantly and exports were sluggish. Factory inventory was basically flat. Commodity volume slightly increased and is expected to continue rising. Arrivals are also expected to increase [1]. - **Demand**: - PDH operating rate rebounded to 61.15% (+3.17pct), production margin declined, and the operating rate is expected to continue rising next week. - The operating rate and commodity volume of alkylation remained flat, profitability significantly declined to - 40.5 (-308), and the operating rate is expected to slightly increase next week. - MTBE prices generally dropped by 50 - 150 yuan/ton, production was basically flat, and the profits of gas - fractionation etherification and isomerization etherification declined. MTBE supply is expected to fluctuate slightly, gasoline demand is unlikely to improve, and prices may not change much. - As temperatures rise, combustion demand is expected to decline [1].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The fundamentals of the LPG market are generally weak, with expected supply growth, increased chemical demand, and weak combustion demand [1] 3. Summary by Relevant Catalog Market Price Changes - On Friday, for civil gas, prices in Shandong decreased by 30 to 4460, in East China by 30 to 4493, and in South China by 20 to 4820; for imported gas, prices in East China decreased by 26 to 4953 and in South China by 20 to 4940; the price of ether - post - carbon four remained stable at 4740, and the lowest price was Shandong civil gas at 4460 [1] - The PG futures market was weak, the basis of the 06 contract strengthened to 385, the 06 - 07 monthly spread remained flat at 54, and the 07 - 09 monthly spread slightly strengthened to 127; the US to Far - East arbitrage window was closed [1] - Civil gas prices dropped significantly, ether - post - carbon four prices rebounded, and the cheapest deliverable was Shandong civil gas at 4480; the PG futures market declined due to weak spot prices. The 06 contract basis was 385 (+139), the 06 - 07 monthly spread was 54 (-27), and the 07 - 08 monthly spread was 61 (-15) [1] External Market Conditions - FEI and MB prices fell, CP prices rose, and the oil - gas ratio fluctuated; the internal - external price difference decreased significantly, and FEI - MOPJ decreased slightly; freight rates from the US Gulf to Japan and from the Middle East to the Far East declined [1] Fundamentals - Port arrivals decreased significantly, exports were sluggish, and overall port inventories decreased; factory inventories were basically flat [1] - In terms of supply, the commercial volume increased slightly and is expected to continue to increase; at the same time, expected arrivals are expected to increase [1] Demand Conditions - The PDH operating rate rebounded to 61.15% (+3.17pct), production margins declined, and the PDH operating rate is expected to continue to rise next week [1] - The alkylation operating rate and commercial volume remained flat, profitability dropped significantly to - 40.5 (-308), and the operating rate is expected to rise slightly next week [1] - MTBE prices generally fell by 50 - 150 yuan/ton, MTBE production was basically flat, and the profits of gas - fractionation etherification and isomerization etherification declined. It is expected that MTBE supply will fluctuate slightly, gasoline demand will be difficult to improve, and prices may not fluctuate much [1] - As the temperature rises, combustion demand is expected to decline [1]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View No clear core view is presented in the given content. The report mainly provides a comprehensive set of data on asphalt - related market indicators, including prices, volumes, spreads, and profits. 3. Summary by Categories Futures Contracts - BU主力合约 price on 5/22 was 3539, with a daily change of 20 and a weekly change of 18 [4]. - BU06 price on 5/22 was 3555, with a daily change of 15 and a weekly change of 31 [4]. - BU09 price on 5/22 was 3481, with a daily change of 6 and a weekly change of 34 [4]. - BU12 price on 5/22 was 3301, with a daily change of 11 and a weekly change of 34 [4]. - BU03 price on 5/22 was 3250, with a daily change of T and a weekly change of - 6 [4]. - Futures trading volume on 5/22 was 381836, with a daily change of 42169 and a weekly change of 93530 [4]. - Futures open interest on 5/22 was 419968, with a daily change of 18789 and a weekly change of 53795 [4]. Spot Market - Shandong market low - end price remained at 3450 on 5/22, with no daily or weekly change [4]. - East China market low - end price was 3520 on 5/22, with no daily change and a weekly change of 20 [4]. - South China market low - end price remained at 3380 on 5/22, with no daily or weekly change [4]. - North China market low - end price was 3570 on 5/22, with no daily change and a weekly change of 20 [4]. - Northeast market low - end price remained at 3700 on 5/22, with no daily or weekly change [4]. Basis and Calendar Spreads - Shandong basis on 5/22 was - 89, with a daily change of - 20 and a weekly change of - 18 [4]. - East China basis on 5/22 was - 19, with a daily change of - 20 and a weekly change of 2 [4]. - South China basis on 5/22 was - 159, with a daily change of - 20 and a weekly change of - 18 [4]. - 03 - 06 spread on 5/22 was - 302, with a daily change of - 14 and a weekly change of - 37 [4]. - 06 - 09 spread on 5/22 was 71, with a daily change of 9 and a weekly change of - 3 [4]. - 09 - 12 spread on 5/22 was 180, with a daily change of - 5 and no weekly change [4]. - 12 - 03 spread on 5/22 was 51, with a daily change of 10 and a weekly change of 40 [4]. Crack Spreads and Profits - Asphalt Brent crack spread on 5/22 was 37, with a daily change of ટર and a weekly change of - 20 [4]. - Ordinary refinery comprehensive profit on 5/22 was 457, with a daily change of 26 and a weekly change of - 2 [4]. - Ma Rui - type refinery comprehensive profit on 5/22 was 81, with a daily change of 24 and a weekly change of - 3 [4]. - Import profit (South Korea - East China) on 5/22 was - 108, with no daily change and a weekly change of 18 [4]. - Import profit (Singapore - South China) on 5/22 was - 1015, with no daily or weekly change [4]. Related Prices - Brent crude oil price on 5/22 was 64.9, with a daily change of - 0.5 and a weekly change of 0.4 [4]. - Gasoline Shandong market price on 5/22 was 7415, with a daily change of 10 and a weekly change of - 49 [4]. - Diesel Shandong market price on 5/22 was 6431, with a daily change of 12 and a weekly change of 8 [4]. - Residue oil Shandong market price on 5/22 was 3795, with no daily change and a weekly change of - 5 [4].

| | | | | 燃料油早报 | | 研究中心能化团队 2025/05/22 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 燃 料 油 | | | | | | | | | 日期 | 鹿特丹3.5% HSF | 鹿特丹0.5% VLS | 鹿特丹HSFO-Br | 鹿特丹10ppm G | 鹿特丹VLSFO-G | LGO-Brent M1 | 鹿特丹VLSFO-H | | | O掉期 M1 | FO掉期 M1 | ent M1 | asoil掉期 M1 | O M1 | | SFO M1 | | 2025/05/15 | 399.03 | 442.66 | -0.90 | 598.55 | -155.89 | 18.05 | 43.63 | | 2025/05/16 | 402.97 | 447.36 | -1.01 | 595.17 | -147.81 | 16.77 | 44.39 | | 2025/05/19 | 407.04 | 446.85 | -0.62 | 593.82 | -146.97 | 16.37 | 39.81 | | ...

| | LPG早报 | | | | | | | | 研究中心能化团队 2025/05/21 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | L P G | | | | | | | | | | | | | 日期 | 丙烷CFR华 丙烷CIF日 CP预测合 华南液化气 山东液化气 山东醚后碳四 山东烷基化油 主力基差 | 华东液化 气 | | 南 | 本 | MB丙烷 现货 | 同价 | | | 纸面进口 利润 | | | 2025/05/1 4 | 5000 | 4931 | 4670 | 625 | 570 | 80 | 582 | 4690 | 8000 | -160 | 514 | | 2025/05/1 5 | 4940 | 4909 | 4600 | 620 | 564 | 78 | 583 | 4640 | 7800 | -179 | 531 | | 2025/05/1 6 | 4940 | 4906 | 4590 | 615 | 565 | 78 | 587 | 4520 | 775 ...

| | | | | 燃料油早报 | | 研究中心能化团队 2025/05/19 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 燃 料 油 | | | | | | | | | 日期 | 鹿特丹3.5% HSF | 鹿特丹0.5% VLS | 鹿特丹HSFO-Br | 鹿特丹10ppm G | 鹿特丹VLSFO-G | LGO-Brent M1 | 鹿特丹VLSFO-H | | | O掉期 M1 | FO掉期 M1 | ent M1 | asoil掉期 M1 | O M1 | | SFO M1 | | 2025/05/12 | 402.21 | 442.91 | -1.29 | 591.43 | -148.52 | 16.89 | 40.70 | | 2025/05/13 | 408.43 | 452.25 | -1.39 | 602.56 | -150.31 | 16.66 | 43.82 | | 2025/05/14 | 406.15 | 451.49 | -1.58 | 606.04 | -154.55 | 17.57 | 45.34 | | ...

Group 1 - The basis for the CSI 300 IF2505 contract is at a discount of 2.49, while the SSE 50 IH2505 contract is at a discount of 2.86. The CSI 500 IC2505 contract is at a premium of 7.75, and the CSI 1000 IM2505 contract is at a premium of 13.28 [1] - The month difference for the CSI 300 IF2505-2506 is 40.6, for the SSE 50 IH2505-2506 is 18.6, for the CSI 500 IC2505-2506 is 121.8, and for the CSI 1000 IM2505-2506 is 147.6 [1]

有色早报 研究中心有色团队 2025/05/16 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2025/05/09 80 829 80705 19165 160.52 955.79 103.0 117.0 49.19 191775 82625 2025/05/12 -25 899 80705 20084 -381.79 644.55 101.0 117.0 23.87 190750 82200 2025/05/13 -10 799 80705 29157 -370.77 284.15 101.0 117.0 19.17 189650 81275 2025/05/14 -35 1193 80705 50069 -227.87 527.10 100.0 115.0 14.83 185575 77650 2025/05/15 15 1100 80705 60535 -427.30 494.21 100.0 115.0 39.74 184650 76725 变化 5 ...

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Group 1: Report Core View - This week, the high-sulfur crack fluctuated, the 380 near-end ran strongly, and the basis fluctuated. The low-sulfur crack continued to strengthen, the monthly spread strengthened, and the basis fluctuated. Singapore's onshore inventory decreased significantly, ARA's decreased slightly, and the US residual oil inventory increased significantly. Singapore's high-sulfur floating storage increased significantly, with overall inventory accumulation, while the Middle East's floating storage decreased, and Saudi Arabia's exports increased significantly. Fujairah's floating storage and Europe's floating storage increased. Recently, the low-sulfur market has strengthened marginally, and attention should be paid to the subsequent realization of supply increments. The high-sulfur market fluctuates at a high level, with profits higher than the historical average. This year, affected by consumption tax deductions and tariff adjustments in China, the refinery feed demand for fuel oil has declined significantly, and the bunker fuel demand is expected to be weaker year-on-year due to tariff impacts. In the future, attention should be paid to the power generation demand and procurement demand, as well as the medium-term short allocation opportunity for the high-sulfur crack [6][7] Group 2: Rotterdam Fuel Oil Swap Data - From May 8 to May 14, 2025, the prices of Rotterdam 3.5% HSF O swap M1 changed from 385.77 to 406.15, a decrease of 2.28; Rotterdam 0.5% VLS FO swap M1 changed from 431.14 to 451.49, a decrease of 0.76; Rotterdam HSFO-Brent M1 changed from -1.51 to -1.58, a decrease of 0.19; Rotterdam 10ppm Gasoil swap M1 changed from 571.02 to 606.04, an increase of 3.48; Rotterdam VLSFO-G M1 changed from -139.88 to -154.55, a decrease of 4.24; LGO-Brent M1 changed from 16.22 to 17.57, an increase of 0.91; Rotterdam VLSFO-HSFO M1 changed from 45.37 to 45.34, an increase of 1.52 [4] Group 3: Singapore Fuel Oil Swap Data - From May 8 to May 14, 2025, the prices of Singapore 380cst M1 changed from 402.45 to 433.27; Singapore 180cst M1 changed from 412.95 to 442.48; Singapore VLSFO M1 changed from 467.39 to 498.06; Singapore GO M1 changed from 76.00 to 81.58; Singapore 380cst-Brent M1 changed from 2.28 to 2.53; Singapore VLSFO-GO M1 changed from -95.01 to -105.63 [4] Group 4: Singapore Fuel Oil Spot Data - From May 8 to May 14, 2025, the FOB 380cst price changed from 402.67 to 432.78, an increase of 4.14; the FOB VLSFO price changed from 481.67 to 511.73, an increase of 16.22; the 380 basis changed from -1.30 to -1.45, a decrease of 2.45; the high-sulfur domestic and foreign price difference changed from 7.6 to 7.9, a decrease of 0.3; the low-sulfur domestic and foreign price difference changed from 11.9 to 17.0, an increase of 0.7 [5] Group 5: Domestic FU Data - From May 8 to May 14, 2025, the prices of FU 01 changed from 2584 to 2755, an increase of 46; FU 05 changed from 2566 to 2697, an increase of 32; FU 09 changed from 2707 to 2893, an increase of 54; FU 01 - 05 changed from 18 to 58, an increase of 14; FU 05 - 09 changed from -141 to -196, a decrease of 22; FU 09 - 01 changed from 123 to 138, an increase of 8 [5] Group 6: Domestic LU Data - From May 8 to May 14, 2025, the prices of LU 01 changed from 3237 to 3451, an increase of 76; LU 05 changed from 3219 to 3401, an increase of 141; LU 09 changed from 3298 to 3521, an increase of 85; LU 01 - 05 changed from 18 to 50, a decrease of 65; LU 05 - 09 changed from -79 to -120, an increase of 56; LU 09 - 01 changed from 61 to 70, an increase of 9 [6]