Report Industry Investment Rating No relevant information provided. Core Viewpoints - For pure benzene, port inventory declined slightly. Low开工 rates of downstream styrene, CPL, and adipic acid dragged down demand, leading to a weak port basis. The domestic开工 rate of pure benzene decreased at an accelerating pace, and attention should be paid to the impact of European and American sanctions on Russian oil on refinery loads [3]. - For styrene, there were still short - term maintenance plans, and new device launches such as Jihua and Guangxi Petrochemical had an impact. Downstream开工 changed little, but提货 was average, and the finished product inventory pressure of the three major hard plastics remained high, resulting in continuous port inventory pressure [3]. Summary by Related Catalogs 1. Pure Benzene and EB's Basis Structure, Inter - period Spread - Figures include pure benzene's main basis and main futures contract price, main contract basis, spot - M2 paper cargo spread, and the spread between the first and third contracts of pure benzene. Also, EB's main contract trend & basis, main contract basis, and the spread between the first and third contracts of styrene are presented [8][12][17] 2. Pure Benzene and Styrene Production Profits, Internal and External Spreads - Figures show naphtha processing fees, the spread between pure benzene FOB Korea and naphtha CFR Japan, styrene non - integrated device production profits, the spread between pure benzene FOB US Gulf and FOB Korea, the spread between pure benzene FOB US Gulf and CFR China, the spread between pure benzene FOB Rotterdam and CFR China, pure benzene import profits, styrene import profits, the spread between styrene FOB US Gulf and CFR China, and the spread between styrene FOB Rotterdam and CFR China [23][25][31] 3. Pure Benzene and Styrene Inventory, Operating Rates - Figures display pure benzene's East China port inventory,开工 rate, styrene's East China port inventory,开工 rate, East China commercial inventory, and factory inventory [42][44][47] 4. Styrene Downstream Operating Rates and Production Profits - Figures present the开工 rates and production profits of EPS, PS, and ABS [53][55][58] 5. Pure Benzene Downstream Operating Rates and Production Profits - Figures show the开工 rates and production profits of caprolactam, phenol - acetone, aniline, adipic acid, PA6 regular spinning bright, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymer MDI [61][64][76] Strategy - Unilateral: None - Basis and Inter - period: None - Cross - variety: Short - term, buy the spread of pure benzene processing fees (pure benzene - naphtha) at low levels [4]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report - PG main contract significantly increased due to news disturbances in macro and geopolitical aspects. The basis was -20 (-334), and the 11 - 12 monthly spread was 137 (+59). Domestic civil gas prices dropped significantly. The cheapest deliverable was Shandong civil gas at 4200 (-250); East China was 4345 (-39), and South China was 4460 (-110). Wanhua added 2300 lots of warehouse receipts. The external market prices tumbled. FEI monthly spread was -10 US dollars (+5), and CP monthly spread was -4 US dollars (+5). The internal - external price difference PG - CP reached 132 (+27); PG - FEI reached 112 (+14). FEI - CP reached 20 (+12.5). The US - Asia arbitrage window closed. The arrival discount of CP propane and butane increased significantly, with South China at 78 (+26). Freight rates dropped sharply, with the US Gulf - Japan at 108 (-18) and the Middle East - Far East at 60.5 (-2.5). FEI - MOPJ narrowed but the switching window remained open, at -71 (-12). PDH - to - propylene profit declined. Inventory pressure was high, with short - term supply pressure large, but supported by chemical demand and the expected recovery of combustion demand. PDH operating rate was 68.76% (-2.12 pct), with Zhongjing Phase II restored, but Bohua under maintenance and Wanda Tianhong having a short - term shutdown; enterprises were expected to gradually increase their loads next week. Although the spot supply pressure was large and the PG basis fell sharply to negative, due to tariff policies and geopolitical disturbances, the futures market might not decline significantly in the short term [1]. 3) Summary According to Related Catalogs Daily Changes - On Tuesday, civil gas showed differentiation, with a rebound in Shandong. In East China, it was 4264 (-74), in Shandong 4200 (+110), and in South China 4420 (-30). Ether - after carbon four was 4390 (-10). The lowest deliverable area was Shandong, with a basis of 49 (+197), and the 11 - 12 monthly spread was 151 (+9). FEI declined and CP fluctuated, at 465 (+2) and 440 (-2) US dollars/ton respectively [1]. Weekly View - The PG main contract rose significantly because of macro and geopolitical news. The basis decreased by 334 to -20, and the 11 - 12 monthly spread increased by 59 to 137. Domestic civil gas prices dropped substantially. The cheapest deliverable was Shandong civil gas with a price reduction of 250 to 4200; East China was 4345 (-39), and South China was 4460 (-110). Wanhua added 2300 lots of warehouse receipts. External market prices dropped sharply. FEI and CP monthly spreads increased by 5 US dollars, reaching -10 and -4 respectively. The internal - external price differences PG - CP, PG - FEI, and FEI - CP all increased. The US - Asia arbitrage window closed. The arrival discount of CP propane and butane in South China increased by 26 to 78. Freight rates decreased significantly. FEI - MOPJ narrowed but the switching window was still open. PDH - to - propylene profit decreased. Inventory pressure was high, but there was support from chemical demand and an expected recovery of combustion demand. PDH operating rate decreased by 2.12 pct to 68.76%. Although spot supply pressure was large and the PG basis dropped sharply, the futures market might not decline significantly in the short term due to tariff policies and geopolitical disturbances [1].

Report Summary 1) Report Industry Investment Rating - No information provided. 2) Core Viewpoints - The inventory pressure is high, and the short - term supply pressure is large, but there is support from chemical demand, and the combustion demand is expected to pick up. Although the spot supply pressure is large and the PG basis has dropped significantly and turned negative, due to tariff policies and geopolitical disturbances, the market may not decline significantly in the short term [1]. 3) Key Points from the Table and Analysis - **Price Changes on October 20th - 21st**: - On October 21st, the civil gas prices decreased. In East China, it was 4338 (-7), in Shandong 4090 (-110), and in South China 4450 (-10). The post - ether carbon four was 4400 (-20). The lowest delivery location was Shandong, with a basis of - 161 (-41), and the November - December spread was 138 (+1). FEI and CP decreased to 456 (-15) and 438 (-9) dollars/ton respectively [1]. - **Weekly Changes and Other Information**: - The PG main contract rose significantly due to macro and geopolitical news. The basis was - 20 (-334), and the November - December spread was 137 (+59). Domestic civil gas prices dropped significantly. The cheapest delivery product was Shandong civil gas at 4200 (-250); in East China it was 4345 (-39), and in South China 4460 (-110). Wanhua added 2300 lots of warehouse receipts. The overseas market prices dropped sharply. The FEI - CP spread was 20 (+12.5), and the US - Asia arbitrage window was closed. The CP propane - butane arrival discount in South China increased to 78 (+26). Freight rates decreased significantly. The FEI - MOPJ spread narrowed but the switching window was still open at - 71 (-12). The profit of PDH to produce propylene decreased. The PDH operating rate was 68.76% (-2.12pct). Next week, the operating enterprises are expected to gradually increase their loads [1].

Group 1: Report's Core View - The PDH profit improvement may lead to increased demand for CP cargo purchases. One can focus on narrowing the PDH profit, but be aware of the risk of the low - opening of the end - of - month CP official price [1] Group 2: Market Data and Changes Daily Changes - On Thursday, civil gas prices declined. In East China, it was 4369 (-5), in Shandong 4280 (-70), and in South China 4500 (-30). Ether - post carbon four was 4460 (+0). The lowest delivery location was Shandong, with a basis of 28 (-174), and the November - December spread was 137 (+8). FEI and CP increased to 474 (+8) and 450 (+1) dollars per ton respectively [1] - The PG futures price dropped significantly. The cheapest deliverable was East China civil gas at 4384 (+21); in Shandong it was 4450 (-100), and in South China 4570 (-70). The basis was 314 (+188), and the November - December spread was 78 (+0). Warehouse receipts were cancelled to zero in September. The October CP official price opened low at 495/475, the lowest in two years, 40 - 60 dollars lower than expected. The FEI monthly spread was - 15 dollars (-8.5), and the CP monthly spread was - 8.75 dollars (+0.25). The domestic - foreign price difference PG - CP reached 108 (+3); PG - FEI reached 101 (+13). FEI - CP was 7.5 (-10). The US - Asia arbitrage window closed. AFEI was at a discount of - 18.75, and the South China CIF discount was 52. Freight rates dropped significantly, with the US Gulf - Japan at 126 (-5) and the Middle East - Far East at 63 (-5.5). The FEI - MOPJ spread widened significantly to - 83 (-28) [1] Market Conditions - The inventory pressure is small, the supply is abundant, the chemical demand provides strong support, and the combustion demand is gradually picking up. The PDH operating rate is 70.88% (-1.64pct), with some plants like Haiwei, Lihuayi Weiyuan, and Tianjin Bohua shut down, and Zhongjing is expected to resume next week [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - Xinjiang region's new - cotton harvest expectation is fulfilled. The purchase price of seed cotton first declined and then increased during the festival, generally showing a stable - with - increase trend. Cotton farmers mainly sell at a reasonable price. The downstream textile industry's "Golden September and Silver October" traditional peak season did not meet expectations, and yarn mills' procurement is mainly for rigid demand. The outer - market US cotton is running weakly, and short - term cotton may continue to be under pressure, but the downside space may be limited. Be cautious about chasing short positions in case of sharp drops [3] Group 3: Summary According to Related Catalog Cotton Futures and Spot Price Changes - On October 15, compared with October 14, domestic cotton futures CF01 rose 5 points to 13270 with a 0.04% increase; CF05 rose 10 points to 13330 with a 0.08% increase; CF01 - 05 decreased 5 points to - 60. In domestic cotton spot, the price in Xinjiang decreased 85 points to 14513 with a - 0.58% change; in Henan, it decreased 113 points to 14755 with a - 0.76% change; in Shandong, it decreased 82 points to 14676 with a - 0.56% change. Xinjiang - main continuous basis decreased 90 points to 1243 [3] Yarn Futures and Spot Price Changes - Domestic棉纱 futures CY rose 35 points to 19325 on October 15 compared with October 14, with a 0.18% increase. The domestic棉纱 spot C32S price index remained unchanged at 20440 with a 0.00% change [3] Outer - market Cotton Price Changes - CT (USD/ lb) remained at 63 with a 0.00% change; the arrival price decreased 0.1 to 73.30 with a - 0.14% change; the US cotton spot 1% quota pick - up price decreased 18 to 12833 with a - 0.14% change; the sliding - duty pick - up price decreased 6 to 13872 with a - 0.04% change [3] Spread Data Changes - The yarn - cotton spread (futures) increased 30; the yarn - cotton spread (spot) increased 12; the domestic - foreign spread (spot) decreased 64 [3] Market Situation in Different Regions - In Xinjiang, the new - cotton harvest expectation is fulfilled. The purchase price of seed cotton first declined and then increased during the festival, generally showing a stable - with - increase trend. Cotton farmers mainly sell at a reasonable price. The purchase price of machine - picked cotton in northern Xinjiang is between 6 - 6.15 yuan/kg, and in southern Xinjiang, it is between 6 - 6.25 yuan/kg. The one - price sales quotation of ginning factories is between 14000 - 14500 yuan/ton. The downstream textile industry's "Golden September and Silver October" traditional peak season did not meet expectations, and yarn mills' procurement is mainly for rigid demand [3] Outer - market Situation - The outer - market US cotton is running weakly. Due to the US government shutdown, the release of US cotton - related data is suspended, the recession concern deepens, and there is no news about the Sino - US tariff negotiation, which drags down the US cotton price [3]

Report Summary 1) Report Industry Investment Rating - Not provided 2) Core Viewpoints - DH profit improvement may lead to increased demand for CP cargo purchases. Consider narrowing PDH profit, but be aware of the risk of a low CP official price at the end of the month [1] - The PG market has declined significantly. The cheapest deliverable is East China civil gas. The basis and 11 - 12 month spread have changed. Warehouse receipts were cancelled to zero in September. The October CP official price was the lowest in two years [1] - The inventory pressure is small, supply is abundant, chemical demand provides strong support, and combustion demand is gradually recovering. PDH operating rate has decreased, and some plants have shut down with one expected to resume next week [1] 3) Summary by Related Content Price Changes - **Daily Changes**: On October 15, compared with the previous day, civil gas prices in East China decreased by 9 to 4374, in Shandong by 90 to 4350, and remained unchanged in South China at 4530. Ether - post - carbon four decreased by 20 to 4460 [1] - **Weekly Changes**: PG prices in different regions changed. The basis and 11 - 12 month spread changed. FEI and CP had small fluctuations. PDH profit, inventory, and supply - demand situations also had corresponding changes [1] Market Indicators - **Price and Spread**: The 10 - month CP official price was 495/475, the lowest in two years, 40 - 60 dollars lower than expected. FEI and CP month spreads, and various internal and external spreads (PG - CP, PG - FEI, FEI - CP) changed [1] - **Arbitrage Window**: The US - Asia arbitrage window is closed. AFEI and CP South China arrival discounts are given. Freight rates have dropped significantly [1] - **Profit**: PDH propylene production spot profit changed little, and PP production profit rebounded from a low level [1] - **Inventory and Supply - Demand**: Inventory pressure is small, supply is abundant, chemical demand provides strong support, and combustion demand is gradually recovering. PDH operating rate is 70.88% (-1.64pct) [1]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoint The current PG basis is high, FEI and CP valuations are low. The Sino - US tariff truce agreement will expire on November 10th. With low inventory pressure, abundant supply, strong chemical demand support, and gradually warming combustion demand, the improvement of PDH profit may lead to the purchase demand for CP goods. The report suggests paying attention to narrowing PDH profit, but also warns of the risk of the low - opening of the end - of - month CP official price [1]. 3) Summary by Relevant Catalog Daily Changes - On October 14, 2025, civil gas prices declined in different regions: in East China to 4383 (-3), in Shandong to 4440 (-10), and in South China to 4530 (-30). The price of ether - post carbon four remained at 4480 (+0). The lowest delivery location was East China, with a basis of 240 (-6), and the November - December spread was 150 (-43). FEI and CP decreased to 465 (-20) and 449 (-22) dollars/ton respectively [1]. - The PG futures price dropped significantly. The cheapest delivery product was East China civil gas at 4384 (+21); Shandong was at 4450 (-100), and South China was at 4570 (-70). The basis was 314 (+188), and the November - December spread was 78 [1]. Weekly Viewpoint - The South China arrival discount was 52. Freight rates dropped significantly: from the US Gulf to Japan to 126 (-5), and from the Middle East to the Far East to 63 (-5.5). The FEI - MOPJ spread widened significantly to -83 (-28) [1]. - Some enterprises such as Weilian Chemical, Lihuayi Weiyuan, and Tianjin Bohua stopped production, and Zhongjing is expected to resume next week. The PDH plant operating rate was 70.88% (-1.64pct), and the PDH - to - propylene spot gross profit was +0. Warehouse receipts were cancelled to zero in September. The October CP official price opened low at 495/475, the lowest in two years, 40 - 60 dollars lower than expected [1]. - The FEI monthly spread was -15 dollars (-8.5), and the CP monthly spread was -8.75 dollars (+0.25). The internal - external price difference PG - CP reached 108 (+3); PG - FEI reached 101 (+13). FEI - CP was 7.5 (-10). The US - Asia arbitrage window was closed. The AFEI discount was -18.75, and the CP changed little; the profit of producing PP rebounded from a low level [1].

Report Overview - The report is an LPG morning report released by the Energy and Chemicals Team of the Research Center on October 14, 2025, providing daily and weekly data on LPG market [1]. Key Data and Changes Price Changes - On October 14, 2025, compared with the previous day, the prices of civil LPG in different regions showed mixed trends: in East China, it was 4386 (+2); in Shandong, it was 4450 (+0); in South China, it was 4560 (-30). The price of ether - post - carbon four was 4480 (-110) [1]. - The lowest delivery location was East China, with the latest basis at 265, and the spread between November and December was 136 (+29) [1]. - FEI and CP dropped significantly, with the latest prices at 470 and 452 US dollars per ton respectively [1]. PG Market Changes - The PG futures price dropped significantly. The cheapest deliverable was East China civil LPG at 4384 (+21); Shandong was 4450 (-100); South China was 4570 (-70). The basis was 314 (+188), and the spread between November and December was 78 (+0) [1]. - The warehouse receipts were cancelled to zero in September. The official price of CP in October opened low at 495/475, the lowest in two years, 40 - 60 US dollars lower than expected [1]. - The FEI monthly spread was -15 US dollars (-8.5), and the CP monthly spread was -8.75 US dollars (+0.25) [1]. - The internal - external price difference: PG - CP reached 108 (+3); PG - FEI reached 101 (+13). FEI - CP was 7.5 (-10). The US - Asia arbitrage window was closed [1]. - AFEI was at a discount of -18.75, and the South China CIF discount was 52. Freight rates dropped significantly, with the US Gulf - Japan at 126 (-5) and the Middle East - Far East at 63 (-5.5). The FEI - MOPJ spread widened significantly to -83 (-28) [1]. PDH Profit - The spot profit of PDH to produce propylene changed little; the profit of producing PP rebounded from a low level. The PDH operating rate was 70.88% (-1.64 pct), with Haiwei, Li Huayi Weiyuan, and Tianjin Bohua shut down, and Zhongjing expected to resume next week [1]. Core View - The LPG market shows that inventory pressure is small, supply is abundant, chemical demand provides strong support, and combustion demand is gradually picking up. With the current high PG basis, low FEI and CP valuations, and the expiration of the China - US tariff truce agreement on November 10, the improvement of PDH profit may lead to an increase in the demand for CP cargo purchases. It is advisable to pay attention to narrowing the PDH profit, but be aware of the risk of the low - opening of the official CP price at the end of the month [1]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The current PG basis is high, FEI and CP valuations are low. The Sino - US tariff truce agreement will expire on November 10th. The improvement of PDH profit may lead to the purchase demand for CP cargo. One can focus on narrowing PDH profit, but should be aware of the risk of a low - opening CP official price at the end of the month [1] 3. Summary According to the Catalog Price and Basis Information - On Friday, for civil gas, prices had both increases and decreases: East China was 4384 (+4), Shandong was 4450 (+20), and South China was 4590 (-10). Ether - post carbon four was 4590 (-30). The lowest delivery location was East China, with a basis of 314 (+6), and the November - December spread was 78 (-16). FEI and CP decreased slightly, at 498 (-2) and 472 (-1) dollars/ton respectively [1] - The PG futures price dropped significantly. The cheapest delivery product was East China civil gas at 4384 (+21); Shandong was 4450 (-100), South China was 4570 (-70). The basis was 314 (+188), and the November - December spread was 78 (+0). Warehouse receipts were cancelled to zero in September. The October CP official price opened low at 495/475, the lowest in two years, 40 - 60 dollars lower than expected [1] Spread and Arbitrage Information - The internal - external spreads were as follows: PG - CP reached 108 (+3); PG - FEI reached 101 (+13). FEI - CP was 7.5 (-10). The US - Asia arbitrage window was closed. AFEI was at a discount of - 18.75, and the South China arrival discount was 52 [1] Freight and Margin Information - Freight rates dropped significantly: US Gulf - Japan was 126 (-5), Middle East - Far East was 63 (-5.5). The FEI - MOPJ spread widened significantly to - 83 (-28). The spot profit margin of PDH to propylene changed little; the profit of producing PP recovered from a low level [1] Inventory and Demand Information - Inventory pressure was small, supply was abundant, chemical demand provided strong support, and combustion demand was gradually picking up. The PDH operating rate was 70.88% (-1.64pct), with Haichang, Lihuayi Weiyuan, and Tianjin Bohua shut down, and Zhongjing expected to resume next week [1]

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].