Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - This week, the high - sulfur cracking was volatile. The 380 near - end ran strongly, the monthly spread strengthened again, and the basis was volatile. The low - sulfur cracking was volatile, the near - end monthly spread declined, and the basis was volatile. This week, there was a significant inventory build - up on land in Singapore, a slight inventory build - up at ARA ports, and a drawdown of residual oil in the US. Recently, the low - sulfur valuation has been realized, and there is room for repair in cracking and inter - monthly spreads after supply recovery. The high - sulfur cracking ran strongly, with profits higher than the historical average. This year, in China, affected by consumption tax deductions and tariff adjustments, the feedstock demand of fuel oil refineries has significantly declined. In terms of marine fuel, the global high - sulfur marine fuel from January to March increased by 2% year - on - year, and Singapore was basically flat. The total marine fuel was weaker year - on - year. Subsequently, the impact of tariffs on global trade activities should be monitored. Recently, Saudi Arabia's net imports have rebounded, and Egypt's purchases have continued. The high - sulfur near - end is strong. Opportunities for the decline of high - sulfur cracking in the medium and long term should be monitored [5][6] Group 3: Summary by Related Catalogs Rotterdam Fuel Oil Swap Data - From May 20th to May 26th, 2025, for Rotterdam's 3.5% HSFO swap M1, the price changed from 407.23 to 401.31, a decrease of 4.33; for Rotterdam's 0.5% VLSFO swap M1, it changed from 446.09 to 447.03, a decrease of 2.24; for Rotterdam's HSFO - Brent M1, it changed from - 0.27 to - 0.94, a decrease of 0.50; for Rotterdam's 10ppm Gasoil swap M1, it changed from 588.04 to 585.92, a decrease of 2.40; for Rotterdam's VLSFO - GO M1, it changed from - 141.95 to - 138.89, an increase of 0.16; for LGO - Brent M1, it changed from 15.90 to 16.20, a decrease of 0.30; for Rotterdam's VLSFO - HSFO M1, it changed from 38.86 to 45.72, an increase of 2.09 [3] Singapore Fuel Oil Swap and Spot Data - Swap data: From May 20th to May 26th, 2025, for Singapore's 380cst M1, the price changed from 431.93 to 424.98, a decrease of 1.56; for Singapore's 180cst M1, it changed from 438.43 to 431.23, a decrease of 1.68; for Singapore's VLSFO M1, it changed from 485.73 to 484.07, an increase of 4.57; for Singapore's GO M1, it changed from 79.88 to 79.00, an increase of 0.77; for Singapore's 380cst - Brent M1, it changed from 3.21 to 2.50, a decrease of 1.24; for Singapore's VLSFO - GO M1, it changed from - 105.38 to - 100.53, a decrease of 1.13 [3] - Spot data: From May 20th to May 26th, 2025, for Singapore's FOB 380cst, the price changed from 434.71 to 430.07, an increase of 1.27; for FOB VLSFO, it changed from 498.93 to 493.11, an increase of 3.07; the 380 basis changed from - 0.25 to 7.15, an increase of 5.65; the high - sulfur internal - external spread changed from 9.6 to 8.8, a decrease of 0.6; the low - sulfur internal - external spread changed from 12.2 to 13.1, a decrease of 1.2 [4] Domestic Fuel Oil Futures Data - FU data: From May 20th to May 26th, 2025, for FU 01, the price changed from 2722 to 2681, a decrease of 11; for FU 05, it changed from 2662 to 2627, a decrease of 11; for FU 09, it changed from 2874 to 2836, an increase of 3; FU 01 - 05 remained unchanged at 54; FU 05 - 09 changed from - 212 to - 209, a decrease of 14; FU 09 - 01 changed from 152 to 155, an increase of 14 [4] - LU data: From May 20th to May 26th, 2025, for LU 01, the price changed from 3390 to 3360, an increase of 2; for LU 05, it changed from 3314 to 3285, a decrease of 6; for LU 09, it changed from 3445 to 3431, an increase of 26; LU 01 - 05 changed from 76 to 75, an increase of 8; LU 05 - 09 changed from - 131 to - 146, a decrease of 32; LU 09 - 01 changed from 55 to 71, an increase of 24 [5]

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 2025/05/23 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | | 2025/05/16 | 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 | | 2025/05/20 | 407.23 | 446.09 | -0.27 | 588.04 | -141.95 | 15.90 | 38.86 | | ...

| | | | | 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 ...

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - This week, the high-sulfur crack strengthened, the 380 near end ran strongly, the monthly spread strengthened again, and the basis fluctuated. The low-sulfur crack oscillated at a high level, the near end of the monthly spread strengthened, and the basis continued to strengthen. This week, Singapore's onshore inventory continued to decline, ARA ports' inventory decreased, and the US residual oil inventory increased significantly. The floating storage of high-sulfur fuel oil in Singapore decreased, resulting in an overall inventory decline. The floating storage in the Middle East oscillated at a high level, and Saudi Arabia's exports were neutral year-on-year. The floating storage in Fujairah fluctuated, and the floating storage in Europe decreased. Recently, the low-sulfur fuel oil has strengthened. Attention should be paid to the subsequent realization of supply increments and the change in the low-sulfur exports of the Dangote refinery. The high-sulfur crack is running strongly, with profits higher than the historical average. This year, affected by the consumption tax deduction and tariff adjustment in China, the feedstock demand of fuel oil refineries has dropped significantly. The marine fuel demand is expected to be weaker year-on-year due to tariff impacts. In the short term, the marine fuel market has become prosperous due to rush shipments. In the future, attention should be paid to the procurement demand for power generation and the opportunity for the high-sulfur crack to decline in the medium term [3][4] Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Prices - From May 12 - 16, 2025, the prices of Rotterdam 3.5% HSF O swap M1 increased by 3.94, Rotterdam 0.5% VLS FO swap M1 increased by 4.70, Rotterdam HSFO - Brent M1 decreased by 0.11, Rotterdam 10ppm Gasoil swap M1 decreased by 3.38, Rotterdam VLSFO - Gasoil M1 increased by 8.08, LGO - Brent M1 decreased by 1.28, and Rotterdam VLSFO - HSFO M1 increased by 0.76 [1] Singapore Fuel Oil Swap Prices - From May 12 - 16, 2025, the prices of Singapore 380cst M1 increased by 3.60, Singapore 180cst M1 increased by 3.00, Singapore VLSFO M1 increased by 0.17, Singapore Gasoil M1 decreased by 0.11, Singapore 380cst - Brent M1 increased by 0.48, and Singapore VLSFO - Gasoil M1 increased by 0.98 [1][8] Singapore Fuel Oil Spot Prices - From May 12 - 16, 2025, the FOB 380cst price increased by 6.42, the FOB VLSFO price decreased by 2.75, the 380 basis increased by 0.70, the high - sulfur domestic - foreign price difference decreased by 1.2, and the low - sulfur domestic - foreign price difference decreased by 2.8 [2] Domestic FU Prices - From May 12 - 16, 2025, the price of FU 01 decreased by 1, FU 05 decreased by 5, FU 09 increased by 6, FU 01 - 05 increased by 4, FU 05 - 09 decreased by 11, and FU 09 - 01 increased by 7 [2] Domestic LU Prices - From May 12 - 16, 2025, the price of LU 01 decreased by 10, LU 05 decreased by 7, LU 09 decreased by 18, LU 01 - 05 decreased by 3, LU 05 - 09 increased by 11, and LU 09 - 01 decreased by 8 [3]

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 ...