1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints of the Report - The report presents the import profit and internal - external price differences of various commodities on May 23, 2025, and analyzes the market trends and trading strategies of different industries [1]. - It emphasizes the importance of considering factors such as logistics margins, major importers, and resource dependence in the internal - external arbitrage of non - ferrous metals [1]. - It also points out that different industries are affected by various factors, including trade policies, seasonal patterns, and exchange rate fluctuations [1]. 3. Summary by Related Catalogs 3.1 Agricultural Products - Cotton: Due to trade wars, sanctions, and tariff policies, the internal and external cotton markets are decoupling. Previously, US cotton was stronger than Zhengzhou cotton, but now the situation has reversed. Continuous attention to subsequent tariff policy changes is needed [1]. - Oilseeds and Oils: These commodities have a high import dependence, with smooth trade and logistics. The risks of the international industrial chain are transmitted to domestic terminals through basis contracts, and the focus is on the difference in internal and external supply - demand rhythms [1]. 3.2 Iron Ore - In the short - term, the shipping and arrival of iron ore have increased, iron - water production is oscillating at a high level. Overseas macro factors cause strong short - term disturbances, while the domestic macro situation is relatively stable. The ore price center has declined, and there are few short - term internal - external price difference opportunities. In the long - term, the global balance sheet shows a slight surplus compared to China's [1]. 3.3 Energy - SC: The on - shore spot discount has weakened, and the internal - external price difference has also weakened. - FU: In summer, the internal - external price difference maintains a weak pattern, and the internal - external spread of FU09 is compressing. - LU: The previous valuation has been realized, and the internal - external price difference is starting to decline. - PG: The external market shows that FEI and MB have declined, CP has increased, and the oil - gas ratio is oscillating. The internal - external price difference has significantly decreased, and FEI - MOPJ has slightly declined. Freight rates from the US Gulf to Japan and from the Middle East to the Far East have decreased [1]. 3.4 PX - Domestic PX production has declined, and there are still some overseas maintenance. As TA restarts, the PX de - stocking rate is expected to increase. The current internal - external price difference has significantly converged, and the valuation is becoming neutral. It is advisable to wait and see [1]. 3.5 Precious Metals - For precious metals, the abnormal movement of the RMB exchange rate has supported the domestic price, causing the internal - external price ratio to quickly decline. The end of the domestic consumption peak season and the Diwali festival in India, which supports gold consumption, also contribute to the decline of the internal - external price ratio. - The spot discount of silver has widened, and the import window has closed [1]. 3.6 Non - ferrous Metals - Aluminum: Close the internal - external reverse arbitrage position to take profit. - Tin: As overseas mines and Burmese mines resume production smoothly, pay attention to internal - external positive arbitrage. The LME inventory has been continuously low recently. - Zinc: Close the internal - external reverse arbitrage position [1]. 3.7 Exchange Rates - On May 23, 2025, the US dollar index, the Australian dollar against the US dollar, and the US dollar against the Brazilian real showed different changes in the latest, weekly, monthly, and annual periods [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. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - The domestic LPG supply is expected to gradually increase, chemical demand is expected to recover, and combustion demand will continue to decline. Overall, the LPG market may continue its oscillating downward trend [1]. 3. Summary by Relevant Catalog 3.1 Daily Changes - On Thursday, for civil gas, prices in Shandong remained stable at 4490, in East China decreased by 58 to 4523, and in South China remained stable at 4840. For imported gas, prices in East China decreased by 11 to 4979, and in South China increased by 10 to 4960. The price of etherified C4 remained stable at 4740. The lowest price was Shandong civil gas at 4490. The PG futures market showed weak performance, with the basis of the 06 contract strengthening to 309, the 06 - 07 monthly spread remaining unchanged at 54, and the 07 - 09 monthly spread slightly weakening to 130. The arbitrage window from the US to the Far East is closed [1]. 3.2 Weekly Changes - Last week, domestic civil gas prices declined significantly, with prices in South China at 4920 (-3.3%), East China at 4906 (-0.7%), Shandong at 4570 (-4.8%), and Shandong etherified C4 at 4520 (-5.8%). The cheapest deliverable was Shandong etherified C4. The center of gravity of the PG futures market moved slightly downward. The basis of the 06 contract was 256 (-187), the 06 - 07 monthly spread was 81 (-23), and the 07 - 08 monthly spread was 76 (-8). After the tariff easing, the overseas prices increased, with MB at 407 (+23), FEI at 544 (+22.8), and CP slightly rising to 584 (+5.5). The discount of June CP cargo decreased by nearly half, and the FEI discount returned to single - digit positive. The domestic - foreign price difference decreased significantly. The freight rates from the US Gulf to Japan and from the Middle East to the Far East increased slightly, reaching 117 (+7) and 65 (+7) respectively [1]. 3.3 Fundamental Analysis - In terms of fundamentals, high arrival volumes and little change in demand led to inventory accumulation at ports, while factory inventories remained basically unchanged. The domestic LPG commercial volume was 504,100 tons (+4.09%), and the expected increase in commercial volume in the next three weeks is expected to decrease. In terms of chemical demand, the PDH operating rate declined to 57.98% (-1.61), but production margins recovered, and the PDH operating rate is expected to increase slightly next week. The alkylation operating rate was 39.87% (-2.37), the commercial volume was 18,450 (-1,100), and the profit increased significantly to 267 yuan/ton (+1113%), with the operating rate expected to increase slightly next week. Crude oil rebound pushed MTBE prices up from a decline, but due to limited supply, stable exports, manufacturers' intention to hold prices, and increased downstream resistance, MTBE prices are expected to decline slightly. In terms of combustion demand, as the temperature rises, it is expected to decline [1].

Group 1: Investment Ratings - No investment ratings for the industry are provided in the report. Group 2: Core Views - The report analyzes import profits, internal - external price differences, and trading strategies across multiple industries including agriculture, energy, metals, and precious metals. It also considers the impacts of tariffs, supply - demand, and exchange rates on these factors [1][3]. Group 3: Industry - Specific Summaries Agriculture - **Cotton**: Due to trade wars, sanctions, and tariff policies, the relationship between domestic and foreign cotton markets has changed. After tariff cuts, the strength of Zhengzhou cotton and US cotton has reversed. Continued attention to tariff policy changes is recommended [1]. - **Oils and Oilseeds**: These commodities have a high import dependency. Their international supply - demand balance is transmitted to the domestic market through imports, and the focus should be on the difference in domestic and foreign supply - demand rhythms [1]. Iron Ore - In the short - term, the shipping and arrival of iron ore are increasing, iron - water production is oscillating at a high level. With strong overseas macro - disturbances and relatively stable domestic macro - conditions, the ore price center has declined, and there are fewer short - term internal - external price difference opportunities. In the long - run, the global supply - demand balance is more surplus compared to the Chinese market [1]. Energy - **SC**: The internal - external price relationship is weakening. - **FU**: In summer, the internal - external relationship remains weak, and the internal - external price difference of FU09 is compressing. - **LU**: The external crack spread basis has rebounded, and with the cancellation of warehouse receipts, the internal - external relationship is strengthening. - **PG**: After tariff relaxation, the external price has risen. The internal - external price difference has decreased significantly [1]. - **PX**: Domestic PX operating rates have declined, and there are still some overseas maintenance. As TA restarts, the PX de - stocking rate is expected to increase. The current internal - external price difference has converged significantly, and the valuation is becoming neutral, so it is recommended to wait and see [1]. Metals - **Aluminum**: Close the internal - external reverse arbitrage position to take profit. - **Tin**: As overseas and Myanmar mines resume production smoothly, pay attention to internal - external positive arbitrage opportunities. The LME inventory has been low recently. - **Zinc**: Close the internal - external reverse arbitrage position [1]. Precious Metals - **Gold**: The RMB exchange rate has an impact on the domestic price, and the internal - external price ratio has dropped rapidly. The end of the domestic consumption peak season and the Diwali - supported gold consumption in India have also contributed to this decline. - **Silver**: The spot discount has widened, and the import window is closed [3].

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The domestic LPG market is expected to gradually increase in supply, with chemical demand expected to recover and combustion demand continuing to decline. Overall, it may continue the trend of fluctuating downward [1]. 3. Summary by Relevant Content Price Changes - **Daily Changes**: On Friday, for civil gas, prices in Shandong decreased by 10 to 4590, in East China decreased by 3 to 4906, and remained stable in South China at 4940; for imported gas, prices in East China decreased by 8 to 5045, and in South China decreased by 10 to 5040; etherified C4 decreased by 12 to 4520. The PG futures price declined, the basis of the 06 contract weakened to 256, the spread between 06 - 07 contracts slightly weakened to 81, and the spread between 07 - 09 contracts remained basically flat at 159. The US - Far East arbitrage window closed [1]. - **Weekly Changes**: Last week, domestic civil gas prices declined significantly, with South China at 4920 (-3.3%), East China at 4906 (-0.7%), Shandong at 4570 (-4.8%), and Shandong etherified C4 at 4520 (-5.8%). The PG futures center of gravity moved slightly downward. The basis of the 06 contract was 256 (-187), the spread between 06 - 07 contracts was 81 (-23), and the spread between 07 - 08 contracts was 76 (-8). After the tariff eased, the overseas prices rose, with MB at 407 (+23), FEI at 544 (+22.8), and CP slightly increasing to 584 (+5.5). The discount of June CP cargoes decreased by nearly half, and the FEI discount returned to single - digit positive. The domestic - overseas price difference decreased significantly. The freight rates from the US Gulf to Japan and from the Middle East to the Far East slightly increased to 117 (+7) and 65 (+7) respectively [1]. Fundamental Situation - **Supply**: High arrival volumes and little change in demand led to port inventory accumulation, while factory inventory remained basically flat. The LPG commercial volume was 50.41 tons (+4.09%), and the expected increase in commercial volume in the next three weeks is expected to decrease [1]. - **Chemical Demand**: The PDH operating rate declined to 57.98% (-1.61), and production margins recovered. It is expected that the PDH operating rate will slightly increase next week. The alkylation operating rate was 39.87% (-2.37), the commercial volume was 18,450 (-1100), and the profit significantly expanded to 267 yuan/ton (+1113%). It is expected that the operating rate will slightly increase next week. Crude oil rebound drove MTBE to stop falling and rise. With low supply, stable exports, and manufacturers' intention to support prices, but increasing downstream resistance, it is expected that MTBE will slightly decline, but the overall decline will be limited [1]. - **Combustion Demand**: With the increase in temperature, combustion demand is expected to show a downward trend [1].

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Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - The fundamentals of the LPG market are weak, and the short - term futures market is expected to fluctuate weakly [1] Group 3: Summary by Relevant Content Daily Changes - On Tuesday, for civil gas, prices in Shandong dropped by 20 to 4700, in East China by 2 to 4931, and remained stable in South China at 5020; for imported gas, prices in East China dropped by 15 to 5090, and in South China by 10 to 5080; ether - post carbon four dropped by 20 to 4690, with the lowest price being Shandong civil gas at 4700. Under the weak fundamental situation, the PG futures market fluctuated downward, the basis of the 06 contract strengthened to 405, and the 06 - 07 spread remained basically flat at 98. The US - to - Far - East arbitrage window opened [1] Weekly Situation - Last week, the domestic civil gas market was weak. Prices in South China rose and then fell; those in East China and Shandong fluctuated weakly; the center of ether - post carbon four shifted down significantly; the price of the cheapest deliverable (Shandong LPG) was 4800 yuan/ton. The futures market center moved down slightly; the 06 basis fluctuated; the 06 - 07 spread strengthened. Fundamentally, high arrivals led to obvious port inventory accumulation; post - holiday downstream restocking was average, and factory inventories increased slightly. The LPG commodity volume was 485,500 tons (-1.06%), and the outward supply is expected to be stable in the next three weeks; the PDH operating rate decreased to 59.59% (-2.76%) due to high import costs and poor downstream demand. The alkylation operating rate remained flat, production margins turned profitable, and the operating rate is expected to rise slightly. MTBE production decreased, and the profits of gas - separation etherification and isomerization etherification were poor [1] External Market - CP and FEI rose slightly, while MB remained flat. The internal - external price spread fluctuated, FEI - MB rose slightly, and FEI - CP and CP - MB changed little. Freight rates from the US Gulf to Japan and from the Middle East to the Far East rose slightly. US C3 inventory was basically flat, exports increased, and the arbitrage window to the Far East closed. OPEC+ reduced the production cut, and PG supply is expected to increase. The CP official price is expected to fall, and the propane - butane spread is expected to widen [1]