Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The report presents the daily arbitrage data of various futures products on September 19, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - variety spreads. 3. Summary by Directory Power Coal - The basis data for power coal from September 12 to September 18, 2025, is presented. On September 18, the basis was - 102.4 yuan/ton, showing a narrowing trend compared to previous days [1][2]. Energy Chemicals - **Energy Commodities**: Basis data for fuel oil, INE crude oil, and the ratio of crude oil to asphalt from September 12 to September 18, 2025, are provided. For example, on September 18, the basis of INE crude oil was 5.25 yuan/ton [7]. - **Chemical Commodities**: - Basis data for rubber, methanol, PTA, LLDPE, V, and PP from September 12 to September 18, 2025, are given. For instance, on September 18, the basis of rubber was - 770 yuan/ton [9]. - Inter - period spreads for rubber, methanol, PTA, etc., and inter - variety spreads such as LLDPE - PVC, LLDPE - PP, etc., from September 12 to September 18, 2025, are presented [10]. Black Metals - **Inter - period Spreads**: Inter - period spreads for rebar, iron ore, coke, and coking coal are provided, including 5 - month minus 1 - month, 9(10) - month minus 1 - month, and 9(10) - month minus 5 - month spreads [20]. - **Inter - variety Spreads**: Inter - variety spreads such as the ratio of rebar to iron ore, rebar to coke, and coke to coking coal, as well as the difference between rebar and hot - rolled coil from September 12 to September 18, 2025, are shown [20]. - **Basis**: Basis data for rebar, iron ore, coke, and coking coal from September 12 to September 18, 2025, are presented [21]. Non - ferrous Metals - **Domestic Market**: Basis data for copper, aluminum, zinc, lead, nickel, and tin in the domestic market from September 12 to September 18, 2025, are provided [28]. - **London Market**: LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data for copper, aluminum, zinc, lead, nickel, and tin on September 18, 2025, are presented [33]. Agricultural Products - **Basis**: Basis data for soybeans, soybean meal, soybean oil, corn, etc., from September 12 to September 18, 2025, are given [38]. - **Inter - period Spreads**: Inter - period spreads for various agricultural products, including soybeans, soybean meal, soybean oil, etc., are provided [38]. - **Inter - variety Spreads**: Inter - variety spreads such as the ratio of soybeans to corn, soybean oil to soybean meal, and the difference between soybean meal and rapeseed meal from September 12 to September 18, 2025, are presented [38]. Stock Index Futures - **Basis**: Basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from September 12 to September 18, 2025, are provided [50]. - **Inter - period Spreads**: Inter - period spreads for CSI 300, SSE 50, CSI 500, and CSI 1000, including the difference between the next - month contract and the current - month contract and the next - quarter contract and the current - quarter contract, are presented [50].

Core Viewpoint - The double-sided coated paper industry is facing challenges due to declining demand, high inventory levels, and low production margins, despite an increase in production capacity and some recovery in supply from major producers [3][4][10]. Industry Overview - Double-sided coated paper, also known as "Dawlin paper," is a major type of cultural printing paper, primarily used in book printing [1]. - The upstream products for double-sided coated paper are pulp, with production costs heavily reliant on various types of pulp, which account for 60%-70% of the total cost [2]. - The domestic production capacity of double-sided coated paper has grown significantly from 7.89 million tons in 2010 to an expected 18 million tons by the end of 2025 [2]. Supply and Demand Dynamics - The main downstream application for double-sided coated paper is book printing, which accounts for 88% of its usage [3]. - In 2024, the domestic production of double-sided coated paper is projected to be 10.49 million tons, reflecting a slight increase from the previous year [4]. - However, the production capacity utilization rate is low, averaging 62% in 2024, with a significant drop in production observed in early 2025 due to weak market demand [7][8]. Export and Import Trends - In 2024, the import volume of double-sided coated paper is expected to be 200,000 tons, while exports are projected at 968,000 tons, resulting in a net export of 770,000 tons [3][9]. - The net export volume has decreased in 2025 compared to the previous year, indicating a slowdown in overseas demand [9]. Inventory Levels - As of September 12, 2024, the total inventory of double-sided coated paper reached a record high of 1.744 million tons, with manufacturers and traders actively reducing stock levels [10]. Profitability and Pricing - As of September 12, 2024, domestic producers are facing losses of 135 yuan per ton, with historical price fluctuations showing a maximum profit of 1,562 yuan and a minimum loss of 874 yuan per ton [11][15]. - The price of high-quality double-sided coated paper is currently between 4,500 and 4,800 yuan per ton, with expectations of continued low prices due to high supply and inventory levels [15].

Report Industry Investment Rating - Not provided Core Viewpoints - PTA: Domestic PTA installations are gradually resuming, leading to an increase in domestic PTA production and a rapid decline in PTA basis. OPEC+ increased oil production again at the meeting. Downstream profits have significantly recovered, and the polyester operating load has rebounded to 91% [2] - Ethylene glycol: The basis of ethylene glycol has weakened. The upcoming commissioning of Yulong Petrochemical's ethylene glycol plant is putting pressure on the futures market. Although the arrival of overseas ethylene glycol plants has decreased, the hedging volume has increased after the price recovery. Polyester inventory is in good condition, and the downstream weaving load has rebounded [2] Summary by Relevant Catalogs Market Quotes - INE crude oil rose from 493.6 yuan/barrel on September 16, 2025, to 499.3 yuan/barrel on September 17, an increase of 5.7 yuan/barrel [2] - PTA-SC decreased from 1101.0 yuan/ton to 1083.5 yuan/ton, a decrease of 17.42 yuan/ton; PTA/SC decreased from 1.3069 to 1.2986, a decrease of 0.0083 [2] - CFR China PX increased from 834 to 836, an increase of 2; PX-naphtha spread increased from 226 to 231, an increase of 6 [2] - PTA's main futures price rose from 4688 yuan/ton to 4712 yuan/ton, an increase of 24 yuan/ton; the spot price rose from 4610 yuan/ton to 4620 yuan/ton, an increase of 10 yuan/ton [2] - PTA's spot processing fee increased from 127.9 yuan/ton to 148.1 yuan/ton, an increase of 20.2 yuan/ton; the futures processing fee increased from 215.9 yuan/ton to 230.1 yuan/ton, an increase of 14.2 yuan/ton [2] - PTA's main basis increased from (80) to (77), an increase of 3; the number of PTA warehouse receipts decreased from 7889 to 0, a decrease of 7889 [2] - MEG's main futures price rose from 4272 yuan/ton to 4297 yuan/ton, an increase of 25 yuan/ton; MEG-naphtha increased from (125.95) yuan/ton to (125.14) yuan/ton, an increase of 0.8 yuan/ton [2] - MEG's domestic price decreased from 4385 yuan/ton to 4373 yuan/ton, a decrease of 12 yuan/ton; the main basis decreased from 105 to 85, a decrease of 20 [2] - POY150D/48F decreased from 6710 to 6705, a decrease of 5; POY cash flow decreased from 49 to 40, a decrease of 9 [2] - FDY150D/96F remained unchanged at 6910; FDY cash flow decreased from (251) to (255), a decrease of 4 [2] - DTY150D/48F decreased from 7970 to 7960, a decrease of 10; DTY cash flow decreased from 109 to 95, a decrease of 14 [2] - The long - filament sales rate increased from 40% to 42%, an increase of 2 percentage points [2] - 1.4D direct - spun polyester staple fiber remained unchanged at 6540; polyester staple fiber cash flow decreased from 229 to 225, a decrease of 4 [2] - The short - fiber sales rate decreased from 65% to 53%, a decrease of 12 percentage points [2] - Semi - bright chips increased from 5755 to 5760, an increase of 5; chip cash flow increased from (6) to (5), an increase of 1 [2] - The chip sales rate decreased from 120% to 105%, a decrease of 15 percentage points [2] Industry Chain Operating Conditions - PX, PTA, MEG operating rates and polyester load all remained unchanged at 87.16%, 78.25%, 62.20%, and 88.78% respectively [2] Device Maintenance - A 2.5 - million - ton PTA plant in East China restarted last weekend after being shut down for maintenance around August 26 [2]

Group 1: Oil and Fat Industry Report Industry Investment Rating - Not provided Core Views - Palm oil futures in Malaysia are expected to maintain strong consolidation around 4,500 ringgit, and domestic palm oil futures may follow the upward trend. For soybean oil, the domestic supply is abundant, and the spot basis quote may rise as soybean supply decreases [1]. Summary by Relevant Catalog - **Soybean Oil**: On September 17, the spot price in Jiangsu was 8,690 yuan/ton, up 0.35% from the previous day; the futures price of Y2601 was 8,366 yuan/ton, down 0.62%. The basis of Y2601 increased by 33.88%. The inventory of soybean oil in factories increased by about 10,000 tons last weekend [1]. - **Palm Oil**: The spot price of 24 - degree palm oil in Guangdong was 9,450 yuan/ton, up 0.53%. The futures price of P2601 was 9,424 yuan/ton, down 0.61%. The basis of P2601 increased by 131.71%. The import cost increased by 1.03%, and the import profit decreased by 79.70% [1]. - **Rapeseed Oil**: The spot price of Grade - 4 rapeseed oil in Jiangsu was 10,110 yuan/ton, up 0.50%. The futures price of O1601 was down 0.54%. The basis of O1601 increased by 1485.71% [1]. - **Spreads**: The 01 - 05 spreads of soybean oil, palm oil, and rapeseed oil all decreased. The soybean - palm oil spread and rapeseed - soybean oil spread showed different trends [1]. Group 2: Corn and Corn Starch Industry Report Industry Investment Rating - Not provided Core Views - In the short - term, the corn market has a loose supply - demand situation, and the futures price may fluctuate weakly, with strong support around 2,150 yuan/ton. In the medium - term, it will remain weak, and attention should be paid to the new grain purchase rhythm and opening price [2]. Summary by Relevant Catalog - **Corn**: The price of corn 2511 at Jinzhou Port decreased, and the basis decreased by 10.42%. The 11 - 3 spread decreased by 150.00%. The north - south trade profit increased by 51.28%, and the import profit increased by 0.82% [2]. - **Corn Starch**: The price of corn starch 2511 increased by 0.41%. The basis decreased by 8.55%. The starch - corn spread increased by 5.42% [2]. Group 3: Sugar Industry Report Industry Investment Rating - Not provided Core Views - The raw sugar price is expected to maintain a bottom - oscillating pattern between 15 - 17 cents/pound. The domestic sugar market has现货 pressure, and the futures price may stabilize around 5,500 yuan/ton in the short - term, but the rebound space is limited, and a high - selling strategy is recommended [6][7]. Summary by Relevant Catalog - **Futures Market**: The prices of sugar 2601 and 2605 decreased. The ICE raw sugar主力 decreased by 2.33%. The 1 - 5 spread decreased by 17.39%. The position of the主力 contract increased by 0.67%, and the warehouse receipt quantity decreased by 2.48% [6]. - **Spot Market**: The prices in Guosan and Kunming decreased. The Nanning basis decreased by 1.64%, and the Kunming basis increased by 2.64%. The import prices of Brazilian sugar (both quota - within and quota - outside) decreased [6]. - **Industry Situation**: The cumulative production and sales of sugar in the country increased year - on - year. The production and cumulative sales rate in Guangxi also increased, while the monthly sales volume in Guangxi decreased. The industrial inventory in the country increased, and the import volume increased significantly [6]. Group 4: Cotton Industry Report Industry Investment Rating - Not provided Core Views - In the short - term, domestic cotton prices may oscillate within a range, and they will face pressure after the new cotton is listed [8]. Summary by Relevant Catalog - **Futures Market**: The prices of cotton 2605 and 2601 decreased slightly. The ICE US cotton主力 decreased by 0.72%. The 5 - 1 spread decreased by 14.29%. The position of the主力 contract decreased by 0.27%, and the warehouse receipt quantity decreased by 3.03% [8]. - **Spot Market**: The Xinjiang arrival price and CC Index of 3128B increased slightly. The difference between CC Index:3128B and FC Index:M: 1% decreased by 6.75% [8]. - **Industry Situation**: The commercial and industrial inventories decreased. The import volume increased, and the export volume of textile products showed different trends. The downstream finished product inventory was still decreasing, but the shipment slowed down [8]. Group 5: Meal Industry Report Industry Investment Rating - Not provided Core Views - The supply - demand situation of US soybeans is strong on the supply side and weak on the demand side. The domestic supply in the fourth quarter is expected to be sufficient, but there is uncertainty in the supply from January to February next year. Attention should be paid to the support of the 01 contract around 3,000 yuan/ton [10]. Summary by Relevant Catalog - **Soybean Meal**: The spot price in Jiangsu decreased by 1.65%, and the futures price of M2601 decreased by 1.28%. The basis of M2601 decreased by 100.00%. The import profit of Brazilian soybeans in November increased [10]. - **Rapeseed Meal**: The spot price in Jiangsu decreased by 1.91%, and the futures price of RM2601 decreased by 2.30%. The basis of RM2601 increased by 7.84%. The import profit of Canadian rapeseed in November decreased [10]. - **Soybeans**: The prices of domestic and imported soybeans were stable or decreased slightly. The bases of the first and second - grade soybean contracts increased [10]. - **Spreads**: The 01 - 05 spreads of soybean meal and rapeseed meal decreased. The oil - meal ratio and the difference between soybean and rapeseed meal showed different trends [10]. Group 6: Pig Industry Report Industry Investment Rating - Not provided Core Views - The spot price of pigs lacks support. The near - month futures contracts will maintain a weak adjustment, and attention should be paid to the 1 - 5 reverse spread opportunity [12][13]. Summary by Relevant Catalog - **Futures Market**: The prices of pig 2511 and 2601 decreased. The 11 - 1 spread increased by 1.92%. The position of the主力 contract increased by 10.86% [12]. - **Spot Market**: The spot prices in various regions decreased. The daily slaughter volume decreased by 0.40%, and the weekly white - strip price decreased by 0.65% [12]. - **Other Indicators**: The self - breeding profit decreased by 68.02%, and the purchased - pig breeding profit decreased by 28.27%. The inventory of breeding sows decreased slightly [12][15]. Group 7: Egg Industry Report Industry Investment Rating - Not provided Core Views - Egg prices may rise to the annual high due to increased demand, but the high inventory and cold - storage egg release may limit the increase. After the replenishment of traders next week, the demand may weaken, and local egg prices may decline slightly [18]. Summary by Relevant Catalog - **Futures Market**: The price of the egg 11 - contract increased by 0.10%, and the price of the 10 - contract decreased by 1.00%. The 11 - 10 spread increased by 147.83% [17]. - **Spot Market**: The egg - producing area price increased by 0.23%, and the basis increased by 0.89% [17]. - **Industry Indicators**: The price of egg - laying chicken seedlings decreased by 13.33%, and the price of culled chickens decreased by 0.22%. The egg - feed ratio increased by 2.88%, and the breeding profit increased by 20.84% [17].

Report Industry Investment Rating - Unilateral: Neutral; Inter - period: 01 - 05 reverse spread; Inter - variety: None [4] Core View - Recently, the cost - end oil price has rebounded, and the external propane price has risen strongly. With the support of macro - sentiment, polyolefins have rebounded slightly with fluctuations. Some upstream petrochemical plants have shut down for maintenance, and the capacity utilization rate has decreased slightly. There is an expectation of new capacity from ExxonMobil, and Daxie Petrochemical is continuously increasing production, so the supply is still under pressure. The downstream demand is in the "Golden September" seasonal improvement stage, with the overall downstream factory operating rate rising slightly. However, the downstream mainly maintains rigid procurement, and the demand fulfillment rate is still slow. PP production profit has shrunk significantly, and the cost - end support is strong [3] Summary by Related Catalogs Market News and Important Data - **Price and Basis**: L main contract closed at 7,245 yuan/ton (+11), PP main contract at 6,982 yuan/ton (+12). LL North China spot was 7,200 yuan/ton (+0), LL East China spot was 7,170 yuan/ton (+0), PP East China spot was 6,780 yuan/ton (+0). LL North China basis was - 45 yuan/ton (-11), LL East China basis was - 75 yuan/ton (-11), and PP East China basis was - 202 yuan/ton (-12) [2] - **Upstream Supply**: PE operating rate was 78.0% (-2.5%), PP operating rate was 76.8% (-3.1%) [2] - **Production Profit**: PE oil - based production profit was 170.9 yuan/ton (-70.8), PP oil - based production profit was - 459.1 yuan/ton (-70.8), and PDH - based PP production profit was - 303.0 yuan/ton (-12.1) [2] - **Import and Export**: LL import profit was - 92.1 yuan/ton (+10.2), PP import profit was - 482.1 yuan/ton (-9.8), and PP export profit was 29.1 US dollars/ton (+1.2) [2] - **Downstream Demand**: PE downstream agricultural film operating rate was 24.1% (+3.9%), PE downstream packaging film operating rate was 51.3% (+0.8%), PP downstream plastic weaving operating rate was 43.1% (+0.4%), and PP downstream BOPP film operating rate was 61.6% (+0.1%) [2] Market Analysis - Cost - end factors and macro - sentiment have driven polyolefins to rebound slightly. Supply is under pressure due to potential new capacity and production increases. Downstream demand is in a seasonal improvement stage, but the demand fulfillment is slow, and PP cost - end support is strong [3] Strategy - Unilateral strategy is neutral; inter - period strategy is 01 - 05 reverse spread; no inter - variety strategy [4]

1. Report Industry Investment Rating - The report's overall view on PVC investment is bearish [10] 2. Core Viewpoints of the Report - The supply pressure of PVC has increased this week, and production scheduling is expected to increase next week. The overall inventory is at a high level, and the current demand may remain sluggish. The PVC2601 contract is expected to fluctuate in the range of 4944 - 5002 [9]. - The main logic is that the overall supply pressure is strong, and the domestic demand recovery is sluggish [13]. 3. Summary According to the Directory 3.1 Daily Viewpoints - Bullish factors: Supply resumption, cost support from calcium carbide and ethylene, and export benefits [12]. - Bearish factors: Overall supply pressure rebound, high - level and slow - consuming inventory, and weak domestic and external demand [12]. 3.2 Fundamental/Position Data 3.2.1 Supply - In August 2025, PVC production was 2.07334 million tons, a month - on - month increase of 3.43%. This week, the capacity utilization rate of sample enterprises was 77.13%, a month - on - month increase of 0.01 percentage points. Calcium carbide method enterprise production was 327,885 tons, a month - on - month decrease of 0.68%, and ethylene method enterprise production was 134,060 tons, a month - on - month increase of 7.11%. Next week, maintenance is expected to decrease, and production scheduling is expected to increase slightly [7]. 3.2.2 Demand - The overall downstream operating rate was 43.5%, a month - on - month increase of 0.899 percentage points, lower than the historical average. The downstream profile operating rate was 38.39%, a month - on - month decrease of 4.21 percentage points, lower than the historical average. The downstream pipe operating rate was 33.48%, a month - on - month decrease of 0.13 percentage points, lower than the historical average. The downstream film operating rate was 70.77%, unchanged from the previous month, higher than the historical average. The downstream paste resin operating rate was 74.07%, a month - on - month increase of 0.809 percentage points, higher than the historical average. Shipping costs are expected to decline, and domestic PVC export prices are competitive. Current demand may remain sluggish [7]. 3.2.3 Cost - The profit of the calcium carbide method was - 420.96 yuan/ton, with a month - on - month increase in losses of 5.40%, lower than the historical average. The profit of the ethylene method was - 670.97 yuan/ton, with a month - on - month increase in losses of 6.80%, lower than the historical average. The double - ton spread was 2516.05 yuan/ton, with a month - on - month decrease in profit of 3.00%, lower than the historical average. Production scheduling may be under pressure [8]. 3.2.4 Basis - On September 17, the price of East China SG - 5 was 4850 yuan/ton, and the basis of the 01 contract was - 123 yuan/ton, with the spot at a discount to the futures. This is bearish [9]. 3.2.5 Inventory - Factory inventory was 315,801 tons, a month - on - month increase of 1.17%. Calcium carbide method factory inventory was 251,301 tons, a month - on - month increase of 3.77%. Ethylene method factory inventory was 64,500 tons, a month - on - month decrease of 7.85%. Social inventory was 533,000 tons, a month - on - month increase of 2.12%. The in - stock days of production enterprises were 5.2 days, a month - on - month decrease of 0.95% [9]. 3.2.6 Disk - MA20 is downward, and the price of the 01 contract closed above MA20. This is neutral [9]. 3.2.7 Main Position - The main position is net short, and short positions are decreasing. This is bearish [9]. 3.3 PVC Market Overview - The report provides a detailed overview of the PVC market on the previous day, including prices, spreads, operating rates, and inventory data of different types and regions [15]. 3.4 PVC Futures Market - The report presents the basis trend, price trend, trading volume, open interest, and spread analysis of PVC futures [17][20][23]. 3.5 PVC Fundamental Analysis - **Calcium Carbide Method**: Analyzes the prices, costs, profits, operating rates, and inventories of raw materials such as semi - coke, calcium carbide, liquid chlorine, raw salt, and caustic soda [26][29][31][34]. - **Supply Trend**: Analyzes the capacity utilization rates, production, and maintenance volumes of the calcium carbide method and ethylene method, as well as the daily and weekly production of PVC [38][40]. - **Demand Trend**: Analyzes the trading volume of traders, pre - sales volume, production - sales ratio, apparent consumption, and operating rates of downstream products such as profiles, pipes, films, and paste resin. It also analyzes real - estate investment, construction area, new construction area, sales area, completion area, social financing scale increment, M2 increment, local government new special bonds, and infrastructure investment [42][45][49][52]. - **Inventory**: Analyzes the exchange warehouse receipts, calcium carbide method factory inventory, ethylene method factory inventory, social inventory, and inventory days of production enterprises [53]. - **Ethylene Method**: Analyzes the import volumes of vinyl chloride and dichloroethane, PVC exports, and price spreads [55]. - **Supply - Demand Balance Sheet**: Presents the export, demand, social inventory, factory inventory, production, and import data of PVC from July 2024 to August 2025 [59].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The report is a daily report on futures product arbitrage data from Baocheng Futures on September 18, 2025, presenting basis, inter - period, and cross - variety data for various futures products [1][5][21][27][39][51] 3. Summary by Relevant Catalogs 3.1 Power Coal - The basis data for power coal from September 11 to September 17, 2025, shows that the basis on September 17 was - 108.4 yuan/ton, gradually increasing from - 126.4 yuan/ton on September 11. The 5 - 1, 9 - 1, and 9 - 5 inter - period spreads were all 0.0 during this period [2] 3.2 Energy and Chemicals 3.2.1 Energy Commodities - For energy commodities, basis data for fuel oil, INE crude oil, and the ratio of crude oil to asphalt are provided from September 11 to September 17, 2025. For example, the basis of INE crude oil on September 17 was 20.13 yuan/ton [7] 3.2.2 Chemical Commodities - **Basis**: The basis data for rubber, methanol, PTA, LLDPE, PVC, and PP from September 11 to September 17, 2025, shows different trends. For instance, the basis of rubber on September 17 was - 830 yuan/ton, improving from - 1005 yuan/ton on September 11 [9] - **Inter - period Spreads**: The 5 - 1, 9 - 1, and 9 - 5 inter - period spreads for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented. For example, the 5 - 1 inter - period spread of PVC was 301 yuan/ton [10] - **Cross - variety Spreads**: The cross - variety spreads such as LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from September 11 to September 17, 2025, are given. For example, the LLDPE - PVC spread on September 17 was 2282 yuan/ton [10] 3.3 Black Metals - **Basis**: The basis data for rebar, iron ore, coke, and coking coal from September 11 to September 17, 2025, shows fluctuations. For example, the basis of rebar on September 17 was 72.0 yuan/ton [21] - **Inter - period Spreads**: The 5 - 1, 9(10) - 1, and 9(10) - 5 inter - period spreads for rebar, iron ore, coke, and coking coal are provided. For example, the 5 - 1 inter - period spread of rebar was 71.0 yuan/ton [20] - **Cross - variety Spreads**: The cross - variety spreads such as rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from September 11 to September 17, 2025, are presented. For example, the rebar/iron ore ratio on September 17 was 3.94 [20] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from September 11 to September 17, 2025, shows different changes. For example, the basis of copper on September 17 was 20 yuan/ton [28] 3.4.2 London Market - Data for LME non - ferrous metals on September 17, 2025, including LME premium/discount, Shanghai - London ratio, CIF price, domestic spot price, and import profit/loss, are provided. For example, the LME premium/discount of copper was (71.13) [33] 3.5 Agricultural Products - **Basis**: The basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc., from September 11 to September 17, 2025, shows trends. For example, the basis of soybeans No.1 on September 17 was 165 yuan/ton [40] - **Inter - period Spreads**: The 5 - 1, 9 - 1, and 9 - 5 inter - period spreads for soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc., are presented. For example, the 5 - 1 inter - period spread of soybeans No.1 was 45 yuan/ton [40] - **Cross - variety Spreads**: The cross - variety spreads such as soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc., from September 11 to September 17, 2025, are given. For example, the soybeans No.1/corn ratio on September 17 was 1.81 [40] 3.6 Stock Index Futures - **Basis**: The basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from September 11 to September 17, 2025, shows changes. For example, the basis of CSI 300 on September 17 was - 2.18 [52] - **Inter - period Spreads**: The next - month - current - month and next - quarter - current - quarter inter - period spreads for CSI 300, SSE 50, CSI 500, and CSI 1000 are provided. For example, the next - month - current - month inter - period spread of CSI 300 was - 10.2 [52]

Report Industry Investment Rating No relevant information provided. Core View of the Report The Fed's monetary policy adjustments and industry - specific factors jointly affect the prices of various non - ferrous metals. Overall, most non - ferrous metals show different trends in price, inventory, and market sentiment, with short - term price trends varying from metal to metal [2][4][5]. Summary by Metal Copper - The Fed's interest rate cut and the rate dot - plot's indication of future cuts led to copper price adjustments. LME copper closed down 1.41% to $9974/ton, and SHFE copper closed at 79880 yuan/ton. LME copper inventory decreased, and the domestic downstream procurement sentiment was weak. Short - term copper prices may turn to a volatile trend, with the SHFE copper main contract running between 79200 - 80800 yuan/ton and LME copper 3M between 9880 - 10100 dollars/ton [2]. Aluminum - After the Fed's interest rate cut, aluminum prices generally declined. LME aluminum closed down 0.83% to $2689/ton, and SHFE aluminum closed at 20750 yuan/ton. Domestic inventories increased, and the market transaction was not ideal. With downstream entering the traditional peak season, aluminum prices are expected to be strongly supported. The domestic main contract is expected to run between 20700 - 21000 yuan/ton, and LME aluminum 3M between 2660 - 2720 dollars/ton [4]. Lead - Lead prices are expected to be strong in the short term. Lead concentrate raw materials are in short supply, and the downstream battery inventory is decreasing. Although there was some emotional disturbance in the non - ferrous metal sector before the Fed's interest rate meeting, the overall sentiment is still positive, and the improved industry data supports the upward breakthrough of lead prices [5]. Zinc - Zinc prices are expected to be strong in the short term. Zinc concentrate inventory is rising, and processing fees are differentiated. The import window is closed, and the zinc ore surplus is alleviated. Although the SHFE zinc increase is limited, if the zinc ingot export window opens and zinc ore imports are restricted, the domestic zinc price may rise with the sector [6]. Tin - Tin prices are expected to be strongly volatile. The supply of tin is significantly reduced due to slow resumption of production in Myanmar and smelter maintenance. Although the traditional consumer electronics and home appliance sectors have weak demand, the demand has marginally improved with the arrival of the peak season, so the price is expected to be strong [7]. Nickel - In the short term, the high inventory of refined nickel drags down the nickel price, but in the long term, factors such as the Fed's easing expectations and the RKAB approval are expected to support the nickel price. It is recommended to buy on dips, with the SHFE nickel main contract running between 115000 - 128000 yuan/ton and LME nickel 3M between 14500 - 16500 dollars/ton [9]. Lithium Carbonate - The price of lithium carbonate is in a volatile adjustment. The fundamental improvement has been reflected in the market, and there is currently no new marginal change to drive the price up. Attention should be paid to industry information and macro - expectation changes. The reference operating range of the GZFE lithium carbonate 2511 contract is 70800 - 75800 yuan/ton [12]. Alumina - In the short term, it is recommended to wait and see. Although the ore price has short - term support, it may be under pressure after the rainy season, and the over - capacity pattern in the smelting end is difficult to change in the short term. However, the Fed's interest rate cut expectation may drive the non - ferrous metal sector to be strong. The domestic main contract AO2601 is expected to run between 2800 - 3100 yuan/ton [14]. Stainless Steel - The demand for stainless steel is weak due to the downturn in the real estate industry. Although the demand from the new energy vehicle industry is increasing, it cannot offset the decline in traditional demand. The downstream consumption has not improved significantly, and the market is waiting and watching [16][17]. Cast Aluminum Alloy - Cast aluminum alloy prices are expected to remain high in the short term. The downstream is transitioning from the off - season to the peak season, and the cost is strongly supported by the supply disturbance of scrap aluminum at home and abroad. With the exchange reducing the margin ratio, market activity is increasing [19].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - PTA: In the PTA market, the intraday crude oil prices were strong, and the low processing fees provided strong cost support for PTA. However, the ample PTA spot supply restricted its upward movement. Domestic PTA plants are gradually resuming operations, leading to an increase in domestic PTA production and a rapid decline in PTA basis. After the OPEC+ meeting, oil production was increased again, and the downstream profits were significantly restored, with the polyester operating load rising to 91% [2]. - MEG: In the MEG market, the spot price in Zhangjiagang decreased this week. The futures price first rose and then fell, and the spot market price followed suit. The basis negotiation declined. The basis of MEG weakened, and the upcoming commissioning of Yulong Petrochemical's MEG plant put pressure on the futures market. Although the arrival of overseas MEG plants decreased, the hedging positions increased after the price rebounded. The polyester inventory was in good condition, and the downstream weaving load increased [2]. 3. Summary by Relevant Catalogs Market Data - **Crude Oil**: The INE crude oil price increased from 488.1 yuan/barrel on September 15, 2025, to 493.6 yuan/barrel on September 16, 2025, with a change of 5.50 yuan/barrel [2]. - **PTA**: The PTA - SC spread decreased from 1124.9 yuan/ton to 1101.0 yuan/ton, the PTA/SC ratio decreased from 1.3171 to 1.3069. The CFR China PX price decreased from 836 to 834, and the PX - naphtha spread decreased from 238 to 226. The PTA主力期价 increased from 4672 yuan/ton to 4688 yuan/ton, the PTA现货价格 increased from 4600 yuan/ton to 4610 yuan/ton. The spot processing fee increased from 115.4 yuan/ton to 127.9 yuan/ton, and the disk processing fee increased from 187.4 yuan/ton to 215.9 yuan/ton. The PTA仓单数量 decreased from 9893 to 7889 [2]. - **MEG**: The MEG主力期价 decreased from 4288 yuan/ton to 4272 yuan/ton, the MEG - naphtha spread increased from -130.89 yuan/ton to -127.08 yuan/ton. The MEG内盘 increased from 4378 yuan/ton to 4385 yuan/ton, and the主力基差 decreased from 105 to 85 [2]. - **Polyester Products**: The prices of POY150D/48F, FDY150D/96F, and DTY150D/48F remained unchanged. The POY现金流 decreased from 60 to 49, the FDY现金流 decreased from -240 to -251, and the DTY现金流 decreased from 120 to 109. The长丝产销 decreased from 53% to 40%. The price of 1.4D直纺涤短 increased from 6535 to 6540, the涤短现金流 decreased from 235 to 229, and the短纤产销 increased from 50% to 65%. The price of半光切片 increased from 5750 to 5755, the切片现金流 decreased from 0 to -6, and the切片产销 increased from 80% to 120% [2]. Industry Operating Rates - The PX开工率 remained at 87.16%, the PTA开工率 remained at 78.25%, the MEG开工率 remained at 62.20%, and the聚酯负荷 remained at 88.78% [2]. Device Maintenance - A 2.5 - million - ton PTA plant in East China restarted last weekend after shutting down for maintenance around August 26 [2]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the reports. 2. Core Views The reports present a comprehensive analysis of various financial products including stock index futures, treasury bond futures, precious metals, and container shipping. They offer daily updates on price differentials, historical percentile rankings, and price movements, which can assist investors in understanding market trends and making investment decisions. 3. Summary by Report Type Stock Index Futures Spread Daily Report - **Price Differentials**: Provides price differentials for various stock index futures contracts such as IF, IH, IC, and IM, including spot - futures spreads and inter - period spreads. For example, the IF spot - futures spread is 2.78, and the IF inter - period spread (next month - current month) is - 9.40 [1]. - **Historical Percentiles**: Presents historical 1 - year and all - time percentiles for each spread, which helps investors assess the relative position of current spreads in historical data. For instance, the historical 1 - year percentile of the IF spot - futures spread is 69.60% [1]. - **Cross - Variety Ratios**: Offers ratios between different stock index futures, like IC/IF, IC/IH, and IF/IH, along with their historical percentiles [1]. Treasury Bond Futures Spread Daily Report - **Basis and IRR**: Reports the basis and implied repo rate (IRR) for different treasury bond futures contracts (TS, TF, T, TL). For example, the TS basis on September 16, 2025, is 1.5336, with an IRR change of - 0.0395 [2]. - **Inter - Period Spreads**: Provides inter - period spreads for different contracts, such as the TS inter - period spread (current quarter - next quarter) of 0.0660 on September 16, 2025 [2]. - **Cross - Variety Spreads**: Presents cross - variety spreads between different treasury bond futures, like TS - TF, TS - T, etc. For example, the TS - TF spread on September 16, 2025, is - 3.3810 [2]. Precious Metals Spot - Futures Daily Report - **Futures and Spot Prices**: Reports domestic and foreign futures closing prices, spot prices, and their changes for gold and silver. For example, the AU2510 contract price increased by 10.48 (1.26%) on September 16, 2025, compared to the previous day [5]. - **Basis and Ratios**: Provides basis values and ratios between different precious metal products, along with their historical percentiles. For instance, the gold TD - Shanghai gold main contract basis is - 3.98, with a historical 1 - year percentile of 16.00% [5]. - **Interest Rates, Exchange Rates, and Inventories**: Reports interest rates, exchange rates, and inventory data for precious metals. For example, the 10 - year US Treasury yield decreased by 0.01 ( - 0.2%) [5]. Container Shipping Industry Spot - Futures Daily Report - **Spot Quotes and Indexes**: Reports spot quotes for Shanghai - Europe shipping routes and various shipping indexes, including their changes. For example, the SCFIS (European route) decreased by 116.2 ( - 7.47%) from September 8 to September 15 [7]. - **Futures Prices and Basis**: Provides futures prices and basis values for container shipping futures contracts. For example, the EC2602 contract price increased by 55.2 (3.64%) from September 15 to September 16, and the basis (main contract) decreased by 155.8 ( - 125.18%) [7]. - **Fundamental Data**: Reports fundamental data such as global container shipping capacity supply, port - related indicators, and overseas economic data. For example, the global container shipping capacity supply remained unchanged at 3305.11 million TEU on September 17 compared to the previous day [7].