Group 1: Market Data Overview - The report provides data on asphalt futures contracts (BU10, BU11, BU12, BU01, BU03) from August 22 to September 22, 2025, including prices, trading volume, open interest, and inventory [4]. - It also presents spot market prices in different regions (Shandong, East China, South China, North China, Northeast China) and at various warehouses (Zhenjiang, Foshan), as well as price differentials and basis [4]. - Data on crack spreads, profits (including asphalt - Brent crack spread, asphalt - Ma Rui profit, refinery comprehensive profits, and import profits), and related oil prices (Brent crude, gasoline, and diesel in Shandong) are included [4]. Group 2: Futures Contract Price Movements - For BU10, the price decreased by 20 on September 22 compared to the previous day and increased by 33 on a weekly basis [4]. - BU11, BU12, BU01, and BU03 also showed daily and weekly price changes, with varying degrees of increase or decrease [4]. Group 3: Trading Volume and Open Interest - The trading volume of asphalt futures decreased by 3,245 on September 22 compared to the previous day and decreased by 114,402 on a weekly basis [4]. - Open interest increased by 9,303 on September 22 compared to the previous day and decreased by 16,211 on a weekly basis [4]. Group 4: Spot Market Prices - Shandong's asphalt market price decreased by 10 on September 22 compared to the previous day and decreased by 20 on a weekly basis [4]. - East China's price remained stable on September 22 but decreased by 50 on a weekly basis, while South China's price was unchanged on both a daily and weekly basis [4]. - North China's price was stable on September 22 and increased by 10 on a weekly basis, and Northeast China's price decreased by 20 on both a daily and weekly basis [4]. Group 5: Basis and Spread - The basis and spread between different regions and contracts showed various changes. For example, the Shandong - East China basis decreased by 10 on September 22 compared to the previous day and increased by 30 on a weekly basis [4]. - The basis between different contract months (e.g., 10 - 11, 10 - 12) also had daily and weekly fluctuations [4]. Group 6: Crack Spreads and Profits - The asphalt - Brent crack spread increased by 29 on September 22 compared to the previous day and increased by 23 on a weekly basis [4]. - Asphalt - Ma Rui profit increased by 27 on September 22 compared to the previous day and increased by 22 on a weekly basis [4]. - Refinery comprehensive profits (ordinary and Ma Rui - type) and import profits showed different trends, with some increasing and some remaining stable [4].

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core Viewpoint - The short - term price of industrial silicon futures may maintain a volatile and strong trend. However, due to high inventory and limited demand improvement, if the supply - side production cut is less than expected, the upside space may be restricted [10] 3. Summary by Relevant Catalogs 3.1 Futures Market - **Contract行情**: On September 19, 2025, the industrial silicon si2511 contract of the futures variety rose sharply and closed with a positive line. The full - day trading volume was 510,306 lots, and the open interest was 311,097 lots [2] - **Variety Price**: The total open interest of 12 industrial silicon futures contracts was 553,772 lots, an increase of 37,604 lots compared with the previous trading day. Among them, the open interest of the active contract si2511 increased by 26,045 lots [4] 3.2 Spot Market - **Basis Data**: In the past 10 trading days, the basis of the active contract industrial silicon si2511 has weakened. The quotation of industrial silicon non - oxygenated 553 on the day was 9,100 yuan/ton, and the basis on the day was - 205 yuan/ton [6] 3.3 Influencing Factors - **Industry Information**: The weekly output of industrial silicon was 94,700 tons, a decrease of 800 tons compared with the previous week. After several consecutive weeks of growth, it slowed down for the first time. The weekly output of industrial silicon of sample enterprises in Xinjiang increased by 1,500 tons to 33,600 tons, and the operating rate increased by 3.1% to 69.36%. The weekly output of sample enterprises in Yunnan increased slightly by 50 tons to 7,565 tons. The weekly output of sample enterprises in Sichuan was 2,135 tons, unchanged from the previous week [6] - **Technical Analysis**: From the daily chart, the main 2511 contract of industrial silicon closed with a large positive line, breaking through the recent shock range. The price stood above the 5 - day moving average, and the MACD indicator had a golden cross above the zero axis. However, the current price is close to the pressure level in the range of 9,500 - 9,600 yuan/ton [7] 3.4 Market Outlook - The fundamentals of industrial silicon supply and demand have not changed significantly for the time being, but the cost side supports the price. The market expects the supply side to shrink later. Combined with the strong rally of the market today, the short - term price of industrial silicon futures may maintain a volatile and strong trend [10]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report's Core View No clear core view presented in the given content. It mainly provides daily data on iron ore including futures prices, spot prices, basis, spreads, import profits, and more. 3. Summary by Related Catalogs Futures Prices - DCE01: Today's price is 808.5, up 1.0 from yesterday; DCE05 is 786.0, unchanged; DCE09 is 766.0, up 2.0 [2] - Inter - contract spreads: I01 - I05 is 22.5, up 1.0; I05 - I09 is 20.0, down 2.0; I09 - I01 is - 42.5, up 1.0 [2] Spot Prices - Various iron ore spot prices increased compared to the previous day. For example, PB powder (60.8%) rose from 780 to 786, Newman powder from 789 to 796, etc. [2] Basis - The basis of different iron ore varieties to different contracts is provided. For the optimal delivery product (Roy Hill powder), the 01 - contract basis is 34, 05 - contract basis is 55, and 09 - contract basis is 77 [2] Spot Variety Spreads - Spreads between different iron ore varieties changed. For example, the spread of Carajás fines - PB powder increased from 128 to 129 [2] Import Profits - Import profits of different iron ore varieties changed. For example, the import profit of Carajás fines decreased from 18 to 3 [2] Indexes - The Platts 62% iron ore price increased from 105.2 to 106.6, the 65% price remained unchanged at 120.8, and the 58% price increased from 93.3 to 94.6 [2] 内外盘美金价差 - The spreads between SGX and DCE contracts increased. For example, SGX main - DCE01 increased from 7.2 to 7.5 [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views The reports are a series of daily reports on different futures, including stock index futures, treasury bond futures, precious metal futures, and container shipping industry futures. They present the latest values, historical quantiles, price changes, and other data of various futures contracts and related indicators, helping investors understand the market trends and price relationships in different futures markets. 3. Summary by Related Catalogs Stock Index Futures Spread Daily Report - **Price Spread Data**: Provides the latest values, historical 1 - year quantiles, and all - time quantiles of price spreads for different stock index futures contracts (IF, IH, IC, IM), including spot - futures spreads and inter - period spreads [1]. - **Calculation Notes**: Defines the calculation methods for price spreads and quantiles, such as spot - futures spread = main contract closing price - spot index closing price, and the quantiles are calculated based on the past year and the entire futures listing period [1]. Treasury Bond Futures Spread Daily Report - **IRR and Basis**: Presents the implied repo rate (IRR), basis, and their changes for different treasury bond futures contracts (TS, TF, T, TL), along with the percentile rankings since the contract listing [3]. - **Inter - period and Cross - variety Spreads**: Provides the inter - period spreads (e.g., current quarter - next quarter) and cross - variety spreads (e.g., TS - TF) for different treasury bond futures contracts, including their latest values, changes, and percentile rankings [3]. Precious Metal Futures Spot - Futures Daily Report - **Price and Spread Data**: Includes domestic and foreign futures closing prices, spot prices, basis, and price ratios for precious metals (gold and silver). Also provides data on interest rates, exchange rates, inventory, and positions [5]. - **Price Changes**: Shows the price changes and percentage changes of precious metal futures and spot prices from the previous day, as well as the changes in basis and price ratios [5]. Container Shipping Industry Spot - Futures Daily Report - **Spot Quotes and Indexes**: Presents the spot quotes for container shipping from Shanghai to Europe, and the settlement price indexes and price changes of container shipping indexes (SCFIS, SCFI) for different routes (European and US West) [7]. - **Futures Prices and Fundamentals**: Provides the futures prices and price changes of container shipping index futures contracts, as well as fundamental data such as container shipping capacity supply, port performance indicators, and overseas economic indicators [7].

Report Industry Investment Ratings No information provided in the reports regarding industry investment ratings. Core Views Chlor - Alkali Industry - Last week, the caustic soda futures stopped falling and rebounded on Friday. Next week, the supply is expected to increase, and the operating rate of sample manufacturers will rise. The alumina price has been falling, squeezing the profit of domestic alumina enterprises and weakening the support for the spot price. In Shandong, due to the approaching National Day holiday, there may be a price cut in the short - term. [2] - Last week, PVC futures rebounded with the support of a warming macro - environment, but the supply - demand contradiction is still difficult to resolve. Next week, the output is expected to increase as many enterprises finish maintenance. The downstream product operating rate has limited improvement, and the procurement enthusiasm is average. It is expected that PVC will stop falling and stabilize from September to October. [2] Urea Industry - The urea futures are in a weak downward trend. The supply is increasing rapidly, and it is expected to reach 210,000 tons in October. The demand is weak, with a short window for autumn fertilizer procurement, high finished - product inventory of compound fertilizers, and slow follow - up of export orders. Without variables such as increased exports or early shutdown of gas - based plants, the spot price may continue to decline, and the futures will continue to fall significantly only if the spot price breaks below 1,550 yuan/ton. [8] Pure Benzene - Styrene Industry - The weekly supply - demand of pure benzene is weak. In September, the supply may remain high as some plants restart or postpone maintenance. The demand is weak as most downstream products are in the red, some secondary - downstream inventories are high, and styrene plants plan to reduce production in September - October. The price driving force is weak. [10] - The situation of styrene is similar to that of pure benzene. The supply - demand is expected to be loose in September, and the price driving force is weak. [10] Polyester Industry Chain - For PX, the supply has increased significantly due to delayed maintenance of some domestic plants, while the demand is weak as PTA processing fees are low, new PTA plants postpone commissioning, and many PTA plants plan to have maintenance. The PXN may be compressed in the fourth quarter, and the price driving force is weak. [14] - For PTA, the supply is expected to shrink, but the demand increase is limited, and the basis is not strongly supported. In the medium - term, the supply - demand is expected to be weak, and the price follows the raw material. [14] - For ethylene glycol, the short - term supply - demand is turning weak. Although the inventory is expected to decrease in September, the terminal market is weak. In the long - term, the supply - demand is expected to be weak in the fourth quarter due to new plant commissioning and seasonal demand decline. [14] - For short - fiber, the short - term supply - demand pattern is weak. The supply is high, and the demand is limited during the peak season. The price is supported at the low level but lacks upward driving force. [14] - For bottle - grade polyester chips, the supply - demand is still loose. Although the price and processing fees are supported by pre - holiday replenishment, the processing fee has limited upward space. [14][15] Polyolefin Industry - PP production has decreased recently due to losses in PDH and external - propylene procurement routes, leading to more unplanned maintenance and inventory decline. PE maintenance has reached a peak, and the operating rate is rising. The inventory of the upstream and mid - stream has decreased this week, and there are more import offers from North America. The 01 contract has a large inventory accumulation pressure, limiting the upward space. [20] Methanol Industry - The methanol market is trading high - inventory and fast loading in Iran. The coastal inventory has reached a record high, the market sentiment has worsened, and the price and basis have weakened slightly. The domestic supply is at a high level year - on - year, and although there is some unplanned maintenance recently, some plants are expected to resume production in mid - September, and the inventory pattern in the inland is relatively healthy. The demand is weak due to the traditional off - season. The port is still receiving a large amount of goods, with significant inventory accumulation and weak trading. The overall valuation is neutral. The futures are oscillating between high - inventory reality, weak basis, and overseas gas - restriction expectations in the future. [45] Crude Oil Industry - Last week, oil prices were weakly oscillating. The geopolitical premium has declined, and the market has refocused on the weak supply - demand fundamentals. The meeting between Chinese and US leaders has eased concerns about secondary sanctions on China for purchasing Russian oil, reducing the geopolitical risk support for oil prices. The expectation of future supply surplus, combined with the refinery maintenance season and the unexpected increase in US distillate inventory, has put pressure on oil prices. In the short - term, oil prices are under pressure. [49] Summary by Directory Chlor - Alkali Industry Spot and Futures Prices - On September 19, compared with September 18, the prices of Shandong 32% liquid caustic soda and 50% liquid caustic soda remained unchanged. The price of East - China calcium - carbide - based PVC increased by 10 yuan/ton, with a 0.2% increase. [2] Overseas Quotes and Export Profits - From September 11 to September 18, the FOB price at East - China ports increased by 5 US dollars/ton, with a 1.3% increase, and the export profit increased by 217.6 yuan/ton, with a 3723.4% increase. The CFR price in Southeast Asia remained unchanged, and the CFR price in India decreased by 25 US dollars/ton, with a 3.3% decrease. [2] Supply - From September 12 to September 19, the operating rate of the caustic soda industry decreased by 1.3 percentage points to 85.4%, and the operating rate of PVC decreased by 4 percentage points to 75.4%. [2] Demand - From September 12 to September 19, the operating rate of the alumina industry increased by 0.9 percentage points to 83.7%, and the operating rate of the viscose staple fiber industry increased by 1.8 percentage points to 88.2%. [2] Inventory - From September 11 to September 18, the liquid caustic soda inventory in Shandong increased by 0.7 tons, with a 7.5% increase, and the PVC upstream factory inventory decreased by 0.4 tons, with a 1.2% decrease. [2] Urea Industry Futures Prices and Spreads - On September 17, compared with September 16, the 01 - contract price of urea decreased by 5 yuan/ton, with a 0.3% decrease, and the 05 - contract price decreased by 3 yuan/ton, with a 0.17% decrease. [5] Upstream Raw Materials - On September 17, compared with September 16, the price of动力煤 at the pithead in Yijinhuoluo Banner increased by 11 yuan/ton, with a 2.14% increase, and the price of动力煤 at Qinhuangdao Port increased by 6 yuan/ton, with a 0.87% increase. [5] Spot Market Prices - On September 17, compared with September 16, the price of small - particle urea in Guangdong increased by 10 yuan/ton, with a 0.56% increase, and the price of small - particle urea in Shanxi decreased by 10 yuan/ton, with a 0.65% decrease. [5] Supply - Demand - On September 19, compared with September 18, the domestic daily urea output decreased by 0.02 tons, with a 0.11% decrease. From September 12 to September 19, the domestic weekly urea inventory increased by 32,600 tons, with a 2.88% increase, and the order days of domestic urea production enterprises decreased by 0.7 days, with a 10.17% decrease. [8] Pure Benzene - Styrene Industry Upstream Prices and Spreads - On September 19, compared with September 18, the price of Brent crude oil (November) decreased by 0.76 US dollars/barrel, with a 1.1% decrease, and the price of CFR China pure benzene decreased by 6 US dollars/ton, with a 0.8% decrease. [10] Styrene - Related Prices and Spreads - On September 19, compared with September 18, the price of styrene in East - China spot decreased by 100 yuan/ton, with a 1.4% decrease, and the EB10 - EB11 spread decreased by 8 yuan/ton, with a 66.7% decrease. [10] Downstream Cash Flows - On September 19, compared with September 18, the cash flow of phenol increased by 28 yuan/ton, with an 8.6% increase, and the cash flow of aniline increased by 93 yuan/ton, with a 29.8% increase. [10] Inventory - From September 8 to September 15, the pure benzene inventory at Jiangsu ports decreased by 10,000 tons, with a 6.9% decrease, and the styrene inventory at Jiangsu ports decreased by 17,500 tons, with a 9.9% decrease. [10] Operating Rate - From September 12 to September 19, the domestic pure benzene operating rate decreased by 1 percentage point to 78.4%, and the styrene operating rate decreased by 1.6 percentage points to 73.4%. [10] Polyester Industry Chain Upstream Prices - On September 19, compared with September 18, the price of Brent crude oil (November) decreased by 0.76 US dollars/barrel, with a 1.1% decrease, and the price of CFR China PX decreased by 11 US dollars/ton, with a 1.3% decrease. [14] Downstream Product Prices and Cash Flows - On September 19, compared with September 18, the price of POY150/48 decreased by 65 yuan/ton, with a 0.9% decrease, and the price of FDY150/96 decreased by 45 yuan/ton, with a 0.7% decrease. [14] PX - Related Prices and Spreads - On September 19, compared with September 18, the PX - naphtha spread decreased by 4 US dollars/ton, with a 3.9% decrease, and the PX - MX spread increased by 2 US dollars/ton, with a 1.4% increase. [14] PTA - Related Prices and Spreads - On September 19, compared with September 18, the PTA East - China spot price increased by 75 yuan/ton, with a 1.6% increase, and the TA01 - TA05 spread decreased by 6 yuan/ton, with a 0.8% decrease. [14] MEG - Related Prices and Spreads - On September 19, compared with September 18, the MEG East - China spot price decreased by 11 yuan/ton, with a 0.3% decrease, and the MEG basis (01) decreased by 62 yuan/ton, with a 3.2% decrease. [14] Operating Rate - From September 12 to September 19, the PX operating rate decreased by 1.5 percentage points to 86.3%, and the PTA operating rate remained unchanged at 76.8%. [14] Polyolefin Industry Futures Prices and Spreads - On September 19, compared with September 18, the L2601 closing price decreased by 19 yuan/ton, with a 0.26% decrease, and the PP2509 - 2601 spread increased by 9 yuan/ton, with a 180% increase. [20] Spot Market Prices - On September 19, compared with September 18, the price of East - China PP raffia decreased by 30 yuan/ton, with a 0.44% decrease, and the price of North - China LLDPE film decreased by 20 yuan/ton, with a 0.28% decrease. [20] Inventory - As of Wednesday, compared with the previous value, the PE enterprise inventory increased by 23,800 tons, with a 5.57% increase, and the PP enterprise inventory increased by 43,400 tons, with an 8.06% increase. [20] Operating Rate - As of Thursday, compared with the previous value, the PE device operating rate increased by 2.32 percentage points to 80.4%, and the PP device operating rate decreased by 1.93 percentage points to 74.9%. [20] Methanol Industry Prices and Spreads - On September 19, compared with September 18, the MA2601 closing price increased by 15 yuan/ton, with a 0.64% increase, and the MA91 spread decreased by 28 yuan/ton, with a 215.38% decrease. [45] Inventory - As of Wednesday, compared with the previous value, the methanol enterprise inventory decreased by 0.21%, with a 0.61% decrease, and the methanol port inventory increased by 7,400 tons, with a 0.48% increase. [45] Operating Rate - As of Thursday, compared with the previous value, the upstream overseas enterprise operating rate decreased by 4.22 percentage points to 68%, and the downstream external - MTO device operating rate increased by 6.02 percentage points to 75.08%. [45] Crude Oil Industry Crude Oil Prices and Spreads - On September 22, compared with September 19, the Brent price increased by 0.17 US dollars/barrel, with a 0.25% increase, and the SC price decreased by 6.3 yuan/barrel, with a 1.27% decrease. [49] Refined Oil Prices and Spreads - On September 22, compared with September 19, the price of NYM RBOB increased by 0.56 cents/gallon, with a 0.28% increase, and the price of ICE Gasoil decreased by 0.75 US dollars/ton, with a 0.11% decrease. [49] Refined Oil Crack Spreads - On September 22, compared with September 19, the US gasoline crack spread decreased by 1 US dollars/barrel, with a 4.73% decrease, and the European gasoline crack spread decreased by 0.48 US dollars/barrel, with a 2.44% decrease. [49]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Category 1. Power Coal - Recorded the daily basis and spread data of power coal from September 15 - 19, 2025, with the basis gradually increasing from -115.4 yuan/ton to -97.4 yuan/ton, and the spreads of 5 - 1, 9 - 1, and 9 - 5 remaining at 0.0 [1][2] 2. Energy and Chemicals (1) Energy Commodities - Presented the basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from September 15 - 19, 2025, including the basis of fuel oil and INE crude oil, and the ratio of crude oil to asphalt [7] (2) Chemical Commodities - Showed the basis, inter - period spreads, and inter - commodity spreads of chemical products. The basis data of rubber, methanol, PTA, LLDPE, V, and PP from September 15 - 19, 2025 were given, as well as the inter - period spreads of 5 - 1, 9 - 1, and 9 - 5 for multiple chemicals and the inter - commodity spreads such as LLDPE - PVC, LLDPE - PP, etc. [9][11] 3. Black Metals - Displayed the inter - period spreads and inter - commodity spreads of black metals. The inter - period spreads of 5 - 1, 9(10) - 1, and 9(10) - 5 for rebar, iron ore, coke, and coking coal were provided, along with the inter - commodity spreads like the ratio of rebar to iron ore, rebar to coke, etc. from September 15 - 19, 2025 [20] 4. Non - ferrous Metals (1) Domestic Market - Recorded the basis data of copper, aluminum, zinc, lead, nickel, and tin in the domestic market from September 15 - 19, 2025 [28] (2) London Market - Presented the LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss of LME non - ferrous metals on September 19, 2025 [34] 5. Agricultural Products - Provided the basis, inter - period spreads, and inter - commodity spreads of agricultural products. The basis data of soybeans, soybean meal, soybean oil, etc. from September 15 - 19, 2025 were shown, as well as the inter - period spreads of 5 - 1, 9 - 1, and 9 - 5 for various agricultural products and the inter - commodity spreads such as the ratio of soybeans to corn, soybean oil to soybean meal, etc. [40] 6. Stock Index Futures - Recorded the basis and inter - period spreads of stock index futures. The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from September 15 - 19, 2025 were presented, along with the inter - period spreads of the next month - current month and next quarter - current quarter for different stock indices [51]

Report Overview - The report is an asphalt morning report from the Energy and Chemicals Team of the Research Center, dated September 22, 2025 [2][3] 1. Report Industry Investment Rating - No investment rating is provided in the report 2. Report's Core View - No core view is explicitly stated in the provided content 3. Summary by Relevant Catalogs Futures Market - **Prices**: On September 19, the BU main contract was at 3421, down 6 from the previous day and 42 for the week. Other contracts like BU06, BU09, etc., also showed various price changes [4] - **Volume and Open Interest**: The trading volume was 246,616, up 36,008 from the previous day but down 21,872 for the week. The open interest was 409,431, up 675 from the previous day and down 34,400 for the week [4] - **Futures Inventory**: The inventory was 23,240, unchanged from the previous day and down 3,250 for the week [4] Spot Market - **Market Prices**: The Shandong market price was 3,520, unchanged from the previous day and down 20 for the week; the East China market price was 3,590, unchanged from the previous day and down 50 for the week; and prices in other regions also had different changes [4] - **Refinery Prices**: For example, Jingbo (Haiyun) was at 3,620, down 10 from the previous day and 30 for the week; Xinhai (Xin Bohai) was at 3,660, unchanged from the previous day and up 10 for the week [4] Basis and Calendar Spreads - **Basis**: The Shandong basis was 6, up 6 from the previous day and 22 for the week; the East China basis was 169, up 6 from the previous day and down 8 for the week; and other regional bases also changed [4] - **Calendar Spreads**: For example, 03 - 06 was 17, down 2 from the previous day and up 15 for the week; 06 - 09 was 8, down 1 from the previous day and up 75 for the week [4] Crack Spreads and Profits - **Crack Spreads**: The asphalt - Brent crack spread was 18, up 26 from the previous day and down 40 for the week [4] - **Profits**: The asphalt - Ma Rui profit was -51, up 24 from the previous day and down 36 for the week; ordinary refinery comprehensive profit was 387, up 7 from the previous day and down 52 for the week; and other profit indicators also had different changes [4] Related Prices - **Crude Oil**: Brent crude oil was at 67.4, down 0.5 from the previous day and up 0.5 for the week [4] - **Gasoline and Diesel**: The Shandong market price of gasoline was 7,483, down 28 from the previous day and 74 for the week; the Shandong market price of diesel was 6,438, down 30 from the previous day and 40 for the week [4] - **Residual Oil**: The Shandong market price of residual oil was 3,660, down 40 from the previous day and up 85 for the week [4]

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core View of the Report - The LPG market is expected to remain weak overall. The cheapest delivery location is Shandong, where the supply is abundant due to arriving resources, while the chemical demand is declining [1]. 3) Summary by Relevant Catalog Price Data and Changes - From September 15 - 19, 2025, prices of LPG in South China, East China, and Shandong showed different trends. South China increased from 4540 to 4650 (+100), East China decreased from 4504 to 4415 (-92), and Shandong remained at 4530 with a previous increase of 30. The price of Shandong ether - post - carbon four decreased from 4790 to 4700 (-60). The lowest delivery location is East China [1]. - On a daily basis, the PG main contract fluctuated strongly. The basis weakened to 51 (-74), the 10 - 11 spread was 49 (-20), and the 11 - 12 spread was 62 (+3). The number of warehouse receipts was 13002 (-6) [1]. - Ex - market prices rose. The FEI spread increased by 1, the MB spread remained unchanged, and the CP spread was -2.5. The internal - external price difference decreased slightly. PG - CP dropped to 75 (-3); PG - FEI dropped to 67.6 (-9.3). FEI - CP increased to 7.5 (+6.5). The US - Asia arbitrage window closed [1]. Market Conditions and Trends - Freight rates continued to rise. The latest freight from the US Gulf to Japan was 155 (+11), and from the Middle East to the Far East was 82 (+7). FEI - MOPJ was -41.5 (-6.5), and the naphtha crack spread strengthened [1]. - PDH - to - PP profits continued to weaken, and the production gross margins of alkylated oil and MTBE were low. The inflow to ports decreased, the outflow increased slightly, but demand narrowed, leading to an increase in both port and factory inventories [1]. - Chemical demand declined. The PDH operating rate was 70.49% (-2.61). Hebei Haiwei resumed operations, while Donghua Zhangjiagang and Ningbo Jinfafa were under maintenance and shut down, and Binhuaxin Material reduced its load. The operating rates of alkylation and MTBE both decreased [1].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - This week, the market revolved around the China - US Madrid talks and the Fed rate cut. After the Madrid talks on the 15th, the two heads of state reached a basic framework consensus on properly resolving the TikTok issue and promoting relevant economic and trade cooperation. The A - share market sentiment was relatively restrained, and the market interpretation was optimistic. After the Fed cut interest rates by 25bp on Thursday, there was a certain demand for profit - taking. China's August financial data showed marginal improvement in corporate financing demand, weak consumer willingness of residents, and the M2 - M1 gap hit a four - year low, with increased capital activation. The market trading volume slightly shrank, with daily trading remaining at around 2.5 trillion. Leveraged funds continued to flow in at a scale of tens of billions per day, which could easily trigger a reverse market adjustment. The sector rotation accelerated, but the index gains at the industry level were limited. The Shanghai Composite Index faced resistance at the 3900 - point level, with a 1.3% weekly decline. Among the four broad - based indexes, the small - and medium - cap indexes performed relatively better, while the Shanghai 50 fell nearly 2%. In terms of basis, the premium of IH was basically the same as last week, and the annualized discounts of IF, IC, and IM widened to around 2%, 10%, and 13% respectively, returning to the extremely low quantile range in the past three years. After the September contract expired, the near - end of the term structure of the remaining contracts was low, and the hedging cost of the far - month contracts was low [2] - The model predicts that the basis of IH, IF, IC, and IM will move in the directions of weakening, weakening, strengthening, and strengthening respectively next week [4] Group 3: Summary by Relevant Catalogs This Week's Market Review - The market was centered around the China - US Madrid talks and the Fed rate cut. After the Madrid talks, the two heads of state reached a consensus on TikTok and economic and trade cooperation. The A - share market sentiment was restrained and the interpretation was optimistic. After the Fed rate cut, there was profit - taking demand. China's August financial data showed marginal improvement in corporate financing, weak consumer willingness, and increased capital activation. The market trading volume shrank slightly, with daily trading around 2.5 trillion. Leveraged funds flowed in at a large scale, which could trigger a reverse adjustment. The sector rotation accelerated, but industry - level index gains were limited. The Shanghai Composite Index faced resistance at 3900 points, with a 1.3% weekly decline. Small - and medium - cap indexes performed better, and the Shanghai 50 fell nearly 2% [2] - In terms of basis, the premium of IH was unchanged from last week, and the annualized discounts of IF, IC, and IM widened to around 2%, 10%, and 13% respectively, reaching the extremely low quantile range in the past three years. After the September contract expired, the near - end of the term structure of other contracts was low, and the far - month hedging cost was low [2] Forecast for Next Week - The model predicts that the basis of IH, IF, IC, and IM will weaken, weaken, strengthen, and strengthen respectively next week [4]

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].