1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No explicit core viewpoints presented in the given content 3. Summary by Relevant Catalogs Futures Contracts - BU主力合约价格8月1日为3658，日度变化-1，周度变化56；BU06为3456，日度变化9，周度变化72；BU09为3658，日度变化-1，周度变化56；BU12为3542，日度变化12，周度变化83；BU03为3484，日度变化15，周度变化92 [4] - 成交量8月1日为227589，日度变化-41076，周度变化-30630；持仓量为508125，日度变化8569，周度变化54367；合约为41910，日度变化0，周度变化-1040 [4] Spot Market - 山东市场低端价8月1日为3600，日度变化0，周度变化0；华东市场低端价为3670，日度变化0，周度变化0；华南市场低端价为3580，日度变化0，周度变化30；华北市场低端价为3720，日度变化-10，周度变化10；东北市场低端价为3850，日度变化0，周度变化-50 [4] - 京博（海韵）现货价8月1日为3730，日度变化20，周度变化40；岚海为3710，日度变化10，周度变化20；鑫海（鑫渤海）为3720，日度变化-10，周度变化10 [4] Basis and Monthly Spread - 山东 - 华东价差8月1日为-70，日度变化0，周度变化0；山东 - 东北为-250，日度变化0，周度变化50；华东 - 华南为90，日度变化0，周度变化-30 [4] - 山东基差8月1日为-58，日度变化1，周度变化-56；华东基差为12，日度变化1，周度变化-56；华南基差为-78，日度变化1，周度变化-26 [4] - 03 - 06月差8月1日为28，日度变化6，周度变化20；06 - 09为-202，日度变化10，周度变化16；09 - 12为116，日度变化-13，周度变化-27；12 - 03为58，日度变化-3，周度变化-9；连一连二为1，日度变化-3，周度变化-21 [4] Crack Spread and Profit - 沥青Brent裂差8月1日为-212，日度变化37，周度变化-238；沥青马瑞利润为-261，日度变化34，周度变化-215；普通炼厂综合利润为260，日度变化2，周度变化-195 [4] - 马瑞型炼厂综合利润数据缺失；进口利润（韩国 - 华东）8月1日为-164，日度变化0，周度变化-22；进口利润（新加坡 - 华南）为-992，日度变化0，周度变化0 [4] Related Prices - Brent原油8月1日价格为72.5，日度变化-0.7，周度变化4.1；汽油山东市场价为7799，日度变化-55，周度变化4；柴油山东市场价为6646，日度变化-74；渣油山东市场价为3650，日度变化-25，周度变化0 [4]

1.基差：沪深300 IF2508合约贴水11.73，上证50 IH2508合约贴水0.13，中证500 IC2508合约贴水47.4， 中证1000 IM2508合约贴水53.67； 2.月差：沪深300IF2508-2509价差为12.6，上证50IH2508-2509价差为-0.4，中证500IC2508-2509价差为 61.8，中证1000IM2508-2509价差为74.4。 8月1日股指期货套利监测日报 金十期货8月1日讯， ...

Report Industry Investment Rating - No information provided Core View of the Report - The domestic LPG market is expected to continue its narrow - range oscillating trend. Although chemical demand is strong, the weak combustion demand restricts upward movement. International LPG prices are weak, and factors such as increased warehouse receipts and regional differences also affect the market [1] Summary by Relevant Catalogs 1. Price Data and Changes - From July 25 to July 31, 2025, the price of South China LPG decreased from 4500 to 4440 (-40), East China LPG remained at 4413, Shandong LPG decreased from 4630 to 4540 (-40), propane CFR South China increased from 549 to 550 (+5), propane CIF Japan increased from 514 to 555 (+28), MB propane spot decreased from 71 to 73 (-1), CP forecast contract price increased from 522 to 530 (+7), Shandong ether - after carbon four decreased from 4900 to 4910 (-20), Shandong alkylated oil decreased from 7980 to 7970 (-30), paper import profit decreased from -33 to -120 (-82), and the main basis increased from 453 to 437 (+9) [1] 2. Market Conditions on Thursday - The cheapest deliverable was East China civil gas at 4413. FEI oscillated, CP slightly declined, and the official CP prices for August were announced, with propane/butane at 520/490 respectively. PP prices dropped, and the production profits of FEI and CP for PP slightly weakened, with CP having a lower production cost than FEI. The PG futures weakened, the monthly spread slightly weakened, and the 09 - 10 spread was -438 (-13). The US - to - Far - East arbitrage window closed [1] 3. PG Market Conditions - The PG futures oscillated. International LPG prices were weak, and the significant increase in warehouse receipts suppressed the futures. Domestic chemical demand increased, but weak combustion demand restricted upward movement. The cheapest deliverable was East China civil gas at 4413 yuan/ton. The basis weakened to 370 (-63). The inter - month reverse spread continued to strengthen. The warehouse receipt registration volume was 9804 lots (+1000), with 1000 lots added by Qingdao Yunda. The overseas prices continued to weaken, and the oil - gas ratio weakened. In terms of regional spreads, PG - CP reached 43 (+18), FEI - MB reached 155 (-6), FEI - CP reached 4.5 (+4.5); the US - Asia arbitrage window closed [1] 4. Weekly View - The FEI propane discount continued to decline, and the CP landed discount oscillated. The change in FEI - MOPJ was small, with the latest at -47.5 (-3.75). PDH profits improved, and MTBE export profits declined. The arrival volume decreased significantly, with ships in South China delayed due to typhoons, and port inventories decreased. Factory inventories slightly increased. The commodity volume decreased by 0.53%. Chemical demand was strong; the PDH operating rate increased significantly to 73.13% (+2.01 pct) as Zhenhua Petrochemical and Hebei Haiwei gradually increased their loads. Next week, Liaoning Jinfa plans to resume operation; the alkylation operating rate increased, and Henan Chengxin's alkylation unit has a restart plan; the MTBE operating load increased, with manufacturers focusing on exports, and the overall operation was stable. Weak combustion demand restricted upward movement [1]

Report Overview - Report Title: Fuel Oil Morning Report - Report Date: August 1, 2025 - Research Team: Energy and Chemicals Team of the Research Center Report Industry Investment Rating - Not provided Core Views - This week, the high - sulfur crack spread fluctuated, the near - month spread declined and returned to the historical low for the same period. EW continued to weaken and rebounded on Friday. The 380 9 - 10 month spread weakened to around $2, the 380 basis continued to weaken to -$7.25/ton, and the FU09 domestic - foreign spread rebounded and then fluctuated. The Singapore 0.5 crack spread declined fluctuantly, the 9 - 10 month spread weakened to around $2.75, the LU domestic - foreign spread weakened, and the 09 domestic - foreign spread dropped to $0.7. [4][5] - This week, Singapore's on - land inventory increased slightly, floating storage decreased, and the near - month spread was under pressure. Saudi Arabia's shipments and imports increased month - on - month, while the UAE's shipments decreased significantly month - on - month. Egypt's net imports decreased slightly month - on - month but remained at a seasonal high. High - sulfur supply and demand are still in the peak season. After the 380 crack spread declined, it fluctuated. Currently, the EW arbitrage window is theoretically open, and the domestic - foreign spread oscillated after repair. [5] - This week, the hi - 5 spread fluctuated after a slight decline. The domestic LU domestic - foreign spread decline was realized, and the FU - LU domestic - foreign valuation was partially realized. Attention should be paid to whether there is support for the 380 near - month contract. [5] Data Summary Rotterdam Fuel Oil Data - From July 25 to July 31, 2025, for Rotterdam 3.5% HSF O swap M1, the price changed from $418.40 to $430.91, with a change of -$3.62; for Rotterdam 0.5% VLS FO swap M1, the price changed from $464.12 to $485.27, with a change of -$2.48; for Rotterdam HSFO - Brent M1, the price changed from -$2.01 to -$3.80, with a change of -$0.20; etc. [2] Singapore Fuel Oil Data - From July 25 to July 31, 2025, for Singapore 380cst M1, the price changed from $410.89 to $416.80, with a change of -$1.87; for Singapore 180cst M1, the price changed from $423.97 to $430.45, with a change of -$1.63; for Singapore VLSFO M1, the price changed from $495.32 to $509.36, with a change of -$1.75; etc. [2][10] Singapore Fuel Oil Spot Data - From July 25 to July 31, 2025, for FOB 380cst, the price changed from $403.34 to $411.50, with a change of -$0.77; for FOB VLSFO, the price changed from $499.89 to $511.91, with a change of -$2.94; the 380 basis changed from -$6.25 to -$6.25, with a change of $0.05; etc. [3] Domestic FU Data - From July 25 to July 31, 2025, for FU 01, the price changed from 2921 to 2953, with a change of -12; for FU 05, the price changed from 2872 to 2909, with a change of -3; for FU 09, the price changed from 2915 to 2933, with a change of -23; etc. [3] Domestic LU Data - From July 25 to July 31, 2025, for LU 01, the price changed from 3549 to 3628, with a change of -24; for LU 05, the price changed from 3489 to 3593, with a change of -21; for LU 09, the price changed from 3611 to 3655, with a change of -37; etc. [4]

Group 1 - The basis for the CSI 300 IF2508 contract is at a discount of 5.19, while the SSE 50 IH2508 contract is at a premium of 0.61. The CSI 500 IC2508 contract is at a discount of 39.74, and the CSI 1000 IM2508 contract is at a discount of 48.19 [1] - The month difference for the CSI 300 IF2508-2509 is 12.2, while the SSE 50 IH2508-2509 shows a difference of -0.4. The CSI 500 IC2508-2509 has a difference of 61.8, and the CSI 1000 IM2508-2509 has a difference of 75.0 [1]

Group 1: Futures Contract Information - BU main contract price on 7/30 was 3650, with a daily change of 31 and a weekly change of 41 [4][20] - BU06 price on 7/30 was 3438, with a daily change of 22 and a weekly change of 53 [4][20] - BU09 price on 7/30 was 3650, with a daily change of 31 and a weekly change of 41 [4][20] - BU12 price on 7/30 was 3555, with a daily change of 40 and a weekly change of 72 [4][20] - BU03 price on 7/30 was 3469, with a daily change of 25 and a weekly change of 79 [4][20] Group 2: Trading Volume and Open Interest - Trading volume on 7/30 was 350130, with a daily change of 23001 and a weekly change of 4870 [4][20] - Open interest on 7/30 was 480556, with a daily change of 35507 and a weekly change of 19993 [4][20] Group 3: Market Low - end Prices - Shandong market low - end price on 7/30 was 3600, with a daily change of 20 and a weekly change of - 20 [4][20] - East China market low - end price on 7/30 was 3670, with no daily or weekly change [4][20] - South China market low - end price on 7/30 was 3550, with no daily or weekly change [4][20] - North China market low - end price on 7/30 was 3720, with a daily change of 10 and a weekly change of - 10 [4][20] - Northeast market low - end price on 7/30 was 3850, with no daily change and a weekly change of - 50 [4][20] Group 4: Spot Prices - Jingbo (Haiyun) spot price on 7/30 was 3710, with a daily change of 20 and no weekly change [4][20] - Mismo spot price on 7/30 was 3700, with a daily change of 40 and a weekly change of - 10 [4][20] - Xinhai (Xin Bohai) spot price on 7/30 was 3720, with a daily change of 10 and a weekly change of - 10 [4][20] Group 5: Basis and Monthly Spread - Shandong - East China basis on 7/30 was - 70, with a daily change of 20 and a weekly change of - 20 [4][20] - Shandong - Northeast basis on 7/30 was - 250, with a daily change of 20 and a weekly change of 30 [4][20] - East China - South China basis on 7/30 was 120, with no daily or weekly change [4][20] - Shandong basis on 7/30 was - 50, with a daily change of - 11 and a weekly change of - 61 [4][20] - East China basis on 7/30 was 20, with a daily change of - 31 and a weekly change of - 41 [4][20] - South China basis on 7/30 was - 100, with a daily change of - 31 and a weekly change of - 41 [4][20] - 03 - 06 spread on 7/30 was 31, with a daily change of 3 and a weekly change of 26 [4][20] - 06 - 09 spread on 7/30 was - 212, with a daily change of - 9 and a weekly change of 12 [4][20] - 09 - 12 spread on 7/30 was 125, with a daily change of - 9 and a weekly change of - 31 [4][20] - 12 - 03 spread on 7/30 was 56, with a daily change of 15 and a weekly change of - 7 [4][20] - Continuous first - continuous second spread on 7/30 was 14, with a daily change of - 7 and a weekly change of - 27 [4][20] Group 6: Crack Spread and Profit - Asphalt Brent crack spread on 7/30 was - 199, with a daily change of - 109 and a weekly change of - 230 [4][20] - Asphalt MRE profit on 7/30 was - 249, with a daily change of - 99 and a weekly change of - 208 [4][20] - Ordinary refinery comprehensive profit on 7/30 was 314, with a daily change of - 79 and a weekly change of - 132 [4][20] - MRE - type refinery comprehensive profit on 7/30 was - 90, with a daily change of - 84 and a weekly change of - 162 [4][20] - Import profit (South Korea - East China) on 7/30 was - 153, with no daily or weekly change [4][20] - Import profit (Singapore - South China) on 7/30 was - 1005, with a daily change of 1 and a weekly change of - 1 [4][20] Group 7: Related Prices - Shandong gasoline market price on 7/30 was 7851 [21] - Shandong diesel market price on 7/30 was 6731 [21] - Shandong residue oil market price on 7/30 was 3640 [21]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - This week, the high - sulfur cracking fluctuated, the near - month spread declined and returned to the historical low for the same period. EW continued to weaken and rebounded on Friday. The 380 9 - 10 spread weakened to around $2, the 380 basis continued to weaken to -$7.25/ton, and the FU09 internal - external spread rebounded and then fluctuated [5]. - The Singapore 0.5 cracking fluctuated downward, the 9 - 10 spread weakened to around $2.75, the LU internal - external spread weakened, and the 09 internal - external spread dropped to $0.7 [6]. - This week, Singapore's on - land inventory increased slightly, floating storage decreased, the near - month spread was under pressure, Saudi Arabia's shipments increased month - on - month, imports from Saudi Arabia also increased, and the UAE's shipments decreased significantly month - on - month. Egypt's net imports decreased slightly month - on - month but remained at a seasonal high [6]. - High - sulfur supply and demand are still in the peak season. After the 380 cracking declined, it fluctuated. Currently, the EW arbitrage window is theoretically open, and the internal - external spread repaired and then fluctuated [6]. - This week, the hi - 5 spread fluctuated after a slight decline. The domestic LU internal - external spread decline was realized, and the FU - LU internal - external valuation was partially realized. Attention should be paid to whether there is support for the 380 near - month contract [6]. Group 3: Summary According to Data Rotterdam Market - From July 23 to July 29, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased by $6.61, Rotterdam 0.5% VLS FO swap M1 increased by $5.21, Rotterdam HSFO - Brent M1 decreased by $0.07, Rotterdam 10ppm Gasoil swap M1 increased by $1.78, Rotterdam VLSFO - GO M1 increased by $3.43, LGO - Brent M1 decreased by $2.03, and Rotterdam VLSFO - HSFO M1 decreased by $1.40 [4]. Singapore Market - For Singapore fuel oil swaps from July 23 to July 29, 2025, Singapore 380cst M1 had a certain price change, Singapore 180cst M1 also changed, Singapore VLSFO M1 changed, and Singapore GO M1 changed. The Singapore 380cst - Brent M1 and Singapore VLSFO - GO M1 also had corresponding changes [4]. - For Singapore fuel oil spot, from July 23 to July 29, 2025, FOB 380cst increased by $5.89, FOB VLSFO increased by $8.44, and the 380 basis decreased by $0.05 [4]. Domestic Market - For domestic FU from July 23 to July 29, 2025, FU 01 increased by 40, FU 05 increased by 35, FU 09 increased by 48, FU 01 - 05 increased by 5, FU 05 - 09 decreased by 13, and FU 09 - 01 increased by 8 [4]. - For domestic LU from July 23 to July 29, 2025, LU 01 increased by 69, LU 05 increased by 48, LU 09 increased by 88, LU 01 - 05 increased by 21, LU 05 - 09 decreased by 40, and LU 09 - 01 increased by 19 [5].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summary by Relevant Catalogs Futures Contracts - The closing prices of BU main contract, BU09, and BU12 on July 29 were 3619, 3619, and 3485 respectively, with daily changes of 50, 50, and 44, and interval changes of -38, -38, and 0 [4]. - The closing prices of BU06 and BU03 on July 29 were 3416 and 3444 respectively, with daily changes of 38 and 16, and interval changes of 10 and 16 [4]. Trading Volume and Open Interest - The trading volume on July 29 was 327,129, a daily decrease of 16,850 and an interval increase of 117,100 [4]. - The open interest on July 29 was 445,049, a daily increase of 8 and an interval decrease of 34,604 [4]. Spot Prices - The low - end prices in Shandong, East China, South China, North China, and Northeast markets on July 29 were 3580, 3670, 3550, 3710, and 3850 respectively, with daily changes of 0, 0, 0, 10, and 0, and interval changes of -60, 0, -10, -30, and -50 [4]. - The prices of Jingbo (Haiyun), Runo, and Xinhai (Xin Bohai) on July 29 were 3690, 3660, and 3710 respectively, with daily changes of 0, -10, and 10, and interval changes of -30, -50, and -30 [4]. Basis and Monthly Spread - The basis of Shandong, East China, and South China on July 29 were -39, 51, and -69 respectively, with daily changes of -50, -50, and -50, and interval changes of -22, 38, and 28 [4]. - The monthly spreads of 03 - 06, 06 - 09, 09 - 12, and 12 - 03 on July 29 were 28, -203, 134, and 41 respectively, with daily changes of 21, -12, 6, and -15, and interval changes of 6, 48, -38, and -16 [4]. Crack Spread and Profit - The asphalt Brent crack spread on July 29 was -90, a daily decrease of 89 and an interval decrease of 137 [4]. - The asphalt Ma Rui profit on July 29 was -150, a daily decrease of 80 and an interval decrease of 122 [4]. - The comprehensive profit of ordinary refineries and Ma Rui - type refineries on July 29 were 393 and -6 respectively, with daily changes of -56 and -82, and interval changes of -66 and -92 [4]. - The import profits of South Korea - East China and Singapore - South China on July 29 were -153 and -1006 respectively, with daily changes of -5 and -6, and interval changes of -1 and -10 [4]. Related Prices - The price of Brent crude oil on July 29 was 70.0, a daily increase of 1.6 and an interval increase of 1.5 [4]. - The market prices of gasoline, diesel, and residue oil in Shandong on July 29 were 7795, 6675, and 3650 respectively, with daily changes of 39, 37, and 0, and interval changes of -43, -13, and 0 [4].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The domestic LPG market is expected to continue its narrow - range oscillatory trend. International LPG prices are weak, and the increase in domestic chemical demand is offset by the low combustion demand [1] 3. Summary by Relevant Catalog 3.1 Price Data - On July 29, 2025, the prices of South China LPG, East China LPG, Shandong LPG, Shandong ether - after carbon four, and Shandong alkylated oil were 4480, 4413, 4413, 4600, and 550 respectively. The daily changes were 0, 0, 0, - 20, and 1 respectively [1] 3.2 Market Conditions - The PG futures market is oscillating. The international LPG price is weak, and the significant increase in warehouse receipts suppresses the market. The domestic chemical demand is increasing, but the low combustion demand restricts the upward movement. The cheapest deliverable is East China civil gas at 4413 yuan/ton [1] 3.3 Spread and Arbitrage - The basis has weakened to 370 (- 63). The inter - month reverse spread continues to strengthen. The 08 - 09 spread is 2, and the 08 - 10 spread is - 398. The US - to - Far - East arbitrage window is closed [1] 3.4 Production Profit - FEI and CP have risen, PP has risen significantly, and the production profit of PP made from FEI and CP has deteriorated. The CP production cost is lower than that of FEI. PDH profit has improved, and MTBE export profit has declined [1] 3.5 Inventory and Supply - The arrival volume has decreased significantly. Due to typhoons, ships in South China are delayed, and port inventories have decreased. Factory inventories have slightly increased. The commodity volume has decreased by 0.53% [1] 3.6 Demand - Chemical demand is strong. PDH operating rate has increased significantly to 73.13% (+ 2.01 pct). Alkylation operating rate has increased, and MTBE operating load has risen [1]

1.基差：沪深300 IF2508合约贴水0.62，上证50 IH2508合约升水4.01，中证500 IC2508合约贴水37.13， 中证1000 IM2508合约贴水42.88； 7月29日股指期货套利监测日报 金十期货7月29日讯， 2.月差：沪深300IF2508-2509价差为9.2，上证50IH2508-2509价差为-1.2，中证500IC2508-2509价差为 56.0，中证1000IM2508-2509价差为68.8。 ...