Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View No clear core view is presented in the given content. It mainly provides data on asphalt - related indicators such as basis, spreads, contract prices, trading volumes, and profits. 3. Summary by Relevant Catalogs 3.1 Basis and Spread - **Basis**: The basis values for different regions (Shandong, East China, South China) and their changes from 12/5 to 1/6 are presented. For example, the Shandong basis (+80) (non - Jingbo) was 42 on 12/5 and - 4 on 1/6, with a daily change of - 21 on 1/6 [2]. - **Spread**: Spreads between different contract months (01 - 03, 02 - 03, 03 - 06) are shown. For instance, the 01 - 03 spread was - 25 on 12/5 and - 51 on 1/6, with a daily change of - 8 on 1/6 [2]. 3.2 Futures Contracts - **BU Main Contract (02)**: The price of the BU main contract (02) was 2948 on 12/5 and 3144 on 1/6, with a daily increase of 11 on 1/6. The trading volume on 1/6 was 505629, a decrease of 182313 from the previous day, and the open interest was 466983, an increase of 2031 [2]. - **Combined Contracts**: The combined contract quantity increased from 4690 on 12/5 to 11260 on 1/6, with an increase of 3000 [2]. 3.3 Spot Market - **Crude Oil**: The price of Brent crude oil was 63.8 on 12/5 and 61.8 on 1/6, with an increase of 1.0 on 1/6 [2]. - **Asphalt Spot**: Spot prices for different regions (Jingbo, Shandong non - Jingbo, Zhenjiang, Foshan) are given. For example, the price of Shandong (non - Jingbo) asphalt was 2910 on 12/5 and 3060 on 1/6, with a decrease of 10 on 1/6 [2]. 3.4 Profit - **Asphalt - Marey Profit**: The asphalt - Marey profit was 131 on 12/5 and 468 on 1/6, with a decrease of 48 on 1/6 [2]. 3.5 Weekly Changes - Weekly changes in various indicators are provided, such as a 64 change in an unnamed indicator, 124 changes in some other indicators, and - 8 change in the 01 - 03 spread [6].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The domestic LPG market showed internal differentiation this week, with the internal market fluctuating. It soared after the high - opening of CP on Wednesday and then declined. The external market rose, and the official price of January CP was higher than expected. The overall market was affected by factors such as the Venezuela event, oil prices, and PDH device conditions. The internal - external valuation was high, but the basis was low, and the feedback of poor PDH profits might occur, with a bearish driving force [1]. 3. Summary by Relevant Catalogs Daily Data - On January 5, 2026, the prices of civil LPG in East China, Shandong, and South China were 4413 (+37), 4400 (+150), and 4860 (+270) respectively. The price of ether - post carbon four was 4470 (+30). The lowest delivery location was Shandong. The basis was 216 (-49), the 02 - 03 month spread was 109 (+2), and the 03 - 04 month spread was - 180 (+14). As of 20:00 PM, the FEI and CP paper - cargo prices were 512 and 517.5 US dollars respectively [1]. Weekly Data - This week, the internal market fluctuated. The 02 basis was 118 (-92), the 02 - 03 month spread was 119 (+7), the 03 - 04 month spread was - 184 (+14), and the number of warehouse receipts was 6398 (+30). The domestic civil LPG was differentiated, with the cheapest delivery product being Shandong civil LPG at 4250 (-20), East China at 4376 (-8), and South China at 4590 (+80). The external market rose, and the official price of January CP for propane and butane was 520/525 (+35/+30) respectively. The internal - external market strengthened. The PG - FEI reached 85 (+25). The arrival premium of propane in East China was 66 (-18), and the FOB premiums of AFEI, Middle - East, and US propane in January were 8.25 (-10.5), 50 (+0), and 37.8 (-5.21) respectively. Freight rates declined, and the FEI - MOPJ spread was - 15 (a month - on - month decrease of 5.5) [1].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View No clear core view is presented in the given content. It mainly provides data on asphalt including basis, spreads, futures contract prices, trading volume, open interest, spot prices, and profit. 3. Summary by Relevant Catalogs Basis and Spreads - **Basis**: The Shandong basis (+80) (non - Jingbo) 01 - 03 changed from 48 - 28 on 12/4 to 17 - 43 on 1/5 with a daily change of 14; the East China basis (Zhenjiang warehouse) changed from 88 to - 33 with a daily change of 49; the South China basis (Foshan warehouse) changed from - 2 to - 63 [3]. - **Spreads**: The 02 - 03 spread changed from - 17 to - 8; the 03 - 06 spread changed from - 37 to 16 with a daily change of 39 [3]. Futures Contracts - **BU Main Contract (02)**: The price of the BU main contract (02) increased from 2952 on 12/4 to 3133 on 1/5, with a daily increase of 111 [3]. - **Trading Volume**: The trading volume increased from 290157 on 12/4 to 687942 on 1/5, with a daily increase of 376665 [3]. - **Open Interest**: The open interest increased from 429348 on 12/4 to 464952 on 1/5, with a daily increase of 38946 [3]. Spot Prices - **Jingbo**: The spot price of Jingbo increased from 2950 on 12/4 to 3100 on 1/5, with an increase of 120 [3]. - **Shandong (non - Jingbo)**: The spot price increased from 2920 on 12/4 to 3070 on 1/5, with an increase of 180 [3]. - **Zhenjiang Warehouse**: The spot price increased from 3040 on 12/4 to 3100 on 1/5, with an increase of 160 [3]. - **Foshan Warehouse**: The spot price increased from 2950 on 12/4 to 3070 on 1/5, with an increase of 170 [3]. Profit - **Asphalt Marrow Profit**: The asphalt Marrow profit increased from 163 to 513 [3]. Weekly Changes - Various indicators showed weekly changes such as 82, 82, 115, - 8, - 1, 41, 125, 301769, 22249, 4080, - 1.2, 160, 210, 210, 240, 192, 2025 [6].

Report Overview - Report Title: Fuel Oil Morning Report - Research Team: Energy and Chemicals Team of the Research Center - Report Date: January 6, 2026 [2] Key Points 1. Price Data and Changes - **Rotterdam Fuel Oil**: From December 26, 2025, to January 5, 2026, the price of Rotterdam 3.5% HSF O swap M1 increased by 1.27, Rotterdam 0.5% VLS FO swap M1 increased by 7.62, and other related spreads also had corresponding changes [3]. - **Singapore Fuel Oil**: The price of Singapore 380cst M1 and 180cst M1, VLSFO M1, etc., had different changes during the same period. For example, the price of Singapore 380cst M1 decreased by 2.10 from December 26 to January 5 [3][4]. - **Singapore Fuel Oil Spot**: The FOB 380cst price decreased by 8.13, and the FOB VLSFO price decreased by 7.06 from December 26, 2025, to January 5, 2026 [4]. - **Domestic FU**: The prices of FU 01, FU 05, and FU 09 decreased by 35, 21, and 30 respectively from December 26, 2025, to January 5, 2026 [4]. - **Domestic LU**: The price of LU 01 increased by 253, while LU 05 and LU 09 decreased by 26 and 29 respectively from December 26, 2025, to January 5, 2026 [5]. 2. Core Views - Before the festival, the cracking of 380 fuel oil fluctuated, and it weakened slightly after the festival. The 380 monthly spread rebounded from the low point but remained weak year - on - year. The high - sulfur cracking in Europe weakened, and the monthly spread oscillated at a low level [5]. - The cracking of Singapore 0.5% fuel oil oscillated at a historical low, with the structure turning to C at a historical low and the basis oscillating at a historical low [5]. - In terms of inventory, Singapore residue oil had a significant inventory build - up, high - sulfur floating storage had a significant inventory draw - down, ARA residue oil had a small inventory build - up, Fujairah residue oil had an inventory draw - down, and EIA residue oil had a small inventory build - up [11]. - The conflict in Venezuela escalated over the weekend, having a short - term positive and long - term negative impact on heavy crude oil. It is necessary to pay attention to the duration of logistics interruption. The arrival premium of Merey crude oil at the end of December remained around - 12 [11]. - The high - sulfur spot market remained loose, and attention should be paid to the boost brought by the premium of heavy raw materials recently. The low - sulfur market maintained a weak oscillation pattern [11].

Group 1: Report Core View - Before the holiday, the 380 cracking spread fluctuated, and after the holiday, it weakened slightly. The 380 monthly spread rebounded from its low point but remained weak year-on-year. The high-sulfur cracking spread in Europe weakened, and the monthly spread oscillated at a low level. The 0.5% cracking spread in Singapore oscillated at a historical low, with the structure turning to C at a historical low and the basis oscillating at a historical low [5]. - In terms of inventory, Singapore's residual oil significantly increased in inventory, the high-sulfur floating storage significantly decreased in inventory, ARA's residual oil slightly increased in inventory, Fujairah's residual oil decreased in inventory, the high-sulfur floating storage decreased in inventory, and EIA's residual oil slightly increased in inventory. The conflict in Venezuela escalated over the weekend, which has a short-term positive and long-term negative impact on heavy crude oil. Attention should be paid to the duration of logistics interruption. The arrival premium of Merey crude oil at the end of December remained around -12. The high-sulfur spot market remained loose. Attention should be paid to the boost brought by the premium of heavy raw materials recently. The low-sulfur market maintained a weak oscillation pattern [6]. Group 2: Rotterdam Fuel Oil Data - From December 25 to December 31, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed by 1.66, Rotterdam 0.5% VLS FO swap M1 changed by 0.83, Rotterdam HSFO - Brent M1 changed by 0.38, Rotterdam 10ppm Gasoil swap M1 changed by -6.29, Rotterdam VLSFO - Gasoil M1 changed by 7.12, LGO - Brent M1 changed by -0.16, and Rotterdam VLSFO - HSFO M1 changed by -0.83 [3]. Group 3: Singapore Fuel Oil Data Swap Data - From December 25 to December 31, 2025, the price of Singapore 380cst M1 changed by 0.51, Singapore 180cst M1 changed by -1.75, Singapore VLSFO M1 changed by -4.87, Singapore Gasoil M1 changed by 0.26, Singapore 380cst - Brent M1 changed by 0.30, and Singapore VLSFO - Gasoil M1 changed by -6.80 [3]. Spot Data - From December 26 to December 31, 2025, the price of Singapore FOB 380cst changed by -0.04, FOB VLSFO changed by -2.74, 380 basis changed by -0.55, high - sulfur domestic - foreign price difference changed by -1.6, and low - sulfur domestic - foreign price difference changed by 0.0 [4]. Group 4: Domestic FU Data - From December 25 to December 31, 2025, the price of FU 01 changed by -75, FU 05 changed by -20, FU 09 changed by -18, FU 01 - 05 changed by -55, FU 05 - 09 changed by -2, and FU 09 - 01 changed by 57 [4]. Group 5: Domestic LU Data - From December 25 to December 31, 2025, the price of LU 01 changed by -245, LU 05 changed by -40, LU 09 changed by -32, LU 01 - 05 changed by -205, LU 05 - 09 changed by -8, and LU 09 - 01 changed by 213 [5].

Group 1: Report Industry Investment Rating - Not provided Group 2: Report's Core View - The overseas market remains tight with an expected increase in the January CP official price. Domestically, the price difference between domestic and foreign markets is relatively high, and the basis is relatively low, and the driving force needs to be awaited. The profits of PDH are deteriorating, and the maintenance situation in January needs to be observed [1] Group 3: Summary by Relevant Catalog Price and Basis - **Daily Price Changes**: On Tuesday, for civil LPG, the price in East China was 4372 (-8), in Shandong was 4300 (-20), and in South China was 4510 (+0). The price of ether post - carbon four was 4440 (+10). The lowest delivery location was Shandong. At night, the basis was 119 (+155), the 02 - 03 monthly spread was 136 (+12), and the 03 - 04 monthly spread was -167 (+19). As of 9 p.m., FEI was 527.39, a decrease of 4 US dollars. The January CP official price increased more than expected, with propane and butane at 525/520 US dollars per ton respectively [1] - **Weekly Situation**: The domestic civil LPG prices were differentiated. The cheapest delivery product was Shandong civil LPG (-110). The East China price was 4384 (-10), and the South China price was 4510 (+10). The overseas EI fluctuated, MB weakened, and CP strengthened. According to the first - round recommended values of January CP, propane and butane were 505/495 (+10/+10) respectively. The domestic and foreign prices strengthened slightly. PG - CP reached 100 (+1.86), PG - FEI reached 89 (+4.86), FEI - MB reached 185.6 (+10.6), and FEI - CP reached 11 [1] Premium and Freight - The East China propane arrival premium was 4 (+1). The AFEI, Middle East, and US propane OB premiums were 18.75 (+5.75), 50 (-1), and 43 (+0) respectively. The freight increased slightly. The FEL - MORI price difference was -14 (a month - on - month increase of 4) [1] Inventory and Utilization Rate - The arrival rate of ships was 54.83%, and the port inventory decreased by 14.3%. The refinery's commercial volume increased by 1.18%, and the refinery inventory increased by 0.41%. The PDH utilization rate was 76.36% (+1.36 pct) [1]

Report Overview - The report is a fuel oil morning report by the energy and chemical team of the research center, dated December 30, 2025 [1] Report Industry Investment Rating - Not provided Report Core View - This week, the 380 cracking weakened, the monthly spread fluctuated at a low level, the basis fluctuated at a low level, the European high - sulfur cracking weakened, and the high - sulfur EW continued to strengthen. The 0.5% cracking in Singapore fluctuated at a low level, the monthly spread fluctuated at a historical low, and the 5GO repaired as diesel weakened. In terms of inventory, Singapore's residual oil increased in stock, the high - sulfur floating storage decreased in stock, the residual oil in Fujairah decreased in stock, the high - sulfur floating storage decreased significantly in stock, the European high - sulfur floating storage decreased slightly in stock, and the US high - sulfur floating storage increased slightly in stock. The low - sulfur floating storage in Singapore decreased in stock, and the European low - sulfur floating storage increased in stock. Global residual oil entered the off - season for inventory accumulation. The external cracking is subject to crude oil fluctuations, and there is no improvement at the spot end, so it is regarded as bearish. The low - sulfur valuation is low but there is no driving force [4][5] Summary by Related Data Rotterdam Fuel Oil Swap Data - From December 23 to December 29, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed by 1.72, Rotterdam 0.5% VLS FO swap M1 changed by 1.40, Rotterdam HSFO - Brent M1 changed by - 0.31, Rotterdam 10ppm Gasoil swap M1 changed by 2.33, Rotterdam VLSFO - G M1 changed by - 0.93, LGO - Brent M1 changed by - 1.03, and Rotterdam VLSFO - HSFO M1 changed by - 0.32 [2] Singapore Fuel Oil Swap Data - From December 23 to December 29, 2025, the price change of Singapore 380cst - Brent M1 was 0.11, other data for December 29 were not provided [2] Singapore Fuel Oil Spot Data - From December 23 to December 29, 2025, the FOB 380cst price changed by - 4.31, FOB VLSFO changed by - 4.51, and the 380 basis changed by 0.60 [3] Domestic FU Data - From December 23 to December 29, 2025, FU 01 changed by - 38, FU 05 changed by - 32, FU 09 changed by - 20, FU 01 - 05 changed by - 6, FU 05 - 09 changed by - 12, and FU 09 - 01 changed by 18 [3] Domestic LU Data - From December 23 to December 29, 2025, LU 01 changed by - 360, LU 05 changed by - 42, LU 09 changed by - 39, LU 01 - 05 changed by - 318, LU 05 - 09 changed by - 3, and LU 09 - 01 changed by 321 [4]

1. Report Industry Investment Rating - No information provided regarding the report industry investment rating 2. Core Viewpoints - The overseas market remains tight with an expected increase in the official price of January CP. Domestically, the domestic - foreign price difference is relatively high, and the basis is relatively low, and the driving force needs further waiting. The profit of PDH is deteriorating, and the maintenance situation in January needs to be observed [1] 3. Summary by Relevant Data and Information Price Data - **Domestic Civil Gas**: On 2025/12/29, the price in East China was 4380 (-4), in Shandong was 4320 (+50), and in South China was 4510 (+0). The price of ether - post carbon four was 4430 (-70). The lowest delivery location was Shandong, with the latest basis at 244 (-30) [1] - **Futures Spreads**: The 02 - 03 month spread was 113 (+1), another 02 - 03 month spread was 126 (+13), and the 03 - 04 month spread was -190 (+10). For the inner - plate, the 02 basis was 186 (-95), the 01 - 02 month spread was 117 (-2), and the 03 - 04 month spread was -203 (-3) [1] - **Paper Goods Prices**: As of 9 p.m., the FEI and CP paper goods prices were 523 and 510 respectively, up 2 and 6 US dollars [1] - **1 - Month CP First - Round Recommended Values**: Propane and butane were 505/495 (+10/+10) respectively [1] - **Price Ratios**: PG - CP reached 100 (+1.86), PG - FEI reached 89 (+4.86), FEI - MB reached 185.6 (+10.6), and FEI - CP reached 11 (+3) [1] - **Propane Premiums**: The premium of propane arriving at East China was 4 (+1), and the premiums of AFEI, Middle - East, and US propane OB were 18.75 (+5.75), 50 (-1), and 43 (+0) respectively [1] - **FEL - MORI Price Difference**: -14 (up 4 month - on - month) [1] Inventory and Production Data - **Port Inventory**: The arrival rate of ships was 54.83%, and port inventory decreased by 14.3% [1] - **Refinery Data**: The refinery's commercial volume increased by 1.18%, and refinery inventory increased by 0.41% [1] - **PDH Data**: The operating rate of PDH was 76.36% (+1.36 pct) [1]

Group 1: Report Overview - Report Title: "Asphalt Morning Report" [2] - Report Date: December 29, 2025 [4] - Report Team: Research Center's Energy and Chemicals Team [4] Group 2: Investment Rating - No investment rating is provided in the report. Group 3: Core Viewpoints - No clear core viewpoints are presented in the report. Group 4: Summary by Catalog 1. Basis and Spread - **Basis**: The Shandong basis (+80) (non-Jingbo) was 17 on 11/26 and remained unchanged on 12/26; the East China basis (Zhenjiang warehouse) was 47 and then dropped to -115; the South China basis (Foshan warehouse) was 7 and then decreased to -195. The daily change of all three was 0 [3]. - **Spread**: The 01 - 03 spread was -12 and then became -33 with a daily change of -1; the 02 - 03 spread was -18 and then -7 with no daily change; the 03 - 06 spread was -45 and then -29 with a daily change of 7 [3]. 2. Futures Market - **BU Main Contract (02)**: The price was 3043 and then dropped to 2992 with no daily change. The trading volume was 342,611 and then fluctuated, with a daily increase of 33,422 and a week - on - week decrease of 287,140. The open interest was 382,270 and then decreased to 443,225, with a daily decrease of 18,009 and a week - on - week decrease of 43,736 [3]. 3. Spot Market - **Brent Crude Oil**: The price was 63.1 and then changed to 62.2 (N/A on the last record) [3]. - **Asphalt Spot**: The Jingbo price was 3000 and then dropped to 2940 and remained unchanged; the Shandong (non - Jingbo) price was 2980 and then dropped to 2860 and remained unchanged; the Zhenjiang warehouse price was 3090 and then dropped to 2880 and remained unchanged; the Foshan warehouse price was 3050 and then dropped to 2800 and remained unchanged [3]. 4. Profit - **Asphalt - Ma Rui Profit**: It was 235 and then changed to 348 (N/A on the last record) [3].

部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担任何责任。 LPG = FA 台H 研究中心能化团队 2025/12/29 -P G 内院CFR华 山东烷基 CP预测合 丙烷CIF日本 纸面进口利润 日期 华南液化气 华东液化 山东液化气 山东醚后碳四 主力基差 同价 化油 E 2025/12/22 4480 4388 4370 536 4580 7150 -213 580 202 355 2025/12/23 4377 4370 | 4475 590 550 507 4580 7180 -291 444 2025/12/24 4392 4320 4570 7180 4480 590 543 510 -277 398 4520 2025/12/25 4505 4389 4310 590 539 510 7150 -245 413 4270 -233 2025/12/26 4510 4384 289 541 4500 7150 l 日度变化 -40 -1 N -20 ...