Report Industry Investment Rating - Not provided Core View - The domestic LPG market is expected to continue a narrow - range oscillating trend. International LPG prices are weak, with a significant increase in warehouse receipts suppressing the market. Although domestic chemical demand is increasing, weak combustion demand restricts upward movement [1]. Summary by Relevant Content Price and Market Data - On Monday, the cheapest deliverable was East China civil LPG at 4413 yuan/ton. FEI and CP prices dropped, PP prices declined sharply, and the production profit of FEI and CP for PP worsened, with CP having a lower production cost than FEI. The PG market weakened, with the 08 - 09 spread at - 7 and the 08 - 10 spread at - 411. The US - to - Far East arbitrage window closed [1]. - The PG market oscillated. The basis weakened to 370 (-63), and the inter - month reverse spread continued to strengthen. Warehouse receipt registrations reached 9804 lots (+1000), with Qingdao Yunda adding 1000 lots. External market prices continued to weaken, and the oil - gas ratio declined [1]. Regional and Spread Data - In terms of regional spreads, PG - CP reached 43 (+18), FEI - MB was 155 (-6), FEI - CP was 4.5 (+4.5), and the US - Asia arbitrage window closed. FEI propane discount continued to fall, and the CP arrival discount oscillated. FEI - MOPJ changed little, at - 47.5 (-3.75) [1]. Profit and Demand Data - PDH profit improved, while MTBE export profit declined. The arrival volume decreased significantly. Chemical demand was strong; PDH operating rate increased significantly to 73.13% (+2.01 pct), and next week, Liaoning Jinfa plans to resume operation. Alkylation operating rate increased, and Henan Chengxin's alkylation unit has a restart plan. MTBE operating load increased, with manufacturers focusing on exports and overall stable operation. Combustion demand was weak [1].

Report Industry Investment Rating - No information provided Core View of the Report - The PG futures market is expected to continue its narrow - range oscillation. International LPG prices are weak, and the increase in warehouse receipts suppresses the market. Domestic chemical demand is rising, but weak combustion demand restricts upward movement. The cheapest deliverable is East China civil LPG. There are changes in regional spreads, and the US - Asia arbitrage window is closed. [1] Summary by Related Catalog Price Data and Changes - **Daily Changes**: From 2025/07/23 to 2025/07/24, there were daily changes in various LPG - related prices. For example, South China LPG decreased by 90, East China LPG decreased by 30, and propane CFR South China increased by 3. The paper import profit decreased by 122, and the main basis decreased by 67. [1] - **Weekly Changes**: From 2025/07/24 to 2025/07/25, South China LPG decreased from 4590 to 4500, East China LPG decreased from 4443 to 4413. The paper import profit changed from 89 to - 33, and the basis weakened to 370 (-63). [1] Market Conditions - **Futures Market**: The PG futures market is weakening, and the monthly spread continues to decline. The 08 - 09 spread is - 10, and the 08 - 10 spread is - 431. The US - Asia arbitrage window is closed. [1] - **Regional Spreads**: PG - CP reaches 43 (+18), FEI - MB is 155 (-6), FEI - CP is 4.5 (+4.5). FEI propane discount continues to fall, and CP arrival discount fluctuates. FEI - MOPJ changes little, with the latest at - 47.5 (-3.75). [1] - **Production Profits**: FEI and CP - based PP production profits improve slightly. PDH profits improve, while MTBE export profits decline. [1] Supply and Demand - **Supply**: Warehouse receipt registration volume is 9804 lots (+1000), with Qingdao Yunda adding 1000 lots. The arrival volume drops significantly. The commodity volume decreases by 0.53%. The factory inventory increases slightly. [1] - **Demand**: Chemical demand is strong. PDH operating rate rises significantly to 73.13% (+2.01 pct), and next week, Liaoning Jinfa plans to resume operation. The alkylation operating rate increases, and the MTBE operating load rises. However, combustion demand is weak. [1]

Group 1: Information on Futures Contracts - BU main contract price on July 25 was 3615, with a daily change of 13 and a weekly change of -13 [4] - BU06 price on July 25 was 3421, with a daily change of 37 and a weekly change of 37 [4] - BU09 price on July 25 was 3615, with a daily change of 13 and a weekly change of -13 [4] - BU12 price on July 25 was 3484, with a daily change of 25 and a weekly change of 34 [4] - BU03 price on July 25 was 3430, with a daily change of 38 and a weekly change of 21 [4] - Futures trading volume on July 25 was 322134, with a daily change of 63915 and a weekly change of 66996 [4] - Futures open interest on July 25 was 450652, with a daily change of -3106 and a weekly change of -23396 [4] - Warehouse receipts remained at 42950 from July 17 - 25, with no daily or weekly change [4] Group 2: Spot Market Prices - Shandong market low - end price on July 25 was 3590, with a daily change of -10 and a weekly change of 20 [4] - East China market low - end price remained at 3670 from July 21 - 25, with no daily or weekly change [4] - South China market low - end price remained at 3550 from July 23 - 25, with no daily change and a weekly change of -30 [4] - North China market low - end price remained at 3710 on July 24 - 25, with no daily change and a weekly change of -40 [4] - Northeast market low - end price remained at 3900 from July 17 - 25, with no daily or weekly change [4] - Jingbo (Haiyun) spot price on July 25 was 3700, with a daily change of 10 and no weekly change [4] - 54 Hai spot price on July 25 was 3700, with a daily change of 10 and a weekly change of -10 [4] - Mu Hai (Lu Bohai) spot price remained at 3710 on July 24 - 25, with no daily change and a weekly change of -40 [4] Group 3: Basis and Spread - Shandong basis on July 25 was -25, with a daily change of -23 and a weekly change of 33 [4] - East China basis on July 25 was 55, with a daily change of -13 and a weekly change of 13 [4] - South China basis on July 25 was -57, with a daily change of -13 and a weekly change of -17 [4] - 03 - 06 spread on July 25 was 9, with a daily change of 7 and a weekly change of -16 [4] - 06 - 09 spread on July 25 was -194, with a daily change of 24 and a weekly change of 50 [4] - 09 - 12 spread on July 25 was 131, with a daily change of -12 and a weekly change of -47 [4] - 12 - 03 spread on July 25 was 54, with a daily change of -13 and a weekly change of 13 [4] - Consecutive - one to consecutive - two spread on July 25 was 24, with a daily change of -4 and a weekly change of -32 [4] Group 4: Crack Spread and Profit - Asphalt Brent crack spread on July 25 was -27, with a daily change of -49 and a weekly change of 33 [4] - Asphalt Marrow profit on July 25 was -94, with a daily change of -44 and a weekly change of 30 [4] - Ordinary refinery comprehensive profit on July 25 was 438, with a daily change of -14 and a weekly change of 20 [4] - Marrow - type refinery comprehensive profit on July 25 was 45, with a daily change of -26 and a weekly change of 24 [4] - Import profit (South Korea - East China) on July 25 was -146, with a daily change of -4 and a weekly change of 8 [4] - Import profit (Singapore - South China) on July 25 was -997, with a daily change of -5 and a weekly change of -17 [4] Group 5: Related Prices - Brent crude oil price on July 25 was 69.2, with a daily change of 0.7 and a weekly change of -0.1 [4] - Shandong gasoline market price on July 25 was 7822, with a daily change of 27 and a weekly change of 17 [4] - Shandong diesel market price on July 25 was 6693, with a daily change of 48 and a weekly change of -3 [4] - Shandong residue oil market price remained at 3650 from July 23 - 25, with no daily change and a weekly change of -50 [4]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The market is trading the policy intervention in capacity reduction, reconstructing the original oversupply logic, and significantly increasing the valuation of each contract on the futures market, especially for the far - end contracts [12][14] - For near - end contracts, although the theoretical supply in the fourth quarter increases, after the current active weight reduction to relieve pressure in advance and considering the possibility of active weight gain due to a large fat - standard price difference, the possibility of significant inventory reduction in the early fourth quarter decreases, and the monthly spread may move towards a positive spread structure [12][14] - For far - end contracts, the long - term policy regulation of sow capacity cannot be falsified for now, and the monthly spread tends to be in a reverse spread [12][14] - The industrial structure is being reconstructed, the uncertainty of unilateral trading increases, and more attention should be paid to monthly spread opportunities [12][14] Group 3: Summary by Directory 3.1 Weekly Assessment and Strategy Recommendation - **Spot Market**: Last week, the spot pig price continued to decline. Due to enterprises reducing weight, the slaughter volume remained high, the weight mainly decreased, the demand was average, and the price trend was weak. The fat - standard price difference decreased month - on - month but was higher year - on - year. The average price in Henan decreased by 0.26 yuan to 14.2 yuan/kg, in Sichuan by 0.16 yuan to 13.6 yuan/kg, and in Guangdong increased by 0.08 yuan to 15.58 yuan/kg. Affected by policies, the market's enthusiasm for slaughter remained high, but the supply may narrow near the end of the month. With the decline in pig prices, low prices may attract second - round fattening. It is expected that the pig price will first decline and then slightly increase next week [12][23] - **Supply Side**: In June, the official sow inventory was 40.43 million heads, a slight increase month - on - month, still 3.7% more than the normal level. Since last year, the sow production capacity has continued to increase, which may lead to a weaker fundamental situation in 2025 than in 2024. However, the current expectation of policy - forced capacity reduction is strong, which may improve the supply next year. From the piglet data, the theoretical supply in July and August is relatively stable, but there will be a significant increase in the basic supply from September to the end of the year. Currently, there is a pre - supply volume that can partially offset the pressure. In the short - term, the slaughter volume increased slightly month - on - month, and the weight decreased, indicating active market supply [12] - **Demand Side**: The overall consumption environment is weak, and changes in consumption habits are unfavorable for pork consumption. Pork consumption has been decreasing year - on - year, but the impact of festival consumption on pig prices should be noted month - on - month [12][60] - **Trading Strategy**: For unilateral trading, there is no recommendation for now. For arbitrage, a 3 - 5 reverse spread or an 11 - 01 positive spread is recommended, with a profit - loss ratio of 2:1, a recommended cycle of 2 months, and the core driving logic including policies, weight, basic supply, and fat - standard price difference [15] 3.2 Futures and Spot Market - **Spot Price Trend**: The spot price continued to decline last week, with different price changes in different regions. It is expected to first decline and then slightly increase next week. Although the current trend is weak, there is still an expectation of a price increase in August [23][26] - **Basis and Spread Trend**: The spot price trend is weak, but there is an expectation of a price increase in August [26] - **Prices of Piglets and Sows**: Relevant price trend charts are provided, but no specific textual analysis is given in the text [28] - **Prices of Back - up and Culled Sows**: Relevant price and ratio trend charts are provided, but no specific textual analysis is given in the text [30] 3.3 Supply Side - **Reproductive Sows and Changes**: In June, the official sow inventory was 40.43 million heads, a slight increase month - on - month, still 3.7% more than the normal level. The policy - forced capacity reduction expectation is strong, and the implementation of policies in the next few months needs attention [35] - **Inventory and Slaughter**: Relevant inventory and slaughter volume trend charts are provided, but no specific textual analysis is given in the text [37] - **Sow Culling and Sales**: Relevant culling and sales volume trend charts are provided, but no specific textual analysis is given in the text [40] - **Theoretical Slaughter Volume**: From the piglet data, the theoretical supply in July and August is relatively stable, but there will be a significant increase in the basic supply from September to the end of the year. Currently, there is a pre - supply volume that can partially offset the pressure [44] - **Proportion of Small and Large Pigs in Slaughter**: The proportion of small pigs in slaughter is low, indicating low epidemic pressure; the proportion of large pigs has slightly increased, indicating that the proportion of large pigs gradually increases as the weight increases [47] - **Trading and Average Carcass Weight**: In the short - term, the slaughter volume increased slightly month - on - month, and the weight decreased, indicating active market supply [51] - **Import and Pig Feed Ratio**: Relevant import volume and feed ratio trend charts are provided, but no specific textual analysis is given in the text [53] - **Second - Round Fattening and Barn Utilization**: Relevant ratio and utilization rate trend charts are provided, but no specific textual analysis is given in the text [55] 3.4 Demand Side - **Slaughter Volume**: The overall consumption environment is weak, and changes in consumption habits are unfavorable for pork consumption. Pork consumption has been decreasing year - on - year, but the impact of festival consumption on pig prices should be noted month - on - month [60] - **Slaughtering Rate and Gross Margin**: Relevant rate and margin trend charts are provided, but no specific textual analysis is given in the text [62] - **Spread and Price - Volume Relationship**: Relevant spread and price - volume relationship trend charts are provided, but no specific textual analysis is given in the text [64] - **Fresh - Frozen Spread and Fresh Sales Rate**: Relevant spread and sales rate trend charts are provided, but no specific textual analysis is given in the text [66] 3.5 Cost and Profit - The cost bottomed out and then slightly rebounded, remaining relatively low year - on - year. Affected by the lag effect of low costs, although the pig price is weak, the breeding profit is the highest in recent years [71] 3.6 Inventory Side - The frozen product inventory is moderately low but is in a slow recovery state [76]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View - Not explicitly stated in the given content. 3. Summary by Relevant Catalog Futures Contracts - The closing prices of BU主力合约, BU09 were 3602 on 7/24, with a daily change of 8 and a weekly change of -21; BU06 was 3384, with a daily change of -7 and a weekly change of -4; BU12 was 3459, with a daily change of -1 and a weekly change of 9; BU03 was 3392, with a daily change of -14 and a weekly change of -13 [4]. - The trading volume on 7/24 was 258,219, a daily decrease of 42,267 and a weekly increase of 107,200; the open interest was 453,758, a daily decrease of 5,653 and a weekly decrease of 14,650 [4]. - The futures inventory remained at 42,950 from 7/22 - 7/24, with no daily or weekly change [4]. Spot Market - The low - end prices in Shandong, East China, South China, North China, and Northeast markets on 7/24 were 3600, 3670, 3550, 3710, and 3900 respectively. The daily changes were -20, 0, 0, -10, 0, and the weekly changes were 40, 0, -30, -40, 0 [4]. - The prices of Jingbo (Haiyun), るの, and Luohai (Xin Bohai) on 7/24 were 3690, 3690, and 3710 respectively, with daily changes of -20, -20, -10 and weekly changes of -20, -20, -40 [4]. Basis and Calendar Spreads - The basis of Shandong, East China, and South China on 7/24 were -2, 68, -52 respectively, with daily changes of -28, -8, -8 and weekly changes of 61, 21, -9 [4]. - The spreads of 03 - 06, 06 - 09, 09 - 12, 12 - 03 on 7/24 were 8, -218, 143, 67 respectively, with daily changes of -7, -15, 9, 13 and weekly changes of -9, 17, -30, 22 [4]. - The first - second nearby spread on 7/24 was 28, with a daily change of -8 and a weekly change of -25 [4]. Crack Spreads and Profits - The asphalt Brent crack spread on 7/24 was 19, with a daily change of -11 [4]. - The asphalt Marrow profit on 7/24 was -52, with a daily change of -10 and a weekly change of 89 [4]. - The comprehensive profit of ordinary refineries on 7/24 was 450, with a daily change of 3 and a weekly change of 40; the comprehensive profit of Marrow - type refineries was 69, with a daily change of -3 and a weekly change of 60 [4]. - The import profit from South Korea to East China on 7/24 was -145, with a daily change of 4 and a weekly change of 6; the import profit from Singapore to South China was -dde (data may be incomplete), with a daily change of 5 and a weekly change of -19 [4]. Related Prices - The price of Brent crude oil on 7/24 was 68.5, with a daily change of -0.1 and a weekly change of -1.0 [4]. - The market prices of gasoline, diesel, and residue oil in Shandong on 7/24 were 7795, 6645, 3650 respectively, with daily changes of -4, -10, 0 and weekly changes of -15, -47, -50 [4].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - This week, the high - sulfur crack spread fluctuated and declined, the near - month spread decreased, and EW continued to weaken. The 380 8 - 9 month spread weakened to $1.75, the basis weakened and then fluctuated, and the FU09 internal - external spread rebounded slightly. The domestic market had a large amount of deliverable goods, maintaining a loose pattern [6]. - The Singapore 0.5 crack spread declined slightly, the month spread weakened, and the 8 - 9 month spread fluctuated around $4.5. The LU internal - external spread weakened slightly and then fluctuated, with the 09 spread fluctuating around $16 [6]. - This week, Singapore's on - land inventory increased significantly. The near - month was under pressure due to delivery pressure on the window, and Saudi shipments increased month - on - month. Recently, fuel oil exports from Iran and Iraq remained at a high level, Egypt's net imports reached a new high, and the high - sulfur supply - demand was still in the peak season. However, the East - West and internal - external spreads had fallen rapidly. The external low - sulfur valuation was relatively high, and the LU internal - external spread was running at a high level. Attention should be paid to the domestic production situation [7]. - The Singapore Hi - 5 spread reached a new high this year. Both 380cst and VLSFO weakened. The domestic FU internal - external spread rebounded slightly, and the LU valuation was relatively high. Attention could be paid to the short - term valuation regression opportunity of FU - LU, with the risk being the continuous weakening of the external 380cst [7]. 3. Summary by Relevant Data Rotterdam Fuel Oil Swap Data | Fuel Oil Type | 2025/07/17 | 2025/07/18 | 2025/07/21 | 2025/07/22 | 2025/07/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 414.59 | 419.29 | 422.21 | 418.59 | 422.47 | 3.88 | | Rotterdam 0.5% VLS FO Swap M1 | 466.28 | 471.87 | 469.91 | 464.51 | 462.79 | - 1.72 | | Rotterdam HSFO - Brent M1 | - 2.80 | - 2.56 | - 1.66 | - 1.61 | - 0.90 | 0.71 | | Rotterdam 10ppm Gasoil Swap M1 | 681.38 | 694.41 | 695.90 | 683.83 | 680.79 | - 3.04 | | Rotterdam VLSFO - Gasoil M1 | - 215.10 | - 222.54 | - 225.99 | - 219.32 | - 218.00 | 1.32 | | LGO - Brent M1 | 23.77 | 25.55 | 25.76 | 24.83 | 24.64 | - 0.19 | | Rotterdam VLSFO - HSFO M1 | 51.69 | 52.58 | 47.70 | 45.92 | 40.32 | - 5.60 | [4] Singapore Fuel Oil Swap Data | Fuel Oil Type | 2025/07/17 | 2025/07/18 | 2025/07/21 | 2025/07/22 | 2025/07/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 404.37 | 411.39 | 411.16 | 408.54 | 405.92 | - 2.62 | | Singapore 180cst M1 | 417.12 | 423.64 | 425.21 | 423.78 | 418.17 | - 5.61 | | Singapore VLSFO M1 | 492.44 | 497.30 | 493.65 | 494.54 | 491.81 | - 2.73 | | Singapore GO M1 | 88.46 | 91.55 | 90.15 | 90.87 | 90.38 | - 0.49 | | Singapore 380cst - Brent M1 | - 3.68 | - 3.80 | - 3.42 | - 3.46 | - 3.88 | - 0.42 | | Singapore VLSFO - Gasoil M1 | - 162.16 | - 180.17 | - 173.46 | - 177.90 | - 177.00 | 0.90 | [4] Singapore Fuel Oil Spot Data | Fuel Oil Type | 2025/07/17 | 2025/07/18 | 2025/07/21 | 2025/07/22 | 2025/07/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 397.47 | 404.58 | 404.97 | 401.08 | 398.16 | - 2.92 | | FOB VLSFO | 497.73 | 501.52 | 497.55 | 498.63 | 496.58 | - 2.05 | | 380 Basis | - 6.22 | - 6.64 | - 6.11 | - 6.05 | - 6.25 | - 0.20 | | High - sulfur Internal - external Spread | - 6.2 | - 6.0 | - - 4.2 | - 2.1 | - 4.9 | - 2.8 | | Low - sulfur Internal - external Spread | 13.0 | 13.4 | 12.2 | 12.8 | 10.9 | - 1.9 | [5] Domestic FU Data | Contract | 2025/07/17 | 2025/07/18 | 2025/07/21 | 2025/07/22 | 2025/07/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2849 | 2887 | 2886 | 2894 | 2876 | - 18 | | FU 05 | 2794 | 2821 | 2828 | 2845 | 2833 | - 12 | | FU 09 | 2863 | 2912 | 2924 | 2924 | 2879 | - 45 | | FU 01 - 05 | 55 | 66 | 58 | 49 | 43 | - 6 | | FU 05 - 09 | - 69 | - 91 | - 96 | - 79 | - 46 | 33 | | FU 09 - 01 | 14 | 25 | 38 | 30 | 3 | - 27 | [5] Domestic LU Data | Contract | 2025/07/17 | 2025/07/18 | 2025/07/21 | 2025/07/22 | 2025/07/23 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3508 | 3570 | 3550 | 3525 | 3515 | - 10 | | LU 05 | 3446 | 3500 | 3500 | 3470 | 3472 | 2 | | LU 09 | 3580 | 3634 | 3603 | 3584 | 3569 | - 15 | | LU 01 - 05 | 62 | 70 | 50 | 55 | 43 | - 12 | | LU 05 - 09 | - 134 | - 134 | - 103 | - 114 | - 97 | 17 | | LU 09 - 01 | 72 | 64 | 53 | 59 | 54 | - 5 | [6]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - This week, the high - sulfur crack spread fluctuated and declined, the near - month spread decreased, and the EW continued to weaken. The 380 8 - 9 month spread weakened to $1.75, the basis weakened and then fluctuated, the FU09 internal - external spread rebounded slightly, and the domestic market had a large amount of delivery goods, maintaining a loose pattern. The Singapore 0.5 crack spread declined slightly, the month spread weakened, and the 8 - 9 month spread fluctuated around $4.5. The LU internal - external spread weakened slightly and then fluctuated, with the 09 around $16. [6][7] - This week, Singapore's on - land inventory increased significantly, the window was under delivery pressure, and the near - month contract was under pressure. Saudi Arabia's shipments increased month - on - month. Recently, fuel oil exports from Iran and Iraq remained at a high level, Egypt's net imports reached a new high. Although the high - sulfur supply and demand were in the peak season, the East - West and internal - external spreads had dropped rapidly. The external low - sulfur valuation was high, and the LU internal - external spread was at a high level. Attention should be paid to the domestic production situation. [7] - The Singapore Hi - 5 spread reached a new high this year, both 380cst and VLSFO weakened. The domestic FU internal - external spread rebounded slightly, the LU valuation was high. Attention could be paid to the short - term valuation regression opportunity of FU - LU, with the risk of continuous weakening of the external 380cst. [7] Group 3: Summary by Related Catalogs Rotterdam Fuel Oil Swap Data - From July 16 to July 22, 2025, for Rotterdam 3.5% HSF O swap M1, the price decreased from 410.02 to 418.59, a change of - 3.62; for Rotterdam 0.5% VLS FO swap M1, it decreased from 462.35 to 464.51, a change of - 5.40; and other indicators also had corresponding changes. [4] Singapore Fuel Oil Swap Data - During the same period, for Singapore 380cst M1, the price decreased from 405.67 to 408.54, a change of - 2.62; for Singapore 180cst M1, it decreased from 417.60 to 423.78, a change of - 1.43; and other indicators also changed accordingly. [4] Singapore Fuel Oil Spot Data - From July 16 to July 22, 2025, the FOB 380cst price decreased from 400.29 to 401.08, a change of - 3.89; the FOB VLSFO price increased from 496.46 to 498.63, a change of 1.08; and other indicators also had corresponding changes. [5] Domestic FU Data - During the same period, the FU 01 price increased from 2854 to 2894, a change of 8; the FU 05 price increased from 2804 to 2845, a change of 17; and other indicators also changed accordingly. [5] Domestic LU Data - From July 16 to July 22, 2025, the LU 01 price decreased from 3546 to 3525, a change of - 25; the LU 05 price decreased from 3467 to 3470, a change of - 30; and other indicators also had corresponding changes. [6]

Report Information - Report Title: Asphalt Morning Report [2][19] - Research Team: Research Center Energy and Chemicals Team [3][20] - Report Date: July 23, 2025 [3][20] Key Data Summary Futures Contracts - BU主力合约 price on July 22 was 3609, with a daily change of -48 and a weekly change of -37 [4][21] - Trading volume on July 22 was 345,260, with a daily increase of 135,231 and a weekly increase of 137,952 [4][21] - Open interest on July 22 was 460,563, with a daily decrease of 19,090 and a weekly decrease of 15,053 [4][21] Spot Prices - Shandong market low - end price on July 22 was 3620, with a daily change of -20 and a weekly change of 70 [4][21] - East China market low - end price on July 22 was 3670, with no daily change and no weekly change [4][21] - South China market low - end price on July 22 was 3550, with a daily change of -10 and a weekly change of -50 [4][21] - North China market low - end price on July 22 was 3730, with a daily change of -10 and a weekly change of -20 [4][21] - Northeast market low - end price on July 22 was 3900, with no daily change and a weekly change of 50 [4][21] Basis and Month - to - Month Spreads - Shandong basis on July 22 was 11, with a daily change of 28 and a weekly change of 107 [4][21] - East China basis on July 22 was 61, with a daily change of 48 and a weekly change of 37 [4][21] - South China basis on July 22 was -59, with a daily change of 38 and a weekly change of -13 [4][21] - 03 - 06 spread on July 22 was 5, with a daily change of -17 and a weekly change of -21 [4][21] - 06 - 09 spread on July 22 was -224, with a daily change of 27 and a weekly change of 40 [4][21] - 09 - 12 spread on July 22 was 156, with a daily change of -16 and a weekly change of -25 [4][21] - 12 - 03 spread on July 22 was 63, with a daily change of 6 and a weekly change of 6 [4][21] Crack Spreads and Profits - Asphalt Brent crack spread on July 22 was -6, with a daily change of -16 and a weekly change of 40 [4][21] - Asphalt Ma Rui profit on July 22 was -74, with a daily change of -14 and a weekly change of 35 [4][21] - Ordinary refinery comprehensive profit on July 22 was 415, with a daily change of -14 and a weekly change of -66 [4][21] - Import profit (South Korea - East China) on July 22 was -153, with no daily change and a weekly change of -4 [4][21] - Import profit (Singapore - South China) on July 22 was -1005, with a daily change of -9 and a weekly change of -49 [4][21] Related Prices - Brent crude price on July 22 was 69.2, with a daily change of -0.1 and a weekly change of 0.5 [4][21] - Shandong gasoline market price on July 22 was 7830, with a daily change of -8 and a weekly change of -14 [4][21] - Shandong diesel market price on July 22 was 6673, with a daily change of -15 and a weekly change of -76 [4][21] - Shandong residue market price on July 22 was 3650, with no daily change and no weekly change [4][21]

Report Overview - Report Title: "Asphalt Morning Report" [2] - Research Team: Research Center Energy and Chemicals Team - Report Date: July 23, 2025 [3] Core Data Summary Futures Contract Prices - BU主力合约 price on July 22 was 3609, down 48 from the previous day and 37 from the previous week [4] - Different contract prices (BU06, BU09, BU12, BU03) also showed various degrees of decline or change [4] Trading Volume and Open Interest - Trading volume on July 22 was 345,260, an increase of 135,231 from the previous day and 137,952 from the previous week [4] - Open interest on July 22 was 460,563, a decrease of 19,090 from the previous day and 15,053 from the previous week [4] Spot Market Prices - Shandong market low - end price on July 22 was 3620, down 20 from the previous day but up 70 from the previous week [4] - Different regional market low - end prices (East China, South China, North China, Northeast) had different trends [4] Basis and Spread - Shandong basis on July 22 was 11, an increase of 28 from the previous day and 107 from the previous week [4] - Different basis and spread values (03 - 06, 06 - 09, 09 - 12, 12 - 03) showed different changes [4] Crack Spread and Profit - Asphalt Brent crack spread on July 22 was - 6, down 16 from the previous day but up 40 from the previous week [4] - Different profit indicators (asphalt Marrow profit, ordinary refinery comprehensive profit, etc.) also had different changes [4] Related Prices - Brent crude oil price on July 22 was 69.2, down 0.1 from the previous day but up 0.5 from the previous week [4] - Gasoline, diesel, and residue oil prices in Shandong market also showed different trends [4]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - PG futures prices have been oscillating downward. Although the chemical demand outlook is relatively strong, the decline in oil prices and the weakening of international LPG prices have led to a weaker futures market. The cheapest deliverable is East China civil LPG at 4486. The basis has strengthened to 433 (+93). The inter - month reverse arbitrage has strengthened due to weak spot prices and the shift of the main contract. The number of registered warrants is 8804 lots (+500), with 500 lots added by Qingdao Yunda. The external market prices have continued to weaken, and the oil - gas ratio has increased. [1] - Despite the strong chemical demand expectations, under the suppression of weak combustion demand, the domestic LPG market is expected to continue the narrow - range oscillating trend. [1] Group 3: Summary by Related Catalogs Daily Data Summary - On July 18, 2025, the prices of South China LPG, East China LPG, and Shandong LPG were 4530, 4486, and 4610 respectively. The propane CFR South China was 553, propane CIF Japan was 505, MB propane spot was 71, and CP forecast contract price was 538. The price of Shandong ether - after carbon four was 4890, and Shandong alkylated oil was 8000. The daily changes were - 40, 0, 20, - 2, - 2, 1, - 8, 40, 80 respectively. The PG futures price decreased, the monthly spread declined, and the 08 - 09 spread was 63. The US - Far East arbitrage window opened. [1] Weekly View Summary - **Market Trend**: The PG futures market oscillated downward. The domestic LPG market is expected to continue the narrow - range oscillation due to weak combustion demand, despite strong chemical demand expectations. [1] - **Basis and Spread**: The basis strengthened to 433 (+93), and the inter - month reverse arbitrage strengthened. The number of registered warrants increased to 8804 lots (+500). [1] - **External Market**: The external market prices continued to weaken, and the oil - gas ratio increased. The regional spreads such as PG - CP, FEI - MB, FEI - CP, and FEI - MOPJ changed, and the US - Asia arbitrage window opened. [1] - **Profit Situation**: The PDH profit improved, while the MTBE export profit declined. [1] - **Inventory and Supply**: Port inventories increased significantly, and factory inventories increased slightly. The commodity volume decreased by 0.98% due to reduced supply in South China, increased self - use in Shandong, and limited supply in East China. [1] - **Chemical Demand**: Chemical demand is strong. The PDH operating rate increased significantly to 71.78% (+10.91pct), and the alkylation operating rate increased. MTBE export orders increased. [1]