Report Summary 1) Report Industry Investment Rating - No information provided. 2) Core Viewpoints - The inventory pressure is high, and the short - term supply pressure is large, but there is support from chemical demand, and the combustion demand is expected to pick up. Although the spot supply pressure is large and the PG basis has dropped significantly and turned negative, due to tariff policies and geopolitical disturbances, the market may not decline significantly in the short term [1]. 3) Key Points from the Table and Analysis - **Price Changes on October 20th - 21st**: - On October 21st, the civil gas prices decreased. In East China, it was 4338 (-7), in Shandong 4090 (-110), and in South China 4450 (-10). The post - ether carbon four was 4400 (-20). The lowest delivery location was Shandong, with a basis of - 161 (-41), and the November - December spread was 138 (+1). FEI and CP decreased to 456 (-15) and 438 (-9) dollars/ton respectively [1]. - **Weekly Changes and Other Information**: - The PG main contract rose significantly due to macro and geopolitical news. The basis was - 20 (-334), and the November - December spread was 137 (+59). Domestic civil gas prices dropped significantly. The cheapest delivery product was Shandong civil gas at 4200 (-250); in East China it was 4345 (-39), and in South China 4460 (-110). Wanhua added 2300 lots of warehouse receipts. The overseas market prices dropped sharply. The FEI - CP spread was 20 (+12.5), and the US - Asia arbitrage window was closed. The CP propane - butane arrival discount in South China increased to 78 (+26). Freight rates decreased significantly. The FEI - MOPJ spread narrowed but the switching window was still open at - 71 (-12). The profit of PDH to produce propylene decreased. The PDH operating rate was 68.76% (-2.12pct). Next week, the operating enterprises are expected to gradually increase their loads [1].

1. Report Industry Investment Rating The report does not explicitly mention an overall industry investment rating. However, for different energy and chemical products, the mid - term outlooks are provided, including "weak and volatile", "volatile", and "weak - trending with volatility". 2. Core Viewpoints of the Report - Coal price increases support the coal - chemical industry, while China's port fees on US - related vessels negatively impact US crude oil physicals. The contrast between strong coal and weak oil prices makes the hedging between coal - chemical and oil - chemical industries potentially valuable again [2][3]. - For coal - chemical products, PVC, methanol, and urea are considered for long - positions, with PVC potentially being more stable in terms of cost. For oil - chemical products, olefins are short - positions, and the new styrene production device may face challenges due to high inventory [3]. - Overall, the energy and chemical market still takes crude oil as a reference and is expected to continue its weak - trending with volatility [4]. 3. Summary by Relevant Catalogs 3.1 Market Situation and Outlook - **Crude Oil**: Macro - factors affect the rhythm, and the fundamentals are continuously under pressure. The EIA data shows that US crude oil inventories have accumulated, and refinery operating rates have declined. The global supply is in an increasing period, and there is pressure for accelerated crude oil inventory accumulation. The price is expected to be weak and volatile [10]. - **Asphalt**: The decline has slowed, and the asphalt futures price is expected to be volatile. The geopolitical premium of crude oil has declined, and the supply of asphalt has increased, with high inventory pressure. The absolute price of asphalt is over - valued [12]. - **High - Sulfur Fuel Oil**: The fuel oil futures price has entered a volatile mode. The reduction of geopolitical factors and the increase in supply have affected the price, and it is expected to be volatile [12]. - **Low - Sulfur Fuel Oil**: It follows the crude oil price and is volatile. It faces negative factors such as a decline in shipping demand and substitution, and is expected to maintain a low - valuation operation [14]. - **Methanol**: Slightly boosted by coal, it is in a wide - range volatile state. There is still value in going long at a low level, but the upside space is limited [25][26]. - **Urea**: The spot price is firm, but the futures price is under pressure. The supply - demand pattern is still supply - strong and demand - weak, and it is expected to be volatile [26][27]. - **Ethylene Glycol (EG)**: Supported by coal prices, it rebounds at a low level, but the supply - demand pattern is still under pressure. The inventory is increasing, and the price is expected to be weak and volatile [20][22]. - **PX**: The futures price stops falling and rebounds, but the increase is limited, and the profit is repaired month - on - month. It is expected to fluctuate with costs and macro - sentiment [15]. - **PTA**: New devices are about to be put into production, and the processing fee is under pressure. It is expected to follow the cost and be weak and volatile [15]. - **Short - Fiber**: Downstream speculative stocking promotes inventory reduction. The supply - demand is relatively healthy in the short term, and the processing fee is stable. It can consider long - short hedging operations [22]. - **Bottle Chip**: The improvement of the processing fee stimulates the moderate increase of production. The absolute price follows the upstream cost, and the profit has support at the bottom [23][24]. - **Propylene (PL)**: Affected by weak oil prices and macro - factors, it is weak and volatile [31]. - **PP**: Affected by weak oil prices, it continues to decline. The high inventory suppresses the price, and it is expected to be weak and volatile [30]. - **Plastic**: There is slight support near the previous low, and it is weak and volatile. The fundamental support is limited, and the upper - middle reaches have the intention to reduce inventory [29]. - **Styrene**: Affected by commodity sentiment and device news, it shows a "V" - shaped trend. The high inventory is the main pressure, and it is expected to try to widen the profit [19][20]. - **PVC**: With low valuation and weak expectations, it is volatile. The fundamentals are under pressure, and the cost is moving down, and it is expected to be weak [32]. - **Caustic Soda**: The spot price is stable, and the futures price is volatile. The short - term supply - demand has improved, but the upward driving force is insufficient [32][33]. 3.2 Variety Data Monitoring - **Inter - period Spread**: The report provides the inter - period spreads of various varieties such as Brent, Dubai, PX, PTA, etc., and their changes [34]. - **Basis and Warehouse Receipts**: It shows the basis, its changes, and the number of warehouse receipts for varieties like asphalt, high - sulfur fuel oil, low - sulfur fuel oil, etc. [35]. - **Inter - variety Spread**: The inter - variety spreads between different products such as PP - 3MA, TA - EG, etc., and their changes are presented [37].

Report Summary 1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst fluctuated at a high level, the near - month spread weakened, the basis fluctuated at a low level, the EW spread weakened rapidly, the high - sulfur in the ARA region strengthened, and the FU internal - external spread fluctuated between 8 - 10 US dollars. The low - sulfur cracking rebounded slightly but was at a historical low compared to the same period. The spread was weakly sorted, the LU internal - external spread fell to 7 - 9 US dollars, and the MF0.5 basis weakened [3]. - From a fundamental perspective, Singapore's residue oil inventory decreased and was at a high level compared to the same period. The floating storage decreased significantly. ARA's residue oil inventory decreased at a historical low during the same period. EIA's residue oil inventory slightly increased at a low level, and Fujeirah slightly increased its inventory and was at a low level compared to the same period. The Middle East's high - sulfur floating storage decreased significantly this week. Recently, the high - sulfur spot in Singapore has weakened, and the cracking is supported by raw material procurement. The short - term downward space is limited. It is expected that the 380 cracking will maintain an oscillating pattern, and the FU internal - external spread should be viewed within a range. This week, the LU market was still weak. The issuance of the third batch of export quotas met expectations, and the external MF0.5 basis weakened again. In the fourth quarter, the LU internal - external spread can be expanded when the price is low. Pay attention to the quota usage [4]. 3. Summary According to Related Catalogs Fuel Oil Price Data - **Rotterdam**: From October 10th to 16th, 2025, the price of Rotterdam 3.5% HSF O swap M1 decreased by 3.17, Rotterdam 0.5% VLS FO swap M1 decreased by 3.55, Rotterdam HSFO - Brent M1 decreased by 0.28, and Rotterdam VLSFO - HSFO M1 decreased by 0.38. The LGO - Brent M1 remained unchanged [1]. - **Singapore**: From October 10th to 16th, 2025, the price of Singapore 380cst M1 increased by 3.22, Singapore 180cst M1 increased by 3.98, and Singapore VLSFO M1 decreased by 1.04. The Singapore 380cst - Brent M1 increased by 0.17 [1]. Singapore Fuel Oil Spot - From October 10th to 16th, 2025, the FOB 380cst price increased by 1.62, the FOB VLSFO price decreased by 1.67, the 380 basis increased by 0.25, the high - sulfur internal - external spread increased by 0.8, and the low - sulfur internal - external spread decreased by 0.6 [2]. Domestic FU - From October 10th to 16th, 2025, FU 01 increased by 11, FU 05 increased by 5, FU 09 increased by 8, FU 01 - 05 increased by 6, FU 05 - 09 decreased by 3, and FU 09 - 01 decreased by 3 [2]. Domestic LU - From October 10th to 16th, 2025, LU 01 decreased by 1, LU 05 increased by 11, LU 09 increased by 23, LU 01 - 05 decreased by 12, LU 05 - 09 decreased by 12, and LU 09 - 01 increased by 24 [3]

Group 1: Report's Core View - The PDH profit improvement may lead to increased demand for CP cargo purchases. One can focus on narrowing the PDH profit, but be aware of the risk of the low - opening of the end - of - month CP official price [1] Group 2: Market Data and Changes Daily Changes - On Thursday, civil gas prices declined. In East China, it was 4369 (-5), in Shandong 4280 (-70), and in South China 4500 (-30). Ether - post carbon four was 4460 (+0). The lowest delivery location was Shandong, with a basis of 28 (-174), and the November - December spread was 137 (+8). FEI and CP increased to 474 (+8) and 450 (+1) dollars per ton respectively [1] - The PG futures price dropped significantly. The cheapest deliverable was East China civil gas at 4384 (+21); in Shandong it was 4450 (-100), and in South China 4570 (-70). The basis was 314 (+188), and the November - December spread was 78 (+0). Warehouse receipts were cancelled to zero in September. The October CP official price opened low at 495/475, the lowest in two years, 40 - 60 dollars lower than expected. The FEI monthly spread was - 15 dollars (-8.5), and the CP monthly spread was - 8.75 dollars (+0.25). The domestic - foreign price difference PG - CP reached 108 (+3); PG - FEI reached 101 (+13). FEI - CP was 7.5 (-10). The US - Asia arbitrage window closed. AFEI was at a discount of - 18.75, and the South China CIF discount was 52. Freight rates dropped significantly, with the US Gulf - Japan at 126 (-5) and the Middle East - Far East at 63 (-5.5). The FEI - MOPJ spread widened significantly to - 83 (-28) [1] Market Conditions - The inventory pressure is small, the supply is abundant, the chemical demand provides strong support, and the combustion demand is gradually picking up. The PDH operating rate is 70.88% (-1.64pct), with some plants like Haiwei, Lihuayi Weiyuan, and Tianjin Bohua shut down, and Zhongjing is expected to resume next week [1]

Report Summary 1) Report Industry Investment Rating - Not provided 2) Core Viewpoints - DH profit improvement may lead to increased demand for CP cargo purchases. Consider narrowing PDH profit, but be aware of the risk of a low CP official price at the end of the month [1] - The PG market has declined significantly. The cheapest deliverable is East China civil gas. The basis and 11 - 12 month spread have changed. Warehouse receipts were cancelled to zero in September. The October CP official price was the lowest in two years [1] - The inventory pressure is small, supply is abundant, chemical demand provides strong support, and combustion demand is gradually recovering. PDH operating rate has decreased, and some plants have shut down with one expected to resume next week [1] 3) Summary by Related Content Price Changes - **Daily Changes**: On October 15, compared with the previous day, civil gas prices in East China decreased by 9 to 4374, in Shandong by 90 to 4350, and remained unchanged in South China at 4530. Ether - post - carbon four decreased by 20 to 4460 [1] - **Weekly Changes**: PG prices in different regions changed. The basis and 11 - 12 month spread changed. FEI and CP had small fluctuations. PDH profit, inventory, and supply - demand situations also had corresponding changes [1] Market Indicators - **Price and Spread**: The 10 - month CP official price was 495/475, the lowest in two years, 40 - 60 dollars lower than expected. FEI and CP month spreads, and various internal and external spreads (PG - CP, PG - FEI, FEI - CP) changed [1] - **Arbitrage Window**: The US - Asia arbitrage window is closed. AFEI and CP South China arrival discounts are given. Freight rates have dropped significantly [1] - **Profit**: PDH propylene production spot profit changed little, and PP production profit rebounded from a low level [1] - **Inventory and Supply - Demand**: Inventory pressure is small, supply is abundant, chemical demand provides strong support, and combustion demand is gradually recovering. PDH operating rate is 70.88% (-1.64pct) [1]

Group 1: Report Overview - Report Name: Asphalt Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: October 14, 2025 [3] Group 2: Price and Volume Data Futures Contracts - **Price Changes**: From September 12 to October 13, most BU futures contracts showed a downward trend. For example, BU01 decreased from 3313 to 3181, a drop of 67 points week - on - week and 215 points month - on - month [4]. - **Volume and Open Interest**: The trading volume on October 13 was 341102, an increase of 17781 from the previous day and a decrease of 7466 from the previous week. The open interest was 341209, an increase of 18615 from the previous day and a decrease of 25349 from the previous week [4]. Spot Market - **Market Prices**: Market prices in different regions generally declined. For instance, the Shandong market price dropped from 3530 to 3480, a decrease of 10 points day - on - day and 20 points week - on - week [4]. - **Price Differences**: The price differences between regions also changed. For example, the Shandong - Northeast price difference increased from - 320 to - 270 [4]. Basis and Monthly Spread - **Basis**: The basis of different regions showed various changes. The Shandong basis (+80) increased from 100 to 178, an increase of 78 points week - on - week [4]. - **Monthly Spread**: The monthly spreads such as 10 - 11, 10 - 12, etc., all showed significant increases. For example, the 10 - 12 spread increased from 57 to 248, an increase of 191 points week - on - week [4]. Crack Spread and Profit - **Crack Spread and Profits**: The asphalt Brent crack spread and various refinery profits showed different trends. The ordinary refinery comprehensive profit increased from 447 to 541, an increase of 92 points week - on - week [4]. - **Import Profits**: Import profits from South Korea to East China and from Singapore to South China both decreased. The import profit from South Korea to East China decreased from - 102 to - 247, a decrease of 70 points week - on - week [4]. Other Related Prices - **Crude Oil and Product Prices**: Brent crude oil decreased from 66.4 to 62.7, a decrease of 2.7 points week - on - week. The Shandong market price of gasoline decreased from 7533 to 7390, a decrease of 123 points week - on - week [4]. Group 3: Other Information - **Data Sources**: The data in the report is sourced from Mysteel, Cloud Asphalt, and Wind [8]

Report Overview - The report is an LPG morning report released by the Energy and Chemicals Team of the Research Center on October 14, 2025, providing daily and weekly data on LPG market [1]. Key Data and Changes Price Changes - On October 14, 2025, compared with the previous day, the prices of civil LPG in different regions showed mixed trends: in East China, it was 4386 (+2); in Shandong, it was 4450 (+0); in South China, it was 4560 (-30). The price of ether - post - carbon four was 4480 (-110) [1]. - The lowest delivery location was East China, with the latest basis at 265, and the spread between November and December was 136 (+29) [1]. - FEI and CP dropped significantly, with the latest prices at 470 and 452 US dollars per ton respectively [1]. PG Market Changes - The PG futures price dropped significantly. The cheapest deliverable was East China civil LPG at 4384 (+21); Shandong was 4450 (-100); South China was 4570 (-70). The basis was 314 (+188), and the spread between November and December was 78 (+0) [1]. - The warehouse receipts were cancelled to zero in September. The official price of CP in October opened low at 495/475, the lowest in two years, 40 - 60 US dollars lower than expected [1]. - The FEI monthly spread was -15 US dollars (-8.5), and the CP monthly spread was -8.75 US dollars (+0.25) [1]. - The internal - external price difference: PG - CP reached 108 (+3); PG - FEI reached 101 (+13). FEI - CP was 7.5 (-10). The US - Asia arbitrage window was closed [1]. - AFEI was at a discount of -18.75, and the South China CIF discount was 52. Freight rates dropped significantly, with the US Gulf - Japan at 126 (-5) and the Middle East - Far East at 63 (-5.5). The FEI - MOPJ spread widened significantly to -83 (-28) [1]. PDH Profit - The spot profit of PDH to produce propylene changed little; the profit of producing PP rebounded from a low level. The PDH operating rate was 70.88% (-1.64 pct), with Haiwei, Li Huayi Weiyuan, and Tianjin Bohua shut down, and Zhongjing expected to resume next week [1]. Core View - The LPG market shows that inventory pressure is small, supply is abundant, chemical demand provides strong support, and combustion demand is gradually picking up. With the current high PG basis, low FEI and CP valuations, and the expiration of the China - US tariff truce agreement on November 10, the improvement of PDH profit may lead to an increase in the demand for CP cargo purchases. It is advisable to pay attention to narrowing the PDH profit, but be aware of the risk of the low - opening of the official CP price at the end of the month [1]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The current PG basis is high, FEI and CP valuations are low. The Sino - US tariff truce agreement will expire on November 10th. The improvement of PDH profit may lead to the purchase demand for CP cargo. One can focus on narrowing PDH profit, but should be aware of the risk of a low - opening CP official price at the end of the month [1] 3. Summary According to the Catalog Price and Basis Information - On Friday, for civil gas, prices had both increases and decreases: East China was 4384 (+4), Shandong was 4450 (+20), and South China was 4590 (-10). Ether - post carbon four was 4590 (-30). The lowest delivery location was East China, with a basis of 314 (+6), and the November - December spread was 78 (-16). FEI and CP decreased slightly, at 498 (-2) and 472 (-1) dollars/ton respectively [1] - The PG futures price dropped significantly. The cheapest delivery product was East China civil gas at 4384 (+21); Shandong was 4450 (-100), South China was 4570 (-70). The basis was 314 (+188), and the November - December spread was 78 (+0). Warehouse receipts were cancelled to zero in September. The October CP official price opened low at 495/475, the lowest in two years, 40 - 60 dollars lower than expected [1] Spread and Arbitrage Information - The internal - external spreads were as follows: PG - CP reached 108 (+3); PG - FEI reached 101 (+13). FEI - CP was 7.5 (-10). The US - Asia arbitrage window was closed. AFEI was at a discount of - 18.75, and the South China arrival discount was 52 [1] Freight and Margin Information - Freight rates dropped significantly: US Gulf - Japan was 126 (-5), Middle East - Far East was 63 (-5.5). The FEI - MOPJ spread widened significantly to - 83 (-28). The spot profit margin of PDH to propylene changed little; the profit of producing PP recovered from a low level [1] Inventory and Demand Information - Inventory pressure was small, supply was abundant, chemical demand provided strong support, and combustion demand was gradually picking up. The PDH operating rate was 70.88% (-1.64pct), with Haichang, Lihuayi Weiyuan, and Tianjin Bohua shut down, and Zhongjing expected to resume next week [1]

Group 1: Report Information - Report Title: "Asphalt Morning Report" [2] - Research Team: Research Center Energy and Chemicals Team [3] - Report Date: October 13, 2025 [3] Group 2: Market Data Summary Futures Contracts - The closing prices of BU contracts on October 10, 2025, showed varying degrees of decline compared to previous days, with the BU01 contract dropping by 57 to 3248, and the BU11 contract down 47 to 3328 [4]. - The trading volume on October 10 was 323,321, an increase of 107,262 from the previous day and 47,323 from the previous week [4]. - The open interest on October 10 was 322,594, an increase of 2,486 from the previous day but a decrease of 71,983 from the previous week [4]. Spot Market - The market prices of asphalt in different regions showed different trends, with the Shandong market price remaining unchanged at 3490, the North China market price dropping by 30 to 3560, and the Northeast market price falling by 10 to 3800 [4]. - The basis and monthly spreads of asphalt also changed, with the Shandong basis (+80) increasing by 17 to 172, and the 10 - 11 monthly spread rising by 56 to 112 [4]. Crack Spreads and Profits - The asphalt - Brent crack spread on October 10 was 98, an increase of 51 from the previous day but a decrease of 42 from the previous week [4]. - The asphalt - Marrow profit on October 10 was 22, an increase of 46 from the previous day but a decrease of 38 from the previous week [4]. - The comprehensive profit of ordinary refineries on October 10 was 449, an increase of 36 from the previous day but a decrease of 88 from the previous week [4]. - The comprehensive profit of Marrow - type refineries on October 10 was 833, an increase of 39 from the previous day but a decrease of 25 from the previous week [4]. - The import profit from South Korea to East China on October 10 was - 225, a decrease of 2 from the previous day and 49 from the previous week [4]. - The import profit from Singapore to South China on October 10 was - 960, a decrease of 3 from the previous day and 13 from the previous week [4]. Related Commodity Prices - The price of Brent crude oil on October 10 was 65.2, a decrease of 1.0 from the previous day but an increase of 0.7 from the previous week [4]. - The market price of gasoline in Shandong on October 10 was 7433, a decrease of 25 from the previous day and 84 from the previous week [4]. - The market price of diesel in Shandong on October 10 was 3803, an increase of 60 from the previous day and 50 from the previous week [4]. - The market price of residue oil in Shandong on October 10 was 3743, a decrease of 10 from the previous day and 10 from the previous week [4].

1. Report Industry Investment Rating - No information provided in the content. 2. Core View of the Report - No explicit core view is presented in the content. The report mainly provides a series of data on asphalt, including prices, trading volumes, open interests, basis, spreads, and profits. 3. Summary by Relevant Catalogs Price and Trading Volume Information - **Contract Prices**: The prices of various asphalt futures contracts (BU10 - BU03) showed fluctuations from September 10th to September 30th. For example, the BU10 contract price decreased from 3463 on 9/10 to 3440 on 9/30, with a daily change of -45 and a weekly change of 32 [4]. - **Trading Volume and Open Interest**: The trading volume on 9/30 was 229798, a decrease of 35312 from the previous day and 12721 from the previous week. The open interest on 9/30 was 316935, a decrease of 25400 from the previous day and 96907 from the previous week [4]. - **Market Prices**: Different regions had different asphalt market prices. For instance, the Shandong market price remained at 3500 from 9/24 - 9/30, while the Northeast market price decreased from 3830 on 9/24 to 3820 on 9/30 [4]. Basis and Monthly Spread - **Basis**: The Shandong basis (+80) was 126 on 9/30, with a daily increase of 42 and a weekly decrease of 42. The East China basis was 66 on 9/30, with a daily increase of 42 and a weekly increase of 38 [4]. - **Monthly Spread**: The 10 - 11 spread was 16 on 9/30, a decrease of 3 from the previous day and unchanged from the previous week. The 11 - 01 spread was 68 on 9/30, an increase of 4 from the previous day and a decrease of 22 from the previous week [4]. Spread and Profit - **Asphalt Spreads**: The asphalt Brent spread was 57 on 9/30, a decrease of 42 from the previous day and 115 from the previous week [4]. - **Profits**: The asphalt Ma Rui profit was -16 on 9/30, a decrease of 38 from the previous day and 104 from the previous week. The ordinary refinery comprehensive profit was 434 on 9/30, a decrease of 52 from the previous day and 107 from the previous week [4]. Other Related Data - **Crude Oil Price**: The Brent crude oil price was 66.3 on 9/30, an increase of 0.8 from the previous day and 2.1 from the previous week [4]. - **Gasoline and Diesel Prices**: The Shandong market price of gasoline was 7471 on 9/30, a decrease of 21 from the previous day and 12 from the previous week. The Shandong market price of diesel was 3733 on 9/30, a decrease of 50 from the previous day [4].