Report Summary 1. Report Industry Investment Rating - No information provided 2. Core View - No information provided 3. Summary by Relevant Catalog 3.1 Basis and Month Spread - **Basis**: On March 31st, the Shandong basis (+80) (non - Jingbo) was -32 with a daily change of -99; the East China basis (Zhenjiang warehouse) was -62 with a daily change of 7; the South China basis (Foshan warehouse) was -62 with a daily change of 1 [3]. - **Month Spread**: On March 31st, the 04 - 05 spread was 0 with a daily change of 3; the 04 - 06 spread was 5 with a daily change of -1; the 06 - 09 spread was 233 with a daily change of 15 [3]. 3.2 Futures Contract - **BU Main Contract**: On March 31st, the price of the BU main contract was 4512, with a daily change of -1 [3]. - **Trading Volume**: On March 31st, the trading volume was 1175067, with a daily increase of 101795 [3]. - **Open Interest**: On March 31st, the open interest was 370991, with a daily decrease of 1239 [3]. - **Combined Contract**: On March 31st, the combined contract was 35600, with no daily change [3]. 3.3 Crude Oil and Asphalt Prices - **Brent Crude Oil**: On March 31st, the price was 114.5, with no daily change [3]. - **Asphalt Prices**: On March 31st, the price of Jingbo asphalt was 4450 with no change; the price of Shandong (non - Jingbo) asphalt was 4400, with a daily decrease of 100; the price of Zhenjiang warehouse asphalt was 4450 with no change; the price of Foshan warehouse asphalt was 4450 with no change [3]. 3.4 Profit - **Asphalt Marey Profit**: On March 31st, the asphalt Marey profit was -718, with a daily decrease of 1 [3].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - No clear core viewpoints are presented in the given content 3. Summary by Related Catalogs 3.1 Basis and Spread - The Shandong basis (+80) (non - Jingbo) was -6 on 2/27, -177 on 3/20, -130 on 3/25, -183 on 3/26, -152 on 3/27, with a daily change of 31 [3] - The East China basis (Zhenjiang warehouse) was -66 on 2/27, -107 on 3/20, -180 on 3/25, -93 on 3/26, -82 on 3/27, with a daily change of 11 [3] - The South China basis (Foshan warehouse) was -146 on 2/27, -107 on 3/20, -210 on 3/25, -93 on 3/26, -82 on 3/27, with a daily change of 11 [3] - The 04 - 05 spread was -20 on 2/27, -10 on 3/20, 13 on 3/25, 11 on 3/26, -4 on 3/27, with a daily change of -15 [3] - The 04 - 06 spread was -26 on 2/27, -5 on 3/20, 15 on 3/25, 7 on 3/26, -4 on 3/27, with a daily change of -11 [3] - The 06 - 09 spread was 32 on 2/27, 277 on 3/20, 253 on 3/25, 273 on 3/26, 267 on 3/27, with a daily change of -6 [3] 3.2 Futures Contracts - The BU main contract price was 3346 on 2/27, 4457 on 3/20, 4410 on 3/25, 4543 on 3/26, 4532 on 3/27, with a daily change of -11 [3] - The trading volume was 224662 on 2/27, 1191491 on 3/20, 1073847 on 3/25, 1173067 on 3/26, 1165126 on 3/27, with a daily change of -7941 (-2) [3] - The open interest was 315006 on 2/27, 370977 on 3/20, 350606 on 3/25, 380087 on 3/26, 378989 on 3/27, with a daily change of -1098 (8) [3] - The warehouse receipt was 23510 on 2/27, 36100 from 3/20 to 3/26, and N/A on 3/27 [3] 3.3 Spot Market - Brent crude oil price was 70.8 on 2/27, 109.3 on 3/20, 100.8 on 3/25, 104.1 on 3/26, 107.9 on 3/27, with a daily change of 3.9 [3] - Jingbo asphalt price was 3290 on 2/27, 4220 on 3/20, 4250 on 3/25, 4300 on 3/26 and 3/27, with a daily change of 0 [3] - Shandong (non - Jingbo) asphalt price was 3260 on 2/27, 4200 on 3/20 and 3/25, 4280 on 3/26, 4300 on 3/27, with a daily change of 20 [3] - Zhenjiang warehouse asphalt price was 3280 on 2/27, 4350 on 3/20, 4230 on 3/25, 4450 on 3/26 and 3/27, with a daily change of 0 [3] - Foshan warehouse asphalt price was 3200 on 2/27, 4350 on 3/20, 4200 on 3/25, 4450 on 3/26 and 3/27, with a daily change of 0 [3] 3.4 Profit - The asphalt - Ma Rui profit was -661 on 3/20, -211 on 3/25, -315 on 3/26, and N/A on 3/27 [3]

Report Information - Report Title: Synthetic Rubber Morning Report [2] - Team: Research Center's Energy and Chemicals Team [3] - Date: March 27, 2026 [3] - Data Sources: Mysteel, Wind [8] Key Information on BR (Butadiene Rubber) Price and Volume - The closing price of the BR main contract on March 26 was 17,975, with a daily change of 255 and a weekly change of 2,435 [4]. - The open interest on March 26 was 116,947, with a daily change of 1,942 and a weekly change of 53,147 [4]. - The trading volume in Germany on March 26 was 1,081,955, with a daily change of 191,851 and a weekly change of 780,767 [4]. Basis and Spread - The warehouse receipt quantity on March 26 was 48,550, with a daily change of 640 and a weekly change of 930 [4]. - The virtual - to - physical ratio on March 26 was 12.04, with a daily change of 0 and a weekly change of 5 [4]. - The basis of cis - butadiene was - 75 on March 26, with a daily change of - 5 [4]. - The basis of butadiene was 125 on March 26, with a daily change of 45 and a weekly change of - 135 [4]. - The 05 - 06 spread was 290 on March 26, with a daily change of - 215 and a weekly change of 70 [4]. - The 06 - 07 spread was 285 on March 26, with no daily change and a weekly change of 300 [4]. - The RU - BR spread was - 1,515 on March 26, with a daily change of - 225 and a weekly change of - 2,065 [4]. - The NR - BR spread was - 4,340 on March 26, with a daily change of - 185 and a weekly change of - 1,725 [4]. Spot Price and Profit - The Shandong market price on March 26 was 17,900, with a daily change of 250 and a weekly change of 2,500 [4]. - The Transfar market price on March 26 was 18,000, with a daily change of 400 and a weekly change of 2,550 [4]. - The Qilu ex - factory price on March 26 was 18,500, with no daily change and a weekly change of 2,700 [4]. - The CFR Northeast Asia price on March 26 was 2,350, with no daily change and a weekly change of 250 [4]. - The CFR Southeast Asia price on March 26 was 2,600, with no daily change and a weekly change of 325 [4]. - The spot processing profit on March 26 was - 2,966, with a daily change of - 5 and a weekly change of - 866 [4]. - The import profit on March 26 was - 922, with a daily change of 257 and a weekly change of 548 [4]. - The export profit on March 26 was 1,738, with a daily change of - 224 and a weekly change of 70 [4]. Key Information on BD (Butadiene) Spot Price and Profit - The Shandong market price on March 26 was 18,300, with a daily change of 250 and a weekly change of 3,300 [4]. - The Jiangsu market price on March 26 was 18,300, with a daily change of - 250 and a weekly change of 2,700 [4]. - The Yangzi ex - factory price on March 26 was 18,000, with no daily change and a weekly change of 2,500 [4]. - The CFR China price on March 26 was 2,350, with no daily change and a weekly change of 250 [4]. - The ethylene cracking profit on March 24 was 127 [4]. - The carbon - four extraction profit on March 24 was 7,881 [4]. - The butene oxidative dehydrogenation profit on March 26 was 6,420, with a daily change of - 250 and a weekly change of 1,370 [4]. - The import profit on March 26 was - 177, with a daily change of - 243 and a weekly change of 748 [4]. - The export profit on March 26 was - 888, with a daily change of 902 and a weekly change of 4,519 [4]. Production Profit - The butadiene - styrene production profit on March 26 was 275, with no daily change and a weekly change of 1,000 [4]. - The ABS production profit on March 26 was - 1,497, with a daily change of - 104 and a weekly change of - 1,147 [4]. - The SBS production profit on March 26 was - 2,410, with no daily change and a weekly change of - 1,040 [4].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints - No relevant information provided Group 3: Summary by Directory 1. Basis and Spread - The basis in Shandong (+80) (non-Jingbo) changed from 32 on 2/24 to 29 on 3/24, with a daily change of 320 [3] - The basis in East China (Zhenjiang Warehouse) changed from -18 on 2/24 to 49 on 3/24, with a daily change of 260 [3] - The basis in South China (Foshan Warehouse) changed from -68 on 2/24 to 49 on 3/24, with a daily change of 260 [3] - The spreads between contracts 04 - 05, 04 - 06, and 06 - 09 also had significant changes from 2/24 to 3/24 [3] 2. Futures Contract Data - The price of the BU main contract changed from 3348 on 2/24 to 4401 on 3/24, with a daily change of -260 [3] - The trading volume changed from 257,381 on 2/24 to 1,275,134 on 3/24, with a daily change of 218,965 [3] - The open interest changed from 332,156 on 2/24 to 348,738 on 3/24, with a daily change of -29,028 [3] - The warehouse receipts remained at 36,100 from 3/17 to 3/24 [3] 3. Crude Oil and Asphalt Prices - The price of Brent crude oil changed from 71.4 on 2/24 to 101.2 on 3/24, with a daily change of -8.2 [3] - The prices of asphalt from different sources (Jingbo, Shandong non-Jingbo, Zhenjiang Warehouse, Foshan Warehouse) also changed from 2/24 to 3/24 [3] 4. Profit - The asphalt MRE profit changed from 257 on 2/24 to -136 on 3/24, with a daily change of 440 [3]

Group 1: Report Information - Report Name: Asphalt Morning Report [2] - Report Date: March 20, 2026 [5] - Research Team: Research Center Energy and Chemicals Team [5] Group 2: Industry Investment Rating - Not provided Group 3: Core View - Not provided Group 4: Summary by Directory 1. Basis and Spread - On March 19, the basis in Shandong (non-Jingbo, +80) was -195, with a daily change of 45; the basis in East China (Zhenjiang Warehouse) was -75, with a daily change of -75; the basis in South China (Foshan Warehouse) was -75, with a daily change of 25 [3]. - The 04 - 05 spread was -1, with a daily change of -5; the 04 - 06 spread was 10, with a daily change of -6; the 06 - 09 spread was 308, with a daily change of 4 [3]. 2. Futures Contract Information - The price of the BU main contract on March 19 was 4625, with a daily change of 225. The trading volume was 1,452,703, with a daily change of 75,165, and the open interest was 400,963, with a daily change of -5,718. The warehouse receipts remained at 36,100 [3]. 3. Crude Oil and Asphalt Prices - The price of Brent crude oil on March 19 was 109.5, with a daily change of 5.8. The price of Jingbo asphalt was 4200, with a daily change of 100; the price of Shandong (non-Jingbo) asphalt was 4350, with a daily change of 270; the price of Zhenjiang Warehouse asphalt was 4550, with a daily change of 150; the price of Foshan Warehouse asphalt was 4550, with a daily change of 250 [3]. 4. Asphalt Profit - The asphalt - Marey crude oil profit on March 19 was -668, with a daily change of -174 [3].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints - For methanol, with the ongoing fermentation of the Iran conflict, MTO shows resistance. Some plants have shut down or have plans to reduce production. Methanol is difficult to move up or down, and the MTO profit caps the upside. It is currently appropriate to be bearish or sell call options [2] - For plastics, the futures market fluctuates, the spot market remains stable, and the basis is weak. The supply of standard products is growing rapidly, and the supply of PE in May is expected to face pressure [2] - For PP, the futures market remains stable, the basis is weak, and the export volume declines slightly. The overall inventory is neutral, and the supply in May and later is expected to be slightly excessive [4] - For PVC, the basis improves slightly, the trading volume is average, and the overall profit is low. The total inventory is still moderately high, and the long - term outlook is poor [6] Group 3: Summary by Product Methanol - Price data shows changes in power coal futures, spot prices in different regions, CFR prices, import profits, etc. from February 13 to 27, 2026. The daily changes in some prices are significant, such as a 35 - unit decrease in the Jiangsu spot price [2] Plastics - Price data includes Northeast Asia ethylene, prices of different types of plastics in different regions, import profits, etc. from February 13 to 27, 2026. The daily change in the Northeast Asia ethylene price is 10 units, and the主力 futures price drops by 71 units [2] PP - Price data covers Shandong propylene, Northeast Asia propylene, PP prices in different regions, import and export profits, etc. from February 13 to 27, 2026. The daily change in the Shandong propylene price is - 50 units, and the主力 futures price drops by 64 units [4] PVC - Price data includes Northwest calcium carbide, Shandong caustic soda, prices of different production methods in different regions, import and export profits, etc. from February 13 to 27, 2026. The daily change in the Northwest calcium carbide price is - 50 units, and the price of the East China calcium carbide method drops by 70 units [5][6]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Not provided in the given content 3. Summary by Relevant Catalogs Supply - **Soda Ash**: The current week's soda ash开工率 is 85.04%, up 0.32% from the previous week; the产量 is 79.09 tons, up 0.28 tons; the重质产量 is 42.3 tons, up 0.32 tons; the轻质产量 is 36.79 tons, down 0.04 tons [1] - **Float Glass**: The开工率 remains unchanged at 70.610%; the产线条数 is 209, unchanged; the产量 is 103.8365 tons, up 0.24 tons [1] Inventory - **Soda Ash**: The厂内库存 is 189.44 tons, up 30.64 tons; the重质库存 is 89.59 tons, up 13.95 tons; the轻质库存 is 99.85 tons, up 16.69 tons; the库存可用天数 is 14.26 days, up 1.09 days [1] - **Float Glass**: The库存 is 7600.8 (unit not clear, assumed to be relevant unit), up 2065.6; the库存可用天数 is 33.8 days, up 9.4 days [1] Profit - **Soda Ash**: The天然气利润 is -142.26, up 24.29; the氨碱法毛利 is -90.15, down 0.9; the联产法毛利 is -1.5, up 31 [1] - **Float Glass**: The石油焦利润 remains at 43.93; the煤制气利润 is -30.79, down 1.92 [1] Basis & Spread - **Soda Ash**: The基差 is -40, up 10; the 1 - 5价差 is -109, up 1 [1] - **Float Glass**: The基差 is -31, up 30; the 1 - 5价差 is -159, down 4 [1] - **Arbitrage**: The纯碱 - glass 01价差 is 83, up 21; the纯碱 - glass 05价差 is 133, up 26 [1]

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Viewpoints of the Report - There is no clear core viewpoint presented in the provided content. Group 3: Summary by Relevant Catalogs 1. Basis and Spread - **Shandong Basis (+80) (Non-Jingbo)**: On 1/26, it was -79; on 2/24, it was 32, with a daily change of 32 [3]. - **East China Basis (Zhenjiang Warehouse)**: On 1/26, it was -79; on 2/24, it was -18, with a daily change of -68 [3]. - **South China Basis (Foshan Warehouse)**: On 1/26, it was -49; on 2/24, it was -68, with a daily change of -68 [3]. - **03 - 06 Spread**: On 1/26, it was -7; on 2/24, it was -38, with a daily change of -14 [3]. - **04 - 06 Spread**: On 1/26, it was -7; on 2/24, it was -24, with a daily change of -16 [3]. - **06 - 09 Spread**: On 1/26, it was 22; on 2/24, it was 30, with a daily change of 0 [3]. 2. Futures Contracts - **BU Main Contract**: On 1/26, the price was 3279; on 2/24, it was 3348, with a daily change of 68 [3]. - **Trading Volume**: On 1/26, it was 353,797; on 2/24, it was 257,381, with a daily change of -8,631 [3]. - **Open Interest**: On 1/26, it was 420,188; on 2/24, it was 332,156, with a daily change of 546 [3]. 3. Spot Market - **Brent Crude Oil**: On 1/26, the price was 65.6; on 2/13, it was 71.4 [3]. - **Jingbo**: On 1/26, the price was 3180; on 2/24, it was 3340, with an increase of 140 [3]. - **Shandong (Non-Jingbo)**: On 1/26, the price was 3120; on 2/24, it was 3300, with an increase of 100 [3]. - **Zhenjiang Warehouse**: On 1/26, the price was 3200; on 2/24, it was 3330, with no change [3]. - **Foshan Warehouse**: On 1/26, the price was 3230; on 2/24, it was 3280, with no change [3]. 4. Profit - **Asphalt Marrow Profit**: On 1/26, it was 362; on 2/12, it was 168; on 2/13, it was 178 [3].

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints There is no clear core viewpoint presented in the provided content. 3. Summary by Relevant Catalogues 3.1. Basis and Spread - The daily change of Shandong basis (+80) (non-Jingbo), East China basis (Zhenjiang warehouse), and South China basis (Foshan warehouse) is 30 [3] - The daily change of 03 - 06 spread is -9, 04 - 06 is -8, and 06 - 09 is -5 [3] 3.2. Futures Contracts - The BU main contract price on 2/12 is 3343, with a daily change of -30 [3] - The trading volume on 2/12 is 271643, with a daily change of 37601; the open interest is 347769, with a daily change of -17689 [3] 3.3. Spot Prices - The spot prices of Jingbo, Shandong (non-Jingbo), Zhenjiang warehouse, and Foshan warehouse remain unchanged on 2/12 [3] 3.4. Profits - The asphalt Ma Rui profit on 2/12 is 176, with a daily change of 8 [3] 3.5. Weekly Changes - The weekly changes of basis, spread, trading volume, open interest, etc., are -9, -9, -9, -15, -12, -6, 9, -1456, -32196, 1780, 3.0, 0, 0, 0, -133 [6]

Group 1 - The core viewpoint indicates that the steel market is experiencing weak stability before the holiday, with low fluctuations in futures steel prices [4][12] - In January, China's CPI rose by 0.2% month-on-month and year-on-year, while PPI increased by 0.4% month-on-month, marking the fourth consecutive month of increase [4][12] - The sales of excavators in January 2026 reached 18,708 units, a year-on-year increase of 49.5%, with domestic sales up by 61.4% [4][12] Group 2 - The production of rebar decreased by 225,200 tons to 1,691,600 tons, with inventory increasing by 672,500 tons to 5,848,200 tons [5][14] - Hot-rolled coil production slightly decreased by 14,000 tons to 3,077,600 tons, while total inventory rose by 115,700 tons to 3,707,700 tons [5][14] - The average cost for independent electric arc furnace steel mills was 3,296 yuan per ton, with an average loss of 520 yuan per ton [4][12] Group 3 - The total supply of five major steel products was 7,940,600 tons, a week-on-week decrease of 258,400 tons, while total inventory increased by 1,449,300 tons, a rise of 7.8% [4][12] - The steel market is currently in a weak supply-demand situation, with steel mills implementing production cuts as the holiday approaches [5][14] - The strategy for rebar is to observe support around 3,050, while for hot-rolled coil, support is around 3,200 [6][15]