Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The LPG market shows a pattern of increasing supply and weakening demand, with the spot price center shifting downward. The PG futures market rebounds due to the improvement in the international spot market and the low valuation of the futures. It is expected to continue the weak and volatile consolidation trend [1]. 3) Summary by Related Catalogs Market Data - **Spot Prices**: From August 15 to August 21, 2025, the prices of South China LPG remained at 4520, East China LPG increased from 4410 to 4398, and Shandong LPG rose from 4420 to 4500. The CFR South price of propane increased from 563 to 573, and the CIF Japan price of propane rose from 527 to 540 [1]. - **Daily Changes**: On August 21, compared with the previous day, the prices of South China LPG remained unchanged, East China LPG increased by 8, Shandong LPG increased by 20, the CFR South price of propane increased by 8, and the CIF Japan price of propane increased by 4 [1]. - **Futures Market**: The PG futures market shows a small rebound. The basis strengthened to 105 (-31), and the 09 - 10 spread was -493 (-29). The cheapest deliverable was East China civil gas at 4398 on Thursday [1]. Weekly View - **Market Conditions**: The international market is volatile, with freight rates generally in a high - level volatile state. The waiting time at the Panama Canal for VLGCs has decreased. The FEI and CP have increased, and the production profit of PP made from FEI and CP has weakened [1]. - **Fundamentals**: The unloading volume has decreased, chemical demand has slightly increased, and port inventories have decreased by 2.06%. Refinery commodity volume has decreased by 1.68%. Factory inventories have increased by 0.07%. The PDH operating rate is 76.33% (+2.49pct), and the combustion demand is still weak but gradually coming to an end [1].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the content. 2. Core Viewpoints No core viewpoints are presented in the given content. 3. Summary by Relevant Catalogs Futures Contracts - BU主力合约价格从7月23日的3594降至8月21日的3465，日度变化为11，周度变化为 -38 [4] - BU06价格从3391变为3342，日度变化27，周度变化4 [4] - BU09价格从3594变为3496，日度变化3，周度变化 -38 [4] - BU12价格从3460变为3373，日度变化19，周度变化 -33 [4] - BU03价格从3406变为3340，日度变化20，周度变化0 [4] Trading Volume and Open Interest - 成交量从7月23日的300486变为8月21日的194917，日度变化 -27620，周度变化18196 [4] - 持仓量从459411变为424013，日度变化 -5954，周度变化 -20467 [4] - 合计从42950变为30940，日度变化 -200，周度变化 -1100 [4] Market Prices - 山东市场价从3845变为3510，日度变化 -20，周度变化 -130 [4] - 华东市场价从3780变为3720，日度变化0，周度变化 -10 [4] - 华南市场价从3590变为3490，日度变化 -20，周度变化 -40 [4] - 华北市场价从3730变为3660，日度变化 -10，周度变化 -30 [4] - 东北市场价维持3880，日度和周度变化均为0 [4] Spot Prices - 京博 (海韵) 价格维持3670，日度和周度变化均为0 [4] - 露海(鑫渤海) 价格从3730变为3660，日度变化 -10，周度变化 -30 [4] Basis and Calendar Spreads - 山东 - 华东价差从 -90变为 -210，日度变化 -20，周度变化 -120 [4] - 山东 - 东北价差从 -85变为 -370，日度变化 -20，周度变化 -130 [4] - 华东 - 华南价差从190变为230，日度变化20，周度变化30 [4] - 山东基差从251变为45，日度变化 -31，周度变化 -92 [4] - 华东基差从186变为256，日度变化 -11，周度变化28 [4] - 华南基差从 -4变为25，日度变化 -31，周度变化 -2 [4] - 03 - 06月差从15变为 -2，日度变化 -7，周度变化 -4 [4] - 06 - 09月差从 -203变为 -154，日度变化24，周度变化42 [4] - 09 - 12月差从134变为123，日度变化 -16，周度变化 -5 [4] - 12 - 03月差从54变为33，日度变化 -1，周度变化 -33 [4] - 连一 - 连二月差从36变为42，日度变化 -8，周度变化11 [4] Crack Spreads and Profits - 沥青Brent裂差从30变为74（部分数据缺失） [4] - 沥青马瑞利润从 -42变为 -1（部分数据缺失） [4] - 普通炼厂综合利润从447变为496（部分数据缺失） [4] - 马瑞型炼厂综合利润从724变为762（部分数据缺失） [4] - 进口利润(韩国 - 华东) 从 -52变为 -131，日度变化0，周度变化 -5 [4] - 进口利润（新加坡 - 华南）从 -962变为 -1058，日度变化 -18，周度变化 -31 [4] Related Prices - Brent原油价格从68.6变为66.8，日度变化1.1，周度变化0.0 [4] - 汽油山东市场价从7799变为7655，日度变化7，周度变化 -77 [4] - 柴油山东市场价从6562变为6516，日度变化12，周度变化 -46 [4] - 渣油山东市场价维持3660，日度变化0，周度变化30 [4]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - This week, the cracking spread of Singapore 380cst high-sulfur fuel oil rebounded and then weakened, the near-month spread oscillated, and the EW spread oscillated. The 9-10 spread weakened to $3.5/ton, the basis oscillated at a low level (-$4), and the FU01 internal and external spread slightly weakened to -$0.8. The 0.5 cracking spread in Singapore oscillated and weakened, the 9-10 spread weakened to $2.75/ton, and the LU11 internal and external spread oscillated at $9. [4][5] - This week, inventories on land in Singapore decreased, but they were still not the highest in the same period of history. Floating storage decreased significantly on a month-on-month basis. Saudi Arabia's shipments decreased significantly, and arrivals this week oscillated. Shipments from the UAE rebounded on a month-on-month basis, and net exports increased significantly. Land inventories in Fujairah in the Middle East decreased, while floating storage inventories of high-sulfur and low-sulfur fuel oil increased significantly. ARA residue inventories increased, and residue inventories in the United States decreased, resulting in a large inventory contradiction. [5] - The divergence between the East and West of high-sulfur fuel oil continued. In the heavy crude oil pattern, the cracking spread of Singapore 380cst was the weakest, and the premium of heavy crude oil was the strongest. It is expected to return in both directions in the future. This week, LU remained weak. The basis of the external MF0.5 weakened again and then oscillated. LU quotas were issued, and the internal and external spreads oscillated. In the short term, pay attention to the opportunity for the high-sulfur 380 EW spread to widen. Fundamentally, the supply of high-sulfur fuel oil is expected to increase, and the supply-demand pattern will weaken. [5] Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From August 14th to August 20th, 2025, the prices of Rotterdam 10ppm Gasoil swap M1, Rotterdam 3.5% HSFO swap M1, Rotterdam 0.5% VLSFO swap M1, etc. showed certain fluctuations. For example, the price of Rotterdam 10ppm Gasoil swap M1 changed from $631.89 to $646.80, with a change of $9.12. [2] Singapore Fuel Oil Data - In the Singapore market, from August 14th to August 20th, 2025, the prices of Singapore 380cst, Singapore 180cst, Singapore VLSFO, etc. also fluctuated. For example, the price of Singapore 380cst changed from $391.90 to $389.37, with a change of -$2.93. The basis and internal and external spreads of Singapore fuel oil also changed. [2][3] Domestic Fuel Oil Data - In the domestic market, from August 14th to August 20th, 2025, the prices of FU (such as FU 01, FU 05, FU 09) and LU (such as LU 01, LU 05, LU 09) futures contracts and their spreads changed. For example, the price of FU 01 changed from 2750 to 2719, with a change of -6. [3][4]

| | LPG早报 | | | | | | | | 研究中心能化团队 2025/08/21 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | L P G | | | | | | | | | | | | | 日期 | 丙烷CFR华 丙烷CIF日 MB丙烷现 CP预测合 华南液化气 山东液化气 山东醚后碳四 山东烷基化油 主力基差 | 华东液化 | | | | | | | | 纸面进口 | | | | | 气 | | 南 | 本 | 货 | 同价 | | | 利润 | | | 2025/08/1 4 | 4365 | 4401 | 4420 | 565 | 535 | 69 | 521 | 4920 | 7810 | -302 | 507 | | 2025/08/1 5 | 4400 | 4410 | 4420 | 563 | 527 | 66 | 519 | 4930 | 7830 | -253 | 539 | | 2025/08/1 8 | 4450 | 4410 | 4440 | 561 | 5 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - PX cost support is weak, but terminal demand improves, and the month - spread remains strong. PX is expected to be stronger than oil prices, but the overall upside space may be limited, and the 9 - 1 month - spread will continue to strengthen [1][7]. - PTA is in a situation of weak reality and strong expectation, with a 9 - 1 month - spread reverse arbitrage. The unilateral price is in a volatile market with limited downside space for now [1][8]. - MEG has a low arrival volume this week, and the basis strengthens. The unilateral price is mainly in a volatile market, and the 9 - 1 month - spread should be operated in the range of - 50 to 0, with a 1 - 5 reverse arbitrage [1][8]. 3. Summary According to Related Catalogs Market Dynamics - PX: The price of naphtha at the end of the session remained strong, and the PX price increased. However, the low start - up of downstream PTA and the weak crude oil market restricted the rise of the PX market. Some October cargoes were traded at 836.5 - 837 dollars/ton [4]. - PTA: The spot price rose to 4,690 yuan/ton. The sentiment in the Asian PTA market remained sluggish due to concerns about over - capacity. A 760,000 - ton/year PTA plant in Taichung was shut down for planned maintenance [5]. - MEG: From August 18th to August 24th, the total planned arrival volume at major ports was about 54,000 tons [6]. - Polyester: The sales of polyester yarn in Jiangsu and Zhejiang were still weak, with an average sales rate of slightly less than 50% by 3:30 pm. The sales of direct - spun polyester staple fiber were average, with an average sales rate of 57% by 3:00 pm [6]. Trend Intensity - The trend intensity of p - xylene, PTA, and MEG is all 0, indicating a neutral trend [7]. Views and Suggestions - PX: Cost support is weak, but the PX fundamentals are tight. The 8 - month polyester start - up reached the bottom, and the 9 - month supply - demand is still tight. Pay attention to the restart progress of Fuhua Group [7]. - PTA: The unilateral price is in a volatile market. The supply is marginally tightened, and the demand improves month - on - month. The 9 - 1 month - spread reverse arbitrage should be maintained. Pay attention to the impact of the peak season on the industrial chain [8]. - MEG: The import arrival volume decreases, and the supply and demand both increase. The 9 - 1 month - spread should be operated in the range of - 50 to 0, with a 1 - 5 reverse arbitrage. Pay attention to the position reduction speed of the 09 contract [8].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The LPG market is expected to continue its weak and volatile consolidation trend. Although there are some improvements in the international spot market and the market sentiment has improved due to low valuation, the overall supply exceeds demand, and the weak combustion demand persists, despite being gradually approaching the end [1]. 3. Summary by Relevant Information 3.1. Price Data - **Daily Price Changes**: On August 18, 2025, compared with the previous day, the price of South China LPG increased by 50 to 4450, the price of Shandong LPG increased by 20 to 4440, the price of propane CFR South decreased by 2 to 561, the price of propane CIF Japan decreased by 7 to 520, and the CP forecast contract price decreased by 2 to 517. The price of Shandong ether - post - carbon four decreased by 40 to 4890, and the price of Shandong alkylated oil decreased by 30 to 7800. The paper import profit increased by 65 to - 188, and the main basis increased by 60 to 599 [1]. - **Weekly Price and Market Indicators**: The basis strengthened to 539 (+67), the 9 - 10 spread was - 471 (+9), the number of registered warehouse receipts was 12888 lots (+2709). PG - CP reached 8.9 (+12), PG - FEI reached 20.7 (+12), FEI - MOPJ was 39.6 (-1.6), and the naphtha crack spread strengthened slightly [1]. 3.2. Market Conditions - **Domestic Market**: The cheapest deliverable was East China civil LPG at 4410. The PG futures market was volatile. The rebound was due to the improvement of the international spot market and low valuation. The domestic supply increased while demand was weak, the spot price center shifted downward, and the port inventory decreased by 2.06%, the refinery commodity volume decreased by 1.68%, and the refinery inventory increased by 0.07%. The PDH operating rate was 76.33% (+2.49pct) [1]. - **International Market**: The international market was volatile, freight rates were generally high and volatile, and the waiting time for VLGCs at the Panama Canal decreased. FEI and CP discounts strengthened significantly [1]. 3.3. Profit Situation - The production profit of PP made from FEI and CP strengthened slightly, and the CP production cost was lower than that of FEI. The spot profit of PDH - made PP weakened, and the paper profit fluctuated. The production gross profit of alkylated oil and MTBE decreased [1].

Report Overview - Report title: "Asphalt Report" [2] - Research team: Research Center's Energy and Chemicals Team [3] - Report date: August 18, 2025 [3] Core Data Summary Futures Contracts - **Prices**: The prices of various BU contracts (BU主力合约, BU06, BU09, BU12, BU03) decreased from July 17 to August 15. For example, the BU主力合约 dropped from 3628 to 3461, a decrease of 167 points [4]. - **Volume and Open Interest**: Both trading volume and open interest declined. Volume decreased from 255,138 on July 17 to 214,163 on August 15, and open interest dropped from 474,048 to 436,319 [4]. - **Inventory**: Futures inventory decreased from 42,950 on July 17 to 31,640 on August 15 [4]. Spot Market - **Prices**: Spot prices in different regions showed varying trends. For instance, the low - end price in the Shandong market decreased from 3570 to 3520, while the low - end price in the North China market increased from 3660 to 3680 [4]. - **Price Spreads**: The price spreads between regions and contracts also changed. For example, the Shandong - East China spread varied from - 100 to - 80, and the 06 - 09 spread changed from - 244 to - 179 [4]. Margins and Spreads - **Margins**: The asphalt Brent spread and asphalt Marrow profit showed significant fluctuations. The asphalt Marrow profit decreased from - 15 to - 53 from August 7 to August 15 [4]. - **Profits**: The comprehensive profit of ordinary refineries fluctuated between 452 and 532, while the import profit (South Korea - East China) decreased from - 154 to - 239 [4]. Related Prices - **Crude Oil and Refined Products**: Brent crude oil prices fluctuated between 65.6 and 68.5, and the prices of gasoline and diesel in the Shandong market also changed slightly [4].

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The LPG market is expected to continue its weak and volatile consolidation. The supply has increased while the demand is weak, causing the spot price to decline. The PG futures market has rebounded due to the improvement in the international spot market and low valuation. The basis has strengthened, and the monthly spread has fluctuated. The international market is volatile, and the freight rates are high. The PDH - PP production profit has weakened, and the production margins of alkylation oil and MTBE have declined. The port inventory has decreased, the chemical demand has slightly increased, and the refinery output has decreased. The combustion demand is still weak but approaching the end [1] Group 3: Summary by Relevant Catalogs Daily Data - On August 15, 2025, the propane CFR South China was 4400, the South China LPG was 4410, the East China LPG was 4410, the Shandong LPG was 4420, etc. The daily changes showed that the propane CFR South China increased by 35, the South China LPG increased by 9, etc. The cheapest deliverable was the East China civil LPG at 4410. The FEI and CP first rose and then fell. The PP fluctuated weakly, and the production profit of PP from FEI and CP slightly weakened. The PG futures fluctuated, and the 09 - 10 spread was - 471 (+9). The US - Far East arbitrage window was closed [1] Weekly View - The spot price declined due to increased supply and weak demand, with the cheapest deliverable being East China civil LPG at 4410. The PG futures rebounded because of the improved international spot market and low valuation. The basis strengthened to 539 (+67), and the 9 - 10 spread was - 471 (+9). The warehouse receipt registration volume was 12888 lots (+2709). The international market was volatile, and the freight rates were high. The FEI and CP discounts strengthened significantly. The port inventory decreased by 2.06%, the refinery output decreased by 1.68%, and the refinery inventory increased by 0.07%. The PDH - PP spot profit weakened, and the paper profit fluctuated. The production margins of alkylation oil and MTBE declined. The PDH plant operating rate was 76.33% (+2.49 pct), and the combustion demand was still weak but approaching the end [1]

Report Title - Rubber Sector Weekly Report for the 3rd Week of August 2025 [1] Report Author - Panshengjie, Head of the Chemical Research Team at the Commodity Research Institute, with investment consulting license number Z0014607 [2] Report Industry Investment Rating - Not provided Core Viewpoints - The fundamentals of natural rubber have improved month-on-month, but the year-on-year weak trend remains unchanged [5] - By the end of 2025, the mixed basis is expected to reach -1700 yuan/ton [4][8] - The year-end valuation of the unilateral price is expected to decline by -30% year-on-year [4][17] Summary by Related Catalogs Supply Side (Inventory and Imports) - In August, the inventory in Qingdao Free Trade Zone decreased for 3 - 4 consecutive weeks on a month-on-month basis, and the year-on-year inventory accumulation rate also narrowed. However, from the perspective of the 24-week average inventory change, both inside and outside the zone are still in the inventory accumulation stage. For example, the off-zone inventory was the same as the previous year in early April but had accumulated an additional 15.1 tons by August [4][8] - In July, the total inventory of NR warehouse receipts, in-zone inventory, and off-zone inventory in Qingdao Free Trade Zone was 67.56 tons, with an average inventory decrease of -8.0% year-on-year in the past six months and continuous inventory accumulation for eight months [15] - In June, the total import volume of standard rubber and mixed rubber from Thailand, Malaysia, and Indonesia was 35.45 tons, with an average year-on-year increase of 13.9% in the past six months and continuous marginal increase for 11 months [10] Supply Side (Raw Material Prices) - The upstream rainfall is relatively high, but the impact on price spreads is not significant due to low domestic production. In Thailand, the weighted rainfall for production has not increased significantly, especially in July and August, which decreased compared to the previous year [4][17] - The current marginal decrease in rainfall has a negative impact on the unilateral price, but the impact is not significant. It is more likely that the heavy rainfall in the first three quarters of 2024 will result in normal production in the second half of 2025, with a year-on-year decline of -30% in valuation [4][17] - The premium of Thai smoked sheet rubber over 20 rubber is +415 dollars/ton, with an average year-on-year decrease of -8.3% in the past three months, showing a marginal decline and being negative for the unilateral price of RU [24] - The premium of Thai glue over cup lump is +5.55 Thai baht/kg, with an average year-on-year decrease of -7.06 Thai baht/kg in the past nine months and continuous marginal weakening for ten months [24] Demand Side (Tire Consumption) - As of the end of last week, the production line operating rate of all-steel tires increased to 63.1%, with an average year-on-year increase of 10.7% in the past 12 weeks and continuous marginal increase for two weeks. The finished product inventory of all-steel tires has increased for two consecutive weeks to 40 days, with an average year-on-year decrease of -3.5% in the 24-week inventory and continuous marginal increase for three weeks [57] - The production line operating rate of semi-steel tires has decreased for four consecutive weeks to 72.1%, with an average year-on-year decrease of -3.8% in the past 24 weeks and continuous marginal decrease for four weeks. The product inventory of semi-steel tires has increased for two consecutive weeks to 47 days, with an average year-on-year increase of 36.0% in the 24-week inventory and continuous marginal decrease for 12 weeks [57] Demand Side (Automobile Industry) - As of July 2025, the domestic automobile inventory warning index has increased for two consecutive months to 57.2 points, with an average year-on-year decrease of -6.8% in the past 12 months and continuous expansion of the decline for four months, which is positive for the unilateral price of RU [66] - The European automobile industry index has rebounded for three consecutive months to -23.2 points [66] Spread Analysis - As of August, the discount of Indian standard rubber to Thai standard rubber has narrowed from -250 dollars/ton in April to -100 dollars/ton. The increasing trend of Indian standard rubber imports since February has not ended, which is negative for NR month spreads, NR - RU spreads, and the mixed basis [30] - Since mid-July, the RU September - January spread has started an anti-arbitrage logic, providing sufficient motivation to take delivery of old rubber. However, from the two factors determining the month spread, the current fundamentals still support the positive arbitrage logic of the near-month strengthening [37] - In August, the domestic annualized capital interest rate was 1.47%, with six consecutive months of interest rate cuts, which determines the narrowing of the September - January spread [37] - In August, the RU warehouse receipts decreased for four consecutive months to 17.77 tons, a year-on-year decrease of -25.5%, reaching a new low since September 2023. At the same time, the RU warehouse receipts have decreased marginally for seven consecutive months, which is positive for the near end [37] Synthetic Rubber Supply - As of last Friday, the domestic butadiene capacity utilization rate increased to 69.7%, with an average year-on-year increase of 0.8% in the past five weeks and continuous marginal increase for two weeks [50] - The domestic high-cis butadiene rubber capacity utilization rate decreased to 64.5%, with an average year-on-year increase of 12.1% in the past five weeks and continuous marginal increase for four weeks [50] - The domestic butadiene port inventory increased to 2.04 tons, with an average year-on-year decrease of -0.35 tons in the past five weeks and continuous marginal decrease for seven weeks [50] - The total inventory of domestic butadiene rubber traders and factories was 3.04 tons, with an average year-on-year increase of 0.68 tons in the five-week inventory and continuous marginal decrease for seven weeks [50]

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst rebounded, the near - month spread rebounded, and the EW spread continued to rebound. The 9 - 10 spread rebounded to $5.5/ton, the basis oscillated at a low level (-$5), and the FU01 internal - external spread strengthened slightly to $2.5. [2] - The 0.5 cracking of Singapore oscillated and continued to weaken, the 9 - 10 spread rebounded slightly to $3.75/ton, and the LU11 internal - external spread oscillated around $8. [2] - This week, Singapore's on - shore inventory increased significantly, reaching the highest level in the same period of history. Floating storage increased month - on - month, Saudi Arabia's shipments were at a historical high in the same period, the arrival volume rebounded this week, and the shipments from the UAE rebounded significantly month - on - month, with a large increase in net exports. [3] - The divergence between the East and the West of high - sulfur fuel oil continued. The current price difference has triggered changes in logistics. In the heavy - quality pattern, the cracking of Singapore 380cst is the weakest, and the premium of heavy - quality crude oil is the strongest. A two - way regression is expected in the future. [3] - The weakening of LU this week was realized, the spot price of the external MF0.5 weakened slightly, and the valuation was realized. Attention should be paid to the subsequent release of LU quotas. [3] - Pay attention to the opportunity of the widening of the high - sulfur 380 EW spread, and exit the short - term short allocation of LU. [3] 3) Summary by Related Catalogs Fuel Oil Price Data - **Rotterdam Fuel Oil**: From August 8th to 14th, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed by 3.36, Rotterdam 0.5% VLS FO swap M1 changed by 5.58, Rotterdam HSFO - Brent M1 changed by - 0.67, etc. [1] - **Singapore Fuel Oil Swap**: During the same period, the price of Singapore 380cst M1 changed, and other related swap prices also had corresponding changes. For example, Singapore 380cst M1 price changed from 407.04 on August 8th to 394.13 on August 14th. [1] - **Singapore Fuel Oil Spot**: From August 8th to 14th, the FOB 380cst price changed by - 1.32, FOB VLSFO changed by 0.91, etc. [2] - **Domestic FU**: The prices of FU 01, FU 05, and FU 09 all decreased from August 8th to 14th, with changes of - 22, - 15, and - 30 respectively. [2] - **Domestic LU**: The prices of LU 01, LU 05, and LU 09 also had certain changes, with LU 01 and LU 09 changing by - 13, and LU 05 changing by - 4. [2]