1. Report Industry Investment Rating The report does not provide an overall industry investment rating. However, for each specific energy and chemical product, the following ratings are given: - Crude oil: Oscillating [1] - Fuel oil: Oscillating [3] - Asphalt: Oscillating [3] - Polyester: Oscillating [5] - Rubber: Oscillating [7] - Methanol: Oscillating [8] - Polyolefins: Oscillating weakly [8] - Polyvinyl chloride (PVC): Oscillating [9] 2. Core Viewpoints of the Report - **Crude oil**: Geopolitical tensions have eased with the Israel - Hamas cease - fire agreement, leading to a decline in the geopolitical premium of crude oil and downward pressure on oil prices. US refinery operations and inventory data show an increase in commercial crude oil inventories and a decrease in gasoline and distillate inventories. Under the triple tests of supply increase expectations, geopolitical factor easing, and demand entering the off - season, oil prices are expected to continue their weakening trend [1]. - **Fuel oil**: Although the East - West arbitrage window for low - sulfur fuel oil is mostly closed, the inflow of component oils for blending low - sulfur fuel oil continues to increase. The Asian high - sulfur fuel oil market is relatively stable, but the supply may increase in the future. The high - sulfur fundamentals may be slightly stronger than the low - sulfur [3]. - **Asphalt**: During the National Day holiday, the overall supply of asphalt increased slightly. The continuous rainfall in the southern regions hinders downstream construction, while the northern regions still have some catch - up demand. The recent significant increase in asphalt production may put pressure on prices after the peak season [3]. - **Polyester**: In the fourth quarter, there will be some overseas PX device overhauls, and the ethylene glycol production capacity may continue to increase. The demand for winter fabrics has recovered seasonally but is expected to weaken in the second half of October. Under the situation of supply increase and demand weakening, the fundamentals of TA and ethylene glycol are weak, and their prices are expected to oscillate weakly [5]. - **Rubber**: Affected by Typhoon "Maideme", the rubber production in Hainan Island is expected to decrease. The US tariff on heavy - truck imports may suppress global rubber demand. After the holiday, rubber prices are expected to oscillate, and attention should be paid to new rubber warehouse receipts and crude oil price fluctuations [7]. - **Methanol**: The market is concerned about Iran's winter gas - rationing news. With the recovery of MTO device operations in East China, port demand has significantly increased, but MTO profit compression may affect refinery maintenance plans. In the short term, methanol prices are suppressed by high inventories and tend to oscillate [8]. - **Polyolefins**: Poor profit performance may lead to a high level of maintenance, and domestic production is unlikely to increase significantly in the short term. After the holiday, downstream orders will gradually decline, affecting the procurement of raw materials. Supply pressure remains high, demand has peaked and declined, and polyolefin prices are expected to oscillate weakly [8]. - **PVC**: In the fourth quarter, high - supply status will continue. As the peak season in October ends, downstream operations are expected to decline, and exports may weaken due to India's anti - dumping duties. High inventory pressure will restrict price increases, and market fluctuations may increase [9]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude oil**: On Thursday, the price of WTI November contract closed at $61.51 per barrel, down $1.04 or 1.66%. Brent December contract closed at $65.22 per barrel, down $1.03 or 1.55%. SC2511 closed at 464.2 yuan per barrel, down 4.5 yuan or 0.96%. Israel's approval of the Gaza cease - fire agreement led to a decline in the geopolitical premium. US refinery operations and inventory data show an increase in commercial crude oil inventories and a decrease in gasoline and distillate inventories [1]. - **Fuel oil**: On Thursday, the main contract of fuel oil (FU2601) on the Shanghai Futures Exchange closed down 1.25% at 2,834 yuan per ton, and the low - sulfur fuel oil main contract (LU2511) closed down 1.23% at 3,360 yuan per ton. The inflow of component oils for blending low - sulfur fuel oil continues to increase, and the Asian high - sulfur fuel oil market is relatively stable [3]. - **Asphalt**: On Thursday, the main contract of asphalt (BU2511) on the Shanghai Futures Exchange closed down 1.52% at 3,375 yuan per ton. During the National Day holiday, the overall supply of asphalt increased slightly, and the southern rainfall affected downstream construction [3]. - **Polyester**: TA601 closed at 4,626 yuan per ton, up 1.54%. EG2601 closed at 4,234 yuan per ton, up 0.52%. In the fourth quarter, there will be some overseas PX device overhauls, and the ethylene glycol production capacity may increase. The demand for winter fabrics has recovered seasonally but is expected to weaken [5]. - **Rubber**: On Thursday, the main contract of Shanghai - traded rubber (RU2601) rose 95 yuan per ton to 15,620 yuan per ton. Affected by Typhoon "Maideme", rubber production in Hainan Island is expected to decrease, and the US tariff on heavy - truck imports may suppress demand [7]. - **Methanol**: On Thursday, the spot price in Taicang was 2,213 yuan per ton. The market is concerned about Iran's winter gas - rationing news. With the recovery of MTO device operations in East China, port demand has increased [8]. - **Polyolefins**: On Thursday, the mainstream price of East - China drawn polypropylene was 6,700 - 6,800 yuan per ton. Poor profit performance may lead to high - level maintenance, and domestic production is unlikely to increase significantly in the short term. After the holiday, downstream orders will decline [8]. - **PVC**: On Thursday, the price of PVC in the East - China market decreased. In the fourth quarter, high - supply status will continue, and downstream operations are expected to decline as the peak season ends [9]. 3.2 Daily Data Monitoring The report provides the spot price, futures price, basis, basis rate, and their changes for various energy and chemical products on October 10, 2025, including crude oil, liquefied petroleum gas, asphalt, high - sulfur fuel oil, low - sulfur fuel oil, methanol, urea, polyethylene, polypropylene, PTA, ethylene glycol, styrene, natural rubber, 20 - grade rubber, and soda ash [10]. 3.3 Market News - Israel and Hamas have reached a long - sought cease - fire and personnel release agreement, which weakens the geopolitical risk premium of crude oil and triggers investors to sell [12]. - In the absence of strong new signals in supply and demand, crude oil prices have also declined with the broader market. The US government shutdown and the strengthening of the US dollar have reduced the attractiveness of dollar - denominated commodities. Oil prices are likely to remain range - bound and slightly downward [12]. 3.4 Chart Analysis 3.4.1 Main Contract Prices The report presents the closing price trends of main contracts for various energy and chemical products from 2021 to 2025, including crude oil, fuel oil, low - sulfur fuel oil, asphalt, LPG, PTA, ethylene glycol, short - fiber, LLDPE, polypropylene, PVC, methanol, styrene, 20 - grade rubber, natural rubber, synthetic rubber, European container shipping, and p - xylene [14][17][20][21][23][25][27][28]. 3.4.2 Main Contract Basis The report shows the basis trends of main contracts for various energy and chemical products from 2021 to 2025, including crude oil, fuel oil, low - sulfur fuel oil, asphalt, ethylene glycol, PP, LLDPE, natural rubber, 20 - grade rubber, p - xylene, synthetic rubber, and bottle chips [31][35][36][39][42][44]. 3.4.3 Inter - period Contract Spreads The report displays the spreads between different contracts for various energy and chemical products, including fuel oil, asphalt, European container shipping index, PTA, ethylene glycol, PP, LLDPE, and natural rubber [46][48][51][54][58][60]. 3.4.4 Inter - variety Spreads The report presents the spreads and ratios between different varieties of energy and chemical products, including crude oil internal and external spreads, crude oil B - W spreads, fuel oil high - low sulfur spreads, fuel oil/asphalt ratio, BU/SC ratio, ethylene glycol - PTA spread, PP - LLDPE spread, and natural rubber - 20 - grade rubber spread [62][65][67][68]. 3.4.5 Production Profits The report shows the production profit trends of ethylene - based ethylene glycol, PP, and LLDPE from 2021 to 2025 [70][73]. 3.5 Team Member Introduction - **Zhong Meiyan**: Assistant to the director of the research institute and director of energy and chemicals, with over a decade of experience in futures and derivatives market research, has won multiple industry awards [77]. - **Du Bingqin**: Analyst for crude oil, natural gas, fuel oil, asphalt, and shipping, with in - depth research on the energy industry chain and has won many industry awards [78]. - **Di Yilin**: Analyst for natural rubber and polyester, with strong data analysis and logical thinking abilities, and has won several industry awards [79]. - **Peng Haibo**: Analyst for methanol, PE, PP, and PVC, with experience in integrating financial theory and industrial operations [80].

Core Viewpoint - The article discusses the advancements in prime editing technology, particularly the development of the next-generation prime editor (vPE) that significantly reduces genomic errors compared to its predecessor, the original prime editor (PE) [3][4][5]. Group 1: Prime Editing Technology - Prime Editor (PE) is an advanced CRISPR gene editing tool developed by Professor Liu Ruqian's team in 2019, capable of editing and repairing 89% of 75,000 known pathogenic human genetic mutations [3][5]. - The editing process involves the prime editor binding to the genomic target, creating a single-strand DNA cut, and using pegRNA to guide the insertion or replacement of new DNA sequences [5][6]. - A significant challenge remains in eliminating errors produced as byproducts of prime editing, specifically insertion/deletion mutations (indels) that can lead to unpredictable and potentially harmful DNA sequences [5][6]. Group 2: Advances in Error Reduction - The research team identified key factors driving indel error formation, including the potential for the edited 3' new strand to extend beyond the pegRNA template and the conversion of single-strand cuts into double-strand breaks due to mismatch repair [6][7]. - By engineering the prime editor to induce instability in the competitive 5' strand, the team discovered a significant reduction in indel errors, leading to the development of the next-generation prime editor (vPE) [7][9]. - The vPE demonstrates a substantial improvement in editing efficiency while reducing the indel error rate to 1/60 of the original prime editor, with errors occurring only once every 543 edits [9].

Report Industry Investment Rating - Unilateral: Neutral; Inter - period: None; Cross - variety: None [3] Core View - New capacity such as the 450,000 - ton/year PP new device of CNOOC Ningbo Daxie Petrochemical Phase II Line 2 has been put into production, intensifying the abundant supply situation. The operating rate of PP inventory devices remained flat month - on - month, and the inventory in upstream and mid - stream decreased slightly. The number of PE maintenance devices increased, slightly alleviating the supply pressure, but the overall operating rate was still high, and production enterprises had inventory accumulation and de - stocking pressure. International oil prices showed a weak trend, oil - based production profits were acceptable, propane prices rose slightly, and PDH - based PP profits were near the break - even point. Downstream demand recovered slowly, agricultural films entered the seasonal demand conversion stage, overall order follow - up was slow, and terminal operating rates recovered slightly [2] Summary by Directory 1. Polyolefin Basis Structure - The report shows the plastic futures main contract trend and the LL East China - main contract basis, as well as the polypropylene futures main contract trend and the PP East China - main contract basis [8][11] 2. Production Profit and Operating Rate - PE operating rate was 78.7% (- 5.5%), PP operating rate was 78.2% (+ 0.3%). PE oil - based production profit was 384.7 yuan/ton (+ 130.5), PP oil - based production profit was - 175.3 yuan/ton (+ 130.5), PDH - based PP production profit was 64.2 yuan/ton (+ 38.5) [1] 3. Polyolefin Non - standard Price Difference - The report presents price differences such as HD injection molding - LL East China, HD blow molding - LL East China, etc. [27] 4. Polyolefin Import and Export Profits - LL import profit was - 26.9 yuan/ton (+ 12.1), PP import profit was - 519.2 yuan/ton (+ 32.4), PP export profit was 31.9 US dollars/ton (- 4.0) [1] 5. Polyolefin Downstream Operating Rates and Downstream Profits - PE downstream agricultural film operating rate was 14.5% (+ 0.7%), PE downstream packaging film operating rate was 49.9% (+ 0.8%), PP downstream plastic weaving operating rate was 42.0% (+ 0.6%), PP downstream BOPP film operating rate was 60.7% (- 0.5%) [1] 6. Polyolefin Inventory - The report shows inventory data of PE and PP in oil - based enterprises, coal - chemical enterprises, traders, and ports [74][80][84]

Core Viewpoint - The article discusses the emerging understanding of synonymous mutations in human cells, challenging the traditional view of these mutations as neutral and highlighting their potential impact on cellular adaptability and disease [2][5][6]. Group 1: Research Background - A study by a team from the University of Michigan suggested that synonymous mutations in yeast may not be neutral and could affect cellular adaptability, reigniting interest in their biological effects [1]. - Previous research has linked a small number of synonymous mutations to human diseases, indicating their potential role as cancer drivers, but experimental confirmation remains limited [6]. Group 2: New Research Findings - A new study published by researchers from Peking University developed a high-throughput screening technology named PRESENT to investigate functional synonymous mutations in the human genome [4]. - The research utilized an advanced prime editing system (PEmax) to create a library targeting 3,644 human protein-coding genes, allowing for large-scale screening of synonymous mutations [7]. Group 3: Methodology and Tools - The study integrated single-cell screening methods with the PRESENT technology, termed DIRECTED-seq, to systematically evaluate the impact of identified synonymous mutations on gene expression [8]. - A specialized machine learning model called DS Finder was developed to analyze the effects of functional synonymous mutations on various biological processes, such as mRNA splicing and transcription [9][11]. Group 4: Key Findings - The research indicated that synonymous mutations exhibit different fitness effects compared to non-synonymous mutations, although their phenotypic distribution was similar to negative controls [9]. - The study identified that synonymous mutations could alter RNA folding and affect translation, with PLK1_S2 being a notable example, and combined screening data with predictive models to identify clinically relevant synonymous mutations [9].