Hello

I'm experimenting with converting raw (Fuji RAF) files and im struggling a little bit to understand the order of how operations are done.

My expectation would be:

dcraw_emu -4 -r 1 1 1 1 -o 0 (raw) -> Camera2rgb matrix -> white balance mult -> srgb = good picture!

However, this results in an overly saturated image with blue colours going into negative values

so I tried a few other combos:

dcraw_emu -4 -r 1 1 1 1 -o 1 (srgb) -> white balance mult -> srgb = similar result, clipped blue darks (values are clipped straight out of dcraw_emu)

dcraw_emu -4 -r 1 1 1 1 -o 5 (XYZ) -> XYZ to linear rgb conversion -> white balance mult -> srgb = same clipped blues (clipped in xyz to lin conversion)

dcraw_emu -4 -r 1 1 1 1 -o 0 (raw) -> white balance mult -> srgb = Looks the most like jpeg extracted from raw!

dcraw_emu -4 -r 1 1 1 1 -o 6 (ACES) -> ACES2065-1 to ACEScg (linear) conversion -> white balance mult -> srgb = a bit warmer and more saturated than the jpeg but looks pretty good

dcraw_emu -4 -r 1 1 1 1 -o 5 (XYZ) -> white balance mult -> srgb = a bit warmer and more saturated than the jpeg but looks pretty good. little bit cooler than previous

so. questions:

what is the correct combination?

what does "raw" in dcraw_emu mean?

what does "derived d65 multipliers" from raw-identify -v mean?

what are the transform matrices from the raw file meant to do? where are they applied?
Camera2RGB matrix:
1.2822 -0.1037 -0.1785
-0.1846 1.5407 -0.3561
0.0173 -0.4453 1.4281

XYZ->CamRGB matrix:
1.1434 -0.4948 -0.1210
-0.3746 1.2042 0.1903
-0.0666 0.1479 0.5235

sorry so many questions, but i need to know ;)

thanks