Report Information - Report Title: Pig Daily Report [1] - Date: September 4, 2025 [2] Industry Investment Rating - Not provided Core View - The supply pressure of live pigs eases slightly at the beginning of the month, and the spot price fluctuates and rebounds. The 2511 and 2601 futures contracts are in the peak demand season, with supply increasing slightly and demand increasing relatively more. The current spot price stabilizes and rebounds, and the short - term downside space may be relatively limited, mainly following the spot price to fluctuate and rebound [9] Summary by Directory 1. Market Review and Operation Suggestions - **Market Conditions**: On the 3rd, the main 2511 contract of live pig futures opened slightly lower, fluctuated narrowly and declined, closing with a negative line. The highest was 13,600 yuan/ton, the lowest was 13,510 yuan/ton, and the closing price was 13,550 yuan/ton, down 0.15% from the previous day. The total open interest of the index increased by 384 lots to 180,527 lots. The national average price of foreign ternary pigs was 13.97 yuan/kg, down 0.06 yuan/kg from the previous day [8] - **Comments**: In September, the slaughter volume of live pigs may continue to increase, and the utilization rate of the second - fattening pens remains high, with still existing slaughter pressure. However, since August, the overall slaughter enthusiasm has been strong, the rhythm has been fast, there has been overselling in some areas, and the slaughter weight has declined. In the long term, the slaughter of live pigs may still maintain a slight increase. On the demand side, the price difference between fat and lean pigs has slightly widened, the fattening cost is still low, and there is an expectation of low - price second - fattening entry. At the beginning of September, universities in various regions started school one after another, and the centralized procurement of canteens at the beginning of the month boosted the market. In addition, the weather continued to cool in some areas, and the terminal consumption of residents may increase. The orders of slaughtering enterprises slightly increased, the slaughter progress was relatively fast, and the operating rate and slaughter volume of slaughtering enterprises slightly increased. On September 3rd, the slaughter volume of sample slaughtering enterprises was 149,800 heads, an increase of 12,000 heads from the previous day and an increase of 80,000 heads from a week ago [9] 2. Industry News - As of August 21st, the average profit per head of self - breeding and self - raising pigs was 78 yuan/head, a week - on - week decrease of 5 yuan/head; the average profit per head of purchasing piglets for breeding was - 57.6 yuan/head, a week - on - week decrease of 5 yuan/head [10] 3. Data Overview - On August 21st, the average market sales price of 15 - kg piglets was 463 yuan/head, a decrease of 21 yuan/head from the previous week [19] - In the week of August 21st, the slaughter volume of the slaughter sample was 1.675 million heads, an increase of 41,500 heads from the previous week, with a month - on - month increase of 2.54%; the average daily slaughter volume of the daily slaughter sample was 140,238 heads, an increase of 1,792 heads from the previous week, with an average daily increase of 1.29% [19] - The planned slaughter volume of live pigs of sample enterprises in August was 24.72 million heads, a month - on - month increase of 6.6% compared with July, with a significant increase in slaughter volume [19] - As of the week of August 21st, the average slaughter weight of live pigs nationwide was 127.98 kg, an increase of 0.16 kg from the previous week, with a month - on - month increase of 0.13% [19]

Report Overview - Report Date: September 4, 2025 [2] - Industry: Cotton [1] - Research Analysts: Yulan Lan, Zhenlei Lin, Haifeng Wang, Chenliang Hong, Youran Liu [3] 1. Report Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The Zhengzhou cotton market is in a state of shock adjustment. The spot cotton price has increased slightly, while the downstream cotton yarn and grey fabric markets are generally stable with limited new orders [7]. - Overseas, the good - quality rate of US cotton has slightly decreased, export sales are weak, and the external market is oscillating weakly. In the domestic market, new cotton production is expected to increase steadily, putting pressure on the long - term market. Although there are expectations of new cotton acquisition, short - term trading is mainly characterized by shrinking volume and shock adjustment [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Domestic Spot Market**: The latest 328 - grade cotton price index is 15,465 yuan/ton, up 53 yuan/ton from the previous trading day. The basis quotes for machine - picked cotton in northern and southern Xinjiang vary, and the downstream cotton yarn and grey fabric markets are generally stable with limited new orders [7]. - **Overseas Market**: As of the week ending August 31, 2025, the good - quality rate of US cotton is 51% (down from 54% the previous week), the boll - setting rate is 90%, and the full - boll rate is 28%. The good - quality rate has slightly decreased, export sales are weak, and the external market is oscillating weakly [8]. - **Domestic Market Outlook**: Many cotton merchants have low inventories, and some old cotton from the 2023/24 season remains unsold. New cotton production is expected to increase steadily, putting pressure on the long - term market. The downstream market has shown a slight marginal improvement since August, and the market is waiting for the performance of the traditional peak season. Short - term trading is mainly characterized by shrinking volume and shock adjustment [8]. 3.2 Industry News - As of the week ending August 30, 2025, the cotton harvest rate in Brazil's 2024/25 season is 72.8%, up from 60.3% the previous week, lower than 87.6% in the same period last year and the five - year average of 86.5% [9] 3.3 Data Overview - The report presents multiple data charts, including cotton price indices, futures prices, basis changes, commercial and industrial inventories, and exchange rate data, but no specific data analysis is provided [17][18][27]

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: September 4, 2025 [2] - Research Team: Non - ferrous Metals Research Team [4] - Researchers: Peng Jinglin, Zhang Ping, Yu Feifei [4] Industry Investment Rating - No information provided Core View - The Shanghai zinc market fluctuated weakly, with the main contract closing at 2,2285 yuan/ton, up 20 yuan or 0.09%. There is an increasing divergence between domestic and foreign markets, and the processing fees continue to rise. Although the zinc ingot production remains at a high level despite short - term disturbances from Guangxi smelters, the demand side is supported by policies but shows short - term weakness. The production restriction in North China suppresses the galvanizing consumption, and the pressure of supply - demand surplus is reflected in the inventory. The social inventory increased to 146,300 tons on Monday. The LME zinc inventory decreased by 375 tons to 55,225 tons, the lowest level since May 2023. The 0 - 3 spread B continued to strengthen to 20.44. The expectation of macro - interest rate cuts and continuous de - stocking in LME boosted the external market, but the divergence in the fundamental situation between domestic and foreign markets continued, resulting in a narrow - range oscillation of Shanghai zinc [7]. Summary by Directory 1. Market Review - **Futures Market Quotes**: For SHFE zinc 2509, the opening price was 22,255 yuan/ton, the closing price was 22,230 yuan/ton, the highest was 22,340 yuan/ton, the lowest was 22,200 yuan/ton, down 5 yuan or 0.02%, with a position of 9,610 and a position change of - 1,455. For SHFE zinc 2510, the opening price was 22,250 yuan/ton, the closing price was 22,285 yuan/ton, the highest was 22,390 yuan/ton, the lowest was 22,230 yuan/ton, up 20 yuan or 0.09%, with a position of 104,733 and a position change of - 2,929. For SHFE zinc 2511, the opening price was 22,245 yuan/ton, the closing price was 22,285 yuan/ton, the highest was 22,380 yuan/ton, the lowest was 22,215 yuan/ton, up 35 yuan or 0.16%, with a position of 66,280 and a position change of 1,473 [7]. 2. Industry News - **0 Zinc Transaction Prices**: On September 3, 2025, the mainstream transaction price of 0 zinc was concentrated between 22,250 - 22,360 yuan/ton, that of Shuangyan was between 22,380 - 22,490 yuan/ton, and that of 1 zinc was between 22,180 - 22,290 yuan/ton. In the morning, the market quoted a premium of 20 - 30 yuan/ton to the SMM average price, and there were few quotes against the futures. In the second trading session, ordinary domestic brands were quoted at a discount of 30 yuan/ton to the 2510 contract, Honglu - v was quoted at a discount of 10 yuan/ton to the 2510 contract, Huize was quoted at a premium of 60 - 70 yuan/ton to the 2509 contract, and the high - end brand Shuangyan was quoted at a premium of 100 yuan/ton to the 2510 contract [8]. - **Regional Market Quotes**: In the Ningbo market, the mainstream brands of 0 zinc were traded at around 22,240 - 22,340 yuan/ton, and the regular brands were quoted at a discount of 40 yuan/ton to the 2510 contract and a premium of 30 yuan/ton to the Shanghai spot price. In the Tianjin market, 0 zinc ingots were mainly traded between 22,210 - 22,360 yuan/ton, and 1 zinc ingots were traded around 22,160 - 22,280 yuan/ton. In the Guangdong market, 0 zinc was mainly traded between 22,180 - 22,320 yuan/ton, and the mainstream brands were quoted at a discount of 80 yuan/ton to the 2510 contract and a discount of 10 yuan/ton to the Shanghai spot price [8]. 3. Data Overview - **Data Charts**: The report shows charts including the price trends of zinc in two markets, SHFE monthly spreads, SMM's weekly inventory of zinc ingots in seven regions, and LME zinc inventory, with data sources from Wind, SMM, and the Research and Development Department of CCB Futures [10][12]

Report Overview - Industry: Oil and Fat [1] - Date: September 4, 2025 [2] - Research Team: Agricultural Product Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] 1. Report Investment Rating - No investment rating information is provided in the report. 2. Core View - For soybean oil, short - term inventory is at a high level with abundant supply, but there are concerns about the long - term soybean supply, and strong cost support means it lacks room to decline. Domestic rapeseed oil and rapeseed meal supply is expected to decrease significantly due to domestic tariff policies. Current inventory and ship purchases ensure sufficient supply before the end of the year, and the long - term situation depends on policies. The market is lackluster due to slow destocking and continuous ship - purchase news. The biggest variable in the oil and fat sector is palm oil. Production in the producing areas may still increase in the third quarter, but active exports support the bottom, and there is still restocking demand in countries like India and China. It is recommended to buy the three major oils at low prices and go long [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Review**: - For P2509, the previous settlement price was 9408, the opening price was 9372, the highest price was 9402, the lowest price was 9346, the closing price was 9346, down 62 or - 0.66%, with a trading volume of 656 and an open interest of 650 [7]. - For P2601, the previous settlement price was 9442, the opening price was 9420, the highest price was 9498, the lowest price was 9344, the closing price was 9368, down 74 or - 0.78%, with a trading volume of 739051 and an open interest of 444058, a decrease of 5497 [7]. - For Y2509, the previous settlement price was 8410, the opening price was 8454, the highest price was 8460, the lowest price was 8454, the closing price was 8454, up 44 or 0.52%, with a trading volume of 28 and an open interest of 3191, a decrease of 276 [7]. - For Y2601, the previous settlement price was 8364, the opening price was 8350, the highest price was 8418, the lowest price was 8328, the closing price was 8366, up 1 or 0.02%, with a trading volume of 304466 and an open interest of 622425, a decrease of 5540 [7]. - For 60910, the previous settlement price was 9949, the opening price was 9950, the highest price was 9950, the lowest price was 9900, the closing price was 9900, down 49 or - 0.49%, with a trading volume not fully shown and an open interest of 5126, a decrease of 93 [7]. - For OI601, the previous settlement price was 9775, the opening price was 9770, the highest price was 9814, the lowest price was 9710, the closing price was 9727, down 49 or - 0.49%, with a trading volume of 239057 and an open interest of 256402, a decrease of 1856 [7]. - **Base Price Quotes**: - Guangxi rapeseed oil traders' base price quotes: September: OI2601 + 40 (Guangxi), October: OI2601 + 80 (Guangxi). East China's third - grade rapeseed oil: August - September: OI2601+120, October - November: OI2601 + 170; East China's first - grade rapeseed oil: August - September: OI2601 + 130. East China's soybean oil base price: First - grade soybean oil: September: Y2601 + 220; October - January: Y2601 + 280. Dongguan's 24 - degree palm oil: 01 - 60 for various factories, 01 + 20 for national standard 24 - degree, 01 - 20 for Dongguan Chunjin 24 - degree, 01 - 300 for 52 - degree in various factories, 01 - 60 for 33 - degree in various factories [7]. - **Operation Suggestion**: Buy the three major oils at low prices and go long [8] 3.2 Industry News - Shipping surveyor SGS reported that Malaysia's palm oil exports in August were 1170043 tons, a 30.5% increase from 896362 tons in July. Exports to China were 89500 tons, an increase of 14300 tons from 75200 tons in the previous month [9]. - Shipping surveyor ITS reported that Malaysia's palm oil exports in August were 1421486 tons, a 10.2% increase from 1289727 tons in July. Exports to China were 107500 tons, an increase of 19200 tons from 88300 tons in the previous month [9]. - Independent inspection agency AmSpec reported that Malaysia's palm oil exports in August were 1341990 tons, a 15.4% increase from 1163216 tons in July [9]. 3.3 Data Overview - The report presents multiple data charts, including those on the spot prices of East China's third - grade rapeseed oil, East China's fourth - grade soybean oil, South China's 24 - degree palm oil, as well as the basis changes of palm oil, soybean oil, and rapeseed oil, and price spreads of palm oil contracts. It also includes charts on the US dollar - RMB exchange rate and the US dollar - Malaysian ringgit exchange rate. All data sources are Wind and the Research and Development Department of CCB Futures [11][17][19][21][26]

报告类型 股指日评 日期 2025 年 9 月 4 日 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 一、行情回顾与后市展望 1.1 行情回顾： 9 月 3 日，万得全 A 开盘震荡回落，收跌 1.19%，超 4500 支个股下跌；指数 现货方面，沪深 300、上证 50、中证 500、中证 1000 收盘分别下跌 0.68%、1.07%、 1.34%、1.46%。指数期货表现整体弱于现货，IF、IH、IC、IM 主力合约分别收跌 1.14%、1.46%、1.56%、1.50%（按前一交易日收盘价为基准计算）。 | 表1:股指期货、现货行情数据 | | --- | 资料来源：Wind，建信期货研究发展部 研究员：黄雯昕(宏观国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 宏观金融团队 ...

行业 豆粕 日期 2025 年 9 月 4 日 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635740 linzhenlei@ccb.ccbfutures.co m期货从业资格号：F3055047 021-60635727 wanghaifeng@ccb.ccbfutures.c om期货从业资格号：F0230741 021-60635572 hongchenliang@ccb.ccbfutures .com 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：余兰兰 研究员：林贞磊 研究员：王海峰 研究员：洪辰亮 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 每日报告 | 表1：行情回顾 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算价 ...

Group 1: General Information - Report title: Polyolefin Daily Report [1] - Date: September 4, 2025 [2] - Research team: Energy and Chemical Research Team [4] Group 2: Market Quotes - Futures market quotes: Plastic 2601 opened at 7252 yuan/ton, closed at 7247 yuan/ton, down 14 yuan/ton (-0.19%); Plastic 2605 opened at 7238 yuan/ton, closed at 7240 yuan/ton, down 19 yuan/ton (-0.26%); Plastic 2509 opened at 7200 yuan/ton, closed at 7185 yuan/ton, down 22 yuan/ton (-0.31%); PP2601 opened at 6943 yuan/ton, closed at 6954 yuan/ton, up 1 yuan/ton (0.01%); PP2605 opened at 6952 yuan/ton, closed at 6965 yuan/ton, down 6 yuan/ton (-0.09%); PP2509 opened at 6861 yuan/ton, closed at 6860 yuan/ton, down 7 yuan/ton (-0.10%) [5] Group 3: Market Review and Outlook - Market performance: L2601 opened lower, fluctuated downward during the session, and finally closed at 7247 yuan/ton, down 14 yuan/ton (-0.19%); PP2601 closed at 6954 yuan/ton, up 1 yuan/ton (0.01%) [6] - Market sentiment: Futures opened lower and fluctuated downward, dampening market trading sentiment. Traders quoted prices according to the market, and end - users replenished stocks at low prices [6] - Supply and demand analysis: For PP, the impact of maintenance is weakening, new capacities are continuously released, and the supply pressure is increasing. The downstream is in the transition stage between peak and off - peak seasons, and the overall recovery trend is not good. For PE, the supply - demand contradiction is not obvious, and plastics may run stronger [6] Group 4: Industry News - Inventory: On September 3, 2025, the inventory level of major producers was 680,000 tons, a decrease of 20,000 tons (-2.86%) from the previous working day, compared with 750,000 tons in the same period last year [7] - Price trends: PE market prices were mainly stable; the mainstream price of propylene in Shandong market was 6610 - 6650 yuan/ton, down 15 yuan/ton from the previous working day; PP market prices were partially loose [7] Group 5: Data Overview - Multiple figures related to the polyolefin market are presented, including L - PP spread, crude oil futures settlement price, L and PP basis, two - oil inventory and its year - on - year change [15][17][18]

Report Overview - Report Title: Container Shipping Index Daily Report [1] - Date: September 3, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The SCFIS has fallen below 1800 points for seven consecutive weeks, and the online quotes in the first half of September have been further reduced. The price shows a characteristic of smooth decline in the off - season, putting pressure on the October contract. However, the current main October contract has a deep discount, and today's oversold rebound may be boosted by the expectation of adding empty sailings during the National Day. Attention should be paid to whether the marginal benefits will continue and materialize to help stabilize. The December contract may have low - buying opportunities, while the October contract is recommended to be short - allocated on rallies [8] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - The SCFIS has dropped below 1800 points for seven consecutive weeks, and the online quotes in early September have been further reduced. The price of the Shanghai - Rotterdam route shows a smooth decline in the off - season, exceeding market expectations and pressuring the October contract. The main October contract has a deep discount, and today's rebound may be due to the expectation of adding National Day empty sailings. The 10 - contract is recommended to be short - allocated on rallies, while the 12 - contract may have low - buying opportunities [8] 3.2 Industry News - From August 25th to 29th, the overall Chinese export container shipping market was stable, with different routes showing differentiated trends. The comprehensive index rose slightly. The European and Mediterranean routes saw a decline in freight rates due to weak economic indicators and lack of demand growth momentum. The North American route had a rebound in freight rates as the US economy showed strong performance. There were also geopolitical events in the Middle East, including Israeli attacks on Houthi officials in Yemen, leading to threats of retaliation and an escalation of the conflict between Yemen and Iran. The US State Department made a statement regarding the Palestinian Authority [9][10] 3.3 Data Overview 3.3.1 Container Shipping Spot Prices - The SCFIS for the European route (basic ports) on September 1, 2025, was 1773.6, down 216.6 (-10.9%) from August 25th. The SCFIS for the US - West route (basic ports) was 1013.9, down 27.48 (-2.6%) from August 25th [12] 3.3.2 Container Shipping Index (European Line) Futures Market - Multiple figures related to the container shipping index (European line) futures market are provided, including the trends of the main and secondary main contracts, shipping - related data such as European container ship capacity, global container ship orders, and Shanghai - Europe basic port freight rates [17][21] 3.3.3 Trading Data of Container Shipping European Line Futures on September 2 | Contract | Previous Settlement Price | Opening Price | Closing Price | Settlement Price | Change | Change (%) | Volume | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | EC2510 | 1,293.8 | 1,290.2 | 1,340.7 | 1,364.5 | 46.9 | 3.62 | 77948 | 54157 | 1886 | | EC2512 | 1,621.9 | 1,640.9 | 1,733.5 | 1,755.1 | 111.6 | 6.88 | 28247 | 16673 | 178 | | EC2602 | 1,439.5 | 1,478.0 | 1,550.1 | 1,571.7 | 110.6 | 7.68 | 7124 | 5599 | 753 | | EC2604 | 1,230.5 | 1,220.0 | 1,246.9 | 1,273.6 | 16.4 | 1.33 | 3304 | 7199 | 130 | | EC2606 | 1,407.4 | 1,421.8 | 1,438.9 | 1,472.3 | 31.5 | 2.24 | 715 | 969 | 79 | | EC2608 | 1,599.5 | 1,635.0 | 1,603.1 | 1,648.1 | 3.6 | 0.23 | 153 | 298 | 24 | [6]

Report Information - Report Title: Copper Futures Daily Report [1] - Date: September 3, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] Market Review and Operation Suggestions - **Market Performance**: Shanghai copper showed a pattern of rising first and then falling. The main contract reached a maximum of 80,020. Due to the sharp decline of A - shares and the decrease of market risk preference, Shanghai copper tumbled in the late trading and closed down. The spot price rose by 260 to 80,160, and the premium dropped by 15 to 220. The increase in imported arrivals and high copper prices pressured the premium. However, upstream centralized production cuts are imminent, and the inventory pressure of holders is not large. The profit of spot imports expanded to 320, and the Shanghai - London ratio rose to 8.08. The LME 0 - 3 contango remained at a high level. The opening of the import window will attract the transfer of LME copper inventory to China. The LME inventory decreased by 100 tons to 158,775 tons. The overall inventory levels at home and abroad are not high. Coupled with the upcoming production cuts of domestic smelters and the peak season of downstream demand, the fundamental support has strengthened [10]. - **Operation Suggestion**: With the macro - data such as European and American manufacturing PMI and US non - farm payrolls data to be released this week, the macro - data disturbances may increase. But under the background of the upward fundamental trend, copper prices should be mainly bought on dips [10]. Industry News - **Production Cut News**: On September 1, Capstone Copper announced that due to the successive failures of two ball - mill drive motors at its Mantoverde sulfide mine operation site in Chile within a week, the mine will temporarily cut production. One ball - mill motor failed on August 24, and the second one failed six days later. The plant will operate at half - capacity by bypassing the plant. The company plans to mitigate the impact through the plant maintenance work scheduled for late September. The management of Capstone expects that the repair work will take about four weeks, during which the copper concentrate production will lose 3,000 - 4,000 tons. An investigation into the root cause of the problem has also been initiated [11]. - **Mine Expansion News**: On September 1, the government of British Columbia approved Imperial Metals' plan to deepen and expand the Springerpit mine pit of the Mount Polley copper - gold mine, which will extend the mining life of the mine by about 8 years. The mine planning adjustment includes three major directions: deepening the existing open - pit mine; expanding the rock dumping area; and isolating the waste that may produce acidic substances to the old "Cariboo Open - Pit" area when the mine is closed [11].

行业 国债日报 日期 2025 年 9 月 3 日 每日报告 | | 表1：国债期货9月2日交易数据汇总 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | TL2509 | 117.280 | 117.440 | 117.000 | 117.150 | -0.280 | -0.24 | 213 | 5778 | -147 | | TL2512 | 116.890 | 116.960 | 116.680 | 116.610 | -0.210 | -0.18 | 116176 | 120185 | -5296 | | TL2603 | 116.550 | 116.690 | 116.350 | 116.280 | -0.200 | -0.17 | 10220 | 14349 | 233 | | T2509 | 108.200 | 108.250 | 108.130 | 108 ...