Report Overview - Reported Industry: Oil and Fat [1] - Date: September 16, 2025 [2] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] 1. Market Review and Operation Suggestions Market Review - **East China Third - Grade Rapeseed Oil**: From September to October, the price is OI2601 + 220; from November to December, it is OI2601 + 230. - **East China First - Grade Rapeseed Oil**: In September, the price is OI2601 + 300; in October, it is OI2601 + 320. - **East China First - Grade Soybean Oil**: The spot price is Y2601 + 150, in October it is Y2601 + 160, from October to January it is Y2601 + 190, from February to May it is Y2601 + 130, and from April to July it is Y2605 + 200. - **East China 24 - Degree Palm Oil**: In September, the basis is P2601 - 50, in October it is P2601 + 0, and from October to November it is P2601 + 50. [7] Oil and Fat Comments - The market is dominated by news such as China - Canada and China - US negotiations, showing a high - level volatile trend. - **Soybean Oil**: Short - term inventory is at a high level with sufficient supply, but there are concerns about long - term soybean supply, and the cost side provides strong support, so there is limited room for price decline. - **Rapeseed Oil**: Affected by domestic tariff policies, the supply of domestic rapeseed oil and rapeseed meal is expected to decrease significantly. The supply is sufficient before the end of the year based on current inventory and ship purchases, and the long - term situation depends on policies. The market trend is tangled with insufficient driving force. - **Palm Oil**: The production in the palm oil - producing areas may still increase in the third quarter, peaking in September - October and then declining. The high - frequency export data in early September is poor, and the price lacks short - term upward momentum. - **Industry Policy**: Indonesia may first increase the mandatory palm oil blending ratio in biodiesel to 45% (B45) and then to B50. - **Operation Suggestion**: For the three major oils, the strategy is mainly to buy low and go long on a single - side basis. [8] 2. Industry News - **Malaysian Palm Oil Production**: From September 1 - 10, the production decreased by 3.17% month - on - month, with the fresh fruit bunch (FFB) yield per unit area down 2.7% and the oil extraction rate (OER) down 0.09% [9]. - **Malaysian Palm Oil Exports (ITS)**: From September 1 - 10, the export volume was 476,610 tons, a 1.2% decrease compared to August 1 - 10. Exports to China were 0.8 million tons, higher than 0.1 million tons in the same period last month [9]. - **Malaysian Palm Oil Exports (SGS)**: From September 1 - 10, the export volume was 244,940 tons, a 27.8% decrease compared to August 1 - 10. Exports to China were 0.83 million tons, a decrease of 0.57 million tons from the previous week [9][10]. - **Policy News**: Chinese Vice - Premier He Lifeng led a delegation to Spain to hold talks with the US from September 14 - 17, discussing issues such as US unilateral tariff measures, abuse of export controls, and TikTok. Indonesia may first implement a B45 transition plan before the B50 biodiesel policy, reflecting the government's caution and flexibility in promoting renewable energy use and expanding domestic palm oil demand [15]. 3. Data Overview The report provides multiple data charts, including the spot prices of East China third - grade rapeseed oil, East China fourth - grade soybean oil, South China 24 - degree palm oil, and the basis changes of palm oil, soybean oil, and rapeseed oil, as well as price spreads and exchange rates [13][14][16]

Report Overview - Report Date: September 16, 2025 [2] - Report Industry: Cotton [1] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] 1. Investment Rating - Not provided in the report 2. Core View - Zhengzhou cotton is in a range - bound adjustment in the short term. The short - term macro influence is strengthening. The overseas market is oscillating weakly, while the domestic market has a slight improvement in demand and some support from rigid demand, but it is also affected by factors such as new cotton picking and the wait - and - see attitude of ginners [7][8] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Review**: Zhengzhou cotton oscillated and adjusted. The spot price of 328 - grade cotton was 15,249 yuan/ton, up 1 yuan/ton from the previous trading day. The sales basis of cotton in different regions was reported. The cotton yarn market was generally weak, the cotton cloth market demand was weak, and the home textile market had increased sales but poor order continuity [7] - **Macro and Overseas Market**: Sino - US economic and trade talks were held in Spain, and the Fed will announce its interest rate decision this week. The USDA September supply - demand report was slightly bearish. The weekly export data of US cotton weakened, and the CFTC fund net long position remained low, with the outer market oscillating weakly [8] - **Domestic Market**: Some areas have started manual picking, and mechanical picking will start next week. As of September 11, the national new cotton picking progress was 0.3%, with a slight year - on - year increase. Ginners are waiting for price guidance. The demand side has a slight destocking of finished products, and the downstream weaving mills' operation rate has a seasonal increase, with rigid demand support [8] 3.2 Industry News - In August 2025, China's clothing, footwear, and knitted textile revenue was 104.5 billion yuan, a year - on - year increase of 3.1%. From January to August 2025, the cumulative revenue was 940 billion yuan, a year - on - year increase of 2.9% - As of September 11, the inventory of ICE's deliverable No. 2 cotton futures contract remained at 15,474 bales. As of September 9, 2025, the net long position ratio of ICE cotton futures funds was - 27.05%, a week - on - week decrease of 0.49 percentage points [9] 3.3 Data Overview - The report presents various data charts, including China's cotton price index, cotton spot and futures prices, basis changes, spreads, cotton commercial and industrial inventories, and exchange rate data [16][20][26]

Group 1: Report Overview - Report Name: Asphalt Daily Report [1] - Date: September 16, 2025 [2] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - The asphalt market is in a situation of weak supply and demand, with prices oscillating. It is recommended to wait and see for now [6] Group 4: Market Review and Operation Suggestions - Futures Market: The opening price of BU2511 was 3410 yuan/ton, closing at 3393 yuan/ton, with a decline of 0.29% and a trading volume of 204,300 lots. The opening price of BU2512 was 3377 yuan/ton, closing at 3355 yuan/ton, with a decline of 0.12% and a trading volume of 47,200 lots [6] - Spot Market: The asphalt price in the North China market increased slightly, while that in Shandong decreased. Prices in other regions remained stable. There are both bullish and bearish factors in the spot market, and prices are generally stable [6] - Supply: Jinling Petrochemical may reduce asphalt production, and Qilu Petrochemical in Shandong switched to producing residual oil. However, Zhongyou Qinhuangdao may resume asphalt production in mid - September, and Jincheng Petrochemical and Henan Fengli will gradually switch to asphalt production. The asphalt plant operating rate is expected to continue to rise [6] - Demand: Road projects in the northern region are in a concentrated rush - construction period, and asphalt demand is improving steadily. In the southern region, due to the long construction period, it has not yet entered the rush - construction stage, and asphalt demand is mainly released steadily with limited overall growth [6] Group 5: Industry News - South China Market: The mainstream transaction price of 70A asphalt was 3480 - 3540 yuan/ton, remaining stable. Although market demand is stable with no increase, the contracts of local futures - spot traders have been mostly purchased by local traders, and traders are more inclined to hold up prices [7] - Shandong Market: The mainstream transaction price of 70A asphalt was 3480 - 3820 yuan/ton, down 5 yuan/ton from the previous trading day. Although international oil prices and asphalt futures rebounded during the session, the boost to the spot market was limited. With sufficient resource supply, some traders were actively selling, leading to a decline in prices [7] Group 6: Data Overview - The report provides multiple data charts, including asphalt cracking, social inventory, daily operating rate, Shandong asphalt comprehensive profit, South China asphalt spot price, Shandong asphalt basis, manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures [10][12][15]

Group 1: Report Overview - Report Name: Soda Ash and Glass Daily Report [1] - Date: September 16, 2024 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Industry Investment Rating - Not provided in the report Group 3: Core Viewpoints - The contradiction in the soda ash industry has been alleviated in the short term, but the oversupply situation is difficult to improve in the long term. The downstream products may provide slight support for the soda ash price, and the futures price is expected to fluctuate. Attention should be paid to macro - changes [8][9]. - The domestic photovoltaic glass market has seen a significant price increase in early September 2025, driven by strong demand. The supply - side pressure of float glass has eased marginally, and the cost side has some support, but the demand side is weak. The glass futures main contract is expected to show a short - term upward - fluctuating trend [10][11]. Group 4: Soda Ash Market Market Data - On September 15, the main soda ash futures contract SA601 closed at 1308 yuan/ton, up 22 yuan/ton or 1.71%, with a daily reduction of 1607 lots [7][8]. Fundamentals - Weekly production increased to 76.11 tons, a 1.24% week - on - week increase, but the industry still faced high inventory and weak demand. The factory inventory decreased to 179.75 tons, 2.46 tons less than last Thursday, but remained at a high level [8]. - The total shipment volume of Chinese soda ash enterprises was 78.57 tons, a 1.44% week - on - week decrease, and the overall shipment rate was 103.23%, a 2.81 - percentage - point decrease [8]. Outlook - The industry contradiction has been alleviated in the short term, but the long - term oversupply situation remains. The downstream float glass has stable daily melting volume, and the photovoltaic glass has good production and sales, which may support the soda ash price slightly. The futures price is expected to fluctuate [9]. Group 5: Glass Market Market Data - On September 15, the FG601 contract closed at 1207 yuan/ton, up 32 yuan/ton or 2.72%, with an increase of 30057 lots in positions [7]. Fundamentals - In early September 2025, the domestic photovoltaic glass market saw a price increase due to strong demand. The float glass supply - side pressure has eased, and the cost side has support, but the demand side is weak [10][11]. Outlook - The glass futures main contract is expected to show a short - term upward - fluctuating trend [11].

Report Overview - Report Date: September 16, 2025 [2] - Industry: Eggs [1] - Research Team: Agricultural Products Research Team [4] Investment Rating - Not provided in the report Core Viewpoints - After the weakest summer peak season in recent years, the spot market has gradually stabilized and rebounded. The current rebound is supported by increased elimination and seasonal demand, but supply pressure remains, and the upside of this rebound should not be overestimated. The futures market has made up for the gains due to the strong spot market over the weekend. It is recommended to take profits on long positions at high prices. The fundamental inflection point may appear in the late fourth quarter, and there may still be adjustment space in the short - to - medium term [8] Summary by Section 1. Market Review and Operation Suggestions - **Market Review**: Over the weekend, national egg prices rose. The average price in the main production areas was 3.66 yuan/jin, up 0.13 yuan/jin from the previous day, and in the main sales areas, it was 3.93 yuan/jin, up 0.22 yuan/jin. The 10 - contract rose 2.90%. The 2510 contract closed at 3126, up 88 or 2.90%; the 2511 contract closed at 3143, up 95 or 3.12%; the 2512 contract closed at 3245, up 70 or 2.20% [7] - **Operation Suggestions**: Consider taking profits on long positions at high prices. The 10 - contract may enter the delivery month with a high discount. The upside of this rebound should not be overestimated, and the remaining time for spot price increases is about 1 week. Follow - up contract operations need to continuously monitor elimination and replenishment data. The fundamental inflection point may appear in the late fourth quarter, and there may be adjustment space in the short - to - medium term [8] 2. Industry News - **In - Production Laying Hens Inventory**: As of the end of August, the national monthly inventory of in - production laying hens was about 1.365 billion, up from 1.356 billion at the end of July and 1.34 billion at the end of June, with a month - on - month increase of 0.7% and a year - on - year increase of 6.0% [9] - **Chick Hatchling Volume**: In August, the monthly hatchling volume of sample enterprises was about 39.81 million, down from 39.98 million in July and significantly lower than 43.95 million in the same period in 2024 [9] - **Chicken Culling Volume**: As of September 4, the culling volumes in the previous three weeks were 16.76 million, 18.51 million, and 17.89 million respectively. The culling volume has been increasing since August, and the average culling age was 495 days, 1 day earlier than the previous week and 11 days earlier than the previous month [10]

Report Information - Report Name: Pulp Daily Report [1] - Date: September 16, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Industry Investment Rating - Not provided in the content Core Viewpoints - The pulp futures 01 contract rose 0.91% overall, with the pre - settlement price at 5276 yuan/ton and the closing price at 5324 yuan/ton. The intended transaction price range of softwood pulp in the Shandong wood pulp market is 4980 - 6600 yuan/ton, and the low - end price remained stable compared to the previous trading day. The offer price of Shandong Yinxing is 5680 - 5700 yuan/ton [7]. - Arauco's August wood pulp export quotes were stable compared to June. The shipment volume of softwood pulp from 20 major pulp - producing countries in July increased month - on - month by 3.2% and year - on - year by 4.1%. China's pulp import volume in August decreased month - on - month by 7.9% and year - on - year by 5.6%. As of September 11, 2025, the weekly pulp inventory in major regions and ports increased by 0.71% compared to the previous week. The downstream cultural paper market is running weakly, and the pulp market will continue to adjust with low - level fluctuations [8]. Summary by Directory 1. Market Review and Operation Suggestions - **Market Review**: The 01 contract of pulp futures rose 0.91%. The 05 contract rose 0.76%, and the 09 contract rose 0.89%. The intended transaction price range of softwood pulp in the Shandong market is 4980 - 6600 yuan/ton, and the low - end price remained stable. Shandong Yinxing is quoted at 5680 - 5700 yuan/ton [7]. - **Industry Situation**: Arauco's August quotes were stable compared to June. In July, the shipment volume of softwood pulp from 20 major producing countries increased. China's pulp imports in August decreased. The inventory as of September 11 increased. The downstream cultural paper market has resumed production, but new orders are limited, and the pulp market will continue low - level fluctuations [8]. 2. Industry News - On September 11, the State Administration for Market Regulation approved the release of 622 recommended national standards and 6 recommended national standard modification orders, including 6 national standards in the papermaking field, which will improve the standard system and promote the healthy development of the industry [9]. 3. Data Overview - The report provides multiple data charts, including import softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, paper prices and price differences, and the US dollar - RMB exchange rate [15][17][19][28][29][32]

Group 1: General Information - Report title: Polyolefin Daily Report [1] - Report date: September 16, 2025 [2] - Research team: Energy and Chemical Research Team [4] Group 2: Market Quotes - Futures market: Plastic 2601 opened at 7199 yuan/ton, closed at 7232 yuan/ton, up 58 yuan/ton (0.81%); Plastic 2605 opened at 7203 yuan/ton, closed at 7252 yuan/ton, up 67 yuan/ton (0.93%); Plastic 2609 opened at 7230 yuan/ton, closed at 7269 yuan/ton, up 48 yuan/ton (0.66%); PP2601 opened at 6933 yuan/ton, closed at 6966 yuan/ton, up 56 yuan/ton (0.81%); PP2605 opened at 6964 yuan/ton, closed at 6988 yuan/ton, up 56 yuan/ton (0.81%); PP2609 opened at 6944 yuan/ton, closed at 6967 yuan/ton, up 75 yuan/ton (1.09%) [5] Group 3: Market Review and Outlook - Market situation: Futures opened higher, fluctuated and slightly rose. Spot trading atmosphere was not significantly boosted. Upstream maintenance levels exceeded expectations, with more shutdown devices, leading to a decline in upstream capacity utilization and output. New PP production capacity brought supply pressure, and more second - line devices were expected to be put into operation in September. Downstream was in the transition between off - season and peak season, with some demand improvement expected. Cost support was weakening due to the expected increase in crude oil supply [6] - Outlook: The market is in a pattern of both supply and demand recovery. As low - price resources are gradually consumed, the price center is expected to stabilize and rebound [6] Group 4: Industry News - Inventory: On September 15, 2025, the main producers' inventory was 700,000 tons, an increase of 45,000 tons (6.87%) from the previous working day, compared with 740,000 tons in the same period last year [7] - PE market: Prices fluctuated. LLDPE prices in North China were 7080 - 7450 yuan/ton, in East China were 7160 - 7650 yuan/ton, and in South China were 7320 - 7750 yuan/ton [7] - Propylene market: The mainstream price in Shandong was 6580 - 6620 yuan/ton, down 100 yuan/ton from the previous working day. Market supply was increasing, demand was decreasing, and trading volume decreased significantly [7] - PP market: Prices were generally stable with slight increases in some low - price products by 10 - 20 yuan/ton. The mainstream prices of North China, East China, and South China were 6720 - 6870 yuan/ton, 6730 - 6930 yuan/ton, and 6700 - 6930 yuan/ton respectively [8] Group 5: Data Overview - Data presented in figures: L basis, PP basis, L - PP spread, crude oil futures main contract settlement price, two - oil inventory, and two - oil inventory year - on - year increase/decrease rate [14][16][17]

行业 贵金属日评 日期 2025 年 9 月 16 日 宏观金融团队 研究员：何卓乔(宏观贵金属) 021-60635739 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 请阅读正文后的声明 每日报告 一、贵金属行情及展望 日内行情： 市场对美联储 9 月份重启降息进程已经预期得比较充分，在没有新增避险需 求的情况下金银价格维持高位盘整，以等待美联储经济通胀利率展望提供更多的 指引，伦敦黄金近五个交易日大致在 3610 至 3660 美元/盎司的区间内运行，中国 8 月金融数据良好一度推动工业属性更强的白银上探 42.5 美元/盎司。4 月下旬至 8 月份金价横盘震荡消化高估值压力，但美联储降息东风助推金价于 9 月初突破 阻力而开启新一轮上涨趋势，本轮涨势或延续至 2026 ...

Report Information - Report Type: Daily Report on Container Shipping Index [18] - Date: September 16, 2025 [2] - Research Team: Macro-Finance Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided Core Viewpoints - This week, the SCFIS dropped below 1500 points, marking the ninth consecutive week of decline. Online quotes in the second half of September were further reduced, with the lowest price falling below $1600 per 40 - foot container. The prices show a smooth downward trend in the off - season, and the decline has further widened. There is currently no significant increase in blank sailings compared to last year, while the overall shipping capacity has increased. There may be low - buying opportunities in December, and the October contract is recommended to be shorted on rallies [8] Summary by Directory 1. Market Review and Operation Suggestions - **Market Condition**: The SCFIS has fallen below 1500 points for nine consecutive weeks. Online quotes in the second half of September were further reduced, with the lowest price below $1600 per 40 - foot container. The price of the Shanghai - Rotterdam route dropped significantly, showing a smooth downward trend in the off - season with an enlarged decline [8] - **Operation Suggestions**: There may be low - buying opportunities in December, and the October contract is recommended to be shorted on rallies. Attention should be paid to whether blank sailings will be increased to support the freight rate floor, and the escalating Middle - East situation may also provide support [8] 2. Industry News - **Overall Market**: From September 8th to 12th, the China Export Container Shipping Market was generally stable, with most routes experiencing a decline in freight rates, dragging down the composite index. China's exports in August increased by 4.4% year - on - year, showing the resilience of foreign trade [9] - **European Routes**: In August, China's exports to Europe increased by 10.4% year - on - year, and the trade volume between China and the EU in the first eight months increased by 4.3% year - on - year. On September 12th, the freight rate from Shanghai Port to European basic ports was $1154/TEU, down 12.2% from the previous period [9] - **Mediterranean Routes**: The market situation was in line with that of European routes, and the spot booking price continued to decline. On September 12th, the freight rate from Shanghai Port to Mediterranean basic ports was $1738/TEU, down 11.8% from the previous period [10] - **North American Routes**: In August, the US non - farm payrolls increased by 22,000, significantly lower than expected, and the unemployment rate rose to 4.3%. China's exports to the US decreased by more than 30% year - on - year in August. However, the freight rate from Shanghai Port to the US West and East basic ports increased by 8.3% and 7.6% respectively on September 12th [10] - **Middle - East Tension**: Since September 8th, the situation in the Middle East has escalated, with Israel increasing attacks on the Gaza Strip and other places, and the Houthi movement taking actions, which has led to increased regional tension [10] 3. Data Overview - **Container Shipping Spot Prices**: On September 15th, the SCFIS for European routes was 1440.24 points, down 8.1% from September 8th; the SCFIS for US West routes was 1349.84 points, up 37.7% from September 8th [12] - **Container Shipping Index (European Line) Futures Quotes**: The trading data of multiple contracts on September 15th are provided, including the EC2510, EC2512, etc., with details of opening price, closing price, settlement price, change, change rate, trading volume, open interest, and open interest change [6] - **Shipping - Related Data Charts**: Multiple charts are provided, including the container ship capacity in Europe, the global container ship order backlog, the freight rate from Shanghai to European basic ports, etc. [17][19]

Report Information - Report Title: Crude Oil Daily Report [1] - Date: September 16, 2025 [2] Investment Rating - The report suggests a bearish approach for the crude oil market, indicating limited bullish factors [7] Core View - The crude oil market has limited bullish factors, and a bearish trading strategy is recommended [7] Summary by Section 1. Market Review and Trading Recommendations - **Market Performance**: WTI's opening price was $61.79, closing at $62.11, with a high of $63.40, a low of $61.20, a gain of 0.42%, and a trading volume of 13.85 million hands. Brent opened at $65.88, closed at $66.45, with a high of $67.71, a low of $65.36, a gain of 0.67%, and a trading volume of 37.02 million hands. SC opened at 486.6 yuan/barrel, closed at 488.1 yuan/barrel, with a high of 491.2 yuan/barrel, a low of 483.3 yuan/barrel, a gain of 1.86%, and a trading volume of 8.2 million hands [6] - **Supply Analysis**: In August, OPEC+ increased production by 510,000 barrels per day. After the latest compensatory production cuts, except for Kazakhstan over - producing by 280,000 barrels per day, the crude oil production of the other 7 member countries was basically within the quota. On the 8th, OPEC announced updated compensatory production - cut plans, mainly reducing the production - cut intensity this year and strengthening it in 2026. The supply side has marginal negative factors. Weekly data shows that U.S. crude oil and refined products are accumulating inventory, and both EIA and IEA have raised the inventory - accumulation amplitude for the fourth quarter [6] 2. Industry News - U.S. President Trump stated that he would impose major sanctions on Russia when all NATO countries stop buying Russian oil. U.S. Treasury Secretary Besent informed G7 partners that they should join the U.S. in imposing tariffs on countries buying Russian oil to end the Russia - Ukraine conflict. Trump also threatened new economic sanctions on Moscow due to the受阻 in Russia - Ukraine cease - fire negotiations [8] 3. Data Overview - The report presents multiple data charts, including global high - frequency crude oil inventory, EIA crude oil inventory, U.S. crude oil production growth rate, Dtd Brent price, WTI spot price, Oman spot price, U.S. gasoline consumption, and U.S. diesel consumption [10][11][18]