Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Policy-driven logic takes precedence over fundamentals. The high premium of futures prices reflects an optimistic outlook, but policy-driven factors are volatile. Spot prices are dragged down by fundamentals, and the reaction of futures prices is limited. The policy sets a long - term bullish trend, and spot prices provide rigid support for the futures market. However, weak reality and negative basis restrict short - term upward space. Currently, the market is in a cautiously bullish and volatile state, with support observed around 49,000 yuan [4] 3. Summary by Relevant Catalogs 3.1 Market Performance - The price of the main polycrystalline silicon contract fluctuated. The closing price of PS2511 was 53,545 yuan/ton, a decline of 0.34%, with a trading volume of 237,981 lots and an open interest of 132,212 lots, a net decrease of 2,686 lots. The closing price of PS2601 was 55,965 yuan/ton, a decline of 0.28%, with a trading volume of 29,847 lots and an open interest of 41,271 lots, a net increase of 887 lots [4] 3.2 Market News - On September 15, the number of polycrystalline silicon warehouse receipts was 7,850 lots (23,550 tons), an increase of 30 lots from the previous trading day. The "Notice on Improving the Price Mechanism to Promote the Proximity Consumption of New Energy Power Generation" stipulates that the power source of proximity consumption projects should be connected to the user side at the demarcation point between the user and the public power grid. The proportion of annual self - generated power consumption of new energy to the total available power generation should be no less than 60%, and the proportion to the total power consumption should be no less than 30% (no less than 35% for new projects starting from 2030). The project should have the condition of sub - meter metering. From January to July 2025, the cumulative installed capacity of photovoltaic reached 1109.6GW, and the newly added installed capacity was 223.25GW. The newly added installed capacity in July was 11GW, a year - on - year decrease of 47.7%, hitting a new low in 2025 [5]

Report Summary 1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core View of the Report The report indicates that the inflation in the US in September met market expectations, clearing the last obstacle for the Fed to restart the interest - rate cut process in September. The expectation of Fed's interest - rate cut has pushed up the US stock market, which has partially weakened the safe - haven demand for gold. However, the expectation of improved industrial demand brought by the Fed's interest - rate cut has led to the upward movement of precious metals. Gold has started a new upward trend, and this trend may continue until the spring and summer of 2026. Investors are advised to maintain a long - bias trading strategy, and short - hedgers can appropriately reduce their hedging ratios. Silver, with its strong industrial attributes, will also rise following the gold price and may even outperform gold in terms of gains due to its high volatility [4][5]. 3. Summary by Relevant Sections 3.1 Precious Metals Market Conditions and Outlook - **Intraday Market**: London gold is trading strongly above $3600 per ounce, and London silver has broken through the $42 per ounce mark. The gold price had a sideways shock from late April to August to digest the high - valuation pressure. With the Fed's interest - rate cut, the gold price broke through the resistance in early September and started a new upward trend [4]. - **Domestic Precious Metals Market**: The Shanghai Gold Index closed at 837.07, up 0.45%; the Shanghai Silver Index closed at 10,066, up 2.41%; Gold T + D closed at 830.30, up 0.51%; Silver T + D closed at 10,039, up 2.73% [5]. - **Medium - term Market**: From late April to early August, London gold fluctuated widely between $3100 - $3500 per ounce to digest the high - valuation pressure. Since August, the US employment and inflation situation has supported the Fed to restart the interest - rate cut process. Geopolitical risks also provide safe - haven demand for gold. From late August to early September, various factors jointly pushed the gold price to break through the $3500 per ounce mark, starting a new upward trend that may last until the spring and summer of 2026 [5]. 3.2 Main Macroeconomic Events/Data - **US Economic Data**: In August, the US consumer price had the largest increase in seven months, mainly due to rising housing and food costs. However, the number of initial jobless claims surged last week, and the Fed is still expected to cut interest rates next Wednesday. The CPI rose 0.4% month - on - month and 2.9% year - on - year in August, both being the largest increases since January. The core CPI rose 0.3% month - on - month and 3.1% year - on - year in August, consistent with the July increase. The number of initial jobless claims in the week ending September 6 increased by 27,000, reaching 263,000 after seasonal adjustment, the highest since October 2021 [17]. - **European Central Bank**: The ECB maintained interest rates as expected and was optimistic about growth and inflation, which curbed the market's expectation of further borrowing - cost cuts. ECB President Lagarde said that economic risks were "more balanced" than in June, but the inflation outlook was still more uncertain than usual. The ECB currently expects the inflation rate to be 1.9% in 2027, lower than the 2.0% forecast in June, and the core inflation rate to be 1.8%, also lower than the 2% target [17]. - **Trade - related News**: The US will pressure the G7 to raise tariffs on India and China for buying Russian oil. The US Commerce Secretary said that the US could reach a trade agreement with India if India stops buying Russian oil [18]. - **US Treasury Budget**: In August, the US budget deficit decreased by $35 billion or 9% year - on - year to $345 billion, as Trump's tariffs boosted net tariff revenues by about $22.5 billion. The cumulative deficit for the fiscal year as of August increased by $76 billion or 4% to $1.973 trillion, the third - highest in history [18].

Group 1: General Information - Report title: PTA Daily Report [1] - Date: September 15, 2025 [2] - Research team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - Futures market: On the 12th, the closing price of PTA's main futures contract TA2601 was 4,648 yuan/ton, down 40 yuan/ton (0.85%), with a settlement price of 4,648 yuan/ton and an increase of 20,678 lots in open interest. The TA2605 contract closed at 4,688 yuan/ton, down 32 yuan/ton, with a trading volume of 15,451 lots and an increase of 2,214 lots [6] - Market outlook: Crude oil prices are weak, downstream demand fails to peak, market sentiment is cautious, and PTA supply is expected to increase. Therefore, the PTA market is expected to be weak [6] Group 3: Industry News - International oil prices: Concerns about weak US demand and global supply glut offset the impact of military actions on oil production. On Thursday (September 11), the settlement price of WTI crude oil futures for October 2025 on the New York Mercantile Exchange was $62.37 per barrel, down $1.30 (2.04%), trading in the range of $62.21 - $63.80. The settlement price of Brent crude oil futures for November 2025 on the London Intercontinental Exchange was $66.37 per barrel, down $1.12 (1.66%), trading in the range of $66.15 - $67.62 [7] - PX prices: The assessed price of PX in the Chinese market was $831 - $833 per ton, down $6 per ton; the assessed price in the South Korean market was $811 - $813 per ton, down $6 per ton. There was no reported transaction in the market due to an increasingly bearish sentiment [7] - PTA prices: The price of PTA in the East China market was 4,587 yuan/ton, down 28 yuan/ton. The average daily negotiation basis was at a discount of 69 yuan/ton to the futures contract 2601, up 4 yuan [7] Group 4: Data Overview - The report includes various data charts, such as PTA futures prices, spot-futures price differences, PX prices, MEG prices, PTA processing margins, TA5 - 9 spreads, PTA warehouse receipts, polyester factory load rates, PTA downstream product prices, and PTA downstream product inventories, all sourced from Wind and the Research and Development Department of CCB Futures [11][13][17]

Group 1: Report Information - Industry: MEG [1] - Date: September 15, 2025 [2] Group 2: Research Team - Energy and Chemical Research Team: Li Jie (Crude Oil and Fuel Oil), Ren Junchi (PTA, MEG), Peng Haozhou (Urea, Industrial Silicon), Peng Jinglin (Polyolefins), Liu Youran (Pulp), Feng Zeren (Glass and Soda Ash) [4] Group 3: Market Review and Operation Suggestions - Futures Market: EG2601 closed at 4,272 yuan/ton, down 34 yuan; EG2605 closed at 4,319 yuan/ton, down 29 yuan. The trading volume of the main contract was 134,697 lots, and the open interest was 317,317 lots [7] - Market Outlook: The current supply-demand structure and cost side of ethylene glycol are weak, but the low port inventory still supports the spot price. It is expected to continue to fluctuate at a low level in the short term [7] Group 4: Industry News - International Oil Prices: On September 11, the settlement price of WTI crude oil futures for October 2025 was $62.37 per barrel, down $1.30 or 2.04%; the settlement price of Brent crude oil futures for November 2025 was $66.37 per barrel, down $1.12 or 1.66% [8] - Ethylene Glycol Market: The spot negotiation price in Zhangjiagang was 4,369 - 4,377 yuan/ton, down 32 yuan/ton from the previous trading day. The mainstream transaction price was 4,375 - 4,390 yuan/ton, down 25 yuan/ton [8] Group 5: Data Overview - Charts: Include PTA-MEG price difference, MEG price, MEG futures price, spot-futures price difference, international crude oil futures price, raw material price index (ethylene), MEG downstream product price, and MEG downstream product inventory [10][15][16][18]

行业 白糖日报 日期 2025 年 9 月 15 日 研究员：王海峰 021-60635728 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635732 hongchenliang@ccb.ccbfutures .com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：林贞磊 研究员：余兰兰 研究员：洪辰亮 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 | 表1：期货行情 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | | 收盘价（元/吨 | 美分 ...

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: September 12, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Industry Investment Rating - Not provided Core View - The low PPI in the US since June has strengthened the expectation of interest rate cuts, leading to a decline in the US dollar. The main contract of Shanghai zinc closed at 22,250 yuan/ton, up 80 yuan or 0.36%, with increased volume and decreased positions. The domestic fundamental weakness remains unchanged, and it will take time for the consumer side to improve. The inflection point of social inventory reduction has not appeared, and Shanghai zinc fluctuates in the middle and lower tracks of the Bollinger Bands [7]. Summary by Directory 1. Market Review - US PPI hit a new low since June, strengthening the expectation of interest rate cuts and causing the US dollar to fall. The main contract of Shanghai zinc closed at 22,250 yuan/ton, up 80 yuan or 0.36%, with increased volume and decreased positions. The 09 - 10 spread was -65 yuan/ton. In August, the refined zinc output was 626,200 tons, a year-on-year increase of 28.7%. The refined zinc output in September was slightly adjusted down but is still expected to be above 600,000 tons. The logistics and production restrictions in North and Central China have been lifted, and the galvanizing start - up rate is expected to increase month - on - month. The inventory in Tianjin has decreased slightly, while the inventory in Shanghai and Guangdong has increased. The total social inventory of zinc ingots in seven regions has increased by 0.21 million tons to 15.42 million tons. LME zinc inventory has decreased by 200 tons to 50,825 tons. The concern about overseas refined zinc supply has caused a spot premium, and the 0 - 3B has strengthened to $23.01/ton, supporting LME zinc [7]. 2. Industry News - On September 11, 2025, the mainstream transaction price of 0 zinc was concentrated between 22,205 - 22,265 yuan/ton, and that of Shuangyan was between 22,325 - 22,385 yuan/ton. The mainstream transaction price of 1 zinc was between 22,135 - 22,195 yuan/ton. In the morning, the market quoted a premium of 30 - 40 yuan/ton over the SMM average price. In the second trading session, the ordinary domestic zinc was quoted at a discount of 20 yuan/ton to the 2510 contract, Honglu - v was at par with the 2510 contract, Huize was at a premium of 60 yuan/ton to the 2510 contract, and the high - end brand Shuangyan was at a premium of 100 yuan/ton to the 2510 contract [8]. - In the Ningbo market, the mainstream transaction price of 0 zinc was around 22,205 - 22,255 yuan/ton. The regular brands in Ningbo were quoted at a discount of 35 yuan/ton to the 2510 contract and at a premium of 30 yuan/ton to the Shanghai spot price. In the first trading period, Qilin was quoted at a premium of 10 yuan/ton to the 2510 contract, Anning was at a discount of 30 - 20 yuan/ton to the 2510 contract, Honglu - v was at par with the 2510 contract, and Jiulong was quoted at a discount of 10 yuan/ton to the 2510 contract for delivery [8]. - In the Tianjin market, the mainstream transaction price of 0 zinc ingots was between 22,150 - 22,240 yuan/ton, and that of Zijin was between 22,200 - 22,260 yuan/ton. The transaction price of 1 zinc ingots was around 22,110 - 22,170 yuan/ton, and the price of Huludao was 22,980 yuan/ton. The ordinary 0 zinc was quoted at a discount of 40 - 80 yuan/ton to the 2510 contract, and Zijin was at a discount of 20 - 30 yuan/ton to the 2510 contract. The Tianjin market was at a discount of about 20 yuan/ton compared to the Shanghai market [8]. - In Guangdong, the mainstream transaction price of 0 zinc was between 22,090 - 22,190 yuan/ton. The mainstream brands were quoted at a discount of 105 yuan/ton to the 2510 contract and at a discount of 40 yuan/ton to the Shanghai spot price. The price difference between Shanghai and Guangdong has widened [9]. 3. Data Overview - The report provides figures on the price trends of zinc in two markets, the SHFE monthly spread, the weekly inventory of SMM seven - region zinc ingots, and LME zinc inventory, with data sources including Wind and SMM, and the research and development department of Jianxin Futures [13][14]

Group 1: Market Performance and Outlook - The price of the main contract of polysilicon fluctuated. The closing price of PS2511 was 53,710 yuan/ton, with a gain of 1.94%. The trading volume was 278,296 lots, and the open interest was 136,326 lots, a net decrease of 746 lots [4]. - In September, with production cuts and sales control, the monthly output is expected to be the same as that in August, ranging from 125,000 to 130,000 tons, which can meet the downstream demand of 55 - 60GW. The weekly output of silicon wafers and solar cells remained flat. The downstream has a trend of active replenishment due to price - increase expectations, and the monthly supply - demand is basically balanced [4]. - Terminal demand is weak. After the "rush to install" in the first half of the year overdrafted the total demand, the monthly installed capacity has not recovered. Policy has a pulsed impact, and after September 4th, it entered a policy vacuum period again. The stable spot price provides rigid support for the lower limit of the futures price (the average spot price of re - feed material is 49,000 yuan/ton), and the selling pressure at high levels is obvious. The follow - up policy support needs to be observed [4]. Group 2: Market News - On September 11th, the number of polysilicon warehouse receipts was 7,690 lots, an increase of 320 lots compared with the previous trading day [5]. - From January to July 2025, the cumulative installed capacity of photovoltaic reached 1,109.6GW, and the newly - added installed capacity was 223.25GW. The newly - added installed capacity in July was 11GW, a year - on - year decrease of 47.7%, hitting a new low in 2025 [5].

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core Viewpoints - The overall supply - demand situation of live pigs is loose, and the price remains weak. On the spot side, although terminal demand has increased with the start of schools and cooler weather, the supply pressure from hog sales is still relatively large. In the futures market, the supply of live pigs is expected to increase slightly before the Spring Festival. The 2511 and 2601 contracts are in the peak - demand season, and the supply - demand margin may improve, but they are mainly oscillating weakly due to the current large spot supply pressure [9]. 3. Summary by Directory 3.1行情回顾与操作建议 (Market Review and Operation Suggestions) - **Market Conditions**: On the 11th, the main 2511 live pig futures contract opened slightly higher and then oscillated downward, closing with a negative line. The highest price was 13,370 yuan/ton, the lowest was 13,285 yuan/ton, and the closing price was 13,320 yuan/ton, up 0.04% from the previous day. The total open interest of the index increased by 3,574 lots to 197,717 lots. The national average price of foreign ternary pigs on the spot market was 13.33 yuan/kg, up 0.02 yuan/kg from the previous day [8]. - **Analysis**: On the supply side, in September, the planned sales of sample breeding enterprises were 25.7 million heads, an increase of 970,000 heads or 3.92% compared with the actual slaughter in August, with a daily average increase of 7.39%. The slaughter volume may continue to increase significantly, and the utilization rate of second - fattening pens remains high. On the demand side, the price difference between fat and standard pigs has slightly declined, and second - fattening is mainly in a wait - and - see state. The terminal consumption of residents may increase, the orders of slaughtering enterprises have slightly increased, and the slaughter rate and volume have slightly increased. On September 11th, the slaughter volume of sample slaughtering enterprises was 148,000 heads, an increase of 400 heads from the previous day, a week - on - week decrease of 2,700 heads, and a month - on - month increase of 10,000 heads [9]. 3.2行业要闻 (Industry News) - As of September 4th, the average profit per self - breeding and self - raising live pig was 98.7 yuan/head, a week - on - week increase of 23 yuan/head; the average profit per live pig purchased as a piglet was - 112.8 yuan/head, a week - on - week decrease of 5 yuan/head [10][12]. 3.3数据概览 (Data Overview) - The average market sales price of 15 - kg piglets in the week of September 4th was 425 yuan/head, a decrease of 19 yuan/head from the previous week [15]. - The price difference between 150 - kg fat pigs and standard pigs in the week of September 4th was 0.19 yuan/jin, a week - on - week increase of 0.01 yuan/jin. The cost of fattening a 110 - kg pig to 140 kg was 13.42 yuan/kg, an increase of 0.12 yuan/kg from the previous week; the cost of fattening a 125 - kg pig to 150 kg was 13.69 yuan/kg, an increase of 0.13 yuan/kg from the previous week [15]. - The slaughtering enterprise's开工 rate in the week of September 5th was 31.27%, a week - on - week increase of 2 percentage points and a year - on - year increase of 5.54 percentage points, with the weekly rate fluctuating between 30.18% and 31.75% [15]. - As of the week of September 4th, the average slaughter weight of live pigs nationwide was 128.23 kg, an increase of 0.4 kg or 0.31% from the previous week [15].

Report Information - Industry: MEG [1] - Date: September 12, 2025 [2] Investment Rating - Not provided Core View - The current supply - demand structure of ethylene glycol has not changed substantially, with a stalemate between bulls and bears in the fundamentals. It is expected to maintain a range - bound oscillation. Short - term investors are advised to wait and see [7] Summary by Directory 1. Market Review and Operation Suggestions - Futures market: The closing price of EG2601 was 4302 yuan/ton, down 18 yuan; the closing price of EG2605 was 4350 yuan/ton, down 4 yuan. The trading volume of the main ethylene glycol futures contract on the 11th was 134,693 lots, and the open interest was 309,072 lots [7] - Operation suggestion: Due to the unchanged supply - demand structure and the stalemate between bulls and bears, it is recommended to wait and see in the short term [7] 2. Industry News - Oil price: Affected by geopolitical events and expected Fed rate cuts, European and American crude oil futures rose for three consecutive days, with a settlement price increase of over 1.6% on Thursday. However, concerns about oversupply and inventory increases limited the upward space [8] - Ethylene glycol market: The spot negotiation price in Zhangjiagang decreased by 32 yuan/ton compared to the previous working day. The basis of different periods was at a premium to EG2601 [8] - Industry start - up: PTA and polyester started stably. PX start - up increased by 1.12 percentage points, and ethylene glycol start - up increased by 0.14 percentage points [8] 3. Data Overview - The report provides multiple data charts, including MEG futures prices, spot - futures price differences, international crude oil futures prices, raw material price indices, PTA - MEG price differences, MEG prices, and prices and inventories of MEG downstream products [10][15][18]

Group 1: Report Information - Report Name: Soda Ash and Glass Daily Report [1] - Date: September 12, 2024 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions Soda Ash - On September 11, the main soda ash futures contract SA601 fluctuated strongly, closing at 1,287 yuan/ton, up 16 yuan/ton or 1.25%, with a daily reduction of 9,350 lots [7] - Fundamentally, the weekly production growth rate slowed down, and the inventory reduction amplitude decreased. The weak fundamental pattern remained unchanged. The weekly production of soda ash rose to 761,100 tons, a month-on-month increase of 1.24%. However, the domestic soda ash industry still faced the situation of high inventory and weak demand. Although the factory inventory continued to decline to 1.7975 million tons, 24,600 tons less than last Thursday, it was still at a high level. On the demand side, the shipment performance of Chinese soda ash enterprises declined slightly this week, with a total shipment volume of 785,700 tons, a month-on-month decrease of 1.44%. The overall shipment rate of soda ash was 103.23%, also showing a downward trend, a month-on-month decrease of 2.81 percentage points. Macroscopically, there was no new policy information to alleviate the involution in the soda ash industry, and the possibility of relevant policies being implemented in the short term was relatively low [8] - In summary, the oversupply and inventory accumulation of soda ash could not be alleviated in the short term, and it was difficult to make a breakthrough. At the same time, the overall industry capacity was further increasing, and the pattern of oversupply in the market was difficult to improve effectively. Downstream, the daily melting volume of float glass was relatively stable; the production and sales of photovoltaic glass were good recently. On the one hand, the fourth quarter was the traditional peak season for photovoltaic installation, and on the other hand, the expected increase in natural gas prices in winter would push up the production cost of photovoltaic glass. Therefore, downstream products might form a slight support for the soda ash price. It was expected that the futures price would fluctuate. In the absence of substantial positive factors, subsequent attention should be paid to macro changes [8] Glass - Fundamentally, in early September 2025, the domestic photovoltaic glass market saw a significant price increase, driven by strong demand. On the one hand, market expectations were released in advance, laying the foundation for demand release in September. On the other hand, with the approaching holiday, component enterprises generally planned to stock up in late September to ensure production continuity after the holiday, amplifying the market demand for photovoltaic glass in September [9] - For float glass, the supply-side pressure was marginally relieved compared with last year, and the cost side had certain support, but the demand side was weak, and it was difficult to make a significant breakthrough in the short term. The demand for new house glass continued to decline, but the production of automobiles and home appliances increased, supporting the glass demand. In the future, the main glass futures contract would show a short-term fluctuating and strengthening trend [10] Group 3: Data Overview - The report provides data on the trading of soda ash and glass futures on September 11, including opening price, highest price, lowest price, closing price, change, change rate, open interest, and open interest change [7] - It also presents charts on the price trends of active soda ash and glass contracts, weekly soda ash production, soda ash enterprise inventory, central China heavy soda market price, and flat glass production [12][17][19]