＃summary＃ 021-60635740 期货从业资格号：F3075681 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 请阅读正文后的声明 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 行业 锌期货日报 日期 2025 年 9 月 3 日 有色金属研究团队 研究员：彭婧霖 pengjinglin@ccb.ccbfutures.com 研究员：余菲菲 请阅读正文后的声明- 2 - 1. 2025 年 9 月 2 日 0#锌主流成交价集中在 22145~22275 元/吨，双燕主流成 交于 22305~22425 元/吨，1#锌主流成交于 22075~22205 元/吨。早盘市场 对 SMM 均价报价升水 20~30 元/吨，对盘报价几无。第二交易时段，普 通国产报价对 2510 合约贴水 40~30 元/吨，红鹭-v 对 2509 合约报价升水 40 元/吨，会泽对 2509 合约升水 70 元/吨，高价品牌双燕对 2510 合约升 水 120 元/吨 ...

021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 021-60635727 期货从业资格号：F03134307 报告类型 铁矿石日评 日期 2025 年 9 月 3 日 黑色金属研究团队 研究员：翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员：聂嘉怡 研究员：冯泽仁 fengzeren@ccb.ccbfutures.com 请阅读正文后的声明 ＃summary＃ 每日报告 | | | | | | 表1：9月2日钢材、铁矿期货主力合约价格、成交及持仓情况（单位：元/吨、%、手、亿元） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | 资金流 入流出 | | RB2601 | 3115 ...

Report Information - Report Type: Steel Daily Review [1] - Date: September 3, 2025 [2] - Research Team: Black Metal Research Team [3] - Researchers: Zhai Hepan, Nie Jiayi, Feng Zeren [3] 1. Market Review and Future Outlook 1.1 Spot Market Dynamics and Technical Analysis - On September 2, some rebar and hot-rolled coil spot markets saw price drops. Rebar prices in Changsha dropped by 30 yuan/ton, and in other cities by 10 - 20 yuan/ton. Hot-rolled coil prices in some cities dropped by 10 - 20 yuan/ton, while in Shenyang, it rose by 10 yuan/ton [8]. - The daily KDJ indicators of rebar 2601 contract showed a split trend, with the J value rebounding, the K value nearly flat, and the D value continuing to decline. The daily KDJ indicators of hot-rolled coil 2601 contract continued to decline after a dead cross the previous day. The daily MACD green bars of both contracts have been expanding [8]. 1.2 Future Outlook - News: Recently, some northern steel mills started the first round of coke purchase price cuts, and iron ore spot prices also showed a weakening trend [9]. - Fundamentals: The production and demand of the five major steel products continued to rise slightly, while the steel mill inventory continued to decline slightly, but the social inventory reached a new high since early May. The blast furnace capacity utilization rate and daily hot metal output decreased slightly but remained at a high level. Since early August, steel mill profits have generally declined by 140 - 200 yuan/ton, which has a suppressing effect on raw material prices. Steel mill iron ore inventories have declined for two consecutive weeks, and the purchasing sentiment has turned flat. After the eighth round of coke spot price increase, there are rumors that Hebei steel mills plan to conduct the first round of coke price cuts on September 5. Mongolia will increase coal exports to China, causing coke and coking coal futures to turn weak again [10]. - Overall: Recently, the production restrictions in Beijing-Tianjin-Hebei, Shandong, and Henan were not as effective as previously shown in the market. Constrained by the under - expected demand in the steel spot market and the significant narrowing of steel mill profits, the steel market in the early part of September will face pressure from weak demand and the loss of cost support. However, this situation is unlikely to continue after mid - September. There is hope for a long - term slow - bull market in the steel market from mid - September to November, similar to the domestic stock index slow - bull trend from April to August [11]. 2. Industry News - The Shanghai Cooperation Organization member states issued a statement on energy sustainable development on September 1, calling for deeper cooperation in the energy field [12]. - On September 2, the China Federation of Logistics and Purchasing released the logistics industry prosperity index for August, which expanded significantly. The business volume index and new order index continued to expand [12]. - Tianfeng Securities gave a "Buy" rating to China Shenhua, citing its integrated operation model, stable coal and power businesses, and high - return profit distribution plan [12]. - Five major traditional power generation companies achieved a total net profit of 24.267 billion yuan in the first half of 2025, a new high since 2016 [13]. - According to CITIC Securities, the total net profit of sample coal companies decreased by about 32% year - on - year and 15% quarter - on - quarter in the first half of the year. However, the industry's supply - demand pattern may improve in the second half, and the coal price center may rise [13]. - The 62 - day railway summer transportation ended on August 31, with passenger and freight volumes reaching record highs [13]. - In July 2025, the total import and export volume of automobile products was 24.98 billion US dollars, with exports showing significant growth [13]. - Fenix Resources signed a mining rights agreement with Sinosteel Midwest Corporation [13]. - India's power generation increased by 4% in August, and the proportion of coal - fired power generation rose [13]. - Russia's Yakutia region plans to increase coal production to over 50 million tons in 2025 [13]. - In July 2025, global pig iron production decreased by 0.2% month - on - month and 4.4% year - on - year [13]. - The EU is taking measures to ensure that Russian gas will not be mixed into its supply system after the 2027 ban [14]. 3. Data Overview - The report provides multiple data charts including spot prices, social inventories, production, and capacity utilization rates of steel products, with data sources from Mysteel and the research and development department of Jianxin Futures [16][18][25]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The supply - side disturbances are the main cause of the recent market. Although the lithium carbonate futures have dropped significantly and the spot price has continued to decline during the "Golden September and Silver October" traditional demand peak season, the downstream purchasing willingness remains strong. With the current futures price back to the level before the shutdown of Jiaxiaowo Mine, the expanding basis, the strengthening of the ore - end price support, and the entry into the demand peak season, it is expected that the further decline space of lithium prices is limited [11]. 3. Summary by Directory 3.1行情回顾与操作建议 - The lithium carbonate futures dropped significantly, and the market shifted to a back structure, mainly due to unconfirmed rumors of the resumption of a mine in Yichun, Jiangxi. The spot price of electric carbon decreased by 850 to 77,500. During the "Golden September and Silver October" peak season, the spot price continued to fall, but downstream purchasing willingness was strong, and the inventory cycle slightly extended [11]. - The price of Australian ore dropped by 20 to 860, and the price of lithium mica ore dropped by 30 to 1,920. The loss of salt plants using purchased lithium mica expanded to 5,811, and the profit of salt plants using purchased lithium spodumene narrowed to 50. The production of salt plants was affected under the price support of the ore end [11]. 3.2行业要闻 - Tianqi Lithium's 2025 semi - annual report shows that its lithium concentrate has a built - in production capacity of 1.62 million tons/year and a medium - term planned capacity of about 2.14 million tons/year. The built - in production capacity of lithium chemical products is about 91,600 tons/year, and the planned capacity is about 122,600 tons/year. The company is promoting expansion projects. The third chemical - grade lithium concentrate plant at the Greenbushes Lithium Spodumene Mine in Australia is expected to be completed in December this year. The 30,000 - ton/year lithium hydroxide project in Zhangjiagang, Jiangsu (which can flexibly adjust to produce lithium carbonate products) has been completed and entered the commissioning stage. A 1,000 - ton/year metal lithium and supporting raw material expansion project is under construction in Tongliang, Chongqing [12]. - Ganfeng Lithium stated on September 2 that its solid - state batteries have been trial - installed and mass - produced in some vehicle models and are used in products of well - known drone and eVTOL enterprises. The high - safety and low - temperature - resistant solid - state lithium batteries have been sent to an international well - known mobile phone company for batch verification. The company is promoting high - specific - energy solid - state batteries in new - energy vehicles, consumer electronics, energy storage and other fields, accelerating industrialization in consumer - grade scenarios such as drones, exoskeletons, and portable energy storage, and building a penetration path for professional equipment, high - end consumer electronics, and mass consumer goods [12][13].

Report Overview - Report Date: September 3, 2025 [2] - Reported Industry: Egg [1] - Research Team: Agricultural Product Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] 1. Investment Rating No investment rating information is provided in the report. 2. Core View The egg market is currently under significant pressure. The peak - season price increase did not materialize as expected, leading to a bear - dominated market. The supply pressure is high, and it will take a long time for the market to return to a supply - demand balance. It is not advisable for investors to blindly buy at the bottom, and a complete market reversal may not occur until the end of the fourth quarter or early next year, which requires continuous monitoring of the data on egg - laying hen replenishment and culling [8]. 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Market Review**: The egg futures market showed mixed trends today. The 2509 contract closed at 2804, down 20 points or 0.71% with a trading volume of 4 and an open interest of 97 (down 4). The 2510 contract closed at 2959, up 11 points or 0.37% with a trading volume of 507,088 and an open interest of 441,830 (down 42,580). The 2511 contract closed at 3035, up 35 points or 1.17% with a trading volume of 283,082 and an open interest of 290,211 (up 887). The average price of eggs in the main production areas was 3.16 yuan/jin, up 0.01 yuan/jin from yesterday, and in the main sales areas, it was 3.31 yuan/jin, unchanged from yesterday [7]. - **Operation Suggestions**: Due to the failure of the peak - season price increase, the market is dominated by bears. There is no obvious technical support, and the inventory adjustment is in the early stage. It is not recommended to blindly buy at the bottom. Even if there is a rebound, it should be regarded as a short - term one. A complete reversal depends on the data of replenishment and culling, which may take until the end of the fourth quarter or early next year [8]. 3.2 Industry News - **Egg - laying Hen Inventory**: As of the end of August, the national inventory of laying hens was about 1.365 billion, up 0.7% month - on - month and 6.0% year - on - year, showing an upward trend [9]. - **Chick Hatch Quantity**: In August, the monthly hatch quantity of egg - laying chicks in sample enterprises was about 39.81 million, slightly lower than 39.98 million in July and significantly lower than 43.95 million in the same period in 2024. The recent low breeding profit has started to change farmers' expansion mentality [9][10]. - **Culling Volume**: From the first to the third week of August 28, the national culling volumes were 14.42 million, 16.76 million, and 18.51 million respectively, showing an upward trend. As of August 28, the average culling age was 496 days, 4 days earlier than the previous week and 11 days earlier than the previous month [10]. 3.3 Data Overview The report provides multiple data charts, including the monthly inventory of laying hens in China, egg - laying hen breeding profit, egg basis of the 09 contract, 09 - 10 spread, average price in the main production areas, and the seasonal trend of the 10 contract, but no in - depth analysis of these data is provided in the text [12][13][17].

Report Information - Date: September 3, 2025 [2] - Research Team: Energy and Chemical Research Team [3] - Researchers: Li Jie, Ren Junchi, Peng Haozhou, Peng Jinglin, Liu Youran, Feng Zeren [1][3] 1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - The industrial silicon market is in a state of supply - demand imbalance. The supply has increased significantly, while the demand has no obvious growth. The market is expected to have wide - range oscillations, and attention should be paid to the support level at 8200 yuan [4]. 3. Summary by Directory 3.1 Market Review and Outlook - **Market Performance**: The industrial silicon futures price fluctuated. The Si2511 closed at 8470 yuan/ton, up 1.13%. The trading volume was 345,613 lots, and the open interest was 281,480 lots, with a net decrease of 3,969 lots [4]. - **Spot Price**: The industrial silicon spot price started low and ended high, fluctuating. The Sichuan 553 price was 8900 yuan/ton, Yunnan 553 was 8550 yuan/ton, Inner Mongolia 421 was 9400 yuan/ton, Xinjiang 421 was 9150 yuan/ton, and Sichuan 421 was 9600 yuan/ton [4]. - **Future Outlook**: The supply increase is obvious, with the weekly output reaching 90,000 tons, equivalent to about 390,000 tons per month. The demand has no obvious increase. The polysilicon production in September was reduced from 145,000 tons to 120,000 - 130,000 tons. The total volume of organic silicon, alloys, and exports remained stable. The industry is in a supply - demand imbalance, and there is no inventory reduction drive. Policy implementation does not focus on the industrial silicon industry, and the weak fundamental drive has led to a recent decline in high - priced silicon, with the market fluctuating widely [4]. 3.2 Market News - On September 3, the futures warehouse receipt volume of the Guangzhou Futures Exchange was 50,029 lots, a net decrease of 371 lots from the previous trading day [5]. - According to customs data, in July 2025, China's metallic silicon exports were 74,000 tons, a month - on - month increase of 8.32% and a year - on - year increase of 36.75%. From January to July 2025, China's total metallic silicon exports were 414,700 tons, a year - on - year decrease of 1.04% [5]. - From January to July 2025, the cumulative photovoltaic installed capacity reached 1109.6GW, and the newly added installed capacity was 223.25GW. In July, the newly added installed capacity was 11GW, a year - on - year decrease of 47.7%, hitting a new low in 2025 [5].

行业 沥青日报 日期 2025 年 9 月 3 日 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（碳市场工业硅） 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 每日报告 ...

行业 棉花 日期 2025 年 9 月 3 日 研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 研究员：林贞磊 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 研究员：王海峰 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 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 、 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：行情回顾 | CH-ZPOA | 13620 | 3550 | 13700 | 3250 | 13515 | -0.33% | 2558 | 3442 | -218 | | --- | --- ...

报告类型 股指日评 日期 2025 年 9 月 3 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 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 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与后市展望 1.1 行情回顾： 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 9 月 2 日，万得全 A 开盘震荡回落，午后反弹后再度走弱，收跌 1.48%，超 7 成个股下跌；指数现货方面，沪深 300、中证 500、中证 1000 收盘分别下跌 0.74%、 2.09%、2.50%，上证 50 收盘上涨 0.39%。指数期货表现整体强于现货，IF、IC、 IM 主力合约分别收跌 0.65%、1.69%、1.75%，IH 主力合约收涨 0.44%（按前一交 易日收盘价为基准计算）。今日科 ...

行业 纸浆日报 日期 2025 年 9 月 3 日 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635727 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 一、行情回顾与操作建议 | 表1：行情回顾 | | --- | 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：刘悠然（纸浆） 研究员:李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅多晶硅） 研究员：彭婧霖（聚烯烃） 研究员：冯泽仁（玻璃纯碱） ...