行业 PTA 日报 日期 2025 年 09 月 09 日 油） 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 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 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（原油燃料 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业 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 一、 行情回顾与操作建议 | 表1：期货行情 | | | | | | --- | --- | --- | --- | --- | | 合约 | ...

行业 白糖日报 日期 2025 年 9 月 9 日 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 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 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 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 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/磅） | 涨跌 | ...

行业 生猪日报 日期 2025 年 09 月 09 日 021-60635740 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635727 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.co m 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 数据来源：涌益，建信期货研究中心 农业产品研究团队 研究员：林贞磊 linzhenlei@ccb.ccbfutures.com 研究员：余兰兰 研究员：王海峰 wanghaifeng@ccb.ccbfutures.com 研究员：刘悠然 生猪行情： 期货方面，8 日生猪主力 2511 合约低开后探底回升震荡走高，尾盘收阳，最 高 13385 元/吨，最低 13145 元/吨，收盘报 1330 ...

研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 行业 棉花 日期 2025 年 9 月 9 日 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 | | --- | 数据来源：Wind，建信期货研究发展部 郑棉震荡走弱。现货方面，最新棉花价格指数 328 级在 15422 元/吨，较上一 交易日跌 24 元/吨。2024/ ...

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 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（工业硅碳市场） 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 原油日报 日期 2025 年 9 月 9 日 一、行情回顾与操作建议 | 表1 ...

Report Information - Report Title: Sugar Daily Report [1] - Date: September 8, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] Industry Investment Rating - Not provided Core Viewpoints - On Thursday, New York raw sugar futures weakened significantly, with the主力 October contract down 2.06% to 15.70 cents per pound. The ICE white sugar futures主力 December contract in London fell 1.2% to $462.30 per ton. Favorable weather in Brazil for sugarcane harvesting and increased sugar production in Brazil, along with the weakening of oil prices, have negatively impacted sugar prices [7]. - The主力 contract of Zhengzhou sugar oscillated at a low level yesterday. The 01 contract closed at 5,523 yuan per ton, down 17 yuan or 0.31%, with an increase of 5,022 contracts in positions. Domestic spot sugar prices in production areas declined. Today, Zhengzhou sugar 01 continued to decline but showed low - level oscillation. The price is close to the cost lower limit of sugar mills in Guangxi and the previous low in June, providing some support. After the market, speculative funds continued to increase short positions, contributing to the decline [8]. Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market Conditions**: SR601 closed at 5,523 yuan per ton, down 17 yuan or 0.31%, with an increase of 5,022 contracts in positions; SR605 closed at 5,509 yuan per ton, down 9 yuan or 0.16%, with an increase of 1,351 contracts in positions. For US sugar, the 10 - month contract closed at 15.70 cents per pound, down 0.33 cents or 2.06%, with a decrease of 8,899 contracts in positions, and the 03 - month contract closed at 16.34 cents per pound, down 0.31 cents or 1.86%, with an increase of 10,478 contracts in positions [7]. 2. Industry News - In the 25/26 sugar - making season, the estimated sugar production in Inner Mongolia may be adjusted downward due to continuous heavy rainfall in August but is still expected to be over 700,000 tons, higher than the 663,500 tons in the 24/25 season. The start - up time of the first sugar mill in Inner Mongolia is expected to be around September 12. The start - up time of the first sugar mill in Xinjiang in the 25/26 season may be postponed to around National Day, and the estimated sugar production in Xinjiang remains around the record - high level of 800,000 tons [11]. - Brazil exported 3.744 million tons of sugar in August, a year - on - year decrease of 4.47%. From April to August in the 2025/26 crushing season, Brazil's cumulative sugar exports were 14.506 million tons, a year - on - year decrease of 6.84% [11]. - The chairman of the National Federation of Cooperative Sugar Factories in India (NFCSF) stated that the export parity price of white sugar should be $500 per ton, and that of raw sugar should be over $19 per ton [11]. - According to data from Brazilian shipping agency Williams, as of the week ending September 3, the number of ships waiting to load sugar at Brazilian ports was 87, up from 72 the previous week. The quantity of sugar waiting to be loaded at ports was 3.207 million tons, up from 2.7221 million tons the previous week [11]. 3. Data Overview - Multiple data charts are provided, including spot price trends, 2509 contract basis, SR9 - 1 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading and position of the top 20 seats of the主力 contract of Zhengzhou sugar, with data sources from Wind and the research and development department of Jianxin Futures [12][14][16][19]

Report Information - Reported industry: Eggs [1] - Date: September 8, 2025 [2] - Researcher: Yulan Lan, Zhenlei Lin, Haifeng Wang, Chenliang Hong, Youran Liu [4] Core Viewpoints - In August, the spot price of eggs fluctuated at a low level. Due to high supply - side pressure, the peak - season expectation was repeatedly disappointed. Although the spot price rebounded this week, the upside space of the rebound is not optimistic because the supply pressure cannot be resolved in the short term. More and longer - term over - culling is needed to restore the supply - demand balance [8]. - In the futures market, contracts in the fourth quarter fell sharply earlier and stabilized this week, but the rebound was limited due to market pessimism. The 10 - contract, a post - festival contract, is relatively restrained, mainly with a rising basis. In the future, near - month contracts should focus on spot price changes. There may be some upward repair space for the 10 - contract, but long - position operations are difficult. The overall egg market is oversupplied. If the low egg price affects subsequent replenishment, a fundamental inflection point may appear in the later fourth quarter. In the short term, it is recommended to reduce positions and monitor spot changes [8]. Summary by Directory 1. Market Review and Operation Suggestions - **Market Review**: The prices of 10, 11, and 12 egg contracts decreased by 1.72%, 2.24%, and 1.82% respectively. Today, the national egg price rose. The average price in the main production areas was 3.30 yuan/jin, up 0.07 yuan/jin from yesterday; the average price in the main sales areas was 3.43 yuan/jin, also up 0.07 yuan/jin from yesterday [7]. - **Operation Suggestions**: Short - term operation suggests reducing positions and paying attention to spot price changes. Although the 10 - contract may have some upward repair space, long - position operations are difficult [8]. 2. Industry News - The inventory of laying hens in production is on an upward trend. As of the end of August, the monthly inventory of laying hens in production was about 1.365 billion, with a month - on - month increase of 0.7% and a year - on - year increase of 6.0% [9]. - The monthly output of laying - hen chicks by sample enterprises in August was about 39.81 million, slightly less than that in July and significantly less than that in the same period in 2024. The culling volume has gradually increased since August, and the culling age has advanced [9][10].

Industry Information - The industry under research is the soybean meal industry [1] - The report date is September 8, 2025 [2] - The research team consists of Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Market Review - **Contract Performance**: The settlement prices, opening prices, highs, lows, closing prices, changes, change percentages, trading volumes, open interests, and open interest changes of contracts such as soybean meal 2601, 2609, and 2611 are presented. For example, the soybean meal 2601 contract had a previous settlement price of 3063, an opening price of 3043, a high of 3072, a low of 3042, a closing price of 3067, a change of 4, and a change percentage of 0.13%. Its trading volume was 767,878, and the open interest was 1,996,647 with a decrease of 46,634 [6] - **External Market**: The US soybean futures contracts on the external market fluctuated, with the main contract at 1030 cents. The external environment has stabilized this week, with limited fundamental information interference. The weather conditions for the new US soybean crop have worsened, showing dry conditions in mid - to late August. The current weather pattern is similar to last year's, where the early growth period had good weather, and the USDA adjusted the yield per unit area to a high level in August. However, the weather turned dry starting in August. There is a possibility that the final excellent - good rate this year may be significantly lower than the August forecast, but the September report is less likely to change, and more adjustments to the yield per unit area can be expected in the October report [6] - **Market Focus**: The recent unfavorable weather has not brought significant bullish sentiment to CBOT soybeans. Instead, the market is mainly focused on the pessimistic outlook for new - season exports. As the US soybean harvest approaches, China has not started purchasing US soybeans, increasing the pressure on US soybeans. Although China may stop purchasing US soybeans, due to the significant reduction in planting area and the expected decrease in yield per unit area, the pressure on ending stocks is not as great as last year. Overall, the CBOT price remains in a bottom - oscillating pattern, with the possibility of being weak first and then strong in the medium term [6] - **Domestic Situation**: China's soybean meal market is in a fundamental situation of wide current supply and tight future expectations. In the medium term, with a 23% tariff on imported US soybeans remaining unchanged, China will mainly import Brazilian soybeans in the fourth quarter to replace US soybeans, supplemented by some Argentine soybeans. However, there may still be a small import gap, which may be filled by state - reserve auctions. Due to recent state - reserve soybean auctions and the weakening of CBOT soybeans, soybean meal lacks upward momentum. However, the problem of low imported soybean volume may gradually emerge in the fourth quarter after the National Day. Weather issues also need to be monitored in the October USDA report. After short - term oscillations, the medium - term outlook for soybean meal is bullish after corrections [6] Industry News - **USDA Crop Growth Report**: As of the week ending August 31, 2025, the excellent - good rate of US soybeans was 65%, lower than the market expectation of 68%, down from 69% the previous week, and the same as the same period last year. The pod - setting rate was 94%, up from 89% the previous week, higher than 93% in the same period last year, and in line with the five - year average. The defoliation rate was 11%, up from 4% the previous week, slightly lower than 12% in the same period last year, and slightly higher than the five - year average of 10% [7] - **USDA Export Inspection Report**: As of the week ending August 28, 2025, the US soybean export inspection volume was 472,914 tons, meeting expectations. The previous market forecast was between 200,000 - 500,000 tons, and the revised figure from the previous week was 393,189 tons. The export inspection volume to the Chinese mainland was 0 tons. As of the week ending August 29, 2024, the US soybean export inspection volume was 502,934 tons. Since the beginning of this crop year, the cumulative US soybean export inspection volume has reached 49,763,188 tons, compared with 44,717,223 tons in the same period last year [15] - **USDA Monthly Crushing**: The US soybean crushing volume in July 2025 was 6.14 million short tons (204.7 million bushels), up from 5.91 million short tons (197 million bushels) in June and 5.8 million short tons (193 million bushels) in July 2024 [15]

Group 1: Report Information - Report Name: Zinc Futures Daily Report [1] - Date: September 5, 2025 [2] - Research Team: Non - ferrous Metals Research Team, including Peng Jinglin, Zhang Ping, and Yu Feifei [4] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - Shanghai zinc led the decline in non - ferrous metals. The main contract closed at 22,120 yuan/ton, down 185 yuan or 0.83%. It showed increased volume and open interest, with open interest increasing by 14,140 lots to 118,873 lots. The net short position of the top 20 long - short positions in total open interest increased by 6,418 lots. The fundamentals changed little, with zinc ore processing fees rising continuously and zinc ingot production remaining at a high level. The demand side was supported by policies but was weak in the short term. Production restrictions in North China suppressed galvanized consumption. The pressure of supply - demand surplus was reflected in inventory. Social inventory increased by 0.26 million tons to 14.89 million tons on Thursday. LME zinc inventory decreased by 475 tons to 54,750 tons, the lowest level since May 2023, with a 0 - 3 spread of B18.78. Despite the macro - level interest rate cut expectation and continuous de - stocking at LME, the weak fundamentals of Shanghai zinc could not resonate. Shanghai zinc is expected to consolidate at a low level in the short term and may test the 22,000 - yuan integer mark again [7] Group 4: Summary by Directory 1. Market Review - Futures market: For SHFE zinc 2509, the opening price was 22,210 yuan/ton, the closing price was 22,100 yuan/ton, the highest was 22,275 yuan/ton, the lowest was 21,970 yuan/ton, down 175 yuan or 0.79%, with an open interest of 8,355 lots, down 1,255 lots; for SHFE zinc 2510, the opening price was 22,240 yuan/ton, the closing price was 22,120 yuan/ton, the highest was 22,325 yuan/ton, the lowest was 22,000 yuan/ton, down 185 yuan or 0.83%, with an open interest of 118,873 lots, up 14,140 lots; for SHFE zinc 2511, the opening price was 22,280 yuan/ton, the closing price was 22,120 yuan/ton, the highest was 22,330 yuan/ton, the lowest was 22,010 yuan/ton, down 180 yuan or 0.81%, with an open interest of 70,099 lots, up 3,819 lots [7] 2. Industry News - On September 4, 2025, the mainstream transaction price of 0 zinc was 21,980 - 22,180 yuan/ton, that of Shuangyan was 22,120 - 22,340 yuan/ton, and that of 1 zinc was 21,910 - 22,110 yuan/ton. In the morning, the market quoted a premium of 30 - 40 yuan/ton to the SMM average price. In the second trading session, ordinary domestic brands were quoted at a discount of 20 yuan/ton to the 2510 contract, Honglu - v was at par to the 2510 contract, Huize was at a premium of 50 - 80 yuan/ton to the 2510 contract, and high - end brand Shuangyan was at a premium of 120 - 140 yuan/ton to the 2510 contract [8] - In the Ningbo market, the mainstream transaction price of 0 zinc was about 21,980 - 22,170 yuan/ton. Regular brands were quoted at a discount of 25 yuan/ton to the 2510 contract and a premium of 40 yuan/ton to Shanghai spot. In the first period, Qilin was quoted at a premium of 10 - 20 yuan/ton to the 2510 contract for delivery, Hualian/Jiulong was at a premium of 20 yuan/ton for delivery, and Anning was at a discount of 30 yuan/ton to the 2510 contract. In the second period, traders' quotes remained the same as the previous period [8] - In the Tianjin market, the mainstream transaction price of 0 zinc ingots was 21,930 - 22,170 yuan/ton, that of Zijin was 21,980 - 22,180 yuan/ton, and that of 1 zinc ingots was around 21,880 - 22,090 yuan/ton. Huludao was quoted at 22,570 yuan/ton. Ordinary 0 zinc was quoted at a discount of 30 - 70 yuan/ton to the 2510 contract, Zijin was at a discount of 20 yuan/ton to the 2510 contract, and Tianjin market was at a discount of about 10 yuan/ton to Shanghai market [8] - In the Guangdong market, the mainstream transaction price of 0 zinc was 21,910 - 22,155 yuan/ton. Mainstream brands were quoted at a discount of 65 yuan/ton to the 2510 contract and at par to Shanghai spot, and the price difference between Shanghai and Guangdong narrowed. In the first period, holders quoted a discount of 90 - 45 yuan/ton for Qilin, Mengzi, Danxia, Anning, Feilong, and Lanxing; in the second period, the discount was 90 - 55 yuan/ton [8] 3. Data Overview - The report presents figures on the price trends of zinc in two markets, SHFE monthly spreads, SMM's weekly inventory of zinc ingots in seven regions (in million tons), and LME zinc inventory (in tons), with data sources including Wind and SMM, as well as the research and development department of Jianxin Futures [10][11][12]

Report Summary 1. Report Information - **Report Title**: Aluminum Daily Report - **Date**: September 5, 2025 - **Research Team**: Non - ferrous Metals Research Team of Jianxin Futures, including researchers Yu Feifei, Zhang Ping, and Peng Jinglin [1][2][3] 2. Investment Rating - No investment rating for the industry is provided in the report. 3. Core Viewpoints - On September 4, Shanghai aluminum prices continued to decline, with the main contract closing at 20,605, a 0.77% drop from the previous day. The 09 - 10 spread changed from a discount to a premium of 15, and the far - month contracts still showed a contango structure. The import window remained closed, with a spot import loss of - 1,320 yuan/ton [7]. - The decline in futures prices boosted market activity, with an increase in downstream rigid - demand purchases. The spot premium and discount both improved. The cast aluminum alloy followed the trend of Shanghai aluminum, with the AD - AL negative spread at - 385. With the approaching traditional peak season and the termination of the tax refund policy in the scrap aluminum industry, which increased industry costs, the cast aluminum alloy is expected to strengthen, and the strategy of going long on AD and short on AL can be maintained [7]. - The weak fundamentals of alumina pushed its price below the 3,000 mark, and it is expected to remain weak in the short term, but the downside space is limited. The operating capacity of electrolytic aluminum remains high. Although the peak season is approaching, the consumption side has only marginally improved, and inventories have not been effectively depleted and are still accumulating. Overall, the weakening macro - environment and the fact that the aluminum fundamentals have not emerged from the off - season have put pressure on aluminum prices to decline again. Future attention should be paid to the performance of the consumption side during the peak season to see if it can break through the upper space, and the previous high resistance remains strong [7]. 4. Section Summaries 4.1 Market Review and Operation Suggestions - Aluminum prices declined, and the market activity recovered. The cast aluminum alloy is expected to strengthen, and the alumina price is weak. The electrolytic aluminum inventory is accumulating, and the future trend depends on the peak - season consumption [7]. 4.2 Industry News - On September 4, the Ministry of Industry and Information Technology and the State Administration for Market Regulation issued the "Stable Growth Action Plan for the Electronic Information Manufacturing Industry from 2025 - 2026", aiming to promote high - quality development in the photovoltaic and other fields, guide the orderly layout of industries, and strengthen product quality management [8]. - The Indian federal environment ministry has postponed the approval of Vedanta's Sijimali bauxite project in Odisha. The project, with an expected reserve of 311 million tons, faces issues such as community consent, ecological risks, and land - use problems. It will remain on hold until these issues are resolved [10]. - The mining right of Sanmenxia Jinjiang Mining Co., Ltd.'s Shaanzhou Dataoyuan bauxite mine has been changed, with a validity period from June 4, 2025, to April 3, 2030. The designed production scale is 500,000 tons/year [10].