Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - On September 4, the Shanghai nickel price continued to decline, with the main contract closing down 0.53% to 120,850 yuan/ton. The average premium of Jinchuan nickel dropped by 50 to 2,050, and the premium/discount of domestic electrowon nickel was reported at -200 - 200. The average price of 8 - 12% high - nickel pig iron rose by 1 to 945 yuan/nickel point, and the average price of battery - grade nickel sulfate remained flat at 27,870 yuan/ton [8]. - Affected by events such as Indonesia's adjustment of the RKAB approval cycle and demonstrations, the decline of nickel ore is limited, and support is emerging. NPI remains strong under cost support and demand recovery expectations, but the improvement space for stainless - steel terminals is limited, so the subsequent upward space is restricted. The price of nickel sulfate remains strong, but the demand for new - energy ternary batteries is mediocre, and the expected increase is limited [8]. - Overall, the primary nickel market remains in an oversupply situation. The nickel price continues to face pressure on the upside, and it is also difficult to break downward due to cost support. Short - selling at low levels has a relatively low cost - effectiveness. It is recommended to adopt a trading - range strategy, with the main operating range of the index referring to 119,000 - 125,000 yuan [8]. Group 3: Summary by Relevant Catalogs 1. Market Review and Operation Suggestions - The nickel price on September 4 showed a downward trend, along with changes in the premiums and discounts of different nickel products and the prices of related nickel - containing products. The report analyzes the supply and demand situation of different nickel - related products and gives an overall judgment on the nickel market, suggesting a trading - range strategy [8]. 2. Industry News - Tata Steel Mining's MD Pankaj K. Satija said India can relieve the supply shortage of key minerals like nickel through three paths: enhancing local mining and processing, recovering by - products from existing mining, and promoting "urban mining". India launched the National Critical Minerals Mission (NCMM) in January this year, with a total budget of 163 billion rupees and plans to attract 180 billion rupees of state - owned enterprise investment to reduce dependence on Chinese supply [9]. - Indonesia's forest law - enforcement working group will conduct a centralized crackdown on illegal nickel mines. The action aims to regain state control of forests, and companies need to return illegal profits. Some cases may enter criminal investigations, and the seized mines will be temporarily managed by the state - owned enterprise department [10]. - FPX Nickel announced its participation in two important sustainable development initiatives in 2025, joining the Mining Association of Canada (MAC) and the United Nations Global Compact, which reflects its commitment to environmental protection, transparency, and responsibility [10].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The lithium carbonate futures rose as the market speculated on the change of mine types in Yichun. However, in the afternoon, the increase narrowed due to the broader decline in the A - share market. With the spot price remaining higher than the futures price, stronger price - holding at the mine end, the arrival of the peak demand season, and the uncertainty of the mine type change in Yichun, lithium prices are expected to stop falling and rebound [10] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - The lithium carbonate futures increased, with the main contract reaching a maximum of 74,440. The spot price dropped by 900 to 75,000, the Australian ore price remained flat at 850, and the lithium mica ore price dropped by 20 to 1,865. The production losses of salt plants using purchased lithium spodumene and lithium mica expanded to 1,567 and 6,991 respectively [10] 3.2 Industry News - Salt Lake Co., Ltd. (000792) responded to the policy investigation on the compliance of salt - lake lithium extraction mining rights in Qinghai, stating that its mining business is fully compliant and production is stable [13] - Ascend Elements announced the first commercial production of black recycled lithium carbonate with a purity of over 99% at its facility in Georgia. The company plans to expand the annual production of recycled lithium carbonate in the US and Europe to over 15,000 tons by 2027 [13]

Report Information - Report Title: "集运指数日报" [1] - Date: September 5, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - No relevant content provided. Core View - The SCFIS dropped below 1800 points in the current week, marking the seventh consecutive week of decline. Online quotes for the first half of September were further reduced, with the lowest price falling below $2000 per 40 - foot container. The price of the European route shows a characteristic of smooth decline in the off - season, and the decline exceeds market expectations, putting significant pressure on the October contract. However, the current main 10 - contract has a deep discount, with sufficient expectations for price cuts. The oversold rebound on Tuesday might be boosted by the expectation of increased empty sailings during the National Day. But since the scale of empty sailings this year has not significantly exceeded that of last year and the overall shipping capacity has actually increased, the boosting effect may not be strong enough. There may be low - buying opportunities in December, and the 10 - contract is recommended to be short - allocated on rallies [8]. Summary by Section 1. Market Review and Operation Suggestions - The SCFIS has fallen below 1800 points for seven consecutive weeks. Online quotes in early September have been further reduced. The price of the Shanghai - Rotterdam route shows a smooth decline in the off - season, which puts pressure on the 10 - contract. The 10 - contract is deeply discounted, and the oversold rebound on Tuesday may be due to the expectation of increased National Day empty sailings. However, the boosting effect may be limited. The 10 - contract is recommended to be short - allocated on rallies, and there may be low - buying opportunities in December [8]. 2. Industry News - From August 25th to August 29th, the overall China export container shipping market was stable, with different routes showing divergent trends. The comprehensive index rose slightly. The European route's market sentiment was weak, with the freight rate falling. The Mediterranean route followed the European route, with the freight rate dropping. The North American route's freight rate rebounded. There were also geopolitical events in the Middle East and the US's statement on the Palestinian issue [9][10]. 3. Data Overview 3.1 Spot Freight Rates for Container Shipping - The Shanghai Export Container Settlement Freight Index for the European route decreased from 1990.2 on August 25th to 1773.6 on September 1st, a decrease of 10.9%. The index for the US - West route decreased from 1041.38 to 1013.9, a decrease of 2.6% [12]. 3.2 Futures Market for Container Shipping Index (European Route) - Provided trading data for EC2510, EC2512, EC2602, EC2604, EC2606, and EC2608 contracts on September 4th, including opening price, closing price, settlement price, price change, trading volume, open interest, and change in open interest [6].

Report Information - Report Title: Treasury Bond Daily Report [1] - Date: September 5, 2025 [2] - Researcher: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - In August, there were no significant changes in the bond market's fundamentals and policies. The stock - bond seesaw was the main reason for the bond market adjustment. In September, the factors suppressing the bond market may ease, but incremental positive factors are still limited. The bond market has become less sensitive to the stock market since late August. Considering that the fastest - growing phase of the stock market may have passed, the pressure on the bond market from the stock market may further ease. Historically, the bond market has performed poorly in September since 2019 due to factors like government bond issuance peaks and the intensification of broad - credit policies. This year, the supply - side disturbance is weaker than in previous years, but the risk lies in the possible further intensification of broad - credit policies, and broad - monetary policies may still be difficult to implement. Overall, the pressure on the bond market will ease, but it still lacks a breakthrough point, and investors may need to be patient and wait for better allocation value [11][12]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Performance**: The stock market's continued adjustment boosted risk - aversion sentiment, and the meeting of the joint working group of the Ministry of Finance and the central bank may have also boosted the expectation of treasury bond trading. Most treasury bond futures closed higher. The yields of most major - term interest - rate bonds in the inter - bank market rose, with the increase in the medium - and long - term mostly within 1bp. As of 16:30, the yield of the 10 - year treasury bond active bond 250011 reported 1.7525%, up 0.5bp. At the beginning of the month, the central bank continued to withdraw funds, and the money market was stable. There were 416.1 billion yuan of reverse repurchase maturities, and the central bank conducted 212.6 billion yuan of reverse repurchase operations, resulting in a net withdrawal of 203.5 billion yuan. The inter - bank capital sentiment index remained stable, and most short - term capital interest rates rose slightly [8][9][10]. 3.2 Industry News - The second group - leader meeting of the joint working group of the Ministry of Finance and the central bank was held to discuss issues such as financial market operation, government bond issuance management, central bank treasury bond trading operations, and improving the offshore RMB treasury bond issuance mechanism. - The China - Shanghai Cooperation Organization Digital Economy Cooperation Platform was inaugurated in Tianjin, aiming to deepen international cooperation in the digital economy field between China and SCO countries. - Shanghai's first property market optimization policy "Shanghai Six Measures" was introduced, and its positive effects have been initially shown, with increased trading volume in both new and second - hand housing markets [13][14]. 3.3 Data Overview - **Treasury Bond Futures Market**: Data on trading of various treasury bond futures contracts on September 4, including opening price, closing price, settlement price, change, trading volume, open interest, etc. were provided [6]. - **Money Market**: Information on the central bank's reverse repurchase operations, inter - bank capital sentiment index, and short - and medium - long - term capital interest rates was presented [10]. - **Derivatives Market**: Information on Shibor3M interest rate swap fixing curves and FR007 interest rate swap fixing curves was provided [35].

1. Report Information - Report Title: Copper Futures Daily Report [1] - Date: September 5, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] 2. Core View - With fundamental support, copper prices should mainly be bought on dips [10] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - Shanghai copper fluctuated downward, with total positions decreasing and the near - month spread turning to back. The sentiment became more cautious. A - share continuous decline and the upcoming US non - farm payroll data pressured copper prices [10] - Spot copper dropped 330 to 80190, and the premium fell 10 to 180. Imported copper arrivals suppressed the premium. Social inventory increased by 0.85 million tons this week, mainly due to a 1.02 - million - ton increase in Shanghai caused by large - scale imported arrivals [10] - As the LME 0 - 3 contango structure narrowed, spot imports turned to a small loss of 50 yuan/ton, but the premiums for warehouse receipts and bills of lading continued to rise to 57 and 60 US dollars/ton respectively, indicating strong demand for imported copper [10] - LME inventory decreased by 200 tons, showing an increase in domestic inventory and a decrease in overseas inventory. The expected centralized production cuts by smelters in September have not been reflected in domestic social inventory. Short - term attention should be paid to the domestic social inventory destocking progress [10] 3.2 Industry News - Freeport - McMoRan is advancing three expansion projects (two in the US and one in Chile) and researching a technological innovation to boost annual production. It plans to invest $3.5 billion to expand a copper mine in Arizona, aiming to double the concentrator's capacity and increase copper and molybdenum production. The project is expected to make an investment decision by the end of 2025 and start production in 2029. It may also increase the capacity of the Lone Star copper mine in Arizona and the El Abra mine in Chile [11] - In September, China's refined copper market saw a rare supply contraction. Multiple research institutions predicted a 4% - 5% month - on - month decline in China's refined copper production this month, the first decline in September since 2016. The new tax policy reduced scrap copper processing profits, weakening the incentive to smelt scrap copper into anode copper. Additionally, smelters entered the peak equipment maintenance period in September, with the number of shut - down smelters increasing from three to five. The operating rate of smelters relying on scrap copper or anode copper is expected to drop by 8.3 percentage points to 59.9%, magnifying the supply contraction effect. This production cut coincides with the peak copper consumption season [11][12]

Group 1: Report Information - Report Type: Stock Index Daily Review [1] - Date: September 5, 2025 [2] - Researchers: Nie Jiayi, He Zhuoqiao, Huang Wenxin [3] Group 2: Market Review - Wanquan A Index: Fell for three consecutive trading days, with today's decline further expanding. It opened slightly higher and then oscillated lower. Sectors such as computing power, CPO, and military industry accelerated their decline as funds took profits. In the afternoon, sectors such as banks and securities companies showed abnormal movements, driving a slight recovery in the index at the end of the session. The index closed down 2.02%, with more than 50% of stocks falling [6]. - Index Spot: CSI 300, SSE 50, CSI 500, and CSI 1000 closed down 2.12%, 1.71%, 2.48%, and 2.30% respectively [6]. - Index Futures: IF, IH, IC, and IM main contracts closed down 1.82%, 1.67%, 2.09%, and 1.95% respectively (calculated based on the previous trading day's closing price), performing stronger than the spot market overall [6]. Group 3: Market Outlook - External Market: Federal Reserve Governor Waller and Atlanta Fed President Bostic reiterated their views on interest rate cuts, increasing the expectation of a rate cut in September. Attention should be paid to the subsequent implementation and the expectation of consecutive rate cuts in the fourth quarter [8]. - Domestic Market: Economic data in July showed a weakening on both the supply and demand sides. Currently, the economic fundamentals are under pressure, but the expectation of future recovery under the "anti - involution" policy remains strong [8]. - Liquidity: The margin trading balance rebounded slightly yesterday and remains at a historical high. Observe the subsequent changes in margin trading funds [8]. - Long - term: Stocks are still favored in the context of the concepts of "East rising, West falling" and "Technology narrative" [8]. - Short - term: After the expectation on September 3 was fulfilled, market volatility increased, and the market is currently in an oscillating correction trend. The CSI 300 (IF) and SSE 50 (IH) contracts may perform relatively better. One can try to go long on IF and short on IM to resist market corrections [8]. Group 4: Industry News - Trump asked the US Supreme Court to uphold his global tariff policy and seek a review of the case. The Trump administration asked the Supreme Court to expedite the hearing process and hold a debate in early November [32]. - The central bank conducted 212.6 billion yuan of 7 - day reverse repurchase operations on September 4 at a fixed interest rate through quantity bidding, with an operating interest rate of 1.40%. The bid volume, winning bid volume were both 212.6 billion yuan. Wind data showed that 416.1 billion yuan of reverse repurchases matured on the same day, resulting in a net withdrawal of 203.5 billion yuan [32].

Report Information - Report Title: Crude Oil Daily [1] - Date: September 5, 2025 [2] Industry Investment Rating - Overall, the report suggests taking a bearish approach to oil prices [7] Core Viewpoints - This year, the peak - season consumption in the US is weak, and the market has digested the US interest - rate cut expectation to some extent. Oil prices have no driving force and are expected to continue to oscillate at the bottom. Attention should be paid to the OPEC+ meeting. If OPEC+ suspends production increases, oil prices can rebound slightly in the short term, but the rebound will be limited. If production continues to increase, it will intensify the supply surplus in the fourth quarter, and oil prices will face long - and medium - term downward pressure [7] Summary by Directory 1. Market Review and Operational Suggestions - **Market Review**: WTI's opening price was $65.62, closing at $63.77, with a decline of 2.77%. Brent opened at $69.1 and closed at $67.39, down 2.53%. SC (in yuan/barrel) opened at 487 and closed at 481, a 2.2% drop. Market news indicates that OPEC+ is considering continuing to increase production from October at the meeting on the 7th, which led to a sharp overnight decline in oil prices. US crude and refined product inventories decreased as of the week ending the 22nd, supporting oil prices to some extent. However, the US travel peak season is ending, refinery operating rates have slightly declined, and there may be insufficient positive factors for oil prices in the future. US gasoline consumption this summer has not improved significantly despite lower prices compared to last year [6] - **Operational Suggestions**: Overall, with weak US peak - season consumption and the market's digestion of the US interest - rate cut expectation, oil prices are expected to continue to oscillate at the bottom. The report recommends a bearish approach, closely watching the OPEC+ meeting [7] 2. Industry News - Russian Deputy Prime Minister Novak said that an additional increase in oil production by 8 OPEC+ countries is not currently on the agenda, and a decision will be made during the meeting - Sources said that OPEC+ will consider increasing oil production again at the Sunday meeting - The US hopes that Europe will stop buying Russian oil and join its proposed sanctions against countries that continue to buy Russian oil - Citi slightly lowered its average Brent crude price forecast for 2026 to $62 per barrel (previously $65 per barrel) [8] 3. Data Overview - The report presents multiple data charts, including global high - frequency crude oil inventories, WTI and Brent fund positions, Dtd Brent price, WTI and Oman spot prices, US crude oil production growth rate, and EIA crude oil inventories, with data sources from Bloomberg, wind, CFTC, and EIA [10][12][20][23]

Report Date - Date: September 5, 2025 [2] Industry Investment Rating - Not provided in the content Core Viewpoints - The polysilicon market continues to show high - level fluctuations. The price of the main contract of polysilicon remains high, and the spot price also rises. However, the terminal demand decline pressure will gradually spread to the upstream of the industrial chain, and the market needs more confirmed policies to break through the high - level resistance [4] Summary by Directory 1. Market Review and Outlook Market Performance - The price of the main polysilicon contract PS2511 closed at 52,195 yuan/ton, up 0.55%. The trading volume was 268,080 lots, and the open interest was 145,950 lots, with a net decrease of 3,260 lots [4] Future Outlook - The transaction price range of polysilicon n - type re - feedstock is 47,000 - 52,000 yuan/ton, with an average transaction price of 49,000 yuan/ton, up 2.30% week - on - week. In September, due to the production limit and sales control policy, the monthly production is expected to be flat compared with the previous month, down from the previous expectation of 145,000 tons, which can meet the downstream demand of 56.8GW, higher than the expected battery production. The terminal demand decline pressure will gradually spread to the upstream of the industrial chain, and the spot price increase has led the industry out of the loss - making situation. The market is mainly in high - level fluctuations and needs more confirmed policies to break through the resistance [4] 2. Market News - On September 3, the number of polysilicon warehouse receipts was 6,870 lots, unchanged from the previous trading day. From January to July 2025, the cumulative photovoltaic installed capacity reached 1,109.6GW, 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]

Group 1: Report Basic Information - The report is an asphalt daily report dated September 5, 2025 [1][2] - The research team includes Li Jie (crude oil and asphalt), Ren Junchi (PTA, MEG), Peng Haozhou (carbon market and industrial silicon), Peng Jinglin (polyolefins), Liu Youran (pulp), and Feng Zeren (glass and soda ash) [4] Group 2: Market Review and Operation Suggestions - In the futures market, BU2510 opened at 3530 yuan/ton, closed at 3468 yuan/ton, with a high of 3533 yuan/ton, a low of 3463 yuan/ton, a decline of 2.14%, and a trading volume of 12.81 million lots. BU2511 opened at 3516 yuan/ton, closed at 3442 yuan/ton, with a high of 3522 yuan/ton, a low of 3439 yuan/ton, a decline of 2.71%, and a trading volume of 18.95 million lots [6] - In the spot market, prices in North and South China slightly increased, prices in Shandong decreased, and prices in other regions were generally stable. Crude oil and asphalt futures prices limited the upside of asphalt spot prices [6] - On the supply side, some refineries in Shandong switched to producing residual oil without a clear plan to resume asphalt production. However, due to the expected increase in asphalt output from Hebei Xinhai at the end of the month and the planned resumption of asphalt production by Ningbo Keyuan around the 28th, the average operating load rate of asphalt plants is expected to rebound [6] - On the demand side, the weather cleared up in South China, and with the boost of market sentiment, the trading atmosphere and the shipment volume of key storage areas improved to some extent [6] - Pay attention to the implementation of demand. Oil prices are rising due to geopolitical factors, and arbitrage should be put on hold for now [6] Group 3: Industry News - In the South China market, the mainstream transaction price of 70A grade asphalt was 3490 - 3550 yuan/ton, a slight increase of 5 yuan/ton from the previous trading day. Sinopec's Maoming and Guangzhou raised their trucking settlement prices by 50 yuan/ton yesterday, driving up the high - end prices in the South China market. However, today's decline in the asphalt futures price led some spot - futures traders to sell near - month contracts, and the spot prices of social inventories slightly decreased. The market atmosphere was mainly wait - and - see [7] - In the Shandong market, the mainstream transaction price of 70A grade asphalt was 3490 - 3820 yuan/ton, a decrease of 10 yuan/ton from the previous trading day. The decline in international oil prices led to a drop in asphalt futures prices, weakening the spot market atmosphere. Some refineries and traders lowered their quotes, driving down the prices in the Shandong market. In the short term, Dongming Petrochemical and Jincheng Petrochemical have plans to switch to asphalt production, increasing local resource supply and leaving asphalt prices without support [7] Group 4: Data Overview - The data sources for various figures (including Shandong asphalt spot prices, Shandong asphalt basis, asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts) are wind and the Research and Development Department of CCB Futures [10][11][13]

Group 1: Report Information - Reported industry: Cotton [1] - Report date: September 5, 2025 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operation Suggestions Market Review - Zhengzhou cotton fluctuated and adjusted. The latest price index of 328-grade cotton was 15,451 yuan/ton, down 15 yuan/ton from the previous trading day. The basis price of machine-picked cotton in Northern Xinjiang was CF01+1300 - 1400, and in Southern Xinjiang's Kashgar was CF01+1150 - 1250. [7] - The cotton yarn market had general trading, with downstream demand mainly for rigid needs. The price was generally stable, and most spinning mills held firm on prices. The grey fabric market was stable, with general trading volume and few new orders. [7] Overseas and Domestic Markets - In the overseas market, the good and excellent rate of US cotton decreased slightly, weekly export sales were weak, and the net long position of CFTC funds remained low. The external market fluctuated weakly. [8] - In the domestic market, many cotton merchants had low inventories, and some old cotton from the 2023/24 season was still unsold. The expected output of new cotton was stable with a slight increase, putting pressure on the long - term market. There was still an expectation of抢购 at the start of the new cotton acquisition season. [8] - Since August, the downstream market had a slight marginal improvement, and the inventory of finished products in spinning mills and weaving factories decreased slightly. The market was concerned about the traditional peak season. The short - term trend was mainly fluctuating adjustment. [8] Group 3: Industry News - As of August 30, 2025, the cotton planting area in India for the 2025/26 season was 10.847 million hectares, a year - on - year decrease of 2.9%. The planting area in major producing states such as Maharashtra and Gujarat decreased, while that in Telangana increased. The final area was expected to be around 10.94 - 11 million hectares, slightly lower year - on - year. [9] Group 4: Data Overview - The report presented various data charts, including China's cotton price index, cotton spot and futures prices, cotton basis changes, spreads between different cotton futures contracts, cotton commercial and industrial inventories, warehouse receipt totals, and exchange rates of the US dollar against the Chinese yuan and the Indian rupee. All data sources were Wind and the Research and Development Department of CCB Futures. [7][17][27]