Group 1: Report Overview - Industry: Nickel [1] - Date: September 4, 2025 [2] - Research Team: Nonferrous Metals Research Team [3] Group 2: Investment Rating - No investment rating information provided Group 3: Core Viewpoints - Nickel prices are under pressure again, with the main contract closing down 1.1% to 121,790 yuan/ton. The average price of 8 - 12% high - nickel pig iron remained flat at 944 yuan/nickel point, and the average price of battery - grade nickel sulfate increased by 40 to 27,870 yuan/ton. The nickel ore price has limited downside and support is emerging due to events in Indonesia. NPI remains strong but the upside for stainless - steel terminals is limited. Sulfuric acid nickel prices are strong, but the demand for new - energy ternary batteries is mediocre. The primary nickel market remains in an oversupply situation, with limited upside and downside for nickel prices. It is recommended to adopt a trading strategy, with the index mainly operating in the range of 119,000 - 125,000 yuan, and it may be slightly stronger in September [8] Group 4: Market Review and Operation Suggestions - Nickel price performance: The main nickel contract closed down 1.1% to 121,790 yuan/ton. The average price of 8 - 12% high - nickel pig iron was flat at 944 yuan/nickel point, and the average price of battery - grade nickel sulfate rose 40 to 27,870 yuan/ton [8] - Market analysis: Nickel ore has limited downside and support due to Indonesian events. NPI is strong due to cost support and demand recovery expectations, but stainless - steel terminal improvement is limited. Sulfuric acid nickel prices are strong, but new - energy ternary battery demand is mediocre [8] - Operation suggestion: Adopt a trading strategy, with the index mainly operating in the range of 119,000 - 125,000 yuan, and it may be slightly stronger in September [8] Group 5: Industry News - Indonesia's Danantara is exploring investment opportunities in the nickel downstream industry and considering acquiring the GNI smelter. It plans to prepare an investment plan of over $20 billion and provide about $60 million in medium - term financing through a syndicated loan [9] - Bulgaria has officially launched the largest operating battery energy storage system in the EU, with a capacity of 124 MW/496.2 MWh [10] - A Turkish research team has developed a TOPCon solar cell using nickel contact with almost no silver, which can significantly reduce production costs [10] - Apatura has obtained planning permission for a 100 - MW battery energy storage system project in Scotland, which will help the UK enhance power system resilience [10]

行业 鸡蛋 日期 2025 年 9 月 4 日 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 ＃summary＃ 021-60635740 linzhenlei@ccb.ccbfutures.co m期货从业资格号：F3055047 021-60635727 wanghaifeng@ccb.ccbfutures.c om期货从业资格号：F0230741 021-60635572 hongchenliang@ccb.ccbfutures .com 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：余兰兰 研究员：林贞磊 研究员：王海峰 研究员：洪辰亮 期货从业资格号：F3076808 研究员：刘悠然 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：行情回顾 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Group 1: General Information - Report Type: Crude Oil Daily Report [1] - Date: September 4, 2025 [2] Group 2: Research Team - Energy and Chemical Research Team: Li Jie (Crude Oil and Asphalt), Ren Junchi (PTA, MEG), Peng Haozhou (Industrial Silicon and Carbon Market), Peng Jinglin (Polyolefins), Liu Youran (Pulp), Feng Zeren (Glass and Soda Ash) [4] Group 3: Market Review and Operation Suggestions - Price Changes: WTI rose 2.52% to $65.62, Brent rose 1.35% to $69.07, and SC rose 0.69% to 493.2 yuan/barrel [6] - Trading Volume: WTI had 29.61 million lots, Brent had 34.61 million lots, and SC had 9.09 million lots [6] - Market Drivers: Tension between the US and Venezuela and falling US oil and product inventories supported prices, but the end of the US travel season and weak consumption may limit upside [6] - Outlook: Oil prices are expected to continue to consolidate and may fall again in the medium term, and short - sellers should watch for entry opportunities [6] Group 4: Industry News - Kazakhstan's crude oil production in August increased 2% month - on - month to 1.88 million barrels per day [7] - Russia and the US will hold a new round of consultations [7] - Iran said the path to negotiations with the US is not closed [7] Group 5: Data Overview - Data Charts: Include global high - frequency crude oil inventory, WTI and Brent fund positions, spot prices, US crude oil production growth rate, and EIA crude oil inventory [9][11][19][22] - Data Sources: Bloomberg, wind, CFTC, EIA, and the research and development department of CCB Futures [10][11][15]

Group 1: Market Performance and Outlook - Industrial silicon futures prices fluctuated within a narrow range. The closing price of Si2511 was 8,490 yuan/ton, a decline of 0.29%. The trading volume was 275,841 lots, and the open interest was 279,742 lots, with a net decrease of 1,738 lots [4]. - Sichuan 553 price was 8,900 yuan/ton, Yunnan 553 price was 8,550 yuan/ton; Inner Mongolia 421 price was 9,400 yuan/ton, Xinjiang 421 price was 9,150 yuan/ton, and Sichuan 421 price was 9,600 yuan/ton [4]. - After the high - price adjustment, the spot price remained stable. The fundamentals did not improve significantly. The supply - side increase was obvious, with the weekly output reaching 90,000 tons, equivalent to a monthly output of about 390,000 tons. On the demand side, polysilicon production reduction and sales control in September led to a decrease in monthly output from 145,000 tons to 120,000 - 130,000 tons. The total volume of organic silicon, alloy, and exports remained stable. The industry was in a supply - demand imbalance again without inventory - reduction drivers. Policy implementation did not focus on the industrial silicon industry, and the fundamentals had insufficient driving force, so the futures market fluctuated widely [4]. Group 2: Market News - On September 4th, the number of futures warehouse receipts on the Guangzhou Futures Exchange was 50,348 lots, a net increase of 319 lots compared with the previous trading day [5]. - According to customs data, in July 2025, the export of metallic silicon was 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 export of metallic silicon was 414,700 tons, a year - on - year decrease of 1.04% [5]. - From January to July 2025, the cumulative photovoltaic installed capacity reached 1,109.6 GW, and the new photovoltaic installed capacity from January to July was 223.25 GW. The single - month new installed capacity in July was 11 GW, a year - on - year decrease of 47.7%, hitting a new low in 2025 [5].

Group 1: Report Overview - Report Title: Pulp Daily Report [1] - Report Date: September 4, 2025 [2] Group 2: Investment Rating - No investment rating provided in the report Group 3: Core View - Cost - end guidance is limited, supply remains loose, and pulp is in low - level volatile adjustment awaiting peak - season demand [8] Group 4: Market Review and Operation Suggestions Market Review - Pulp futures 01 contract: The previous settlement price was 5340 yuan/ton, and the closing price was 5324 yuan/ton, a decline of 0.30%. The intended transaction price range of softwood pulp in the Shandong wood pulp market is 5000 - 6650 yuan/ton, with the low - end price stable compared to the previous trading day's closing price. The price of Shandong Silver Star is 5,750 yuan/ton [7] - Arauco's August pulp offers: Softwood pulp Silver Star at 720 USD/ton, unbleached pulp Venus at 590 USD/ton, hardwood pulp Star at 520 USD/ton, all stable compared to June [8] - World's 20 major pulp - producing countries' July chemical pulp shipments: Up 7.3% year - on - year, with softwood pulp up 4.1% and hardwood pulp up 11.1% [8] - July European port pulp inventory: Down 1.9% month - on - month and up 19.2% year - on - year [8] - July China's pulp imports: 2.877 million tons, down 5.1% month - on - month and up 23.7% year - on - year [8] - As of August 28, 2025, weekly pulp inventory in major regions and ports: Up 1.23% month - on - month [8] - January - July profit of the papermaking and paper products industry: Down 21.9% year - on - year, with a slightly wider decline [8] Operation Suggestions - No operation suggestions provided in the report Group 5: Industry News - On September 2, Shanying Paper announced a shutdown and maintenance plan for the National Day. It involves 12 paper lines at multiple bases in Anhui, Zhejiang, Central China, Fujian, Guangdong, and Jilin, with shutdown durations ranging from 4 to 8 days from September 29 to October 6, affecting about 97,000 tons of boxboard and corrugated paper production capacity [9] - July European port total inventory: Down 1.91% month - on - month and up 19.19% year - on - year. Only the ports in the Netherlands, Belgium, France, and Switzerland saw a 1.72% month - on - month increase, while ports in the UK, Germany, Italy, and Spain decreased by 26.03%, 6.96%, 1.45%, and 7.22% respectively [9] Group 6: Data Overview - The report presents multiple data charts including import softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, softwood - hardwood price differences, inter - delivery price differences, warehouse receipt volume, domestic main port pulp inventory, European main port pulp inventory, prices and price differences of coated paper, offset paper, white cardboard, and whiteboard paper, and the US dollar - RMB exchange rate [15][17][19][28][29][32]

Report Information - Report Name: Asphalt Daily Report [1] - Date: September 4, 2025 [2] Investment Rating - No investment rating is provided in the report. Core Viewpoints - The asphalt futures prices of BU2510 and BU2511 decreased by 0.36% and 0.31% respectively. The spot price in Shandong market rose slightly, while those in other regions remained stable. With the high - level of crude oil and asphalt futures, the spot market sentiment was boosted. The average operating load rate of asphalt plants is expected to rebound. In the demand side, the situation in South China has improved. It is recommended to pay attention to the demand implementation and wait and see for arbitrage [6]. Summary by Catalog 1. Market Review and Operation Suggestions - Futures Market: The opening, closing, highest, and lowest prices, as well as the trading volume and price changes of BU2510 and BU2511 are presented. BU2510 opened at 3533 yuan/ton, closed at 3550 yuan/ton, with a high of 3561 yuan/ton, a low of 3529 yuan/ton, a decline of 0.36%, and a trading volume of 10.12 million lots. BU2511 opened at 3540 yuan/ton, closed at 3540 yuan/ton, with a high of 3555 yuan/ton, a low of 3525 yuan/ton, a decline of 0.31%, and a trading volume of 9.80 million lots [6]. - Spot Market: The asphalt spot price in Shandong market rose slightly, and those in other regions were generally stable. The high - level of crude oil and asphalt futures boosted the sentiment of the asphalt spot market [6]. - Supply: Some local refineries in Shandong switched to produce residual oil without a clear plan to resume asphalt production. However, due to the expected increase in asphalt production of 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]. - Demand: The weather in South China cleared up, and driven by market sentiment, the trading atmosphere and the shipment volume of key storage areas improved [6]. - Operation Suggestion: Pay attention to the demand implementation. As oil prices are rising due to geopolitical factors, arbitrage should be put on hold for the time being [6]. 2. Industry News - Shandong Market: The mainstream transaction price of 70 A - grade asphalt was 3510 - 3820 yuan/ton, up 5 yuan/ton from the previous working day. The high - level of international oil prices and asphalt futures boosted the spot market atmosphere. Some refineries continued to raise contract prices, and traders followed suit to raise spot quotes [7]. - South China Market: The mainstream transaction price of 70 A - grade asphalt was 3490 - 3540 yuan/ton, remaining stable from the previous working day. Sinopec may adjust prices for order filling, but after continuous price increases, the trading volume did not increase, so traders' quotes remained stable for now, waiting for the guidance of the prices of major suppliers [7]. 3. Data Overview - The report provides multiple data charts, including Shandong asphalt spot price, Shandong asphalt basis, asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturers' inventory, and asphalt warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures [14][16][18][22]

Report Date - The report date is September 4, 2025 [2] Industry Investment Rating - Not provided Core View - The polysilicon market is expected to maintain a cautiously bullish and volatile trend. The spot price has risen significantly, leading the industry out of loss and involution. However, the policy side lacks the logic to stimulate further price increases, mainly relying on the implementation and matching of policy expectations. The improvement of the supply - demand relationship is slow, and breaking through the high - level resistance requires the implementation of more than expected policies [4] Summary by Directory 1. Market Review and Outlook - **Market Performance**: The price of the polysilicon main contract continued high - level volatility. The closing price of PS2511 was 52,160 yuan/ton, up 0.34%. The trading volume was 362,759 lots, and the open interest was 149,210 lots, with a net increase of 3,355 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, production will be restricted, which will support the upward movement of the spot price center. The monthly production is expected to be flat compared with the previous month at 145,000 tons, which can meet the downstream demand of 56.8GW, higher than the expected production of solar cells. The downward pressure on terminal demand will gradually be transmitted to the upstream of the industrial chain. The domestic new photovoltaic installed capacity in July was only 11GW [4] 2. Market News - On September 3, the number of polysilicon warehouse receipts was 6,870 lots, unchanged from the previous trading day [5] - From January to July 2025, the cumulative photovoltaic installed capacity reached 1,109.6GW, and the new installed capacity from January to July was 223.25GW. The new installed capacity in July was 11GW, a year - on - year decrease of 47.7%, hitting a new low in 2025 [5]

Report Information - Report Title: Pig Daily Report [1] - Date: September 4, 2025 [2] Industry Investment Rating - Not provided Core View - The supply pressure of live pigs eases slightly at the beginning of the month, and the spot price fluctuates and rebounds. The 2511 and 2601 futures contracts are in the peak demand season, with supply increasing slightly and demand increasing relatively more. The current spot price stabilizes and rebounds, and the short - term downside space may be relatively limited, mainly following the spot price to fluctuate and rebound [9] Summary by Directory 1. Market Review and Operation Suggestions - **Market Conditions**: On the 3rd, the main 2511 contract of live pig futures opened slightly lower, fluctuated narrowly and declined, closing with a negative line. The highest was 13,600 yuan/ton, the lowest was 13,510 yuan/ton, and the closing price was 13,550 yuan/ton, down 0.15% from the previous day. The total open interest of the index increased by 384 lots to 180,527 lots. The national average price of foreign ternary pigs was 13.97 yuan/kg, down 0.06 yuan/kg from the previous day [8] - **Comments**: In September, the slaughter volume of live pigs may continue to increase, and the utilization rate of the second - fattening pens remains high, with still existing slaughter pressure. However, since August, the overall slaughter enthusiasm has been strong, the rhythm has been fast, there has been overselling in some areas, and the slaughter weight has declined. In the long term, the slaughter of live pigs may still maintain a slight increase. On the demand side, the price difference between fat and lean pigs has slightly widened, the fattening cost is still low, and there is an expectation of low - price second - fattening entry. At the beginning of September, universities in various regions started school one after another, and the centralized procurement of canteens at the beginning of the month boosted the market. In addition, the weather continued to cool in some areas, and the terminal consumption of residents may increase. The orders of slaughtering enterprises slightly increased, the slaughter progress was relatively fast, and the operating rate and slaughter volume of slaughtering enterprises slightly increased. On September 3rd, the slaughter volume of sample slaughtering enterprises was 149,800 heads, an increase of 12,000 heads from the previous day and an increase of 80,000 heads from a week ago [9] 2. Industry News - As of August 21st, the average profit per head of self - breeding and self - raising pigs was 78 yuan/head, a week - on - week decrease of 5 yuan/head; the average profit per head of purchasing piglets for breeding was - 57.6 yuan/head, a week - on - week decrease of 5 yuan/head [10] 3. Data Overview - On August 21st, the average market sales price of 15 - kg piglets was 463 yuan/head, a decrease of 21 yuan/head from the previous week [19] - In the week of August 21st, the slaughter volume of the slaughter sample was 1.675 million heads, an increase of 41,500 heads from the previous week, with a month - on - month increase of 2.54%; the average daily slaughter volume of the daily slaughter sample was 140,238 heads, an increase of 1,792 heads from the previous week, with an average daily increase of 1.29% [19] - The planned slaughter volume of live pigs of sample enterprises in August was 24.72 million heads, a month - on - month increase of 6.6% compared with July, with a significant increase in slaughter volume [19] - As of the week of August 21st, the average slaughter weight of live pigs nationwide was 127.98 kg, an increase of 0.16 kg from the previous week, with a month - on - month increase of 0.13% [19]

Report Overview - Report Date: September 4, 2025 [2] - Industry: Cotton [1] - Research Analysts: Yulan Lan, Zhenlei Lin, Haifeng Wang, Chenliang Hong, Youran Liu [3] 1. Report Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The Zhengzhou cotton market is in a state of shock adjustment. The spot cotton price has increased slightly, while the downstream cotton yarn and grey fabric markets are generally stable with limited new orders [7]. - Overseas, the good - quality rate of US cotton has slightly decreased, export sales are weak, and the external market is oscillating weakly. In the domestic market, new cotton production is expected to increase steadily, putting pressure on the long - term market. Although there are expectations of new cotton acquisition, short - term trading is mainly characterized by shrinking volume and shock adjustment [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Domestic Spot Market**: The latest 328 - grade cotton price index is 15,465 yuan/ton, up 53 yuan/ton from the previous trading day. The basis quotes for machine - picked cotton in northern and southern Xinjiang vary, and the downstream cotton yarn and grey fabric markets are generally stable with limited new orders [7]. - **Overseas Market**: As of the week ending August 31, 2025, the good - quality rate of US cotton is 51% (down from 54% the previous week), the boll - setting rate is 90%, and the full - boll rate is 28%. The good - quality rate has slightly decreased, export sales are weak, and the external market is oscillating weakly [8]. - **Domestic Market Outlook**: Many cotton merchants have low inventories, and some old cotton from the 2023/24 season remains unsold. New cotton production is expected to increase steadily, putting pressure on the long - term market. The downstream market has shown a slight marginal improvement since August, and the market is waiting for the performance of the traditional peak season. Short - term trading is mainly characterized by shrinking volume and shock adjustment [8]. 3.2 Industry News - As of the week ending August 30, 2025, the cotton harvest rate in Brazil's 2024/25 season is 72.8%, up from 60.3% the previous week, lower than 87.6% in the same period last year and the five - year average of 86.5% [9] 3.3 Data Overview - The report presents multiple data charts, including cotton price indices, futures prices, basis changes, commercial and industrial inventories, and exchange rate data, but no specific data analysis is provided [17][18][27]

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: September 4, 2025 [2] - Research Team: Non - ferrous Metals Research Team [4] - Researchers: Peng Jinglin, Zhang Ping, Yu Feifei [4] Industry Investment Rating - No information provided Core View - The Shanghai zinc market fluctuated weakly, with the main contract closing at 2,2285 yuan/ton, up 20 yuan or 0.09%. There is an increasing divergence between domestic and foreign markets, and the processing fees continue to rise. Although the zinc ingot production remains at a high level despite short - term disturbances from Guangxi smelters, the demand side is supported by policies but shows short - term weakness. The production restriction in North China suppresses the galvanizing consumption, and the pressure of supply - demand surplus is reflected in the inventory. The social inventory increased to 146,300 tons on Monday. The LME zinc inventory decreased by 375 tons to 55,225 tons, the lowest level since May 2023. The 0 - 3 spread B continued to strengthen to 20.44. The expectation of macro - interest rate cuts and continuous de - stocking in LME boosted the external market, but the divergence in the fundamental situation between domestic and foreign markets continued, resulting in a narrow - range oscillation of Shanghai zinc [7]. Summary by Directory 1. Market Review - **Futures Market Quotes**: For SHFE zinc 2509, the opening price was 22,255 yuan/ton, the closing price was 22,230 yuan/ton, the highest was 22,340 yuan/ton, the lowest was 22,200 yuan/ton, down 5 yuan or 0.02%, with a position of 9,610 and a position change of - 1,455. For SHFE zinc 2510, the opening price was 22,250 yuan/ton, the closing price was 22,285 yuan/ton, the highest was 22,390 yuan/ton, the lowest was 22,230 yuan/ton, up 20 yuan or 0.09%, with a position of 104,733 and a position change of - 2,929. For SHFE zinc 2511, the opening price was 22,245 yuan/ton, the closing price was 22,285 yuan/ton, the highest was 22,380 yuan/ton, the lowest was 22,215 yuan/ton, up 35 yuan or 0.16%, with a position of 66,280 and a position change of 1,473 [7]. 2. Industry News - **0 Zinc Transaction Prices**: On September 3, 2025, the mainstream transaction price of 0 zinc was concentrated between 22,250 - 22,360 yuan/ton, that of Shuangyan was between 22,380 - 22,490 yuan/ton, and that of 1 zinc was between 22,180 - 22,290 yuan/ton. In the morning, the market quoted a premium of 20 - 30 yuan/ton to the SMM average price, and there were few quotes against the futures. In the second trading session, ordinary domestic brands were quoted at a discount of 30 yuan/ton to the 2510 contract, Honglu - v was quoted at a discount of 10 yuan/ton to the 2510 contract, Huize was quoted at a premium of 60 - 70 yuan/ton to the 2509 contract, and the high - end brand Shuangyan was quoted at a premium of 100 yuan/ton to the 2510 contract [8]. - **Regional Market Quotes**: In the Ningbo market, the mainstream brands of 0 zinc were traded at around 22,240 - 22,340 yuan/ton, and the regular brands were quoted at a discount of 40 yuan/ton to the 2510 contract and a premium of 30 yuan/ton to the Shanghai spot price. In the Tianjin market, 0 zinc ingots were mainly traded between 22,210 - 22,360 yuan/ton, and 1 zinc ingots were traded around 22,160 - 22,280 yuan/ton. In the Guangdong market, 0 zinc was mainly traded between 22,180 - 22,320 yuan/ton, and the mainstream brands were quoted at a discount of 80 yuan/ton to the 2510 contract and a discount of 10 yuan/ton to the Shanghai spot price [8]. 3. Data Overview - **Data Charts**: The report shows charts including the price trends of zinc in two markets, SHFE monthly spreads, SMM's weekly inventory of zinc ingots in seven regions, and LME zinc inventory, with data sources from Wind, SMM, and the Research and Development Department of CCB Futures [10][12]