Report Overview - Industry: Oil and Fat [1] - Date: September 4, 2025 [2] - Research Team: Agricultural Product Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] 1. Report Investment Rating - No investment rating information is provided in the report. 2. Core View - For soybean oil, short - term inventory is at a high level with abundant supply, but there are concerns about the long - term soybean supply, and strong cost support means it lacks room to decline. Domestic rapeseed oil and rapeseed meal supply is expected to decrease significantly due to domestic tariff policies. Current inventory and ship purchases ensure sufficient supply before the end of the year, and the long - term situation depends on policies. The market is lackluster due to slow destocking and continuous ship - purchase news. The biggest variable in the oil and fat sector is palm oil. Production in the producing areas may still increase in the third quarter, but active exports support the bottom, and there is still restocking demand in countries like India and China. It is recommended to buy the three major oils at low prices and go long [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Review**: - For P2509, the previous settlement price was 9408, the opening price was 9372, the highest price was 9402, the lowest price was 9346, the closing price was 9346, down 62 or - 0.66%, with a trading volume of 656 and an open interest of 650 [7]. - For P2601, the previous settlement price was 9442, the opening price was 9420, the highest price was 9498, the lowest price was 9344, the closing price was 9368, down 74 or - 0.78%, with a trading volume of 739051 and an open interest of 444058, a decrease of 5497 [7]. - For Y2509, the previous settlement price was 8410, the opening price was 8454, the highest price was 8460, the lowest price was 8454, the closing price was 8454, up 44 or 0.52%, with a trading volume of 28 and an open interest of 3191, a decrease of 276 [7]. - For Y2601, the previous settlement price was 8364, the opening price was 8350, the highest price was 8418, the lowest price was 8328, the closing price was 8366, up 1 or 0.02%, with a trading volume of 304466 and an open interest of 622425, a decrease of 5540 [7]. - For 60910, the previous settlement price was 9949, the opening price was 9950, the highest price was 9950, the lowest price was 9900, the closing price was 9900, down 49 or - 0.49%, with a trading volume not fully shown and an open interest of 5126, a decrease of 93 [7]. - For OI601, the previous settlement price was 9775, the opening price was 9770, the highest price was 9814, the lowest price was 9710, the closing price was 9727, down 49 or - 0.49%, with a trading volume of 239057 and an open interest of 256402, a decrease of 1856 [7]. - **Base Price Quotes**: - Guangxi rapeseed oil traders' base price quotes: September: OI2601 + 40 (Guangxi), October: OI2601 + 80 (Guangxi). East China's third - grade rapeseed oil: August - September: OI2601+120, October - November: OI2601 + 170; East China's first - grade rapeseed oil: August - September: OI2601 + 130. East China's soybean oil base price: First - grade soybean oil: September: Y2601 + 220; October - January: Y2601 + 280. Dongguan's 24 - degree palm oil: 01 - 60 for various factories, 01 + 20 for national standard 24 - degree, 01 - 20 for Dongguan Chunjin 24 - degree, 01 - 300 for 52 - degree in various factories, 01 - 60 for 33 - degree in various factories [7]. - **Operation Suggestion**: Buy the three major oils at low prices and go long [8] 3.2 Industry News - Shipping surveyor SGS reported that Malaysia's palm oil exports in August were 1170043 tons, a 30.5% increase from 896362 tons in July. Exports to China were 89500 tons, an increase of 14300 tons from 75200 tons in the previous month [9]. - Shipping surveyor ITS reported that Malaysia's palm oil exports in August were 1421486 tons, a 10.2% increase from 1289727 tons in July. Exports to China were 107500 tons, an increase of 19200 tons from 88300 tons in the previous month [9]. - Independent inspection agency AmSpec reported that Malaysia's palm oil exports in August were 1341990 tons, a 15.4% increase from 1163216 tons in July [9]. 3.3 Data Overview - The report presents multiple data charts, including those on the spot prices of East China's third - grade rapeseed oil, East China's fourth - grade soybean oil, South China's 24 - degree palm oil, as well as the basis changes of palm oil, soybean oil, and rapeseed oil, and price spreads of palm oil contracts. It also includes charts on the US dollar - RMB exchange rate and the US dollar - Malaysian ringgit exchange rate. All data sources are Wind and the Research and Development Department of CCB Futures [11][17][19][21][26]

Report Overview - Report Type: Stock Index Daily Review [1] - Date: September 4, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: Nie Jiayi, He Zhuoqiao, Huang Wenxin [3] 1. Report Industry Investment Rating - Not provided in the report 2. Core View - Mid - term, the stock market valuation is high but not at an absolute high, and the stock index still has room to rise, but the upward slope is expected to slow down. Short - term, after the September 3rd expectation is fulfilled, market volatility intensifies, showing a volatile consolidation trend. Holding CSI 300 (IF) contracts can reduce volatility risk, and one can also try to go long on IF and short on IM to resist market corrections [8] 3. Summary by Directory 3.1 Market Review and Future Outlook 3.1.1 Market Review - On September 3, the Wind All - A index opened with a volatile decline, closing down 1.19%, with more than 4,500 stocks falling. In terms of index spot, the CSI 300, SSE 50, CSI 500, and CSI 1000 closed down 0.68%, 1.07%, 1.34%, and 1.46% respectively. Index futures performed weaker than the spot market. The main contracts of IF, IH, IC, and IM closed down 1.14%, 1.46%, 1.56%, and 1.50% respectively (calculated based on the previous trading day's closing price) [6] 3.1.2 Future Outlook - External market: The US Court of Appeals ruled that most of the global tariff policies implemented by former President Trump were illegal. Although tariffs can still be legally collected until October 14 and the final cancellation is uncertain, short - term market sentiment will be boosted. The increasing expectation of the Fed to restart interest rate cuts in September is also beneficial to the domestic capital market. - Domestic situation: The economic data in July showed a weakening in both supply and demand, but the expectation of economic fundamental repair is strong. In terms of liquidity, the margin trading balance fell after reaching a record high yesterday, and the subsequent changes in margin trading funds need to be observed [8] 3.2 Data Overview - The report presents multiple data charts, including the performance of domestic main indexes, market style performance, industry sector performance (Shenwan Primary Index), trading volume of Wind All - A, trading volume of stock index spot, trading volume and open interest of stock index futures, basis trend of main contracts, inter - period spread trend, share statistics of major ETF funds, and trading volume statistics of major ETFs. All data sources are from Wind and the Research and Development Department of CCB Futures [9][14][15] 3.3 Industry News - On September 2, data released by ISM showed that US manufacturing activity contracted for the sixth consecutive month in August due to output decline, indicating that the manufacturing industry remains in trouble. However, the new orders index expanded for the first time since the beginning of this year, and the price index reached the lowest level since February, suggesting that price fluctuations caused by tariffs are subsiding [30]

Report Information - Report date: September 4, 2025 [2] - Report industry: Soybean meal [1] - Research team: Agricultural products research team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] Key Points 1. Market Review - **Contract Performance**: - For the soybean meal 2601 contract, the previous settlement price was 3056, the opening price was 3044, the highest price was 3072, the lowest price was 3039, the closing price was 3066, with a gain of 10 and a gain - rate of 0.33%. The trading volume was 798340, the open interest was 2037475, and the change in open interest was - 10640 [6]. - For the soybean meal 2509 contract, the previous settlement price was 3013, the opening price was 3003, the highest price was 3025, the lowest price was 3003, the closing price was 3020, with a gain of 7 and a gain - rate of 0.23%. The trading volume was 7748738, and the change in open interest was - 1163 [6]. - For the soybean meal 2511 contract, the previous settlement price was 3028, the opening price was 3015, the highest price was 3044, the lowest price was 3009, the closing price was 3034, with a gain of 6 and a gain - rate of 0.20%. The trading volume was 55946, the open interest was 534307, and the change in open interest was 11836 [6]. - **External Market and Influencing Factors**: The US soybean futures contract in the external market fluctuated, with the main contract at 1045 cents. The recent correction of soybean meal was mainly due to the expectation of Sino - US trade consultations and the unexpectedly high previous US soybean good - to - excellent rate. As the US soybean harvest season approaches, the pressure on US farmers is increasing. China, as the largest buyer of US soybeans, has not purchased new - season US soybeans yet. The USDA's latest good - to - excellent rate this week was 65%, down from 69% the previous week, but still at a relatively high level in the past five years, increasing the pressure of a bumper harvest [7]. 2. Core View - In the medium term, with the 23% tariff on imported US soybeans remaining unchanged, China may mainly import Brazilian soybeans in the fourth quarter to replace US soybeans, supplemented by some Argentine soybeans. There may still be a small import gap, which may be supplemented by state - reserve auctions. Due to the decreasing supply of Brazilian soybeans, the marginal price may rise. Considering the weather factors, there is no possibility of a significant weakening of the Brazilian FOB quotation in the fourth quarter. The cost of imported soybeans is likely to rise steadily in the fourth quarter. With the受阻 import of Canadian rapeseed, the market should be treated as bullish after corrections [7]. 3. Industry News - **USDA Crop Growth Report**: As of the week ending August 31, 2025, the good - to - excellent rate of US soybeans was 65%, lower than the market expectation of 68% and down from 69% the previous week, 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 equal to 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% [10]. - **USDA Export Inspection Report**: As of the week ending August 28, 2025, the US soybean export inspection volume was 472,914 tons, in line with expectations (the previous market forecast was 200,000 - 500,000 tons). The previous week's revised volume 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. So far this crop year, the cumulative US soybean export inspection volume was 49,763,188 tons, compared with 44,717,223 tons in the same period of the previous year [9][10][11]. - **USDA Monthly Crushing**: The US soybean crushing volume in July 2025 was 6.14 million short tons (204.7 million bushels), higher than 5.91 million short tons (197 million bushels) in June and 5.8 million short tons (193 million bushels) in July 2024 [11]. 4. Data Overview - The report provides multiple data charts, including the ex - factory price of soybean meal, the basis of the 09 contract, the 1 - 5 spread, the 5 - 9 spread, the US dollar - RMB central parity rate, and the US dollar - Brazilian real exchange rate, with data sources from Wind and the research and development department of Jianxin Futures [15][19][14]

Group 1: General Information - Report title: Polyolefin Daily Report [1] - Date: September 4, 2025 [2] - Research team: Energy and Chemical Research Team [4] Group 2: Market Quotes - Futures market quotes: Plastic 2601 opened at 7252 yuan/ton, closed at 7247 yuan/ton, down 14 yuan/ton (-0.19%); Plastic 2605 opened at 7238 yuan/ton, closed at 7240 yuan/ton, down 19 yuan/ton (-0.26%); Plastic 2509 opened at 7200 yuan/ton, closed at 7185 yuan/ton, down 22 yuan/ton (-0.31%); PP2601 opened at 6943 yuan/ton, closed at 6954 yuan/ton, up 1 yuan/ton (0.01%); PP2605 opened at 6952 yuan/ton, closed at 6965 yuan/ton, down 6 yuan/ton (-0.09%); PP2509 opened at 6861 yuan/ton, closed at 6860 yuan/ton, down 7 yuan/ton (-0.10%) [5] Group 3: Market Review and Outlook - Market performance: L2601 opened lower, fluctuated downward during the session, and finally closed at 7247 yuan/ton, down 14 yuan/ton (-0.19%); PP2601 closed at 6954 yuan/ton, up 1 yuan/ton (0.01%) [6] - Market sentiment: Futures opened lower and fluctuated downward, dampening market trading sentiment. Traders quoted prices according to the market, and end - users replenished stocks at low prices [6] - Supply and demand analysis: For PP, the impact of maintenance is weakening, new capacities are continuously released, and the supply pressure is increasing. The downstream is in the transition stage between peak and off - peak seasons, and the overall recovery trend is not good. For PE, the supply - demand contradiction is not obvious, and plastics may run stronger [6] Group 4: Industry News - Inventory: On September 3, 2025, the inventory level of major producers was 680,000 tons, a decrease of 20,000 tons (-2.86%) from the previous working day, compared with 750,000 tons in the same period last year [7] - Price trends: PE market prices were mainly stable; the mainstream price of propylene in Shandong market was 6610 - 6650 yuan/ton, down 15 yuan/ton from the previous working day; PP market prices were partially loose [7] Group 5: Data Overview - Multiple figures related to the polyolefin market are presented, including L - PP spread, crude oil futures settlement price, L and PP basis, two - oil inventory and its year - on - year change [15][17][18]

Report Overview - Report Title: Container Shipping Index Daily Report [1] - Date: September 3, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The SCFIS has fallen below 1800 points for seven consecutive weeks, and the online quotes in the first half of September have been further reduced. The price shows a characteristic of smooth decline in the off - season, putting pressure on the October contract. However, the current main October contract has a deep discount, and today's oversold rebound may be boosted by the expectation of adding empty sailings during the National Day. Attention should be paid to whether the marginal benefits will continue and materialize to help stabilize. The December contract may have low - buying opportunities, while the October contract is recommended to be short - allocated on rallies [8] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - The SCFIS has dropped below 1800 points for seven consecutive weeks, and the online quotes in early September have been further reduced. The price of the Shanghai - Rotterdam route shows a smooth decline in the off - season, exceeding market expectations and pressuring the October contract. The main October contract has a deep discount, and today's rebound may be due to the expectation of adding National Day empty sailings. The 10 - contract is recommended to be short - allocated on rallies, while the 12 - contract may have low - buying opportunities [8] 3.2 Industry News - From August 25th to 29th, the overall Chinese export container shipping market was stable, with different routes showing differentiated trends. The comprehensive index rose slightly. The European and Mediterranean routes saw a decline in freight rates due to weak economic indicators and lack of demand growth momentum. The North American route had a rebound in freight rates as the US economy showed strong performance. There were also geopolitical events in the Middle East, including Israeli attacks on Houthi officials in Yemen, leading to threats of retaliation and an escalation of the conflict between Yemen and Iran. The US State Department made a statement regarding the Palestinian Authority [9][10] 3.3 Data Overview 3.3.1 Container Shipping Spot Prices - The SCFIS for the European route (basic ports) on September 1, 2025, was 1773.6, down 216.6 (-10.9%) from August 25th. The SCFIS for the US - West route (basic ports) was 1013.9, down 27.48 (-2.6%) from August 25th [12] 3.3.2 Container Shipping Index (European Line) Futures Market - Multiple figures related to the container shipping index (European line) futures market are provided, including the trends of the main and secondary main contracts, shipping - related data such as European container ship capacity, global container ship orders, and Shanghai - Europe basic port freight rates [17][21] 3.3.3 Trading Data of Container Shipping European Line Futures on September 2 | Contract | Previous Settlement Price | Opening Price | Closing Price | Settlement Price | Change | Change (%) | Volume | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | EC2510 | 1,293.8 | 1,290.2 | 1,340.7 | 1,364.5 | 46.9 | 3.62 | 77948 | 54157 | 1886 | | EC2512 | 1,621.9 | 1,640.9 | 1,733.5 | 1,755.1 | 111.6 | 6.88 | 28247 | 16673 | 178 | | EC2602 | 1,439.5 | 1,478.0 | 1,550.1 | 1,571.7 | 110.6 | 7.68 | 7124 | 5599 | 753 | | EC2604 | 1,230.5 | 1,220.0 | 1,246.9 | 1,273.6 | 16.4 | 1.33 | 3304 | 7199 | 130 | | EC2606 | 1,407.4 | 1,421.8 | 1,438.9 | 1,472.3 | 31.5 | 2.24 | 715 | 969 | 79 | | EC2608 | 1,599.5 | 1,635.0 | 1,603.1 | 1,648.1 | 3.6 | 0.23 | 153 | 298 | 24 | [6]

Report Information - Report Title: Copper Futures Daily Report [1] - Date: September 3, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] Market Review and Operation Suggestions - **Market Performance**: Shanghai copper showed a pattern of rising first and then falling. The main contract reached a maximum of 80,020. Due to the sharp decline of A - shares and the decrease of market risk preference, Shanghai copper tumbled in the late trading and closed down. The spot price rose by 260 to 80,160, and the premium dropped by 15 to 220. The increase in imported arrivals and high copper prices pressured the premium. However, upstream centralized production cuts are imminent, and the inventory pressure of holders is not large. The profit of spot imports expanded to 320, and the Shanghai - London ratio rose to 8.08. The LME 0 - 3 contango remained at a high level. The opening of the import window will attract the transfer of LME copper inventory to China. The LME inventory decreased by 100 tons to 158,775 tons. The overall inventory levels at home and abroad are not high. Coupled with the upcoming production cuts of domestic smelters and the peak season of downstream demand, the fundamental support has strengthened [10]. - **Operation Suggestion**: With the macro - data such as European and American manufacturing PMI and US non - farm payrolls data to be released this week, the macro - data disturbances may increase. But under the background of the upward fundamental trend, copper prices should be mainly bought on dips [10]. Industry News - **Production Cut News**: On September 1, Capstone Copper announced that due to the successive failures of two ball - mill drive motors at its Mantoverde sulfide mine operation site in Chile within a week, the mine will temporarily cut production. One ball - mill motor failed on August 24, and the second one failed six days later. The plant will operate at half - capacity by bypassing the plant. The company plans to mitigate the impact through the plant maintenance work scheduled for late September. The management of Capstone expects that the repair work will take about four weeks, during which the copper concentrate production will lose 3,000 - 4,000 tons. An investigation into the root cause of the problem has also been initiated [11]. - **Mine Expansion News**: On September 1, the government of British Columbia approved Imperial Metals' plan to deepen and expand the Springerpit mine pit of the Mount Polley copper - gold mine, which will extend the mining life of the mine by about 8 years. The mine planning adjustment includes three major directions: deepening the existing open - pit mine; expanding the rock dumping area; and isolating the waste that may produce acidic substances to the old "Cariboo Open - Pit" area when the mine is closed [11].

Report Overview - Report Title: Treasury Bond Daily Report - Date: September 3, 2025 - Industry: Treasury Bond 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, and 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 gradually insensitive to the stock market since late August, and as the fastest - growing phase of the stock market may have passed, the stock market's suppression on the bond market may further ease. However, from a calendar effect perspective, the bond market has performed poorly in September since 2019, mainly due to 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 it is still difficult for broad - monetary policies to be implemented. Overall, the suppression of the bond market may ease, but it still lacks a breakthrough, and investors 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 A - share market adjusted, but the bond market sentiment remained cautious. Treasury bond futures fluctuated downward and closed lower across the board. The yields of major inter - bank interest - rate bonds changed within a narrow range, mostly within 1bp. By 16:30, the yield of the 10 - year active treasury bond 250011 was reported at 1.768%, down 0.05bp [8][9]. - At the beginning of the month, the central bank continued to withdraw funds, and the money market tightened marginally. There were 4058 billion yuan of reverse repurchases due, and the central bank conducted 2557 billion yuan of reverse repurchase operations, resulting in a net withdrawal of 1501 billion yuan. The inter - bank money market sentiment index rose slightly, short - term money market rates mostly changed within a narrow range, the weighted overnight rate of inter - bank deposits fluctuated around 1.31%, the 7 - day rate fell about 0.8bp to 1.44%, medium - and long - term funds remained stable, and the 1 - year AAA certificate of deposit rate remained around 1.63% [10]. - **Conclusion** - The bond market's fundamentals and policies in August did not change significantly, and the stock - bond seesaw was the main reason for the bond market adjustment. In September, the factors suppressing the bond market may ease, but there are still limited incremental positive factors. The suppression of the stock market on the bond market may further ease, but from a calendar effect perspective, the bond market has performed poorly in September since 2019. 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 are still difficult to implement. Overall, the bond market suppression may ease, but it still lacks a breakthrough, and investors need to be patient [11][12]. 3.2 Industry News - As of the end of July this year, the bond market custody balance reached 190.4 trillion yuan, breaking through the 190 - trillion - yuan mark for the first time, setting a new historical high, which is a significant sign of the in - depth development of China's financial market and releases three positive signals: continuous increase in the direct financing scale of the real economy, more diversified asset allocation of financial institutions, and further enrichment of residents' asset allocation methods [13]. - The Implementation Plan for the Fiscal Interest Subsidy Policy for Personal Consumption Loans was officially implemented on September 1. Participating pilot banks and other institutions officially accepted subsidy application. Some bank executives were optimistic about the impact of the consumption credit subsidy policy during the interim results season, and credit card installment business is not within the scope of subsidy [13]. - Many banks announced that the commercial personal housing loan interest rates in Shanghai no longer distinguish between first - home and second - home loans. After the adjustment, the minimum interest rate for new first - home loans in Shanghai is 3.05%, and the minimum interest rate for new second - home loans is 3.09%. Second - home mortgage loans with an interest rate higher than 3.36% can be lowered to 3.36% [13]. - The inter - bank lending center and the Shanghai Clearing House optimized the clearing mechanism for general repurchase transactions in the inter - bank bond market. The scope of participants was expanded to legal entities of deposit - taking financial institutions, and the scope of eligible collateral bonds was expanded to include non - financial corporate debt financing instruments issued by state - owned enterprise - managed industrial companies and high - quality private enterprises, as well as bonds issued by high - quality international development institutions [14]. - With the central bank maintaining a relatively loose attitude towards liquidity, market institutions expect that with the acceleration of fiscal expenditures, liquidity in September is expected to remain reasonably abundant, and fluctuations may mainly occur during periods of concentrated government bond issuance, if the stock market strengthens and causes increased concerns in the bond market, and in the last week of the quarter [14]. 3.3 Data Overview - **Treasury Bond Futures Market** - The report provides trading data for various treasury bond futures contracts on September 2, including opening price, closing price, settlement price, price change, percentage change, trading volume, open interest, and change in open interest [6]. - It also mentions the inter - term spreads of the main treasury bond futures contracts and the inter - variety spreads among 2 - year, 30 - year, 10 - year, and 5 - year contracts, as well as the trends of the main treasury bond futures contracts [16][20]. - **Money Market** - The report shows the term - structure changes and trends of SHIBOR, as well as the changes in the weighted inter - bank pledged repurchase rate and the inter - bank deposit pledged repurchase rate [30][34]. - **Derivatives Market** - The report presents the Shibor3M interest - rate swap fixing curve (mean) and the FR007 interest - rate swap fixing curve (mean) [36].

Group 1: Overall Information - Report Title: Zinc Futures Daily Report [1] - Date: September 3, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Group 2: Market Review - Futures Market Quotes: The Shanghai Zinc futures showed a volatile and slightly stronger trend, with the main contract closing at 22,325 yuan/ton, up 130 yuan or 0.59%. Different contracts had different price movements and changes in open interest. For example, the 2510 contract opened at 22,175 yuan/ton, reached a high of 22,380 yuan/ton, and closed at 22,325 yuan/ton, with an open interest of 107,662 lots, a decrease of 8,523 lots. [7] - Market Analysis: The divergence between domestic and foreign markets intensified, and the processing fee continued to rise. Although affected by news from Guangxi smelters in the short term, the zinc ingot production remained at a high level. On the demand side, policies provided support, but the short - term performance was weak. Production restrictions in North China suppressed galvanizing consumption. The pressure of supply - demand surplus was reflected in inventory. The social inventory on Monday increased to 146,300 tons, while the LME zinc inventory decreased by 275 tons to 55,600 tons, the lowest level since May 2023. The 0 - 3 spread B strengthened to 14.98. The continuous de - stocking of LME supported the zinc price. With limited macro - guidance and continuous divergence between domestic and foreign markets, the Shanghai Zinc futures oscillated at the bottom. [7] Group 3: Industry News - Price Quotations in Different Regions: On September 2, 2025, in different markets, the prices of 0 zinc, 1 zinc, and high - end brands varied. For example, in the mainstream market, 0 zinc was traded at 22,145 - 22,275 yuan/ton, and the high - end brand Shuangyan was traded at 22,305 - 22,425 yuan/ton. Different regions had different price spreads and quotes relative to contracts. In Ningbo, the mainstream brand 0 zinc was traded at 22,185 - 22,295 yuan/ton, and the quotes relative to the 2509 contract were mostly at a discount. In Tianjin, 0 zinc was traded at 22,080 - 22,160 yuan/ton, and the quotes relative to the 2509 contract were also at a discount. In Guangdong, 0 zinc was traded at 22,010 - 22,150 yuan/ton, and the quotes relative to the 2510 contract were at a discount. [8] Group 4: Data Overview - Charts: The report presented charts including the price trends of zinc in two markets, SHFE monthly spreads, SMM seven - region zinc ingot weekly inventory, and LME zinc inventory. The data sources were Wind, SMM, and the research and development department of Jianxin Futures. [11][12]

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]