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

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

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

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

Group 1: Report Overview - Report date: September 3, 2025 [2] - Report industry: Cotton [1] - 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 cotton price index for grade 328 was 15,479 yuan/ton, up 151 yuan/ton from the previous trading day. The mainstream sales basis quotes for machine-picked cotton in northern Xinjiang and Kashgar, southern Xinjiang were in different ranges. The spot trading of cotton improved slightly after the sharp decline in the futures market, and the inventory of many cotton merchants was low. The expected stable and increasing output of new cotton brought some long-term pressure. There were sporadic hand-picked seed cotton purchases at the end of August and early September, with purchase prices ranging from 7.25 to 7.35 yuan/kg. The downstream demand improved marginally since August, and the finished product inventory of spinning mills and weaving factories decreased slightly [7][8] - Operation suggestions: The short-term sentiment was weak, and the market was mainly in a state of volatile adjustment [8] Group 3: Industry News - In Hutubi County, 869,000 mu of cotton is gradually boll-opening. The county's 24 cotton purchase and processing enterprises have nearly completed the overhaul of production equipment, and the purchase funds and personnel are ready. It is expected to start purchasing new cotton around September 20, and relevant departments will strengthen supervision during the purchase period [9] Group 4: Data Overview - The report provides multiple data charts, including China's cotton price index, cotton spot price, cotton futures price, cotton basis change, CF1-5 spread, CF5-9 spread, CF9-1 spread, cotton commercial inventory, cotton industrial inventory, and warehouse receipt volume [16][17][18]

报告类型 股指日评 日期 2025 年 9 月 3 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(宏观国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与后市展望 1.1 行情回顾： 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 9 月 2 日，万得全 A 开盘震荡回落，午后反弹后再度走弱，收跌 1.48%，超 7 成个股下跌；指数现货方面，沪深 300、中证 500、中证 1000 收盘分别下跌 0.74%、 2.09%、2.50%，上证 50 收盘上涨 0.39%。指数期货表现整体强于现货，IF、IC、 IM 主力合约分别收跌 0.65%、1.69%、1.75%，IH 主力合约收涨 0.44%（按前一交 易日收盘价为基准计算）。今日科 ...

Report Overview - Report Type: Pulp Daily Report - Date: September 3, 2025 - Industry: Pulp 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The pulp market is experiencing low - level volatility adjustment. Cost - side guidance is limited, supply remains loose, and the market is awaiting the emergence of peak - season demand [8]. 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Pulp Futures**: The previous settlement price of the pulp futures 01 contract was 5316 yuan/ton, and the closing price was 5308 yuan/ton, with an overall decline of 0.15% [7]. - **Shandong Wood Pulp Market**: The intended transaction price range of softwood pulp in the Shandong wood pulp market is 5000 - 6650 yuan/ton. The low - end price remained stable compared to the previous trading day's closing price. The price of Shandong Silver Star was quoted at 5720 - 5730 yuan/ton [7]. - **Arauco's August Offer**: Chile's Arauco Company announced its new round of August wood pulp export offers. The price of softwood pulp Silver Star was 720 dollars/ton, the price of unbleached pulp Venus was 590 dollars/ton, and the price of hardwood pulp Star was 520 dollars/ton, remaining stable compared to the June offer [8]. - **Production and Inventory Data**: In July, the chemical pulp shipments of the world's 20 major pulp - producing countries increased by 7.3% year - on - year, with softwood pulp up 4.1% and hardwood pulp up 11.1%. In July 2025, the total wood pulp inventory in European ports decreased by 1.9% month - on - month and increased by 19.2% year - on - year. China's pulp imports in July were 287.7 million tons, a month - on - month decrease of 5.1% and a year - on - year increase of 23.7%. As of August 28, 2025, the weekly pulp inventory in major regions and ports increased by 1.23% month - on - month. The cumulative year - on - year profit of the papermaking and paper products industry in July decreased by 21.9%, with a slightly wider decline [8]. 3.2 Industry News - **Domestic Paper Price Adjustment**: Since the end of August, the domestic paper products industry has witnessed a wave of price adjustments, with the adjustment range from 30 yuan/ton to 100 yuan/ton. Some enterprises raised the price of cardboard products by 3%. Bohui Paper announced that starting from September 1, 2025, all products would increase by 100 yuan/ton compared to the August 2025 price [9]. - **Shandong's Paper Industry Policy**: Four departments in Shandong jointly issued a document to promote the development of the papermaking industry. Shandong is a traditional stronghold in the papermaking industry, producing 1/6 of China's, 1/12 of Asia's, and 1/24 of the world's paper and paperboard. The policy aims to transform the traditional papermaking industry into a leading domestic and world - class high - end papermaking and biomass refining industry base [9]. 3.3 Data Overview - The report presents multiple data charts including those related to inventory (such as warehouse receipts, domestic main port pulp inventory, European main port wood pulp inventory), paper prices (coated paper, offset paper, white cardboard, and white board paper), and exchange rates (USD to RMB). However, no specific data analysis is provided in the summary section [22][29][32].

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 021-60635740 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 研究员：冯泽仁（玻璃纯碱） 021-60635727 fengzeren@ccb.ccbfutures.com 行业 日期 2025 年 09 月 03 日 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（工业硅/多晶 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 期货从业资格号：F03134307 多晶硅日报 请阅读正文后的声明 每日报告 一、行情回顾与展望 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - As of the week ending on the 22nd, the overall decline in US crude oil and refined product inventories supported oil prices to some extent. However, the US travel peak season is coming to an end, and the refinery operating rate has also slightly declined, so there may be insufficient positive factors for oil prices in the later period. This summer, gasoline consumption in the US did not show a significant improvement even with lower prices compared to last year. Overall, this year's peak - season consumption in the US is weak, and the market has digested the expectation of US interest rate cuts to some extent. There is no driving force for oil prices, which are expected to continue to consolidate at the bottom and may decline again in the medium term [6]. 3. Summary by Related Catalogs 3.1 Market Review and Operation Suggestions - **Market Review**: WTI crude oil opened at $63.95, closed at $64.61, with a high of $64.88, a low of $63.66, a daily increase of 0.94%, and a trading volume of 5.89 million hands. Brent crude oil opened at $67.42, closed at $68.16, with a high of $68.36, a low of $67.12, a daily increase of 1.01%, and a trading volume of 15.12 million hands. SC crude oil opened at 487 yuan/barrel, closed at 490.4 yuan/barrel, with a high of 492.5 yuan/barrel, a low of 487 yuan/barrel, a daily increase of 1.41%, and a trading volume of 7.98 million hands [6]. - **Operation Suggestions**: Oil prices are expected to continue to consolidate at the bottom and may decline again in the medium term [6]. 3.2 Industry News - HSBC maintains its forecast of Brent crude oil at $65 per barrel for the fourth quarter of 2025. - Oil traders expect OPEC+ to keep production unchanged at the weekend meeting. - Traders said that Russia plans to export 1.098 million tons of petroleum products from the Black Sea port of Tupse in September, compared with 1.068 million tons in August [7]. 3.3 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 [9][11][19][22].

Industry Investment Rating - No relevant information provided Core Viewpoints - Linear futures opened higher and fluctuated. The market trading atmosphere changed little. Traders quoted prices with narrow fluctuations, and downstream buyers replenished stocks according to orders. The impact of maintenance is weakening, and new production capacity is continuously being released. The supply pressure brought by the new device of Daxie Petrochemical on the PP side, with a second - line device still to be put into operation in September, the production capacity pressure is continuously rising. The downstream is in the transition stage between the off - season and the peak season. The operating loads of plastic weaving and BOPP are slowly increasing. Injection molding has been partially improved due to the release of school supplies orders during the back - to - school season, but the overall recovery trend is not good. Attention should be paid to the substantial improvement of consumption during the "Golden September" peak season. The supply - demand contradiction of PE is not obvious for the time being. The short - term maintenance loss has increased again, and the new production capacity is slowly being put into operation. The supply pressure is acceptable. The loads of downstream pipes and other products remain low. The raw material and finished product inventories are maintained at a relatively low level. The follow - up of agricultural films has improved compared with the previous period, and the operating load has entered the seasonal upward range, which is expected to drive the de - stocking of social inventory. Plastics may run strongly [6]. Summary by Directory 1. Market Review and Outlook - The opening price of L2601 was 7275 yuan/ton, closing at 7252 yuan/ton, down 4 yuan/ton (- 0.06%), with a trading volume of 220,000 lots and an increase of 12,546 lots in positions to 401,368 lots. PP2601 closed at 6943 yuan/ton, down 6 yuan, a decline of 0.09%, with an increase of 14,100 lots in positions to 572,000 lots [5][6] 2. Industry News - On September 2, 2025, the inventory level of major producers was 700,000 tons, a decrease of 10,000 tons from the previous working day, a decline of 1.41%. The inventory in the same period last year was 780,000 tons. The PE market price fluctuated slightly. The price of LLDPE in North China was 7130 - 7450 yuan/ton, in East China was 7200 - 7700 yuan/ton, and in South China was 7380 - 7750 yuan/ton. The mainstream price of propylene in the Shandong market was temporarily referred to as 6610 - 6680 yuan/ton, an increase of 40 yuan/ton from the previous working day. The inflow of propylene from outside the region decreased, and production enterprises still had the intention to continue to raise prices slightly. Downstream factories had certain rigid - demand support, but the cost pressure continued to increase, and the factories' acceptance of propylene prices decreased. The PP market adjusted slightly. Downstream factory procurement mentality was cautious, and the inquiry was less than the previous day. The morning trading in the market was average. The mainstream price of North China drawstrings was 6770 - 6980 yuan/ton, in East China was 6800 - 6980 yuan/ton, and in South China was 6760 - 7050 yuan/ton [7][8] 3. Data Overview - There are multiple data charts including L basis, PP basis, L - PP spread, crude oil futures main contract settlement price, two - oil inventories, and two - oil inventory year - on - year increase/decrease rate, with data sources from Wind, Zhuochuang Information, and the research and development department of CCB Futures [12][15][16]