行业 MEG 日报 日期 2025 年 08 月 28 日 料油） 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 业硅）028-8663 0631 penghaozhou@ccb.ccbfutures.c om期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.c om期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：李捷,CFA（原油燃 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工 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） 期货从业资格号：F03134307 请阅读正文后的声明 ＃summary＃ 每日报告 ...

Group 1: Report Overview - Report Name: Crude Oil Daily [1] - Date: August 28, 2025 [2] Group 2: Investment Rating - No investment rating is provided in the report. Group 3: Core View - This year, the peak - season consumption in the US has no obvious improvement. The market has digested the US interest - rate cut expectation to some extent. There is no driving force for oil prices, which are expected to continue oscillating at the bottom and may fall again in the medium term [7] Group 4: Market Review and Operation Suggestions - WTI main contract: opened at 64.75 dollars/barrel, closed at 63.31 dollars/barrel, with a high of 64.76 dollars/barrel, a low of 63.13 dollars/barrel, a decline of 2.3%, and a trading volume of 18.38 million barrels [6] - Brent main contract: opened at 68.14 dollars/barrel, closed at 66.69 dollars/barrel, with a high of 68.16 dollars/barrel, a low of 66.6 dollars/barrel, a decline of 2.24%, and a trading volume of 28.51 million barrels [6] - SC main contract: opened at 491.7 yuan/barrel, closed at 479.7 yuan/barrel, with a high of 493.3 yuan/barrel, a low of 478 yuan/barrel, a decline of 3.62%, and a trading volume of 12.54 million barrels [6] - As of the week ending on the 15th, US crude inventories declined more than expected due to the recovery of crude exports, which reached 4.37 million barrels per day, a new high since April this year. However, refined - oil consumption remained weak, with gasoline apparent demand at 8.842 million barrels per day, showing a decline both year - on - year and month - on - month. Whether diesel demand can maintain its strength needs further attention [6] Group 5: Industry News - Goldman Sachs expects Brent crude prices to fall to just over $50 by the end of 2026 due to an expanding oil surplus next year [8] - Facing approaching US tariffs, India plans to reduce Russian oil purchases [8] - Russia plans to increase oil exports by 200,000 barrels per day in August despite refinery shutdowns, but there is uncertainty in the export plan due to continuous drone attacks and maintenance work [8] - Kpler data shows that Iran's average daily crude exports in August are about 1.5 million barrels, down from 1.7 million barrels during March - May [8] - According to Reuters' calculation, Ukrainian attacks have disrupted at least 17% of Russia's refining capacity [8] Group 6: Data Overview - The report presents multiple data charts, including WTI spot price, Oman spot price, Brent fund net position, Dtd Brent price, etc., with data sources from wind, CFTC, Bloomberg, and EIA [11][13][14]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The price of the main contract of polysilicon dropped significantly. The closing price of PS2511 was 48,690 yuan/ton, a decrease of 4.13%. The future market will mainly experience wide - range fluctuations. The n - type re -投料's transaction price ranges from 45,000 to 52,000 yuan/ton, with an average transaction price of 47,900 yuan/ton, a week - on - week increase of 1.05%. Polysilicon production will increase to 125,000 tons in August and enter the stage of production restriction and sales control in September. The downstream actively replenishes inventory to buffer the pressure of shrinking terminal demand, but domestic demand is still in a weak stage after the "rush - installation" in the first half of the year. Policy - driven factors have entered a rational stage, and after August 19, the policy implementation is expected to enter a vacuum period, which will suppress the risk appetite of long - position funds, and the high - level warehouse receipts are also increasing, putting pressure on the market [4]. 3. Summary According to the Directory 3.1 Market Performance - The price of the main contract of polysilicon dropped significantly. The closing price of PS2511 was 48,690 yuan/ton, a decrease of 4.13%. The trading volume was 502,410 lots, the open interest was 154,537 lots, and the net increase was 17,059 lots [4] 3.2 Future Market Outlook - The n - type re -投料's transaction price ranges from 45,000 to 52,000 yuan/ton, with an average transaction price of 47,900 yuan/ton, a week - on - week increase of 1.05%. Polysilicon production will increase to 125,000 tons in August and enter the stage of production restriction and sales control in September. The downstream actively replenishes inventory to buffer the pressure of shrinking terminal demand. However, the domestic newly - installed photovoltaic capacity in July was only 11GW, and domestic demand is still in a weak stage after the "rush - installation" in the first half of the year. Policy - driven factors have entered a rational stage. After August 19, the policy implementation is expected to enter a vacuum period, which will suppress the risk appetite of long - position funds. At the same time, the high - level warehouse receipts are also increasing, putting pressure on the market, and the market will mainly experience wide - range fluctuations [4] 3.3 Market News - On August 27, the number of polysilicon warehouse receipts was 6,880 lots, a net increase of 10 lots compared with the previous trading day. From January to July 2025, the cumulative photovoltaic installed capacity reached 1,109.6GW, and the newly - installed capacity from January to July was 223.25GW. The newly - 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: Container Shipping Index Daily Report [1] - Date: August 28, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided Core Viewpoints - This week, the SCFIS dropped below 2000 points, marking six consecutive weeks of decline. However, the downward trend of online quotes has stabilized. Some shipping companies have announced price increases for September, indicating a willingness to support prices. Considering the uncertainty of tariffs and the high level of supply during the off - season, demand is unlikely to improve significantly this year, and freight rates may show a more pronounced off - season pattern. The short - term decline in futures may narrow, but in the long run, it may still show a downward trend. It is recommended to short the October contract on rallies [8]. Summary by Directory 1. Market Review and Operation Suggestions - **Market Situation**: The SCFIS has fallen below 2000 points for six consecutive weeks, but the decline of online quotes has stabilized. Some shipping companies' September freight rates are higher than those at the end of August, showing a willingness to support prices. Demand is hard to improve significantly due to tariff uncertainties, and supply is at a relatively high level during the off - season. The current main October contract has a deep discount, and the decline in spot freight rates has slowed down, so the short - term decline in futures may narrow. In the long run, it may still decline [8]. - **Operation Suggestion**: Short the October contract on rallies [8]. 2. Industry News - **Overall Market**: From August 18th to 22nd, the China export container shipping market was basically stable, but the supply - demand fundamentals were weak. Most route freight rates declined, and the comprehensive index continued to adjust [9]. - **European Routes**: In August, the eurozone's composite PMI rose to 51.1, better than expected. However, due to US tariff policies, foreign orders in the eurozone's manufacturing industry declined for the second consecutive month. On August 22nd, the freight rate from Shanghai Port to European basic ports was $1668/TEU, a decrease of 8.4% from the previous period [9]. - **Mediterranean Routes**: The market situation was similar to that of European routes, and the spot booking price continued to fall. On August 22nd, the freight rate from Shanghai Port to Mediterranean basic ports was $2225/TEU, a decrease of 2.4% from the previous period [9]. - **North American Routes**: As of the week ending August 16th, the number of initial and continued unemployment claims in the US increased, indicating a cooling labor market. The freight rates from Shanghai Port to the US West and East basic ports on August 22nd were $1644/FEU and $2613/FEU respectively, down 6.5% and 3.9% from the previous period [10]. - **Tariff News**: Trump announced a "major" tariff investigation on imported furniture in the US, which will be completed within 50 days. New tariffs on imported furniture may further impact the industry that has already been affected by other tariffs [10]. - **Geopolitical News**: Israeli Prime Minister Netanyahu approved the plan to capture Gaza City, and the Israeli army is deploying troops. Trump expressed full support for Israel's military goal [10]. 3. Data Overview - **Container Shipping Spot Prices** - **European Routes**: On August 25th, the SCFIS for European basic ports was 1990.2 points, a decrease of 8.7% from August 18th [12]. - **US West Routes**: On August 25th, the SCFIS for US West basic ports was 1041.38 points, a decrease of 5.9% from August 18th [12]. - **Container Shipping Index (European Line) Futures Market** - Provided the trading data of container shipping European line futures on August 27th, including contract information such as EC2510, EC2512, etc., covering opening price, closing price, settlement price, change, change rate, trading volume, open interest, and open interest change [6]. - **Shipping - Related Data Charts** - Included charts of European container ship capacity, global container ship orders, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates [17][20]

Report Information - Report Name: Polyolefin Daily Report [1] - Date: August 28, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Market Quotes Futures Market Quotes | Variety | Opening | Closing | Highest | Lowest | Change | Change Rate | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Plastic 2601 | 7399 | 7364 | 7414 | 7360 | -63 | -0.85% | 412274 | 4664 | | Plastic 2605 | 7407 | 7365 | 7421 | 7365 | -68 | -0.91% | 26767 | 576 | | Plastic 2509 | 7344 | 7310 | 7360 | 7309 | -63 | -0.85% | 34910 | -7171 | | PP2601 | 7041 | 7021 | 7056 | 7014 | -51 | -0.72% | 481684 | 7338 | | PP2605 | 7060 | 7035 | 7075 | 7031 | -54 | -0.76% | 39064 | 980 | | PP2509 | 6987 | 6963 | 7006 | 6961 | -51 | -0.73% | 20395 | -6062 | [5] Specific Contracts - L2601 opened higher, fluctuated up and down during the session, and finally closed at 7402 yuan/ton, down 9 yuan/ton (-0.12%), with a trading volume of 250,000 lots and an increase of 13,732 lots in open interest to 407,610 lots [6] - PP2601 closed at 7021 yuan/ton, down 51 yuan, a decline of 0.72%, with an increase of 7338 lots in open interest to 481,700 lots [6] Core Views - The futures market opened low and oscillated weakly, dampening market trading sentiment. Most ex-factory prices remained stable at the end of the month. Traders quoted prices based on inventory, and downstream buyers mainly made small orders [6] - The impact of maintenance decreased, and new production capacities were steadily put into operation, suppressing the market on the supply side. The demand side was gradually transitioning to the peak season, and the overall downstream operating rate was expected to increase, but short-term raw material procurement remained cautious [6] - Market sentiment weakened during the day, most futures markets closed lower, and crude oil prices declined, weakening cost support, leading to a decline in polyolefin prices [6] Industry News - On August 27, 2025, the inventory level of major producers was 705,000 tons, a decrease of 25,000 tons (-3.42%) from the previous working day. The inventory in the same period last year was 720,000 tons [7] - The PE market price was weakly sorted. The LLDPE price in North China was 7220 - 7450 yuan/ton, in East China was 7320 - 7750 yuan/ton, and in South China was 7430 - 7800 yuan/ton [7] - The mainstream price of propylene in the Shandong market was temporarily referred to as 6540 - 6560 yuan/ton, an increase of 80 yuan/ton from the previous working day. Some PDH device maintenance news boosted market sentiment, downstream factories' purchasing enthusiasm increased, propylene producers' shipments were smooth, and the willingness to hold prices was obvious [7] - The domestic PP market was weakly sorted, with some prices falling by 10 - 30 yuan/ton. Downstream terminals were not very interested in purchasing, mostly maintaining a cautious wait-and-see attitude, and the number of orders received was limited [7][8]

Report Information - Report Type: Asphalt Daily Report [1] - Date: August 28, 2025 [2] Industry Investment Rating - Not provided in the given content Core Viewpoints - The asphalt market continues to experience weak supply and demand with few highlights. The unilateral price mainly follows the movement of oil prices, but the fluctuation range is expected to be smaller than that of oil prices [6] Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: For BU2510, the opening price was 3,506 yuan/ton, the closing price was 3,471 yuan/ton, the highest was 3,512 yuan/ton, the lowest was 3,458 yuan/ton, the decline was 1.53%, and the trading volume was 168,000 lots. For BU2511, the opening price was 3,485 yuan/ton, the closing price was 3,443 yuan/ton, the highest was 3,486 yuan/ton, the lowest was 3,433 yuan/ton, the decline was 1.54%, and the trading volume was 76,900 lots [6] - **Spot Market**: Prices in the Northeast and Shandong markets declined, while prices in other regions remained generally stable. The significant decline in crude oil prices had a negative impact on the sentiment of the asphalt spot market [6] - **Supply**: Hebei Xinghai plans to increase asphalt production at the end of the month. However, due to the possible temporary shutdown of Zhenhai Refining & Chemical and the possible switch of some local refineries in Shandong to produce residual oil, the asphalt plant operating rate is expected to decline [6] - **Demand**: There was no obvious boost in demand. Rigid demand was restricted by funds and weather, market sentiment was relatively pessimistic, and speculative demand was released cautiously [6] 2. Industry News - **South China Market**: The mainstream transaction price of 70A grade asphalt was 3,490 - 3,510 yuan/ton, remaining stable compared to the previous working day. As the asphalt futures price declined, some futures - spot traders sold forward contracts, but traders still temporarily kept the spot price stable, waiting for further market news [7] - **Shandong Market**: The mainstream transaction price of 70A grade asphalt was 3,470 - 3,800 yuan/ton, a decrease of 10 yuan/ton compared to the previous working day. The international oil price closed lower, the asphalt futures followed suit, and the sentiment in the spot market weakened again. Today, individual refineries and some traders lowered their quotes, driving down the transaction price in the Shandong market [7] 3. Data Overview - The report presents multiple data charts including asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, asphalt warehouse receipts, Shandong asphalt spot price, and Shandong asphalt basis, with data sources from Wind and the Research and Development Department of CCB Futures [8][13][16]

Report Information - Report Title: Sugar Daily Report - Date: August 28, 2025 - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] 1. Report Industry Investment Rating - No relevant content provided. 2. Report's Core View - New York raw sugar futures remained volatile, with the main October contract up 0.12% to 16.42 cents per pound, and the London ICE white sugar futures' main October contract up 0.3% to $488.10 per ton. The relatively calm fundamentals of raw sugar and improved weather in Brazil leading to increased sugar production pressured sugar prices [7]. - Zhengzhou sugar's main contract weakened. The 01 contract closed at 5,620 yuan per ton, down 38 yuan or 0.67%, with a reduction of 2,979 positions. Domestic spot prices in production areas declined. The pressure from imported sugar is increasing, suppressing domestic sugar prices. After - market, a large number of speculative long - positions were cut, which may lead to further decline [8]. 3. Summary by Relevant Catalogs 3.1行情回顾与操作建议 (Market Review and Operation Suggestions) - **Futures Market Conditions**: SR509 closed at 5,631 yuan per ton, down 65 yuan or 1.14%, with a position of 9,042 contracts, a decrease of 2,316 contracts; SR601 closed at 5,620 yuan per ton, down 38 yuan or 0.67%, with a position of 363,151 contracts, a decrease of 2,979 contracts; US sugar 10 closed at 16.42 cents per pound, up 0.02 cents or 0.12%, with a position of 360,587 contracts, a decrease of 5,802 contracts; US sugar 03 closed at 17.14 cents per pound, up 0.05 cents or 0.29%, with a position of 261,997 contracts, an increase of 1,326 contracts [7]. - **Domestic Market**: Zhengzhou sugar's main contract weakened. Domestic spot prices in production areas declined, with Nanning sugar quoted at 5,980 yuan and Kunming sugar at 5,800 yuan. The pressure from imported sugar is increasing, and the large - scale cutting of speculative long - positions may lead to further decline [8]. 3.2行业要闻 (Industry News) - **Brazilian Sugar Production Forecast**: Conab lowered Brazil's 2025/26 sugar production forecast to 44.5 million tons, a 3.1% reduction from the April forecast. The central - southern region's sugar production is now estimated at 40.6 million tons, a 2.8% decrease from the April forecast. However, Brazil's sugar production is still expected to increase by 0.8% compared to the previous season [9]. - **ICE Futures + Options Positions**: As of the week ending August 19, the total position of ICE raw sugar futures + options was 1,038,222 contracts, a decrease of 2,291 contracts from the previous week. Speculative long - positions were 179,365 contracts, a decrease of 11,403 contracts; speculative short - positions were 310,352 contracts, an increase of 4,227 contracts; speculative net short - positions were 130,987 contracts, an increase of 15,630 contracts [9]. - **Guangxi Sugar Inventory**: As of August 20, the inventory of Guangxi's third - party sugar warehouses was about 770,000 tons, an increase of about 310,000 tons compared to the same period last year, slightly lower than the five - year average. In August, the inventory decreased by about 140,000 tons compared to July, and the destocking speed slowed down significantly [9]. - **Brazilian Port Shipping**: As of the week ending August 20, the number of ships waiting to load sugar at Brazilian ports was 70, down from 76 the previous week. The quantity of sugar waiting to be shipped was 2.9169 million tons, a decrease of 401,000 tons or 12.08% from the previous week. Among them, the quantity of high - grade raw sugar (VHP) was 2.7282 million tons [9]. - **Chinese Syrup and Premixed Powder Imports**: In July, China imported 45,400 tons of syrup and white sugar premixed powder under tariff number 1702.90, a decrease of 182,800 tons or 80.12% year - on - year. The average landed price was 3,373.30 yuan per ton, a decrease of 292.96 yuan per ton month - on - month and 294.70 yuan per ton year - on - year, at a relatively low level in the past six years [9]. 3.3数据概览 (Data Overview) - **Data Charts**: The report provides multiple data charts, including spot price trends, contract basis, spreads, import profits, warehouse receipts, exchange rates, and the trading and position data of the top 20 seats of Zhengzhou sugar's main contract, with data sources from Wind and Zhengshang, and analyzed by the research and development department of Jianxin Futures [12][14][19][25]

Report Information - Report Date: August 28, 2025 [2] - Industry: Cotton [1] - Research Analysts: Yulan Lan, Zhenlei Lin, Haifeng Wang, Chenliang Hong, Youran Liu [3] Investment Rating - Not provided Core View - The cotton market is in a state of shock adjustment with limited fundamental changes. Overseas, the short - term external market is difficult to break out of the range - bound situation, while in the domestic market, the new cotton acquisition is awaited for guidance, and the market is observing the traditional peak season [7][8] Summary by Directory 1. Market Review and Operation Suggestions - Zhengzhou cotton is in shock adjustment. The latest 328 - grade cotton price index is 1,5342 yuan/ton, up 8 yuan/ton from the previous trading day. The mainstream sales basis quotes for 2024/25 northern Xinjiang machine - picked cotton and southern Xinjiang Kashgar machine - picked cotton are given. The cotton yarn market has normal transactions, mainly with regular yarns. Spinning enterprises are still limiting production, and the market confidence is generally not strong. The cotton fabric market has little change in trading atmosphere, and the sales are flat [7] - Overseas, the weekly US cotton export sales data has weakened, the drought coverage rate in major cotton - growing areas has increased, the good - quality rate has slightly decreased week - on - week, and the CFTC fund net long position remains low. In the domestic market, the Xinjiang cotton area is in the boll - opening and flocculation stage. There are rumors of more pre - sales of new cotton, and the expectation of抢购 at the time of listing has increased, but the expected stable and increasing output also brings pressure in the long - term. The finished product inventory of cotton yarn continues to decline slightly, and the fabric factory's shipment is not as good as that of the yarn factory [8] 2. Industry News - As of the week ending August 23, Brazil's (98%) total cotton harvesting progress was 60.3%, a 11.4 - percentage - point increase from the previous week and 15.8% slower than the same period last year, mainly due to the lag in Mato Grosso state [9] - As of the week ending August 24, the boll - setting rate of US cotton was 81%, the flocculation rate was 20%, and the good - quality rate was 54% [9] 3. Data Overview - The report provides multiple data charts on the cotton market, including price indices, spot and futures prices, basis changes, spreads, inventories, and exchange rates, with data sources from Wind and the Research and Development Department of CCB Futures [17][18][25]

Group 1: Report Overview - Report Name: Pulp Daily Report - Date: August 28, 2025 - Research Team: Energy and Chemical Research Team - Researchers: Liu Youran, Li Jie, Ren Junchi, Peng Haozhou, Peng Jinglin, Feng Zeren [3][4] Group 2: Market Review and Operation Suggestions Market Review - Pulp futures 01 contract: The previous settlement price was 5,392 yuan/ton, and the closing price was 5,290 yuan/ton, a decrease of 1.89%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5,000 - 6,650 yuan/ton, with the low - end price stable compared to the previous trading day's closing price. The quote for Shandong Silver Star was 5,720 - 5,750 yuan/ton [7] - Arauco's August wood pulp FOB prices: Coniferous pulp Silver Star at $720/ton, natural pulp Venus at $590/ton, and hardwood pulp Star at $520/ton, remaining stable compared to June quotes [8] - Global pulp data: In June, the chemical commodity pulp shipments of the world's 20 major pulp - producing countries increased by 4.7% year - on - year, with coniferous pulp down 2.4% and hardwood pulp up 10.1%. In July 2025, the European wood pulp inventory was 683,200 tons, a 0.3% month - on - month decrease and an 8.7% year - on - year increase; the European wood pulp consumption was 814,200 tons, a 6.8% month - on - month increase and a 2.1% year - on - year decrease. China's pulp imports in July were 2.877 million tons, a 5.1% month - on - month decrease and a 23.7% year - on - year increase. As of August 21, 2025, the weekly pulp inventory in major regions and ports decreased by 1.59% month - on - month. In July, the cumulative year - on - year profit of the papermaking and paper products industry decreased by 21.9%, with the decline slightly expanding [8] Operation Suggestions - With limited cost guidance and a loose supply, waiting for the peak - season demand to emerge, pulp is in a low - level oscillatory adjustment [8] Group 3: Industry News - Suzano plans to adjust pulp order prices next month. The pulp prices in China and other Asian countries will be increased by $20/ton, while those in Europe and the US will be increased by $80/ton. Analysts from BTG Pactual are positive about this measure, believing that the current price of nearly $500/ton in China is "unsustainably low". Bradesco BBI expects the commodity price to reach $550/ton in the next few months, supported by more favorable seasonal factors at the end of the third quarter, the Sino - US trade truce, and possible supply restrictions due to high production costs [9] Group 4: Data Overview - The report includes multiple data charts, such as import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, coniferous - hardwood price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, copperplate paper and offset paper prices and price differences, white cardboard and whiteboard paper prices and price differences, and the US dollar - RMB exchange rate [15][17][19][22][29][32]

Report Overview - Report Date: August 28, 2025 [2] - Reported Industry: Eggs [1] Report Core View - The peak season for egg prices started late this year, and the market pressure became evident in late July. The supply pressure is significant, and the expected price rebound in August did not materialize. Near - month and main - contract futures prices have dropped significantly. It is not recommended to buy at the bottom currently. A rebound may occur after the increase in culling and the Mid - Autumn Festival and National Day备货, but it is difficult to time. The overall egg market has an oversupply situation. A fundamental inflection point may appear in the late fourth quarter if low egg prices affect subsequent replenishment, and short - term market fluctuations are large, so risk avoidance is advised [8] Summary by Section 1. Market Review and Operation Suggestions - **Market Review**: The national egg price rose today. The average price in the main production areas was 3.25 yuan/jin, up 0.08 yuan/jin from yesterday, and in the main sales areas, it was 3.34 yuan/jin, up 0.06 yuan/jin. The 2509 contract closed at 2896, down 18 (-0.62%), with a trading volume of 23,595 and an open interest of 37,187 (down 8,178). The 2510 contract closed at 2975, down 36 (-1.20%), with a trading volume of 554,418 and an open interest of 515,876 (up 44,842). The 2511 contract closed at 3028, down 28 (-0.92%), with a trading volume of 117,461 and an open interest of 216,611 (up 16,616) [7] - **Operation Suggestions**: Do not buy at the bottom currently. Wait for the increase in culling and the Mid - Autumn Festival and National Day备货 to potentially drive a rebound, but it is difficult to time. Avoid risks in the short - term as the market has large fluctuations [8] 2. Industry News - **In - production Laying Hens Inventory**: As of the end of July, the national monthly inventory of in - production laying hens was about 1.356 billion, a 1.2% month - on - month increase and a 6.2% year - on - year increase, showing a continuous upward trend for 7 months [9] - **Chick Hatchling Volume**: In July, the monthly hatchling volume of sample enterprises was about 39.98 million, less than that in June and the same period in 2024, but still a moderately high monthly replenishment volume in the past 8 years. The decrease in July was the first year - on - year decrease this year [9] - **Culling Situation**: In the three weeks up to August 21, the national culling volume showed an upward trend. As of August 21, the average culling age was 500 days, 6 days earlier than last week and last month [10]