Report Overview - Industry: Cotton [1] - Date: August 27, 2025 [2] Group 1: Report Core View - Zhengzhou cotton fluctuated and adjusted. The latest 328 - grade cotton price index was 15,334 yuan/ton, up 99 yuan/ton from the previous trading day. The mainstream sales basis quotes for 2024/25 northern Xinjiang local machine - picked cotton and southern Xinjiang Kashgar machine - picked cotton were given. The cotton yarn market had acceptable transactions, and the cotton fabric market was stable with limited order recovery [7]. - In the overseas market, the weekly export sales data of US cotton weakened, the drought coverage in major cotton - growing areas increased, the good - to - excellent rate decreased slightly week - on - week, and the short - term external market was likely to fluctuate within a range. In the domestic market, the Xinjiang cotton area was in the boll - opening and flocculation stage. There were rumors of new cotton pre - sales, and the expectation of rush - buying at the listing stage increased, but the expected stable - to - increasing output also brought pressure in the long - term. The finished yarn inventory continued to decline slightly, and the market was observing the traditional peak season. The 200,000 - ton sliding - scale duty processing trade quota had limited impact on the market [8]. Group 2: Industry News - As of the week ending August 24, the boll - setting rate of US cotton was 81%, the flocculation rate was 20%, and the good - to - excellent rate was 54% [9]. - As of August 22, 2025, the total commercial inventory of cotton was 1.7126 million tons, a decrease of 143,500 tons from the previous week, and the inventory in Xinjiang was less than one million tons [9]. Group 3: Data Overview - The report presented 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, warehouse receipt volume, US dollar - RMB exchange rate, and US dollar - Indian rupee exchange rate [17][18][27]

Group 1: Report Overview - Industry: Asphalt [1] - Date: August 27, 2025 [2] Group 2: Market Review and Operation Suggestions - BU2510 opened at 3517 yuan/ton, closed at 3523 yuan/ton, with a high of 3540 yuan/ton, a low of 3512 yuan/ton, a daily increase of 0.54%, and a trading volume of 16.04 million lots. BU2511 opened at 3490 yuan/ton, closed at 3497 yuan/ton, with a high of 3510 yuan/ton, a low of 3483 yuan/ton, a daily increase of 0.78%, and a trading volume of 6.6 million lots [6] - Spot prices in North China, Shandong, South China, and Sichuan-Chongqing markets increased, while prices in other regions were generally stable. The significant increase in crude oil prices at the close yesterday boosted the sentiment of the asphalt spot market [6] - Hebei Xinhai plans to increase asphalt production at the end of the month, but Zhenhai Refining & Chemical may suspend asphalt production temporarily. Some local refineries in Shandong, such as Shengxing Petrochemical, may switch to producing residual oil. It is expected that the asphalt plant operating rate will decline [6] - Demand has not been significantly boosted. Rigid demand is restricted by funds and weather, market sentiment is pessimistic, and speculative demand is released cautiously [6] - Overall, the asphalt market continues to have weak supply and demand with few highlights. The unilateral price mainly follows the upward movement of oil prices. As oil prices stop falling and rebound, asphalt crack spread long positions should temporarily take profits and wait and see [6] Group 3: Industry News - In the Shandong market, the mainstream transaction price of 70 A-grade asphalt is 3490 - 3800 yuan/ton, up 20 yuan/ton from the previous trading day. International oil prices closed higher, asphalt futures fluctuated higher during the session, and some local refineries in Shandong switched to producing residual oil, leading to a decrease in local asphalt supply. Local refineries and traders pushed up asphalt prices, driving up the market price [7] - In the South China market, the mainstream transaction price of 70 A-grade asphalt is 3490 - 3510 yuan/ton, up 10 yuan/ton from the previous trading day. The sales of major refineries are good, and after the futures price rose, spot-futures traders have no low-price contracts for sale, increasing the sentiment of traders to push up prices and driving up the market price [7] Group 4: Data Overview - The report presents multiple data charts, including asphalt daily operating rate (%), Shandong asphalt comprehensive profit (yuan/ton), asphalt crack spread (yuan/ton), asphalt social inventory (tons), Shandong asphalt spot price (yuan/ton), Shandong asphalt basis (yuan/ton), asphalt manufacturer inventory (10,000 tons), and asphalt warehouse receipts (tons), all sourced from Wind and the Research and Development Department of CCB Futures [8][13][16]

Group 1: Report Information - Report Name: Sugar Daily Report [1] - Date: August 27, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] Group 2: Investment Rating - No investment rating information provided. Group 3: Core Viewpoints - New York raw sugar futures weakened on Monday, with the main October contract down 0.55% to 16.39 cents per pound. The London ICE white sugar futures were closed. The relatively calm fundamentals of raw sugar, the increase in sugar production due to better weather in Brazil, and the strong production increase expectations in the Northern Hemisphere are suppressing sugar prices [7]. - Zhengzhou sugar's main contract tumbled yesterday. The 01 contract closed at 5,632 yuan per ton, down 53 yuan or 0.93%, with a reduction of 1,534 lots. The spot prices in domestic producing areas declined. The sharp drop in Zhengzhou sugar 01 in the afternoon was due to capital pressure, with no obvious changes in fundamentals. The pressure of imported sugar will gradually increase, suppressing domestic sugar prices [8]. Group 4: Summary by Section 1. Market Review and Operation Suggestions - **Futures Market Conditions**: SR509 closed at 5,678 yuan per ton, down 0.89% with a decrease of 3,568 lots; SR601 closed at 5,632 yuan per ton, down 0.93% with a decrease of 1,534 lots. The main October contract of New York raw sugar futures was down 0.55% to 16.39 cents per pound [7]. - **Analysis of Market Trends**: The relatively calm fundamentals of raw sugar, the increase in sugar production due to better weather in Brazil, and the strong production increase expectations in the Northern Hemisphere are suppressing sugar prices. The sharp drop in Zhengzhou sugar 01 in the afternoon was due to capital pressure, with no obvious changes in fundamentals [7][8]. 2. Industry News - **ICE Position Data**: As of the week ending August 19, the total open interest of ICE raw sugar futures + options was 1,038,222 contracts, a decrease of 2,291 contracts from the previous week. Speculative long positions decreased by 11,403 contracts to 179,365 contracts, and speculative short positions increased by 4,227 contracts to 310,352 contracts. The net speculative short position increased by 15,630 contracts to 130,987 contracts [9]. - **Inventory in Guangxi**: As of August 20, the inventory of sugar in third - party warehouses in Guangxi was about 770,000 tons, an increase of about 310,000 tons compared with the same period last year, slightly lower than the average level of the past five years. The inventory in August decreased by about 140,000 tons compared with July, and the destocking speed slowed down significantly [9]. - **Brazilian Port Shipping Data**: As of the week ending August 20, the number of ships waiting to load sugar at Brazilian ports was 70, down from 76 in 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 [9]. - **Syrup and Premixed Powder Imports in July**: In July, China imported 45,400 tons of syrup and white sugar premixed powder under tariff number 1702.90, a year - on - year decrease of 182,800 tons or 80.12%. The average CIF price was 3,373.30 yuan per ton, a decrease of 292.96 yuan per ton from the previous month and a year - on - year decrease of 294.70 yuan per ton, at a relatively low level in the same period of the past six years [9]. - **Weather Impact on Sugarcane**: Since mid - July, the light, temperature, and water conditions in most sugarcane areas in China have been well - matched, which is beneficial to the elongation of sugarcane stems. Affected by typhoons and monsoon troughs, some sugarcane areas have suffered from strong winds, heavy rains, waterlogging, and lodging disasters, affecting the normal growth of sugarcane. It is expected that the overall meteorological conditions in Guangxi in the next 30 days will be favorable for sugarcane stem elongation, but field management and pest control need to be strengthened [9]. 3. Data Overview - The report provides multiple charts including spot trends, 2509 contract basis, SR9 - 1 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading and holding positions of the top 20 seats of Zhengzhou sugar's main contract, with data sources from Wind and the Research and Development Department of Jianxin Futures [11][15][18].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The supply and demand of industrial silicon are both increasing, maintaining a loose balance, and the improvement of the fundamentals is limited. The spot price remains stable, while the futures price fluctuates within a downward channel [4]. 3. Summary by Directory 3.1 Market Review and Outlook - **Market Performance**: The futures price of industrial silicon opened high and closed low. The closing price of Si2511 was 8,515 yuan/ton, a decrease of 2.85%. The trading volume was 450,290 lots, and the open interest was 281,839 lots, with a net decrease of 7,286 lots [4]. - **Spot Price**: The spot price of industrial silicon remained stable. The price of 553-grade in Sichuan was 8,950 yuan/ton, and in Yunnan was 8,600 yuan/ton. The price of 421-grade in Inner Mongolia was 9,600 yuan/ton, in Xinjiang was 9,300 yuan/ton, and in Sichuan was 9,900 yuan/ton [4]. - **Future Outlook**: The weekly output of industrial silicon in the third week of August increased to 88,100 tons, and the monthly output exceeded 370,000 tons. On the demand side, the production schedule of polysilicon in August will increase to 125,000 tons, while the demand from organic silicon and aluminum alloy remained stable. The export volume in July increased slightly to 70,000 tons. The supply and demand are both increasing, maintaining a loose balance. Without policies to drive the industry, the spot price will remain stable, and the futures price will fluctuate within a downward channel [4]. 3.2 Market News - On August 26, the number of futures warehouse receipts on the Guangzhou Futures Exchange was 50,822 lots, a net decrease of 116 lots compared to the previous trading day [5]. - According to customs data, China's export of metallic silicon in July 2025 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, the total export of metallic silicon was 414,700 tons, a year-on-year decrease of 1.04% [5]. - As of August 22, many photovoltaic listed companies, including LONGi Green Energy, Tongwei Co., Ltd., and Trina Solar, released their semi - annual reports. Some photovoltaic module manufacturers showed signs of improved performance, achieving loss reduction or turning losses into profits in the first half of the year. The entire industry may maintain a state of low - load production and low gross profit margins. In addition, promoting "anti - involution" in the photovoltaic industry requires attention not only to the manufacturing end but also to the asset end [5]. - From January to July 2025, the cumulative installed capacity of photovoltaics reached 1,109.6 GW, and the newly installed capacity was 223.25 GW. The newly installed capacity in July was 11 GW, a year - on - year decrease of 47.7%, hitting a new low in 2025 [5].

多晶硅日报 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 08 月 27 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 请阅读正文后的声明 每日报告 一、行情回顾与展望 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Futures opened higher and fluctuated, supporting market sentiment. Some traders raised prices, and downstream enterprises replenished stocks according to orders. Despite short - term supply surplus, demand is transitioning to the peak season, and downstream overall operating rates are expected to rise. With policy attention on chemical over - capacity and weekend macro - positive news, polyolefins are expected to oscillate strongly [4]. 3. Summary by Directory 3.1 Market Review and Outlook - **Plastic Futures**: L2601 opened higher, rose first and then fell, closing at 7402 yuan/ton, down 9 yuan/ton (-0.12%), with 250,000 lots traded and positions increasing by 13,732 to 407,610 lots. PP2601 closed at 7046 yuan/ton, down 21 yuan (-0.30%), with positions increasing by 5561 to 474,300 lots [3][4]. - **Market Situation**: A new 450,000 - tonne unit in Ningbo Daxie Phase II is planned to be put into operation at the end of August, and another 450,000 - tonne unit in September. Although supply surplus persists in the short - term, demand is moving towards the peak season [4]. 3.2 Industry News - **Inventory**: On August 26, 2025, the inventory level of major producers was 730,000 tons, a decrease of 20,000 tons (-2.67%) from the previous working day, compared with 760,000 tons in the same period last year [5]. - **PE Market**: PE market prices were strong. LLDPE prices in North China were 7250 - 7450 yuan/ton, in East China 7350 - 7750 yuan/ton, and in South China 7450 - 7800 yuan/ton [5]. - **Propylene Market**: The mainstream price of propylene in Shandong was 6450 - 6490 yuan/ton, unchanged from the previous day. Downstream demand improved, and production enterprises mainly maintained stable prices [5]. - **PP Market**: The domestic PP market was mostly stable, with price adjustments ranging from 10 - 30 yuan/ton. Upstream producers' prices were mostly stable, and downstream procurement was mainly for low - price rigid needs [5]. 3.3 Data Overview - The report includes figures such as L basis, PP basis, L - PP spread, crude oil futures settlement price, two - oil inventory, and two - oil inventory year - on - year change rate, with data sources from Wind and Zhuochuang Information [7][13][15]

Report Information - Report Type: Crude Oil Daily Report [1] - Date: August 27, 2025 [2] Investment Rating - Not provided Core Viewpoints - U.S. peak - season crude consumption this year shows no significant improvement. With rising expectations of Fed rate cuts, oil prices may bottom - out and rebound in the short term, but the upside is limited. Medium - term prices may decline again under inventory pressure [6] Summary by Directory 1. Market Review and Operation Suggestions - WTI主力: Opened at $63.88, closed at $64.74, with a high of $65.10, a low of $63.53, a daily increase of 1.7%, and trading volume of 16.89 million lots [6] - Brent主力: Opened at $67.39, closed at $68.20, with a high of $68.49, a low of $67.04, a daily increase of 1.46%, and trading volume of 18.8 million lots [6] - As of the week ending on the 15th, U.S. crude inventories declined more than expected due to a rebound in crude exports, which reached 4.37 million barrels per day, the highest since April. However, refined - oil consumption remained weak, with gasoline demand at 8.842 million barrels per day, down both year - on - year and month - on - month [6] 2. Industry News - White House trade advisor Navarro criticized Europe for still buying Russian oil [8] - India will buy oil from the most advantageous sources, including Russia [8] - Zelensky said Russia was attacking Ukraine's natural - gas production facilities [8] - Alberta in Canada is considering investing in Japanese refineries to reduce dependence on the U.S. market [8] 3. Data Overview - Multiple data charts are presented, including WTI and Brent prices, fund positions, and inventory data, with data sources from wind, CFTC, Bloomberg, and EIA [11][13][14]

Group 1: Report Information - Report Title: PTA Daily Report [1] - Date: August 27, 2025 [2] Group 2: Market Review and Operational Suggestions - TA2601 closed at 4,870 yuan/ton, down 4 yuan/ton (0.08%), with a settlement price of 4,882 yuan/ton and an increase of 24,436 lots in open interest. TA2509 closed at 4,830 yuan/ton, down 14 yuan/ton, with a trading volume of 106,287 lots, a decrease of 22,438 lots [6] - With the crude oil market showing weak oscillations, PTA is in a state of de - stocking but not short of supply. The polyester film equipment downstream has stopped production, and the polyester operating rate has slightly declined. It is estimated that the PTA market will slightly decline [6] Group 3: Industry News - The US is expected to impose more sanctions on a European country, and Ukraine's attacks on the European country's energy infrastructure may disrupt supply. Crude oil futures in Europe and the US have risen for four consecutive trading days. On August 25, the settlement price of WTI crude oil futures for October 2025 was $64.80 per barrel, up $1.14 (1.79%); Brent crude oil futures for October 2025 settled at $68.80 per barrel, up $1.07 (1.58%) [10] - The price of PX in the Chinese market was estimated at $864 - 866 per ton, up $7 per ton; in the South Korean market, it was estimated at $844 - 846 per ton, up $7 per ton. There is still a possibility that some domestic PX plants may shut down, and the new PTA production capacity on the demand side has been realized, enhancing market participants' confidence in the future, but no transactions were reported on the day [10] - The price of PTA in the East China market was 4,877 yuan/ton, up 3 yuan. The average daily negotiation basis was a discount of 6 yuan/ton against the 2601 futures contract, a decrease of 36 yuan [10]

Report Information - Report Name: Pulp Daily Report [1] - Date: August 27, 2025 [2] Market Review and Operation Suggestions - Pulp futures contract 01 had a previous settlement price of 5,398 yuan/ton and a closing price of 5,358 yuan/ton, a decline of 0.74%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5,060 - 6,700 yuan/ton, with the low - end price down 40 yuan/ton from the previous trading day's closing price. The Shandong Yinxing was quoted at 5,780 - 5,800 yuan/ton [7] - Chile's Arauco announced its new August wood pulp export prices: softwood pulp Yinxing at $720/ton, natural pulp Jinxing at $590/ton, and hardwood pulp Mingxing at $520/ton, remaining stable compared to June. In June, the chemical pulp shipments of the world's 20 major pulp - producing countries increased by 4.7% year - on - year, with softwood pulp down 2.4% and hardwood pulp up 10.1%. In July 2025, the European wood pulp inventory was 683,200 tons, down 0.3% month - on - month and up 8.7% year - on - year; the consumption was 814,200 tons, up 6.8% month - on - month and down 2.1% year - on - year. China's pulp imports in July were 2.877 million tons, down 5.1% month - on - month and up 23.7% year - on - year. As of August 21, 2025, the weekly pulp inventory in major regions and ports decreased by 1.59% month - on - month. With limited cost guidance and ample supply, the pulp market is in a low - level oscillatory adjustment, awaiting the peak - season demand [8] Industry News - On August 25, Zhejiang Rongsheng Environmental Protection Paper Co., Ltd. announced a cogeneration energy - saving and carbon - reduction intelligent transformation project with a total investment of 177.83 million yuan. After the project is put into operation, a new 90t/h high - temperature and high - pressure circulating fluidized - bed solid - waste boiler will be added to the Rongsheng Environmental Protection thermoelectric production line. The existing 1 - 3 coal - fired boilers will no longer co - fire solid waste, forming an operation mode of 4 boilers and 2 generators. The overall coal consumption of the enterprise will remain unchanged, and the general solid - waste treatment capacity will increase to 210,640 tons per year. The project can save 80,200 tons of standard coal and reduce carbon emissions by 4,971 tons [9] 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, needle - broadleaf price differences, inter - period price differences, warehouse receipt totals, domestic main - port pulp inventories, European main - port wood pulp inventories, prices and price differences of coated paper and offset paper, prices and price differences of white cardboard and whiteboard paper, and the US dollar - RMB exchange rate [15][17][19][22][29][32]

Report Information - Report Title: Treasury Bond Daily Report [1] - Date: August 27, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating No relevant information provided. Core Viewpoints - In the long - term, the Politburo meeting in July maintained the stance of "moderate easing" for monetary policy, and the uncertainty of tariffs remains high. There is a risk of a post - export - rush decline, so the bull - market foundation remains unchanged. In the short - term, the stock - bond seesaw effect has strengthened since late June. The bullish equity market has put pressure on the bond market. Although the economic data in July weakened marginally, it still showed short - term resilience, making it difficult to trigger a significant increase in easing sentiment. A short - term bond - market rebound does not constitute a trend. Currently, the upward momentum of the A - share market has slowed, the bond market's sensitivity to the stock market has decreased, and with the central bank's active support for the capital market, bond - market sentiment has improved, and short - term varieties are more resilient than long - term ones [11][12] Summary by Directory 1. Market Review and Operation Suggestions - **Market Performance**: The A - share market shrank and declined in the afternoon, boosting long - term bond sentiment. Long - term treasury bond futures closed significantly higher. The yields of major inter - bank interest - rate bonds across all maturities declined, with long - term yields falling mostly within 1bp. By 16:30, the yield of the 10 - year active treasury bond 250011 was reported at 1.75750%, down 0.6bp [8][9] - **Funding Market**: The central bank's net withdrawal did not prevent the inter - bank funding market from loosening. There were 580.3 billion yuan of reverse repurchases and 300 billion yuan of MLF maturing. The central bank conducted 405.8 billion yuan of reverse repurchase operations, resulting in a net withdrawal of 474.5 billion yuan. The inter - bank funding sentiment index declined. Short - term funding rates showed mixed trends, with the overnight weighted rate of inter - bank deposits falling 3.5bp to 1.315% and the 7 - day rate falling 2.82bp to 1.49%. Medium - and long - term funds rose slightly, with the 1 - year AAA certificate of deposit rate rising 4bp to around 1.64% [10] 2. Industry News - The Party Committee of the State - owned Assets Supervision and Administration Commission emphasized further deepening industrial assistance to Tibet. Central state - owned enterprises are encouraged to develop characteristic plateau industries in Tibet, increase investment in infrastructure, and promote major projects such as the Yarlung Zangbo River hydropower project and the Sichuan - Tibet Railway. They should also enhance ethnic unity through various means [13] - The 13th plenary session of the Standing Committee of the 14th National Committee of the Chinese People's Political Consultative Conference was held, with discussions on formulating the "15th Five - Year Plan". Different committee members put forward suggestions on developing new - quality productive forces, integrating the digital economy with the real economy, boosting consumption, and enhancing scientific and technological innovation capabilities. The US Secretary of Commerce said that details of the US - Japan agreement would be announced this week, involving Japan's commitment of $550 billion in investment in the US for domestic production of semiconductors, antibiotics, and rare earths [14] 3. Data Overview - **Treasury Bond Futures Market**: Data on the trading of treasury bond futures contracts on August 26, including opening prices, closing prices, settlement prices, price changes, trading volumes, open interests, and position changes, were provided. Also, information on the inter - maturity spreads of main treasury bond futures contracts and inter - variety spreads (2 - year vs 30 - year, 10 - year, 5 - year; 5 - year vs 30 - year, 10 - year; 10 - year vs 30 - year) and the trends of main treasury bond futures contracts were mentioned [6][15][16] - **Money Market**: Information on the term - structure changes and trends of SHIBOR, the changes in the weighted inter - bank pledged - repurchase interest rates, and the changes in the inter - bank deposit pledged - repurchase interest rates were provided [30][34] - **Derivatives Market**: Information on the Shibor3M interest - rate swap fixing curve (mean) and the FR007 interest - rate swap fixing curve (mean) was provided [36]