期货从业资格号：F03134307 行业 沥青日报 日期 2025 年 8 月 22 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 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 ...

Report Overview - Report Date: August 22, 2025 [2] - Industry: Cotton [1] - Research Analysts: Yulan Lan, Zhenlei Lin, Haifeng Wang, Chenliang Hong, Youran Liu [3] 1. Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - Zhengzhou cotton (ZCE cotton futures) is in a volatile adjustment phase. The spot cotton price index 328 is at 15,240 yuan/ton, down 3 yuan/ton from the previous trading day. The domestic cotton market is expected to see stable to increasing production in the new season. Before the new cotton is on the market, Zhengzhou cotton may fluctuate around the expected opening price of seed cotton, with limited upside and downside in the short term [7][8]. - The trading volume in the pure cotton yarn market has increased recently, but overall it remains average. The cotton yarn price is strong and rising steadily. The demand for cotton grey fabric has not improved significantly, and the trading volume is weak [7]. - The overseas market has limited changes. The signing progress of US cotton for the 2025/26 season is slower than the same period last year. The short - term trend of the outer market is difficult to break out of the range - bound pattern [8]. 3. Summary by Section 3.1 Market Review and Operational Suggestions - **Zhengzhou Cotton**: Zhengzhou cotton is in a volatile adjustment. The latest 328 - grade cotton price index is 15,240 yuan/ton, down 3 yuan/ton from the previous day. The low - basis price of 2024/25 Xinjiang Kashi lint 3129/29B/impurity within 3.5 is in the range of CF09 + 1050 - 1200, but the quantity is scarce. Most quotes are above CF09 + 1200, all for self - pick - up in Xinjiang. The sales basis of 2024/25 northern Xinjiang machine - picked 4129/29B/impurity within 3.5 is mostly above CF09 + 1450, and the low - basis is in the range of CF09 + 1350 - 1450 [7]. - **Cotton Yarn Market**: The recent trading volume in the pure cotton yarn market is okay, with increased downstream replenishment purchases, but overall it is still average. The cotton yarn price is strong and rising steadily [7]. - **Cotton Grey Fabric Market**: The demand for cotton grey fabric has not improved significantly, the delivery speed of fabric mills has not continued to accelerate, and the enthusiasm of traders to purchase has not increased. Fabric mills report that the current situation is worse than the same period in previous years. Although the quotes have increased, the trading volume is difficult to follow up [7]. - **Market Outlook**: Overseas market changes are limited, and the signing progress of US cotton for the 2025/26 season is slower than the same period last year. The short - term outer market is difficult to break out of the range - bound pattern. In the domestic market, as the new cotton is about to be on the market, the expected output is stable to increasing. The downstream industry is gradually improving marginally. Before the new cotton is on the market, Zhengzhou cotton may fluctuate around the expected opening price of seed cotton, with limited short - term upside and downside [8]. 3.2 Industry News - The Zhengzhou Commodity Exchange has decided that starting from September 1, 2026, the warehouse premium and discount for the warehouse receipts registered in the following cotton delivery warehouses will be calculated according to the adjusted standards. For the warehouse receipts registered before September 1, 2026, the original premium and discount standards will apply [9]. 3.3 Data Overview - The report provides multiple charts related to cotton, including the China Cotton Price Index, cotton spot price, cotton futures price, cotton basis change, price differences between different futures contracts, cotton commercial inventory, cotton industrial inventory, and warehouse receipt volume, as well as exchange rate data such as the US dollar against the Chinese yuan and the US dollar against the Indian rupee. All data sources are from Wind and the Research and Development Department of CCBI Futures [17][18][19][20][26][27]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Futures prices of plastics and PP are oscillating at high levels, boosting market sentiment. Spot prices are stronger than the previous day, and downstream buyers are purchasing on - demand. - The supply - side pressure of polyolefins is difficult to completely eliminate in the short term. The upstream device operating rate continues to increase. Although the PP maintenance loss is still high, the impact of maintenance is decreasing, and the new capacity expansion expectation is strengthening. The PE supply pressure is relatively neutral next week. - The operating rates of downstream industries such as agricultural film, plastic weaving, and BOPP have increased month - on - month, and some enterprises' orders have improved, but the off - peak to peak season transition in fundamentals may bring marginal improvement in supply - demand, and polyolefins are expected to oscillate strongly. Attention should be paid to demand improvement and inventory reduction support [4]. 3. Summary by Directory 3.1 Market Review and Outlook - **Futures Market**: The opening, closing, highest, lowest prices, price changes, price change percentages, open interest, and open interest changes of plastics (L2601, L2605, L2509) and PP (PP2601, PP2605, PP2509) futures contracts are presented. For example, L2601 closed at 7386 yuan/ton, up 84 yuan/ton (1.15%), and PP2601 closed at 7048 yuan/ton, up 36 yuan (0.51%) [3]. - **Supply - side**: The upstream device operating rate continues to increase. For PP, the maintenance impact is decreasing, and there is an expectation of new capacity expansion (e.g., the 90 - million - ton/year device of Ningbo Daxie Petrochemical may be put into production). For PE, the centralized maintenance period has ended, the operating rate and output are continuously increasing, and the supply pressure is relatively neutral next week due to more planned shutdowns [4]. - **Downstream Consumption**: The operating rates of downstream industries such as agricultural film, plastic weaving, and BOPP have increased month - on - month, and some enterprises' orders have improved, but the expectation for the peak season is weaker year - on - year [4]. 3.2 Industry News - **Inventory**: On August 21, 2025, the inventory level of major producers was 750,000 tons, a decrease of 35,000 tons (4.46%) from the previous working day, compared with 795,000 tons in the same period last year. - **PE Market**: Most PE market prices have increased. The LLDPE prices in North China, East China, and South China are in the ranges of 7200 - 7450 yuan/ton, 7260 - 7700 yuan/ton, and 7380 - 7750 yuan/ton respectively. - **Propylene Market**: The mainstream price of propylene in the Shandong market is 6450 - 6490 yuan/ton, an increase of 80 yuan/ton from the previous working day. Some PDH device maintenance has boosted market sentiment, downstream procurement enthusiasm has increased, and producers are more willing to hold prices. - **PP Market**: The domestic PP market is slightly warmer, with some prices increasing by 20 - 70 yuan/ton. The mainstream prices of North China, East China, and South China are in the ranges of 6900 - 7030 yuan/ton, 6900 - 7020 yuan/ton, and 6870 - 7100 yuan/ton respectively [5][6]. 3.3 Data Overview - Multiple figures are presented, including L basis, PP basis, L - PP spread, crude oil futures main contract settlement price, two - oil inventory, and two - oil inventory year - on - year change rate, with data sources from Wind and Zhuochuang Information [11][13][14].

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 22 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 Overview - Report Date: August 22, 2025 [2] - Reported Industry: Egg [1] - Research Team: Agricultural Products Research Team [3] - 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 Viewpoints - The egg price dropped significantly in early August, and the start of the peak - season spot market was late this year. The market pressure emerged in late July, and the cold - storage egg outflow hit the market. The supply pressure is large, with a greater price correction this year compared to previous years. The peak - season price increase logic is weakening, causing the near - month contracts to decline continuously. The 09 contract has squeezed out the premium, and the futures market sentiment is extremely low. The near - month contracts may still be bearish in the long - term, and there are risks in taking long positions. A fundamental inflection point may appear in the late fourth quarter if the low egg price affects the subsequent replenishment volume [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Review**: The prices of egg futures contracts 2509, 2510, and 2511 all declined. The 2509 contract dropped 4.19%, the 2510 contract fell 2.21%, and the 2511 contract decreased 2.60%. The average price of eggs in the main production areas was 3.23 yuan/jin, down 0.04 yuan/jin from the previous day, and in the main sales areas, it was 3.42 yuan/jin, down 0.03 yuan/jin [7]. - **Analysis and Outlook**: The current supply pressure is high, and the peak - season price increase logic is weakening. The near - month contracts are under pressure, and the futures market sentiment is negative. The large - scale direction of near - month contracts may be bearish, and there are risks in taking long positions. A fundamental inflection point may occur in the late fourth quarter [8]. 3.2 Industry News - **In - production Laying Hens**: As of the end of July, the national in - production laying hens' monthly inventory was about 1.356 billion, showing an upward trend, with a 1.2% month - on - month increase and a 6.2% year - on - year increase [9]. - **Chick Hatchlings**: 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. The decrease in the replenishment volume in July was the first this year [9]. - **Hen Culling**: From the first to the third week as of August 14, the national hen culling volume showed a downward trend. As of August 14, the average culling age was 506 days, unchanged from the previous week and one day later than last month [10]. 3.3 Data Overview - The report provides multiple charts related to the egg market, including the monthly inventory of in - production laying hens in China, egg - chicken farming profit, the basis of the egg 09 contract, the price difference between egg 09 - 10, the average price of eggs in the main production areas, and the seasonal trend of egg 09 [16][13][12]

行业 生猪日报 日期 2025 年 08 月 22 日 021-60635740 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635727 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.co m 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农业产品研究团队 研究员：林贞磊 linzhenlei@ccb.ccbfutures.com 研究员：余兰兰 研究员：王海峰 wanghaifeng@ccb.ccbfutures.com 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 数据来源：涌益，建信期货研究中心 生猪行情： 生猪点评：需求端，栏舍利用率处于高位，目前二次育肥积极性较淡，以观 望为主；天气炎热，终端需求较弱，屠宰企业订单一般，当前出栏进度较快，屠 宰企 ...

Report Information - Report Date: August 22, 2025 [2] - Reported Industry: Oil and Fat [1] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Viewpoints - With good palm oil production data from Indonesia and the upcoming harvest of North American soybeans and rapeseeds, the single - sided trend of oils may face upward pressure [8]. - In terms of arbitrage, it is recommended to go long on rapeseed oil and short on soybean oil [8]. 3. Summary by Directory 3.1. Market Review and Operation Suggestions - **Market Review**: In the East China market, the basis price of Grade 3 rapeseed oil in August was OI2601 + 130, from September to October it was OI2601 + 200, and from August to September it was OI601 + 160 (non - GMO). The basis price of Grade 1 rapeseed oil in August was OI2601 + 180. For soybean oil, the basis price of first - grade soybean oil in the spot market was 01 + 170, from August to September it was Y2601 + 190, from October to November it was Y2601 + 240, from October to January it was Y2601 + 260, and from February to May it was Y2605 + 180. The basis price of third - grade soybean oil was 01 + 120. In the Dongguan market, the price of 24 - degree palm oil was 01 - 50 [7]. - **Operation Suggestions**: With the good production data of Indonesian palm oil and the upcoming listing of North American soybeans and rapeseeds, the single - sided trend of oils may face upward pressure. For arbitrage, it is recommended to go long on rapeseed oil and short on soybean oil [8]. 3.2. Industry News - **Indonesia Palm Oil**: In June, Indonesia's crude palm oil production increased by 15.8% month - on - month to 4.82 million tons. In the first half of the year, the production of palm oil, including palm kernel oil, reached 27.89 million tons, a year - on - year increase of 6.5%. Despite the production increase, due to the continuous rise in exports, Indonesia's palm oil inventory at the end of June decreased by 13% month - on - month to 2.53 million tons. In June, Indonesia exported 3.61 million tons of palm oil, a month - on - month increase of 35.4% [8][9]. - **Malaysia Palm Oil**: From August 1 to 20, Malaysia's palm oil production increased by 0.3% month - on - month, with the fresh fruit bunch (FFB) yield per unit area decreasing by 2.12% month - on - month and the oil extraction rate (OER) increasing by 0.46% month - on - month [10]. - **Purchase Progress**: As of August 19, the cumulative purchase of the August shipment was 9.171 million tons, with a purchase progress of 100%. The cumulative purchase of the September shipment was 8.439 million tons, a weekly increase of 129,000 tons, with a purchase progress of 99.22%. The cumulative purchase of the October shipment was 5.478 million tons, a weekly increase of 1.253 million tons, with a purchase progress of 68.48%. The cumulative purchase of the November shipment was 724,000 tons, a weekly increase of 196,000 tons, with a purchase progress of 11.14%. The cumulative purchase of the December shipment was 66,000 tons, with a purchase progress of 1.47%. The cumulative purchase of the February 2026 shipment was 1.782 million tons, a weekly increase of 268,000 tons, with a purchase progress of 18.76%. The cumulative purchase of the March 2026 shipment was 5.544 million tons, a weekly increase of 462,000 tons, with a purchase progress of 46.2% [10]. 3.3. Data Overview - The report provides multiple data charts, including the spot price of East China Grade 3 rapeseed oil, the spot price of East China Grade 4 soybean oil, the spot price of South China 24 - degree palm oil, the basis changes of palm oil, soybean oil, and rapeseed oil, the P1 - 5 spread, the P5 - 9 spread, the P9 - 1 spread, the US dollar to Malaysian ringgit exchange rate, the US dollar to Chinese yuan exchange rate, etc. The data sources are Wind and the Research and Development Department of CCB Futures [11][12][16]

Report Information - Report Name: Precious Metals Daily Review - Date: August 22, 2025 - Research Team: Macro Financial Research Team - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [2] Investment Rating - The report does not mention the industry investment rating. Core View - Gold's safe - haven demand is boosted by Trump 2.0 new policies and concerns about US fiscal and financial discipline, with increased volatility but a good medium - term upward trend. London gold may trade in the range of $3120 - $3500 per ounce before rising again. Investors are advised to maintain a long - position mindset and participate in trading with medium - to - low positions. [4] - The restructuring of the international trade currency system and expectations of Fed rate cuts support the long - and medium - term bull markets of gold, but high price - to - earnings ratios increase price volatility. In the short term, London gold is expected to consolidate in the $3120 - $3500 per ounce range. Central bank easing expectations may support silver prices in the medium - to - short term. [5] Summary by Directory 1. Precious Metals Market Conditions and Outlook Intraday Market - Allegations of mortgage fraud against Fed Governor Lisa Cook by the head of the US Federal Housing Finance Agency and Trump's call for her resignation, along with concerns about US fiscal and financial discipline, drove up London gold prices to around $3340 per ounce. However, the Fed's July meeting minutes limited the price increase. Gold's safe - haven demand is boosted, and it is expected to trade in a wide range before rising again. [4] Medium - term Market - Since late April, London gold has been trading in the range of $3100 - $3500 per ounce. The decline in international trade uncertainty weakens gold's safe - haven demand, while the restructuring of the international trade currency system and Fed rate - cut expectations support the price. The ratio of London gold to silver has stabilized after a correction. Gold's long - and medium - term bull markets are supported, but price volatility is increasing. London gold is expected to continue to consolidate in the $3120 - $3500 per ounce range. Central bank easing expectations may support silver prices. [5] Domestic Precious Metals Market - The Shanghai Gold Index closed at 776.93, up 0.32%; the Shanghai Silver Index closed at 9182, up 1.31%; Gold T + D closed at 771.66, up 0.24%; Silver T + D closed at 9144, up 1.35%. [5] 2. Precious Metals Market - Related Charts - The report provides multiple charts, including Shanghai gold and silver futures indices, London gold and silver spot prices, the basis of Shanghai futures indices against Shanghai Gold T + D, gold and silver ETF holdings, the gold - to - silver ratio, and the correlation between London gold and other assets. [7][9][11] 3. Major Macroeconomic Events/Data - Trump called on Fed Governor Cook to resign, and Cook refused to resign under pressure. [17] - The Fed's July meeting minutes showed that almost all policymakers thought it appropriate to keep the federal funds rate target range at 4.25% - 4.50%. [17] - Russia expects to continue supplying oil to India, and hopes to hold a tripartite meeting with India and China soon. [17]

Group 1: Report Overview - The report is a daily report on the soda ash and glass industries, dated August 21, 2024 [1][2] - The energy and chemical research team of CCB Futures includes researchers for different products, with Feng Zeren responsible for glass and soda ash [4] Group 2: Market Review and Operation Suggestions Soda Ash - On August 20, the main soda ash futures contract SA601 declined for four consecutive days, closing at 1309 yuan/ton, down 69 yuan/ton or 5.00%, with a daily reduction of 62,895 lots [8] - Fundamentally, short - term production increased and inventory remained high. Weekly soda ash production rose to 761,300 tons, a 2.24% week - on - week increase. Factory inventory reached 1.8938 million tons, a 1.54% increase. Terminal demand for photovoltaic glass decreased, and the supply - demand imbalance remained. The market is expected to be weak [8] Glass - As of August 15, 2025, the national float glass daily melting volume was 159,600 tons, and the capacity utilization rate was 79.78%. The order days of deep - processing enterprises increased slightly, but inventory increased more. The industry fundamentals deteriorated, and the price rebound was restricted. The short - term trend is expected to be weak [9] Group 3: Data Summary - The report provides data on the trading of soda ash and glass futures on August 20, including opening price, high price, low price, closing price, change, change rate, open interest, and open interest change for different contracts [7] - It also includes various charts such as the price trends of active contracts for soda ash and glass, soda ash weekly production, soda ash enterprise inventory, central China heavy soda market price, and flat glass production [11][16][14]

Group 1: General Information - Report title: "集运指数日报" [1] - Date: August 21, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] - Team: Macro Finance Team [4] Group 2: Investment Rating - There is no information about the industry investment rating in the report. Group 3: Core Viewpoints - The spot freight rate has entered a downward channel, and the SCFIS has continued to decline this week. Although the price has stabilized, the demand side is unlikely to improve significantly due to the impact of tariffs, and the shipping capacity supply is at a relatively high level in the off - season. The freight rate this year may show the characteristic of an even more off - season. The short - term futures decline may narrow, but it may still show a downward trend in the long term. It is recommended to short the 10 - contract on rallies [8]. Group 4: Summary by Directory 1. Market Review and Operation Suggestions - Spot market: The SCFIS has continued to decline to 2180.17 points this week. The August freight rate has been adjusted downward, and now the price has stabilized. For example, Maersk's 40GP container price for the fourth week of August on the Shanghai - Rotterdam route is about $300 lower than that of the third week, and the quotes of other shipping companies are concentrated in the range of $2500 - $2900. CMA CGM and ONE plan to increase the September freight rate slightly compared to the end of August [8]. - Market outlook: Due to the uncertainty of tariffs and the large actual damage to foreign trade, the demand side is difficult to improve significantly. The shipping capacity supply is at a relatively high level in the off - season. The 10 - contract is deeply at a discount, and the short - term futures decline may narrow. In the long term, it may still show a downward trend, and it is recommended to short the 10 - contract on rallies [8]. 2. Industry News - China's export container shipping market: From August 11 to August 15, the market continued to adjust, and the freight rates of most routes declined, dragging down the composite index. The Shanghai Export Containerized Freight Index on August 15 was 1460.19 points, a 2.0% decline from the previous period [9]. - European routes: Germany's ZEW economic sentiment index in August dropped to 34.7, far lower than market expectations, ending three consecutive months of recovery. The eurozone's overall data is consistent with Germany's. The freight demand lacks growth momentum, and the spot booking price continues to decline. On August 15, the freight rate from Shanghai Port to European basic ports was $1820/TEU, a 7.2% decline from the previous period [9]. - Mediterranean routes: The market situation is synchronized with European routes, and the freight rate continues to decline. On August 15, the freight rate from Shanghai Port to Mediterranean basic ports was $2279/TEU, a 1.7% decline from the previous period [10]. - North American routes: The US PPI in July increased by 3.3% year - on - year, far exceeding market expectations. The US customs tariff revenue in July reached $28 billion, a 273% increase from the same period last year, but the fiscal deficit increased by 10% year - on - year. The market supply - demand fundamentals are weak, and the shipping market continues to adjust. On August 15, the freight rates from Shanghai Port to the US West and East basic ports were $1759/FEU and $2719/FEU respectively, down 3.5% and 2.6% from the previous period [10]. - International shipping security: The Houthi armed forces' threat to global shipping has escalated. They have attacked Israel's Ben - Gurion International Airport and announced "sanctions" on 64 shipping companies. If the conflict worsens significantly, it may boost futures prices in the short term [10]. - Israel - Yemen conflict: Israel has carried out multiple air strikes on Yemen's Hodeidah Port, which is crucial for Yemen's trade and humanitarian supplies [10]. 3. Data Overview - Spot freight rates: The SCFIS for the European route (basic ports) on August 18 was 2180.17 points, a 2.5% decline from August 11; the SCFIS for the US West route (basic ports) was 1106.29 points, a 2.2% increase from August 11 [12]. - Futures market: The trading data of eight container shipping European line futures contracts on August 20 are provided, including the previous settlement price, opening price, closing price, settlement price, change, change rate, trading volume, open interest, and open interest change [6]. - Shipping - related data: The report also includes charts of European container ship capacity, global container ship orders, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates [18][21]