Report Information - Report Name: Copper Futures Daily Report [1] - Date: August 13, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Investment Rating - Not provided Core View - Copper prices rebounded after hitting a low. The closing price of Shanghai Copper's main contract remained unchanged from the previous day. With the extension of the China-US tariff truce and the upcoming US CPI data, the market is in a wait-and-see mood. The spot copper market is strong domestically and weak overseas. Considering the market's expectation of a September interest rate cut, it is recommended to buy on dips [7] Summary by Directory 1. Market Review and Operation Suggestions - Copper prices rebounded after hitting a low. The closing price of Shanghai Copper's main contract was 70,920, unchanged from the previous day. The market's optimistic sentiment recovered due to the extension of the China-US tariff truce, but the upcoming US CPI data led to a wait-and-see mood. Spot copper prices remained unchanged, and the premium rose by 50 to 200. LME inventories decreased by 700 tons, and the 0 - 3C structure widened. The import copper spot window is approaching to open. It is recommended to buy on dips [7] 2. Industry News - Far East Co., Ltd. received contract orders worth over 10 million yuan in July 2025, with a year-on-year increase of 42.61% and a month-on-month increase of 8.51%. From January to July, the total contract orders reached 18.167 billion yuan, a year-on-year increase of 18.77% [11] - Codelco's copper production in June increased by 17% year-on-year to 120,200 tons. However, the copper production of BHP's Escondida mine decreased by 33% to 76,400 tons, and the production of the Collahuasi copper mine jointly operated by Anglo American and Glencore decreased by 29% to 34,300 tons [11] - In July, the production and sales of automobiles reached 2.591 million and 2.593 million respectively, with year-on-year increases of 13.3% and 14.7%. The production and sales of new energy vehicles increased by 26.3% and 27.4% respectively. The export of new energy vehicles in July was 225,000, a month-on-month increase of 10% and a year-on-year increase of 120% [11][12]

报告类型 股指日评 日期 2025 年 8 月 13 日 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 每日报告 一、行情回顾与后市展望 1.1 行情回顾： 8 月 12 日，万得全 A 开盘震荡上行后探底回升，收涨 0.34%，但有超 3000 支个股下跌；指数现货方面，沪深 300、上证 50、中证 500、中证 1000 收盘分别 上涨 0.52%、0.61%、0.41%、0.28%，大盘蓝筹股表现更优。指数期货表现强于现 货，IF、IH、IC、IM 主力合约分别收涨 0.64%、0.72%、0.70%、0.47%（按前一交 易日收盘价为基准计算）。 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＃ | | ...

Report Overview - Report Date: August 13, 2025 [2] - Industry: Industrial Silicon [4] 1. Investment Rating - No investment rating is provided in the report. 2. Core Viewpoints - The industrial silicon futures price showed a weak oscillation. The supply - demand situation remains in a loose pattern with both supply and demand increasing, and the short - term futures price will oscillate based on the spot price due to limited fundamental drivers and ineffective anti - involution policies [4]. 3. Summary by Section 3.1 Market Performance and Outlook - **Futures Market**: The industrial silicon futures price was weakly oscillating. The Si2511 contract closed at 8,840 yuan/ton, down 1.12%. The trading volume was 520,504 lots, and the open interest was 278,860 lots, with a net increase of 6,917 lots [4]. - **Spot Market**: The industrial silicon spot price remained stable. The price of Inner Mongolia 553 was 8,800 yuan/ton, Sichuan 553 was 8,850 yuan/ton; Inner Mongolia 421 was 9,700 yuan/ton, Xinjiang 421 was 9,500 yuan/ton, and Sichuan 421 was 9,950 yuan/ton [4]. - **Outlook**: The resumption of production in the southwest and Xinjiang led to the weekly output of industrial silicon reaching 83,500 tons (370,000 tons monthly). The increase in demand was less than that in supply. Polysilicon production in August was expected to reach 125,000 tons, while the organic silicon, alloy, and export sectors were expected to remain stable. The supply - demand of industrial silicon increased simultaneously, maintaining a loose pattern. The short - term futures price would oscillate based on the spot price [4]. 3.2 Market News - On August 12, the number of futures warehouse receipts on the Guangzhou Futures Exchange was 50,658 lots, a net decrease of 102 lots from the previous trading day [5]. - According to customs data on August 7, China imported 3.5609 million tons of coal and lignite in July, an increase of 257,200 tons from the previous month, a month - on - month increase of 7.8%. From January to July, the cumulative import of coal and lignite was 25.7305 million tons, a year - on - year decrease of 13.0% [5]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The polysilicon contract continued its rebound trend, with the PS2509 closing price at 52,985 yuan/ton, a gain of 6.34%. The market is currently in a post - rally consolidation phase, and the supply - demand contradiction of polysilicon is not intensified. The fundamentals, though not the short - term dominant factor, restrict the price increase. The supply in August increased significantly to 125,000 tons, meeting about 56.82GW of downstream demand, while the monthly output of silicon wafers and cells dropped to around 52GW, keeping the supply - demand in a loose pattern. The average price of spot N - grade re - feed material is 47,200 yuan/ton. The price increase of silicon materials has not been transmitted to components and the end - market. The futures and spot prices are rigidly supported by policies and are expected to maintain a high - level wide - range volatile operation [4]. 3. Summary According to the Directory 3.1 Market Performance and Outlook - **Market Performance**: The polysilicon contract PS2509 closed at 52,985 yuan/ton, up 6.34%. The trading volume was 592,822 lots, and the open interest was 139,739 lots, with a net increase of 2,143 lots [4]. - **Outlook**: The commodity market is in a post - rally consolidation. The supply - demand of polysilicon is in a loose pattern. In August, the polysilicon production schedule increased to 125,000 tons, meeting about 56.82GW of demand, while the monthly output of silicon wafers and cells dropped to around 52GW. The price of silicon materials has not been transmitted downstream. The prices are expected to maintain a high - level wide - range volatile operation [4]. 3.2 Market News - On August 12, the number of polysilicon warehouse receipts was 4,940 lots, a net increase of 240 lots from the previous trading day [5]. - From January to June, the cumulative photovoltaic installed capacity was 212.21GW, a year - on - year increase of 107.07%. In June, the domestic installed capacity was only 14GW [5]. - In June 2025, China exported about 21.7GW of photovoltaic modules, a 3% month - on - month decrease and a 2% decrease compared with June 2024. From January to June, the cumulative export was about 127.3GW of photovoltaic modules, a 3% decrease compared with the same period last year [5].

Group 1: Report Information - Report Name: Asphalt Daily Report [1] - Date: August 13, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - Futures Market: BU2510 opened at 3507 yuan/ton, closed at 3506 yuan/ton, with a high of 3516 yuan/ton, a low of 3491 yuan/ton, a rise of 0.57%, and a trading volume of 12.03 million lots; BU2511 opened at 3452 yuan/ton, closed at 3466 yuan/ton, with a high of 3474 yuan/ton, a low of 3446 yuan/ton, a rise of 0.46%, and a trading volume of 2.14 million lots [6] - Spot Market: Spot prices in North China, Shandong, South China, and Sichuan-Chongqing markets declined, while other regions remained stable. Rigid demand for asphalt was weak, which was negative for spot prices [6] - Supply and Demand: Some refineries planned to resume asphalt production, and the average operating load rate of asphalt plants would increase significantly. Demand improvement was limited due to events restricting project construction. Overall, asphalt supply and demand deteriorated, and a short-selling strategy was recommended [6] Group 3: Industry News - Shandong Market: The mainstream trading price of 70 A-grade asphalt was 3520 - 3870 yuan/ton, down 55 yuan/ton from the previous day. Terminal demand remained weak, and some traders lowered their quotes [7] - South China Market: The mainstream trading price of 70 A-grade asphalt was 3540 - 3550 yuan/ton, down 40 yuan/ton from the previous day. Maoming Petrochemical adjusted its prices, and a new contract price from Gaofu also decreased, which was negative for market sentiment [7] Group 4: Data Overview - Figures Included: Asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, Shandong asphalt spot price, Shandong asphalt basis, asphalt manufacturer inventory, and asphalt warehouse receipts [8][13][16][19] - Data Source: Wind, Research and Development Department of CCB Futures [10][11][12]

1. Report Information - Report Title: Polyolefin Daily Report [1] - Date: August 13, 2025 [2] - Research Team: Energy and Chemical Research Team [4] 2. Market Quotes Futures Market | Variety | Opening Price (yuan/ton) | Closing Price (yuan/ton) | Highest Price (yuan/ton) | Lowest Price (yuan/ton) | Change (yuan/ton) | Change Rate (%) | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Plastic 2601 | 7349 | 7364 | 7371 | 7332 | 13 | 0.18 | 245393 | 14157 | | Plastic 2605 | 7351 | 7367 | 7372 | 7338 | 15 | 0.20 | 13656 | 307 | | Plastic 2509 | 7298 | 7314 | 7322 | 7281 | 20 | 0.27 | 252486 | -18026 | | PP2601 | 7101 | 7120 | 7124 | 7085 | 24 | 0.34 | 284278 | 19893 | | PP2605 | 7092 | 7111 | 7114 | 7081 | 20 | 0.28 | 13958 | 953 | | PP2509 | 7069 | 7095 | 7099 | 7056 | 29 | 0.41 | 201314 | -27702 | [5] Spot Market - LLDPE Prices: In North China, 7180 - 7410 yuan/ton; in East China, 7200 - 7650 yuan/ton; in South China, 7320 - 7700 yuan/ton [7] - PP Prices: North China, 6920 - 7070 yuan/ton; East China, 7000 - 7130 yuan/ton; South China, 6950 - 7150 yuan/ton [8] - Propylene Price: Shandong market, 6500 - 6580 yuan/ton, up 245 yuan/ton from the previous day [7] 3. Market Review and Outlook - **Market Performance**: L2509 opened higher, fluctuated upward, closing at 7329 yuan/ton, up 27 yuan/ton (0.37%); PP closed at 7091 yuan/ton, up 15 yuan (0.21%). Futures' warm - oscillating trend boosted the spot market, with most producer prices stable and little change in cost support [6] - **Supply Side**: Upstream device operating rates continued to rise. PP's maintenance losses were still high but decreasing as previous maintenance devices restarted and new maintenance devices were few. A 900,000 - ton/year capacity addition plan in Ningbo Daxie Phase II was approaching. For PE, Jilin Petrochemical's production expansion in late July and potential new capacity from ExxonMobil Huizhou in August increased supply pressure [6] - **Demand Side**: Downstream factories were still affected by the off - season and had low inventory - building willingness due to losses. Demand was expected to improve in the second half of the month, and most downstream enterprises maintained a low - inventory strategy [6] - **Cost Side**: Coal prices were likely to rise due to production inspections and peak - summer coal demand. Crude oil prices might fall again due to OPEC+ production increase and under - expected peak - season performance [6] - **Outlook**: The loose fundamental situation would limit upward price movement. With new capacity coming online and the expected "Golden September" peak - season inventory - building demand in the second half of the month, polyolefin prices might bottom out and then rebound [6] 4. Industry News - On August 12, 2025, major producers' inventory was 815,000 tons, down 20,000 tons (2.40%) from the previous day, compared with 830,000 tons in the same period last year [7] - Some major propylene producers in certain areas planned to shut down, supporting the market supply. Downstream factories' purchasing enthusiasm increased, and propylene producers raised prices significantly and limited sales [7]

Report Information - Report Name: Pulp Daily Report - Date: August 13, 2025 - Industry: Pulp [1][2] Investment Rating - Not provided Core View - The fundamentals of the pulp industry have slightly improved compared to the previous period. If the industry profit is further repaired in the future, pulp still has room to rebound and rise, but the overall space is limited due to the lack of supply - side support [8] Section Summaries 1. Market Review and Operation Suggestions - **Market Review**: Pulp futures contract 09 had a previous settlement price of 5,192 yuan/ton and a closing price of 5,216 yuan/ton, rising 0.46%. The intended transaction price range of coniferous pulp in the Shandong wood pulp market was 5,150 - 6,700 yuan/ton, with the low - end price remaining stable compared to the previous trading day's closing price. The price of Shandong Yinxing was 5,850 yuan/ton [7] - **Industry Situation**: The new import wood pulp outer plate has not been announced, and market wait - and - see sentiment persists. Suzano will reduce its commodity pulp production by 3.50% from August 6th for the next year. In May, the shipment volume of coniferous pulp from 20 major pulp - producing countries in the world was 1.69 million tons, a month - on - month increase of 4.4% and a year - on - year decrease of 8.2%. In July, China's total pulp imports were 2.877 million tons, a month - on - month decrease of 5.1% and a year - on - year increase of 23.7%. As of August 8, 2025, the weekly pulp inventory in major regions and ports decreased by 4.67% month - on - month, and the inventory in major ports decreased compared to the previous week. The profit improvement space of downstream paper enterprises is limited, and they mainly replenish inventory on a need - to - buy and low - price basis [7][8] 2. Industry News - **Broadleaf Pulp**: Suzano, the world's largest broadleaf pulp producer, will reduce its commodity pulp production by about 3.5% in the next 12 - month operating cycle, which means a reduction of about 400,000 - 500,000 tons, equivalent to about 1% of the global demand for 40 million tons of broadleaf pulp. Bracell also announced a production adjustment [9] - **Coniferous Pulp**: Active production cuts have affected 2 - 4% of the coniferous pulp supply. Fenbao temporarily closed its 690,000 - ton/year Joutseno factory, reducing the global supply of 26 million tons of coniferous wood by 2 - 3%. UPM extended the maintenance work of its 700,000 - ton/year Kaukas factory in the third quarter [9]

Group 1: Report Overview - Report Title: Pig Daily Report [1] - Report Date: August 13, 2025 [2] Group 2: Investment Rating - No investment rating is provided in the report. Group 3: Core Viewpoints - In August, the supply of pigs from the breeding side is increasing, and the current enthusiasm for slaughter is fair. Meanwhile, demand is in the off - season, so the supply - demand relationship remains relatively loose, and the spot price of pigs may continue to be under pressure. [9] - In the short - term, the near - month 2509 futures contract of pigs will mainly fluctuate weakly following the spot price. In the long - term, the supply of pigs will increase slightly, while the 2511 and 2601 contracts belong to the peak - demand contracts, and their prices may fluctuate strongly. Policies such as the anti - involution initiative, high - quality development of the pig industry, and strengthened regional environmental protection are beneficial to the long - term performance of pig prices. [9] Group 4: Market Review and Operation Suggestions Pig Market - Futures: On the 12th, the main 2511 contract of live pigs opened flat and then fluctuated higher, closing in the positive territory. The highest price was 14,300 yuan/ton, the lowest was 14,140 yuan/ton, and the closing price was 14,230 yuan/ton, up 0.21% from the previous day. The total open interest of the index decreased by 2,487 lots to 175,404 lots. [8] - Spot: On the 12th, the average price of ternary pigs nationwide was 13.69 yuan/kg, down 0.03 yuan/kg from the previous day. [8] Pig Market Analysis - Demand side: The utilization rate of pigsties is at a high level. Currently, the enthusiasm for secondary fattening is average, mainly in a wait - and - see state. Due to the hot weather, terminal demand is weak, and the orders of slaughtering enterprises are average. The current slaughter progress is fast, and the operating rate and slaughter volume of slaughtering enterprises have increased slightly. On August 12, the slaughter volume of sample slaughtering enterprises was 138,300 heads, 600 heads less than the previous day and 2,100 heads more than a week ago. [9] - Supply side: According to Yongyi sample data, the planned slaughter volume of sample enterprises in August is 24.72 million heads, a 6.6% month - on - month increase from the actual slaughter volume in July. At the beginning of the month, the enthusiasm for slaughter on the breeding side was high, and the slaughter progress was fast. The utilization rate of secondary fattening pigsties remained high, and there were still secondary - fattened pigs to be released, so the slaughter pressure still exists, and the slaughter weight fluctuated slightly. [9] Group 5: Industry News - No specific industry news content is provided in the report. Group 6: Data Overview - As of August 7, the average profit per self - bred and self - raised pig was 119 yuan/head, a week - on - week decrease of 10 yuan/head; the average profit per pig purchased as a piglet was - 54 yuan/head, a week - on - week increase of 28 yuan/head. [14] - In the week of August 7, the average market sales price of 15 - kg piglets was 516 yuan/head, a decrease of 10 yuan/head from the previous week. [14] - As of July this year, the inventory of reproductive sows in sample farms was 1.15 million heads, a month - on - month increase of 0.52% and a year - on - year increase of 6.71%. [14] - The planned slaughter volume of sample enterprises in August is 24.72 million heads, a 6.6% month - on - month increase, with a significant increase in slaughter volume. [14] - As of the week of August 7, the average slaughter weight of pigs nationwide was 127.8 kg, a decrease of 0.18 kg from the previous week, a month - on - month decrease of 0.14%, and an increase of 1.6 kg compared with the same period last year, a year - on - year increase of 1.27%. [14]

行业 棉花 日期 2025 年 8 月 13 日 研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 研究员：林贞磊 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 研究员：王海峰 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 、 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 表1：行情回顾 海外市场，下一年度新棉签约进度同比偏慢，CFTC 基金净多持仓维持低位运 行，外盘维持宽幅区间震荡重心略有下移，关注 8 月 USDA 供需报告指引。国内市 场，距离新花上市还有 ...

行业 油脂 日期 2025 年 8 月 13 日 研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 研究员：林贞磊 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 研究员：王海峰 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 表1：行情回顾 | 15 87 | 前结算价 : | 开盘价 : | 最高价 : | 寂低价 : | | 收盘价 :涨跌;涨跌幅 | | | :成交量:持仓量 持仓量变化: | | | --- | - ...