Report Summary 1. Report Type and Date - Report Type: Stock Index Daily Review [1] - Date: August 12, 2025 [2] 2. Researchers - Nie Jiayi (Stock Index), Contact: 021 - 60635735, Email: niejiayi@ccb.ccbfutures.com, Qualification No.: F03124070 [3] - He Zhuoqiao (Macro Precious Metals), Contact: 18665641296, Email: hezhuoqiao@ccb.ccbfutures.com, Qualification No.: F3008762 [3] - Huang Wenxin (Macro Treasury Bonds and Container Shipping), Contact: 021 - 60635739, Email: huangwenxin@ccb.ccbfutures.com, Qualification No.: F3051589 [3] 3. Market Review and Outlook 3.1 Market Review - On August 11, the Wind All - A index oscillated upwards after opening, closing up 0.99%, with over 4000 stocks rising. Among index spot, CSI 300, SSE 50, CSI 500, and CSI 1000 closed up 0.43%, 0.03%, 1.08%, and 1.55% respectively, with small - and medium - cap stocks performing better. Index futures outperformed spot, with IF, IH, IC, and IM main contracts closing up 0.53%, 0.14%, 1.15%, and 1.73% respectively [6] 3.2 Outlook - External: US President Trump and Russian President Putin will meet in Alaska on August 15. Fed Governor Bowman supports three rate cuts this year and calls for a September start, boosting capital market sentiment [7] - Domestic: Ningde Times' mining end of the Jianxiakeng mining area stopped production at 12:00 on the night of August 9 with no short - term restart plan, causing the lithium mining sector to rise sharply. The Xinjiang sector benefited from the continued popularity of the Xinzang Railway concept. A - share trading volume increased, and the SSE Composite Index stood firm at 3600 points again. In the short term, stock indices are expected to be strong, with the SSE likely to break through last October's high, but whether it can hold depends on external market and fundamental conditions. Prudent investors can consider reducing positions and taking profits when the SSE reaches the previous high. The dumbbell strategy remains unchanged, with SSE 50 and CSI 1000 likely to perform better [7] 4. Industry News - The US Vice - President Vance said on August 10 that the US is coordinating a meeting between Russian President Putin and Ukrainian President Zelensky to discuss ending the conflict. Trump and Putin will meet in Alaska on August 15 [30] - Ant Group stated that it has never had a plan to co - build the world's first rare - earth RMB stablecoin with the People's Bank of China and China Rare Earth Group, warning the public to be vigilant against fraud [30]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View - Futures are oscillating warmly, but the sentiment of the spot market is not significantly boosted. The prices of producers are mostly stable, and traders are mainly focused on active sales. Downstream procurement remains cautious, with purchases based on low - price and just - in - time needs. - The upstream device operating load continues to increase. Although the PP maintenance loss is still at a high level, the impact of maintenance is decreasing. With the approaching of new capacity release plans, the pressure of supply increase is gradually emerging. - The downstream factories are still affected by the off - season, and the willingness to stock up is low. It is expected that the demand will gradually emerge from the off - season in the second half of the month. - The cost - side support is somewhat differentiated. Coal prices are likely to rise, while oil prices may fall again. - The fundamental loose pattern will continue to restrict the upward space. With the release of new capacity and the expected stocking demand in the "Golden September" peak season in the second half of the month, the polyolefin prices may show a trend of bottom - building through oscillation followed by a rebound [4]. 3. Summary by Directory 3.1 Market Review and Outlook - **Futures Market**: The plastic 2509 contract closed at 7314 yuan/ton, up 20 yuan/ton (0.27%), with a trading volume of 176,000 lots and a decrease in positions. The PP main contract closed at 7095 yuan/ton, up 29 yuan (0.41%), with a decrease in positions. - **Supply**: The upstream device operating load is increasing. The impact of PP maintenance is decreasing, and new capacity release plans are approaching. For PE, new capacity has been put into operation in July, and more is expected in August. - **Demand**: Downstream factories are in the off - season, with low stocking willingness. It is expected that demand will improve in the second half of the month. - **Cost**: Coal prices are likely to rise, while oil prices may fall [4]. 3.2 Industry News - On August 11, 2025, the inventory level of major producers was 835,000 tons, a 12.08% increase from the previous working day, the same as the same period last year. - The PE market prices fluctuated slightly. The LLDPE prices in North, East, and South China were in the ranges of 7180 - 7410 yuan/ton, 7200 - 7650 yuan/ton, and 7320 - 7700 yuan/ton respectively [5]. 3.3 Data Overview - **Futures Market Data**: Tables show the opening, closing, highest, lowest prices, price changes, price change rates, open interest, and open interest changes of plastic and PP futures contracts [3]. - **Other Data**: Graphs present information such as L and PP basis, L - PP spread, and crude oil futures settlement prices. The mainstream price of propylene in the Shandong market increased by 245 yuan/ton to 6500 - 6580 yuan/ton. The PP market was slightly adjusted, with different price ranges in North, East, and South China [7][8].

Report Overview - **Industry**: Oil and fat [1] - **Date**: August 12, 2025 [2] 1. Investment Rating - No investment rating information provided 2. Core View - The MPOB report shows that Malaysia's palm oil inventory at the end of July reached a two - year high of 2.11 million tons, but the inventory build - up was less than expected, making the report bullish. Palm oil prices rose strongly in the afternoon, with the main contract P2601 hitting a new high for the year. Rapeseed oil has sufficient near - term supply, but fewer far - month purchases support the futures price. Its trend lacks a clear driver and follows the market. Due to the abundant supply of Brazilian soybeans, factories will maintain high operating rates, and soybean oil inventory may increase, dragging down soybean oil prices. However, the long - term outlook is positive due to biodiesel policies in the US and Brazil, a possible decrease in soybean imports in the fourth quarter, and a recovery in domestic demand. China's three major oils are unlikely to see a significant short - term decline, and it is advisable to hold far - month basis contracts [8] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Review**: - P2509: The previous settlement price was 9012, the opening price was 8974, the highest price was 9236, the lowest price was 8912, the closing price was 8218, with a gain of 206 (2.29%). The trading volume was 299,988, and the position decreased by 5,290. - P2601: The previous settlement price was 9026, the opening price was 9000, the highest price was 9246, the lowest price was 8944, the closing price was 9238, with a gain of 212 (2.35%). The trading volume was 372,378, and the position increased by 52,216. - Y2509: The previous settlement price was 8408, the opening price was 8384, the highest price was 8470, the lowest price was 8352, the closing price was 8456, with a gain of 48 (0.57%). The trading volume was 164,012, and the position decreased by 29,250. - Y2601: The previous settlement price was 8396, the opening price was 8376, the highest price was 8460, the lowest price was 8334, the closing price was 8440, with a gain of 44 (0.52%). The trading volume was 452,116, and the position increased by 20,826. - OI2509: The previous settlement price was 9560, the opening price was 9552, the highest price was 9612, the lowest price was 9512, the closing price was 9588, with a gain of 28 (0.29%). The trading volume was 194,113, and the position decreased by 14,440. - OI2601: The previous settlement price was 9543, the opening price was 9544, the highest price was 9605, the lowest price was 9506, the closing price was 9593, with a gain of 50 (0.52%). The trading volume was 142,492, and the position increased by 22,198 [7] - **Operation Suggestions**: Bullish on the three major oils in the short - term, hold far - month basis contracts [8] 3.2 Industry News - **Malaysia's July Palm Oil Data (MPOB)**: - Production was 1.8124 million tons, an increase of 120,000 tons (7.09%) compared to June. - Imports were 61,000 tons, a decrease of 9,000 tons (12.82%) compared to June. - Exports were 1.3091 million tons, an increase of 48,100 tons (3.82%) compared to June. - End - of - month inventory was 2.1133 million tons, an increase of 81,700 tons (4.02%) compared to June. - **Malaysia's August 1 - 10 Palm Oil Exports (AmSpec)**: Exports were 453,230 tons, a 23.7% increase compared to the same period in July [9] 3.3 Data Overview - The report presents multiple charts including the spot price of East China's third - grade rapeseed oil, fourth - grade soybean oil, South China's 24 - degree palm oil, palm oil basis change, soybean oil basis change, rapeseed oil basis change, P1 - 5 spread, P5 - 9 spread, P9 - 1 spread, US dollar - Malaysian ringgit exchange rate, and US dollar - Chinese yuan exchange rate, with data sourced from Wind and the Research and Development Department of CCB Futures [11][19][26]

Report Information - Report Name: PTA Daily Report [1] - Date: August 12, 2025 [2] Market Review and Operation Suggestions - **Futures Market**: On the 11th, the closing price of the PTA main futures contract TA2509 was 4,706 yuan/ton, up 18 yuan/ton or 0.38%, with a settlement price of 4,708 yuan/ton and a daily reduction of 19,038 lots. The TA2601 contract closed at 4,732 yuan/ton, up 16 yuan/ton, with a trading volume of 253,884 lots, an increase of 21,317 lots [6]. - **Analysis**: Despite a slight decline in crude oil prices, the PTA market has maintenance expectations, and low processing fees support the spot market. Mixed long - and short - term news has led to a consolidating market [6]. Industry News - **Crude Oil**: European and American crude oil futures ended a six - day decline. Brent crude futures closed slightly higher, while WTI crude futures closed flat but had a significant weekly net decline. The September 2025 WTI crude futures settled at $63.88 per barrel, and the October 2025 Brent crude futures settled at $66.59 per barrel, up $0.16 or 0.24% [7]. - **PX Market**: The assessed price of the PX market in China was $833 - 835/ton, up $2/ton from the previous day; in South Korea, it was $813 - 815/ton, also up $2/ton [7]. - **PTA Market**: A PX and PTA plant in Shandong is restarting. The PTA price in the East China market was 4,698 yuan/ton, up 27 yuan/ton. The average daily negotiation basis was at a discount of 11 yuan/ton to the 2509 futures contract, up 6 yuan/ton [7]. Data Overview - The report includes data on international crude oil futures closing prices, upstream raw material spot prices, PX prices, MEG prices, PTA futures prices, basis, PTA processing margins, TA5 - 9 spreads, PTA warehouse receipts, polyester factory load rates, PTA downstream product prices, and PTA downstream product inventories [11][13][17]

Report Information - Report Title: Precious Metals Daily Review - Date: August 11, 2025 - Research Team: Macro and Financial Team - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [2] Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - Fed's potential rate cut and Trump's new policies support the precious metals market, but there are also uncertainties such as Fed officials' stances and geopolitical situations. Gold's long - and mid - term bull markets are supported by various factors, but its volatility has increased. It is recommended that investors participate in trading with a long - term view and medium - low positions, and short - term investors can consider "long gold, short silver" arbitrage opportunities [4][5]. Summary by Directory 1. Precious Metals Market Conditions and Outlook Intraday Market - Trump's nomination of a new Fed governor raises the market's expectation of a Fed rate cut in September to 86.6%, which supports the precious metals' upward movement. However, some Fed officials believe that a September rate cut is not certain, and the potential easing of the Russia - Ukraine conflict under US pressure causes London gold to face resistance around $3400/ounce. Gold's safe - haven demand is boosted by Trump's new policies, and it is expected to fluctuate between $3120 - $3500/ounce before rising again. Investors are advised to hold a long - term view and use medium - low positions for trading [4]. Domestic Precious Metals Market Data | Contract | Pre - closing Price | Highest Price | Lowest Price | Closing Price | Change % | Open Interest | Position Change | | --- | --- | --- | --- | --- | --- | --- | --- | | Shanghai Gold Index | 786.70 | 790.19 | 785.20 | 789.42 | 0.35% | 441,940 | 3990 | | Shanghai Silver Index | 9,275 | 9,334 | 9,258 | 9,295 | 0.22% | 784,183 | - 10841 | | Gold T + D | 782.02 | 784.45 | 778.80 | 783.50 | 0.19% | 213,736 | 4684 | | Silver T + D | 9,224 | 9,287 | 9,210 | 9,249 | 0.27% | 3,528,966 | 24404 | [5] Medium - term Market - Since late April, London gold has been fluctuating between $3100 - $3500/ounce. Although the cooling of international trade and the US fiscal expansion bill have reduced gold's hedging and allocation demand, Trump's new policies and geopolitical risks, along with the deterioration of the US job market, have increased the expectation of a Fed rate cut. In June, speculative funds flowed into the silver and platinum markets, and in July, the silver price fluctuated greatly. The long - term bull market of gold is supported by the restructuring of the international trade and monetary system, and the mid - term bull market is supported by Trump's policies and the expectation of a Fed rate cut. However, the high price and P/E ratio of gold have increased its volatility. It is expected that London gold will continue to move within the range in the short term. Long - term investors are advised to participate with medium - low positions, and short - term investors can consider "long gold, short silver" arbitrage opportunities [5]. 2. Main Macroeconomic Events/Data - Russia and the US have agreed to hold a Putin - Trump summit in the coming days, and Zelensky has held talks with European leaders on the peace process [17]. - Trump has nominated Milan as a temporary Fed governor and is still looking for candidates for a long - term Fed seat. Fed Governor Waller is the favorite to become the next Fed chairman [17]. - The US and China may extend the tariff truce by 90 days. Trump may impose secondary tariffs on Indian goods and is considering tariffs on China [17]. - The Bank of England has cut interest rates by 25 basis points, but four of the nine policymakers oppose it, indicating that the continuous rate cuts may be near the end [17]. - Atlanta Fed President Bostic believes that it is too early to promise a rate cut as key data has not been released and inflation is expected to rise in the next few months [18].

021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 报告类型 焦炭焦煤日评 日期 2025 年 8 月 11 日 黑色金属研究团队 研究员：翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员：聂嘉怡 研究员：冯泽仁 请阅读正文后的声明 ＃summary＃ 每日报告 | | | | | 表1：8月8日焦炭焦煤期货主力合约价格、成交及持仓情况（单位：元/吨、手、亿元） | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | 资金流 入流出 | | J2601 | 1744 | 1738 | 1747.5 | 1712 | 1734 | -0.09% | 15,292 | 30,012 | 1 ...

Report Summary 1. Report Date - The report is dated August 11, 2025 [2] 2. Research Team - The energy and chemical research team includes researchers such as Li Jie (crude oil and fuel), Ren Junchi (PTA, MEG), Peng Haozhou (urea, industrial silicon), Peng Jinglin (polyolefins), Liu Youran (pulp), and Feng Zeren (glass and soda ash) [3] 3. Market Review and Operation Suggestions - On the 8th, the closing price of the PTA main futures contract TA2509 was 4,684 yuan/ton, down 24 yuan/ton or 0.51%, with a settlement price of 4,688 yuan/ton and a daily reduction of 32,353 lots. The closing price of TA2601 was 4,704 yuan/ton, down 34 yuan/ton, and the trading volume was 205,367 lots, an increase of 37,845 lots [5] - With the weak crude oil market and the possible continued sales by the main PTA suppliers, along with unconfirmed rumors of maintenance of some PTA plants in the Northeast, the PTA market is expected to decline slightly [5] 4. Industry News - Due to uncertainties surrounding US tariffs, sanctions against Russia, and OPEC+ production increases, European and American crude oil futures fell for the sixth consecutive trading day. On Thursday (August 7), the settlement price of WTI crude oil futures for September 2025 on the NYMEX was $63.88 per barrel, down $0.47 or 0.73%, and the settlement price of Brent crude oil futures for October 2025 on the ICE was $66.43 per barrel, down $0.46 or 0.69% [6] - The assessed price of PX in the Chinese market was $831 - 833 per ton, down $8 per ton from the previous trading day, and in the South Korean market, it was $811 - 813 per ton, also down $8 per ton. There was one transaction of any October shipment at $829 per ton [6] - The cost - end oil price is still in a downward channel. There are expectations of partial restart of domestic PX plants, while the possibility of an expansion in PTA production cuts on the demand side has increased the bearish sentiment in the market [6] - The PTA price in the East China market was 4,998 yuan/ton, down 12 yuan/ton. The average daily negotiation basis was a discount of 52 yuan/ton compared to the futures contract 2505, up 12 yuan/ton [6] 5. Data Overview - The report provides various data charts including international crude oil futures prices, upstream raw material spot prices, PX prices, MEG prices, PTA prices, PTA processing margins, TA5 - 9 spreads, PTA warehouse receipts, polyester factory load rates, PTA downstream product prices, and PTA downstream product inventories, with data sources from Wind and the Research and Development Department of CCB Futures [10][12][18]

Report Summary 1. Reported Industry - The industry under research is the egg industry [1] 2. Core Viewpoints - This week, egg prices dropped significantly. The peak - season spot price started to rise around July 10th this year, later than usual. Market pressure emerged in late July, and the cold - stored eggs' release hit the market. The current correction in egg prices is about 0.5 yuan/jin on average, greater than the usual range of 0.2 - 0.3 yuan/jin, indicating high supply pressure [8] - Most产区 prices stabilized on Thursday and Friday this week. As it is still the summer peak season and there is an expectation of pre - holiday stockpiling in September, the spot price is expected to have a second wave of increase in August, but the upper limit has been adjusted downwards [8] - In the futures market, due to the sharp drop in the spot price last weekend, futures were notably weak in the first few trading days of this week. The near - month 09 contract hit a record low. The market has factored in the expectation of a second peak - season increase. The 09 contract is still at a premium of about 400 points over the spot average price. Considering packaging costs for delivery, it will face significant pressure when the spot price reaches around 3.6 yuan/jin [8] - If the spot price stabilizes and rises next week as expected, futures may be slightly stronger. Subsequently, the basis may be narrowed through the spot price rising while the futures price remains stable. The fourth - quarter contracts are also at historical lows, corresponding to a weak fundamental situation. Bulls can participate in bottom - fishing for the spot's second increase but should avoid over - staying in the market due to the medium - term bearish fundamentals [8] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Review**: - For the 2509 egg contract, the previous settlement price was 3376, the opening price was 3393, the highest price was 3393, the lowest price was 3357, the closing price was 3362, down 14 points or 0.41%. The trading volume was 153,259, the open interest was 203,664, and the open interest increased by 862 [7] - For the 2510 egg contract, the previous settlement price was 3288, the opening price was 3292, the highest price was 3304, the lowest price was 3253, the closing price was 3257, down 31 points or 0.94%. The trading volume was 98,643, the open interest was 205,141, and the open interest increased by 16,335 [7] - For the 2511 egg contract, the previous settlement price was 3336, the opening price was 3340, the highest price was 3343, the lowest price was 3316, the closing price was 3326, down 10 points or 0.30%. The trading volume was 26,452, the open interest was 96,200, and the open interest increased by 917 [7] - The average price of eggs in the main production areas was 2.90 yuan/jin, up 0.01 yuan/jin from yesterday, and the average price in the main sales areas was 3.17 yuan/jin, down 0.02 yuan/jin from yesterday. The 09 contract declined by 0.41% [7] - **Operation Suggestions**: If the spot price stabilizes and rises next week as expected, futures may be slightly stronger. Bulls can participate in bottom - fishing for the fourth - quarter contracts but should operate in a phased manner due to the medium - term bearish fundamentals [8] 3.2 Industry News - The inventory of laying hens in production is on the rise. As of the end of July, the national monthly inventory of laying hens in production was about 1.356 billion, a month - on - month increase of 1.2% and a year - on - year increase of 6.2% [9] - The monthly output of day - old chicks in sample enterprises in July was about 39.98 million, less than that in June (40.75 million) and in the same period of 2024 (41.68 million). It is a moderately high monthly replenishment volume in the past eight years. Due to low breeding profits in the past two months, farmers' enthusiasm for expanding production has wavered, and this was the first year - on - year decrease in replenishment volume in July [9][10] - The culling volume of laying hens in the first three weeks as of August 7th was 13.71 million, 13.01 million, and 13.38 million respectively. The culling volume has been decreasing since June, with a decline greater than the seasonal average. As of August 7th, the average culling age was 506 days, one day earlier than last week and two days later than last month [10]

Group 1: General Information - Reported industry: Soybean meal [1] - Report date: August 11, 2025 [2] - Research team: Agricultural product research team, including Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Market Review and Operational Suggestions Market Review - **Domestic Soybean Meal Futures**: For the contracts of Soybean Meal 2601, 2509, and 2511, the closing prices were 3094, 3045, and 3081 respectively, with daily increases of 0.85%, 0.83%, and 0.75%. The trading volumes were 609,803, 553,208, and 86,751, and the open interests were 1,650,480, 1,060,946, and 651,771 respectively. The changes in open interests were +49,993, -67,719, and -396 [6]. - **US Soybean Futures**: The US soybean futures contracts fluctuated, with the main - contract at 990 cents. The new - season US soybeans are growing well, with a current excellent - good rate of 69%, the best in the same period in the past five years. Only 3% of the US soybean planting areas are affected by drought, and the soil moisture has some tolerance. The weather in the next two weeks is expected to have moderate rainfall, strengthening the expectation of a bumper harvest. The demand for US soybeans is relatively weak as China has not started purchasing new - season US soybeans due to a 23% tariff [6]. Operational Suggestions - Unless there are significant changes in tariffs, maintain a bullish view on soybean meal in the medium - term. Wait for potential negative impacts from the August USDA report to materialize before making investment decisions [6]. Group 3: Industry News - **USDA Monthly Report Forecast**: Analysts predict that the global soybean ending stocks for the 2025/26 season will be 127.42 million tons, the US soybean ending stocks for the 2024/25 season will be 347 million bushels, the US soybean production for the 2025/26 season will be 4.365 billion bushels, the US soybean yield for the 2025/26 season will be 52.9 bushels per acre, and the US soybean ending stocks for the 2025/26 season will be 349 million bushels [7][9]. - **USDA Drought Monitoring Report**: As of the week of August 5, about 3% of US soybean planting areas were affected by drought, down from 5% the previous week and 4% in the same period last year [9]. Group 4: Data Overview - The report includes multiple data charts such as the ex - factory price of soybean meal, the basis of the 09 contract, the 1 - 5 spread, the 5 - 9 spread, the USD/CNY central parity rate, and the USD/BRL exchange rate, with data sources from Wind and the Research and Development Department of CCB Futures [15][17][14]

1. Report Information - Report Date: August 11, 2025 [2] - Report Type: MEG Daily Report [1] 2. Research Team - Energy and Chemical Research Team: Composed of researchers including Li Jie, Ren Junchi, Peng Haozhou, Peng Jinglin, Liu Youran, and Feng Zeren [4] 3. Key Points from Each Section 3.1 Market Review and Operational Suggestions - Futures Market: On August 8, the closing price of the main contract EG2509 of ethylene glycol futures was 4384 yuan/ton, down 28 yuan; the closing price of EG2601 was 4422 yuan/ton, down 14 yuan. The trading volume of EG2509 was 80665 lots, and the open interest was 205326 lots, a decrease of 11475 lots. The open interest of EG2601 was 35818 lots, an increase of 2333 lots [7] - Market Outlook: Due to low support from the cost and supply - demand side of ethylene glycol in the short term and policy uncertainties at the macro - level, market participants are cautious. It is expected that the ethylene glycol price may maintain a weak trend [7] 3.2 Industry News - Crude Oil: On Thursday (August 7), the settlement price of WTI crude oil futures for September 2025 on the New York Mercantile Exchange was $63.88 per barrel, down $0.47 or 0.73%. The settlement price of Brent crude oil futures for October 2025 on the London Intercontinental Exchange was $66.43 per barrel, down $0.46 or 0.69% [8] - Ethylene Glycol Market: The mainstream transaction price of ethylene glycol in the Zhangjiagang market was 4450 - 4465 yuan/ton, down 25 yuan/ton from the previous trading day. The negotiation range in the Dongguan market was 4350 - 4380 yuan/ton, down 45 yuan/ton. The negotiation range in the Fujian market was also 4350 - 4380 yuan/ton, down 45 yuan/ton [8]