1. Report Information - Report Title: PTA Daily Report [1] - Date: August 7, 2025 [2] - Research Team: Energy and Chemical Research Team [4] 2. Market Review and Operation Suggestions - **Futures Market Quotes**: On the 6th, the closing price of the PTA main futures contract TA2509 was 4,724 yuan/ton, up 46 yuan/ton (0.98%), with a settlement price of 4,702 yuan/ton and a daily reduction of 47,883 lots. The closing price of TA2601 was 4,754 yuan/ton, up 40 yuan/ton, with a trading volume of 275,150 lots, an increase of 47,001 lots [6]. - **Market Outlook**: Although the spot supply of PTA is sufficient, the crude oil market rebounded during the session, and there may be unplanned PTA plant maintenance under low processing fees. It is expected that the PTA market will rise slightly [6]. 3. Industry News - **Crude Oil**: The market focused on the production - cut plan of OPEC and its allies and downplayed the threat of US sanctions on oil buyers from a certain European country. European and American crude oil futures fell for four consecutive trading days. On August 5th, the settlement price of WTI crude oil futures for September 2025 on the New York Mercantile Exchange was $65.16 per barrel, down $1.13 (1.70%); the settlement price of Brent crude oil futures for October 2025 on the London Intercontinental Exchange was $67.64 per barrel, down $1.12 (1.63%) [7]. - **PX Market**: The price of the PX market in China was estimated at $843 - 845 per ton, up $5 per ton from the previous trading day; the price in the South Korean market was estimated at $823 - 825 per ton, also up $5 per ton. The cost - side oil price continued to run strongly. The domestic PX supply level was low, the demand side was performing well, and the buying enthusiasm in the market recovered. Two transactions were heard during the day, with any September cargoes traded at $848 and $849 per ton respectively [7]. - **PTA Market in East China**: The price of PTA in the East China market was 4,682 yuan/ton, up 18 yuan/ton. The average daily negotiation basis was at a discount of 20 yuan/ton to the futures contract 2509, down 6 yuan/ton [7]. 4. Data Overview - The report includes multiple data charts, such as international crude oil futures main contract closing prices, upstream raw material spot prices, PX prices, MEG prices, PTA price summaries, basis between futures and spot prices, PTA processing margins, TA5 - 9 spreads, PTA warehouse receipt quantities, polyester factory load rates, PTA downstream product prices, and PTA downstream product inventories. All data sources are from Wind and the Research and Development Department of CCB Futures [11][13][17]

Report Information - **Report Date**: August 7, 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 - The Zhengzhou cotton market is experiencing position reduction, contract switching, and oscillatory adjustments. The spot cotton price has increased slightly, while the cotton yarn market price continues to decline, and the cotton fabric market remains sluggish. The international cotton market maintains a range - bound oscillation, and the domestic cotton has a high yield expectation, but the downstream industry is weak. After the short - term release of pessimistic sentiment, the market stabilizes, and the near - term contracts are under pressure [7][8] 3. Summary by Directory 3.1. Market Review and Operation Suggestions - **Domestic Market**: The Zhengzhou cotton market is in a state of position reduction, contract switching, and oscillatory adjustment. The latest 328 - grade cotton price index is 15,178 yuan/ton, up 9 yuan/ton from the previous trading day. The cotton yarn market price continues to decline by about 300 yuan/ton, with many inland spinning mills still limiting production. The cotton fabric market has insufficient transactions, and the factory production is expected to be sluggish in early August and improve in mid - August. The domestic cotton sown area has increased year - on - year, and there is still an expectation of a high yield. However, the downstream industry is weak, and the near - term contracts are under pressure [7][8] - **International Market**: As of the week ending August 3, 2025, the good - to - excellent rate of US cotton is 55%, remaining stable from the previous week and higher than the same period last year. The growth progress of US cotton is slightly slower, and the external market maintains a range - bound oscillation. [8] 3.2. Industry News - As of the week ending August 2, the total cotton harvest progress in Brazil is 29.7%, an 8 - percentage - point increase from the previous week but 8% slower than the same period last year. The harvest is slower due to the impact of rain during the planting stage in Mato Grosso. However, the cotton growth is good, and the listing is expected to accelerate after the completion of corn and wheat harvests [9] 3.3. Data Overview - The report provides multiple data charts, including CF1 - 5 spread, CF5 - 9 spread, CF9 - 1 spread, cotton commercial inventory, cotton industrial inventory, and warehouse receipt volume, but no specific data analysis is provided [15][19][26]

Report Information - Report Name: Polyolefin Daily Report [1] - Date: August 7, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - The futures market opened higher and fluctuated upwards, boosting market sentiment. Spot prices fluctuated slightly, and downstream buyers replenished stocks according to orders. However, the supply pressure continued, and new PE and PP production facilities were planned to be put into operation in the third quarter. The demand was weak and needed improvement, and the downstream operating load remained low overall. It was expected that the demand would gradually emerge from the off - season in the second half of the month, but the downstream enterprises mainly maintained a low - inventory strategy, and the driving force for active replenishment was limited. The policy - driven market led the polyolefins to follow, but the loose fundamental pattern would continue to restrict their upward space. After the digestion of the anti - involution sentiment, the polyolefins would return to a weak and volatile operation [6] Summary by Directory 1. Market Review and Outlook - **Futures Market**: The L2509 contract of linear low - density polyethylene (LLDPE) opened higher, fluctuated upwards during the session, and finally closed at 7,321 yuan/ton, up 33 yuan/ton (0.45%). The trading volume was 167,000 lots, and the open interest decreased by 10,020 to 291,496 lots. The PP main contract closed at 7,078 yuan/ton, up 12 yuan (0.17%), and the open interest decreased by 7,127 to 251,400 lots [6] - **Supply**: In the third quarter, new PE production facilities of Jilin Petrochemical, ExxonMobil Huizhou, and Guangxi Petrochemical were planned to be put into operation. The second - phase project of Ningbo Daxie with a total annual production capacity of 900,000 tons was expected to be launched, which would have a significant impact on the supply side [6] - **Demand**: The downstream operating load remained low overall. Although the operating rate of the agricultural film industry rebounded from a low level, the demand followed up slowly. The orders in the construction field were mediocre, and the operating rates of the pipe and plastic weaving industries were at historical lows in the same period. The demand for daily - use injection - molded products increased slightly month - on - month [6] 2. Industry News - **Inventory**: On August 6, 2025, the inventory level of major producers was 785,000 tons, a decrease of 20,000 tons (2.48%) from the previous working day. The inventory in the same period last year was 810,000 tons [7] - **PE Market**: The PE market prices partially increased. The LLDPE prices in North China were in the range of 7,170 - 7,450 yuan/ton, in East China 7,230 - 7,650 yuan/ton, and in South China 7,320 - 7,650 yuan/ton [7] - **Propylene Market**: The propylene market price in Shandong increased significantly. As of the 12 - o'clock closing, the reference price was 6,250 - 6,270 yuan/ton, an increase of 85 yuan/ton from the previous day. The temporary shutdown of some supply facilities boosted the operators' sentiment, and enterprises mainly raised their offers. The downstream followed up actively, the premium range of actual orders expanded, and the trading center shifted significantly upwards [7] - **PP Market**: The PP market was stable with a slight upward trend, and some prices increased by 20 - 30 yuan/ton. The mainstream prices of drawn PP in North China were in the range of 6,940 - 7,080 yuan/ton, in East China 7,000 - 7,130 yuan/ton, and in South China 6,960 - 7,150 yuan/ton [7] 3. Data Overview - The report presented multiple charts, including the LLDPE basis, PP basis, LLDPE - PP price spread, crude oil futures main - contract settlement price, inventory of two major oil companies, and the year - on - year increase or decrease rate of the two - oil inventory, with data sources from Wind and Zhuochuang Information [9][16][17]

行业 油脂 日期 2025 年 8 月 7 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 | 合药 | 前结算价 : | 开 蓝价 : | 成高价 | 最低价 : | 收盘价 :涨跌: | | 张跌幅 | 成交量 : | | 持企業 持企量要化 | | --- | --- | ...

Report Information - Report Title: Treasury Bond Daily Report [1] - Date: August 7, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided in the report Core Viewpoints - Short - term: The market is concerned about the VAT collection on the interest income of newly - issued treasury bonds after August 8. Old bonds have a tax - exemption advantage, so there may be a rush to buy them this week. After the tax is imposed, new bonds may need to offer a tax compensation, leading to an increase in their yields. The impact on treasury bond futures is limited if the CTD remains old bonds [11]. - Long - term: Taxation mainly affects long - term bonds by about ten basis points. Since July, the market risk preference has increased, with the stock market rising, commodity prices warming up, and inflation expectations rising, which put pressure on the bond market. However, the bond market did not panic during the adjustment. The sustainability of the commodity and stock market rally is questionable, and the bond market may rebound in the short term. The bull - market foundation of bonds remains unchanged, and attention should be paid to economic data in August, especially on the domestic demand side [12] Section Summaries 1. Market Review and Operation Suggestions - **Market Performance**: Treasury bond futures fluctuated narrowly due to loose funds and the rebound of commodities. The yields of major interest - rate bonds declined slightly, with the 10 - year treasury bond active bond yield down 0.65bp to 1.6975%. The money market was stable and loose at the beginning of the month, with a net withdrawal of 1705 billion yuan through open - market operations [8][9][10]. - **Conclusion**: Short - term, the tax policy on treasury bond interest income may lead to a rush for old bonds. Long - term, the bond market is affected by the increase in risk preference, but the actual impact may be limited due to the uncertainty of economic recovery [11][12] 2. Industry News - The US may raise import tariffs on Indian products, and India will take measures to safeguard its interests. South Korea has obtained a promise from the US in the semiconductor and pharmaceutical industries. The global manufacturing PMI in July was 49.3%, down 0.2 percentage points from the previous month. Germany plans to launch a 1000 - billion - euro investment fund [13][14] 3. Data Overview - **Treasury Bond Futures Market**: Provides data on the trading of various treasury bond futures contracts, including prices, trading volumes, and positions [6] - **Money Market**: Shows the changes in SHIBOR, bank - to - bank repurchase rates, etc [29][33] - **Derivatives Market**: Presents the mean curves of Shibor3M and FR007 interest - rate swaps [35]

工业硅日报 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 07 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 Information - Report Name: Pulp Daily Report [1] - Date: August 7, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Industry Investment Rating - Not provided Core View - Short - term pulp is expected to maintain a weak operation, and attention should be paid to the subsequent boost to the demand side during the transition between the off - season and peak season [7] Summary by Section 1. Market Review and Operation Suggestions - Pulp futures contract 09: The previous settlement price was 5,156 yuan/ton, and the closing price was 5,170 yuan/ton, a 0.27% increase [7] - Shandong wood pulp market: The intended transaction price range of softwood pulp 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 Silver Star was quoted at 5,800 - 5,820 yuan/ton [7] - Chile Arauco's July quote: The Silver Star has been sold out with no new offers, and the net price of Uruguay hardwood pulp New Star is 500 US dollars/ton [7] - World's 20 major pulp - producing countries: In May, the softwood pulp shipment volume was 1.69 million tons, a 4.4% month - on - month increase and an 8.2% year - on - year decrease [7] - Europe's wood pulp inventory and consumption in June: Inventory increased by 2.4% month - on - month and 6.6% year - on - year; consumption decreased by 9.9% month - on - month and 10.6% year - on - year [7] - China's pulp imports in June: The total import volume was 3.03 million tons, a 0.4% month - on - month increase and a 16.1% year - on - year increase [7] - As of July 31, 2025: The weekly pulp inventory in major regions and ports decreased by 3.08% month - on - month. Only the inventory in Qingdao Port and Baoding increased compared to the previous week, and the overall shipment speed was stable [7] 2. Industry News - On August 5, the PM56 cultural paper production line of Nine Dragons Paper Co., Ltd. was successfully put into operation. The main equipment of the paper machine was provided by Taiwan Yuli, and the headbox was provided by Finland Valmet. The paper machine has a width of 7,250 mm and a designed speed of 1,000 m/min, with an annual production capacity of 250,000 tons of high - grade cultural paper [8] - Nine Dragons Paper is also building a cultural paper production line PM55, which is expected to be put into operation by the end of this year [8] - Nine Dragons Paper settled in Tieshan Port, Beihai City in December 21, 2020. The total investment of the project, including the upstream and downstream industries, is about 35 billion yuan. It is being built in two phases to achieve an annual production capacity of 7.95 million tons of forest - pulp - paper integration and intelligent packaging full - industry chain project, which started production in 2023 and is expected to be fully completed in 2025 [8] 3. Data Overview - The report presents multiple data charts, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, softwood - hardwood 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][28][29][32]

Group 1: Report Information - Report Name: Sugar Daily Report [1] - Date: August 7, 2025 [2] - Researcher Team: Agricultural Products Research Team [4] - Researchers: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] Group 2: Industry Investment Rating - No information provided Group 3: Core Views - New York raw sugar futures weakened, with the main October contract down 0.98% to 16.09 cents/pound, due to bearish production data from mid - southern Brazil in the first half of July, but concerns about Brazil's output decline and potential beet sugar production cuts in the EU remain [7] - Zhengzhou sugar's main contract continued to fall, but the 09 contract showed resistance and the 01 contract had a bottom - building pattern. With a large basis and the bearish impact of imported sugar fully released, the possibility of further decline is low [8] Group 4: Market Review and Operation Suggestions Futures Market Quotes | Contract | Closing Price | Change | Change Rate | Open Interest | Increase/Decrease | | --- | --- | --- | --- | --- | --- | | SR509 | 5683 yuan/ton | -24 | -0.42% | 172519 | -12540 | | SR601 | 5628 yuan/ton | -9 | -0.16% | 262284 | 11742 | | US Sugar 10 | 16.09 cents/pound | -0.16 | -0.98% | 387393 | -2227 | | US Sugar 03 | 16.75 cents/pound | -0.13 | -0.77% | 230653 | 4038 | [7] Domestic Market - Zhengzhou sugar's main contract continued to decline. The 09 contract closed at 5683 yuan/ton, down 24 yuan or 0.42%, with a reduction of 12540 positions. Domestic spot prices in production areas also fell, with Nanning sugar at 5090 yuan and Kunming sugar at 5800 yuan [8] Group 5: Industry News Guangxi - In the 2024/25 sugar - crushing season, the cumulative sugarcane crushed was 4859.54 million tons, a year - on - year decrease of 258.47 million tons; the output of mixed sugar was 646.50 million tons, a year - on - year increase of 28.36 million tons; the sugar - making rate was 13.30%, a year - on - year increase of 1.22 percentage points. As of the end of July, the cumulative sugar sales were 549.61 million tons, a year - on - year increase of 39.66 million tons; the sales rate was 85.01%, a year - on - year increase of 2.51 percentage points. In July, the monthly sugar sales were 35.55 million tons, a year - on - year decrease of 21.78 million tons; the industrial inventory was 96.89 million tons, a year - on - year decrease of 11.3 million tons [9] Yunnan - The 2024/2025 sugar - crushing season in Yunnan lasted 206 days, ending 5 days earlier than last year. The total sugarcane crushed was 1806.30 million tons (compared to 1544.94 million tons in the previous season), the sugar output was 241.88 million tons (203.20 million tons in the previous season), the sugar - making rate was 13.39% (13.15% in the previous season), and the alcohol output was 2.82 million tons (2.80 million tons in the previous season). As of July 31, 2025, the cumulative sugar sales were 195.14 million tons, a year - on - year increase of 32.62 million tons; the sugar sales rate was 80.68%, a year - on - year increase of 0.7%. The monthly sugar sales in July were 20.03 million tons, a year - on - year increase of 0.8 million tons; the industrial inventory was 46.73 million tons, a year - on - year increase of 6.06 million tons [9] Brazil - In the first half of July, in mid - southern Brazil, the sugarcane crushed was 4982.3 million tons, a year - on - year increase of 641.1 million tons (14.77%); the ATR of sugarcane was 133.66kg/ton, a year - on - year decrease of 9.79kg/ton; the sugar - making ratio was 53.68%, a year - on - year increase of 3.79%; the ethanol output was 2.194 billion liters, a year - on - year increase of 0.051 billion liters (2.36%); the sugar output was 340.6 million tons, a year - on - year increase of 44.6 million tons (15.07%) [9] Group 6: Data Overview - The report includes charts on 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 position of the top 20 seats in the main Zhengzhou sugar contract, with data sources from Wind and the Research and Development Department of CCB Futures [11][13][18]

Report Information - Report Title: Asphalt Daily Report [1] - Report Date: August 7, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - The supply growth of asphalt is relatively limited, and the demand is in the peak season, but the actual performance remains to be observed. Considering the performance of oil prices, it is expected that the unilateral price of asphalt will mainly fluctuate. In terms of arbitrage, consider going long on the crack spread after the upward trend of oil prices slows down [7] Section Summaries 1. Market Review and Operation Suggestions - Futures market: For BU2509, the opening price was 3527 yuan/ton, the closing price was 3555 yuan/ton, the highest was 3559 yuan/ton, the lowest was 3527 yuan/ton, the increase was 0.34%, and the trading volume was 4.92 million lots. For BU2510, the opening price was 3516 yuan/ton, the closing price was 3529 yuan/ton, the highest was 3530 yuan/ton, the lowest was 3505 yuan/ton, the increase was 0.17%, and the trading volume was 13.44 million lots [6] - Spot market: The spot prices of asphalt in North China, Shandong, and Sichuan-Chongqing markets declined, while that in South China market increased, and the prices in other regions remained stable. The overall trend of crude oil prices and asphalt futures was weak, and the spot market of asphalt was filled with strong wait-and-see sentiment [6] - Supply: Qilu Petrochemical, Henan Fengli, and Jiangsu Xinhai will resume asphalt production in early August, and the plant operating rate will rebound at the beginning of the month. The total planned asphalt production of domestic refineries in August is 2.433 million tons [6] - Demand: It is expected that the demand will continue to recover, but the extent remains to be observed. In August, precipitation in North China and Northeast China is still relatively high, but the overall weather conditions have improved. Coupled with the rush demand of some projects, it is generally beneficial to demand [6] 2. Industry News - Shandong market: The mainstream transaction price of 70 Grade A asphalt was 3550 - 3970 yuan/ton, a decrease of 10 yuan/ton compared with the previous working day. International oil prices and asphalt futures continued to be weak, and downstream receiving sentiment was cautious. Refineries and traders continued to lower their quotes, driving down the market price. The maintenance of Lanqiao Petrochemical was postponed, and some refineries planned to switch to asphalt production, so the supply of resources in Shandong was relatively abundant [8] - South China market: The mainstream transaction price of 70 Grade A asphalt was 3580 - 3630 yuan/ton, an increase of 10 yuan/ton compared with the previous working day. The asphalt futures price fluctuated at a low level, and there were low-price contract resources traded by spot-futures traders. In addition, Jingbo Hainan warehouse released forward contracts, and the market contract volume was relatively abundant. However, there was concentrated rainfall in South China recently, and the rigid demand was weak. Traders mainly held up prices, and the spot quotation was 3580 - 3600 yuan/ton [8] 3. Data Overview - The report provides data charts on asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt crack spread, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures [9][14][20]

Group 1: Report Information - Report date: August 7, 2025 [2] - Research team: Energy and Chemical Research Team [3] - Researchers: Li Jie, Ren Junchi, Peng Haozhou, Peng Jinglin, Liu Youran, Feng Zeren [1][3] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - The polysilicon market has multiple contracts running strongly, but the price increase in the industrial chain has not been smoothly transmitted to the component end. The supply and demand are generally in a loose pattern, and the price is mainly in a wide - range oscillation [4] Group 4: Market Performance - The PS2509 contract of polysilicon closed at 51,345 yuan/ton, with a 3.23% increase, a trading volume of 420,201 lots, and an open interest of 138,396 lots, with a net increase of 10,809 lots [4] Group 5: Market Outlook - Polysilicon is supported by comprehensive costs and spot prices, but the price increase in the industrial chain has not been smoothly transmitted to the component end. In August, the polysilicon production schedule increased significantly to 125,000 tons, which can meet the downstream demand of 56.82GW. Since June, the terminal demand has declined, and the monthly output of silicon wafers and cells has dropped to about 52GW. The supply - demand situation has not improved significantly, and the policy has entered the implementation stage, cooling the market sentiment. The price will generally remain in a wide - range oscillation [4] Group 6: Market News - On August 5, the number of polysilicon warehouse receipts was 3,120 lots, a net increase of 250 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, showing a significant decline [5] - On August 1, the Ministry of Industry and Information Technology issued a notice on the special energy - saving supervision task list for the polysilicon industry in 2025, requiring local departments to standardize supervision procedures and report results by September 30, 2025 [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, a 3% decrease compared with the same period last year [5]