Report Information - Report Title: Zinc Futures Daily Report [1] - Date: August 6, 2025 [2] - Research Team: Nonferrous Metals Research Team [4] - Researchers: Peng Jinglin, Zhang Ping, Yu Feifei [4] Industry Investment Rating - No information provided Core Viewpoints - The Shanghai zinc market rebounded compared to the previous day, with the main contract ZN2509 closing at 22,380 yuan/ton, up 175 yuan or 0.79%. The trading volume decreased, and the open interest decreased by 4,253 lots to 98,475 lots. The net short position of the top 20 seats decreased by 3,045 lots [7]. - The average monthly TC of domestic zinc concentrates in August increased by 100 yuan to 3,900 yuan/metal ton. Supported by high TC and high by - product profits, smelting enterprises are highly motivated to produce, and the overall zinc ingot supply remains strong [7]. - The "trade - in" policy for consumer goods continues, and the third batch of funds has been allocated. There is an expected increase in zinc demand from infrastructure in the second half of the year. However, the demand is currently weak in the short term, and the operating rates of galvanizing and die - casting zinc alloy are still at historically low levels [7]. - The core contradiction of abundant zinc ore and sufficient zinc ingots in the zinc market is more prominent during the off - season of demand, and the social inventory has continued to accumulate to over 100,000 tons. Short - term bears have closed their positions, but as the price rebounds, the downstream purchasing sentiment has worsened, the spot premium has weakened, and the rebound height of Shanghai zinc is limited, operating in the middle - lower range of the Bollinger Bands [7]. Summary by Directory 1. Market Review - **Futures Market Quotes**: The opening, closing, highest, and lowest prices, as well as the changes and percentage changes of different Shanghai zinc contracts (2508, 2509, 2510) are presented. The main contract ZN2509 had specific price and trading volume changes [7]. - **Supply and Demand Situation**: High TC and by - product profits support strong zinc ingot supply. Demand policies exist, but short - term demand is weak, and the operating rates of related industries are low. The supply - demand contradiction leads to inventory accumulation [7]. - **Market Trend**: The short - term rebound of Shanghai zinc is limited, and it operates in the middle - lower range of the Bollinger Bands [7]. 2. Industry News - **Price and Premium in Different Regions**: The mainstream transaction prices and premiums of 0 zinc and 1 zinc in different regions (including Shanghai, Ningbo, Tianjin, and Guangdong) are reported, showing price differences and market characteristics in each region [8][9]. 3. Data Overview - **Graphs**: The report includes graphs such as the price trends of zinc in two markets, SHFE monthly spreads, SMM seven - region zinc ingot weekly inventory, and LME zinc inventory, with data sources from Wind, SMM, and the research and development department of CCB Futures [11][13]

Report Information - Report Name: Nickel Daily Report [1] - Date: August 6, 2025 [2] - Research Team: Nonferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] Investment Rating - No investment rating information is provided in the report. Core View - The macro - warm atmosphere supports the nickel price to be strong, and the prices in the industrial chain have rebounded. However, the oversupply pressure remains, and the price will still be under pressure after the macro - sentiment fades. It may continue to test the cost support [7]. Summary by Directory 1. Market Review and Operation Suggestions - On the 5th, Shanghai nickel fluctuated strongly. The main contract 2509 closed up 0.83% at 120,910. The total open interest of the index decreased by 5,588 to 191,375 lots. The average premium of Jinchuan No.1 nickel decreased by 100 to 2,250 yuan/ton compared with the previous day. The quoted range of spot premium and discount of domestic mainstream brands of electrowinning nickel was - 100 - 300 yuan/ton [7]. - The supply of nickel ore in the Philippines and Indonesia is expected to be loose in the future, and the price has further downward pressure, with the support from the ore end weakening. The price of NPI continued to rise, with an average of 916 yuan/nickel point on the 5th. But the nickel ore price is still high in the short - term, and most Indonesian iron plants are still in a state of cost inversion. Due to the low spot market of stainless steel despite the price recovery, the traditional off - season consumption and high inventory limit the acceptance of high raw material prices, so the upward trend of NPI may not last long [7]. - The price of nickel salt has recovered from the low level due to the rigid replenishment of precursors and the low inventory of nickel salt plants, but the recovery space may be limited. The macro - environment has not yet substantially boosted the demand. The nickel industry does not directly benefit from the anti - involution logic. Attention should be paid to whether there are production - cut policies in the stainless steel industry. The nickel market is difficult to have substantial improvement in the short term [7]. 2. Industry News - Indonesia's National Investment Management Agency Danantara is exploring investment opportunities in the downstream nickel industry. It is considering acquiring the PT Gunbuster Nickel Industry (GNI) smelter in Central Sulawesi. The acquisition plan is still in the evaluation stage, and the state - owned mining holding company Mind ID is likely to be the main partner. Danantara expects to prepare an investment plan of over $20 billion and provide about $60 million in medium - term financing through a syndicated loan to help GNI relieve liquidity pressure [8][10]. - Bulgaria officially launched the largest operating battery energy storage system in the EU, with a capacity of 124 MW/496.2 MWh. This is the first step towards the goal of deploying 10,000 MWh of battery energy storage capacity within a year [10]. - A research team in Turkey developed a TOPCon solar cell using nickel (Ni) contact with almost no silver (Ag). It significantly reduces the silver usage from 13 - 20 mg/W to below 0.5 mg/W while maintaining almost the same efficiency, which is expected to reduce production costs and improve sustainability and scalability [10]. - Renewable energy storage company Apatura obtained planning permission for a 100 - MW battery energy storage system (BESS) project in North Ayrshire, Scotland. This is the tenth approved project in the past 17 months, with the total approved storage capacity exceeding 1.6 GW [10].

Report Summary 1. Industry Investment Rating The report does not mention the industry investment rating. 2. Core Viewpoints - Gold's safe - haven demand is greatly boosted by Trump's 2.0 new policy which accelerates the global political and economic restructuring. Gold's medium - term upward trend remains good, with London gold likely to trade in the range of $3120 - $3500 per ounce before rising again. Investors are advised to maintain a long - term view and participate in trading with medium - low positions [4]. - The restructuring of the international trade and monetary system and the need for reserve diversification will support the long - term bull market of gold. Trump's multiple reforms lead to economic weakness and central bank interest - rate cut expectations, supporting the medium - term bull market of gold. However, high gold prices also mean increased volatility. In the third quarter, attention should be paid to the impact of the US fiscal expansion bill and rising inflation pressure on the Fed's interest - rate cut timing. Short - term, London gold is expected to continue to consolidate in the $3120 - $3500 per ounce range [5]. 3. Summary by Directory 3.1 Precious Metals Market Analysis - **Intraday Market**: Overnight news was stable. The dollar index rebounded slightly, and gold prices oscillated after a sharp rise on Friday. London gold traded between $3340 - $3385 per ounce for two consecutive days. Silver, with strong industrial attributes, followed the A - share and other industrial metals higher due to Fed interest - rate cut expectations [4]. - **Medium - term Market**: Since late April, London gold has been trading in the range of $3100 - $3500 per ounce. International trade cooling and the US fiscal expansion bill weakened gold's safe - haven and allocation demand, but Trump's new policy uncertainties and geopolitical risks supported the price. In June, speculative funds flowed into the silver and platinum markets. The gold - silver ratio has basically returned to the level before April. It is expected that London gold will continue to oscillate in the $3120 - $3500 per ounce range in the short term [5]. 3.2 Precious Metals Market - related Charts The report presents multiple charts including Shanghai gold and silver futures indices, London gold and silver spot prices, Shanghai futures index basis against Shanghai Gold T + D, and gold and silver ETF holdings, etc., but no specific analysis of these charts is provided in the text [7][9][11]. 3.3 Main Macroeconomic Events/Data - Trump plans to significantly increase tariffs on Indian goods due to India's large - scale oil purchases from Russia. India will take measures to safeguard its interests. Switzerland is seeking to avoid a 39% US import tariff on its goods [17]. - San Francisco Fed President Daly said that the time for an interest - rate cut is approaching as the US job market is weakening and there are no signs of continuous inflation caused by tariffs [17]. - The CEO of Mitsubishi UFJ Financial Group said that the Bank of Japan may raise interest rates as early as October due to reduced trade - related uncertainties and relatively high domestic inflation pressure [17].

Report Information - Report Name: Copper Futures Daily Report [1] - Date: August 6, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] Investment Rating - Not provided Core View - The short - term market sentiment for buying copper is still strong. Although copper is in the inventory accumulation period, the support at 77,000 is expected to be strong. However, the short - term spot market's support for copper prices is weak due to inventory accumulation pressure at home and abroad [11]. Summary by Directory 1. Market Review and Operation Suggestions - The main contract of Shanghai copper fluctuated strongly, closing at 78,580, and continued to run below the trend line. Spot copper rose 195 to 78,615, and the premium dropped 50 to 130. It is expected that the premium will continue to decline tomorrow. The premium of imported copper continued to be weak, with a rising trend in offers but large differences between buyers and sellers, and few transactions in the market. LME copper inventory increased by 14,275 to 153,850 tons, and the 0 - 3C structure expanded to 52.73. The domestic spot market has limited acceptance of high - priced copper, and the inventory accumulation pressure at home and abroad weakens the support of the short - term spot market for copper prices [11]. 2. Industry News - Some domestic copper processing material export orders to the US are under pressure due to the US tariff increase on copper semi - finished products. A copper tube enterprise's goods arriving in the US on August 5 were additionally taxed 50%, and the comprehensive tariff for copper tube exports to the US reached 97%. High tariffs have led to a suspension of subsequent un - signed orders from US customers [12]. - Codelco must submit four reports regarding the El Teniente copper mine collapse incident [12]. - Baiyin Nonferrous has achieved cost - reduction and efficiency - improvement. As of the end of July, the electrolysis workshop of its copper business has produced 231,000 tons of cathode copper, with the A - grade copper grade rate reaching 96.31% [12].

行业 集运指数日报 日期 2025 年 8 月 6 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 | | | 表1：集运欧线期货8月5日交易数据汇总 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算 价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | EC2508 | 2,112.0 | 2,103.1 | 2,088.8 | 2,096.0 | -23.2 | -1.1 ...

Group 1: Report Overview - Report Name: Aluminum Daily Report [1] - Date: August 6, 2025 [2] - Research Team: Nonferrous Metals Research Team, including Yu Feifei, Zhang Ping, and Peng Jinglin [3] Group 2: Market Review and Operational Suggestions Aluminum Market - On the 5th, Shanghai Aluminum continued to fluctuate strongly. The main contract 2509 closed up 0.51% at 20,560. The total index positions increased by 934 to 574,153 lots. The 08 - 09 premium was reported at 40. Aluminum ingot social inventories continued to grow, and spot prices were all at discounts. Cast aluminum alloy fluctuated strongly following Shanghai Aluminum, with the AD - AL negative spread reported at - 485 [8]. - In August, the supply of bauxite tends to tighten due to the impact of the rainy season in Guinea. However, with high port inventories and the resumption of some停产 mines, the shortage is expected to be limited, and the bauxite price will mainly operate at the bottom [8]. - The stimulus of the anti - involution policy for over - capacity industries on related industrial products has temporarily ended. The over - capacity pattern of alumina remains unchanged. Before the policy is clear, the upside space of alumina should be viewed with caution, and short - selling can be considered at high points [8]. - In the cast aluminum sector, it is currently the off - season for the automotive industry. With weakening demand and a shortage of scrap aluminum supply, cast aluminum will continue to fluctuate in a range following Shanghai Aluminum, and the AD - AL will maintain a low - level negative spread structure [8]. - In the electrolytic aluminum sector, the domestic operating capacity remains at a high level. The demand side is still sluggish in the off - season, and inventories are seasonally increasing. The profits of smelting enterprises have declined but are still substantial. Currently, the aluminum market is dominated by macro - sentiment. The decline of the US dollar and domestic policy expectations support the sector to be strong, but the off - season continues, and short - selling can be appropriately considered [8]. Group 3: Industry News Ghana's Bauxite Agreement - Ghana has canceled a $1.2 billion bauxite agreement with local company Rocksure International and is seeking cooperation with a large overseas company to develop one of the richest bauxite mines in West Africa. Potential partners include the UAE's Emirates Global Aluminium (EGA) or a Chinese company. The canceled agreement covered the Nyinahin Hills mine in central Ghana, which contains about 376 million tons of bauxite. Ghana has about 900 million tons of bauxite, ranking seventh in the world [9][10]. China's Aluminum Import and Export Data - In June 2025, China's primary aluminum imports were about 192,400 tons, a month - on - month decrease of 13.8% and a year - on - year increase of 58.7%. From January to June, the cumulative primary aluminum imports were about 1.2499 million tons, a year - on - year increase of 2.5% [10]. - In June 2025, China's primary aluminum exports were about 19,600 tons, a month - on - month decrease of 39.5% and a year - on - year increase of 179.4%. From January to June, the cumulative primary aluminum exports were about 86,600 tons, a year - on - year increase of about 206.6% [10]. - In June 2025, China's net primary aluminum imports were 172,700 tons, a month - on - month decrease of 9.4% and a year - on - year increase of 51.3%. From January to June, the cumulative net primary aluminum imports were about 1.1633 million tons, a year - on - year decrease of 2.3% [10]. Guinea's Mining License Revocation - On the evening of July 17, 2025, Guinea's National Television announced that the Ministry of Mines and Geology had revoked the exploration and mining licenses of 45 mining companies, including six bauxite enterprises. The revoked bauxite enterprises all have long - term idle mining rights and no actual mining activities. The official said that these mining rights were taken back by the state free of charge as part of a comprehensive rectification of the national mining registration system to improve the transparency and standardization of mineral resource management [10]. Restart of Alcoa's Spanish Smelter - Alcoa expects its San Ciprián aluminum smelter in Spain to be restarted by mid - 2026, with an expected loss of up to $110 million due to the delay. The plant's production decreased in 2021 due to high electricity prices. The restart plan was postponed due to a nationwide power outage in Spain on April 28. After evaluating the power outage losses, the joint - venture company suspended the resumption of production until the Spanish government provided detailed information on the cause of the power outage and measures to prevent similar events. On July 14, Alcoa and its joint - venture partner Ignis Equity Holdings confirmed that the restart of the San Ciprián electrolytic aluminum plant had resumed. Alcoa expects the smelter to record a net loss of about $90 million to $110 million in 2025, and the entire restart process is expected to be completed by mid - 2026 [10][11]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On August 5, the main contract 2509 of coke futures continued to rebound with a narrowing increase, while the main contract 2601 of coking coal futures turned stronger, hitting the daily limit at the end of the session before opening and giving back a small part of the gains. Considering the tight supply in the spot market of coking coal and coke driven by supply - demand relations, and the potential for price increases, it is possible that the phased decline in the futures market of coking coal and coke has ended, and then it may turn into a volatile market, waiting for further development of the supply - demand relationship after the spot market price increase to determine the direction [5][11]. 3. Summary by Relevant Catalogs 3.1 Market Conditions Review and Future Outlook 3.1.1 Futures Market - On August 5, for the coke futures main contract J2509, the previous closing price was 1585 yuan/ton, the opening price was 1585.5 yuan/ton, the highest price was 1626 yuan/ton, the lowest price was 1551.5 yuan/ton, the closing price was 1615 yuan/ton, with a decline of 0.15%. The trading volume was 30,451 lots, the open interest was 25,782 lots, a decrease of 2,331 lots, and the capital inflow/outflow was - 0.58 billion yuan. For the coking coal futures main contract JM2601, the previous closing price was 1092.5 yuan/ton, the opening price was 1099.5 yuan/ton, the highest price was 1143 yuan/ton, the lowest price was 1066.5 yuan/ton, the closing price was 1141 yuan/ton, with an increase of 2.33%. The trading volume was 1,908,758 lots, the open interest was 487,977 lots, an increase of 59,997 lots, and the capital inflow was 10.71 billion yuan [5]. - Regarding the black - series futures positions on August 5, for different contracts such as RB2510, HC2510, SS2509, J2509, JM2601, and I2509, the long and short positions of the top 20 traders, their position changes, and the long - short comparison and deviation degrees are presented in the table [6]. 3.1.2 Spot Market - On August 5, the ex - warehouse price index of quasi - first - grade metallurgical coke at Rizhao Port, Qingdao Port, and Tianjin Port was 1470 yuan/ton, with an increase of 50 yuan/ton; the price in Tangshan was 1400 yuan/ton, also with an increase of 50 yuan/ton. The aggregated price of low - sulfur main coking coal in Tangshan was 1485 yuan/ton, an increase of 180 yuan/ton; in Linfen it was 1500 yuan/ton, unchanged; in Handan it was 1350 yuan/ton, an increase of 20 yuan/ton; in other regions, the prices and their changes are also presented in the table [8]. 3.1.3 Technical Analysis - On August 5, for the coke 2509 contract, the daily KDJ indicator continued to diverge, with the J value rising, the K value slightly decreasing, and the D value continuing to decline. The daily MACD indicator's green bar continued to slightly expand. For the coking coal 2601 contract, the daily KDJ indicator diverged, with the J and K values turning up and the D value continuing to decline. The daily MACD indicator had a death cross the previous day, and the green bar slightly expanded [8]. 3.1.4 Future Outlook - News: On July 31, Zhang Xing, Deputy Director of the General Affairs Department of the National Energy Administration, stated that the National Energy Administration will guide coal - producing provinces and enterprises to continue production organization, formulate scientific production plans, arrange equipment maintenance reasonably, and ensure coal production and supply. It will also conduct production inspections in key coal - producing provinces and urge enterprises to produce according to announced capacities [10]. - Fundamentals: For coke, the output of independent coking plants decreased slightly after two consecutive weeks of increase, and the output of steel mills' coke reached a new low since late February. The port coke inventory rose to a new high since early June, while the inventories of steel mills and coking plants reached new lows since late December last year. The profit per ton of coke has been in the red for 11 consecutive weeks, and on August 3, the 5th round of spot price increase for coke was proposed. For coking coal, from January to June, China's coking coal imports still had a large year - on - year decline of - 7.4%. In the past 7 weeks, the inventories of raw coal and clean coal in coal washing plants have significantly decreased, with declines of 17.6% and 33.8% respectively. The inventory of independent coking plants has increased for 6 consecutive weeks, reaching a new high since early February, the port inventory reached a new low since early August last year, and the steel mill inventory has increased for 3 consecutive weeks. With the continuous increase in steel mill inventory, the replenishment of coking plants has significantly cooled down [10]. 3.2 Industry News - The People's Bank of China released the liquidity injection data of central bank tools in July 2025 on August 4. In July, the Standing Lending Facility (SLF) had a net withdrawal of 300 million yuan, the Medium - term Lending Facility (MLF) had a net injection of 10 billion yuan, the Pledged Supplementary Lending (PSL) had a net withdrawal of 23 billion yuan, the short - term reverse repurchase had a net injection of 18.8 billion yuan, and the outright reverse repurchase had a net injection of 20 billion yuan [12]. - According to the VAT invoice data of the State Taxation Administration, driven by the large - scale equipment renewal policy, in the first half of the year, the national enterprise procurement of mechanical equipment increased by 11.1% year - on - year. With the continuous effectiveness of the consumer goods trade - in policy, consumer demand was released. In the first half of the year, the retail sales of household audio - visual equipment such as TVs and daily household appliances such as refrigerators increased by 45.3% and 56.6% respectively year - on - year; furniture retail related to home improvement increased by 34% year - on - year; the retail sales of communication equipment such as mobile phones under the expanded trade - in policy increased by 25.4% year - on - year [12]. - The VAT invoice data of the State Taxation Administration showed that in the first half of the year, driven by national tax incentives and other policies, the sales revenue growth rate of the manufacturing industry was 1.5 percentage points faster than the overall growth rate of national enterprises. The "high - end" development of the manufacturing industry advanced steadily, with the sales revenues of the equipment manufacturing and high - tech manufacturing industries increasing by 8.9% and 11.9% respectively year - on - year [12][13]. - According to Securities Times, since April this year, the issuance speed of new local government special bonds has accelerated monthly, and the issuance scale reached a new high in July. Enterprise Early Warning System data showed that in July, the national issuance of new special bonds was 61.6936 billion yuan, an increase of 8.9842 billion yuan from the previous month [13]. - Shaanxi Coal Industry announced that in July 2025, its coal production was 14.11 million tons, a year - on - year increase of 1.10% compared to 13.96 million tons in July 2024; the self - produced coal sales volume was 12.99 million tons, a year - on - year increase of 2.89% [13]. - According to the Passenger Car Association, based on preliminary monthly data, the wholesale sales of new energy passenger vehicles in July were 1.18 million units, a year - on - year increase of 25% and a month - on - month decrease of 4%. From January to July this year, the cumulative wholesale was 7.63 million units, a year - on - year increase of 35% [13]. - On August 4, Luo Junjie, Vice President of the China National Machinery Industry Federation, stated that under the combined effect of existing policies and a new round of "two new" policies, domestic market demand improved, driving the overall production and sales of mechanical industry products to be better than the same period last year. In the first half of the year, among the 122 key - monitored main products, 84 products had a year - on - year increase in output, accounting for 68.9%, an increase of 7.4 percentage points compared to the same period last year; 38 products had a year - on - year decrease in output, accounting for 31.1% [13]. - According to the China National Machinery Industry Federation, in the first half of the year, the new energy vehicle market maintained rapid growth. The production and sales of new energy vehicles were 6.968 million and 6.937 million units respectively, a year - on - year increase of 41.4% and 40.3% respectively, and the market penetration rate reached 44.3%, a record high for the same period [13]. - According to the Daily Economic News, Pingdingshan Tianan Coal Mining Co., Ltd. stated on the interactive platform on August 4 that the company currently has no over - production. The national "anti - involution" policies will lead to a contraction in overall coal supply, the profitability of the downstream steel industry will improve and be transmitted upstream, and the demand is expected to increase due to large - scale infrastructure projects. The company's performance is expected to recover due to the bottoming - out and rebound of coal prices [13]. - According to Xinjiang Daily, since this summer, Xinjiang Railway has made efforts in coal supply transportation, with a daily coal shipment of 410,000 tons, including 252,500 tons of coal transported out of Xinjiang, strongly supporting power generation enterprises to meet the peak summer demand [13]. - According to Guangzhou Daily, on August 3, the Panamanian - flagged "Dinghe" vessel loaded with 8,000 tons of steel and steel plates sailed from the Baosteel finished product terminal in the Donghaidao Port Area of Zhanjiang Port, Guangdong to Laem Chabang Port, Thailand, marking the official opening of a new direct shipping route from Baosteel Zhanjiang Iron and Steel Co., Ltd. to Thailand [13]. - On August 4, the Malaysian Minister of Trade reported the tariff negotiation situation with the United States to the parliament. Malaysia agreed to reduce or cancel import tariffs on 98.4% of goods on the US tariff list, exempt sales taxes on some US agricultural products such as fruits and seafood, and purchase US semiconductor, aerospace, and data center products worth 150 billion US dollars within five years [13]. - The Indonesian coal giant Bumi Resources recently released its 2025 H1 financial report, showing that the company's net profit in the first half of the year dropped sharply by 75.97% year - on - year to 20.4 million US dollars (approximately 331.21 trillion Indonesian rupiahs). Although the company's revenue increased by 13.78% year - on - year to 677.93 million US dollars, the increase in financial costs and business transformation pressure led to a significant shrinkage in profits [14]. 3.3 Data Overview - The report presents multiple data charts, including the spot price index of metallurgical coke in major markets, the aggregated spot price of main coking coal in major markets, the production and capacity utilization rate of coking plants, the production and capacity utilization rate of steel mills' coke, the national daily average hot metal output, the coke inventory of ports/steel mills/coking plants, the profit per ton of independent coking plants, the production and operating rate of coal washing plants, the raw coal and clean coal inventory of coal washing plants, the coking coal inventory of ports/coking plants/steel mills, the basis between Rizhao Port's quasi - first - grade coke and the September contract, and the basis between Linfen's low - sulfur main coking coal and the January contract [15][17][23][25][27][32].

Report Overview - Date: August 6, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] - Team: Non-ferrous Metals Research Team [4] Key Points 1. Investment Rating - No investment rating provided in the report. 2. Core View - The lithium carbonate futures market showed a pattern of rising and then falling. The market's hype about the mining end in Yichun has cooled over time. The focus of the spot market has shifted slightly downward, with the price of electric carbon dropping by 150 to 71,200. The downstream production of cathodes and cells is growing optimistically, and procurement demand has increased, but actual transactions are mainly for essential needs due to the strengthening basis. The market is cautious and waiting for the upstream lithium resource production suspension situation to be clarified, so short-term cautious observation is recommended [12]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - The lithium carbonate futures market rose and then fell. The market hype about the mining end in Yichun has cooled. The spot market focus has shifted slightly downward, with the electric carbon price dropping by 150 to 71,200. The downstream production of cathodes and cells is growing optimistically, and procurement demand has increased, but actual transactions are mainly for essential needs due to the strengthening basis. The market is cautious and waiting for the upstream lithium resource production suspension situation to be clarified, so short-term cautious observation is recommended [12]. 3.2 Industry News - Chang'an Qiyuan announced its new car sales in July 2025, with 28,568 vehicles delivered in July and cumulative sales exceeding 190,000 from January to July, a year-on-year increase of 30%. The cumulative sales of Qiyuan Q07 exceeded 40,000, and Qiyuan A06 will be officially launched in the second half of the year [13]. - Beijing New Energy Automobile Co., Ltd. produced 10,745 vehicles in July 2025, a year-on-year decrease of 7.79%, and sold 10,280 vehicles, a year-on-year decrease of 6.38%. From January to July, the cumulative production was 78,754 vehicles, a year-on-year increase of 162.05%, and the cumulative sales were 77,432 vehicles, a year-on-year increase of 98.58% [13]. - On August 1, 2025, Tieling Economic Development Zone signed a contract with Guosheng Energy Co., Ltd., with a total investment of 3 billion yuan and an area of 230 mu. The industrial park will be built in two phases to create a complete industrial chain, including the production and recycling of positive and negative electrode materials for high-performance solid-state batteries, cell manufacturing, and Pack lines. The project will also enter cutting-edge fields such as heterojunction tandem perovskite and new energy high-end equipment R & D and manufacturing [13].

Report Overview - Report Title: Pig Daily Report - Date: August 06, 2025 - Industry: Pig Industry 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - In August, the supply of the pig industry is expected to increase as farmers' enthusiasm for selling pigs is high at the beginning of the month, and the utilization rate of secondary fattening pens remains high. Meanwhile, demand is in the off - season, so the supply - demand relationship will remain relatively loose, and pig prices may continue to face pressure. In the short - term, the nearby futures contract 2509 is following the decline of the spot price. In the medium - to - long - term for the far - month contracts, the pig supply will increase slightly, and contracts 2511 and 2601 are in the peak demand season, so their prices may show a volatile upward trend. Policies such as the anti - involution initiative and the high - quality development of the pig industry are beneficial to the long - term performance of pig prices [9]. 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Market Review**: On August 5, the main pig futures contract 2509 opened flat, then rose, fell back, and fluctuated lower, closing with a negative line. The highest price was 13,980 yuan/ton, the lowest was 13,825 yuan/ton, and the closing price was 13,885 yuan/ton, up 0.04% from the previous day. The total open interest of the index increased by 863 lots to 173,912 lots. The average price of external ternary pigs nationwide was 13.93 yuan/kg, up 0.01 yuan/kg from the previous day [8]. - **Analysis**: On the demand side, the utilization rate of pens is high, the enthusiasm for secondary fattening is average, and terminal demand is weak due to hot weather. The slaughter volume of sample slaughtering enterprises on August 5 was 136,000 heads, 1,000 heads less than the previous day and 1,200 heads less than a week ago. On the supply side, the number of pigs for sale in August may increase month - on - month, and the pressure on sales remains. Overall, the supply - demand relationship is loose, and pig prices may be under pressure. In the futures market, the short - term nearby contract 2509 follows the spot price decline, while the medium - to - long - term far - month contracts may show a volatile upward trend [9]. 3.2 Industry News - As of July 31, the average profit per self - breeding and self - raising pig was 129 yuan/head, a week - on - week decrease of 33 yuan/head; the average profit per pig purchased as a piglet was - 82 yuan/head, a week - on - week decrease of 19 yuan/head [10][12]. 3.3 Data Overview - As of the week of July 31, the average market sales price of 15 - kg piglets was 527 yuan/head, 15 yuan/head lower than the previous week. - The average daily slaughter volume of sample slaughtering enterprises in the week of July 31 was 136,803 heads, a week - on - week increase of 1.99%. - As of the end of the second quarter of 2025, the national pig inventory was 424.47 million heads, a year - on - year increase of 2.2% and a month - on - month increase of 7.16 million heads (1.72%). - As of the week of July 31, the average weight of slaughtered pigs nationwide was 127.98 kg, a week - on - week decrease of 0.5 kg (0.39%) [18].

Report Information - Report Name: Polyolefin Daily Report [1] - Date: August 6, 2025 [2] Investment Rating - Not provided Core Viewpoints - The supply pressure of polyolefins persists, with new PE plants in Jilin Petrochemical, ExxonMobil Huizhou, and Guangxi Petrochemical planned to be put into operation in the third quarter, and the 900,000 tons/year production capacity of Ningbo Daxie Phase II expected to be launched, significantly impacting the supply side [5]. - The demand is weak and needs improvement, with the overall downstream operating load remaining at a low level. Although the agricultural film operation has rebounded from a low level, the demand follow - up is slow. The orders in the construction field are mediocre, and the operations of pipes and plastic weaving are at historical lows. The demand for daily injection - molded products has increased slightly month - on - month [5]. - It is expected that the demand will gradually emerge from the off - season in the second half of the month, but currently, downstream enterprises mostly maintain a low - inventory strategy, with limited motivation for active restocking [5]. - The policy - driven market has led polyolefins to follow, but the loose fundamental pattern will continuously restrict their upward space. After the digestion of anti - involution sentiment, polyolefins will return to a weak and volatile operation [5]. Summary by Directory I. Market Review and Outlook - Futures Market: On August 5, 2025, L2509 opened lower, fluctuated upward during the session, and finally closed at 7,323 yuan/ton, up 47 yuan/ton (0.65%), with a trading volume of 180,000 lots and an increase of 1,254 in positions to 301,516 lots. PP's main contract closed at 7,095 yuan/ton, up 26 yuan (0.37%), with a decrease of 1,671 lots in positions to 258,600 lots. Other contracts also showed different degrees of increase [5][7]. - Inventory: The inventory level of major producers on August 5, 2025, was 805,000 tons, a decrease of 15,000 tons (1.83%) from the previous working day, compared with 815,000 tons in the same period last year [7]. - Market Prices: The PE market price was weakly adjusted. The LLDPE price in North China was 7,150 - 7,450 yuan/ton, in East China was 7,230 - 7,600 yuan/ton, and in South China was 7,320 - 7,650 yuan/ton. The PP market was running weakly, with a decline of 10 - 30 yuan/ton. The mainstream price of North China drawstrings was 6,920 - 7,060 yuan/ton, in East China was 6,980 - 7,100 yuan/ton, and in South China was 6,960 - 7,150 yuan/ton. The Shandong propylene market price continued to rise, closing at 6,150 - 6,200 yuan/ton at 12:00, up 15 yuan/ton from the previous day [7]. II. Industry News - Not provided III. Data Overview - The report presents multiple data graphs, 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 increase/decrease rate, with data sources from Wind, Zhuochuang Information, and the Research and Development Department of CCB Futures [9][16][17]