Report Information - Report Title: Precious Metals Daily Review - Date: August 29, 2025 - Research Team: Macro Financial Team - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [2] Industry Investment Rating - No industry investment rating information is provided in the report. Core Viewpoints - Gold is accumulating upward breakthrough momentum despite temporarily being blocked at the $3400/oz level, with the bottom of the phased correction since the end of June gradually rising. The volatility of gold has increased, but the medium - term upward trend remains good. London gold may trade in a wide range between $3120 - $3500/oz and then rise again. [4] - The price of silver with strong industrial attributes has been boosted by the Fed's interest - rate cut expectations and the strong rebound of the Chinese stock market, and the London gold - silver ratio has returned to 87.5. [4] - The restructuring of the international trade currency system and the Fed's interest - rate cut expectations continue to support the gold price, but the high price - to - earnings ratio also means significant volatility. The weak US employment market provides a necessary condition for the Fed to restart the interest - rate cut process, but rising inflation pressure may restrict the pace. [5] - Investors are advised to maintain a long - term view and participate in gold and silver trading with medium - to - low positions, avoiding full - position chasing and blind short - selling. [4][5] Summary by Directory 1. Precious Metals Market Trends and Outlook Intraday Market - Trump's dismissal of Fed Governor Cook has raised concerns about the loss of US fiscal and financial discipline. The Fed's interest - rate cut expectations and the strong rebound of the Chinese stock market have boosted the price of silver. The gold - silver ratio in London has returned to 87.5. The new Trump 2.0 policy has greatly boosted the safe - haven demand for gold. London gold may trade in a wide range between $3120 - $3500/oz and then rise again. [4] Medium - term Market - Since late April, London gold has been trading in a wide range between $3100 - $3500/oz. The restructuring of the international trade currency system and the Fed's interest - rate cut expectations continue to support the gold price. It is expected that London gold will continue to trade in the range of $3120 - $3500/oz in the short term, with the bottom of the correction gradually rising since the end of June. [5] Domestic Precious Metals Market - The Shanghai Gold Index closed at 785.49, up 0.28%; the Shanghai Silver Index closed at 9399, up 0.77%; Gold T + D closed at 779.97, up 0.30%; Silver T + D closed at 9330, up 0.75%. [5] 2. Precious Metals Market - Related Charts - The report provides six charts, including Shanghai gold and silver futures indices, London gold and silver spot prices, the basis of Shanghai futures indices against Shanghai Gold T + D, gold and silver ETF holdings, the gold - silver ratio, and the correlation between London gold and other assets. [7] 3. Major Macroeconomic Events/Data - New York Fed President Williams said that the Fed may cut interest rates at some point, but policymakers need to see economic data before deciding whether to cut rates at the September 16 - 17 meeting. Fed Governor Cook's lawsuit against Trump's dismissal may be filed as early as Wednesday. [8] - The EU will accelerate legislation to cancel tariffs on US industrial products this week. Mexico plans to raise tariffs on Chinese imports in its 2026 budget proposal next month. [8]

Report Overview - Report Date: August 29, 2025 [2] - Industry: Non-ferrous Metals (Lithium Carbonate Futures) - Research Team: Non-ferrous Metals Research Team of Jianxin Futures - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] 1. Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The lithium carbonate futures market continued to revolve around upstream mining issues. Although there were uncertainties regarding ore type changes before the end of September, there was support at lower levels. With the approach of the traditional peak season of "Golden September and Silver October", downstream demand had certain rigid support. The decline in futures prices narrowed in the afternoon, and the spot price followed the decline. It was expected that the downward space of lithium carbonate futures was limited under the support of spot prices, and attention should be paid to the support level of 77,000 [9]. - The weekly production of lithium carbonate decreased for two consecutive weeks, and the supply-side pressure showed a slowdown trend. The weekly inventory decreased for three consecutive weeks, and it was judged that the inventory inflection point of lithium carbonate was approaching [9]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market**: The lithium carbonate futures declined. The lowest price of the main contract in the morning session was 75,740. The decline narrowed in the afternoon. It was expected that the downward space was limited under the support of spot prices, and attention should be paid to the 77,000 support level [9]. - **Spot Market**: The spot price followed the decline, with the price of electric carbon dropping by 1,600 to 80,000. The market transactions were active, and the point-price and trading activities increased significantly [9]. - **Supply and Demand**: The weekly production of lithium carbonate decreased by 108 to 19,030 tons, with the increase in lithium carbonate production from pyroxene slowing down, and the production from mica and salt lakes continuing to decline. The weekly inventory decreased by 407 to 141,136 tons [9]. 3.2 Industry News - **Fulin Seiko**: In the first half of 2025, the company achieved an operating income of 5.813 billion yuan, a year-on-year increase of 61.7%; the net profit attributable to the parent company was 174 million yuan, a year-on-year increase of 32.41%. The company accelerated its layout in the super-fast charging market, and the high-voltage and high-density lithium iron phosphate 4C ultra-fast charging products entered the high-end passenger car market. With the continuous growth of market and customer demand for high-compaction lithium iron phosphate, the overall production capacity, output, and loading volume of the company's lithium iron phosphate cathode materials would increase significantly [12]. - **Porsche**: Porsche AG announced the cancellation of the production plan of its high-performance battery subsidiary Cellforce. Due to the slowdown in electric vehicle demand and changes in the market environment in China and the United States, it would focus on battery R & D in the future [12].

Report Summary 1. Report Date - The report was released on August 29, 2025 [2] 2. Researcher Information - The researchers are Zhang Ping, Yu Feifei, and Peng Jinglin, with their respective contact information and futures qualification numbers provided [3] 3. Core Viewpoints - The copper price is judged to be prone to rise and difficult to fall, with a support level of 78,500 yuan, as the fundamentals still support the copper price during the domestic off - peak to peak season transition, and macro - level fluctuations present buying opportunities for downstream players [10] 4. Content Summary by Section 4.1 Market Review and Operation Suggestions - Shanghai copper prices declined due to negative macro - factors such as Trump seeking to remove Fed Governor Cook and threatening an economic war against Russia, which raised market risk - aversion. The main contract of Shanghai copper dropped to a minimum of 78,650 yuan, and the spot copper price fell 355 yuan to 7,9190 yuan. - The spot premium rose 35 yuan to 205 yuan as lower copper prices stimulated downstream purchases. Social inventories increased by 0.41 tons to 12.71 tons this week with more imports arriving. - The profit of the spot import window widened to 330 yuan, but the buying sentiment for Yangshan copper was average. The warehouse receipt premium rose 2 dollars/ton, while the bill of lading premium decreased 2 dollars/ton. - The short - term fundamentals show a pattern of strong domestic and weak overseas markets, with LME inventories being transferred to China. LME inventories increased slightly for two consecutive days to 15.8 tons, and the inventory increase in August was lower than expected. Attention should be paid to the potential return of COMEX inventories [10] 4.2 Industry News - Canadian mining company Hudbay Minerals restarted its copper - gold mine in Snow Lake, Manitoba on August 22 after the authorities lifted the mandatory evacuation order. The mine is expected to resume full - scale production in early September and is still expected to achieve its annual production target in 2025. - The International Copper Study Group (ICSG) stated that the global refined copper market had a significant surplus of 251,000 tons in the first half of the year. Mine production increased in Peru by 2.7%, in the Congo by 9.5%, and in Mongolia by 31%. Chile's production grew by 2.6%, while Indonesia's production decreased by 36%. Global refined copper production increased by 3.6% driven by a 6.2% combined growth in China and the Congo [11][12]

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: August 29, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - The Shanghai zinc futures opened with a gap down, leading the decline in the non - ferrous sector. The main contract 2510 closed at 22,170 yuan/ton, down 180 yuan or 0.81%, with increased volume and open interest. The LME zinc inventory decreased to below 60,000 tons, and the squeeze - out risk still exists due to the low - inventory pattern. The SHFE/LME ratio remains low, and the zinc ingot import window remains closed. The supply side is abundant as the refined zinc output is expected to increase to 621,500 tons in August. The downstream demand is still weak, and the开工 rates of galvanizing and zinc oxide are expected to hover at low levels. The external market is supported by interest - rate cut expectations and low inventory, showing an upward - biased trend. The internal - weak and external - strong pattern continues, and the domestic market is unlikely to decline deeply due to the influence of the external market. The SHFE zinc is oscillating between the middle and lower tracks of the Bollinger Bands, testing the 22,000 - yuan integer mark [7]. Summary by Directory 1. Market Review - **Futures Market Quotes**: The opening, closing, highest, and lowest prices, as well as the price changes, price change rates, open interest, and open - interest changes of SHFE zinc contracts 2509, 2510, and 2511 are provided. For example, the main contract 2510 opened at 22,210 yuan/ton, closed at 22,170 yuan/ton, down 180 yuan or 0.81%, with an open interest increase of 6,801 lots to 114,628 lots [7]. - **Market Situation Analysis**: The LME zinc inventory decreased to below 60,000 tons, and the 0 - 3 spread is C7.6. The SHFE/LME ratio is low, and the zinc ingot import window remains closed. The import zinc concentrate processing fee continues to rise, with the zinc concentrate index rising by 2.2 dollars/dry ton to 92 dollars/dry ton, and the domestic TC remains at 3,900 yuan/metal ton. The refinery operating rate is at a high level, and the refined zinc output in August is expected to reach 621,500 tons. The downstream demand is weak, and the production and transportation in North China are restricted due to stricter environmental protection during the military parade. The external market is supported by interest - rate cut expectations and low inventory, while the domestic market is affected by the external market and is oscillating between the middle and lower tracks of the Bollinger Bands, testing the 22,000 - yuan integer mark [7]. 2. Industry News - **Zinc Price and Premium Information**: On August 28, 2025, the mainstream transaction prices of 0 zinc, 1 zinc, and high - end brands in different markets (such as Shanghai, Ningbo, Tianjin, and Guangdong) are provided, along with the premium or discount information of different brands relative to the SMM average price, futures contracts, and other market prices. For example, in the Shanghai market, the mainstream transaction price of 0 zinc is 22,105 - 22,190 yuan/ton, and the high - end brand Shuangyan is traded at 22,225 - 22,300 yuan/ton [8]. 3. Data Overview - **Data Charts**: The report mentions data charts 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 and the Research and Development Department of CCB Futures [11][15]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - In the long - term, the Politburo meeting in July maintained the stance of "moderate easing" for monetary policy, and the uncertainty of tariffs remains high. There is a risk of a post - export - rush decline, so the bull - market foundation for bonds remains unchanged. [11] - In the short - term, the stock - bond seesaw effect has been significantly strengthened since late June. The bullish equity market has put great pressure on the bond market. Although the fundamental data in July showed marginal weakness, it still demonstrated short - term resilience, and it is difficult to trigger a significant increase in easing sentiment. The short - term rebound of the bond market cannot form a trend. [11] - Similar to the stock - bond seesaw period from February to March this year, the bond market may need to see the alleviation of relevant negative forces to stabilize and rise. Recently, the upward momentum of the A - share market has slowed down, and the central bank has actively protected the capital market, so the pressure on the bond market has eased, and its sensitivity to the stock market has weakened. However, it is necessary to observe the adjustment of the A - share market and be vigilant against renewed suppression. If the equity market starts a new round of upward movement, it may intensify the redemption pressure of fixed - income products and bring passive selling pressure. [12] 3. Summary According to Relevant Catalogs 3.1 Market Review and Operation Suggestions 3.1.1 Market Conditions on the Day - The A - share market rebounded in a V - shape in the afternoon, and the bond market was suppressed again. All treasury bond futures closed lower. [8] 3.1.2 Interest Rate Spot Bonds - The yields of major term interest - rate spot bonds in the inter - bank market declined slightly, mostly within 1bp. By 16:30 pm, the yield of the 10 - year active treasury bond 250011 was reported at 1.761%, down 0.25bp. [9] 3.1.3 Capital Market - The central bank increased its capital injection to support cross - month funds. There were 253 billion yuan of reverse repurchases due today, and the central bank conducted 416.1 billion yuan of reverse repurchase operations, achieving a net injection of 163.1 billion yuan. The inter - bank capital sentiment index was stable. Most short - term capital interest rates rose. The weighted overnight interest rate of inter - bank deposits fluctuated narrowly around 1.31%, the 7 - day interest rate rose about 3bp to 1.54%, the medium - and long - term capital remained stable, and the 1 - year AAA certificate of deposit interest rate fell to 1.6%. [10] 3.2 Industry News - The Ministry of Commerce will introduce several policy measures to expand service consumption next month, and will jointly formulate the "Several Policy Measures to Promote Service Exports" with relevant departments, and the relevant documents will be publicly issued soon. [13] - In July, the profits of industrial enterprises above the designated size decreased by 1.5% year - on - year, with the decline narrowing by 2.8 percentage points compared with June. The profits of high - tech manufacturing increased by 18.9% from a 0.9% decline in June, leading the profit growth of all industrial enterprises above the designated size to accelerate by 2.9 percentage points compared with June. [13] - In 2024, China's new economic development momentum index was 136.0, a year - on - year increase of 14.2%. All sub - indices increased compared with the previous year, with the network economy and innovation drive contributing significantly to the growth of the total index. [13] - In 2024, China's trade volume with other member states of the Shanghai Cooperation Organization reached about $512.4 billion, a year - on - year increase of 2.7%. [14] - Shanghai issued an implementation opinion on accelerating the transformation of urban villages, prioritizing the transformation of urban villages with urgent public needs, many urban safety and social governance hidden dangers, and requiring the first - time shareholding ratio of town collective economic organizations in cooperative transformation to be no less than 10%. [14] 3.3 Data Overview - The report provides data on treasury bond futures trading on August 28, including contract information such as pre - settlement price, opening price, closing price, settlement price, change, change rate, trading volume, open interest, and open interest change. [6] - It also mentions various data on treasury bond futures, including the spread between main - contract tenors, the spread between main - contract varieties, the trend of main - contract prices, as well as data on the money market (such as SHIBOR term - structure changes, SHIBOR trends, inter - bank pledged - repo weighted interest rate changes, and inter - bank deposit pledged - repo interest rate changes) and the derivatives market (such as Shibor3M interest - rate swap fixing curves and FR007 interest - rate swap fixing curves). All data sources are from Wind and the Research and Development Department of CCB Futures. [15][25][35]

Report Information - Report Type: Daily Report on Container Shipping Index [1] - Date: August 29, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided Core Viewpoints - The SCFIS has dropped below 2000 points for six consecutive weeks, and online quotes have been lowered. The fundamental situation remains unfavorable. However, the current main contract EC2510 has a deep discount, with sufficient expectations for price cuts. Attention should be paid to whether there will be marginal benefits later to help stabilize the market. The EC2510 contract can be shorted on rallies [8]. Summary by Directory 1. Market Review and Operation Suggestions - **Current Market**: The SCFIS has dropped below 2000 points for six consecutive weeks, and online quotes have been lowered again. Taking the Shanghai - Rotterdam route as an example, Maersk's opening prices for the first and second weeks of September are $2210 and $1900 respectively, with an expanding decline. Other airlines have also cut prices to attract cargo. The fundamental situation remains unfavorable. The main 10 - contract has a deep discount, with sufficient expectations for price cuts. Attention should be paid to marginal benefits such as more blank sailings and slower price cuts to help stabilize the market and ease the pessimistic expectations for the 12 - contract and boost the year - end price - support expectations. The 10 - contract can be shorted on rallies [8]. 2. Industry News - **China's Export Container Shipping Market (August 18 - 22)**: The market was basically stable, but the supply - demand fundamentals were weak. Most route freight rates declined, and the comprehensive index continued to adjust. On August 22, the Shanghai Export Containerized Freight Index was 1415.36 points, down 3.1% from the previous period [9]. - **European Routes**: In August, the eurozone's composite PMI rose to 51.1, better than expected. However, due to the impact of US tariff policies, foreign orders in the eurozone's manufacturing industry declined for the second consecutive month. On August 22, the freight rate from Shanghai Port to European basic ports was $1668/TEU, down 8.4% from the previous period [9]. - **Mediterranean Routes**: The market situation was basically the same as that of European routes, and the spot booking prices continued to fall. On August 22, the freight rate from Shanghai Port to Mediterranean basic ports was $2225/TEU, down 2.4% from the previous period [9]. - **North American Routes**: As of the week ending August 16, the number of initial jobless claims in the US increased by 11,000 to 235,000, the highest since June 20, and the number of continued jobless claims reached the highest level since November 2021, indicating a cooling labor market. Under trade protectionism, US companies are reducing recruitment. The freight demand growth was weak, and the supply - demand fundamentals lacked support. On August 22, the freight rates from Shanghai Port to the US West and East basic ports were $1644/FEU and $2613/FEU respectively, down 6.5% and 3.9% from the previous period [9][10]. - **US Furniture Tariff Investigation**: US President Trump announced a "major" tariff investigation on imported furniture, which will be completed within 50 days. New tariffs on imported furniture have pushed up the consumer price of household items by 0.7% in July. The potential furniture import tariffs will further hit the industry that has already been affected by other tariffs [10]. - **Israeli - Palestinian Situation**: Israeli Prime Minister Netanyahu approved the plan for the Israeli army to capture Gaza City and demanded accelerated progress. US President Trump "fully supports" Israel's military goal of controlling Gaza City to eliminate Hamas [10]. 3. Data Overview - **Container Shipping Spot Prices**: From August 18 to August 25, the SCFIS for European routes (basic ports) decreased from 2180.17 to 1990.2, a decline of 8.7%. The SCFIS for US West routes (basic ports) decreased from 1106.29 to 1041.38, a decline of 5.9% [12]. - **Container Shipping Index (European Line) Futures Market**: Provided trading data for multiple contracts on August 28, including EC2510, EC2512, etc., showing information such as opening price, closing price, settlement price, change, and trading volume [6]. - **Shipping - Related Data Charts**: Included charts of European container ship capacity, global container ship orders, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates [17][20]

Group 1: General Information - Reported industry: Eggs [1] - Report date: August 29, 2025 [2] - Research team: Agricultural product research team, including researchers Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Market Review and Operational Suggestions Market Review - **Futures Contracts**: For the 2509 contract, the previous settlement price was 2909, the closing price was 2843, down 66 or -2.27%, with a trading volume of 39,229 and an open interest of 21,965, a decrease of 15,222. For the 2510 contract, the previous settlement price was 2997, the closing price was 2930, down 67 or -2.24%, with a trading volume of 542,102 and an open interest of 528,944, an increase of 13,068. For the 2511 contract, the previous settlement price was 3047, the closing price was 2960, down 87 or -2.86%, with a trading volume of 190,173 and an open interest of 257,219, an increase of 40,608 [7] - **Spot Market**: The average price in the main production areas was 3.22 yuan/jin, down 0.03 yuan/jin from the previous day; the average price in the main sales areas was 3.33 yuan/jin, down 0.01 yuan/jin from the previous day. The 10 - contract fell 2.24%. The peak - season spot price started late this year, and the market pressure emerged in late July. The price correction in July was about 0.5 yuan/jin, indicating large supply pressure. In August, the expected spot price rebound did not occur, and the price continued to be under pressure [7] Operational Suggestions - Do not recommend investors to buy at the bottom as there is no technical support and no sign of spot price increase. Wait for the increase in culling volume and the boost from Mid - Autumn Festival and National Day stocking, which may bring a rebound, but it is difficult to time. In general, the egg market has oversupply. If the low egg price affects subsequent replenishment, a fundamental inflection point may appear in the late fourth quarter. Short - term fluctuations may be large, so it is recommended to avoid risks [7] Group 3: Industry News - **In - production Laying Hens**: As of the end of July, the national monthly inventory of in - production laying hens was about 1.356 billion, a 1.2% month - on - month increase and a 6.2% year - on - year increase, with continuous growth for 7 months [8] - **Chick Hatchlings**: In July, the monthly hatchling volume of sample enterprises was about 39.98 million, a decrease compared with June and the same period in 2024. The recent low breeding profits have started to change farmers' attitude towards capacity expansion, and the year - on - year decrease in July was the first this year [8][9] - **Culling**: The culling volume has been increasing recently, the price of culled chickens is under great pressure, and the culling age has been significantly advanced. However, more and longer - term over - culling is needed to restore the supply - demand balance [7]

Group 1: Report Information - Report Name: Pulp Daily Report [1] - Date: August 29, 2025 [2] - Research Team: Energy and Chemical Research Team [3] Group 2: Market Review and Operation Suggestions - Pulp Futures: The previous settlement price of the 01 contract was 5316 yuan/ton, and the closing price was 5308 yuan/ton, a decrease of 0.15% [7] - Shandong Wood Pulp Market: The intended transaction price range of softwood pulp was 5000 - 6650 yuan/ton, with the low - end price stable compared to the previous trading day. The price of Shandong Silver Star was 5720 - 5730 yuan/ton [7] - Arauco's August Offer: Coniferous pulp Silver Star at 720 US dollars/ton, natural pulp Venus at 590 US dollars/ton, and hardwood pulp Star at 520 US dollars/ton, stable compared to June [8] - Global Pulp Shipment: In July, the chemical pulp shipment of the world's 20 major pulp - producing countries increased by 7.3% year - on - year, with softwood pulp up 4.1% and hardwood pulp up 11.1% [8] - European Pulp Inventory and Consumption: In July 2025, European pulp inventory was 683,200 tons, down 0.3% month - on - month and up 8.7% year - on - year; consumption was 814,200 tons, up 6.8% month - on - month and down 2.1% year - on - year [8] - China's Pulp Import: In July, China's pulp import volume was 2.877 million tons, down 5.1% month - on - month and up 23.7% year - on - year [8] - Main Region and Port Inventory: As of August 28, 2025, the weekly pulp inventory in major regions and ports increased by 1.23% month - on - month [8] - Paper Industry Profit: In July, the cumulative year - on - year profit of the paper and paper products industry decreased by 21.9%, with a slightly expanded decline [8] - Market Outlook: Cost guidance is limited, supply remains loose, and the pulp market is in a low - level shock adjustment, waiting for peak - season demand [8] Group 3: Industry News - On August 25, 2025, the Inaugural Meeting of the Offset Printing Paper Working Committee of the China National Pulp and Paper Association was successfully held in Beijing. Zhong Tianqi was elected as the first - term director, and ten enterprise leaders were elected as deputy directors [9] Group 4: Data Overview - The report provides multiple data charts, including import softwood pulp spot price in Shandong, pulp futures price, pulp spot - futures price difference, etc., with data sources from Wind and Zhuochuang Information [15][22][29]

Report Summary 1. Market Performance Review and Outlook - The price of the main polycrystalline silicon contract continued to fluctuate at a high level. The closing price of PS2511 was 49,665 yuan/ton, down 0.10%. The trading volume was 376,304 lots, and the open interest was 143,912 lots, with a net decrease of 10,625 lots [4]. - The transaction price range of n-type re-feeding polycrystalline silicon was 46,000 - 51,000 yuan/ton, with an average transaction price of 47,900 yuan/ton, remaining unchanged week-on-week. The polycrystalline silicon output in August will increase to 125,000 tons, and in September, it will enter the stage of production restriction and sales control, but the monthly output is expected to remain above 120,000 tons. The demand is simply calculated to be 56.8GW, higher than the expected output of solar cells. The downward pressure on terminal demand will gradually be transmitted to the upstream of the industrial chain. The domestic new photovoltaic installed capacity in July was only 11GW, and the fundamentals remained loose. The rigid spot price provides strong support for the futures price, but the implementation of policies has not been significantly reflected in the fundamentals. The weak terminal demand pressure is emerging, and the high-level warehouse receipts continue to increase, so the futures price is under pressure and will mainly fluctuate widely [4]. 2. Market News - On August 28, the number of polycrystalline silicon warehouse receipts was 6,880 lots, unchanged from the previous trading day [5]. - As of August 22, many photovoltaic listed companies, including LONGi Green Energy, Tongwei Co., Ltd., and Trina Solar, released their first-half "report cards". Some photovoltaic module manufacturers such as Aikosolar Co., Ltd. and Hongyuan Green Energy showed signs of performance improvement, achieving loss reduction or turning losses into profits in the first half of the year. Experts believe that in the context of the continuous advancement of the "anti-involution" process in the photovoltaic industry, as the price adjustment in the polycrystalline silicon segment is gradually accepted by the downstream market, the module price will soon return to the cost line. The whole industry maintaining low-load production and low gross profit margins may become the norm. In addition, promoting "anti-involution" in the photovoltaic industry cannot only focus on the manufacturing end, and the role of the asset end is also crucial [5]. - From January to July 2025, the cumulative photovoltaic installed capacity reached 1,109.6GW, and the new installed capacity from January to July was 223.25GW. The new installed capacity in July was 11GW, a year-on-year decrease of 47.7%, hitting a new low in 2025 [5].

Information Summary - Report Date: August 29, 2025 [2] - Industry: Cotton [1] - Research Analysts: Yulan Lan, Zhenlei Lin, Haifeng Wang, Chenliang Hong, Youran Liu [3] 1. Report Industry Investment Rating No relevant information provided. 2. Report's Core View - The Zhengzhou cotton market is experiencing a period of oscillatory adjustment. The latest price index for 328-grade cotton is 15,336 yuan/ton, a decrease of 6 yuan/ton from the previous trading day. The mainstream sales basis quotes for 2024/25 northern Xinjiang local machine-picked cotton and southern Xinjiang Kashgar machine-picked cotton are provided. The cotton yarn market has a stable trading volume, with conventional yarns being the most popular, and some low-count yarns also seeing increased sales. However, spinning mills are still operating at limited capacity, and overall market confidence is weak. The cotton fabric market has not seen significant changes, with sales remaining slow and orders for weaving factories having limited recovery [7]. - In the overseas market, the weekly export sales data for US cotton has weakened, the drought coverage rate in major cotton-growing areas has increased, the good and excellent rate has slightly decreased week-on-week, and the net long position of CFTC funds remains at a low level. Therefore, the short-term trend of the external market is difficult to break out of the range-bound pattern. In the domestic market, the cotton in Xinjiang is in the boll-opening and flocculation stage, and the market is waiting for guidance from the new cotton purchase. Recently, there have been rumors that a large amount of new cotton has been pre-sold, and the expectation of a rush to purchase new cotton has increased. However, the expected stable increase in production also brings pressure on the long-term market. On the demand side, the inventory of cotton yarn products continues to decline slightly, and the sales of fabric factories are not as good as those of yarn factories. The market is still observing the performance of the traditional peak season. Overall, due to limited changes in the fundamentals, the market is expected to continue its oscillatory adjustment [8]. 3. Summary by Relevant Catalogs 3.1. Market Review and Operation Suggestions - **Domestic Market**: Zhengzhou cotton is oscillating and adjusting. The spot price of cotton has decreased slightly, and the basis quotes for different regions are provided. The cotton yarn market has a stable trading volume, with conventional yarns being the most popular, and some low-count yarns also seeing increased sales. However, spinning mills are still operating at limited capacity, and overall market confidence is weak. The cotton fabric market has not seen significant changes, with sales remaining slow and orders for weaving factories having limited recovery [7]. - **Overseas Market**: The weekly export sales data for US cotton has weakened, the drought coverage rate in major cotton-growing areas has increased, the good and excellent rate has slightly decreased week-on-week, and the net long position of CFTC funds remains at a low level. Therefore, the short-term trend of the external market is difficult to break out of the range-bound pattern [8]. - **Market Outlook**: The cotton in Xinjiang is in the boll-opening and flocculation stage, and the market is waiting for guidance from the new cotton purchase. Recently, there have been rumors that a large amount of new cotton has been pre-sold, and the expectation of a rush to purchase new cotton has increased. However, the expected stable increase in production also brings pressure on the long-term market. On the demand side, the inventory of cotton yarn products continues to decline slightly, and the sales of fabric factories are not as good as those of yarn factories. The market is still observing the performance of the traditional peak season. Overall, due to limited changes in the fundamentals, the market is expected to continue its oscillatory adjustment [8]. 3.2. Industry News - In Hutubi County, Xinjiang, 869,000 mu of cotton is gradually flocculating. The county's 24 cotton purchase and processing enterprises have almost completed the overhaul of their production equipment, which is expected to finish in mid-September. The funds and personnel for cotton purchase are also ready, and the purchase of new cotton is expected to start around September 20. During the purchase period, the local development and reform commission will strengthen supervision to ensure the interests of cotton farmers [9]. 3.3. Data Overview The report provides various data charts, including the China Cotton Price Index, cotton spot price, cotton futures price, cotton basis change, CF1 - 5 spread, CF5 - 9 spread, CF9 - 1 spread, cotton commercial inventory, cotton industrial inventory, and warehouse receipt volume. All data sources are from Wind and the Research and Development Department of CCB Futures [17][18][19][28].