Group 1: Report Information - The report is a PTA daily report dated August 6, 2025 [1][2] Group 2: Research Team - The energy and chemical research team includes researchers for different products such as Li Jie for crude oil and fuel, Ren Junchi for PTA and MEG, etc [4] Group 3: Market Review and Operational Suggestions - On August 5, the closing price of the PTA main futures contract TA2509 was 4,682 yuan/ton, down 34 yuan/ton or 0.72%. The settlement price was 4,678 yuan/ton, and the daily position decreased by 12,105 lots. Due to weak cost support, sufficient PTA supply, and low downstream factory procurement intentions for spot goods, PTA prices are expected to fluctuate weakly [6] Group 4: Industry News - OPEC and its eight allied countries agreed to further increase production significantly in September. International oil prices fell for the third consecutive day. On August 4, the settlement price of WTI crude oil futures for September 2025 was $66.29 per barrel, down $1.04 or 1.54%. The settlement price of Brent crude oil futures for October 2025 was $68.76 per barrel, down $0.91 or 1.31% [7] - The PX price in the Chinese market was estimated at $838 - 840 per ton, stable compared to the previous trading day. The PX price in the South Korean market was estimated at $818 - 820 per ton, also stable. The cost support for PX has strengthened slightly, and its supply - demand structure is relatively stable [7] - The PTA price in the East China market was 4,664 yuan/ton, down 40 yuan/ton. The average daily negotiation basis was at a discount of 14 yuan/ton to the futures 2509 contract, down 2 yuan/ton [7] Group 5: Data Overview - The report provides various data charts including those related to international crude oil futures prices, upstream raw material spot prices, PX prices, MEG prices, PTA prices, PTA processing margins, etc [11][13][17]

Report Date - The report date is August 6, 2025 [2] Market Performance - Multiple contracts of polysilicon declined significantly. The closing price of PS2509 was 50,330 yuan/ton, with a gain of 3.88%. The trading volume was 433,130 lots, and the open interest was 127,587 lots, a net increase of 20,838 lots [4] Future Outlook - Polysilicon is supported by comprehensive costs and spot prices. It has ended its previous adjustment and returned to range - bound trading. The price increase in the photovoltaic industry has not been smoothly transmitted to the component end. In August, polysilicon production is expected to increase to 125,000 tons, which can meet the downstream demand of 56.82GW. Since June, the pressure of a sharp decline in terminal demand has gradually spread upstream, and the monthly output of silicon wafers and battery cells has dropped to about 52GW. The supply - demand relationship remains loose. Currently, the supply - demand situation has not improved significantly, and the policy implementation has cooled market sentiment. Prices are expected to remain in a wide - range oscillation, with 47,000 yuan as a short - term support level [4] 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. 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. 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. According to customs data, in June 2025, China exported about 21.7GW of photovoltaic components, a 3% month - on - month decrease and a 2% decrease compared with June 2024. From January to June, the cumulative export of photovoltaic components was about 127.3GW, a 3% decrease compared with the same period last year [5]

Group 1: Report Overview - Report Type: Crude Oil Daily Report [1] - Date: August 6, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Trading Suggestions - Market Performance: WTI dropped 1.62% to $66.24, Brent fell 1.42% to $68.68, and SC decreased 1.55% to 508.8 yuan/barrel. Trading volumes were 25.39 million hands for WTI, 30.84 million hands for Brent, and 10.72 million hands for SC [6] - Market Drivers: India will continue importing Russian oil, OPEC+ will increase production by 550,000 barrels per day, and the revised US non - farm payroll data triggered recession fears [6] - Fundamental Analysis: OPEC+ and US production growth is limited, demand in the peak season is slightly below expectations, and the fundamentals are neutral. In the medium term, demand will enter the off - season [7] - Trading Strategy: Consider shorting after a rebound due to negative macro sentiment [7] Group 3: Industry News - Demand Forecast: Saudi Aramco CEO expects oil demand to grow by 1.1 - 1.3 million barrels per day this year, approaching the upper end of the range, and reach 105.8 million barrels per day [8] - OPEC Production: OPEC production remained stable as Saudi's cuts offset UAE's increase [8] - Business Cooperation: Libya's National Oil Corporation signed a memorandum with ExxonMobil after a ten - year interruption [8]

Group 1: Report Information - Report Title: Precious Metals Daily Review [1] - Date: August 5, 2025 [1] - Research Team: Macro Finance Team [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [2] Group 2: Investment Rating - No investment rating information provided Group 3: Core Views - The employment market deterioration in the US may prompt the Fed to restart the interest rate cut process ahead of schedule. Gold's safe - haven demand is greatly boosted, with its volatility rising but the mid - line upward trend remaining good. It is recommended that investors maintain a long - position mindset and participate in trading with medium - low positions [4]. - The restructuring of the international trade and monetary system and the dispersion of reserve demand will support the long - term bull market of gold, while Trump's reforms and the expectation of central bank interest rate cuts will support the medium - term bull market. However, the high price - to - earnings ratio also means increased volatility, and attention should be paid to the impact of the US fiscal expansion bill and inflation pressure on the Fed's interest rate cut timing in the third quarter [6]. Group 4: Content Summary by Section 1. Precious Metals Market Conditions and Outlook Intraday Market - The significant deterioration of US non - farm employment in July and the large downward revision of the previous two months' data may lead the Fed to restart the interest rate cut process. The resignation of Fed Governor Kugler gives Trump the power to influence monetary policy. The US dollar index fell sharply, and London gold rebounded above $3350/ounce. Gold's safe - haven demand is boosted, and it is expected to fluctuate between $3120 - $3500/ounce and then rise again. This week, attention should be paid to China's July foreign trade, price, and financial data, the progress of the Russia - Ukraine conflict, and US trade tariff policies [4]. Mid - line Market - Since late April, London gold has been fluctuating between $3100 - $3500/ounce. Although the cooling of international trade and the US fiscal expansion bill have weakened gold's demand, the uncertainty of Trump's new policy and geopolitical risks support the price. The gold - silver ratio has basically returned to the level before April. It is expected that London gold will continue to fluctuate in the range of $3120 - $3500/ounce in the short term, and investors are advised to participate in trading with a long - position mindset and medium - low positions. Bearish traders can consider the "long gold, short silver" arbitrage opportunity [6]. 2. Precious Metals Market - Related Charts - The report presents multiple charts including Shanghai gold and silver futures indices, London gold and silver spot prices, the basis of Shanghai futures indices to Shanghai Gold T + D, gold and silver ETF holdings, the gold - silver ratio, and the correlation between London gold and other assets [8][10][12] 3. Major Macroeconomic Events/Data - Trump's new round of tariffs on dozens of trading partners caused a global stock market crash on Friday. The US Trade Representative said the tariffs may continue. The US Treasury Secretary is optimistic about reaching an agreement with China [18]. - US employment growth in July was weaker than expected, with a significant downward revision of 258,000 non - farm jobs in the previous two months. The Fed's probability of cutting interest rates in September has increased. The unemployment rate rose to 4.248%, the labor participation rate dropped to 62.2%, and the year - on - year wage increase remained at a high of 3.9% [18]. - Trump fired a senior official of the Labor Department after the weak employment report and accused her of manipulating data without evidence. Fed Governor Kugler resigned unexpectedly, giving Trump an earlier opportunity to influence the Fed. Trump said Fed Chairman Powell may stay in office [19]. - OPEC + agreed to increase crude oil production by 547,000 barrels per day in September. Eight member countries will meet again on September 7 to consider whether to lift another approximately 1.65 million barrels per day of production cuts [19]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - On August 4, the main contracts of coke and coking coal futures rebounded significantly after hitting lows, with coking coal showing a larger increase. The spot market of double - coking is lagging behind the futures market, resulting in a significant difference in the trend between the two. Considering the tight supply in the double - coking spot market driven by supply - demand relationship, there is still room for price increase. It is possible that the phased decline of double - coking futures has ended, and then it may turn into a volatile trend, waiting for further development of the supply - demand relationship after the spot market price increase to determine the direction [5][11]. 3. Summary by Related Catalogs 3.1 Market Review - **Futures Market**: On August 4, the main contract J2509 of coke futures had a previous closing price of 1585 yuan/ton, an opening price of 1585.5 yuan/ton, a highest price of 1626 yuan/ton, a lowest price of 1551.5 yuan/ton, and a closing price of 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 outflow was 0.58 billion yuan. The main contract JM2601 of coking coal futures had a previous closing price of 1092.5 yuan/ton, an opening price of 1099.5 yuan/ton, a highest price of 1143 yuan/ton, a lowest price of 1066.5 yuan/ton, and a closing price of 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]. - **Spot Market**: On August 4, the flat - price index of quasi - first - grade metallurgical coke at Rizhao Port, Qingdao Port, and Tianjin Port was 1420 yuan/ton, with no change. In Tangshan, it was 1350 yuan/ton, also with no change. For low - sulfur main coking coal, the price in Tangshan increased by 180 yuan/ton to 1485 yuan/ton, in Linfen it remained unchanged at 1500 yuan/ton, etc. [8]. - **Technical Indicators**: On August 4, the daily KDJ indicator of the coke 2509 contract showed a divergent trend, with the J - value turning up slightly, while the K - value and D - value continued to decline. The daily KDJ indicator of the coking coal 2601 contract continued to decline. The daily MACD indicator of the coke 2509 contract had a dead - cross the previous day and the green bar enlarged; the daily MACD indicator of the coking coal 2601 contract had a dead - cross [8]. 3.2 Future Outlook - **Policy**: The National Energy Administration will guide coal - producing provinces and enterprises to ensure coal production and supply, and conduct production inspections to prevent over - capacity production [10]. - **Fundamentals**: For coke, the output of independent coking plants decreased slightly after two consecutive weeks of increase, and the output of steel mills reached a new low since late February. The port coke inventory reached 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 the fifth round of spot price increase for coke was proposed on August 3. For coking coal, from January to June, the import volume of coking coal in China still showed a large year - on - year decline of 7.4%. The inventories of raw coal and clean coal in coal washing plants have dropped significantly in the past 7 weeks, with declines of 17.6% and 33.8% respectively. The inventory of independent coking plants has increased for 6 consecutive weeks and reached 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 of steel mill inventory, the replenishment of coking plants has significantly cooled down [10]. 3.3 Industry News - The National Development and Reform Commission has completed the allocation of the third batch of 69 billion yuan of ultra - long - term special treasury bond funds for consumer goods trade - in this year, and will allocate the fourth batch of 69 billion yuan in October to complete the annual allocation plan of 300 billion yuan. The 800 billion yuan list of "two major" construction projects and 735 billion yuan of central budgetary investment have been basically allocated. The NDRC will promote project construction and strengthen supervision [12]. - From July 19 - 25, the average coal price in Inner Mongolia was 730.96 yuan/ton, a week - on - week decrease of 0.7% and a year - on - year decrease of 9.8%. Domestic coal production capacity is continuously released, and overseas coal imports have increased significantly year - on - year [14]. - In the first half of 2025, Shaanxi Coal Industry Group achieved an operating income of 227.5 billion yuan and a profit of 18.04 billion yuan, with coal production reaching 129 million tons, a year - on - year increase of 1.5%, and power generation reaching 27.27 billion kWh, a year - on - year increase of 3.4% [14]. - Henan Dayou Energy Co., Ltd. has transferred its coal production capacity replacement indicators to Shenmu Shengfu Mining Co., Ltd. for a total transaction price of 1.01132 billion yuan [14]. - The "Xinjiang Coal to Jiangsu" railway direct - access channel of Xinjiang Energy Group has been successfully connected. The comprehensive shipping cost has decreased by 20% compared with the beginning of the year, and it aims to achieve an annual sales volume of 3 million tons in the East China region this year [14]. - In July, the single - month power sales of State Grid Shandong Electric Power exceeded 62.12 billion kWh for the first time, a year - on - year increase of 20.19% [15]. - As of July 30, Gansu has signed new inter - provincial power transmission agreements with 9 provinces and cities this year, and the cross - provincial and cross - regional power transmission transaction volume has reached 61.742 billion kWh, of which new energy accounts for 57.57%, a year - on - year increase of 27.18% [15]. - In July, the coal production of Coal India Limited was 46.4 million tons, a year - on - year decrease of 15.7% and a month - on - month decrease of 19.72%, and the sales volume was 53.7 million tons, a year - on - year decrease of 9.9% and a month - on - month decrease of 11.09% [16].

Group 1: Report Information - Report Name: Zinc Futures Daily Report [1] - Date: August 5, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Group 2: Market Review - Futures Market: The opening price of SHFE Zinc 2508 was 22,160 yuan/ton, closing at 22,260 yuan/ton, down 55 yuan or 0.25%. The opening price of SHFE Zinc 2509 was 22,225 yuan/ton, closing at 22,255 yuan/ton, down 90 yuan or 0.40%. The opening price of SHFE Zinc 2510 was 22,235 yuan/ton, closing at 22,250 yuan/ton, down 105 yuan or 0.47%. The main contract 2509 saw a reduction in positions by 5,359 to 102,725 lots [7]. - Supply: In the third quarter, the output of restarted mines continued to recover, leading to a loose supply of zinc ore and an increase in processing fees. The domestic zinc ore TC was reported at 3,800 yuan/metal ton, and the imported TC was reported at 76.25 US dollars/dry ton. The average monthly domestic zinc concentrate TC in August increased by 100 yuan to 3,900 yuan/metal ton. With high TC and high by - product profits, smelting enterprises were highly motivated to produce, and new zinc ingot production capacities were gradually released, resulting in a strong overall zinc ingot supply [7]. - Demand: The "trade - in" policy for consumer goods continued, and the third batch of funds had been allocated. There was an expected increase in zinc demand from infrastructure in the second half of the year. However, demand was currently weak, and the operating rates of galvanizing and die - casting zinc alloy were still at historically low levels [7]. - Market Situation: The core contradiction of loose zinc ore and sufficient zinc ingots was more prominent during the off - season of demand, with continuous inventory pressure. After the digestion of anti - involution sentiment, SHFE zinc prices declined under pressure [7]. Group 3: Industry News - Shanghai Market: On August 4, 2025, the mainstream transaction price of 0 zinc was concentrated between 22,185 - 22,315 yuan/ton, and that of 1 zinc was between 22,115 - 22,245 yuan/ton. The morning market quoted a premium of 60 - 80 yuan/ton to the SMM average price. In the second trading session, ordinary domestic zinc was quoted at a premium of 50 - 70 yuan/ton to the 2509 contract [8]. - Ningbo Market: The mainstream transaction price of 0 zinc was around 22,135 - 22,245 yuan/ton. The regular brands in Ningbo were quoted at a premium of 5 yuan/ton to the 2509 contract and a premium of 10 yuan/ton to the Shanghai spot price [8]. - Tianjin Market: The mainstream transaction price of 0 zinc was between 22,110 - 22,240 yuan/ton, and that of 1 zinc was around 22,180 - 22,260 yuan/ton. The price of Huludao zinc was reported at 22,820 yuan/ton. 0 zinc was generally quoted at a discount of 0 - 20 yuan/ton to the 2509 contract [8]. - Guangdong Market: The mainstream transaction price of 0 zinc was between 22,070 - 22,245 yuan/ton. The mainstream brands were quoted at a discount of 35 yuan/ton to the 2509 contract and a discount of 30 yuan/ton to the Shanghai spot price, and the price difference between Shanghai and Guangdong widened [8][9]. Group 4: Data Overview - The report presents data on the weekly inventory of SMM's seven - region zinc ingots (in ten thousand tons), LME zinc inventory (in tons), the price trends of zinc in two markets, and SHFE monthly spreads, with data sources including Wind and the Research and Development Department of CCB Futures [13][15][16]

行业 集运指数日报 日期 2025 年 8 月 5 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 | | | 表1：集运欧线期货8月4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 | 2,114.3 | 2,100.0 | 2,122.3 | 2,112.0 | 8.0 | 0.38 | 480 | 4367 | -98 | | EC2510 | 1,432.1 | 1,415.9 | 1,421.8 | 1,404.2 | -10.3 | -0.72 | 30268 | 51053 | -1323 | | EC2512 | 1,687.9 | 1,670.0 | 1,677.2 | 1,670.3 | -10.7 | -0.63 | ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The lithium carbonate futures market showed a pattern of rising and then falling, with the anti - involution logic on the disk continuing to cool down, and related varieties all declined. Due to ongoing disturbances at the Jiangxi ore end, lithium carbonate performed slightly stronger, with the main contract breaking through 70,000 yuan during intraday trading. The spot market for electric carbon remained flat at 71,350 yuan, and the basis of the current lithium carbonate spot market strengthened. Downstream market sentiment remained highly cautious, with purchases mainly for immediate needs and no obvious restocking behavior. Both Australian and mica ore prices remained unchanged, and the spot market showed resistance to decline. The current focus in the lithium carbonate market is on the shutdown situation of upstream lithium resources, and cautious sentiment will persist until the shutdown expectations are realized. Short - term cautious observation is recommended [12]. 3. Summary by Directory 3.1 Market Review and Trading Recommendations - The lithium carbonate futures market saw a rise followed by a fall, with related varieties declining. The main contract of lithium carbonate briefly exceeded 70,000 yuan due to ore - end disturbances in Jiangxi. The spot price of electric carbon remained at 71,350 yuan, and the basis strengthened. Downstream buyers were mostly engaged in刚需 purchases, and there was no obvious restocking. Ore prices were stable, and the market was cautious about upstream resource shutdowns, suggesting short - term cautious observation [12]. 3.2 Industry News - On August 1st, the 10th - anniversary technology release and strategic cooperation signing ceremony of Chengdu Bamoo was held in Chengdu. The governments of Aba Prefecture and Jintang County signed strategic cooperation framework agreements with Chengdu Bamoo, focusing on regional coordinated development, industrial cluster upgrading, and cultivating an innovation ecosystem. Chengdu Bamoo, established in 2015, is a Sichuan - based subsidiary of Huayou Cobalt and a major production base for ternary cathode materials. Huayou and Bamoo Technology proposed five key strategies, including large - cylindrical battery layout, solid - state battery layout, humanoid robot and eVTOL layout, high - end orientation, global layout, and corporate soft - power building. - Adani Group is exploring cooperation with Chinese electric vehicle giant BYD, which would enable Adani to produce batteries in India and expand its business in the clean energy sector. Adani's chairman is personally leading the negotiations with BYD executives, with the latest round taking place last week [13].

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core View of the Report The current copper market shows inventory accumulation both at home and abroad, and it is the off - season for domestic demand. The short - term spot market has weak support for copper prices, and copper prices are mainly macro - driven. The weak US dollar and the loose monetary policies of China and the US are conducive to risk assets, so the short - term downside space for copper is limited, and attention should be paid to the support level of 77,000 [10]. 3. Summary by Directory 3.1. Market Review and Operation Suggestions - The Shanghai copper market showed a slight increase of 0.08%, with the main contract closing at 78,330 and the spot price rising by 90 to 78,420. The spot premium of Shanghai copper was stable, rising by 5 to 180. The premium of US - dollar copper declined, and the market supply and demand were weak. The LME0 - 3 contango structure remained around 50, and the expectation of inventory accumulation for LME copper was strong [10]. - The domestic and foreign markets are both experiencing inventory accumulation, and it is the off - season for domestic demand. The short - term spot market has weak support for copper prices. Copper prices are mainly influenced by the macro - environment. The weak US dollar and the loose monetary policies of China and the US are favorable for risk assets, and the short - term downside space for copper is limited. Attention should be paid to the support level of 77,000 [10]. 3.2. Industry News - Mitsubishi Materials Corporation is considering reducing the copper concentrate processing volume of its Onahama Smelting Co., Ltd. It plans to reduce the copper concentrate processing volume by shutting down some facilities after the scheduled equipment maintenance from October to November this year, while maintaining the processing volume of electronic waste to improve the utilization ratio of recycled materials and profitability [11]. - Non - formal miners in Peru have suspended negotiations with the government and may resume protests due to differences in the negotiations. Miners who cannot meet the deadline will be excluded from the government's work regularization plan [11]. - Vedant's performance report for the first quarter of fiscal year 2026 shows that the company's quarterly profit did not meet expectations. Although local demand was strong, it could not offset the negative impacts of falling aluminum and copper prices and increased tax expenditures. The company's total revenue increased by 6.2% year - on - year to 374.34 billion rupees (about 4.3 billion US dollars), but the net profit decreased by 11.7% year - on - year to 31.85 billion rupees [12].

021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 021-60635727 期货从业资格号：F03134307 报告类型 铁矿石日评 日期 2025 年 8 月 5 日 黑色金属研究团队 研究员：翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员：聂嘉怡 研究员：冯泽仁 fengzeren@ccb.ccbfutures.com 请阅读正文后的声明 ＃summary＃ 每日报告 | | | | | | 表1：8月4日钢材、铁矿期货主力合约价格、成交及持仓情况（单位：元/吨、%、手、亿元） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | 资金流 入流出 | | RB2510 | 3203 ...