Report Overview - Industry: Eggs [1] - Date: August 1, 2025 [2] - Research Team: Agricultural Products Research Team [3] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] 1. Market Review and Operational Suggestions Market Review | Contract | Previous Settlement Price | Opening Price | Highest Price | Lowest Price | Closing Price | Change | Change Rate | Trading Volume | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Egg 2508 | 3304 | 3258 | 3294 | 3216 | 3259 | -45 | -1.36% | 18797 | 610 - 11879 | - | | Egg 2509 | 3574 | 3564 | 3565 | 3511 | 3522 | -52 | -1.45% | 219432 | 236158 | -13536 | | Egg 2510 | 3364 | 3353 | 3353 | 3293 | 3298 | -66 | -1.96% | 111835 | 171737 | 21483 | [7] Core View The national egg price is weak today. The average price in the main production areas is 3.16 yuan/jin, down 0.05 yuan/jin from yesterday; the average price in the main sales areas is 3.45 yuan/jin, unchanged from yesterday. The 09 contract fell 1.45%. The fundamentals this year are similar to those in 2017 and 2020, with relatively large supply. During the plum - rain season, the spot price is at a historical low. However, in the peak summer season, there is an expectation of a significant price increase. If the egg price fails to start rising again in the next week, the 09 contract may see a reduction in premium. This year's egg price may face obvious resistance around 4 - 4.2 yuan. It is advisable to conduct phased rolling operations [8]. 2. Industry News - As of the end of June, the national monthly inventory of laying hens was about 1.34 billion, with a month - on - month increase of 0.4% and a year - on - year increase of 6.8% [9]. - In June, the monthly output of layer chicks from sample enterprises was about 40.75 million, slightly higher than the same period in 2024. Although the replenishment volume has declined for two consecutive months, it is mainly due to seasonal factors [9]. - From the three weeks up to July 18, the national chicken culling volume showed an upward trend. After reaching a phased peak in June, it declined slightly due to the expectation of the peak summer season, but was still slightly higher than the previous three years. As of July 24, the average age of culled chickens was 506 days, one day later than last week and two days earlier than last month [9][10]. 3. Data Overview - The report provides multiple data charts, including the monthly inventory of laying hens in China, layer farming profit, the average price in the main egg - producing areas, the seasonal trend of Egg 08, the basis of Egg 08 contract, and the spread between Egg 08 - 09. The data sources include Wind, Zhuochuang Information, and Trading Famen [12][19][21]

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: July 31, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Industry Investment Rating - Not provided Core View - The Politburo meeting had no unexpectedly stimulating policies and emphasized regulating disorderly competition. The non - ferrous sector oscillated narrowly. The main contract of Shanghai zinc 2509 closed at 22,670 yuan/ton, up 10 yuan with a 0.04% increase, with volume up and positions down. The zinc concentrate processing fee continued to rise, and the overall zinc ingot supply remained strong. Although infrastructure demand may increase in the second half of the year, short - term downstream demand was weak, and domestic and foreign inventories were diverging. The zinc market was in a weak oscillation [7]. Summary by Directory 1. Market Review - **Futures Market Quotes**: For SHFE zinc 2508, it opened at 22,595 yuan/ton, closed at 22,635 yuan/ton, up 10 yuan with a 0.04% increase, and the open interest decreased by 3,108 lots to 17,354 lots. For SHFE zinc 2509, it opened at 22,640 yuan/ton, closed at 22,670 yuan/ton, up 10 yuan with a 0.04% increase, and the open interest decreased by 1,371 lots to 116,245 lots. For SHFE zinc 2510, it opened at 22,640 yuan/ton, closed at 22,695 yuan/ton, up 30 yuan with a 0.13% increase, and the open interest increased by 7,261 lots to 61,298 lots [7]. - **Market Analysis**: The processing fee continued to rise, and the overall zinc ingot supply was strong. Although infrastructure demand may increase in the second half of the year, short - term downstream demand was weak. Domestic social inventory increased by 0.54 million tons to 10.37 million tons, while LME zinc inventory decreased by 3,100 tons to 109,050 tons. The spot premium was weak, and the zinc market was in a weak oscillation [7]. 2. Industry News - **July 30, 2025**: The mainstream transaction price of 0 zinc was 22,680 - 22,780 yuan/ton, and that of 1 zinc was 22,610 - 22,710 yuan/ton. Different regions had different price ranges and premium/discount situations. For example, in the Ningbo market, the mainstream brand 0 zinc was traded at 22,640 - 22,720 yuan/ton [8][9]. 3. Data Overview - **Graphs**: The report includes graphs such as the price trends of zinc in two markets, SHFE monthly spreads, SMM's weekly inventory of zinc ingots in seven regions, and LME zinc inventory [10][12]

行业 铜期货日报 日期 2025 年 7 月 31 日 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 有色金属研究团队 研究员：余菲菲 研究员：彭婧霖 请阅读正文后的声明 ＃summary＃ 每日报告 一、 行情回顾与操作建议 图1：沪铜走势及盘面价差 图2：伦铜走势及价差 数据来源：Wind，建信期货研究发展部 数据来源：Wind，建信期货研究发展部 沪铜主力震荡微跌 0.06%，盘中中央政治局会议召开，未有明显政策利好，铜价 窄幅变动，盘面近月维持小幅 contango，国内现货涨 260 至 79285，现货升水涨 55 至 165，现货货源紧张。LME0-3 维持 contango51.71，LME 市场继续受到美铜 关税压制，不过沪铜和伦铜日内整体跌幅有限，市场观望情绪较浓。当下宏 ...

1. Report Industry Investment Rating - There is no information provided regarding the industry investment rating in the given content. 2. Core Viewpoints of the Report - On July 30, the main iron ore futures contract 2509 showed a weakening trend, closing at 789.0 yuan/ton, down 0.44%. The current price trend is mainly affected by macro - sentiment. After the Politburo's expectations are realized, the speculation sentiment may fade, and the Sino - US negotiation setbacks put pressure on the upper limit of ore prices. However, the high production of steel mills provides continuous support. Therefore, the ore price is expected to consolidate at a high level in the short term, and attention should be paid to the results of the third round of Sino - US negotiations [7][12]. 3. Summary by Relevant Catalogs 3.1 Market Review and Future Outlook 3.1.1 Market Review - On July 30, the main iron ore futures 2509 contract opened higher and then oscillated downward, closing at 789.0 yuan/ton, down 0.44%. The prices, trading volumes, and positions of other black - series futures contracts such as RB2510, HC2510, and SS2509 also had corresponding changes [7][5]. - The spot market: On July 30, the main iron ore outer - market quotes decreased by 0.5 - 1 US dollars/ton compared with the previous trading day, and the prices of main - grade iron ore at Qingdao Port decreased by 5 - 10 yuan/ton compared with the previous day. Technically, the daily KDJ indicator of the iron ore 2509 contract continued to decline, and the daily MACD indicator formed a death cross [9]. 3.1.2 Future Outlook - News: The Politburo meeting on July 30 mentioned deepening reforms, promoting the construction of a unified national market, and optimizing market competition order. The Sino - US third - round negotiation encountered setbacks, raising market risk - aversion sentiment [10][11]. - Fundamentals: The Australian iron ore shipments rebounded last week, and Brazilian shipments were basically the same as the previous week. The overall shipments recovered after the seasonal decline. The current weekly shipments of 19 ports in Australia and Brazil are at a medium level of about 27 million tons. The arrivals last week dropped to a relatively low level of 22.405 million tons. Considering the shipping time, the arrivals may oscillate at this level until mid - August and then rise again. On the demand side, the downstream steel demand is in a seasonal decline, and the molten iron output has slightly decreased but remains above 2.4 million tons. The profitability rate of steel enterprises has increased again, and steel enterprises maintain high production, which is expected to slow down the production - cut process and support the ore price [11]. 3.2 Industry News - On July 23, the CPC Central Committee held a symposium for non - Communist Party personages, emphasizing the need to do a good job in the second - half economic work, including stabilizing employment, enterprises, markets, and expectations, and boosting consumption [13]. - On July 30, the China Coking Industry Association's Market Committee held a meeting. Due to factors such as the sharp rise in coal prices, high demand for coke from steel mills, and the lag in coke price increases, the participating enterprises decided to raise the coke price starting from July 31. The prices of tamping wet - quenched coke, tamping dry - quenched coke, and top - charged coke were increased by 50 yuan/ton, 55 yuan/ton, and 75 yuan/ton respectively [14]. - The Politburo meeting on July 30 decided to hold the Fourth Plenary Session of the 20th Central Committee in October, mainly to discuss the work report and the suggestions for formulating the 15th Five - Year Plan. The meeting also analyzed the economic situation and deployed the second - half economic work, including deepening reforms, expanding opening - up, and preventing and resolving risks [14]. 3.3 Data Overview - The report provides multiple data charts related to the iron ore and steel industry, including the prices of main iron ore varieties at Qingdao Port, the price differences between high - grade, low - grade ores and PB powder, the basis between iron ore spot and the September contract, the shipments from Brazil and Australia, the arrivals at 45 ports, domestic mine capacity utilization, the trading volume at main ports, the inventory available days of steel mills, and other data [20][23][27].

Report Information - Report Title: Treasury Bond Daily Report [1] - Date: July 31, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Investment Rating - No investment rating information is provided in the report. Core Viewpoints - Since mid - late July, the market risk preference has significantly increased, and the stock market's strength, commodity warming, and rising inflation expectations have pressured the bond market. However, the bond market did not experience a panic - driven decline. The market is still cautious about traditional factors driving the stock - bond pattern shift. The sustainability of the rally in cyclical stocks and commodities is questionable. If economic growth and inflation expectations are revised, the bond market will recover. In the long run, the bullish environment for the bond market remains, but the Politburo meeting's optimistic economic judgment and the lack of mention of RRR cuts and interest rate cuts may make the third quarter a policy observation period [11][12]. Summary by Section 1. Market Review and Operation Suggestions Market Conditions - The progress of the China - US talks on the extension exemption period did not exceed market expectations. Inter - bank cross - month funds were stable, and the A - share market tumbled in the afternoon, leading to a full - line recovery and gain in treasury bond futures [8]. Interest Rate Bonds - The yields of major inter - bank interest rate bonds across all maturities declined by about 2 - 3bp. By 16:30 pm, the yield of the active 10 - year treasury bond 250011 reported at 1.7155%, down 3.2bp [9]. Money Market - At the end of the month, the central bank made consecutive net injections, and the inter - bank money market was loose. There were 150.5 billion yuan of reverse repurchase maturities, and the central bank conducted 309 billion yuan of reverse repurchase operations, achieving a net injection of 158.5 billion yuan. The inter - bank money sentiment index eased, short - term money rates declined across the board, and medium - long - term funds were stable [10]. 2. Industry News - On July 23, the CPC Central Committee held a symposium for non - Party personages to listen to opinions on the current economic situation and the second - half economic work. From July 28 - 29, China - US economic and trade talks were held in Stockholm, and both sides agreed to extend the suspension of part of the US reciprocal tariffs (24%) and China's counter - measures for 90 days [13]. - Minister of Finance Lan Fo'an wrote that the government should make full use of a more proactive fiscal policy, increase counter - cyclical fiscal adjustment, and promote the healthy development of the real estate market [14]. 3. Data Overview Treasury Bond Futures - The report provides data on treasury bond futures trading on July 30, including contract information such as opening price, closing price, settlement price, price change, trading volume, open interest, etc. It also mentions the spread between different contracts and the trend of the main contracts [6]. Money Market - The report presents data on the SHIBOR term structure change, SHIBOR trend, inter - bank pledged repo weighted interest rate change, and inter - bank deposit - pledged repo rate change [28][32]. Derivatives Market - The report shows the Shibor3M interest rate swap fixing curve (mean) and the FR007 interest rate swap fixing curve (mean) [34].

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 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 报告类型 焦炭焦煤日评 日期 2025 年 7 月 31 日 黑色金属研究团队 研究员：翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员：聂嘉怡 研究员：冯泽仁 请阅读正文后的声明 ＃summary＃ 每日报告 | | | | | | 表1：7月30日焦炭焦煤期货主力合约价格、成交及持仓情况（单位：元/吨、手、亿元） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | 资金流 入流出 | | J2509 | 1633 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The main lithium carbonate futures fluctuated sharply during the session, closing up 0.43%. The spot price slightly declined, with electric carbon dropping by 200 to 72,950. The ore price remained flat. The production profit of salt plants using purchased lithium spodumene decreased by 78 to 2,411 yuan/ton, and the production loss of salt plants using purchased lithium mica narrowed by 186 to 6,782 yuan/ton. The supply is expected to remain high in the short term, and the fundamentals are difficult to support the lithium carbonate price. Due to the market's enthusiasm for the anti - involution theme, the lithium carbonate price is more likely to rise than fall, and the support level for the futures price is around 68,000 [11]. Group 3: Summary by Directory 1. Market Review and Operation Suggestions - The main lithium carbonate futures fluctuated sharply, rising 0.43% at the close. After the Politburo meeting did not mention anti - involution again, the futures turned from rising to falling during the session, with the lowest point at 68,500, but rebounded at the end of the session. The spot price slightly declined, and the current spot price is still at a premium to the futures. The production profit of spodumene - based salt plants decreased, and the production loss of mica - based salt plants narrowed. The supply is expected to remain high in the short term, and the price is supported at around 68,000 [11]. 2. Industry News - Super - battery Group's "Yuanwang Energy Storage Technology Agricultural Photovoltaic Complementary 46MW/92.16MWh Lead - Carbon Energy Storage Project" started in Tai'an, Shandong [14]. - LG Energy Solution won a lithium iron phosphate (LFP) battery supply project worth about 43 billion US dollars (5.9442 trillion won), accounting for 23.2% of its 2024 annual sales. The contract will take effect on August 1, 2025, with a term of three years and can be extended [14]. - Sungrow signed a cooperation agreement with European energy storage solution provider SUNOTEC to provide 2.4GWh of battery energy storage systems for its European solar projects, with the first batch of projects in Bulgaria, etc., which will accelerate the intelligent upgrade of the regional power system [13][15].

研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 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(宏观国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 宏观金融团队 请阅读正文后的声明 ＃summary＃ 报告类型 股指日评 日期 2025 年 7 月 31 日 每日报告 一、行情回顾与后市展望 1.1 行情回顾： 7 月 30 日，万得全 A 开盘小幅上涨，午后跳水后有所回升，收跌 0.40%，超 3500 支个股下跌；指数现货方面，沪深 300、中证 500、中证 1000 收盘分别下跌 0.02%、0.65%、0.82%，上证 50 收盘上涨 0.38%，大盘蓝筹股表现更优。指数期 货表现弱于现货，IF、IC、IM 主力合约分别收跌 0.12%、0.76%、0.87%，IH 主力 合约收涨 0.21%（按前一交易日收 ...

行业 集运指数日报 日期 2025 年 7 月 31 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＃ 7 月 21 日至 7 月 25 日，中国出口集装箱运输市场继续调整行情，多数航线市场 运价走低，综合指数小幅下跌。据国家统计局公布的数据显示，2025 年上半年， 中国 GDP 同比增长 5.3%，我国国民经济顶住压力稳中向好，生产需求稳定增长， 高质量发展取得新进展，经济表现出较强的韧性。7 月 25 日，上海航运交易所发 布的上海出口集装箱综合运价指数为 1592.59 点，较上期下跌 3.3%。欧洲航线， 据标普全球发布的数据显示，欧元区 7 月综合 PMI ...

Report Information - Reported Industry: Oil and Fat [1] - Date: July 31, 2025 [2] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Core View - Palm oil is undergoing a high - level adjustment due to concerns about rising domestic and foreign inventories. Production growth and weak demand are pressuring prices, but India's pre - Diwali inventory replenishment will support prices. The resistance level is seen at 9,500. Rapeseed oil is affected by abundant domestic supply and policies. The Sino - US talks have no clear results, and the anti - dumping investigation on Canadian rapeseed is pending. Attention should be paid to far - month ship purchases. The spot basis of the three major domestic oils has limited room for significant downward adjustment in the later period, and far - month basis can be appropriately bought. Oils are oscillating strongly, with each variety being hyped in rotation recently, so risk control should be noted [7] Section Summaries 1. Market Review and Operation Suggestions - **Market Quotes**: In the East China market, the offer price of rapeseed oil traders and the basis price of soybean oil are given, and the spot price of 24 - degree palm oil in East China is P09 + 60 yuan/ton, with real - order negotiation. [7] - **Operation Suggestions**: Palm oil is under pressure due to inventory concerns, with a resistance level at 9,500. For rapeseed oil, focus on far - month ship purchases. It is advisable to buy far - month basis as the basis of domestic three major oils has limited downward adjustment space. Pay attention to risk control as oils are oscillating strongly with variety rotation [7] 2. Industry News - **Malaysian Palm Oil**: From July 1 - 25, production increased by 5.52% month - on - month, with FFB yield up 6.08% and OER down 0.1%. Exports decreased by 8.53% month - on - month to 684,308 tons, and exports to China dropped from 145,000 tons to 58,000 tons [8] - **Indonesian Palm Oil**: In May, due to a surge in exports, inventory decreased by 4.27% month - on - month to 2.9 million tons, and exports reached 2.66 million tons, a nearly 50% month - on - month increase [8] 3. Data Overview - Multiple charts are presented, including the spot prices of East China's third - grade rapeseed oil, fourth - grade soybean oil, South China's 24 - degree palm oil, basis changes of palm oil, soybean oil, and rapeseed oil, P1 - 5, P5 - 9, P9 - 1 spreads, and exchange rates of US dollars against the ringgit and the RMB [10][18][22][25][29]