Report Summary 1. Reported Industry Investment Rating - No information provided in the content. 2. Core Viewpoints of the Report - Last week, egg prices continued to rise and entered the summer peak season. This year's fundamentals are similar to 2017 and 2020, with ample supply and low spot prices during the plum - rain season. Summer peak seasons usually see significant price increases due to reduced egg production and increased travel. The price increase slope is steeper in high - supply years. The upward momentum weakened last Thursday and Friday, and the spot price dropped over the weekend. There may be a phased adjustment, but it's not the summer peak yet. Based on historical data, the expected average maximum and minimum spot prices in the production areas during the third - quarter peak season this year are 4.30 yuan/jin and 3.77 yuan/jin respectively. Futures are under pressure as the spot price stops rising, and short - term trading is expected to be volatile [8]. 3. Summary by Directory 3.1. Market Review and Operation Suggestions - **Market Review**: The prices of egg futures contracts 2508, 2509, and 2510 all declined, with decreases of 0.86%, 0.31%, and 0.44% respectively. The trading volume of the 2509 contract was 111,565, and the open interest was 250,165. The national egg spot price remained stable, with the average price in the main production areas at 3.21 yuan/jin and in the main sales areas at 3.45 yuan/jin [7]. - **Operation Suggestions**: Futures are under pressure as the spot price stops rising. Future focus is on the time of the second - wave price increase, and short - term trading is expected to be volatile [8]. 3.2. Industry News - **In - production Laying Hens Inventory**: As of the end of June, the national monthly inventory of in - production laying hens was about 1.34 billion, a 0.4% month - on - month increase and a 6.8% year - on - year increase [9]. - **Chick Rearing Quantity**: In June, the monthly chick hatching volume of sample enterprises was about 40.75 million, a decrease from May but a slight increase compared to the same period in 2024. The chick rearing volume has declined for two consecutive months, mainly due to seasonal factors [9][10]. - **Laying Hen Culling Volume**: As of the first three weeks of July 18, the national laying hen culling volumes were 15.05 million, 16.27 million, and 17.14 million respectively. The culling volume gradually recovered after May, reached a phased peak in June, and then declined slightly due to the expectation of the summer peak season. As of July 24, the average culling age of laying hens was 506 days [10].

Group 1: Report Overview - Industry: Treasury Bonds [1] - Date: July 30, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Group 2: Core Viewpoints - The market risk appetite has significantly increased since mid - July, with the stock market strengthening and commodity prices warming up, which has put pressure on the bond market. However, the bond market has not experienced a panic - driven decline. The long - term bullish environment for the bond market remains unchanged, and the decline in bond - allocation costs in the second half of the year may further expand the bond market space [11][12] Group 3: Market Conditions Market Quotes - On July 29, the afternoon recovery of the stock market and commodities suppressed the bond market, causing the decline of treasury bond futures to widen in the afternoon. The yields of major inter - bank interest - rate bonds all rose, with an increase of about 3bp. By 16:30, the yield of the 10 - year treasury bond active bond 250011 was reported at 1.7475%, up 3.25bp [8][9] Transaction Data | Contract | Closing Price | Change | Change Rate (%) | Volume | Open Interest | Position Change | | --- | --- | --- | --- | --- | --- | --- | | TL2509 | 117.870 | - 0.930 | - 0.78 | 140838 | 120771 | 488 | | TL2512 | 117.490 | - 1.000 | - 0.84 | 20938 | 39248 | 3664 | |... |... |... |... |... |... |... | [6] Capital Market - At the end of the month, the central bank made continuous net injections, and the inter - bank capital market loosened. There were 2148 billion yuan of reverse repurchases due, and the central bank conducted 4492 billion yuan of reverse repurchase operations, achieving a net injection of 2344 billion yuan. Short - term capital interest rates declined across the board, while medium - and long - term capital remained stable [10] Group 4: Industry News - On July 28, local time, the China - US economic and trade teams held economic and trade talks in Stockholm, Sweden. The National Conference on the Heads of Industry and Information Technology Departments in Beijing deployed eight key tasks for the second half of the year. The Market Supervision and Development Planning Symposium in Beijing put forward requirements for market supervision in the "15th Five - Year Plan" period. The CF40's macro - policy quarterly report for Q2 2025 pointed out that further counter - cyclical policies are needed to achieve the annual economic growth target [13][14] Group 5: Data Overview - The data overview includes treasury bond futures market (such as main contract spreads and trends), money market (such as SHIBOR and inter - bank repurchase rates), and derivatives market (such as interest - rate swap curves) [15][23][33]

1. Report Date - The report is dated July 30, 2025 [2] 2. Research Team - The Energy and Chemical Research Team includes researchers such as Li Jie (Crude Oil and Fuel Oil), Ren Junchi (PTA/MEG), Peng Haozhou (Industrial Silicon/Polycrystalline Silicon), Peng Jinglin (Polyolefins), and Liu Youran (Pulp) [3] 3. Market Performance and Outlook Market Performance - The main contract price of industrial silicon futures showed a strong and volatile trend. The closing price of Si2509 was 9,350 yuan/ton, with a gain of 2.35%. The trading volume was 654,844 lots, and the open interest was 276,734 lots, a net decrease of 2,334 lots [4] - The spot price of industrial silicon stabilized. The price of Inner Mongolia 553 was 9,550 yuan/ton, Sichuan 553 was 9,050 yuan/ton; Inner Mongolia 421 was 9,900 yuan/ton, Xinjiang 421 was 9,900 yuan/ton, and Sichuan 421 was 10,500 yuan/ton [4] Market Outlook - The fundamentals have not changed significantly recently. The resumption of production in the southwest offset the production cuts of large factories in Xinjiang. The production in the fourth week of July increased to 75,200 tons. Photovoltaic demand increased slightly due to the resumption of production of polysilicon enterprises, but the safety accident in the silicone industry forced overall self - inspections, and the supply - demand relationship did not improve significantly [4] - Since the end of June, the first - stage rebound of industrial silicon's futures and spot prices was mainly affected by the news of production cuts by Xinjiang Hesheng, and the second stage was mainly driven by the "anti - involution" competition policy. Generally, the recent price fluctuations have little to do with the fundamentals. Currently, the spot price (553) range is still between 9,000 - 9,500 yuan/ton, and the increase in warehouse receipts also occurred at high prices. Overall, the price will mainly fluctuate widely [4] 4. Market News - On July 29, the number of futures warehouse receipts on the Guangzhou Futures Exchange was 50,082 lots, a net decrease of 31 lots from the previous trading day [5] - The export volume of industrial silicon in June was 68,323 tons. The cumulative export volume from January to June was 338,900 tons, with an average monthly export of 56,500 tons [5] - On July 23, the National Energy Administration released the national power industry statistics for January - June. As of the end of June, the cumulative installed power generation capacity nationwide was 3.65 billion kilowatts, a year - on - year increase of 18.7%. Among them, the installed capacity of solar power generation was 1.1 billion kilowatts, a year - on - year increase of 54.2%; the installed capacity of wind power was 570 million kilowatts, a year - on - year increase of 22.7%. From January to June, the cumulative average utilization hours of national power generation equipment were 1,504 hours, a decrease of 162 hours compared with the same period last year. In June, the newly installed photovoltaic capacity was only 14.36GW, a year - on - year decrease of 38% and a month - on - month decrease of 85% [5]

料油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 业硅）028-8663 0631 penghaozhou@ccb.ccbfutures.c om期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.c om期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：李捷,CFA（原油燃 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：李金（甲醇） 研究员 ...

行业 沥青日报 日期 2025 年 7 月 30 日 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：李金（甲醇） 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（碳市场工业硅） 研究员 ...

Report Information - Report Title: Pig Daily Report [1] - Date: July 30, 2025 [2] Industry Investment Rating - Not provided Core View - The pig price may continue to face pressure in the short - term due to increased group sales at the end of July and weak demand in the off - season. However, long - term pig prices are expected to be positively affected by factors such as anti - involution initiatives, high - quality development of the pig industry, and strengthened environmental protection efforts [10] Summary by Section 1. Market Review and Operation Suggestions - **Futures Market**: On the 28th, the main 2509 contract of live pigs opened higher, then fluctuated and declined, closing with a negative line. The highest was 14,350 yuan/ton, the lowest was 14,085 yuan/ton, and the closing price was 14,150 yuan/ton, down 0.49% from the previous day. The total open interest of the index decreased by 7,058 lots to 186,275 lots [9] - **Spot Market**: On the 29th, the average price of ternary live pigs in the country was 13.94 yuan/kg, down 0.1 yuan/kg from the previous day [9] - **Demand Side**: The utilization rate of pigsties is high, and secondary fattening is mainly in a wait - and - see state. Due to the hot weather, terminal demand is weak, and slaughterhouse orders are average. With the increase in enterprise sales at the end of the month, the slaughter rate and volume of slaughterhouses have slightly rebounded. On July 29th, the slaughter volume of sample slaughterhouses was 136,600 heads, 700 heads less than the previous day but 3,000 heads more than a week ago [10] - **Supply Side**: In July, the planned sales volume of sample enterprises was 23.88 million heads, a 1.19% month - on - month decrease from June. At the end of the month, the sales progress of the breeding side accelerated, the enthusiasm for sales increased, the sales weight decreased slightly, and the utilization rate of secondary fattening pigsties was high, with more secondary fattening pigs to be sold in the future [10] 2. Industry News - As of July 24th, the average profit per head of self - breeding and self - raising was 162 yuan/head, a weekly increase of 51 yuan/head; the average profit per head of purchasing piglets for breeding was - 63 yuan/head, a weekly increase of 63 yuan/head [11][13] 3. Data Overview - **15kg Piglet Price**: In the week of July 24th, the average market sales price of 15kg piglets was 542 yuan/head, the same as the previous week [21] - **National Pig Inventory**: At 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%). From the second quarter of last year to the second quarter of this year, the month - on - month changes were 1.7%, 2.8%, 0.11%, - 2.37%, and 1.72% respectively [21] - **Pig Slaughter Weight**: In the week of July 24th, the average slaughter weight of national pigs was 128.48 kg, a decrease of 0.35 kg from the previous week (a month - on - month decrease of 0.27%) and an increase of 3.09 kg compared with the same period last year (a year - on - year increase of 2.46%) [21]

Report Information - Report Date: July 30, 2025 [2] - Research Team: Energy and Chemical Research Team [3] - Researchers: Li Jie, CFA (Crude Oil and Fuel Oil); Ren Junchi (PTA/MEG); Peng Haozhou (Industrial Silicon/Polysilicon); Peng Jinglin (Polyolefins); Liu Youran (Pulp) [3] Market Performance and Outlook Market Performance - The price of the main polysilicon contract showed a strong trend. The closing price of PS2509 was 50,805 yuan/ton, with a gain of 3.76%. The trading volume was 546,037 lots, and the open interest was 140,638 lots, with a net increase of 4,343 lots [4] Market Outlook - The weekly output of polysilicon in the third week of July was 24,400 tons, a week-on-week increase of 4.01%. The supply in July will increase to 100,000 - 110,000 tons, expected to meet the downstream demand of 50 - 55GW. The downstream cell production schedule is also around 50GW, and the supply and demand maintain a loose balance without inventory reduction drivers [4] - The photovoltaic installation data for June (14GW) confirmed a sharp decline in domestic demand after the rush installation ended. The monthly terminal demand will drop to around 45GW [4] - Overall, recent price fluctuations are not closely related to fundamentals. The spot price ranges from 45,000 to 49,000 yuan/ton, providing a rigid support. Policy sentiment fluctuates, and the market is mainly in a high - level oscillation [4] Market News - On July 29, the number of polysilicon warehouse receipts was 3,070 lots, an increase of 20 lots (60 tons) compared with the previous trading day [5] - In June 2025, China's industrial silicon exports reached 68,300 tons, a month - on - month surge of 23% and a year - on - year increase of 12%, hitting a 18 - month high. Exports to Southeast Asia accounted for 58%, with Thailand (21,000 tons) and Malaysia (18,000 tons) being the main incremental markets, mainly used for local photovoltaic module production [5] - As of the end of June, the country's cumulative installed power generation capacity was 3.65 billion kilowatts, a year - on - year increase of 18.7%. Among them, the installed solar power generation capacity was 1.1 billion kilowatts, a year - on - year increase of 54.2%. The cumulative photovoltaic installation from January to June was 212.21GW, a year - on - year increase of 107.07%, but the domestic installation in June was only 14GW, showing a significant decline [5]

Group 1: General Information - The report is a daily report on the polyolefin industry dated July 30, 2025 [1][2] Group 2: Research Team - The energy and chemical research team includes Peng Jinglin (polyolefins), Li Jie (crude oil and fuel oil), Ren Junchi (PTA, MEG), Peng Haozhou (urea, industrial silicon), Liu Youran (pulp), and Feng Zeren (glass and soda ash) [4] Group 3: Futures Market Quotes - Plastic 2601 opened at 7420 yuan/ton, closed at 7438 yuan/ton, with a high of 7446 yuan/ton, a low of 7408 yuan/ton, a rise of 15 yuan/ton (0.20%), a position of 162,615, and a position change of 4769 [5] - Plastic 2605 opened at 7396 yuan/ton, closed at 7425 yuan/ton, with a high of 7432 yuan/ton, a low of 7396 yuan/ton, a rise of 9 yuan/ton (0.12%), a position of 7457, and a position change of 121 [5] - Plastic 2509 opened at 7341 yuan/ton, closed at 7385 yuan/ton, with a high of 7396 yuan/ton, a low of 7341 yuan/ton, a rise of 18 yuan/ton (0.24%), a position of 343,620, and a position change of -2781 [5] - PP2601 opened at 7140 yuan/ton, closed at 7166 yuan/ton, with a high of 7172 yuan/ton, a low of 7140 yuan/ton, a rise of 11 yuan/ton (0.15%), a position of 180,054, and a position change of 14,101 [5] - PP2605 opened at 7148 yuan/ton, closed at 7158 yuan/ton, with a high of 7163 yuan/ton, a low of 7138 yuan/ton, a rise of 0 yuan/ton (0.00%), a position of 9836, and a position change of 255 [5] - PP2509 opened at 7139 yuan/ton, closed at 7160 yuan/ton, with a high of 7165 yuan/ton, a low of 7130 yuan/ton, a rise of 13 yuan/ton (0.18%), a position of 308,754, and a position change of -17,048 [5] Group 4: Market Review and Outlook - L2509 opened lower, fluctuated upwards during the session, and closed at 7385 yuan/ton, up 18 yuan/ton (0.24%), with a trading volume of 240,000 lots and a position decrease of 2781 to 343,620 lots [6] - The PP main contract closed at 7160 yuan/ton, up 13 yuan/ton (0.18%), with a position decrease of 17,048 lots to 308,800 lots [6] - The futures market opened lower and fluctuated higher, while the spot market trading atmosphere was average. Traders' quotes had narrow fluctuations, and most delivery prices at the end of the month were stable. Downstream buyers replenished stocks on a need - to - basis [6] - The supply - demand pattern has not improved. The supply side shows an increasing trend as the planned maintenance capacity decreases and some previous units restart. The Ningbo Daxie Phase II project is planned to be put into production [6] - On the consumption side, the demand for agricultural films is at a seasonal low. The operating rates of pipes and plastic weaving are stable. Orders in the daily chemical and food sectors have slightly improved, but the production order days have extended, and downstream buyers have limited ability to accept high prices, leading to an increase in commercial inventories [6] - After the short - term market sentiment is digested, the market will face downward pressure. Attention should be paid to the introduction of specific plans for stable growth [6] Group 5: Industry News - On July 29, 2025, the inventory level of major producers was 780,000 tons, a decrease of 30,000 tons (3.70%) from the previous working day. The inventory in the same period last year was 740,000 tons [7] - PE market prices had narrow fluctuations. The LLDPE prices in North China were 7180 - 7420 yuan/ton, in East China were 7270 - 7550 yuan/ton, and in South China were 7400 - 7650 yuan/ton [7] - The price of the Shandong propylene market rose slightly, closing at 6190 - 6250 yuan/ton as of 12:00, up 25 yuan/ton from the previous day. The rebound of international oil prices was positive for market sentiment. Enterprises' inventories were controllable, and their quotes mainly increased. Downstream buyers followed up as needed, and the actual transaction prices rose slightly [7] - The PP market was narrowly sorted. In the morning, the mainstream quotes for drawn PP in North China were 7000 - 7120 yuan/ton, in East China were 7070 - 7170 yuan/ton, and in South China were 7000 - 7200 yuan/ton [7] Group 6: Data Overview - The report includes figures such as L basis, PP basis, L - PP spread, crude oil futures main contract settlement price, two - oil inventories, and two - oil inventory year - on - year increase/decrease rate, with data sources from Wind and Zhuochuang Information [9][14][15]

1. Report Information - Report Title: Soda Ash and Glass Daily Report [1] - Date: July 30, 2024 [2] - Research Team: Energy and Chemical Research Team [4] 2. Industry Investment Rating - No investment rating information provided. 3. Core Viewpoints - The soda ash market continues to face challenges due to high inventory and weak demand, with the potential for further price declines. The glass market is also under pressure from supply - related inventory issues and weak downstream demand, and the contracts are expected to run weakly [8][9] 4. Summary by Directory 4.1 Soda Ash and Glass Market Review and Operation Suggestions 4.1.1 Soda Ash Market - On July 29, the main soda ash futures SA509 contract continued to decline, closing at 1318 yuan/ton, down 49 yuan/ton (3.58%), with a daily reduction of 108,312 lots. The domestic soda ash industry is facing a combination of high inventory (188.42 tons in factory warehouses) and weak demand (photovoltaic glass daily melting volume dropped to 8.9 tons), intensifying the supply - demand contradiction. The release of the draft for soliciting opinions on the "Technical Guidelines for Feasible Air Pollution Prevention and Control in the Glass Industry" by the Ministry of Ecology and Environment led to a decline in the soda ash market. The fundamentals of soda ash have not changed significantly, and the price may continue to fall [7][8] 4.1.2 Glass Market - In terms of supply, the planned production cuts of photovoltaic glass enterprises have led to a decrease in the daily melting volume of photovoltaic glass and a decline in the supply of float glass, increasing inventory pressure. The high inventory in the middle reaches of the industry is the main resistance to price increases, and the slow capacity reduction process may lead to further inventory accumulation. Downstream, the domestic real - estate completion stage has not improved substantially. The release of the draft for soliciting opinions on the "Technical Guidelines for Feasible Air Pollution Prevention and Control in the Glass Industry" has dashed the expectation of capacity contraction, causing a sharp decline in glass contracts. The "anti - involution" sentiment has subsided, and the contract is expected to run weakly [9] 4.2 Data Overview - The report provides charts on the price trends of active contracts for soda ash and glass, weekly soda ash production, soda ash enterprise inventory, central China heavy soda market price, and flat glass production, with data sources including Wind and iFind [11][15][17]

Report Overview - Report Title: Sugar Daily Report - Date: July 30, 2025 - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On Monday, New York raw sugar futures rebounded, with the main October contract rising 0.86% to 16.43 cents per pound. The rise in overnight crude oil prices boosted sugar prices. The market expects a significant increase in the production data of central - southern Brazil in the first half of July [7]. - Yesterday, the main contract of Zhengzhou sugar strengthened. The 09 contract closed at 5,867 yuan per ton, up 10 yuan or 0.17%, with a reduction of 14,181 positions. Today, Zhengzhou sugar weakened following the foreign market. The far - month 01 contract was significantly stronger, and speculative funds showed a clear intention to go long. The 9 - 1 spread may further shrink [7][8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market Quotes**: SR509 closed at 5,867 yuan per ton, up 0.17%, with a position reduction of 14,181 lots; SR601 closed at 5,731 yuan per ton, up 0.67%, with an increase of 24,979 lots; US sugar 10 closed at 16.43 cents per pound, up 0.86%, with a position reduction of 720 lots; US sugar 03 closed at 17.05 cents per pound, up 0.71%, with an increase of 168 lots [7]. - **Spot Market**: Domestic spot prices in production areas remained stable, with Nanning sugar quoted at 6,060 yuan and Kunming sugar at 5,850 yuan [8]. 3.2 Industry News - **Farmland Moisture in Guangxi**: In mid - July, the farmland moisture in Guangxi was over 90% suitable to excessive, with 16 points having excessive moisture, 22 points having suitable moisture, and 4 points having insufficient moisture [9]. - **Sugar Production in Central - Southern Brazil**: A survey of 23 analysts showed that sugar production in central - southern Brazil in the first half of July is expected to increase by 12.5% to 3.329 million tons, cane crushing volume is expected to increase by 11.3% to 48.31 million tons, and the sugar - cane ratio is expected to be 53.11%. Drought in July accelerated the harvest and increased the sugar - cane ratio, and this trend is expected to continue in the second half of the month [9]. - **Sugar Mill Clearance in Guangxi**: Tiandong Ertang Factory's "Dongxing" brand cleared its inventory, becoming the 7th sugar mill of Guangxi Nanhua to clear its inventory in the 24/25 crushing season, 2 more than the same period last year. Currently, only Longtian and Mianhuahua brands are still being quoted [9]. - **Customs Mutual Recognition Arrangement**: The "Mutual Recognition Arrangement" between the General Administration of Customs of the People's Republic of China and the Customs Department of the Kingdom of Thailand will be officially implemented on August 1, 2025 [9]. - **Coca - Cola's New Product**: Coca - Cola will launch a signature cola product using sucrose in the US market this fall [9]. 3.3 Data Overview - The report provides multiple data charts, including spot trends, 2509 contract basis, SR9 - 1 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading positions of the top 20 seats in the main contract of Zhengzhou sugar [15][18][21]