Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The international trade and currency system restructuring and reserve diversification needs will support the long - term bull market of gold, and Trump's reforms and central bank rate - cut expectations will support the medium - term bull market. However, high price and PE ratio lead to increased volatility, and the impact of the US fiscal expansion bill and inflation on the Fed's rate - cut timing in Q3 should be noted. It is recommended to hold a long - term view with medium - low positions [6]. - In the short term, London gold will continue to oscillate between $3120 - $3500 per ounce, waiting for the next upward breakthrough. Traders with a bearish view can consider the "long gold, short silver" arbitrage opportunity when silver's upward momentum fades [6]. 3. Summary by Directory 3.1 Precious Metals Market Quotes and Outlook - **Intraday Market**: After Trump's meeting with Fed Chairman Powell, market concerns about the Fed's independence and US fiscal discipline eased. Also, the trade situation improved, reducing the safe - haven demand. London gold fell from $3430 to around $3310 per ounce, and silver, with strong industrial attributes, also declined. Gold's safe - haven demand is boosted by Trump's new policies. It is recommended to hold a long - term view with medium - low positions. This week, pay attention to important economic events and data [4]. - **Domestic Precious Metals Market**: Shanghai Gold Index closed at 776.35, down 0.30%; Shanghai Silver Index closed at 9225, down 1.89%; Gold T + D closed at 771.60, down 0.26%; Silver T + D closed at 9187, down 1.97% [5]. - **Medium - term Market**: Since late April, London gold has been oscillating between $3100 - $3500 per ounce. International trade cooling and the US fiscal expansion bill weakened gold's demand, but Trump's new policies and geopolitical risks supported the price. The gold - silver ratio has returned to the pre - April level. It is expected that London gold will continue to oscillate in the $3120 - $3500 per ounce range in the short term [6]. 3.2 Precious Metals Market - related Charts The report provides multiple charts, including Shanghai gold and silver futures indices, London gold and silver spot prices, Shanghai futures index basis against Shanghai Gold T + D, gold and silver ETF holdings, gold - silver ratio, and the correlation between London gold and other assets, with data from Wind and the research and development department of CCB Futures [8][10][16]. 3.3 Major Macro Events/Data - The US and the EU reached a framework trade agreement, with a 15% import tariff on most EU goods, half of the threatened rate. The EU plans to invest about $600 billion in the US and increase purchases of US energy and military equipment [17]. - Thailand and Cambodia will hold a mediation meeting on border conflicts in Malaysia, with Thailand's acting prime minister and Cambodia's prime minister attending [17]. - The US government will announce the results of a national security investigation on semiconductor imports in two weeks [17]. - US core capital goods orders unexpectedly declined in June, but shipments increased slightly, indicating a significant slowdown in business equipment spending in Q2 [17].

Group 1: Report Information - Report title: Sugar Daily Report [1] - Date: July 29, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operation Suggestions Futures Market Conditions - New York raw sugar futures weakened on Friday. The main October contract closed down 1.75% at 16.28 cents per pound. The London ICE white sugar futures main October contract closed down 1.9% at $471.00 per ton. The market predicts that Brazil's latest sugar production will increase due to dry weather, but overall, there is a high possibility of a production cut in Brazil [6][7]. - Zhengzhou sugar's main contract was weak yesterday. The 09 contract closed at 5,845 yuan per ton, down 31 yuan or 0.53%, with a position reduction of 18,873 lots. The spot price in domestic producing areas declined slightly. Nanning sugar was quoted at 6,060 yuan, and Kunming sugar was quoted at 5,850 yuan. Today, Zhengzhou sugar's trend was influenced by the external market and weakened. 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]. Contract Details | Contract | Closing Price (Yuan/Ton or Cents/Pound) | Change | Change Rate | Position (Lots) | Increase/Decrease | | --- | --- | --- | --- | --- | --- | | SR509 | 5845 | -31 | -0.53% | 324831 | -18873 | | SR601 | 5702 | | | | | | 10 | 16.28 | | | | | 398579 | -2410 | | US Sugar | 16.90 | | | | | 223083 | 2296 | [7] Group 3: Industry News - As of July 25, Tiandong Ertang Factory's "Dongxing" brand cleared its inventory, becoming the 7th sugar factory of Guangxi Nanhua to clear its inventory in the 24/25 sugar - making season, 2 more than the same period last year. Currently, only Longtian and Mianhuahua brands are still quoting [9]. - 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 on the Mutual Recognition of China's Customs Enterprise Credit Management System and Thailand's Customs 'Authorized Economic Operator' System" will be officially implemented on August 1, 2025 [9]. - Coca - Cola will launch a signature cola product using sucrose in the US market this fall [9]. - The European crop monitoring agency MARS lowered its forecast for the average sugar beet yield in the EU in 2025 to 74.8 tons per hectare, down from 76.3 tons per hectare last month, but still 2% higher than the average of the past five years [9]. - In June 2025, China imported 11.55 tons of syrup and premixed powder (including tax codes 1702.90, 2106.906), a year - on - year decrease of 10.35 tons. From January to June 2025, China imported 45.91 tons of syrup and premixed powder, a year - on - year decrease of 49.24 tons. As of June in the 24/25 sugar - making season, China imported 109.83 tons of syrup and premixed powder, a year - on - year decrease of 26.95 tons [9]. - In June 2025, China imported 42 tons of sugar, a year - on - year increase of 39.23 tons. From January to June 2025, China imported 105.08 tons of sugar, a year - on - year decrease of 25.12 tons, a decline of 19.29%. As of June in the 24/25 sugar - making season, China imported 251.26 tons of sugar, a year - on - year decrease of 64.93 tons, a decline of 20.54% [9][10]. Group 4: Data Overview - The report presents data on 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 and position of the top 20 seats of the main Zhengzhou sugar contract [11][13][15] - The trading volume of the top 20 seats of the main Zhengzhou sugar contract was 298,040 lots, an increase of 53,256 lots. The long - position volume was 242,931 lots, a decrease of 10,763 lots. The short - position volume was 231,782 lots, a decrease of 10,343 lots [21]

行业 纸浆日报 日期 2025 年 7 月 29 日 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 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 021-60635727 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 021-60635730 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：刘悠然（纸浆） 研究员:李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅多晶硅） 研究员 ...

1. Report Information - Report Name: Polyolefin Daily Report [1] - Date: July 29, 2025 [2] 2. Industry Investment Rating - Not mentioned in the report 3. Core Viewpoints - Futures markets for plastics and PP showed declines, with market sentiment weakening. The supply - demand pattern remained unimproved, with supply increasing and demand not keeping up. After short - term market sentiment digestion, the market is expected to face downward pressure, and attention should be paid to the introduction of specific plans for stable growth [6] 4. Summary by Directory 4.1 Market Review and Outlook - **Futures Market Performance**: The plastics and PP futures contracts all closed lower. For example, plastic 2601 closed at 7400 yuan/ton, down 1.12%; PP2601 closed at 7136 yuan/ton, down 1.18%. The trading volume of plastic 2509 was 389,000 lots, and its open interest decreased by 20,147 to 346,401 lots. The open interest of PP decreased by 29,838 to 325,800 lots [5][6] - **Supply - Demand Situation**: Supply is on the rise as planned maintenance capacity decreases, some previous units are restarted, and new projects like Ningbo Daxie Phase II are planned for production. Demand is weak, with agricultural film demand at a seasonal low, stable开工 in pipes and plastic weaving, slightly improved orders in daily chemicals and food, but longer production order days and low downstream acceptance of high - priced products, leading to inventory accumulation [6] 4.2 Industry News - **Inventory**: On July 28, 2025, the inventory of major producers was 750,000 tons, a decrease of 15,000 tons (1.96%) from the previous working day, compared with 710,000 tons in the same period last year [7] - **Market Prices**: PE market prices fluctuated slightly. LLDPE prices in North China were 7230 - 7450 yuan/ton, in East China 7300 - 7650 yuan/ton, and in South China 7400 - 7650 yuan/ton. Shandong propylene market prices dropped 45 yuan/ton to 6170 - 6220 yuan/ton. PP market prices fell 20 - 50 yuan/ton, with different price ranges in North, East, and South China [7] 4.3 Data Overview - The report presents multiple data charts, including L basis, PP basis, L - PP spread, crude oil futures settlement price, two - oil inventory, and two - oil inventory year - on - year change rate, with data sources from Wind and Zhuochuang Information [10][12][14]

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 表2：7月25日黑色系期货持仓情况（单位：手、%） 报告类型 焦炭焦煤日评 日期 2025 年 7 月 28 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25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 | ...

Report Overview - Report Date: July 28, 2025 [2] - Reported Industry: Soybean Meal [1] 1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - The US soybean futures contract on the external market is oscillating, with the main contract at 1025 cents. The fundamentals of the external market have not changed significantly recently. The growth of the new - season US soybeans is good, and the expectation of a bumper harvest is strengthening. The demand is also expected to improve, so the US soybeans may still oscillate in the bottom range [6]. - The domestic soybean meal dropped sharply today. The market price is expected to fall if the soybean import tariff returns to the previous level after the Sino - US talks next week. The short - term volatility of the futures price is expected to increase [6]. 3. Summary by Related Catalogs 3.1 Market Review - Today, the external US soybean futures contract oscillated. The new - season US soybeans have a good growth situation, with a current excellent - good rate of 68% and only 7% of the planting area affected by drought. The demand is expected to improve, and the US has reached trade agreements with many countries recently. The US soybean may oscillate in the bottom range [6]. - Domestic soybean meal dropped sharply today. The main reason for the previous rise was the non - opening of the new - season US soybean procurement window. With the upcoming Sino - US talks, the market expects the import tariff issue to be discussed, leading to a large - scale exit of long - position holders [6]. | Contract | Pre - settlement Price | Open Price | High Price | Low Price | Close Price | Change | Change Rate | Volume | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Soybean Meal 2601 | 3072 | 3060 | 3076 | 3051 | 3059 | - 13 | - 0.42% | 360196 | 1240402 | 20263 | | Soybean Meal 2509 | 3041 | 3029 | 3038 | 3013 | 3021 | - 20 | - 0.66% | 894109 | 1623603 | - 44552 | | Soybean Meal 2511 | 3079 | 3068 | 3076 | 3051 | 3057 | - 22 | - 0.71% | 103312 | 623526 | - 6906 | [6] 3.2 Industry News - USDA Export Sales Report Forecast: As of the week ending July 17, the net increase in US soybean export sales is expected to be between 350,000 - 850,000 tons. The net increase in US soybean meal export sales is expected to be between 250,000 - 550,000 tons, and the net increase in US soybean oil export sales is expected to be between 0 - 20,000 tons [7]. - Anec Forecast: From July 20 to July 26, Brazil's soybean export volume was 2.8107 million tons (compared to 3.0876 million tons last week), soybean meal export volume was 0.5317 million tons (compared to 0.5662 million tons last week), and corn export volume was 1.5212 million tons (compared to 0.6277 million tons last week) [8] 3.3 Data Overview - The report presents multiple data charts, including the ex - factory price of soybean meal, the basis of the 09 contract, the 1 - 5 spread, the 5 - 9 spread, the US dollar - RMB central parity rate, and the US dollar - Brazilian real exchange rate [9]

Group 1: General Information - Reported industry: Eggs [1] - Report date: July 28, 2025 [2] - Research team: Agricultural products 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 - Egg 2508 contract: Previous settlement price was 3,578, opening price 3,544, highest price 3,554, lowest price 3,504, closing price 3,522, down 56 or -1.57%, with a trading volume of 18,974 and an open interest of 30,889 (down 4,416) [7] - Egg 2509 contract: Previous settlement price was 3,634, opening price 3,639, highest price 3,643, lowest price 3,622, closing price 3,628, down 6 or -0.17%, with a trading volume of 120,682 and an open interest of 239,719 (up 703) [7] - Egg 2510 contract: Previous settlement price was 3,397, opening price 3,400, highest price 3,414, lowest price 3,396, closing price 3,411, up 14 or 0.41%, with a trading volume of 41,51 and an open interest of 114,725 (up 204) [7] - National egg prices were stable. The average price in the main production areas was 3.34 yuan/jin, unchanged from the previous day; the average price in the main sales areas was 3.52 yuan/jin, also unchanged [7] Core View - Egg prices have continued to rise this week, officially entering the summer peak season since last week. The fundamentals this year are similar to those in 2017 and 2020, with high supply, low spot prices during the plum - rain season, and a high expected increase during the summer peak season. The increase slope is relatively high in high - supply years. The upward momentum weakened on Thursday and Friday, and there may be a phased adjustment. Based on historical data, the expected average maximum price in the production areas during the third - quarter peak season this year is 4.30 yuan/jin, and the minimum is 3.77 yuan/jin. For futures, the valuation of the 09 contract is slightly lower than the average expected increase during the peak season, so a short - term bullish mindset is recommended, but long - term positions should be avoided as cold - stored eggs may impact the market after a sharp price increase [8] Group 3: Industry News - The inventory of laying hens in production is on an upward trend. As of the end of June, the monthly inventory of laying hens in production nationwide was about 1.34 billion, 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, a decrease from 44.98 million in May and a slight increase compared with 39.98 million in the same period in 2024. It is a moderately high monthly replenishment volume in June in the past 8 years. The replenishment volume has declined for two consecutive months, mainly due to seasonal factors [9][10] - In the three weeks up to July 18, the national chicken culling volumes were 15.05 million, 16.27 million, and 17.14 million respectively. The culling volume has gradually recovered since May, reached a phased peak in June, and then declined slightly due to the expectation of the summer peak season, but the absolute value is still slightly higher than the levels of 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 [10]

行业 纯碱、玻璃日报 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 日期 2024 年 7 月 25 日 硅）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 7 月 24 日，纯碱主力期货 SA509，低开高走，大幅上涨。收盘价 1408 元/吨，上 涨 59 元/吨,涨幅为 4.37%，日减仓 110401 手。 纯碱基本面情况来看，供应下降，需求回升，累库情况仍存。7 月 24 日当周中国 纯碱周度产量为 72.38 万吨，环比减少 1.28%，仍处 70 万吨以上高位区间；中国 纯碱周度产能利用率为 83. ...

行业 集运指数日报 日期 2025 年 7 月 25 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 | 表1：集运欧线期货7月24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 | 2,212.3 | 2,229.0 | 2,244.9 | 2,230.5 | 32.6 | 1.4 ...

行业 锌期货日报 日期 2025 年 7 月 25 日 021-60635740 期货从业资格号：F3075681 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 有色金属研究团队 研究员：彭婧霖 pengjinglin@ccb.ccbfutures.com 研究员：余菲菲 每日报告 一、 行情回顾 | 表1：期货市场行情 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单位：元/吨 | | 开盘 | 收盘 | 最高 | 最低 | 涨跌 | 涨跌幅 | 持仓量 | 持仓量变化 | | 沪锌 | 2508 | 22945 | 22965 | 23020 | 22865 | 110 | 0.48 | 38907 | -2157 | | 沪锌 | 2509 | 23000 | 23015 | 2307 ...