Report Information - Report Date: July 24, 2025 [2] - Research Team: Energy and Chemical Research Team [3] - Industry: Industrial Silicon Market Performance and Outlook Market Performance - The main contract price of industrial silicon futures opened high and moved higher, then fell sharply after a mid - session rally with significant position reduction. The closing price of Si2509 was 9,525 yuan/ton, up 0.58%. The trading volume was 1,681,660 lots, and the open interest was 334,779 lots, with a net reduction of 46,182 lots [4]. - The spot price of industrial silicon continued to rise. 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 fundamental factors are not the main driving force currently. The resumption of production in the southwest offsets the production cuts of large factories in Xinjiang, and the monthly output change is not significant compared to the first half of the year. The photovoltaic demand has increased slightly due to the resumption of production of polysilicon enterprises, but the shutdown and rectification of a certain organic silicon enterprise in Shandong has reduced the demand. Overall, the supply - demand remains loose [4]. - Currently, the order of factors influencing the market is policy > funds > fundamentals. After the polysilicon limit - up board was opened, industrial silicon also reduced positions by 46,000 lots and fell on heavy volume. If it fails to break through the 10,000 - yuan mark in the short term, it is likely to reach a phased peak. However, due to the current policy and spot price support, the downside space is also limited. It is expected to fluctuate strongly at high levels on an intraday basis [4]. Market News - On July 23, the futures warehouse receipt volume of the Guangzhou Futures Exchange was 50,106 lots, a net increase of 53 lots from the previous trading day [5]. - On July 18, the State Council Information Office held a press conference. The Ministry of Industry and Information Technology's Chief Engineer Xie Shaofeng stated that the steady - growth work plans for ten key industries such as steel, non - ferrous metals, petrochemicals, and building materials are即将出台. The ministry will promote key industries to adjust the structure, optimize the supply, and eliminate backward production capacity [5]. - In June 2025, China's industrial silicon export volume reached 68,300 tons, a sharp increase of 23% month - on - month and 12% year - on - year, 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%. From January to June, the cumulative photovoltaic installed capacity was 212.21GW, a year - on - year increase of 107.07%, but the domestic installed capacity in June was only 14GW, showing a significant decline [5].

Group 1: General Information - Reported industry: Cotton [1] - Report date: July 24, 2025 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operation Suggestions - Zhengzhou cotton fluctuated and adjusted. The latest 328 - grade cotton price index was 15,543 yuan/ton, down 6 yuan/ton from the previous trading day. The cotton yarn market price rose, but the downstream was difficult to increase volume. Spinning mills' profits were still in large losses, and the operating rate decreased. The cotton fabric market had few inquiries and mostly small and urgent orders [7] - Macroscopically, trade negotiations were approaching. Internationally, the growth progress was slow but the good - quality rate was improving, with limited external market drive. Domestically, the sown area increased year - on - year, and there was an expectation of a good harvest. Recently, the sale of old cotton increased, and the basis of new cotton decreased slightly. The short - term supply pressured cotton prices. The yarn price was strong, and the cotton yarn inventory did not accumulate. The cotton import in June was low, and the commercial inventory was still tight. The short - term main contract fluctuated and adjusted, and the 9 - 1 spread converged [8] Group 3: Industry News - As of the week ending July 20, the good - quality rate of U.S. cotton was 57%, the boll - setting rate was 33%, and the budding rate was 71% [9] - As of July 18, 2025, the total commercial cotton inventory was 2.4575 million tons, a decrease of 148,800 tons or 5.71% from the previous week [9] Group 4: Data Overview - The report presented multiple data charts, including China's cotton price index, cotton spot price, cotton futures price, cotton basis change, various spreads, cotton commercial and industrial inventories, warehouse receipt volume, and exchange rates [17][18][23]

Report Overview - Report Date: July 24, 2025 [2] - Reported Industry: Soybean Meal [1] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] 1. Investment Rating - No investment rating information is provided in the report. 2. Core Views - The external market of US soybeans is oscillating, with the main contract at 1030 cents. Due to favorable weather and a slightly bearish July USDA report, CBOT soybeans declined weakly at the beginning of last week, testing the previous low of 1000 cents. Subsequently, positive news emerged, such as the US reaching a trade agreement with Indonesia, which includes Indonesia's plan to purchase $4.5 billion worth of agricultural products from the US, slightly alleviating concerns about US soybean exports. Overall, US soybeans may continue to oscillate in the bottom range. The growth of new - season US soybeans is good, with a surprisingly high excellent - good rate of 70% in the latest week, a 4% increase from the previous week, and only 7% of the planting area affected by drought, strengthening the expectation of a bumper harvest. If China, the largest importer of US soybeans, still cannot purchase due to high tariffs, CBOT soybeans are expected to lack sustained improvement [6]. - Domestic soybean meal continued to be strong this week. On one hand, the risk preference in the commodity market has recovered, and the prices of most industrial products at the bottom have risen, driving the bullish sentiment in the market. On the other hand, the fundamental situation of soybean meal is solid. Although the current spot supply of soybean meal is abundant, considering that China has not started purchasing new - season US soybeans for the fourth quarter, the current pressure is insignificant. During the week, CBOT soybeans recovered, the FOB price of Brazilian soybeans increased, and the import cost gradually rose. The far - month soybean meal should generally be treated with a low - buying strategy, with the risk being whether there will be positive news from the Sino - US peace talks, such as a mutual reduction of tariffs without an agreement for China to purchase additional US agricultural products [6]. 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Market Data**: - For the soybean meal 2601 contract, the previous settlement price was 3098, the opening price was 3100, the highest price was 3136, the lowest price was 3098, the closing price was 3116, with a rise of 18 and a rise rate of 0.58%. The trading volume was 413,570, the open interest was 1,236,007, and the open interest change was 22,460 [6]. - For the soybean meal 2509 contract, the previous settlement price was 3076, the opening price was 3080, the highest price was 3121, the lowest price was 3077, the closing price was 3095, with a rise of 19 and a rise rate of 0.62%. The trading volume was 1,166,151, the open interest was 1,838,499, and the open interest change was - 12,733 [6]. - For the soybean meal 2511 contract, the previous settlement price was 3111, the opening price was 3096, the highest price was 3155, the lowest price was 3096, the closing price was 3133, with a rise of 22 and a rise rate of 0.71%. The trading volume was 126,795, the open interest was 623,289, and the open interest change was 1,122 [6]. - **External Market**: The external market of US soybeans is oscillating. Favorable factors include the trade agreement with Indonesia and potential agreements with other small countries, while bearish factors include good weather, a high excellent - good rate of new - season soybeans, and China's non - purchase due to tariffs [6]. - **Domestic Market**: Domestic soybean meal is strong, driven by market sentiment and its own fundamentals. The far - month contract should be treated with a low - buying strategy, with risks related to Sino - US trade negotiations [6]. 3.2 Industry News - **USDA Pressing Weekly Report**: As of the week ending July 18, 2025, the US soybean pressing profit was $2.58 per bushel, a 1.5% decrease from the previous week. In 2024, the average pressing profit was $2.44 per bushel, lower than $3.29 per bushel in 2023. The spot price of 48% protein soybean meal at soybean processing plants in Illinois was $257.28 per short ton, equivalent to $5.98 per bushel. The truck quotation of crude soybean oil in Illinois was 56.15 cents per pound, equivalent to $6.63 per bushel. The average price of No. 1 yellow soybeans was $10.28 per bushel, up from $10.23 per bushel last week [7][9]. - **Anec Forecast**: Brazil's soybean exports in July are expected to be 12.11 million tons (previously estimated at 12.19 million tons), soybean meal exports are expected to be 2.4 million tons (previously estimated at 2.25 million tons), and corn exports are expected to be 4.14 million tons (previously estimated at 4.6 million tons) [9]. 3.3 Data Overview - The report provides 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, with data sources from Wind and the Research and Development Department of Jianxin Futures [11][13][14]

宏观金融团队 行业 集运指数日报 日期 2025 年 7 月 24 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 请阅读正文后的声明 ＃summary＃ 每日报告 | | | 表1：集运欧线期货7月23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 | 2,276.1 | 2,238.0 | 2,239.7 | 2,212.3 | -36.4 | -1 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - In the context of the peak season, crude oil consumption may be lower than expected, and oil prices are likely to move sideways in the short term. It is necessary to continue to monitor consumption and Saudi Arabia's supply changes [7] 3. Summary by Directory 3.1行情回顾与操作建议 - **Market Quotes**: WTI closed at $65.45 per barrel, down 0.76%; Brent closed at $68.67 per barrel, down 0.78%; SC closed at 503.7 yuan per barrel, down 0.57%. API data showed that as of the week ending on the 18th, U.S. crude oil inventories decreased by 575,000 barrels week - on - week, but gasoline inventories increased significantly, causing oil prices to fall again [6] - **Supply and Demand Analysis**: The three major institutions' July reports showed little adjustment on the demand side. On the supply side, most OPEC countries completed compensatory production cuts, but there were differences in the estimates of Saudi Arabia's oil production. High - frequency data indicated that U.S. refined oil consumption was slightly lower than expected [7] 3.2 行业要闻 - The IEA stated that global LNG supply will see the largest increase since 2019 next year. The U.S. Energy Information Administration reported that the U.S. has become a net exporter of crude oil to Nigeria for the first time [10] 3.3 数据概览 - The report presents multiple data charts, including global high - frequency crude oil inventories, WTI fund positions, U.S. crude oil production growth rate, and EIA crude oil inventories [11][14]

行业 国债日报 日期 2025 年 7 月 24 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＃ | 一、行情回顾与操作建议 | | --- | | | 表1：国债期货7月23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 | | TL2509 | 119.520 | 118.900 | 119.270 | 119.35 ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - The main contract of polysilicon hit the daily limit during the session and then opened the limit and tumbled. The closing price of PS2509 was 50,080 yuan/ton, with a gain of 5.33%. The trading volume was 1,246,241 lots, and the open interest was 165,641 lots, a net decrease of 26,538 lots [4]. - The fundamental factors are not the main driving logic at present. After the end of the rush - installation in June, the domestic demand lacks follow - up, and the monthly terminal demand will drop to around 45GW. The resumption of production by silicon material enterprises will increase the supply to 10 - 110,000 tons, which can roughly meet the downstream demand of 48 - 50GW, and the supply - demand is barely balanced [4]. - The current market is mainly driven by policy > funds > fundamentals. After the commodity index fills the gap, there is resistance to the subsequent rally. If the polysilicon fails to break through the previous high in the short - term, it is likely to reach a phased peak. However, due to policy support and the fact that the spot price should not be lower than the full cost, the downward space is also limited. It is expected to be in a cautious and strong high - level oscillation during the day [4]. 3) Summaries According to Related Catalogs a. Market Performance and Outlook - Market performance: The polysilicon main contract showed volatile performance, hitting the daily limit and then falling. PS2509 had specific closing price, trading volume, and open - interest data [4]. - Outlook: The fundamental factors are not the main driver. There is a change in supply - demand after the end of the rush - installation. The current market is mainly affected by policy and funds, and the short - term trend has certain characteristics and limitations [4]. b. Market News - On July 23, the number of polysilicon warehouse receipts was 2,780 lots, with no increase compared to the previous trading day [5]. - On July 18, the Ministry of Industry and Information Technology announced that work plans for stabilizing growth in ten key industries such as steel, non - ferrous metals, petrochemicals, and building materials were to be introduced, aiming to adjust the structure, optimize the supply, and eliminate backward production capacity [5]. - In June 2025, China's industrial silicon exports reached 68,300 tons, a month - on - month increase of 23% and a year - on - year increase of 12%, hitting a 18 - month high. Southeast Asia was the main export destination, with Thailand and Malaysia as the main incremental markets 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 capacity of solar power generation was 1.1 billion kilowatts, a year - on - year increase of 54.2%. The cumulative photovoltaic installed capacity from January to June was 212.21GW, a year - on - year increase of 107.07%, but the domestic installed capacity in June was only 14GW, showing a significant decline [5].

行业 PTA 日报 日期 2025 年 07 月 24 日 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 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 | 表1：期货行情 | | | | | | --- | --- | --- | --- | --- | | 合约 | 收盘价（元/吨） | 涨跌 | 总量 | 增减 | | TA2509 | 4784 | 12 | 1171328 | -19480 | | TA2601 | 4780 | 16 | 289 | -19480 | 数据来源：Wind，建信期货研究发展部 23日PTA主力期货 TA2509收盘价4784元/吨，上涨 12元/吨，涨幅 0.25%， 结算价 4808 ...

行业 MEG 日报 日期 2025 年 07 月 24 日 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 ...

Report Overview - Report Date: July 23, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] - Research Team: Non-ferrous Metals Research Team [4] Industry Investment Rating - Not provided Core Viewpoints - The lithium carbonate futures market rose due to the overnight announcement of Jiangte Motor's production line maintenance and the fermentation of the anti-involution logic. The spot market also slightly followed the increase. The downstream's willingness to accept the price was low, but the procurement intention improved marginally. The rising price of lithium carbonate drove the profit repair of the upstream resource end and salt factories, but the price performance was suppressed by the arbitrage space. However, under the current sentiment, lithium carbonate is expected to follow the upward trend [11]. Summary by Directory 1. Market Review and Operation Suggestions - The lithium carbonate futures opened higher. The main contract reached a maximum of 74,480 and closed at 72,880. The total position increased by 40,000 hands to 718,000 hands. The spot price of electric carbon rose by 1,100 to 69,100. The downstream's acceptance of the price was low, but the procurement intention improved. The price of Australian ore rose by 10 US dollars/ton to 767.5 US dollars/ton, and the price of lithium mica rose by 45 to 1,590 yuan/ton. The production profit of salt factories using purchased lithium spodumene expanded to 833 yuan/ton, and the production loss of salt factories using purchased lithium mica narrowed to 5,969 yuan/ton [11]. 2. Industry News - Argentina's CAMMESA's first-round battery energy storage system tender received 27 projects from 15 companies, totaling 1.3 GW of bidding plans, far exceeding the 500 MW tender capacity. The winning results are expected to be announced in August 2025, and the contracts will be signed in September [14]. - On the morning of July 17, Jiangsu Weili Energy Technology Co., Ltd. launched a project with a total investment of 500 million yuan to process 30,000 tons of lithium iron phosphate battery cathode materials per year. The first phase is expected to be put into production by the end of 2025, with an annual revenue of 550 million yuan and more than 200 new jobs [15].