Report Information - Report Title: Nickel Daily Report [1] - Date: July 23, 2025 [2] - Research Team: Non-ferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The macro - optimistic atmosphere supports the continued strength of Shanghai nickel. On the 22nd, Shanghai nickel 2509 closed up 1.52% at 123,720 yuan/ton, and the total open interest of the index increased by 12,011 to 176,532 lots. However, the nickel surplus pattern has not reversed, and price pressure still exists. The nickel fundamentals have not changed significantly, and the overall performance of each industrial link continues to weaken. Currently, the macro - sentiment dominates the market, and the nickel price is temporarily strong, but the rebound space should be viewed with caution [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - Macro - optimism supports Shanghai nickel's strength, with the 2509 contract rising 1.52% to 123,720 yuan/ton and the index's total open interest increasing by 12,011 to 176,532 lots [8]. - The nickel surplus situation remains, and prices face pressure. As the supplementary quotas of Indonesia's RKAB are gradually approved, nickel ore supply will be abundant, and premiums and ore prices may decline [8]. - Nickel - iron prices rebounded slightly at a low level, but most Indonesian smelters are still at a loss at this price. After the conversion to high - grade nickel matte, the reduction is limited, and the support for prices is also limited. Stainless steel is in the traditional off - season with high inventories, making it difficult to support the raw material end. The weak atmosphere of nickel - iron and stainless steel drags down the nickel ore end [8]. - The price of nickel sulfate continued to rise to 27,250. It is expected to stop falling temporarily under the support of low inventories of nickel salt plants and the rigid restocking demand of precursors [8]. 3.2 Industry News - In 2025, Indonesia's actual nickel ore production was only 120 million tons, while the approved RKAB quota from January to June was 364.1 million tons, about three times the actual production. The low utilization rate of RKAB quotas was mainly due to the rainy season in major mining areas such as Sulawesi. In the first half of the year, Indonesia still imported 4.6 million tons of nickel ore from the Philippines [9]. - Since January 2025, the cost pressure on Indonesia's nickel industry has continued to rise due to policies such as the Domestic Sales Obligation (DMO), the increase in the biodiesel blending ratio from B40 to B50, new export fees, and the Global Minimum Tax (GMT). The APNI is formulating ESG regulations in line with IRMA standards and conducting a gap analysis of 57 local regulations to enhance the international reputation of Indonesia's nickel industry [11]. - Bulgaria officially launched the largest operating battery energy storage system in the EU, with a capacity of 124 MW/496.2 MWh. This project is an important step towards the goal of deploying 10,000 MWh of battery energy storage capacity within a year [11]. - A research team in Turkey developed a TOPCon solar cell using nickel (Ni) contacts with almost no silver (Ag). The silver consumption is less than 0.5 mg/W, far lower than that of traditional silver - contact cells, while achieving almost the same efficiency. This innovation is expected to significantly reduce production costs [11]. - Renewable energy storage company Apatura obtained planning permission for a 100 - MW battery energy storage system (BESS) project in Scotland. This is the tenth approved energy storage project in the past 17 months, with the total approved energy storage capacity exceeding 1.6 GW [11]

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: July 23, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Core Viewpoint - The peak of the peak season for spot freight rates is about to appear. The SCFIS this week has dropped by about 21 points to around 2400 points compared with last week. Online quotes are relatively stable. After the continuous repair of the 08 contract, the current discount space is relatively limited. Attention should be paid to the short - selling opportunities in October, a traditional off - season, and the positive spread arbitrage opportunities between 08 - 10 contracts [8] Industry News - From July 14 to July 18, the China export container shipping market was basically stable, with most route market freight rates falling, dragging down the composite index. The Shanghai Export Container Composite Freight Index on July 18 was 1646.90 points, a 5.0% drop from the previous period [9] - In the first half of 2025, China's goods trade imports and exports increased by 2.9% year - on - year, with exports increasing by 7.2% year - on - year, which will support the Chinese export container shipping market in the long term [9] - The eurozone's July ZEW economic sentiment index rose to 36.1, and Germany's July ZEW economic sentiment index reached 52.7, a new high since February 2022, indicating that the European economy continues to recover [9] - Trump announced a 30% tariff on goods imported from the EU starting from August 1, and the EU drafted a tariff list for US services in response, so Sino - European trade still faces great uncertainty [9] - On July 18, the market freight rate from Shanghai Port to European basic ports was 2079 US dollars/TEU, a 1.0% drop from the previous period; the market freight rate to Mediterranean basic ports was 2528 US dollars/TEU, a 5.2% drop from the previous period [9][10] - In June, the US CPI rose 0.3% month - on - month and 2.7% year - on - year, the highest in four months. The market freight rates from Shanghai Port to the US West and East basic ports on July 18 were 2142 US dollars/FEU and 3612 US dollars/FEU respectively, down 2.4% and 13.4% from the previous period [10] - Due to the continuous blockade of the Red Sea by the Yemeni Houthi rebels, Eilat Port in Israel has stopped all operations since July 20, which may weaken Israel's shipping logistics capacity in the Red Sea and trigger potential security concerns [10] - Trump said the US will maintain a 25% tariff on Japanese goods and may soon reach a trade agreement with India. The US has also reached agreements with Indonesia and notified some Southeast Asian countries of new tariff rates [10] - The leader of the Yemeni Houthi rebels said that as long as Israel continues to invade and blockade Gaza, the Houthi rebels will continue to ban ships related to Israel from passing through the Red Sea, the Gulf of Aden and the Arabian Sea [10] Data Overview Container Shipping Spot Prices - On July 21, 2025, the SCFIS for the European route (basic ports) was 2400.5 points, a 0.9% drop from July 14; the SCFIS for the US West route (basic ports) was 1301.81 points, a 2.8% increase from July 14 [12] Container Shipping Index (European Line) Futures Quotes - The trading data of container shipping European line futures on July 22 shows that different contracts have different price changes, trading volumes, open interests and position changes. For example, the EC2508 contract closed at 2249.7 points, down 2.20% [6] Shipping - Related Data Charts - The report provides multiple charts, including the Shanghai Export Container Settlement Freight Index, container shipping European line futures contract trends, global container shipping capacity, global container ship orders, and Shanghai - European basic port freight rates [13][17][22]

1. Report Investment Rating - No investment rating information provided in the report 2. Core Viewpoints - The political risks in the US have pushed down the US dollar index and boosted the prices of gold and silver. Gold's safe - haven demand is strongly supported, and its volatility has increased while the medium - term upward trend remains intact. The report suggests investors maintain a bullish mindset and participate in trading with medium - to - low positions [4]. - The long - term bull market of gold is supported by the hedging and reserve diversification needs from the restructuring of the international trade and monetary system, and the medium - term bull market is supported by Trump's reforms, economic weakness, and central bank rate - cut expectations. However, the high price and P/E ratio lead to increased volatility, and the impact of the US fiscal expansion bill and inflation on the Fed's rate - cut timing in the third quarter should be monitored [5]. 3. Section Summaries 3.1 Precious Metals Market Quotes and Outlook 3.1.1 Intraday Market - Trump's government's pressure on Fed Chair Powell and a congressman's criminal charge against Powell have pushed down the US dollar index and caused London gold to rebound to $3390 per ounce. The anti - involution expectation has driven up the price of silver with strong industrial attributes. Gold's safe - haven demand is boosted, and it is expected to fluctuate between $3120 - $3500 per ounce before the next upward breakthrough. Investors are advised to hold a bullish view and trade with medium - to - low positions. This week, attention should be paid to the preliminary PMI values in July in Europe and the US and the ECB's interest - rate meeting [4]. 3.1.2 Medium - term Market - Since late April, London gold has been fluctuating between $3100 - $3500 per ounce. Although the cooling of international trade and the US fiscal expansion bill have weakened gold's hedging and allocation needs, Trump's new policies and geopolitical risks still support the price. The gold - silver ratio has returned to the level before April. The report expects London gold to continue to fluctuate between $3120 - $3500 per ounce in the short term. Investors are advised to maintain a bullish view, and bearish - minded traders can consider the "long gold, short silver" arbitrage opportunity [5]. 3.2 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 against Shanghai gold T + D, gold and silver ETF holdings, the gold - silver ratio, and the correlation between London gold and other assets [7][9][11]. 3.3 Major Macroeconomic Events/Data - The EU is exploring broader counter - measures against the US as the prospect of a trade agreement with Washington fades. Some EU countries are evaluating the use of a comprehensive anti - coercion mechanism [17]. - The US Treasury Secretary suggests a review of the Fed, and the Fed responds to the White House's criticism of the renovation cost of its headquarters [17]. - Guangdong and Anhui in China will regulate the new - energy vehicle industry to promote healthy competition [17].

Report Overview - Report Title: Copper Futures Daily Report - Date: July 23, 2025 - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [4] 1. Investment Rating - No investment rating information provided in the report. 2. Core View - The current fundamentals of copper are supportive, with significant growth in Chinese copper demand and favorable domestic and international macro - environments. Short - term, copper prices are expected to continue rising [11]. 3. Summary by Sections 3.1 Market Review and Operation Suggestions - Shanghai copper closed with a doji star, and the total open interest decreased by 1,386 lots. The sentiment for going long on industrial products was high during the day, but copper prices were relatively flat, with weak capital entry willingness. The futures market maintained a structure where the near - month contracts were in contango and the far - month contracts were in back. The spot premium continued to rise to 240, and the LME 0 - 3 contango widened to $67/ton. The short - term spot market showed a pattern of strong domestic and weak overseas. In June 2025, China's copper product output was 2.214 million tons, a year - on - year increase of 6.8%, hitting a multi - year high for the same period [11]. 3.2 Industry News - In June, the export volume of refined copper rods (>6mm) continued to reach a new high, with stable growth in the Southeast Asian market. The total export volume of refined copper rods with a maximum cross - section >6mm was 9,827.53 tons, a month - on - month increase of 8.4% and a year - on - year increase of 50.36%. The export volume of refined copper rods with a maximum cross - section >6mm through feed - processing trade in June 2025 was 7,183.14 tons, a month - on - month increase of 36.22% and a year - on - year increase of 33.75 times [12]. - Russia's Norilsk Nickel (Nornickel) currently expects its copper production this year to be between 343,000 - 355,000 tons, lower than the previous estimate of 353,000 - 373,000 tons. The company's nickel production in the second quarter was 45,000 tons, a year - on - year increase of 9%, and palladium production was 658,000 ounces, a year - on - year decrease of 11% [12]. - Anglo Asian Mining plc announced that its Demirli copper mine in the Karabakh Economic Region of Azerbaijan has started trial production, and the output is expected to increase by the end of this year. The company expects its copper concentrate output in 2025 to be 4,000 tons, and after 2026, the annual output of the Demirli copper mine will increase to 15,000 tons. The mining life of the mine depends on further geopolitical developments and the mineral resource model [12].

Group 1: General Information - Report title: Zinc Futures Daily Report [1] - Date: July 23, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Group 2: Market Review - **Futures Market Quotes**: - For the 2508 contract of Shanghai Zinc, the opening price was 22,430 yuan/ton, the closing price was 22,885 yuan/ton, the highest was 22,900 yuan/ton, the lowest was 22,420 yuan/ton, the change was 590 yuan, the increase rate was 2.65%, the trading volume was 46,914, and the change in trading volume was -11,190. - For the 2509 contract, the opening price was 22,420 yuan/ton, the closing price was 22,925 yuan/ton, the highest was 22,945 yuan/ton, the lowest was 22,415 yuan/ton, the change was 625 yuan, the increase rate was 2.80%, the trading volume was 133,314, and the change in trading volume was 17,346. - For the 2510 contract, the opening price was 22,375 yuan/ton, the closing price was 22,915 yuan/ton, the highest was 22,935 yuan/ton, the lowest was 22,375 yuan/ton, the change was 640 yuan, the increase rate was 2.87%, the trading volume was 38,266, and the change in trading volume was 4,110 [7]. - **Market Analysis**: In the context of anti - involution, the rebound strength of the black series exceeded expectations. Although the fundamentals of Shanghai Zinc were poor, it showed certain resistance to decline due to the boost of the black series. On Friday afternoon, the Ministry of Industry and Information Technology stated that it would promote key industries such as steel, non - ferrous metals, petrochemicals, and building materials to adjust their structures and optimize supply, which boosted the commodity market. Shanghai Zinc fluctuated at a high level during the day. The main 2509 contract closed at 22,945 yuan/ton, up 160 yuan, an increase of 0.70%, with increased volume and open interest. The fundamentals and the macro situation were in conflict. In August, the domestic zinc ore processing fee remained stable, the imported ore processing fee continued to rise, the port inventory of zinc concentrates increased significantly, and downstream demand was in the off - season, with limited acceptance of high prices on the disk. Spot prices in three regions were lowered, and the overall trading was light. It is expected to run strongly in the short term driven by commodity sentiment, but there is insufficient support for the upward movement of the fundamentals, so be cautious about chasing high prices [7]. Group 3: Industry News - **July 22, 2025**: - The mainstream transaction price of 0 zinc was concentrated between 22,755 - 22,910 yuan/ton, Shuangyan zinc was traded between 22,835 - 23,010 yuan/ton, and 1 zinc was traded between 22,685 - 22,840 yuan/ton. - In the morning, the market quoted a premium of 0 - 20 yuan/ton to the SMM average price. In the second trading session, ordinary domestic zinc was quoted at a premium of 0 - 20 yuan/ton to the 2508 contract, Honglu - v was at par with the 2508 contract, Huize was at a premium of 60 - 80 yuan/ton to the 2508 contract, and the high - end brand Shuangyan was quoted at a premium of 80 - 120 yuan/ton to the 2508 contract [8]. - **Ningbo Market**: The mainstream brand 0 zinc was traded at around 22,755 - 22,890 yuan/ton. The regular brands in Ningbo were quoted at a discount of 5 yuan/ton to the 2508 contract and a premium of 10 yuan/ton to the Shanghai spot. In the first time period, Yongchang was quoted at par with the 2508 contract, Honglu - v was at par with the 2508 contract, and Huize zinc ingots were at a premium of 80 yuan/ton to the 2508 contract. In the second time period, traders' quotes remained the same as the previous period [8]. - **Tianjin Market**: The 0 zinc ingots were mainly traded between 22,700 - 22,890 yuan/ton, Zijin was traded between 22,740 - 22,910 yuan/ton, 1 zinc ingots were traded around 22,630 - 22,780 yuan/ton, and Huludao was quoted at 23,630 yuan/ton. The ordinary 0 zinc was quoted at a discount of 0 - 50 yuan/ton to the 2508 contract, Zijin was quoted at a discount of 10 yuan to a premium of 20 yuan/ton to the 2508 contract, and Tianjin was at a discount of about 40 yuan/ton to the Shanghai market [8][9]. - **Guangdong Market**: The mainstream 0 zinc was traded between 22,700 - 22,880 yuan/ton. The mainstream brands were quoted at a discount of 70 yuan/ton to the 2509 contract and a discount of 30 yuan/ton to the Shanghai spot, and the price difference between Shanghai and Guangdong widened [9].

General Information - Report Date: July 23, 2025 [2] - Researcher: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] - Report Type: Treasury Bond Daily Report [1] Report Highlights Investment Rating - No investment rating is provided in the report. Core Viewpoints - Short - term, the bond market lacks a clear direction due to stable fundamentals, policy, and capital conditions, along with elevated market risk appetite. Long - term, there may be an increase in monetary easing in October, but there's a risk of a bond market trend reversal if anti - involution effectively boosts domestic demand and inflation [11][12] Summary by Section 1. Market Review and Operation Suggestions - **Market Performance**: The marginal improvement in inter - bank liquidity continued, but the sharp rise in A - shares, especially the strength of cyclical stocks, significantly suppressed the bond market, and the decline of treasury bond futures widened in the afternoon [8] - **Interest Rate Bonds**: Yields of major inter - bank interest rate bonds across all maturities increased. Short - term yields changed slightly, while long - term yields rose by about 1 - 2bp. By 16:30, the yield of the 10 - year treasury bond active bond 250011 was reported at 1.689%, up 1.2bp [9] - **Funding Market**: The funding situation was stable. There were 462.5 billion yuan of reverse repurchase maturities, and the central bank conducted 214.8 billion yuan of reverse repurchase operations, resulting in a net withdrawal of 247.7 billion yuan. Short - term funding rates declined, and medium - and long - term funding remained stable [10] 2. Industry News - **LPR**: The LPR quotes in July remained stable, with the 1 - year LPR at 3% and the over - 5 - year variety at 3.5% [13] - **Sino - EU Relations**: European Council President Costa and European Commission President von der Leyen will visit China on July 24 [13] - **Central Bank Policy**: The central bank solicited public opinions on canceling the regulation on freezing bond repurchase collateral, mainly to enhance bond liquidity and optimize the central bank's monetary policy operation mechanism [13] - **Business and Trade**: The Ministry of Commerce responded to the US approval of the sale of NVIDIA H20 chips to China and Canada's tightened steel import restrictions [13] - **Infrastructure Project**: The construction ceremony of the hydropower project in the lower reaches of the Yarlung Zangbo River was held, with a total investment of about 1.2 trillion yuan. The China Yajiang Group Co., Ltd. was established [14] - **G20 Meeting**: At the third G20 Finance Ministers and Central Bank Governors' Meeting, China stated that it would implement a more proactive fiscal policy and expand high - level opening - up in the second half of the year [14] 3. Data Overview - **Treasury Bond Futures**: Data on trading, including prices, trading volumes, and open interest of various treasury bond futures contracts on July 22 were presented, as well as information on spreads between different contracts and their trends [6] - **Money Market**: Data on SHIBOR, inter - bank pledged repurchase weighted interest rates, and other money market indicators were covered [29][33] - **Derivatives Market**: Information on Shibor3M and FR007 interest rate swap fixing curves was provided [35]

Report Information - Report Title: Aluminum Daily Report [1] - Date: July 23, 2025 [2] - Research Team: Non-ferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] Industry Investment Rating - No investment rating information provided in the report Core Viewpoints - The macro atmosphere remains strongly positive, with the black series commodities and ferrosilicon reaching their daily limit on the 22nd. Driven by the optimistic sentiment, the aluminum industry chain continues to be strong. Alumina prices have risen significantly by over 6%, reaching a new high for the year, while Shanghai aluminum has shown relatively stable performance. Currently in the traditional off-season, the domestic electrolytic aluminum operating capacity remains at a high level, and the demand side is still affected by the off-season. The overall fundamentals of aluminum have not changed significantly, and the current strength is mainly supported by policy expectations, following the general upward trend of the sector. The upside space is temporarily limited, and in the short term, it is expected to remain strong, with attention paid to the resistance level near the previous high [8] Summary by Directory 1. Market Review and Operation Suggestions - Macro atmosphere drives the aluminum industry chain to remain strong. Alumina prices have risen significantly, while Shanghai aluminum has shown relatively stable performance. The 2509 contract of Shanghai aluminum has risen by 0.75% to 20,900 yuan/ton, and the total open interest of the index has increased by 19,572 to 694,390 lots. The premium between the 08 and 09 contracts has narrowed by 5 to 25, and the AD-AL negative spread is reported at -490. The domestic electrolytic aluminum operating capacity remains at a high level, and the demand side is still affected by the off-season. The start-up rate of the aluminum processing sector remains low, and the high absolute price of aluminum is expected to have a negative impact on terminal consumption. The average profit of aluminum smelting remains at a high level of over 4,200 yuan/ton. Overall, the fundamentals of aluminum have not changed significantly, and the current strength is mainly supported by policy expectations, following the general upward trend of the sector. The upside space is temporarily limited, and in the short term, it is expected to remain strong, with attention paid to the resistance level near the previous high [8] 2. Industry News - China's primary aluminum production in June 2025 was 3.81 million tons, a year-on-year increase of 3.4%. Due to the start of the second-phase replacement of electrolytic aluminum from Shandong to Yunnan, the production of the original plant was reduced, resulting in a slight month-on-month decrease in production. In July, the domestic electrolytic aluminum operating capacity remains at a high level, and the second-phase replacement project in Yunnan has been put into operation, leading to a recovery in the industry's start-up rate [9][10] - The Ministry of Housing and Urban-Rural Development has emphasized the importance of promoting the stable, healthy, and high-quality development of the real estate market. Local governments are required to take responsibility, make full use of their autonomy in real estate regulation policies, and implement targeted measures to stabilize the market [10] - Alcoa has announced that the restart of its San Ciprián aluminum smelter in Spain has been postponed to mid-2026, with an expected loss of up to $110 million. The restart was originally in progress but was delayed due to a nationwide power outage in Spain in April. After reviewing the government's report on the power outage and receiving commitments on grid reliability and energy competitiveness, the joint venture has decided to resume the restart project [10]

Report Overview - Report Title: Crude Oil Daily Report - Report Date: July 23, 2025 - Report Industry: Energy - Chemical (Crude Oil) 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - In the peak season, the single - week crude oil consumption is slightly lower than expected, but there are no new negatives in the market, so the market is expected to have an upward potential. It is necessary to continue tracking consumption and Saudi Arabia's supply changes [6][7] 3. Summary by Relevant Catalogs 3.1. Market Review and Operation Suggestions - **Market Review**: WTI's opening price was $66.04/barrel, closing at $65.78/barrel, with a high of $66.44/barrel, a low of $65.21/barrel, a decline of 0.41%, and a trading volume of 22.7 million hands. Brent's opening price was $69.21/barrel, closing at $69.09/barrel, with a high of $69.63/barrel, a low of $68.4/barrel, a decline of 0.27%, and a trading volume of 28.12 million hands. SC's opening price was 511 yuan/barrel, closing at 504.3 yuan/barrel, with a high of 512.1 yuan/barrel, a low of 501.6 yuan/barrel, a decline of 2.13%, and a trading volume of 14.38 million hands [6] - **Supply - Demand Situation**: The three major institutions' July reports show little adjustment on the demand side. On the supply side, except for Kazakhstan, seven other countries have completed compensatory production cuts according to OPEC. There are differences among the three institutions regarding Saudi Arabia's crude oil production this month. IEA expects Saudi Arabia's production to reach 9.8 million barrels per day, while OPEC and EIA estimate it to be around 9.3 million barrels per day. High - frequency data shows that US refined oil consumption is slightly lower than expected, and the apparent demand for gasoline and diesel has declined [6] - **Operation Suggestions**: Continue to track consumption and Saudi Arabia's supply changes [7] 3.2. Industry News - Israel's Chief of Staff stated that actions against Iran are not over - Iran's Foreign Minister said Iran is willing to talk with the US but will not have direct talks for now - The UK government imposed 137 new sanctions on Russia's key energy and oil industries, targeting 135 oil tankers that are part of a fleet that has illegally transported $24 billion worth of goods since early 2024 [10] 3.3. Data Overview - The report presents multiple data charts, including global high - frequency crude oil inventory, WTI fund positions, Brent fund net positions, WTI and Oman spot prices, US crude oil production growth rate, and EIA crude oil inventory [11][14][16]

Report Summary 1. Report Information - Report Type: Pulp Daily Report [1] - Date: July 23, 2025 [2] 2. Market Review and Operation Suggestions - **Futures Market**: The previous settlement price of the pulp futures 09 contract was 5,328 yuan/ton, and the closing price was 5,368 yuan/ton, a rise of 0.75%. [7] - **Spot Market**: The intended transaction price range of softwood pulp in the Shandong market was 5,220 - 6,700 yuan/ton. The low - end price remained stable compared to the previous trading day. The Shandong Yinxing was quoted at 5,950 yuan/ton. [7] - **International Quotes**: Chile's Arauco announced its July quotes. The Yinxing had no new offers as the previous deals were completed. The net price of Uruguay's hardwood pulp, New Star, was $500/ton. [7] - **Production and Shipment**: In May, the shipment volume of softwood pulp from the world's 20 major pulp - producing countries was 1.69 million tons, up 4.4% month - on - month and down 8.2% year - on - year. [7] - **Inventory and Consumption**: In June, the European wood pulp inventory increased by 2.4% month - on - month and 6.6% year - on - year; consumption decreased by 9.9% month - on - month and 10.6% year - on - year. China's pulp imports in June were 3.03 million tons, up 0.4% month - on - month and 16.1% year - on - year. As of July 17, 2025, the weekly pulp inventory in major regions and ports decreased by 1.08% month - on - month, turning from an increase to a decrease. [7] - **Market Trend**: Affected by the off - season atmosphere, the prices of downstream paper products were weak. With limited changes in fundamentals, the pulp market fluctuated and rose slightly in the short term, driven by the commodity market atmosphere. [7] 3. Industry News - On July 22, the annual 150,000 - ton special paper project of Sichuan Hefeng Paper of Taisheng Group was successfully put into operation. The project uses bamboo pulp as the main raw material, focusing on producing 40 - 100 - gram low - gram - weight food packaging paper. After the two paper machines in Sichuan reach full production, they are expected to have a significant impact on the special paper market in the southwest region, with some production capacity sold to the central and eastern coastal areas. [8] 4. Data Overview - The report presents multiple data charts, including the total warehouse receipts, domestic main port pulp inventory, European main port wood pulp inventory, and prices and spreads of various paper products [25][27][29]

Report Summary 1) Report Industry Investment Rating - No information provided in the content. 2) Report's Core View - The main contract price of polysilicon closed at the daily limit. The PS2509 closed at 49,105 yuan/ton, with a gain of 7.54%. The trading volume was 75.70 lots, and the open interest was 19.20 lots, with a net increase of 20,122 lots. Policy stimulus led to the upward movement of multiple commodities, and both polysilicon and industrial silicon closed at the daily limit. The futures price has exceeded the spot price range and the full - cost line of most plants. The fundamentals are not the main driving factor currently, and continuous policies will stimulate the bullish sentiment in the market to the extreme. The market is expected to remain bullish with increasing positions and trading volume, and one should not try to predict the top [4]. 3) Summary by Relevant Catalog a. Market Review and Outlook - Market Performance: The main contract price of polysilicon closed at the daily limit. The PS2509 closed at 49,105 yuan/ton, up 7.54%. The trading volume was 75.70 lots, and the open interest was 19.20 lots, with a net increase of 20,122 lots [4]. - Future Outlook: Policy stimulus caused multiple commodities to rise in resonance. Polysilicon and industrial silicon both closed at the daily limit. The futures price has exceeded the spot price range and the full - cost line of most plants. The fundamentals are not the main driving factor. Continuous policies will fully stimulate the bullish sentiment in the market to the extreme. The market is expected to remain bullish with increasing positions and trading volume, and one should not try to predict the top [4]. b. Market News - As of July 22, the number of polysilicon warehouse receipts was 2,780 lots, with no increase from the previous trading day [5].