Report Information - Report Title: Corn Daily Report [1] - Report Date: July 11, 2025 [2] - Research Team: Agricultural Products Research Team [4] - Researchers: Lin Zhenlei, Yu Lanlan, Wang Haifeng, Hong Chenliang, Liu Youran [4] Industry Investment Rating - Not provided Core Viewpoints - The overall processing demand for corn is unlikely to increase, while wheat and imported corn continue to supplement the market supply, causing the market sentiment to turn slightly pessimistic and the price to decline slightly. However, the increasing storage and capital costs may limit the decline. The 2509 futures contract is mainly in a volatile correction following the spot market, and attention should be paid to the impact of weather in corn - producing areas on new crops [7]. Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 10th, the corn main contract 2509 opened lower and fluctuated higher, closing with a negative line at the end of the session. The highest price was 2325 yuan/ton, the lowest was 2313 yuan/ton, and the closing price was 2320 yuan/ton, a decrease of 2 yuan compared to the previous trading day. The total index open interest increased by 21,480 lots to 1,626,312 lots [7]. - **Spot Market**: On the 10th, the price of second - class corn at Jinzhou Port was 2310 - 2340 yuan/ton, a decrease of 10 yuan/ton compared to the previous day. The port inventory is continuously decreasing but remains at a high level compared to the same period. Wheat still has an advantage in feed substitution for corn, and the substitution volume continues to increase. Imported corn is continuously auctioned, increasing market supply. Barley and other alternative imported grains show price advantages, and future imports may increase. Feed demand is improving, but feed enterprises have relatively sufficient inventories, are not active in spot procurement, and turn to new wheat procurement, mainly conducting on - demand procurement and rolling replenishment. Deep - processing enterprises are continuously losing money, are entering the seasonal off - season, with a declining operating rate, and their inventories are relatively high and stable, mainly conducting rigid - demand procurement [7]. 2. Industry News - **US Corn Situation**: As of July 6, 74% of the corn in the United States was rated good to excellent, an increase of 1 percentage point from the previous week, reaching the highest level for the same period since 2018. As of the week ending July 3, 2025, the US corn export inspection volume was 1,491,062 tons, compared with the revised 1,380,943 tons of the previous week and 1,023,905 tons of the same period last year. As of July 2, the average price of distillers dried grains with solubles (DDGS) in 34 US regions was 148 US dollars/ton, a decrease of 2 US dollars from a week ago [8][10]. - **Other News**: India is seeking a trade agreement with the United States and may allow the import of some processed genetically modified agricultural products. The corn good - to - excellent rate in France is 78%, lower than 81% a week ago and 82% of the same period last year. Russia has lowered the wheat export tariff to zero and raised the corn export tariff by 3% from July 9 to 15, 2025. As of July 7, 2025/26, Ukraine's grain export volume was 77,000 tons, lower than 1,131,000 tons of the same period last year [10]. 3. Data Overview - The report provides multiple data charts, including corn futures and spot prices, port inventories, wheat prices, wheat - corn price spreads, corn imports, and feed production, with data sources from Wind and the Research Center of CCB Futures [7][9][11]

行业 沥青日报 日期 2025 年 7 月 11 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 ...

行业 生猪日报 日期 2025 年 07 月 11 日 021-60635740 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635727 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.co m 期货从业资格号：F3076808 每日报告 一、行情回顾与操作建议 数据来源：涌益，建信期货研究中心 请阅读正文后的声明 ＃summary＃ 生猪行情： 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农业产品研究团队 研究员：林贞磊 linzhenlei@ccb.ccbfutures.com 研究员：余兰兰 研究员：王海峰 wanghaifeng@ccb.ccbfutures.com 研究员：刘悠然 请阅读正文后的声明 - 2 - 图1：全国生猪出栏价 元/公斤 图2：样本屠宰场屠宰量 头 数据来源：涌益，建信期货研究中心 每日报告 周上调 ...

Report Overview - Report Date: July 11, 2025 [2] - Industry: Cotton [1] - Researchers: Yulan Lan, Zhenlei Lin, Haifeng Wang, Chenliang Hong, Youran Liu [3] 1. Report Investment Rating - No investment rating provided in the report 2. Core View - The cotton market is experiencing a period of oscillatory adjustment due to a lack of strong short - term drivers. Both the international and domestic cotton markets face uncertainties from factors such as tariffs, weather, and market demand. The domestic cotton market has a high expectation of a bumper harvest this year, but concerns about tight ending stocks of old crops remain. The downstream industry continues to operate weakly, with low demand and increasing inventory [7][8] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Performance**: Zhengzhou cotton futures are oscillating. The latest price index of 328 - grade cotton is 15,184 yuan/ton, down 9 yuan/ton from the previous trading day. The cotton yarn market is still sluggish, with a decline in the downstream operating rate and a slight increase in inventory. The cotton fabric market remains weak, with inventory backlogs and a pessimistic outlook for July and August [7] - **Market Analysis**: Macroscopically, tariff disruptions still exist. Internationally, the good growth of U.S. cotton and the upcoming July supply - demand report will affect the market. Domestically, there is an expected bumper harvest, but concerns about tight old - crop ending stocks remain. The downstream industry is weak, with low demand and increasing inventory. In the short term, the market will oscillate and adjust [8] 3.2 Industry News - **Tariff Policy**: Trump postponed the reciprocal tariff suspension period to August 1 and mentioned possible tariff increases on multiple countries. The U.S. Treasury Secretary said that the tariff revenue could reach 30 billion by the end of the year [9] - **Cotton Harvest**: As of the week ending July 5, the total cotton harvest progress in Brazil was 7.3%, up 2.3 percentage points from the previous week but 5% slower than the same period last year [9] 3.3 Data Overview - The report provides multiple data charts, including cotton price indices, futures prices, basis changes, inventory data, and exchange rates, with data sources from Wind and the Research and Development Department of CCB Futures [7][12][14]

行业 国债日报 日期 2025 年 7 月 11 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 当日行情： 银行间流动性边际收敛、A 股走强以及监管指导压降银行投债比例传闻压制 债市，国债期货震荡走低、全线下跌。 利率现券： 银行间各主要期限利率现券收益率全面上行，至下午 16：30，10 年国债活跃 券 250011 收益率报 1.659%上行 1.4bp。 请阅读正文后的声明 ＃summary＃ 每日报告 | | 表1：国债期货7月10日交易数据汇总 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

行业 原油日报 日期 2025 年 7 月 11 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（工业硅碳市场） 研究员 ...

Report Overview - Report Title: Nickel Daily Report - Date: July 10, 2025 - Research Team: Non-ferrous Metals Research Team of Jianxin Futures - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - Trump's announcement of tariff implementation on August 1st has increased macro uncertainty, leading to a decline in market risk appetite. The weakening macro support has caused nickel prices to fall under the pressure of fundamental oversupply. The Shanghai nickel main contract fell below 120,000 yuan on the 9th, with a closing decline of 1.2%. The total index positions increased by 10,628 to 158,316 lots. Given the current weak performance of each link in the nickel industry chain, previous long positions should be closed, and a rolling operation strategy should be continued [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Situation**: Macro uncertainty has increased, causing a decline in market risk appetite. The weakening macro support has led to a continuous decline in nickel prices under the pressure of fundamental oversupply. On the 9th, the Shanghai nickel main contract fell below 120,000 yuan, with a closing decline of 1.2%, and the total index positions increased by 10,628 to 158,316 lots [8]. - **Spot Market**: During the off - season of demand, the spot trading of refined nickel is average. Enterprises mainly purchase on demand, and the spot supply is sufficient. The average premium of Jinchuan nickel is 2,100 yuan/ton, and the premium range of mainstream brand electrowon nickel is - 100 - 300 yuan/ton [8]. - **Supply Side**: The decline in mine - end interference has weakened the support. The premium of Indonesian domestic red clay nickel ore has declined, and there is a risk of subsequent ore price decline. The price of high - nickel ferro continues to fall, with an average price of 905 yuan/nickel point on the 9th. Nickel iron plants are facing increasing losses, and some have cut production [8]. - **Demand Side**: The demand for new energy batteries is in the off - season, and the support for nickel sulfate is limited. Although nickel sulfate has rebounded slightly to 27,420, some enterprises have cut production to support prices due to losses [8]. - **Operation Suggestion**: Given the current weak performance of each link in the nickel industry chain, previous long positions should be closed, and a rolling operation strategy should be continued [8]. 3.2 Industry News - **Bulgaria**: Bulgaria has officially launched the largest operating battery energy storage system in the EU, with a capacity of 124 MW/496.2 MWh. This project is a step towards the country's goal of deploying 10,000 MWh of battery energy storage capacity within a year [9]. - **Turkey**: A research team in Turkey has 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]. - **UK**: Renewable energy storage company Apatura has obtained planning permission for a 100 - MW battery energy storage system (BESS) project in Scotland. This is the tenth approved project in the past 17 months, with the total approved storage capacity exceeding 1.6 GW [11].

行业 铝日报 日期 2025 年 7 月 10 日 有色金属研究团队 研究员：余菲菲 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 每日报告 一、行情回顾与操作建议 图1：机构净持仓 图2：机构多空比 数据来源：Wind，建信期货研究发展部 研究员:张平 021-60635734 zhangpin@ccb.ccbfutures.com 期货从业资格号：F3015713 研究员：彭婧霖 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 请阅读正文后的声明 ＃summary＃ 每日报告 数据来源：Wind，建信期货研究发展部 铝观点： 9 日沪铝延续窄幅运行，尾盘小幅收涨 0.1%报 20515，指数总持仓减少 2518 至 669024 手，07-08 升水扩大 10 至 185。淡季氛围下库存如期累积，但月差结构 保持坚挺，现货升水持续承压，日内华东贴水-50，中原贴水-160，华南贴水-70。 铸造铝合金跟随沪铝窄幅运行，2511 收盘报 19830 涨幅 0.10% ...

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 期货从业资格号：F03134307 报告类型 铁矿石日评 日期 2025 年 7 月 10 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 fengzeren@ccb.ccbfutures.com 请阅读正文后的声明 ＃summary＃ 每日报告 | | | | | | 表1：7月9日钢材、铁矿期货主力合约价格、成交及持仓情况（单位：元/吨、%、手、亿元） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | 资金流 入流出 | | RB2510 | 306 ...

行业 棉花 研究员：王海峰 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 、 请阅读正文后的声明 ＃summary＃ 日期 2025 年 7 月 10 日 研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 研究员：林贞磊 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 每日报告 一、行情回顾与操作建议 | 表1：行情回顾 | | --- | 数据来源：Wind，建信期货研究发展部 郑棉震荡调整。现货方面，最新棉花价格指数 328 级在 15184 元/吨，较上一 交易日跌 9 元/吨。2024/ ...