Report Information - Industry: Treasury Bonds [1] - Date: August 28, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Long - term, the bullish foundation of the bond market remains unchanged due to the "moderately loose" monetary policy orientation and high tariff uncertainties. Short - term, the stock - bond seesaw effect since late June has pressured the bond market. Although the July fundamental data shows short - term resilience, the bond market's short - term rebound is unlikely to form a trend. However, with the slowdown of the A - share rally and the central bank's support for the capital market, the bond market may continue its short - term rebound, and the subsequent adjustment of the A - share market should be monitored [11][12] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Performance**: A - shares tumbled in the afternoon, boosting risk - aversion sentiment and leading to a full - line rebound in treasury bond futures. The yields of major inter - bank interest - rate bonds showed short - term decline and long - term increase with narrow fluctuations. The central bank's net capital withdrawal did not prevent the inter - bank capital market from loosening [8][9][10] - **Conclusion**: Long - term bullish factors remain, but short - term pressure from the stock - bond seesaw exists. The bond market may continue its short - term rebound, and the A - share adjustment should be watched [11][12] 3.2 Industry News - Fiscal policy has been more active this year, with the issuance and use of government bonds accelerating. As of August 26, the issuance of ultra - long - term special treasury bonds reached 996 billion yuan (76.6% of the total), and the issuance of local government special bonds exceeded last year's level. The government may introduce incremental policies and expand the use of local government special bonds [13] - The State Council issued an opinion on implementing the "Artificial Intelligence +" action to promote the integration of AI in various industries, aiming to address issues such as inconsistent understanding of AI and difficulties in application [14] - After Trump dismissed Fed Governor Lisa Cook, the market worried about the damage to the Fed's independence, leading to a sell - off of US dollar assets and a rise in gold [15] 3.3 Data Overview - **Treasury Bond Futures**: The trading data of various treasury bond futures contracts on August 27 are presented, including prices, trading volumes, and positions. Also, information on inter - period spreads, inter - variety spreads, and trends of major contracts is provided [6] - **Money Market**: Data on SHIBOR term structure changes, SHIBOR trends, and inter - bank repurchase rates are presented [31][35] - **Derivatives Market**: Information on Shibor3M and FR007 interest - rate swap fixed - rate curves is provided [37]

huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 报告类型 股指日评 日期 2025 年 8 月 28 日 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 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(宏观国债集运) 021-60635739 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与后市展望 1.1 行情回顾： 8 月 27 日，万得全 A 低开后震荡上行，午后大幅跳水，收跌 1.74%，超 4700 支个股下跌；指数现货方面，沪深 300、上证 50、中证 500、中证 1000 收盘分别 下跌 1.49%、1.73%、1.46%、1.87%。指数期货表现强于现货，IF、IH、IC、IM 主力合约分别收跌 1.46%、1.70%、1.14%、1.73%（按前一交易日收盘价为基准计 算）。 | | | 1.2 后市展望 ...

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: August 27, 2025 [2] Report Industry Investment Rating - Not mentioned in the report Core Viewpoints - The pattern of strong external and weak internal markets continues. The external market is supported by interest - rate cut expectations and low inventories, making it prone to rise and difficult to fall. The internal market is driven by the external market and is unlikely to experience a significant decline. The Shanghai zinc will fluctuate within the middle - lower track of the Bollinger Bands [7]. Summary by Directory 1. Market Review - **Futures Market Quotes**: The main contract of Shanghai zinc 2510 closed at 22,270 yuan/ton, down 85 yuan, a decrease of 0.38%. It showed a pattern of shrinking volume and increasing positions, with positions increasing by 3,459 to 108,718 hands. The 09 - 10 spread turned to B15. LME zinc stocks decreased by 2,550 tons to 65,525 tons, with a 0 - 3 spread of C2.95, an Shanghai - London ratio of 0.79, and an exchange - excluded ratio of 1.11. The loss of zinc ingot imports widened to - 1,825.37 yuan/ton, and the import window remained closed. In August, long - term contracts were the main form of imports [7]. - **Supply and Demand Situation**: The processing fee for imported zinc ore continued to rise, with the zinc concentrate index increasing by 2.2 dollars/dry ton to 92 dollars/dry ton, and the domestic TC remaining flat at 3,900 yuan/metal ton. The refinery operating rate remained at a high level, and with few domestic overhauls in August, the refined zinc output was expected to increase to 621,500 tons, keeping the supply side abundant. At the end of the off - season, downstream demand remained weak. Affected by the military parade, environmental protection became stricter, restricting production and transportation in North China. The operating rates of galvanizing and zinc oxide were expected to hover at low levels. Downstream purchasing sentiment was low, with the Shanghai market at a discount of 20 yuan to the 09 contract, the Tianjin market at a discount of 20 yuan to the Shanghai market, and the Guangdong market at a discount of 65 yuan/ton to the 10 contract [7]. 2. Industry News - **Price and Quotation in Different Regions**: On August 26, 2025, in the Shanghai market, the mainstream transaction price of 0 zinc was concentrated between 22,255 - 22,340 yuan/ton, and that of Shuangyan zinc was between 22,355 - 22,430 yuan/ton. In the Ningbo market, the mainstream brand 0 zinc was traded at around 22,245 - 22,310 yuan/ton. In the Tianjin market, the 0 zinc ingot was mainly traded between 22,220 - 22,320 yuan/ton. In the Guangdong market, the mainstream 0 zinc was traded between 22,210 - 22,310 yuan/ton, and the spread between Shanghai and Guangdong widened [8][9]. 3. Data Overview - **Data Charts**: The report includes charts such as the price trends of zinc in two markets, the SHFE monthly spread, the weekly inventory of SMM's seven - region zinc ingots, and LME zinc inventory, with data sources from Wind, SMM, and the Research and Development Department of CCB Futures [11][13]

Industry Investment Rating - No relevant information provided Core View - The copper market is currently in a transition period between the off - season and peak season. With the withdrawal of the waste copper investment promotion policy, the short - term output of recycled copper rods has decreased, leading to an increase in the substitution consumption of refined copper rods. It is expected that domestic inventories will decline in the future, and LME inventories will be transferred to China with the import window open. The low - inventory support logic will continue, and copper prices are likely to rise rather than fall [10] Summary by Directory 1. Market Review and Operation Suggestions - The Shanghai copper market oscillated and declined. The US dollar rose against major currencies, and the market digested Powell's speech. The upward trend of A - shares paused, and the market's bullish sentiment decreased. Nearly 4 billion yuan of funds flowed out of industrial products. Shanghai copper retraced throughout the day and closed lower at the end of the session. The near - month back spread widened to 40, the spot price increased by 190 to 79,585, the spot premium decreased by 10 to 130. The spot import profit was 150, the Shanghai - London ratio dropped to 8.09, and the LME0 - 3 contango structure narrowed to 78. The market is optimistic about the September premium, and holders are firm on prices [10] 2. Industry News - First Quantum Minerals abandoned the plan to sell its stake in Zambian copper mines. On August 25, it announced that a $1 billion gold deal had alleviated its balance - sheet pressure, so it shelved the plan to sell its minority stake in two Zambian copper mines [11] - Ivanhoe Mines advanced the drainage plan for the Kamoa copper project. After the drainage of the eastern area of the Kamoa - Kakula copper mine was completed, mining operations are expected to resume early next year. The company also plans to release new production forecasts in the coming weeks [11] - The US plans to include copper and potash in the list of critical minerals. The US government will add copper, potash, silicon, silver, lead, and rhenium to the draft list of critical minerals, while tellurium and arsenic will be removed [12]

Report Information - Report Type: Iron Ore Daily Review [1] - Date: August 26, 2025 [2] - Research Team: Black Metal Research Team [3] - Researchers: Zhai Hepan, Nie Jiayi, Feng Zeren [3] Industry Investment Rating - Not provided in the report Core Viewpoints - On August 26, the iron ore futures main contract 2601 fluctuated weakly, closing at 776.5 yuan/ton, down 0.70%. The main iron ore outer - market quotes and Qingdao Port iron ore prices decreased. Although the iron ore 2601 contract's technical indicators showed some positive signals, the market was affected by factors such as the SimFer mine accident, supply - demand fundamentals, and external news. The market expected that the parade might lead to a decline in terminal construction site demand and blast furnace demand, and the mine price weakened again. Further observation of the actual impact of production cuts in Tangshan and the impact of the 9·3 production restrictions on downstream construction steel demand is needed [7][9][12] Summary by Directory 1. Market Review and Future Outlook 1.1 Spot Market Dynamics and Technical Analysis - Spot Market: On August 26, the main iron ore outer - market quotes decreased by 0.5 US dollars/ton compared with the previous trading day, and the prices of main - grade iron ore at Qingdao Port decreased by 5 - 8 yuan/ton [9] - Technical Analysis: The daily KDJ indicator of the iron ore 2601 contract continued to rise after a golden cross yesterday, and the green bar of the daily MACD indicator has narrowed for two consecutive days [9] 1.2 Future Outlook - News: On August 23, Rio Tinto announced that an accident at the SimFer mine in Guinea led to a fatality, and all activities in the mine were suspended. The impact of the accident was limited, and production was expected to resume soon. However, it boosted bullish sentiment in the short term, which has now faded [10][11] - Fundamentals: Supply - the weekly shipment volume of 19 ports in Australia and Brazil increased slightly last week, with a significant increase in Australian shipments and a decline in Brazilian shipments. The total shipment volume in the past four weeks increased by 1.8% compared with the previous four weeks. Considering shipping schedules, the subsequent arrival volume may be low first and then high. Demand - enterprises' production enthusiasm remained high, and the molten iron output increased for two consecutive weeks, remaining above 2.4 million tons. Regarding the 9·3 production restrictions, according to Mysteel's survey, 20 out of 31 steel mills received oral notices of environmental protection production restrictions, mainly for sintering machines with a 30% - 40% reduction. Only 13 steel mills said their blast furnace production would be affected, mostly in Tangshan. The recent decline in steel production profits, especially for rebar blast furnaces, may affect future production enthusiasm. Downstream steel demand recovered last week, but its sustainability needs to be observed. Considering the possible phased suspension of infrastructure projects in the Beijing - Tianjin - Hebei region before September 3, a cautious attitude is recommended, and there is a possibility of demand weakening again [11] 2. Industry News - On August 25, 2025, the Australian Anti - Dumping Commission postponed the release of the basic fact report and final arbitration recommendation for the anti - dumping sunset review investigation of imported wire rods from China. It is expected to complete the basic fact report by December 10, 2025, and submit the final arbitration report to the Australian Minister of Industry and Science by February 23, 2026 [13] 3. Data Overview - The report provides multiple data charts related to the iron ore and steel industry, including prices, shipment volumes, arrival volumes, inventory, production capacity utilization rates, and consumption volumes, with data sources from Mysteel and the research and development department of Jianxin Futures [17][24][40]

碳酸锂期货日报 行业 日期 2025 年 8 月 27 日 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 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 有色金属研究团队 研究员：余菲菲 研究员：彭婧霖 请阅读正文后的声明 ＃summary＃ 每日报告 一、 行情回顾与操作建议 图1：碳酸锂现货价及价差 图2：碳酸锂期货持仓量成交量 数据来源：Wind，建信期货研究发展部 碳酸锂期货探底回升，总持仓总成交继续下降，市场交投情绪下降。盘面持续 back 结构，交割月临近，09 合约对现货继续报贴水，日内现货电碳跌 800 至 81700， 贴水幅度缩窄至 2440，下游采购及点价行为较昨日略有增多。但部分厂商因此前 有大量采购行为，本周采购量级较上周相比有所收窄。下游整体采购心态转向谨 慎，普遍观望等待价格进一步下调。澳矿继续持平920，锂 ...

Report Overview - Report Title: "集运指数日报" [1] - Date: August 27, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - This week, the SCFIS dropped below 2000 points for six consecutive weeks, but the decline in online quotes has stabilized. Some shipping companies have shown a willingness to support prices in September. Considering the uncertainty of tariffs and weak demand, the freight rate may be weaker in the off - season this year. The short - term futures decline may narrow, but in the long run, it may still show a downward trend. It is recommended to short the 10 - contract on rallies [8]. 3. Summary by Directory 3.1行情回顾与操作建议 - The SCFIS has fallen below 2000 points for six consecutive weeks, and the decline in online quotes has stabilized. For example, the lowest online quote for 40GP large containers on the Shanghai - Rotterdam route in the fourth week of August was $2384 by Maersk, and other airlines also kept stable. CMA CGM, HPL, and ONE have announced higher freight rates for September, showing a willingness to support prices. Due to the impact of tariffs on foreign trade and high off - season capacity supply, the demand is hard to improve significantly. The 10 - contract is deeply discounted, and the short - term futures decline may narrow, but it may still decline in the long run, so it is advisable to short the 10 - contract on rallies [8]. 3.2行业要闻 - From August 18 to 22, the China Export Container Transport Market was basically stable, but the supply - demand fundamentals were weak, and most route freight rates declined. The Shanghai Export Container Composite Freight Index on August 22 was 1415.36 points, down 3.1% from the previous period. In the European route, although the eurozone economy continued to recover, the impact of US tariff policies began to show, and the freight rate on August 22 was $1668/TEU, down 8.4%. The Mediterranean route was similar to the European route, with the freight rate on August 22 at $2225/TEU, down 2.4%. In the North American route, the US labor market cooled, and the freight rates to the US West and East on August 22 were $1644/FEU and $2613/FEU, down 6.5% and 3.9% respectively. Trump announced a "major" tariff investigation on imported furniture, which will impact the industry. Israel's Prime Minister approved the plan to capture Gaza City [9][10]. 3.3数据概览 3.3.1集运现货价格 - From August 18 to August 25, the SCFIS for the European route (basic ports) dropped from 2180.17 to 1990.2, a decrease of 8.7%. The SCFIS for the US West route (basic ports) dropped from 1106.29 to 1041.38, a decrease of 5.9% [12]. 3.3.2集运指数（欧线）期货行情 - The report provides the trading data of container shipping European line futures on August 26, including contract information such as EC2510, EC2512, etc., with details of opening price, closing price, settlement price, change, change rate, trading volume, open interest, and open interest change [6]. 3.3.3航运相关数据走势图 - The report includes various shipping - related data charts, such as the Shanghai - European basic port freight rate and the Shanghai - Rotterdam spot freight rate, but specific data is not further elaborated in the text description [20].

研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 报告类型 股指日评 日期 2025 年 8 月 27 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(宏观国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与后市展望 1.1 行情回顾： 8 月 26 日，万得全 A 低开后震荡上行，尾盘快速回落，收跌 0.09%，超 6 成 个股上涨；指数现货方面，沪深 300、上证 50、中证 1000 收盘分别下跌 0.37%、 0.67%、0.02%，中证 500 收盘上涨 0.18%，中小盘股表现更优。指数期货整体表 现弱于现货，IF、IH 主力合约分别收跌 0.57%、0.71%，IC、IM 主力合约分别收 涨 0.10%、0.04%（按前一交易日收 ...

Report Overview - Industry: Cotton [1] - Date: August 27, 2025 [2] Group 1: Report Core View - Zhengzhou cotton fluctuated and adjusted. The latest 328 - grade cotton price index was 15,334 yuan/ton, up 99 yuan/ton from the previous trading day. The mainstream sales basis quotes for 2024/25 northern Xinjiang local machine - picked cotton and southern Xinjiang Kashgar machine - picked cotton were given. The cotton yarn market had acceptable transactions, and the cotton fabric market was stable with limited order recovery [7]. - In the overseas market, the weekly export sales data of US cotton weakened, the drought coverage in major cotton - growing areas increased, the good - to - excellent rate decreased slightly week - on - week, and the short - term external market was likely to fluctuate within a range. In the domestic market, the Xinjiang cotton area was in the boll - opening and flocculation stage. There were rumors of new cotton pre - sales, and the expectation of rush - buying at the listing stage increased, but the expected stable - to - increasing output also brought pressure in the long - term. The finished yarn inventory continued to decline slightly, and the market was observing the traditional peak season. The 200,000 - ton sliding - scale duty processing trade quota had limited impact on the market [8]. Group 2: Industry News - As of the week ending August 24, the boll - setting rate of US cotton was 81%, the flocculation rate was 20%, and the good - to - excellent rate was 54% [9]. - As of August 22, 2025, the total commercial inventory of cotton was 1.7126 million tons, a decrease of 143,500 tons from the previous week, and the inventory in Xinjiang was less than one million tons [9]. Group 3: Data Overview - The report presented multiple data charts, including China's cotton price index, cotton spot price, cotton futures price, cotton basis change, CF1 - 5 spread, CF5 - 9 spread, CF9 - 1 spread, cotton commercial inventory, cotton industrial inventory, warehouse receipt volume, US dollar - RMB exchange rate, and US dollar - Indian rupee exchange rate [17][18][27]

Group 1: Report Overview - Industry: Asphalt [1] - Date: August 27, 2025 [2] Group 2: Market Review and Operation Suggestions - BU2510 opened at 3517 yuan/ton, closed at 3523 yuan/ton, with a high of 3540 yuan/ton, a low of 3512 yuan/ton, a daily increase of 0.54%, and a trading volume of 16.04 million lots. BU2511 opened at 3490 yuan/ton, closed at 3497 yuan/ton, with a high of 3510 yuan/ton, a low of 3483 yuan/ton, a daily increase of 0.78%, and a trading volume of 6.6 million lots [6] - Spot prices in North China, Shandong, South China, and Sichuan-Chongqing markets increased, while prices in other regions were generally stable. The significant increase in crude oil prices at the close yesterday boosted the sentiment of the asphalt spot market [6] - Hebei Xinhai plans to increase asphalt production at the end of the month, but Zhenhai Refining & Chemical may suspend asphalt production temporarily. Some local refineries in Shandong, such as Shengxing Petrochemical, may switch to producing residual oil. It is expected that the asphalt plant operating rate will decline [6] - Demand has not been significantly boosted. Rigid demand is restricted by funds and weather, market sentiment is pessimistic, and speculative demand is released cautiously [6] - Overall, the asphalt market continues to have weak supply and demand with few highlights. The unilateral price mainly follows the upward movement of oil prices. As oil prices stop falling and rebound, asphalt crack spread long positions should temporarily take profits and wait and see [6] Group 3: Industry News - In the Shandong market, the mainstream transaction price of 70 A-grade asphalt is 3490 - 3800 yuan/ton, up 20 yuan/ton from the previous trading day. International oil prices closed higher, asphalt futures fluctuated higher during the session, and some local refineries in Shandong switched to producing residual oil, leading to a decrease in local asphalt supply. Local refineries and traders pushed up asphalt prices, driving up the market price [7] - In the South China market, the mainstream transaction price of 70 A-grade asphalt is 3490 - 3510 yuan/ton, up 10 yuan/ton from the previous trading day. The sales of major refineries are good, and after the futures price rose, spot-futures traders have no low-price contracts for sale, increasing the sentiment of traders to push up prices and driving up the market price [7] Group 4: Data Overview - The report presents multiple data charts, including asphalt daily operating rate (%), Shandong asphalt comprehensive profit (yuan/ton), asphalt crack spread (yuan/ton), asphalt social inventory (tons), Shandong asphalt spot price (yuan/ton), Shandong asphalt basis (yuan/ton), asphalt manufacturer inventory (10,000 tons), and asphalt warehouse receipts (tons), all sourced from Wind and the Research and Development Department of CCB Futures [8][13][16]