能源化工研究团队 研究员：李捷,CFA（原油燃料 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 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 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 行业 PTA 日报 日期 2025 年 07 月 10 日 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工 ...

Report Overview - Report Title: "集运指数日报" [1] - Date: July 10, 2025 [2] - Research Team: Macro Financial Research Team [4] 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The spot price increase at the beginning of July exceeded expectations, and the SCFIS settlement index rose above 2200 points. The 08 contract has upward potential due to the expected peak - season price increase, while the 10 - month contract, being a traditional off - season, presents short - selling opportunities and 08 - 10 positive spread arbitrage opportunities [8]. 3. Summary by Directory 3.1行情回顾与操作建议 - Spot market: The price increase at the beginning of July was better than expected, with the SCFIS settlement index rising above 2200 points. Most airlines maintained stable July quotes, with the median of the quotes from major airlines (except Maersk) in the second half of July around $3660. The market is watching Maersk's quote and the 8 - month quotes of other airlines. The expected peak - season price increase is being repaired, and considering good cargo volume and port congestion in Europe, the 08 contract has upward space, while the 10 - month contract offers short - selling opportunities and 08 - 10 positive spread arbitrage opportunities [8]. 3.2行业要闻 - Market situation from June 30 to July 4: The China export container shipping market was stable, with ocean routes showing a differentiated trend and the composite index adjusting. China's June manufacturing PMI rose to 49.7, and the new order index entered the expansion range. The Shanghai Export Containerized Freight Index on July 4 was 1763.49 points, down 5.3% from the previous period [9]. - European routes: The eurozone's May unemployment rate was 6.3%, up 0.1 percentage point month - on - month. The market freight rate increased slightly, with the Shanghai - to - European basic port market freight rate at $2101/TEU on July 4, up 3.5% from the previous period [9]. - Mediterranean routes: The market situation was similar to that of European routes, but the supply - demand fundamentals were slightly weak, and the spot market booking price decreased slightly. The Shanghai - to - Mediterranean basic port market freight rate on July 4 was $2869/TEU, down 3.9% from the previous period [9]. - North American routes: The US June ISM manufacturing PMI was 49, below the boom - bust line for four consecutive months. The transport demand lacked growth momentum, and the spot market booking price continued to decline. The Shanghai - to - US West and US East basic port market freight rates on July 4 were $2089/FEU and $4124/FEU respectively, down 19.0% and 12.6% from the previous period [10]. - Geopolitical events: Houthi rebels launched an attack on Israel on July 6. The US attacked Iran's nuclear facilities, and Iran said the damage was not as serious as the US claimed. Iran's parliament considered closing the Strait of Hormuz, and China condemned the US attack [10]. 3.3数据概览 - **集运现货价格**: The Shanghai Export Container Settlement Freight Index for European routes on July 7, 2025, was 2258.04, up 6.3% from June 30; for US West routes, it was 1557.77, down 3.8% from June 30 [12]. - **集运指数（欧线）期货行情**: Provided data on trading of several contracts on July 8, including EC2508, EC2510, etc., such as opening price, closing price, settlement price, change, and trading volume [6]. - **航运相关数据走势图**: Included charts of global container shipping capacity, global container ship orders, Shanghai - European basic port freight rates, etc. [16][18]

行业 油脂 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 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＃ 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 东莞菜油贸易商报价：东莞三菜 09+60 ，一菜 09+240。华东市场豆油基差价 格：一豆：现货基差 09+150，7 ...

行业 原油日报 日期 2025 年 7 月 10 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 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The short - term fundamentals of ethylene glycol are generally weak, and the recent tariff issue is still simmering with market risk - aversion sentiment remaining. It is expected that the ethylene glycol market may maintain a weak trend [7]. 3. Summary by Directory 3.1. Market Review and Operation Suggestions - The closing price of the main ethylene glycol futures contract EG2509 on the 9th was 4,283 yuan/ton, up 10 yuan from the previous trading day's settlement price. The trading volume was 119,519 lots, and the open interest was 285,305 lots [7]. - The closing price of EG2601 was 4,312 yuan/ton, up 12 yuan, with an open interest of 7,541 lots, an increase of 222 lots [7]. 3.2. Industry News - International oil prices remained at a near - two - week high. On Tuesday (July 8), the settlement price of WTI crude oil futures for August 2025 on the New York Mercantile Exchange was $68.33 per barrel, up $0.40 or 0.59% from the previous trading day. The settlement price of Brent crude oil futures for September 2025 on the London Intercontinental Exchange was $70.15 per barrel, up $0.57 or 0.82% [8]. - In the Zhangjiagang ethylene glycol market, the spot negotiation price this week was 4,353 - 4,355 yuan/ton, up 9 yuan/ton from the previous working day. The negotiation price for next - week's spot was also 4,353 - 4,355 yuan/ton, and that for late July was 4,354 - 4,357 yuan/ton. The basis of this week's spot, next - week's spot, and late - July spot against EG2509 was at a premium of 70 - 72 yuan/ton, 70 - 72 yuan/ton, and 71 - 74 yuan/ton respectively [8]. - The mainstream transaction price in the Zhangjiagang ethylene glycol market was 4,335 - 4,360 yuan/ton, up 2.5 yuan/ton from the previous trading day [8]. 3.3. Data Overview The report provides multiple data charts including PTA - MEG spread, MEG price, MEG futures price, futures - spot price difference, international crude oil futures main - contract closing price, raw material price index (ethylene), MEG downstream product price, and MEG downstream product inventory, with data sources from Wind and the Research and Development Department of CCB Futures [10][15][16].

1. Report Information - Report Title: Treasury Bond Daily Report [1] - Date: July 10, 2025 [2] - Research Team: Macro Financial Research Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 2. Industry Investment Rating - Not provided in the report 3. Core Views - In July, short - term treasury bond varieties may be more certain. Considering the current economic situation, with the marginal slowdown but still resilient support from export - grabbing, slow progress but no further escalation of conflicts in Sino - US tariff negotiations, and the US further delaying the suspension period of reciprocal tariffs with other countries, the market's risk - aversion sentiment and short - term policy demand are reduced. It is expected that the third quarter will be a policy observation period. The resurgence of monetary easing may occur in October after the domestic economic recovery situation is clear, the tariff negotiation results are clear, and the Fed cuts interest rates. However, short - term capital interest rates are only maintaining a loose state and cannot further decline, making it difficult to open up the downward space for long - term interest rates. Short - term varieties may be more resilient, and the 2 - year and 5 - year varieties may perform better, considering the expected loose policy of the central bank restarting treasury bond trading [11][12] 4. Summary by Directory 4.1 Market Review and Operation Suggestions - **Market Performance**: The impact of the year - on - year increase in CPI was limited. There was an obvious stock - bond seesaw effect. The A - share market weakened at the end of the session, and the bond market recovered and rose [8] - **Interest Rate Bonds**: The yields of major inter - bank interest rate bonds across all maturities increased slightly. As of 16:30 in the afternoon, the yield of the 10 - year treasury bond active bond 250011 was reported at 1.643%, remaining unchanged [9] - **Funding Market**: The funding was loose, and there was a net withdrawal in the open market. There were 98.5 billion yuan of reverse repurchase maturities today, and the central bank conducted 75.5 billion yuan of reverse repurchase operations, resulting in a net withdrawal of 23 billion yuan. Short - term inter - bank funding interest rates rebounded slightly across the board. The weighted overnight interest rate of inter - bank deposits fluctuated narrowly around 1.32%, the 7 - day interest rate rebounded 1.3bp to around 1.47%, and medium - and long - term funds remained loose. The 1 - year AAA certificate of deposit interest rate fluctuated little around 1.6% [10] 4.2 Industry News - **Tariff News**: US President Trump announced on social media that tariffs would start on August 1, 2025, and might send a tax letter to the EU in the next two days. He also planned to impose tariffs on specific industries such as pharmaceuticals, semiconductors, and metals, with a 50% tariff on copper and up to 200% on pharmaceuticals. The US Commerce Secretary said that the copper tariff would be in place in late July or on August 1, and the investigation into the pharmaceutical and semiconductor sectors would be completed by the end of the month. Affected by this news, New York copper futures soared, with the increase reaching 17% at one point, reaching $5.89 per pound. Trump has issued tariff rate threats to 14 countries, with different tariff rates for each country, and these tariffs will take effect on August 1. Previously, the White House postponed the tariff negotiation deadline to August 1 [13] - **Diplomatic Response**: Regarding Trump's threat to impose new tariffs on BRICS countries, the Chinese Ministry of Foreign Affairs stated that the BRICS mechanism is an important platform for cooperation among emerging markets and developing countries, advocating openness, inclusiveness, and win - win cooperation, and not engaging in camp confrontation or targeting any country. China has repeatedly stated its position on tariff increases, believing that trade wars and tariff wars have no winners, and protectionism has no future [14] - **Hong Kong Policy**: The "Stablecoin Ordinance" in Hong Kong will take effect in August. The Secretary for Financial Services and the Treasury, Xu Zhengyu, said that the Hong Kong Monetary Authority is currently consulting the market on the implementation guidelines, which will be announced this month, covering anti - money laundering and other related requirements. The number of stablecoin licenses to be issued will be in single digits, and the goal is to issue licenses within this year [14] - **Shipping Industry**: The Shanghai International Shipping Research Center released the China Shipping Prosperity Report for the second quarter of 2025. In the second quarter of 2025, the China Shipping Prosperity Index was 120.81 points, up 14.77 points from the previous quarter, rising to the relatively prosperous range; the China Shipping Confidence Index was 123.22 points, up 12.89 points from the previous quarter, rising from the relatively prosperous range to the relatively prosperous range [14] 4.3 Data Overview - **Treasury Bond Futures Market**: The report provides trading data for various treasury bond futures contracts on July 9, including pre - settlement price, opening price, closing price, settlement price, change, change rate, trading volume, open interest, and change in open interest [6] - **Money Market**: The report mentions the term structure change and trend of SHIBOR, as well as the change in the weighted inter - bank pledged repurchase interest rate and the inter - bank deposit pledged repurchase interest rate [29][33] - **Derivatives Market**: The report shows the Shibor3M interest rate swap fixing curve (mean) and the FR007 interest rate swap fixing curve (mean) [35]

Report Information - Report Title: Pulp Daily Report [1] - Date: July 10, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Industry Investment Rating - Not provided Core View - The pulp futures 09 contract closed at 5106 yuan/ton, up 0.67%. The port de - stocking speed is slow, the supply of the imported wood pulp market is relatively loose, and with the domestic new capacity coming into operation, it will fluctuate in a low - level range [7]. Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: The previous settlement price of pulp futures 09 contract was 5072 yuan/ton, and the closing price was 5106 yuan/ton, a rise of 0.67% [7]. - **Spot Market**: The intended transaction price range of softwood pulp in Shandong was 5070 - 6700 yuan/ton, with the low - end price stable compared to the previous trading day. The price of Chilean Arauco's Silver Star in Shandong was 5920 - 5950 yuan/ton. The net price of Uruguay's eucalyptus pulp Star was 500 US dollars/ton [7]. - **Supply Data**: In May, the shipment volume of softwood pulp from 20 major pulp - producing countries decreased by 8.2% year - on - year, and the cumulative decrease from January to April was 0.6%. In May, the total wood pulp inventory in European ports increased by 13.3% month - on - month and 22% year - on - year. In May, China's pulp imports were 3.02 million tons, up 4.3% month - on - month and 6.9% year - on - year. As of July 3, 2025, the weekly pulp inventory in major regions and ports increased by 3.11% month - on - month, only the inventory in Qingdao Port decreased [7]. - **Downstream Situation**: The overall market orders of downstream paper mills have not improved significantly, and the prices of finished paper are stable. The port de - stocking speed is slow, and the supply of the imported wood pulp market is relatively loose, along with the domestic new capacity coming into operation [7]. 2. Industry News - **New Capacity in the Living Paper Industry**: From January to June 2025, about 744,000 t/a of modern production capacity was newly put into operation in the industry, a slight increase compared to the same period in 2024 [8]. - **Special Paper Projects**: The 3.6 - million - ton special paper project of Xianhua with a total investment of 3.6 billion yuan is expected to make the company the largest special paper production base in northern China. The 45,000 - ton electronic carrier tape paper project of Xianhua with a total investment of 1 billion yuan has been completed and is in the commissioning stage [8]. 3. Data Overview - **Graphs**: The report presents various graphs including those related to import pulp prices, futures prices, price spreads, inventory, and exchange rates, with data sources from Wind,卓创资讯, and the research and development department of Jianxin Futures [7][25][27]

行业 纯碱、玻璃日报 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 期货从业资格号：F03134307 fengzeren@ccb.ccbfutures.com 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 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 日期 2024 年 7 月 10 日 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 请阅读正文后的声明 ＃summary＃ 每日报告 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA、MEG ...

报告类型 股指日评 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 日期 2025 年 7 月 10 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 一、行情回顾与后市展望 1.1 行情回顾： 7 月 9 日，万得全 A 开盘震荡上行，午后调头回落，收跌 0.13%，超 6 成个股 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 0.18%、 0.26%、0.41%、0.27%，大盘蓝筹股表现更优。指数期货方面，IF、IH 表现强于 现货，主力合约分别收跌 0.15%、0.14%，IC、IM 表现弱于现货，主力合约分别收 跌 0.59%、0.35%（按前一交易 ...

行业 沥青日报 日期 2025 年 7 月 10 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 ...