Report Information - Report Date: July 08, 2025 [2] - Research Team: Energy and Chemical Research Team [3] Investment Rating - Not provided in the content Core View - The price of the main contract of polysilicon continued to rise sharply. The closing price of PS2508 was 36,515 yuan/ton, with a daily increase of 2.86%. The trading volume was 440,264 lots, and the open interest was 105,230 lots, with a net increase of 27,896 lots. The spot price increased over the weekend, with the transaction price range of polysilicon N-type re-feeding material being 34,000 - 38,000 yuan/ton and the average transaction price being 34,700 yuan/ton. Policy-driven anti-involution competition benefits are being transmitted to the spot market. The increasing position operation continues to highlight the strong expectation guiding the upward movement of the futures price. In the short term, the weak reality of the fundamentals has not yet restricted the price, and the price is expected to be mainly strong, but beware of a sharp pullback [4]. Summary by Directory 1. Market Review and Outlook - Market Performance: The main contract price of polysilicon continued to rise sharply. The closing price of PS2508 was 36,515 yuan/ton, with a 2.86% increase. The trading volume was 440,264 lots, and the open interest was 105,230 lots, with a net increase of 27,896 lots [4]. - Future Outlook: Over the weekend, the spot price increased. The transaction price range of polysilicon N-type re-feeding material was 34,000 - 38,000 yuan/ton, and the average transaction price was 34,700 yuan/ton. Policy-driven anti-involution competition benefits are being transmitted to the spot market. The increasing position operation continues to highlight the strong expectation guiding the upward movement of the futures price. In the short term, the weak reality of the fundamentals has not yet restricted the price, and the price is expected to be mainly strong, but beware of a sharp pullback [4]. 2. Market News - As of July 07, the number of polysilicon warehouse receipts was 2,780 lots, with no increase from the previous trading day [5]. - A high-level meeting pointed out that it is necessary to regulate the disorderly low-price competition of enterprises in accordance with laws and regulations, guide enterprises to improve product quality, and promote the orderly withdrawal of backward production capacity [5]. - On June 23, the National Energy Administration released the national power industry statistics for January - May. As of the end of May, the country's cumulative installed power generation capacity was 3.61 billion kilowatts, a year-on-year increase of 18.8%. Among them, the installed capacity of solar power generation was 1.08 billion kilowatts, a year-on-year increase of 56.9%. From January to May, the country's power generation equipment had an average utilization of 1,249 hours, a decrease of 132 hours compared to the same period last year. The country's major power generation enterprises completed a power source project investment of 257.8 billion yuan, a year-on-year increase of 0.4%, and the grid project investment was 204 billion yuan, a year-on-year increase of 19.8% [5].

Report Information - Report Title: PTA Daily Report - Date: July 8, 2025 - Research Team: Energy and Chemical Research Team of Jianxin Futures - Researchers: Li Jie, Ren Junchi, Peng Haozhou, Peng Jinglin, Liu Youran, Li Jin, Feng Zeren [1][3] 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - On July 7, the closing price of PTA's main futures contract TA2509 was 4,710 yuan/ton, down 28 yuan/ton or 0.59%. With international crude oil fluctuating narrowly and PTA's fundamentals lacking major new news, PTA prices are expected to fluctuate within a narrow range [5] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - The closing price of PTA's main futures contract TA2509 on July 7 was 4,710 yuan/ton, down 28 yuan/ton, with a trading volume of 863,534 lots and a decrease of 2,777 lots. The closing price of TA2601 was 4,640 yuan/ton, down 24 yuan/ton, with a trading volume of 169,785 lots and an increase of 11,751 lots. Due to the narrow - range fluctuation of international crude oil and the lack of major new news in PTA fundamentals, PTA prices are expected to fluctuate narrowly [5] 3.2 Industry News - The strong US job market supports the Fed to keep interest rates unchanged. Investors await clarification of President Trump's tariff plans. OPEC and its allies are expected to further increase crude oil production in August, leading to a cautious decline in international oil prices. On July 4, the electronic trading price of WTI crude oil futures for August 2025 was $66.50 per barrel, down $0.50 or 0.75%. The settlement price of Brent crude oil futures for September 2025 was $68.30 per barrel, down $0.50 or 0.73%. The Asian xylene market continued to decline, with FOB South Korea closing at $715/ton and CFR China at $735/ton. The PTA price in the East China market was 4,802 yuan/ton, down 34 yuan/ton, and the daily average negotiation basis was at a premium of 98 yuan/ton over futures 2509, remaining stable [6] 3.3 Data Overview - The report presents multiple data charts, including international crude oil futures prices, upstream raw material spot prices, PX prices, MEG prices, PTA futures prices, basis, processing margins, spreads, PTA warehouse receipts, polyester factory load rates, PTA downstream product prices, and PTA downstream product inventories, with data sources from Wind and Jianxin Futures Research and Development Department [10][12][16]

工业硅日报 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 研究员：冯泽仁（玻璃纯碱） 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 行业 日期 2025 年 07 月 08 日 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） ...

行业 棉花 日期 2025 年 7 月 8 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 | | ਟੀਤੀ | 1 | ER 107 1 | | ਟੀ | 原 明 | 本月 1日 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

行业 沥青日报 日期 2025 年 7 月 8 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： ...

Report Overview - Report Title: "Daily Report on Container Shipping Index" [1] - Report Date: July 4, 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 report 2. Core Viewpoints - The price increase at the end of June was better than expected, and the SCFIS settlement index rebounded above 2000 points. The 08 contract has some upside potential, while attention should be paid to short - selling opportunities in October and positive spread arbitrage opportunities between 08 - 10 contracts [8] 3. Summary by Sections 3.1 Market Review and Operation Suggestions - **Spot Market**: The price increase at the end of June was better than expected, with the SCFIS settlement index rising above 2000 points. Maersk's mid - July quote was $2958, and the next week's quote was $2900. Other shipping companies' quotes were mostly in the range of $3300 - $3600, with a median of about $3400. CMA CGM and HPL reported August freight rates of $4745 and $3535 respectively [8] - **Futures Market**: The 08 contract had broken below 1800 points, showing extremely pessimistic market expectations, which are now being repaired. With good cargo volume and port congestion in Europe, the peak - season price increase is expected to materialize, and the 08 contract has some upside potential. October is a traditional off - season, so attention should be paid to short - selling opportunities and 08 - 10 positive spread arbitrage opportunities [8] 3.2 Industry News - **Geopolitical News**: Iran launched a missile strike on the US military's Al - Udeid Air Base in Qatar. International oil prices dropped by about 9%, and the US stock market rose [9] - **Shipping Market News**: From June 23 - 27, the overall Chinese export container shipping market was stable, with the comprehensive index slightly declining. European routes' spot freight rates rose, while Mediterranean routes' rates fell slightly, and North American routes' rates continued to decline [9][10] 3.3 Data Overview - **Container Shipping Spot Prices**: The SCFIS European route index increased by 9.6% to 2123.24 points, while the SCFIS US West route index decreased by 22.3% to 1619.19 points [15] - **Container Shipping Index (European Route) Futures Quotes**: Details of trading data for contracts such as EC2508, EC2510, etc., including opening price, closing price, settlement price, change, and trading volume, are provided [6] - **Shipping - Related Data Charts**: Charts include Shanghai Export Container Settlement Freight Index, container shipping index (European route) futures trends, global container shipping capacity, and global container ship order backlog [15][18][22]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The weakening of the US ADP private - sector employment in June and the setback of the US fiscal expansion bill in the House of Representatives have boosted the safe - haven demand for precious metals. The overnight London gold rebounded to around $3360 per ounce, and silver with stronger industrial attributes outperformed gold. Gold's safe - haven demand is greatly boosted by Trump's new policies, and its medium - term upward trend remains good, but volatility has increased. It is recommended that investors maintain a long - position mindset and participate in trading with medium - to - low positions [4]. - From late April to now, London gold has been in a wide - range oscillation between $3100 - $3500 per ounce. The international trade situation and the strong rebound of global stock markets have weakened the safe - haven and allocation demand for gold, but factors such as Trump's new policies, weak global economic growth, and geopolitical risks still support the gold price. The long - term and medium - term bull markets of gold are supported, but the high price also means increased volatility, and attention should be paid to the impact of rising US inflation pressure on the Fed's interest - rate cut timing in the third quarter. It is recommended to avoid full - position chasing and blind short - selling, and short - minded traders can consider the "long gold, short silver" arbitrage [5]. 3. Summary by Relevant Catalogs 3.1 Precious Metals Market - **Intraday Market**: The weakening of the US ADP private - sector employment in June and the setback of the fiscal expansion bill in the House of Representatives boosted the safe - haven demand for precious metals. London gold rebounded, and silver outperformed gold due to the marginal easing of Sino - US trade and the strong performance of the Chinese stock market. Gold's safe - haven demand is boosted by Trump's new policies, and it is recommended to maintain a long - position mindset with medium - to - low positions. This week, attention should be paid to PMI data in June from China, the US, and Europe, US non - farm payrolls in June, central bank officials' statements, and the progress of the US fiscal bill [4]. - **Medium - term Market**: From late April to now, London gold has oscillated between $3100 - $3500 per ounce. The cooling of international trade and the strong rebound of global stock markets have weakened the demand for gold, but Trump's new policies, weak global economic growth, and geopolitical risks support the price. In early June, speculative funds flowed into the silver and platinum markets, and London silver soared from $33 to $36.9 per ounce in six working days. The long - term and medium - term bull markets of gold are supported, but volatility has increased, and attention should be paid to US inflation pressure in the third quarter. It is recommended to maintain a long - position mindset, avoid full - position chasing and blind short - selling, and short - minded traders can consider the "long gold, short silver" arbitrage [5]. - **Domestic Precious Metals Market Data**: The Shanghai Gold Index closed at 781.64, up 0.67%; the Shanghai Silver Index closed at 8973, up 2.28%; Gold T + D closed at 775.83, up 0.71%; Silver T + D closed at 8929, up 2.20% [5]. 3.2 Main Macroeconomic Events/Data - **Trade Policy**: The US will impose a 20% tariff on Vietnamese exports, and goods transshipped through Vietnam from third countries will face a 40% tariff, while Vietnam will impose zero tariffs on US products. The US has removed restrictions on ethane exports to China, indicating that the Sino - US trade truce is on track [17]. - **Fiscal Policy**: The House Republicans' efforts to pass Trump's large - scale tax - cut and spending bill have encountered difficulties, and it is unlikely to be passed before July 4 [17]. - **Employment Data**: In June, US private - sector employment decreased by 33,000, the first decrease since March 2023, but the low lay - off rate continued to support the job market as the number of lay - offs in June decreased by 49% compared to the previous month [18].

Report Overview - Report Title: Crude Oil Daily Report - Report Date: July 4, 2025 - Research Team: Energy and Chemical Research Team of Jianxin Futures 1. Investment Rating - No investment rating provided in the report 2. Core View - Due to the possible resumption of Israeli attacks on Iran, oil prices rose again. EIA data showed that as of the week ending on the 27th, US crude oil and gasoline inventories both increased more than expected, while diesel inventories continued to decline. In the supply side, most of the 8 OPEC member countries achieved the planned production increase in the first month of the expanded production increase. Considering Trump's concerns about high oil prices, there is a possibility that OPEC+ will further increase production. In the demand side, the expectation of crude oil demand has improved due to the suspension of the Sino-US tariff conflict, but the adjustment of the balance sheet is limited because of the expected supply growth in countries like Brazil and Guyana. The market will maintain a pattern of inventory accumulation in the second half of the year. Oil prices are gradually returning to fundamental-driven, and are expected to fluctuate in the short term. It is recommended to wait and see [6][7]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Data**: WTI crude oil futures rose 3.18% to close at $67.45 per barrel, with a trading volume of 24.54 million lots; Brent crude oil futures rose 3.04% to close at $69.15 per barrel, with a trading volume of 38.45 million lots; SC crude oil futures rose 1.56% to close at 506.3 yuan per barrel, with a trading volume of 17.94 million lots [6]. - **Supply and Demand Analysis**: OPEC member countries basically completed the planned production increase in the first month of the expanded production increase. Trump's concerns about high oil prices may lead to a further increase in OPEC+ production. The expectation of crude oil demand has improved due to the suspension of the Sino-US tariff conflict, but the market will still maintain a pattern of inventory accumulation in the second half of the year because of the expected supply growth in other countries [7]. - **Operation Suggestions**: Oil prices are expected to fluctuate in the short term. It is recommended to wait and see [7]. 3.2 Industry News - Indonesia plans to increase its daily crude oil production to 1 million barrels. - Last week, US imports of crude oil from Nigeria reached the highest level since August 2019. - In June, the production of 12 OPEC member countries increased by 360,000 barrels per day to an average of 28 million barrels per day, with about two-thirds of the increase contributed by Saudi Arabia [8]. 3.3 Data Overview - The report provides data on global high-frequency crude oil inventories, WTI and Brent fund positions, and spot prices, with data sources including CFTC, Wind, and Bloomberg [10][11][18]

Report Overview - Report Title: Soda Ash and Glass Daily Report - Date: July 4, 2024 - Research Team: Energy and Chemical Research Team of Jianxin Futures 1. Investment Rating - The report does not provide an investment rating for the industry. 2. Core Viewpoints - Soda ash market is facing an overall surplus situation, with supply and demand both declining and inventory accumulating. The long - term outlook is bearish, but there is a risk of short - term correction due to policy stimulus [8]. - The glass market is under pressure from increasing supply and high mid - stream inventory. Although the price has rebounded due to policy expectations, the follow - up implementation of industry production - limiting policies needs to be monitored [9][10]. 3. Summary by Directory 3.1 Soda Ash and Glass Market Review and Operation Suggestions 3.1.1 Soda Ash - **July 3 Trading Data**: The main soda ash futures contract SA509 closed at 1,183 yuan/ton, down 2 yuan/ton or 0.16%, with an increase of 177,559 lots in positions [7][8]. - **Fundamentals**: Weekly production dropped to 709,000 tons, a 1.09% week - on - week decrease. Capacity utilization fell to 81.32%, a 0.89% week - on - week decrease. Consumption decreased by 1.50% week - on - week, and inventory increased by 2.41% week - on - week to 1.8095 million tons [8]. - **Outlook**: The overall surplus pattern suppresses prices. Demand from the real estate and photovoltaic industries is declining. In the short term, there is a risk of correction, and the medium - to - long - term outlook is bearish [8]. 3.1.2 Glass - **July 3 Trading Data**: The FG509 contract closed at 1,039 yuan/ton, up 16 yuan/ton or 1.56%, with an increase of 22,323 lots in positions. The FG601 contract closed at 1,128 yuan/ton, up 14 yuan/ton or 1.25%, with a decrease of 4,438 lots in positions [7]. - **Supply**: Shandong Jinjing Technology Co., Ltd.'s Zibo No. 5 line with a design capacity of 600 tons/day was restarted, increasing supply and inventory pressure [9]. - **Demand**: The domestic real estate completion stage has not improved substantially, and the industry's downward trend continues [9]. - **Policy**: The market expects the government to introduce policies for capacity clearance and production limitation, leading to a price rebound. The implementation of these policies needs to be monitored [10]. 3.2 Data Overview - The report provides multiple data charts, including the price trends of active soda ash and glass contracts, weekly soda ash production, soda ash enterprise inventory, central China heavy soda market price, and flat glass production [13][14][19].

行业 棉花 日期 2025 年 7 月 4 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 郑棉震荡调整。现货方面，最新棉花价格指数 328 级在 15203 元/吨，较上一 交易日涨 40 元/吨。2024/ ...