Group 1: Report Information - Report Type: Pulp Daily Report [1] - Date: July 4, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - Pulp Futures: The previous settlement price of the 09 contract was 5,048 yuan/ton, and the closing price was 5,094 yuan/ton, a rise of 0.91% [7] - Shandong Wood Pulp Market: The intended transaction price range of softwood pulp was 5,220 - 6,750 yuan/ton, with the low - end price unchanged from the previous trading day. The price of Shandong Yinxing was 6,100 yuan/ton [7] - Chilean Arauco's June Quotes: Yinxing was 740 US dollars/ton, and Jinxing was 620 US dollars/ton, the same as the previous quote [7] - Supply - side 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% year - on - year. In May, the total wood pulp inventory in European ports increased by 13.3% month - on - month and 22% year - on - year. China's pulp import volume in May was 3.02 million tons, up 4.3% month - on - month and 6.9% year - on - year [7] - Inventory Status: As of July 3, 2025, the weekly pulp inventory in major regions and ports increased by 3.11% month - on - month, with only the inventory in Qingdao Port decreasing compared to the previous week. The overall shipping speed was stable [7] - Downstream Market: The market orders of downstream paper mills had no obvious improvement, and the prices of finished paper remained stable. The port de - stocking speed was slow, the supply of imported wood pulp market was relatively loose, and the price was oscillating in the low - end range [7] Group 3: Industry News - On July 3, the 650,000 - ton/year bleached chemical pulp production line of Nine Dragons Paper Co., Ltd. in Jianli Bailuo Industrial Park, Jingzhou was successfully put into operation, marking a key breakthrough in the 20.5 - billion - yuan forest - pulp - paper integration project. The supporting 1.2 - million - ton/year white cardboard production line plans to be installed and debugged in the fourth quarter of 2025. After the project is fully completed, a complete industrial chain from pulping to packaging and printing will be formed in Jingzhou [8]

行业 生猪日报 日期 2025 年 07 月 04 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 ＃summary＃ 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 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 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 生猪行情： 期货方面，3 日生猪主力 2509 合约平开后探底回升震荡走高，尾盘收阳，最 高 14420 元/吨，最低 142500 元/吨，收盘报 143 ...

Report Information - Reported Industry: Soybean Meal [1] - Date: July 4, 2025 [2] - Research Team: Agricultural Products Research Team, including Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Investment Rating - Not provided in the content Core Viewpoints - The USDA area report slightly favors the market as the estimated 2025 US soybean planting area is 83.38 million acres, slightly lower than the March estimate. If the harvest area is adjusted down to 82.6 million acres and the yield per unit remains at 52.5 bushels, the new US soybean production is expected to be 4.337 billion bushels, a 0.7% decrease from this year. The ending inventory in the 2025/26 season is expected to drop from 350 million bushels this year to 290 million bushels, reaching a relatively balanced supply - demand state. However, the inventory report shows that the current US soybean inventory has increased year - on - year, with a higher - than - expected increase, making the overall impact of the report neutral [6]. - The market will gradually focus on US soybean weather conditions. Currently, the 66% good - to - excellent rate is slightly lower than last year but still at a moderately high level. The weather forecast for the next two weeks indicates that most production areas are expected to receive above - average rainfall, which is beneficial for potential yield [6]. - In the domestic soybean meal market, there are rumors that China has started purchasing Argentine soybean meal, reducing the dependence on US soybeans in the fourth quarter. In terms of futures operations, soybean meal prices continue to be priced according to CBOT soybeans, with short - term sensitivity to weather increasing. Considering the expected increase in the cost of imported soybeans in the fourth quarter, the fourth - quarter contracts should be treated with cautious optimism after corrections [6]. Summary by Directory 1. Market Review and Operation Suggestions - **Market Quotes**: For the soybean meal 2601 contract, the previous settlement price was 2990, the opening price was 2990, the highest price was 3021, the lowest price was 2987, the closing price was 3008, with a gain of 18 and a gain rate of 0.60%. The trading volume was 332,791, the open interest was 1,062,964, and the open interest decreased by 10,344. Similar data are provided for the soybean meal 2509 and 2511 contracts [6]. - **External Market**: The US soybean futures contracts rose, with the main contract at 1045 cents. The USDA area and inventory reports were released at 1 am. The estimated 2025 US soybean planting area is 83.38 million acres, slightly lower than the March estimate. Different scenarios of yield per unit will lead to different supply - demand situations [6]. - **Domestic Market**: There are rumors that China has started purchasing Argentine soybean meal, reducing the dependence on US soybeans in the fourth quarter. Futures operations should be based on the price of CBOT soybeans, with short - term sensitivity to weather increasing. The fourth - quarter contracts should be treated with cautious optimism after corrections [6]. 2. Industry News - **USDA Export Sales Report Forecast**: As of the week ending June 26, US soybean export sales are expected to increase by 30 - 100 tons, with 30 - 70 tons in the 2024/25 season and 0 - 30 tons in the 2025/26 season. US soybean meal export sales are expected to increase by 10 - 65 tons, with 10 - 40 tons in the 2024/25 season and 0 - 25 tons in the 2025/26 season. US soybean oil export sales are expected to decrease by 10,000 tons to an increase of 26,000 tons [7]. - **Argentine Soybean Sales**: As of the week ending June 25, Argentine farmers sold 1.6793 million tons of 2024/25 season soybeans, bringing the cumulative sales to 23.8259 million tons. They also sold 49,900 tons of 2025/26 season soybeans, bringing the cumulative sales to 264,400 tons [9]. 3. Data Overview - Multiple data charts are provided, including the spread between soybean meal 1 - 5 contracts, the spread between soybean meal 5 - 9 contracts, the US dollar - RMB central parity rate, the US dollar - Brazilian real exchange rate, the ex - factory price of soybean meal, and the basis of the soybean meal 09 contract, with data sources from Wind and the Research and Development Department of CCB Futures [12][14][15]

行业 国债日报 日期 2025 年 7 月 4 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 利率现券： 银行间各主要期限利率现券收益率多数下行，变动幅度较窄，至下午 16：30， 10 年国债活跃券 250011 收益率报 1.6395%下行 0.05bp。 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 | | 表1：国债期货7月3日交易数据汇总 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成 ...

Report Overview - Report Title: "集运指数日报" [1] - Date: July 3, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The spot price increase at the end of June was better than expected, and the SCFIS settlement index rebounded above 2000 points. The 08 contract is expected to have some upside potential, while the 10th month, a traditional off - season, presents opportunities for short - selling and 08 - 10 positive spreads [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - Spot Market: At the end of June, the price increase was better than expected, with the SCFIS settlement index rising above 2000 points. In July, 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 is expected to have upside potential due to improved market expectations, good cargo volume, and port congestion in Europe. For the 10th month, which is a traditional off - season, focus on short - selling opportunities and 08 - 10 positive spreads [8]. 3.2 Industry News - Geopolitical Event: Iran launched a missile attack 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: From June 23 - 27, the overall Chinese export container shipping market was stable, with the comprehensive index slightly declining. The European route showed weak demand, while the Mediterranean route's freight rate decreased slightly, and the North American route's freight rate continued to fall [9][10]. 3.3 Data Overview - Spot Freight Rates: 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]. - Futures Market Data: For EC2508, the closing price was 1883.5, up 30.9 (1.67%); for EC2510, the closing price was 1367.9, down 0.9 (- 0.07%); for EC2512, the closing price was 1528.0, up 1.5 (0.10%); for EC2602, the closing price was 1325.2, down 6.0 (- 0.45%); for EC2604, the closing price was 1174.2, down 1.3 (- 0.11%); for EC2606, the closing price was 1310.0, down 3.6 (- 0.27%) [6].

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core View of the Report On July 1, the Sixth Meeting of the Central Financial and Economic Commission proposed to regulate low - price and disorderly competition among enterprises, which led to a rebound in the domestic commodity market. Currently, the supply - demand fundamentals of steel, coke, and coking coal markets have few contradictions, and low inventories are used as a narrative. However, if no specific measures are implemented in the short term, the market may return to the old logic of dealing with the uncertainty of production cuts. After the short - term market sentiment reaction, investors should rationally view the price - increase logic, avoid chasing high prices, and can wait for callback opportunities after the policy - driven price reaches the target level [10]. 3. Summary by Related Catalogs 3.1 Market Quotes - **Futures Market**: On July 2, the main contracts 2509 of coke and coking coal futures rose again. The coke 2509 contract reached a new high since May 20. The closing price of coke 2509 was 1442 yuan/ton, up 3.15%, with a trading volume of 30,166 lots and a position of 49,728 lots. The closing price of coking coal 2509 was 843.5 yuan/ton, up 3.18%, with a trading volume of 1,189,983 lots and a position of 529,227 lots, a decrease of 35,195 lots. The capital inflow of coke 2509 was 0.58 billion yuan, and the capital outflow of coking coal 2509 was 1.60 billion yuan [5]. - **Spot Market**: On July 2, the flat - price index of quasi - first - grade metallurgical coke at Rizhao Port, Qingdao Port, and Tianjin Port was 1220 yuan/ton, with no change. The price of low - sulfur main coking coal in Tangshan was 1195 yuan/ton, up 20 yuan/ton, while the prices in other regions remained unchanged [8]. 3.2 Technical Indicators On July 2, the daily KDJ indicator of the coke 2509 contract changed from a dead - cross to a golden - cross. The daily KDJ indicator of the coking coal 2509 contract showed a divergent trend, with the J and K values rising significantly, and the D value continuing to decline slightly, showing a trend of forming a golden - cross. The daily MACD red bars of both the coke and coking coal 2509 contracts became larger [8]. 3.3 Industry News - **Policy News**: On July 1, the Sixth Meeting of the Central Financial and Economic Commission emphasized promoting the construction of a unified national market, regulating enterprise competition, and promoting the exit of backward production capacity. The China Cement Association issued a document to promote the high - quality development of the cement industry [10][11]. - **Industry Operation**: From January to May 2025, the operation of major steel - using industries was polarized. The construction industry continued to decline, while the manufacturing industry showed differentiation. The production and export of some industries such as new energy vehicles and washing machines increased, while the production of some industries such as real estate and refrigerators decreased [11]. - **Enterprise Dynamics**: Shaanxi Coal Industry completed 121% of the investment plan from January to May. The Naoliu Highway in Xinjiang is undergoing expansion and reconstruction, and its freight capacity will reach over 40 million tons after completion. Jinmei Group successfully issued a 2 - billion - yuan science and technology innovation bond. This year, the number of LNG ship deliveries is expected to reach a record high. In the first half of 2025, the container throughput of Shanghai Yangshan Deep - Water Port increased by 7.3% year - on - year. Saudi Arabia's crude oil exports increased by 7% in June. The main line of the Trans - Guinea Railway was fully paved, and the Simandou project is expected to be put into production at the end of 2025. Russia plans to maintain its coal exports to China at about 100 million tons in 2025. Turkey's coal imports in May increased by 2.66% year - on - year [12][13]. 3.4 Data Overview The report presents multiple data charts, including the spot price index of metallurgical coke, the spot price of main coking coal, the production and capacity utilization rate of coking plants and steel mills, the national daily average pig iron output, the inventory of coke and coking coal in ports, steel mills, and coking plants, the profit per ton of independent coking plants, the production and start - up rate of coal washing plants, the inventory of raw coal and clean coal in coal washing plants, and the basis of Rizhao Port's quasi - first - grade coke and Linfen's low - sulfur main coking coal with the September contracts [15][19][23][26][27][30].

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: July 3, 2025 [2] - Research Team: Non - ferrous Metals Research Team [4] - Researchers: Peng Jinglin, Zhang Ping, Yu Feifei [4] Report Industry Investment Rating - Not provided Core Viewpoints - The zinc market is in a pattern of increasing supply and weakening demand, with the pressure of inventory accumulation gradually emerging, and the medium - term idea is still to be bearish [7]. - Recently, macroeconomic data shows market resilience, and non - ferrous metals are boosted to fluctuate strongly, but the weak demand of Shanghai zinc restricts it from rising, and there is no directional drive for now [7]. Summary by Directory 1. Market Review - **Futures Market**: Shanghai zinc mainly fluctuated sideways. The main contract closed at 22,230 yuan/ton, down 25 yuan, a decrease of 0.11%. The trading volume decreased, and the open interest decreased by 4,670 lots to 129,763 lots. The destocking speed of LME zinc accelerated this week, and the LME zinc level dropped to 113,425 tons, but the 0 - 3C spread widened to 18.75. The Shanghai - London ratio increased slightly, the import profit and loss was repaired, but the import window remained closed [7]. - **Supply and Demand**: Imported ore is still at a high level, the supply of the ore end is relatively loose, and the processing fee continues to rise. Although some smelters will have maintenance in July, the overall industry start - up is at a high level due to good smelter profits, and the zinc ingot supply still has an increase. The consumption end has entered the off - season and is gradually weakening [7]. - **Spot Market**: The spot premiums in the three regions remained stable compared with the previous day. Shanghai has a premium of 160 - 170 yuan/ton over the 08 contract, Tianjin reports a discount of 70 yuan/ton compared with Shanghai, and the trading in Guangdong is relatively light, with a premium of 45 - 85 yuan/ton over the 08 contract [7]. 2. Industry News - **Price and Premium in Different Regions**: On July 2, 2025, the mainstream transaction prices of 0 zinc in different regions are as follows: in the mainstream market, it is 22,305 - 22,415 yuan/ton; in Ningbo, it is 22,235 - 22,325 yuan/ton; in Tianjin, it is 22,190 - 22,310 yuan/ton; in Guangdong, it is 22,190 - 22,330 yuan/ton. The premium situations in different regions and contracts are also detailed [8][9]. 3. Data Overview - **Data Sources**: The data sources include Wind and the Research and Development Department of CCB Futures, and some data are from SMM [12][13][16] - **Graphs**: The report includes graphs such as the price trends of zinc in two markets, SHFE monthly spreads, SMM seven - region zinc ingot weekly inventories, and LME zinc inventories [13][17]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - In the short - term, the prices of soda ash and glass have rebounded due to policy stimulus, but the supply - demand contradictions in the fundamentals remain. The soda ash market is in an overall surplus situation, with supply declining, weak downstream demand, and further inventory accumulation. The long - term outlook is bearish. For glass, the demand is affected by seasonal factors, supply is increasing, and inventory pressure is rising. Attention should be paid to the implementation of industry production - restriction policies [8][9][10] 3. Summary by Relevant Catalogs 3.1 Soda Ash, Glass Market Review and Operation Suggestions - **Soda Ash Market Review** - On July 2, the main soda ash futures contract SA509 rebounded significantly, closing at 1205 yuan/ton, up 3.07% or 36 yuan/ton, with a daily reduction of 180,882 lots. The supply and demand of soda ash both decreased, and inventory accumulation continued. In the week of June 26, China's weekly soda ash production dropped to 716,700 tons, a 5.04% week - on - week decrease, and the capacity utilization rate fell to 82.21%, a 4.36% week - on - week decrease. The consumption and inventory showed a downward and upward trend respectively. The market rebounded due to the policy expectation of capacity clearance and production restriction [7][8] - The overall surplus pattern of soda ash suppresses prices. The demand from the real estate and photovoltaic industries is still declining, and the purchasing sentiment is weak. In the short - term, beware of the risk of price correction, and take a bearish view in the medium - to - long - term [9] - **Glass Market Review** - The demand for glass is significantly affected by seasonal factors. During the traditional rainy season, the terminal demand for glass is weakening. The supply of float glass has increased due to the restart of Shandong Jinjing Technology Co., Ltd.'s Zibo No. 5 line, leading to greater inventory pressure. The mid - stream inventory in the industry is at a high level, and the process of capacity reduction is slow. The glass price rebounded due to policy expectations, and attention should be paid to the implementation of production - restriction policies [10] 3.2 Data Overview - The report presents the price trends of active contracts for soda ash and glass, the weekly production and enterprise inventory of soda ash, the market price of heavy soda ash in Central China, and the production of flat glass, with data sources from Wind and Zhuochuang Information [12][13][16]

Group 1: General Information - Report Title: Pulp Daily Report [1] - Date: July 3, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions Market Review - SP2509 contract: Pre-settlement price was 5044 yuan/ton, closing price was 5072 yuan/ton, up 0.56% [7] - SP2601 contract: Pre-settlement price was 5230 yuan/ton, closing price was 5284 yuan/ton, up 1.03% [7] - SP2605 contract: Pre-settlement price was 5178 yuan/ton, closing price was 5234 yuan/ton, up 1.08% [7] - Shandong wood pulp market: Coniferous pulp intended transaction price range was 5220 - 6750 yuan/ton, with the low-end price stable compared to the previous trading day. Shandong Yinxing was quoted at 6100 yuan/ton [7] Operation Suggestions - Supply side: In May, the shipment volume of coniferous 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% year-on-year. European port wood pulp inventory in May increased by 13.3% month-on-month and 22% year-on-year. China's pulp imports in May were 3.02 million tons, up 4.3% month-on-month and 6.9% year-on-year. As of June 26, 2025, the weekly pulp inventory in major regions and ports decreased by 3.49% month-on-month [8] - Demand side: Downstream paper mills' raw material procurement mentality remained cautious, mainly replenishing inventory at low levels for rigid demand [8] - Market outlook: The current port de-stocking speed is slow, the supply of imported wood pulp market is relatively loose, and with the expectation of new domestic production capacity, the improvement of the pulp fundamentals is limited, and it will operate in a low-range oscillation [8] Group 3: Industry News - On July 2, Xianhe Co., Ltd. announced an overseas investment. On June 30, 2025, the company signed an investment agreement with the People's Government of Hejiang County, Sichuan Province, for a bamboo pulp and paper integrated high-performance paper-based new material project. The total investment is expected to be about 11 billion yuan to build an 800,000-ton bamboo pulp and 1.2 million-ton high-performance paper-based new material production line and related supporting facilities. The project is planned in stages. The first phase will invest about 5.5 billion yuan, cover an area of about 2000 mu, and build a 400,000-ton bamboo pulp and 600,000-ton high-performance paper-based new material production line and related supporting facilities. The second phase will invest about 5.5 billion yuan, cover an area of about 2000 mu, and build a 400,000-ton bamboo pulp and 600,000-ton high-performance paper-based new material production line, corresponding supporting projects, and a bamboo forest base [9] Group 4: Data Overview - The report provides multiple data charts, including import bleached softwood pulp spot price in Shandong, pulp futures price, pulp futures-spot price difference, needle-broadleaf price difference, inter-period price difference, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, white cardboard and whiteboard price and price difference, copperplate paper and offset paper price and price difference, and US dollar to RMB exchange rate [15][17][19][26][28][30]

行业 棉花 日期 2025 年 7 月 3 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 | 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 15163 元/吨，较上一 交易日跌 49 元/吨。2024/25 北疆机采 4129 ...