行业 PTA 日报 日期 2025 年 08 月 27 日 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 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（原油燃料 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 每日报告 一、 行业要闻 三、 ...

Report Information - Report Name: Pulp Daily Report [1] - Date: August 27, 2025 [2] Market Review and Operation Suggestions - Pulp futures contract 01 had a previous settlement price of 5,398 yuan/ton and a closing price of 5,358 yuan/ton, a decline of 0.74%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5,060 - 6,700 yuan/ton, with the low - end price down 40 yuan/ton from the previous trading day's closing price. The Shandong Yinxing was quoted at 5,780 - 5,800 yuan/ton [7] - Chile's Arauco announced its new August wood pulp export prices: softwood pulp Yinxing at $720/ton, natural pulp Jinxing at $590/ton, and hardwood pulp Mingxing at $520/ton, remaining stable compared to June. In June, the chemical pulp shipments of the world's 20 major pulp - producing countries increased by 4.7% year - on - year, with softwood pulp down 2.4% and hardwood pulp up 10.1%. In July 2025, the European wood pulp inventory was 683,200 tons, down 0.3% month - on - month and up 8.7% year - on - year; the consumption was 814,200 tons, up 6.8% month - on - month and down 2.1% year - on - year. China's pulp imports in July were 2.877 million tons, down 5.1% month - on - month and up 23.7% year - on - year. As of August 21, 2025, the weekly pulp inventory in major regions and ports decreased by 1.59% month - on - month. With limited cost guidance and ample supply, the pulp market is in a low - level oscillatory adjustment, awaiting the peak - season demand [8] Industry News - On August 25, Zhejiang Rongsheng Environmental Protection Paper Co., Ltd. announced a cogeneration energy - saving and carbon - reduction intelligent transformation project with a total investment of 177.83 million yuan. After the project is put into operation, a new 90t/h high - temperature and high - pressure circulating fluidized - bed solid - waste boiler will be added to the Rongsheng Environmental Protection thermoelectric production line. The existing 1 - 3 coal - fired boilers will no longer co - fire solid waste, forming an operation mode of 4 boilers and 2 generators. The overall coal consumption of the enterprise will remain unchanged, and the general solid - waste treatment capacity will increase to 210,640 tons per year. The project can save 80,200 tons of standard coal and reduce carbon emissions by 4,971 tons [9] Data Overview - The report includes multiple data charts such as import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt totals, domestic main - port pulp inventories, European main - port wood pulp inventories, prices and price differences of coated paper and offset paper, prices and price differences of white cardboard and whiteboard paper, and the US dollar - RMB exchange rate [15][17][19][22][29][32]

Report Information - Report Title: Treasury Bond Daily Report [1] - Date: August 27, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating No relevant information provided. Core Viewpoints - In the long - term, the Politburo meeting in July maintained the stance of "moderate easing" for monetary policy, and the uncertainty of tariffs remains high. There is a risk of a post - export - rush decline, so the bull - market foundation remains unchanged. In the short - term, the stock - bond seesaw effect has strengthened since late June. The bullish equity market has put pressure on the bond market. Although the economic data in July weakened marginally, it still showed short - term resilience, making it difficult to trigger a significant increase in easing sentiment. A short - term bond - market rebound does not constitute a trend. Currently, the upward momentum of the A - share market has slowed, the bond market's sensitivity to the stock market has decreased, and with the central bank's active support for the capital market, bond - market sentiment has improved, and short - term varieties are more resilient than long - term ones [11][12] Summary by Directory 1. Market Review and Operation Suggestions - **Market Performance**: The A - share market shrank and declined in the afternoon, boosting long - term bond sentiment. Long - term treasury bond futures closed significantly higher. The yields of major inter - bank interest - rate bonds across all maturities declined, with long - term yields falling mostly within 1bp. By 16:30, the yield of the 10 - year active treasury bond 250011 was reported at 1.75750%, down 0.6bp [8][9] - **Funding Market**: The central bank's net withdrawal did not prevent the inter - bank funding market from loosening. There were 580.3 billion yuan of reverse repurchases and 300 billion yuan of MLF maturing. The central bank conducted 405.8 billion yuan of reverse repurchase operations, resulting in a net withdrawal of 474.5 billion yuan. The inter - bank funding sentiment index declined. Short - term funding rates showed mixed trends, with the overnight weighted rate of inter - bank deposits falling 3.5bp to 1.315% and the 7 - day rate falling 2.82bp to 1.49%. Medium - and long - term funds rose slightly, with the 1 - year AAA certificate of deposit rate rising 4bp to around 1.64% [10] 2. Industry News - The Party Committee of the State - owned Assets Supervision and Administration Commission emphasized further deepening industrial assistance to Tibet. Central state - owned enterprises are encouraged to develop characteristic plateau industries in Tibet, increase investment in infrastructure, and promote major projects such as the Yarlung Zangbo River hydropower project and the Sichuan - Tibet Railway. They should also enhance ethnic unity through various means [13] - The 13th plenary session of the Standing Committee of the 14th National Committee of the Chinese People's Political Consultative Conference was held, with discussions on formulating the "15th Five - Year Plan". Different committee members put forward suggestions on developing new - quality productive forces, integrating the digital economy with the real economy, boosting consumption, and enhancing scientific and technological innovation capabilities. The US Secretary of Commerce said that details of the US - Japan agreement would be announced this week, involving Japan's commitment of $550 billion in investment in the US for domestic production of semiconductors, antibiotics, and rare earths [14] 3. Data Overview - **Treasury Bond Futures Market**: Data on the trading of treasury bond futures contracts on August 26, including opening prices, closing prices, settlement prices, price changes, trading volumes, open interests, and position changes, were provided. Also, information on the inter - maturity spreads of main treasury bond futures contracts and inter - variety spreads (2 - year vs 30 - year, 10 - year, 5 - year; 5 - year vs 30 - year, 10 - year; 10 - year vs 30 - year) and the trends of main treasury bond futures contracts were mentioned [6][15][16] - **Money Market**: Information on the term - structure changes and trends of SHIBOR, the changes in the weighted inter - bank pledged - repurchase interest rates, and the changes in the inter - bank deposit pledged - repurchase interest rates were provided [30][34] - **Derivatives Market**: Information on the Shibor3M interest - rate swap fixing curve (mean) and the FR007 interest - rate swap fixing curve (mean) was provided [36]

行业 纯碱、玻璃日报 日期 2024 年 8 月 27 日 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 021-60635727 期货从业资格号：F03134307 fengzeren@ccb.ccbfutures.com 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） 研究员：彭浩洲（尿素、工业 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃、纯碱） 请阅读正文后的声明 ＃summary＃ 每日报告 ...

Report Information - Report Name: Pig Daily Report [1] - Date: August 27, 2025 [2] Industry Investment Rating - No information provided Core Viewpoints - In the short - term, the terminal and second - fattening demand may increase in the second half of the month, and the supply - demand situation may improve slightly, leading to a potential low - level rebound in spot pig prices. The near - month 2509 futures contract may follow the spot price with a small rebound at the bottom. The 2511 and 2601 contracts are in the peak demand season, with a small increase in pig supply and a relatively large increase in demand. Along with factors like pork stockpiling, initiatives for high - quality development, and strengthened environmental protection, the medium - to - long - term pig prices are expected to rebound [9]. Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 26th, the main 2511 pig futures contract opened lower, then fluctuated upwards and closed with a positive candle. The highest price was 13,895 yuan/ton, the lowest was 13,770 yuan/ton, and the closing price was 13,860 yuan/ton, down 0.47% from the previous day. The total open interest of the index decreased by 1,305 lots to 181,393 lots [8]. - **Spot Market**: On the 26th, the national average price of external ternary pigs was 13.63 yuan/kg, down 0.09 yuan/kg from the previous day [8]. - **Demand Side**: The price difference between fat and standard pigs has slightly widened, and the fattening cost remains low, increasing the expectation of second - fattening at low prices, which may reduce the slaughter pressure of farmers. The current demand is still in the seasonal off - season, with terminal demand remaining at a low level on a month - on - month basis. As students start school in the second half of the month, terminal demand may gradually pick up. The orders of slaughtering enterprises are average, and the slaughtering rate and volume have increased slightly. On August 26th, the slaughter volume of sample slaughtering enterprises was 140,300 heads, an increase of 100 heads from the previous day and the same as that of a week ago [9]. - **Supply Side**: According to Yongyi sample data, the planned pig slaughter volume of sample enterprises in August was 24.72 million heads, a month - on - month increase of 6.6% compared with the actual slaughter volume in July. The slaughter volume is expected to increase significantly, and the utilization rate of second - fattening pens remains high, with second - fattened pigs being continuously released, so the slaughter pressure still exists. The average slaughter weight has slightly declined, and the weight pressure on farmers has weakened in the second half of the month. In the long run, pig slaughter may continue to increase slightly [9]. 2. Industry News - No specific news content provided, only figure information about breeding profit, cost, etc. 3. Data Overview - **Breeding Profit**: As of August 21st, the average profit per self - bred and self - raised pig was 78 yuan/head, a week - on - week decrease of 5 yuan/head; the average profit per pig from purchasing piglets was - 57.6 yuan/head, also a week - on - week decrease of 5 yuan/head [14]. - **Piglet Price**: The average market sales price of 15 - kg piglets in the week of August 21st was 463 yuan/head, a decrease of 21 yuan/head from the previous week [14]. - **Slaughter Volume**: In the week of August 21st, the slaughter volume of the slaughter sample was 1.675 million heads, an increase of 41,500 heads from the previous week, with a month - on - month increase of 2.54%. The average daily slaughter volume of the daily slaughter sample was 140,238 heads, an increase of 1,792 heads from the previous week, with an average daily increase of 1.29% [14]. - **Planned Slaughter Volume**: The planned pig slaughter volume of sample enterprises in August was 24.72 million heads, a month - on - month increase of 6.6% compared with July [14]. - **Average Slaughter Weight**: As of the week of August 21st, the average slaughter weight of pigs nationwide was 127.98 kg, an increase of 0.16 kg from the previous week, with a month - on - month increase of 0.13% [14].

Report Information - Report Name: MEG Daily Report [1] - Date: August 27, 2025 [2] Industry Investment Rating - Not provided Core View - Short - term, the supply - demand of ethylene glycol has not changed significantly. Affected by the improvement of macro - market sentiment, it is expected to maintain a high - level range - bound trend [7] Section Summaries 1. Market Review and Operation Suggestions - **Futures Market Quotes**: The closing price of EG2601 was 4,490 yuan/ton, down 12 yuan, with a position of 151,958 contracts and an increase of 17,061 contracts. The closing price of EG2509 was 4,440 yuan/ton, down 3 yuan, with a position of 51,447 contracts and a decrease of 10,243 contracts. On the 26th, the main contract of ethylene glycol futures opened at 4,510 yuan/ton, reached a high of 4,521 yuan/ton, a low of 4,486 yuan/ton, settled at 4,507 yuan/ton, and closed at 4,490 yuan/ton, down 12 yuan from the previous trading day's settlement price. The total volume was 151,958 lots, and the position was 286,272 lots [7] 2. Industry News - **Crude Oil Market**: It is expected that the US will impose more sanctions on a certain European country, and Ukraine's attacks on the energy infrastructure of a certain European country may disrupt supply. European and American crude oil futures have risen for four consecutive trading days. On Monday (August 25), the settlement price of the West Texas Intermediate crude oil futures for October 2025 on the New York Mercantile Exchange was $64.80 per barrel, up $1.14 or 1.79% from the previous trading day, with a trading range of $63.53 - $65.1. The settlement price of the Brent crude oil futures for October 2025 on the London Intercontinental Exchange was $68.80 per barrel, up $1.07 or 1.58% from the previous trading day, with a trading range of $67.57 - $69.07 [8] - **Ethylene Glycol Market in Zhangjiagang**: The spot negotiation price of ethylene glycol in Zhangjiagang this week is 4,538 - 4,540 yuan/ton, up 1.5 yuan/ton from the previous working day. The spot negotiation price next week is 4,543 - 4,545 yuan/ton, and the negotiation price for the end of September is 4,543 - 4,545 yuan/ton. The basis of this week's spot is at a premium of 48 - 50 yuan/ton compared to EG2601, the basis of next week's spot is at a premium of 53 - 55 yuan/ton compared to EG2601, and the basis for the end of September is at a premium of 53 - 55 yuan/ton compared to EG2601 [8] - **Industry Operation**: The operation of PX and ethylene glycol is stable. A 2.2 - million - ton (designed capacity, actual 2.5 - million - ton) PTA plant in East China is under maintenance, and the PTA operation rate has decreased by 2.58 percentage points. A 200,000 - ton polyester film plant of Ningbo Jinyuan has stopped for maintenance, and the polyester operation rate has decreased by 0.23 percentage points [8] 3. Data Overview - Multiple data charts are provided, including PTA - MEG price difference, 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][18]

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 8 月 26 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1：8月25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 | 31 ...

行业 锌期货日报 日期 2025 年 8 月 26 日 021-60635740 期货从业资格号：F3075681 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 有色金属研究团队 研究员：彭婧霖 pengjinglin@ccb.ccbfutures.com 研究员：余菲菲 请阅读正文后的声明 ＃summary＃ 每日报告 蒙自、丹霞、安宁、飞龙报价贴水 110~50 元/吨，第二时段，麒麟、蒙自、 丹霞、安宁、飞龙报价贴水 110~50 元/吨。 每日报告 一、 行情回顾 | 表1：期货市场行情 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单位：元/吨 | | 开盘 | 收盘 | 最高 | 最低 | 涨跌 | 涨跌幅 | 持仓量 | 持仓量变化 | | 沪锌 | 2509 | 22230 ...

Report Information - Report Title: Copper Futures Daily Report [1] - Date: August 26, 2025 [2] - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3] Report Summary Investment Rating - No investment rating information provided Core View - Copper prices rose with increasing volume, hitting a new high in August. With the release of a potential interest - rate cut signal by Powell at the global central bank meeting and the relaxation of housing purchase restrictions in Shanghai, the market's bullish sentiment was high. In the short term, supported by a stronger fundamental outlook and growing expectations of a Fed interest - rate cut, copper prices are expected to break through the range, and attention should be paid to the previous high resistance level [10] Section Summaries 1. Market Review and Operation Suggestions - Copper prices soared on high volume, reaching an August high. The LME was closed, and COMEX copper edged up. The market's bullish sentiment was strong. The monthly spread structure on the futures market slightly narrowed. Spot prices rose by 565 to 79,395, while the spot premium dropped by 10 to 140. Social inventories decreased by 0.87 million tons to 12.3 million tons compared to last Thursday, which supported the spot premium [10] 2. Industry News - Codelco announced that the Andes Norte and Diamante mines of the El Teniente copper mine in Chile have been approved to resume production by the mining regulator Sernageomin after a suspension due to an accident on July 31 [11] - According to the ICSG report, after adjusting for inventory changes in Chinese bonded warehouses, the supply surplus in June was 42,000 tons, down from 58,000 tons in May. In June, the global copper market had a supply surplus of 36,000 tons, down from 79,000 tons in May. Global refined copper production in June was 2.43 million tons, and consumption was 2.4 million tons [11] - Luoyang Molybdenum's 2025 H1 financial report showed that the company's mining revenue reached a record high of 39.402 billion yuan, accounting for about 42% of total operating revenue, up 11 and 28 percentage points from the same periods in 2024 and 2023 respectively. The proportion of copper - related mining revenue also reached a record high. With the help of the TFM and KFM projects, the company produced 353,600 tons of copper in H1, a year - on - year increase of 12.68%, and achieved about 56.1% of the annual production target. The copper mining revenue was 25.718 billion yuan, accounting for about 65% of the total mining revenue, up 1 and 31 percentage points from the same periods in 2024 and 2023 respectively [11]

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: August 26, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided Core Viewpoints - This week, the SCFIS dropped below 2000 points for six consecutive weeks, but the decline in online quotes has stabilized. Some airlines have shown a willingness to support prices in September. Considering the uncertainty of tariffs and the large actual damage to foreign trade, the demand side is difficult to improve significantly, and the shipping capacity supply is at a relatively high level in the off - season. This year's freight rates may show the characteristic of an even weaker off - season. The main October contract has a deep discount, and the decline in spot freight rates has slowed down, so the short - term decline in futures may narrow. In the long run, the freight rates may still show a downward trend, and the October contract should be short - allocated on rallies [8] Summary by Directory 1. Market Review and Operation Suggestions - This week, the SCFIS dropped below 2000 points for six consecutive weeks, and the decline in online quotes has stabilized. For example, the lowest online quote for a 40GP large container on the Shanghai - Rotterdam route in the fourth week of August was $2384 from Maersk, and other airlines also kept their quotes stable in the range of $2500 - $2900. CMA CGM, HPL, and ONE have announced higher freight rates for September, showing a willingness to support prices. The uncertainty of tariffs has a great impact on foreign trade, and the demand side is difficult to improve significantly. The shipping capacity supply is at a relatively high level in the off - season, and this year's freight rates may be weaker in the off - season. The main October contract has a deep discount, and the decline in spot freight rates has slowed down, so the short - term decline in futures may narrow. In the long run, the freight rates may still decline, and the October contract should be short - allocated on rallies [8] 2. Industry News - From August 18th to August 22nd, the China export container shipping market was basically stable, but the supply - demand fundamentals were weak. Most route freight rates declined, and the comprehensive index continued to adjust. On August 22nd, the Shanghai Export Containerized Freight Index 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 appear, and foreign orders in the eurozone manufacturing industry declined for the second consecutive month. The freight rate from Shanghai Port to European basic ports on August 22nd was $1668/TEU, down 8.4% from the previous period. The Mediterranean route was similar to the European route, and the spot booking price continued to fall. The freight rate from Shanghai Port to Mediterranean basic ports on August 22nd was $2225/TEU, down 2.4% from the previous period. In the North American route, the US labor market cooled, and the freight demand growth was weak. The freight rates from Shanghai Port to the US West and East basic ports on August 22nd were $1644/FEU and $2613/FEU respectively, down 6.5% and 3.9% from the previous period. US President Trump announced a "major" tariff investigation on imported furniture, which will further impact the industry. In addition, the Israeli - Palestinian conflict situation also has potential impacts on the market [9][10] 3. Data Overview 3.1 Container Shipping Spot Prices - On August 25th, 2025, the SCFIS for the European route (basic ports) was 1990.2 points, down 189.97 points (-8.7%) from August 18th. The SCFIS for the US West route (basic ports) was 1041.38 points, down 64.91 points (-5.9%) from August 18th [12] 3.2 Container Shipping Index (European Line) Futures Market - The trading data of container shipping European line futures on August 25th showed different performance for each contract. For example, the EC2510 contract had an opening price of 1323.0, a closing price of 1358.0, a settlement price of 1356.3, a rise of 34.0, and a rise rate of 2.57%. The trading volume was 39234, and the open interest was 54357 with an increase of 102 [6] 3.3 Shipping - Related Data Charts - The report provides multiple charts including the European container ship capacity, global container ship orders on hand, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates [17][20]