1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - Short - term ethylene glycol fundamentals are in a multi - empty stalemate, with high macro - level uncertainties and some risk - aversion sentiment among market participants. It is expected that ethylene glycol prices will maintain range - bound fluctuations [7] 3. Summary by Directory 3.1行情回顾与操作建议 - On the 15th, the opening price of the main ethylene glycol futures contract 2509 was 4365, the highest was 4365, the lowest was 4316, the settlement was 4338, and the closing was 4322, a decrease of 9 compared to the previous trading day's settlement price. The total volume was 157,709 lots, and the open interest was 286,969 lots [7] - The closing price of EG2509 was 4322 yuan/ton, down 9, with an open interest of 286,969 lots, a decrease of 1899; the closing price of EG2601 was 4336 yuan/ton, down 20, with an open interest of 14,450 lots, an increase of 1800 [7] 3.2行业要闻 - Investors weighed the 50 - day deadline before Trump's new sanctions on a European country and still worried about Trump's tariffs, causing international oil prices to fall. On Monday (July 14), the settlement price of West Texas Light Crude Oil futures for August 2025 on the New York Mercantile Exchange was $66.98 per barrel, a decrease of $1.47 or 2.15% from the previous trading day, with a trading range of $66.80 - $69.65; the settlement price of Brent crude oil futures for September 2025 on the London Intercontinental Exchange was $69.21 per barrel, a decrease of $1.15 or 1.63% from the previous trading day, with a trading range of $69.02 - $71.53 [8] - In the Zhangjiagang ethylene glycol market, the spot negotiation this week was 4389 - 4392 yuan/ton, a decrease of 9.5 yuan/ton from the previous working day. The negotiation for late July was 4390 - 4392 yuan/ton, and for late August was 4389 - 4392 yuan/ton. The current - week spot basis was at a premium of 67 - 70 yuan/ton compared to EG2509, the basis for late July was at a premium of 68 - 70 yuan/ton compared to EG2509, and the basis for late August was at a premium of 67 - 70 yuan/ton compared to EG2509 [8] - The negotiation range in the Fujian ethylene glycol market was 4300 - 4400 yuan/ton, unchanged from the previous working day. The short - term trading atmosphere in the ethylene glycol market has improved, and the price in the Fujian ethylene glycol market is mainly stable and waiting for observation [8] 3.3数据概览 - The report provides multiple data charts, including MEG futures prices, spot - futures price differences, international crude oil futures main contract closing prices, raw material price indices (ethylene), PTA - MEG price differences, MEG prices, MEG downstream product prices, and MEG downstream product inventories, with data sources from Wind and the Research and Development Department of CCB Futures [10][15][16]

Group 1: Report Overview - Industry: Cotton [1] - Date: July 16, 2025 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operation Suggestions - Zhengzhou cotton oscillated and adjusted. The latest cotton price index for Grade 328 was 15,302 yuan/ton, up 7 yuan/ton from the previous trading day. The sales basis for 4129/29B/3.5 impurity in Northern Xinjiang's machine-picked cotton in 2024/25 was mostly at CF09+1400 - 1500 and above, with a small amount below this price. The basis quotation for machine-picked Grade 31 double-29 cotton in Kashgar, Southern Xinjiang was mostly at CF09+1100 and above, and the low-price quotation was still at CF09+950 - 1100, but the quantity at low prices decreased significantly, all for self-pickup in Xinjiang [7] - The overall market of pure cotton yarn changed little this week. Spinning mills mostly maintained last week's quotations, and actual transactions gradually followed up. Downstream procurement volume remained low, mainly for rigid demand. The market lacked confidence in the future market, and inland spinning mills continued to limit production. The market for all-cotton grey cloth has been continuously sluggish recently, with light shipments. Weaving factories produced spot goods, with low production and sales rates and accumulated finished product inventories. Currently, weaving factories have few orders, mainly small and scattered orders, and the current machine startup rate of weaving factories remains low [7] - As of July 13, in the international market, the budding rate of cotton in 15 major cotton-growing states in the US was 61%, 1 percentage point slower than the same period last year; the boll-setting rate was 23%, 3 percentage points slower than the same period last year; and the good-to-excellent rate was 54%, 9 percentage points higher than the same period last year. The overall growth progress was slightly slower, but the good-to-excellent rate continued to rise, and there was still room for an increase in production. In the domestic market, the actual sown area increased year-on-year this year, and the expectation of an overall bumper harvest still exists. The industrial downstream remained weak, with overall weak demand. The cotton yarn inventory of downstream spinning mills continued to rise, and inland spinning mills continued to reduce the startup rate, but the startup rate of Xinjiang spinning mills remained firm, with a small decline. In the short term, there were still concerns about the tight supply of old crops, but considering the current off-season consumption stage, tariff disturbances still existed, and the weather had not yet had an impact, so the upside space should be viewed with caution [8] Group 3: Industry News - According to the General Administration of Customs, in June 2025, China's textile and clothing exports were 27.315 billion US dollars, a year-on-year decrease of 0.3%. Among them, the exports of textile yarns, fabrics and products were 12.048 billion US dollars, a year-on-year decrease of 1.6%, and the exports of clothing and clothing accessories were 15.267 billion US dollars, a year-on-year increase of 0.8%. From January to June 2025, the cumulative exports of textiles and clothing were 143.978 billion US dollars, a year-on-year increase of 0.8% [9] - As of the week ending July 13, 2025, the good-to-excellent rate of US cotton was 54%, compared with 52% in the previous week and 45% in the same period last year; the boll-setting rate was 23%, compared with 14% in the previous week, 26% in the same period last year, and a five-year average of 22%; the budding rate was 61%, compared with 48% in the previous week, 62% in the same period last year, and a five-year average of 62% [9] Group 4: Data Overview - The report includes various data charts such as 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 total, US dollar to RMB exchange rate, and US dollar to Indian rupee exchange rate, with data sources from Wind and the Research and Development Department of CCB Futures [18][19][26]

Group 1: Report Basic Information - Report industry: Eggs [1] - Report date: July 16, 2025 [2] - Research team: Agricultural products research team, including Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Market Review and Operation Suggestions Market Review - Today, the national egg price remained stable. The average price in the main production areas was 2.73 yuan/jin, unchanged from yesterday; the average price in the main sales areas was 3.00 yuan/jin, also unchanged from yesterday. The 08 contract fell 0.23% [7] - Last week, the egg price continued to be weak first and then stable. The northern red egg area was significantly weak, and Beijing in the main sales area had great pressure, driving down the prices in the surrounding areas. The egg price gradually stabilized in the middle of the week, and there was a slight increase in the southern region last Friday, with the peak - season expectation gradually approaching [8] Operation Suggestions - Although the fundamental direction is currently bearish, it is not recommended to chase short positions as the price is close to the historical bottom range and the spot still has upward momentum in the future. - Focus on whether the spot price has a continuous upward trend next week. Long positions can be placed on the 09 contract for band - trading. Risk - averse investors can buy put options to hedge the risk of the spot price not rising. Subsequently, pay attention to the increase in the spot price and the basis, and adjust the positions in real - time. There is no sign of a large - scale trend reversal for now [8] Group 3: Industry News - The inventory of laying hens in production is on an upward trend. As of the end of June, the monthly inventory of laying hens in production nationwide was about 1.34 billion, a 0.4% month - on - month increase, with a 6.8% year - on - year increase compared to the same period last year [9] - In June, the monthly output of layer chicks from sample enterprises was about 40.75 million, slightly less than 44.98 million in May and slightly more than 39.98 million in the same period in 2024. The monthly replenishment volume in June was moderately high in the past eight years [9] - The culling volume of chickens has gradually recovered since May, reaching a phased peak in June and then slightly declining due to the peak - season expectation in the summer. As of July 10, the average culling age of chickens was 504 days, 2 days earlier than last week and 8 days earlier than last month [10]

行业 贵金属日评 日期 2025 年 7 月 15 日 宏观金融团队 研究员：何卓乔(宏观贵金属) 021-60635739 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 请阅读正文后的声明 每日报告 一、贵金属行情及展望 日内行情： 美国总统推出更多关税措施特别是对欧盟和加拿大对等关税税率定于 30%， 关税武器化程度加剧提振黄金的避险需求，但美元指数走强对贵金属有抑制作用， 伦敦黄金小幅上行至 3370 美元/盎司附近；7 月中旬以来投机资金再次拉升白银 至 39 美元/盎司上方，目前伦敦金银比值已经回落到 86，年内白银涨幅 35%远超 黄金的 28%，但上海白银相对滞涨。特朗普 2.0 新政推动全球政经格局重组进入 乱纪元模式，黄金的避险需求得到极大提振；目前看黄金波 ...

1. Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: July 15, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 2. Core Viewpoints - The spot price increase in July exceeded expectations, with the SCFIS settlement index rising above 2400 points. Major shipping companies maintained stable prices, possibly supported by good cargo demand. The 08 contract is still at a discount to the spot index and has room for repair. For the traditional off - season in October, pay attention to short - selling opportunities and 08 - 10 positive spread opportunities at low prices [8]. 3. Summary by Directory 3.1行情回顾与操作建议 - **Spot Market**: On July 14, the SCFIS settlement index rose above 2400 points. Maersk's mid - July quotes were slightly higher than the first half of the month, and other shipping companies' quotes converged to $3300 - 3500. For August, only a few shipping companies have reported rates, and it remains to be seen if others will follow the price hikes [8]. - **Contract Opportunities**: The 08 contract has room for repair as it is at a discount to the spot index. In October, a traditional off - season, focus on short - selling opportunities and 08 - 10 positive spread opportunities at low prices [8]. 3.2行业要闻 - **Market Overview**: From July 7 to 11, the China export container shipping market was generally stable, with freight rates fluctuating by route. The Shanghai Export Containerized Freight Index (SCFI) dropped 1.7% to 1733.29 points on July 11 [9]. - **European Routes**: The eurozone's July SENTIX investor confidence index rose to 4.5, indicating stable economic recovery. However, the EU - US tariff negotiation remained uncertain. The freight rate from Shanghai to European basic ports on July 11 was $2099/TEU, down 0.1% [9]. - **Mediterranean Routes**: The supply - demand fundamentals were weaker than European routes, with the spot booking price slightly dropping. The freight rate from Shanghai to Mediterranean basic ports on July 11 was $2667/TEU, down 7.0% [9]. - **North American Routes**: Due to the "tariff war", the freight rates from Shanghai to US West and East basic ports on July 11 were $2194/FEU and $4172/FEU, up 5.0% and 1.2% respectively [9][10]. - **EU - US Trade Negotiations**: Auto and agricultural product tariffs were the key issues. Any agreement was subject to Trump's decision, and the EU was considering a second - round counter - measure with a reduced scale to 72 billion euros [10]. - **Trump's Tariff Plan**: Trump planned to impose a 15% or 20% unified tariff on almost all remaining trading partners [10]. - **Yemen Houthi Rebels**: The Houthi rebels prohibited Israeli - related ships from passing through the Red Sea, and two cargo ships were sunk in the Red Sea within a week [10]. 3.3数据概览 - **Container Shipping Spot Prices**: On July 14, the SCFIS for European routes was 2421.94 points, up 7.3% from July 7; the SCFIS for US West routes was 1266.59 points, down 18.7% [12]. - **Container Shipping Index (European Routes) Futures**: The trading data of EC2508, EC2510, EC2512, EC2602, EC2604, and EC2606 contracts on July 14, including opening price, closing price, settlement price, price change, change rate, trading volume, open interest, and open interest change, were provided [6]. - **Shipping - Related Data Charts**: Included charts of global container shipping capacity, global container ship orders, Shanghai - Europe basic port freight rates, and Shanghai - Rotterdam spot freight rates [17][18][20]

Report Information - Report Date: July 15, 2025 [2] - Report Type: Pig Daily Report [1] Investment Rating - No investment rating information provided Core Viewpoints - The supply and demand of pigs are both decreasing in the short - term. The reduced supply has boosted the rebound of futures and spot prices, but currently, the group's sales volume has recovered, leading to a slight price correction. In the medium and long - term, pig supply will continue to increase, and with the consumption off - season, pig prices may face pressure. Although the futures contracts are slightly at a discount to the spot, the spot market's supply reduction to maintain prices has driven the price rebound, and domestic anti - involution initiatives and strengthened environmental protection efforts support market sentiment [9] Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 14th, the main 2509 contract of live pigs opened lower, then bottomed out and rebounded, closing down. The highest price was 14,305 yuan/ton, the lowest was 14,185 yuan/ton, and the closing price was 14,285 yuan/ton, a 0.45% decrease from the previous day. The total open interest of the index decreased by 1,499 lots to 162,291 lots [8] - **Spot Market**: On the 14th, the average price of ternary pigs nationwide was 14.61 yuan/kg, a decrease of 0.08 yuan/kg from the previous day [8] - **Demand Side**: The price difference between fat and standard pigs slightly expanded, and the utilization rate of pigsties increased, indicating higher enthusiasm for secondary fattening. Due to hot weather, terminal demand was weak, slaughterhouse orders were average, and the slaughter rate and volume remained low. On July 14, the slaughter volume of sample slaughterhouses was 132,500 heads, a decrease of 2,000 heads from the previous day and an increase of 1,700 heads from a week ago [9] - **Supply Side**: According to Yongyi data, the planned pig sales volume of sample enterprises in July was 23.88 million heads, a 1.19% decrease from June. In the early part of the month, enterprises reduced supply and the average weight of pigs increased. There are still secondary - fattened pigs to be sold in the future [9] 2. Industry News - As of the week ending July 11, the average profit per self - bred and self - raised pig was 165 yuan/head, a weekly decrease of 6 yuan/head; the average profit per pig fattened from purchased piglets was - 44 yuan/head, a weekly decrease of 58 yuan/head [10][12] 3. Data Overview - The average market selling price of 15kg piglets in the week of July 10 was 539 yuan/head, a 10 - yuan increase from the previous week [20] - In late June, the utilization rate of fattening pigsties was 53.9%, a 9 - percentage - point increase from the previous ten - day period [20] - In the week of July 10, the price difference between 150 - kg fat pigs and standard pigs was 0.10 yuan/jin, the same as the previous week [20] - As of the week ending July 11, the average weight of nationwide pig sales was 129.03 kg, an increase of 0.39 kg from the previous week, a 0.30% increase [20]

Report Summary 1. Reported Industry - The report focuses on the cotton industry [1] 2. Core Viewpoints - Zhengzhou cotton is in a state of oscillatory adjustment. The spot cotton price index for Grade 328 is 15,295 yuan/ton, up 29 yuan/ton from the previous trading day. The cotton market has a complex situation with both supply - demand and external factor impacts [7] - Macroscopically, there are tariff disturbances as Trump plans to impose a 30% tariff on Mexico and the EU on August 1st. The USDA July monthly supply - demand report shows a slight adjustment in the global cotton market, with total production up 310,000 tons to 25.78 million tons and total consumption up 80,000 tons to 25.72 million tons, and a slight accumulation of ending stocks. Domestically, there is an expected bumper harvest, but the downstream industry is weak, and short - term concerns about tight old - crop supplies remain. However, considering the consumption off - season, tariff disturbances, and lack of weather - related impacts, the upside potential should be viewed with caution [8] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Review**: Zhengzhou cotton oscillates. The 328 - grade cotton price index is 15,295 yuan/ton, up 29 yuan/ton. The cotton sales basis is different in different regions. The pure - cotton yarn market is still sluggish, with a decline in downstream operating rates, stable yarn prices, and a slight increase in inventory. The all - cotton grey fabric market remains weak, and the market outlook for July and August is generally pessimistic [7] - **Analysis of Market Influencing Factors**: Tariff disturbances exist. The USDA report shows minor adjustments in the global cotton market. Domestically, there is an expected bumper harvest, but the downstream is weak. Short - term concerns about tight old - crop supplies remain, but the upside potential is limited due to the off - season, tariff issues, and lack of weather impacts [8] 3.2 Industry News - The agricultural rural department's prediction of China's cotton supply - demand situation remains the same as last month. Most cotton in China is in the budding to flowering stage, with a development period 4 - 7 days earlier than usual. There is a high risk of heat damage to cotton in Xinjiang in July. The cotton inventory is decreasing, but the downstream market is in the off - season, and spinning mills are cautious in raw material procurement [9] 3.3 Data Overview - The report provides multiple data charts related to the cotton market, including price indices, spot and futures prices, basis changes, spreads, inventory data, and exchange rate data, with data sources from Wind and the research and development department of Jianxin Futures [12][14][16]

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 行业 油脂 日期 2025 年 7 月 15 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 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 华东菜油贸易商报价：华东转三级菜油：7 月：OI2509+130，8 月：OI2509+150 华东转一级菜油：7-8 ...

行业 聚烯烃日报 日期 2025 年 7 月 15 日 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 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 028-86630631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 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：彭婧霖（聚烯烃） 研究员：李捷,CFA（原油燃料油） 研究员：任俊弛（PTA、MEG） 研究员：彭 ...

1. Report Information - Report Title: Pulp Daily Report [1] - Date: July 15, 2025 [2] - Research Team: Energy and Chemical Research Team [4] 2. Market Review and Operation Suggestions Market Review - The previous settlement price of the pulp futures contract 09 was 5,228 yuan/ton, and the closing price was 5,244 yuan/ton, a 0.31% increase [7]. - The intended transaction price range of softwood pulp in the Shandong market was 5,070 - 6,700 yuan/ton, with the low - end price remaining stable compared to the previous trading day. The quotation of Shandong Yinxing was 5,920 - 5,950 yuan/ton [7]. Supply and Demand Analysis - Chile's Arauco announced its July offer. Yinxing had completed transactions with no new offers, and the net price of Uruguay's hardwood pulp New Star was $500/ton [8]. - According to PPPC data, the shipment volume of softwood pulp from the world's 20 major pulp - producing countries in May decreased by 8.2% year - on - year, and the cumulative decrease from January to April was 0.6% year - on - year [8]. - According to Europulp data, the total inventory of wood pulp in European ports in May increased by 13.3% month - on - month and 22% year - on - year [8]. - China's pulp imports in June were 3.03 million tons, a 0.5% increase month - on - month and a 16.3% increase year - on - year [8]. - As of July 10, 2025, the weekly pulp inventory in major regions and ports increased by 0.45% month - on - month, with only the inventory at Gaolan Port decreasing compared to the previous week. The overall shipment speed was stable [8]. - Downstream terminal orders were insufficient, and the prices of base paper were generally stable with some individual declines [8]. Operation Suggestions - The absolute price of pulp is currently at a relatively low level. The downside space due to weak fundamentals is limited, and a new round of upward movement depends on the improvement of terminal demand and the restoration of industry profits. In the short term, it will maintain a wide - range volatile operation at a low level [8]. 3. Industry News - On July 11, the second - phase chemi - thermomechanical pulp (CTMP) project's Line 2 of Liansheng Pulp and Paper Co., Ltd. was successfully put into operation. It took only 4 hours and 8 minutes to connect the entire system from feeding, and after 20 hours of system optimization after startup, the quality of the main pulp reached the requirements of the paper machine production line. The CTMP from Line 2 has been used in the PM1 white cardboard production line of Zhangpu Base [9]. - The successful commissioning of Line 2 of the second - phase CTMP project not only marks another major progress in Liansheng Pulp and Paper's Zhangpu Base's annual production of 3.9 million tons of forest - pulp - paper integration but also further strengthens the company's flexible self - supply capacity of raw materials [9]. - In the Zhangpu Base project with an annual output of 3.9 million tons, Valmet supplied a BCTMP production line, including various pulping process technologies such as wood chip washing, pre - impregnation systems, high - consistency refining, low - consistency refining, bleaching, high - consistency screening systems, and twin - roll washers, as well as engineering, procurement, on - site management (EPS), training, on - site services, and related spare parts [9]. 4. Data Overview - The report provides multiple data charts, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp futures - spot price differences, softwood - hardwood price differences, inter - delivery price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and price differences of white cardboard and whiteboard paper, prices and price differences of coated paper and offset paper, and the US dollar - RMB exchange rate [7][15][17][19][26][28][30]