行业 沥青日报 日期 2025 年 6 月 26 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 表1： 行情回顾(元/吨) | | 开盘 | 收盘 | 最高 | 最低 | 涨跌幅% | 成交量（万手） | | --- | --- | --- | --- | --- | --- | --- | | BU2509 | ...

Group 1: Report Information - Report Name: Pig Daily Report [1] - Date: June 26, 2025 [2] Group 2: Investment Rating - No investment rating provided in the report Group 3: Core View - The reserve policy stabilizes pig prices and boosts confidence, and the phased reduction in volume and weight by enterprises supports the rebound of spot and futures prices. However, in the medium to long term, pig supply is expected to increase, demand enters the seasonal off - season, and the supply - demand situation remains loose. Futures are currently in a rebound, but are still affected by the off - season demand and loose supply - demand in the long run [9] Group 4: Summary by Section 1. Market Review and Operation Suggestions - Futures: On the 25th, the main 2509 contract of live pigs opened flat, fluctuated higher, and closed positive. The highest was 14,015 yuan/ton, the lowest was 13,930 yuan/ton, and the closing price was 14,000 yuan/ton, up 0.18% from the previous day. The total open interest of the index decreased by 813 lots to 164,612 lots. - Spot: On the 25th, the national average price of foreign ternary pigs was 14.48 yuan/kg, up 0.02 yuan/kg from the previous day [8] - Demand: The fat - to - standard price spread remained low, the utilization rate of pigsties increased slightly, the enthusiasm for secondary fattening replenishment was low, only a small amount entered the market, mostly in a wait - and - see state, weakening the support for prices. With rising temperatures, terminal demand weakened, slaughter enterprise orders were average, and the开工 rate and slaughter volume remained low. On June 25th, the slaughter volume of sample slaughter enterprises was 143,200 heads, down 100 heads from the previous day and 3,300 heads from a week ago. - Supply: According to Yongyi sample data, the planned slaughter volume in June was 23.629 million heads, a 1.02% increase from the actual slaughter volume in May. The slaughter volume continued to increase month - on - month. Currently, enterprises are reducing volume and weight in a phased manner, the slaughter volume of large pigs is declining, and the slaughter weight has decreased slightly [9] 2. Industry News - As of May this year, the inventory of reproductive sows in sample farms was 1.147 million heads, a month - on - month increase of 0.92% and a year - on - year increase of 8.57% [10] 3. Data Overview - As of May, the inventory of piglets in sample enterprises was 2.315 million heads, a month - on - month increase of 1.32% and a year - on - year increase of 14.3% - In early June, the average proportion of secondary fattening sales was 0.75%, a decrease of 0.9 percentage points from the previous ten - day period - As of the week of June 19th, the national average slaughter weight was 128.28 kg, a decrease of 0.54 kg from the previous week, a month - on - month decrease of 0.42% - In early June, the utilization rate of fattening pigsties was 38.5%, an increase of 0.8 percentage points from the previous ten - day period. The price difference between 150 - kg fat pigs and standard pigs in the week of June 19th was 0.07 yuan/jin, an increase of 0.01 yuan/jin from the previous week [19]

Group 1: General Information - Reported industry: Soybean meal [1] - Report date: June 26, 2025 [2] - Research team: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] Group 2: Market Review and Operation Suggestions Market Review - Domestic soybean meal futures contracts: The settlement prices of soybean meal 2507, 2509, and 2511 decreased by -1.05%, -1.19%, and -1.27% respectively, with trading volumes of 26,867, 1,342,168, and 77,065, and open interest changes of -18,048, -59,986, and -4,441 respectively [6] - International soybean market: U.S. soybean futures contracts declined, with the main contract at 1045 cents. After a rebound last week, the price turned to consolidation. The biodiesel policy is relatively positive for U.S. soybean crushing, but there is still uncertainty due to an upcoming hearing in early July. U.S. soybean exports are approaching the end of the season, and the market is entering the weather - sensitive period. New - season soybean planting is progressing, with uneven rainfall distribution in the产区, and the overall good - to - excellent rate is at a medium level [6] Operation Suggestions - Short - term: There may be profit - taking pressure on the rebound. For the fourth - quarter contracts, they should be treated with cautious optimism after pullbacks, with risks related to weather improvement and tariff conditions [6] Group 3: Industry News - Imea: From June 16 - 20, the soybean crushing profit in Mato Grosso was 493.39 reais/ton, down from 515.08 reais/ton the previous week. The soybean meal price was 1561.35 reais/ton, and the soybean oil price was 5,771.88 reais/ton [9] - Argentina: In May, the soybean crushing volume was 3,878,549 tons, soybean oil production was 763,045 tons, and soybean meal production was 2,821,060 tons. As of June 1, 2025, the soybean inventory in factories was 3,515,610 tons, soybean oil inventory was 223,426 tons, and soybean meal inventory was 647,658 tons [9][10] - EU: As of June 22, the 2024/25 palm oil imports were 2.76 million tons (vs. 3.41 million tons last year), soybean imports were 13.79 million tons (vs. 12.89 million tons last year), soybean meal imports were 18.88 million tons (vs. 14.93 million tons last year), and rapeseed imports were 7.16 million tons (vs. 5.59 million tons last year) [10] Group 4: Data Overview - The report provides multiple data charts, including the price difference between soybean meal 1 - 5, 5 - 9, the central parity rate of the US dollar against the RMB, the US dollar against the 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]

Group 1: General Information - Report Title: Methanol Daily Report [1] - Date: June 26, 2025 [2] - Researcher Information: Li Jin, Ren Junchi, Peng Haozhou, Peng Jinglin, Liu Youran, Li Jie, Feng Zeren [3] - Data Sources: Wind, CCB Futures Research and Development Department [5] Group 2: Market Performance - Futures Market: Methanol weighted contract increased positions and rebounded, with an increase of 12,464 lots, and the 09 main contract increased by 7,724 lots. The weighted contract showed a narrow - range oscillation and closed with a small - bodied positive line, rising 0.5% [5]. - Spot Market: The average spot transaction price of methanol in Jiangsu Taicang was 2,650 yuan/ton, up 10 yuan/ton from the previous day [6]. Group 3: Inventory Data - Domestic Production Enterprises: As of June 25, 2025, the inventory of domestic methanol sample production enterprises was 341,600 tons, a decrease of 25,800 tons (7.02%) from the previous period; the sample enterprise orders to be delivered were 240,700 tons, a decrease of 33,100 tons (12.08%) [6]. - Port Inventory: The total domestic methanol port inventory was 670,500 tons, an increase of 84,100 tons from the previous data. Both East China and South China regions had inventory accumulation [6]. Group 4: Arrival Volume - Weekly Arrival: The weekly arrival volume of Chinese methanol samples was 301,400 tons, with a slight increase. Among them, foreign vessels accounted for 264,100 tons and domestic trade vessels supplemented 37,300 tons [6]. Group 5: Market Outlook - Short - term Trend: The driving factor of geopolitical conflicts on the market has weakened, the amplitude of methanol has converged, and it will mainly oscillate in the short term. Technically, it also shows an oscillating trend [6]. Group 6: Contract - Specific Data - MA2501: Opened at 2,401, closed at 2,417, with a high of 2,425, a low of 2,399, a rise of 0.42%, a trading volume of 80,377, an open interest of 242,523, an increase of 4,963 in open interest, and a speculation degree of 0.33 [7]. - MA2505: Opened at 2,322, closed at 2,328, with a high of 2,330, a low of 2,315, a rise of 0.30%, a trading volume of 1,195, an open interest of 5,235, a decrease of 81 in open interest, and a speculation degree of 0.23 [7]. - MA2509: Opened at 2,383, closed at 2,391, with a high of 2,400, a low of 2,375, a rise of 0.50%, a trading volume of 1,052,872, an open interest of 904,459, an increase of 7,724 in open interest, and a speculation degree of 1.16 [7]. Group 7: Industry News - Investment Project: Jidian Co., Ltd. plans to invest 4.92 billion yuan through its subsidiary to build the Lishu Green Methanol Innovation Demonstration Project, an important step towards the green hydrogen - based energy field [12].

报告类型 股指日评 日期 2025 年 6 月 26 日 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(宏观国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与后市展望 1.1 行情回顾： 6 月 25 日，万得全 A 再次放量上涨，开盘震荡运行后一路走高，超 7 成个股 飘红，指数现货方面，沪深 300、上证 50、中证 500、中证 1000 收盘分别上涨 1.44%、 1.17%、1.68%、1.32%，大盘蓝筹股表现更优。指数期货表现强于现货，IF、IH、 IC、IM 主力合约分别收涨 1.83%、1.51%、2.26%、2.08%（按前一交易日收盘价为 基准计算）。 | 表1:股指期货、 ...

行业 纯碱、玻璃日报 日期 2024 年 6 月 26 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 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 期货从业资格号：F03134307 fengzeren@ccb.ccbfutures.com 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 ...

行业 贵金属日评 日期 2025 年 6 月 26 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： 在美国和卡塔尔的斡旋下以色列和伊朗勉强同意停火协议，同时美联储主席 鲍威尔国会作证时表示经济就业韧性使得美联储有条件继续按兵不动以观察关税 政策对通胀的真实影响，隔夜伦敦黄金一度回调至 3295 美元/盎司；但消息称美 国空袭并未摧毁伊朗的核心核能力而仅可能将其进程延后数月，且鲍威尔表示若 通胀确实受控则美联储愿意更早而不是更晚降息，因此伦敦黄金小幅反弹至 3300 美元/盎司上方。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 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Futures prices of plastics and PP showed a weak and volatile trend, suppressing the trading atmosphere in the spot market. The supply side had few new maintenance, and the loss of device maintenance decreased. The domestic supply of PP was on the rise. The downstream industry entered the traditional off - season, with insufficient new orders and slow construction progress due to weather. The basis of plastics and PP slightly rebounded but remained low. The easing of the Middle East conflict led to a decline in polyolefins from high levels, and attention should be paid to changes in cost - side drivers [4] 3. Summary by Related Catalogs 3.1 Market Review and Outlook - **Futures Market**: The L2509 contract of linear low - density polyethylene (LLDPE) opened lower, fluctuated during the session, and closed down at 7271 yuan/ton, a decrease of 20 yuan/ton (- 0.27%), with a trading volume of 310,000 lots and a decrease in positions. The main PP contract closed at 7084 yuan/ton, down 30 yuan (- 0.42%), with a decrease of 24,000 lots in positions. The weak futures market affected the spot market, with traders reducing prices and end - users being cautious [3][4] - **Supply Side**: There were few new maintenance, and the loss of device maintenance decreased. The 500,000 - ton/year fourth - line of Zhenhai Refining & Chemical's PP project was planned to be put into production on June 19, 2025, increasing the domestic supply [4] - **Demand Side**: The downstream industry entered the traditional off - season, with significantly insufficient new orders. Affected by high - temperature and rainy weather, the construction progress of terminal projects slowed down. The high raw material prices and weak downstream profits made it difficult to significantly improve the enthusiasm for raw material procurement [4] 3.2 Industry News - **Inventory**: On June 25, 2025, the inventory level of major producers was 765,000 tons, a decrease of 15,000 tons (- 1.92%) from the previous working day. The inventory in the same period last year was 740,000 tons [5] - **PE Market**: The prices of the PE market partially declined. The prices of LLDPE in North China, East China, and South China were in the ranges of 7280 - 7500 yuan/ton, 7350 - 7800 yuan/ton, and 7450 - 7750 yuan/ton respectively [5] - **Propylene Market**: The price center of propylene on the west coast of the Yellow Sea moved down. The mainstream price was 6650 yuan/ton, and the market was light with enterprises focusing on shipments and downstream being cautious [5] - **PP Market**: The PP market declined by 20 - 50 yuan/ton. The mainstream prices of PP drawing materials in North China, East China, and South China were in the ranges of 7060 - 7180 yuan/ton, 7130 - 7230 yuan/ton, and 7150 - 7250 yuan/ton respectively [5]

多晶硅日报 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 日期 2025 年 06 月 26 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） 研究 ...

行业 纯碱、玻璃日报 日期 2024 年 6 月 25 日 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 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：李金（甲醇） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 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 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635 ...