Report Information - Report Title: Zinc Futures Daily Report [1] - Date: June 17, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Industry Investment Rating - Not provided Core Viewpoints - Short - term, Shanghai zinc shows a weak and volatile trend; medium - term, the expectation of loose ore supply remains unchanged, and the zinc market has a pattern of increasing supply and weak demand, with potential for further price decline [7] Summary by Directory 1. Market Review - **Futures Market**: For Shanghai zinc, zn2507 closed at 21,840 yuan/ton, down 110 yuan with a 0.50% decline, with reduced volume and positions (positions decreased by 6,896 to 116,264 hands). LME zinc inventory decreased by 775 tons to 130,225 tons, all from Singapore warehouses. The spot import loss widened by 160.70 to - 527.98 yuan/ton, and the import window was closed [7] - **Spot Market**: Downstream consumption was weak. The spot premiums in three regions continued to decline. The social inventory increased by 0.1 million tons to 7.81 million tons as of Monday. With demand entering the off - season, downstream orders were poor, while smelters increased production due to rising processing fees and high by - product profits, leading to a marginal increase in zinc ingot supply in June [7] 2. Industry News - **June 16, 2025 Prices**: 0 zinc mainstream transaction prices were 21,970 - 22,120 yuan/ton, 1 zinc was 21,900 - 22,050 yuan/ton. Premiums varied by brand and region. For example, in the Shanghai market, common domestic brands had a premium of 240 yuan/ton over the 2507 contract [8] - **Regional Markets**: In Ningbo, the mainstream 0 zinc price was 22,030 - 22,120 yuan/ton, with a premium of 240 yuan/ton over the 2507 contract. In Tianjin, 0 zinc was 21,950 - 22,110 yuan/ton, and the market was at par with Shanghai. In Guangdong, 0 zinc was 21,950 - 22,180 yuan/ton, with a premium of 210 yuan/ton over the 2507 contract and a 10 - yuan/ton discount to Shanghai [8][9] 3. Data Overview - The report presented figures on the price trends of zinc in two markets, SHFE monthly spreads, SMM seven - region weekly zinc ingot inventories, and LME zinc inventories, with data sources including Wind and SMM [11][13]

1. Report Type and Date - Report type: Stock Index Daily Review [1] - Date: June 17, 2025 [2] 2. Researchers - Nie Jiayi (Stock Index), contact: 021 - 60635735, email: niejiayi@ccb.ccbfutures.com, futures qualification number: F03124070 [3] - He Zhuoqiao (Macro Precious Metals), contact: 18665641296, email: hezhuoqiao@ccb.ccbfutures.com, futures qualification number: F3008762 [3] - Huang Wenxin (Macro Treasury Bond and Container Shipping), contact: 021 - 60635739, email: huangwenxin@ccb.ccbfutures.com, futures qualification number: F3051589 [3] 3. Market Review - On June 16, the Wind All - A Index rose with reduced volume, opening and then oscillating higher, closing up 0.54%. Among index spot, the CSI 300, SSE 50, CSI 500, and CSI 1000 closed up 0.25%, 0.32%, 0.48%, and 0.68% respectively, with small - and medium - cap stocks performing better. In index futures, futures generally outperformed spot. The IF, IH, IC, and IM main contracts closed up 0.35%, 0.50%, 0.47%, and 0.71% respectively (calculated based on the previous trading day's closing price) [6] - Detailed data on stock index futures and spot, including closing price, daily change, daily amplitude, trading volume, trading value, open interest, and change in open interest, are provided in Table 1 [7] 4. Market Outlook - In the external market, the latest US CPI data released last week was lower than expected, strengthening the Fed's interest - rate cut expectation. In the tariff war, the overall tone of Sino - US trade conflict tends to ease, but the second - round meeting results were not beyond expectations. The market trading logic is gradually shifting to the domestic economic fundamentals [8] - In China, multiple economic data were released today. In the scenario of "rush to export" and "rush to re - export", although the growth rate of May's foreign trade data slowed down, it still showed resilience. The actual effect of the easing tariff war may be reflected in June. The total retail sales of consumer goods exceeded expectations, but infrastructure and manufacturing investment slowed down, and the decline in real estate investment widened, still dragging down economic performance [8] - Overall, as Sino - US trade relations ease, the market trading logic returns to the domestic economic fundamentals. Technically, the Shanghai Composite Index is still hovering at a key resistance level, and the trading volume has not further broken through. The short - term callback pressure may increase. It is recommended to maintain a medium - to - low position for long positions [8][9] 5. Data Overview - The report presents multiple charts, including the performance of major domestic indexes, market style performance, industry sector performance (Shenwan Primary Index), trading volume of the Wind All - A Index, trading volume of stock index spot, trading volume and open interest of stock index futures, basis trend of main contracts, and inter - delivery spread trend [11][15][18][21][23] 6. Industry News - From January to May, the national real estate development investment was 362.34 billion yuan, a year - on - year decrease of 10.7%; among them, residential investment was 277.31 billion yuan, a decrease of 10.0% [31] - In May, the total retail sales of consumer goods were 413.26 billion yuan, a year - on - year increase of 6.4%. Among them, the retail sales of consumer goods excluding automobiles were 373.16 billion yuan, an increase of 7.0%. From January to May, the total retail sales of consumer goods were 2,031.71 billion yuan, an increase of 5.0%. Among them, the retail sales of consumer goods excluding automobiles were 1,843.24 billion yuan, an increase of 5.6% [31]

Report Information - Industry: Cotton [1] - Date: June 17, 2025 [2] - Researchers: Yulan Lan, Zhenlei Lin, Haifeng Wang, Chenliang Hong, Youran Liu [3] Core Viewpoints - Zhengzhou cotton is in a volatile adjustment. The spot cotton price index has increased, but the downstream cotton yarn and cotton fabric markets are weak, and spinning mill profits have deteriorated. The开机 rate of local weaving factories in Xinjiang has increased after the festival, but the overall rate remains low. [7] - Affected by the Middle - East conflict, international agricultural products have risen. The signing and shipment of US cotton are in good progress, and the USDA report has adjusted relevant data favorably. In the domestic market, new cotton production is expected to increase steadily, and there is a risk of high - temperature damage to cotton. The downstream industry is weak, and short - term fundamentals have limited driving force. Zhengzhou cotton is in a narrow - range shock adjustment, and macro changes should be monitored. [8] Section Summaries 1. Market Review and Operation Suggestions - **Market Review**: The latest 328 - grade cotton price index is 14,852 yuan/ton, up 68 yuan/ton from the previous trading day. The basis quotes for cotton sales in different regions vary. The cotton yarn market has slightly better but still weak transactions, with prices difficult to rise. The cotton fabric market is dull, and prices are stable and weak. [7] - **Analysis of Market Conditions**: Overseas, the increase in crude oil has driven up agricultural products. The signing and shipment of US cotton is good, and the USDA report has positive adjustments. In the domestic market, new cotton production is expected to increase, but there is a risk of high - temperature damage. The downstream industry is weak, and short - term fundamentals have limited driving force. [8] 2. Industry News - As of the week of June 8, the US cotton planting progress was 76%, the budding rate was 12%, and the good - quality rate was 49%. As of June 7, 2025, the Brazilian cotton harvest progress was 1.4%. [9] 3. Data Overview - The report provides various data charts, including China's cotton price index, cotton spot price, cotton futures price, cotton basis change, cotton contract spreads, cotton commercial and industrial inventories, and exchange - rate data. [18][19][21][26]

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: June 17, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Core Viewpoints - Today's afternoon futures plunge might be due to the SCFIS index's increase falling short of expectations. However, the index may have included some ships delayed at the end of May, not fully reflecting price - increase factors and causing a lagging drag on the index. The spot market shows that shipping companies' online quotes for June are relatively stable, indicating that the price increase in June has been implemented well. Considering the strong resilience of European export demand, stable运力 supply, and stabilized quotes and container volumes, the short - term price increase during the peak season is difficult to be falsified, and the price increase may be supported by fundamentals. If the price stabilizes in June, the central price of the far - month peak - season 08 contract should also rise, and its current position may be undervalued. For the traditional off - season in October, pay attention to short - selling opportunities [8] Section Summaries 1. Market Review and Operation Suggestions - **Market**: This afternoon's futures plunge might be related to the SCFIS index's increase not meeting expectations. The index may have a lag due to including delayed ships at the end of May. On the spot side, shipping companies' quotes for June are stable, with large container quotes ranging from $2760 - $3300. Some shipping companies have announced July prices with significant increases [8] - **Suggestions**: Given the strong European export demand, stable运力 supply, and stabilized quotes and container volumes, the short - term price increase during the peak season is hard to be falsified. If the June price stabilizes, the 08 contract may be undervalued, and for the 10 - month contract (traditional off - season), consider short - selling opportunities [8] 2. Industry News - **Shipping Market**: From June 9th to 13th, the China Export Container Shipping Market declined after continuous increases, with different routes showing different trends. In May, China's exports in US dollars increased by 4.8% year - on - year. On June 13th, the Shanghai Export Container Composite Freight Index dropped by 6.8%. In May, China's exports to the EU increased by 12% year - on - year. The North American market has seen a decline in spot booking prices due to increased运力 supply [9][10] - **Geopolitical News**: Iran and Israel have launched a new round of military strikes. China's Foreign Minister Wang Yi condemned Israel's actions. US President Trump hopes for an agreement between Iran and Israel and is open to Russian President Putin as a mediator [10] - **Trade Organization News**: At the WTO's Service Trade Council meeting, China's representative criticized the US's "reciprocal tariff" narrative and called on the US to abide by WTO rules [10] 3. Data Overview - **Container Shipping Spot Prices**: The Shanghai Export Container Settlement Freight Index shows that on June 16, 2025, the European route index was 1697.63, up 4.6% from June 9th, and the US - West route index was 2908.68, up 33.1% [12] - **Container Shipping Index (European Route) Futures Market**: The table provides trading data for multiple contracts on June 12, including opening price, closing price, settlement price, change, and trading volume [6] - **Shipping - Related Data Charts**: There are charts showing global container运力, global container ship orders, Shanghai - Europe basic port freight rates, and Shanghai - Rotterdam spot freight rates [17][20]

行业 纯碱、玻璃日报 日期 2024 年 6 月 17 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 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 ...

Report Information - Report Name: Pulp Daily Report [1] - Date: June 17, 2025 [2] Industry Investment Rating - Not provided Core Viewpoint - Pulp prices are oscillating in a wide range at a low level due to the loose supply in domestic and foreign pulp markets, slow de - stocking at ports, continuous optimization of raw material cost structure by downstream paper mills, and intensified competition between domestic and imported pulp [7] Summary by Section 1. Market Review and Operation Suggestions - The previous settlement price of the 09 - contract of pulp futures was 5,204 yuan/ton, and the closing price was 5,232 yuan/ton, with an overall decline of 0.99%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5,280 - 6,750 yuan/ton, and the low - end price dropped by 70 compared with the closing price of the previous working day. The quotation of Shandong Arauco Silver Star was 6,120 - 6,150 yuan/ton [7] - Arauco of Chile announced its June prices: Silver Star at 740 US dollars/ton and Venus at 620 US dollars/ton, remaining the same as the previous quotation [7] - According to PPPC data, the shipment volume of softwood pulp from 20 major pulp - producing countries in the world decreased by 7.2% year - on - year in April, and the cumulative volume from January to April increased by 1.4% 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 [7] - As of June 12, 2025, the weekly pulp inventory in major regions and ports increased by 2.1% month - on - month. The inventory in major ports was stable or slightly increased compared with last week, only the inventory in Tianjin Port decreased compared with last week, and the overall shipment speed was moderate. Downstream paper mills mainly consumed their previous raw material inventories, and their short - term enthusiasm for pulp procurement was insufficient [7] 2. Industry News - On June 6, relevant technical personnel from the World Bank Office of the Fujian Forestry Bureau and the Fast - growing and High - yielding Forest Office of the Sanming Forestry Bureau visited Qingshan Paper Industry to guide the construction planning of the national reserve forest project. They believed that Qingshan Paper Industry's promotion of the national reserve forest construction project was a way to ensure raw material supply, achieve green government - enterprise linkage, and seek new opportunities for the development of the national reserve forest. Qingshan Paper Industry, as a state - owned leading enterprise, has the unique advantage of "integration of primary, secondary, and tertiary industries", adheres to the principle of "scientific planning and industrial synergy", and is committed to becoming a model for the efficient use of forestry resources in Fujian Province [8] 3. Data Overview - The report provides various data charts including pulp futures prices, spot prices, spreads, inventory, and paper product prices, with data sources from Wind, Zhuochuang Information, and the Research and Development Department of CCB Futures [7][24][27]

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 06 月 17 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） ...

1. Report Date - The report is dated June 17, 2025 [2] 2. Research Team - The research team consists of Li Jie (Crude Oil and Fuel Oil), Ren Junchi (PTA/MEG), Peng Haozhou (Industrial Silicon/Polysilicon), Peng Jinglin (Polyolefins), and Liu Youran (Pulp) [3] 3. Market Performance and Outlook Market Performance - The main polysilicon contract rebounded from a low level. The closing price of PS2508 was 33,585 yuan/ton, with a gain of 1.93%. The trading volume was 62,835 lots, and the open interest was 51,277 lots, a net decrease of 5,586 lots [4] Outlook - The supply - demand contradiction has not further intensified after the "rush installation" ended, but terminal pressure will gradually be transmitted upstream. The weekly output in the second week of June remained at 22,000 tons, and the monthly output is expected to stay around 100,000 tons. It is difficult to increase production during the wet season, which may relieve the potential supply pressure in the far - month. If production cuts are implemented, it will support the current spot and futures prices. The weak reality is that the "rush installation" of downstream photovoltaic terminals is ending, and the terminal photovoltaic demand has dropped to around 40GW. Although the weekly data of silicon wafers and cells has not decreased rapidly, the inventory has been accumulating for 9 consecutive weeks, and there are few positive news on the demand side during the policy vacuum period. The 07 contract is already at a discount to the price range of re - feed materials, reflecting the pessimistic expectations of funds. The resistance to further decline is increasing, but if the production cut does not increase, the fundamentals are difficult to provide continuous rebound momentum, and it will mainly operate weakly in the range [4] 4. Market News - As of June 16, the number of polysilicon warehouse receipts was 2,600 lots, unchanged from the previous trading day. The transaction price range of n - type re - feed materials was 36,000 - 38,000 yuan/ton, with an average price of 37,500 yuan/ton, unchanged from the previous period. The transaction price range of n - type granular silicon was 34,000 - 35,000 yuan/ton, with an average price of 34,500 yuan/ton, unchanged from the previous period. The transaction price range of p - type polysilicon was 30,000 - 33,000 yuan/ton, with an average price of 31,300 yuan/ton, unchanged from the previous period. The China Non - Ferrous Metals Industry Association will hold the "2025 China (Leshan) Silicon Industry Chain Development Conference" in Leshan, Sichuan from June 24 - 26 [5]

行业 沥青日报 日期 2024 年 6 月 17 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 Information - Report Title: Pig Daily Report [1] - Date: June 17, 2025 [2] Industry Investment Rating - No investment rating information provided in the report. Core Viewpoints - The central reserve frozen pork purchase policy has stabilized pig prices and boosted confidence, leading to short - term rebounds in futures and spot prices. However, in the medium to long term, the supply of pigs is increasing while demand enters the seasonal off - season, and the supply - demand situation remains loose. Futures contracts are currently at a discount to the spot, and the medium - to - long - term market is still affected by the off - season demand and loose supply - demand. Attention should be paid to the sustainability of future purchase policies [10]. Summary by Directory 1. Market Review and Operation Suggestions - **Market Review**: On the 16th, the main 2509 contract of live pigs opened slightly higher, then fluctuated lower after a short - term rise, and closed in the red at the end of the session. The highest price was 13,850 yuan/ton, the lowest was 13,750 yuan/ton, and the closing price was 13,780 yuan/ton, unchanged from the previous day. The total position of the index decreased by 1,223 lots to 161,556 lots. The national average price of ternary pigs was 14.21 yuan/kg, up 0.09 yuan/kg from the previous day [9]. - **Analysis**: On the demand side, the price difference between fat and standard pigs remained low, the utilization rate of pigsties increased slightly, and the enthusiasm for secondary fattening replenishment was low, mostly in a wait - and - see state, weakening the support for prices. As the temperature rises, terminal demand weakens, and the orders of slaughtering enterprises are average, with the operating rate and slaughter volume remaining low. On the 16th, the slaughter volume of sample slaughtering enterprises was 145,500 heads, 1,000 heads less than the previous day and 27,000 heads more than a week ago. On the supply side, 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, and the slaughter volume continued to increase month - on - month. The large - pig slaughter volume declined, and the slaughter weight decreased slightly. On the policy side, on June 11, the central government conducted a tender for the purchase of 10,000 tons of frozen pork, with the transaction price of No. 2 - 4 pork ranging from 20.3 to 20.8 yuan/kg [10]. 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% [11][13]. 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% [19]. - 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 [19]. - As of the week of June 13, the average slaughter weight of sample pigs was 128.82 kg, a decrease of 0.35 kg from the previous week, a month - on - month decrease of 0.69%, and a year - on - year increase of 2.01% [19]. - 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 12 was 0.06 yuan/jin, a decrease of 0.02 yuan/jin from the previous week [19].