Report Information - Report Name: Precious Metals Daily Review - Date: August 22, 2025 - Research Team: Macro Financial Research Team - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [2] Investment Rating - The report does not mention the industry investment rating. Core View - Gold's safe - haven demand is boosted by Trump 2.0 new policies and concerns about US fiscal and financial discipline, with increased volatility but a good medium - term upward trend. London gold may trade in the range of $3120 - $3500 per ounce before rising again. Investors are advised to maintain a long - position mindset and participate in trading with medium - to - low positions. [4] - The restructuring of the international trade currency system and expectations of Fed rate cuts support the long - and medium - term bull markets of gold, but high price - to - earnings ratios increase price volatility. In the short term, London gold is expected to consolidate in the $3120 - $3500 per ounce range. Central bank easing expectations may support silver prices in the medium - to - short term. [5] Summary by Directory 1. Precious Metals Market Conditions and Outlook Intraday Market - Allegations of mortgage fraud against Fed Governor Lisa Cook by the head of the US Federal Housing Finance Agency and Trump's call for her resignation, along with concerns about US fiscal and financial discipline, drove up London gold prices to around $3340 per ounce. However, the Fed's July meeting minutes limited the price increase. Gold's safe - haven demand is boosted, and it is expected to trade in a wide range before rising again. [4] Medium - term Market - Since late April, London gold has been trading in the range of $3100 - $3500 per ounce. The decline in international trade uncertainty weakens gold's safe - haven demand, while the restructuring of the international trade currency system and Fed rate - cut expectations support the price. The ratio of London gold to silver has stabilized after a correction. Gold's long - and medium - term bull markets are supported, but price volatility is increasing. London gold is expected to continue to consolidate in the $3120 - $3500 per ounce range. Central bank easing expectations may support silver prices. [5] Domestic Precious Metals Market - The Shanghai Gold Index closed at 776.93, up 0.32%; the Shanghai Silver Index closed at 9182, up 1.31%; Gold T + D closed at 771.66, up 0.24%; Silver T + D closed at 9144, up 1.35%. [5] 2. Precious Metals Market - Related Charts - The report provides multiple charts, including Shanghai gold and silver futures indices, London gold and silver spot prices, the basis of Shanghai futures indices against Shanghai Gold T + D, gold and silver ETF holdings, the gold - to - silver ratio, and the correlation between London gold and other assets. [7][9][11] 3. Major Macroeconomic Events/Data - Trump called on Fed Governor Cook to resign, and Cook refused to resign under pressure. [17] - The Fed's July meeting minutes showed that almost all policymakers thought it appropriate to keep the federal funds rate target range at 4.25% - 4.50%. [17] - Russia expects to continue supplying oil to India, and hopes to hold a tripartite meeting with India and China soon. [17]

Group 1: Report Overview - The report is a daily report on the soda ash and glass industries, dated August 21, 2024 [1][2] - The energy and chemical research team of CCB Futures includes researchers for different products, with Feng Zeren responsible for glass and soda ash [4] Group 2: Market Review and Operation Suggestions Soda Ash - On August 20, the main soda ash futures contract SA601 declined for four consecutive days, closing at 1309 yuan/ton, down 69 yuan/ton or 5.00%, with a daily reduction of 62,895 lots [8] - Fundamentally, short - term production increased and inventory remained high. Weekly soda ash production rose to 761,300 tons, a 2.24% week - on - week increase. Factory inventory reached 1.8938 million tons, a 1.54% increase. Terminal demand for photovoltaic glass decreased, and the supply - demand imbalance remained. The market is expected to be weak [8] Glass - As of August 15, 2025, the national float glass daily melting volume was 159,600 tons, and the capacity utilization rate was 79.78%. The order days of deep - processing enterprises increased slightly, but inventory increased more. The industry fundamentals deteriorated, and the price rebound was restricted. The short - term trend is expected to be weak [9] Group 3: Data Summary - The report provides data on the trading of soda ash and glass futures on August 20, including opening price, high price, low price, closing price, change, change rate, open interest, and open interest change for different contracts [7] - It also includes various charts such as the price trends of active contracts for soda ash and glass, soda ash weekly production, soda ash enterprise inventory, central China heavy soda market price, and flat glass production [11][16][14]

Group 1: General Information - Report title: "集运指数日报" [1] - Date: August 21, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] - Team: Macro Finance Team [4] Group 2: Investment Rating - There is no information about the industry investment rating in the report. Group 3: Core Viewpoints - The spot freight rate has entered a downward channel, and the SCFIS has continued to decline this week. Although the price has stabilized, the demand side is unlikely to improve significantly due to the impact of tariffs, and the shipping capacity supply is at a relatively high level in the off - season. The freight rate this year may show the characteristic of an even more off - season. The short - term futures decline may narrow, but it may still show a downward trend in the long term. It is recommended to short the 10 - contract on rallies [8]. Group 4: Summary by Directory 1. Market Review and Operation Suggestions - Spot market: The SCFIS has continued to decline to 2180.17 points this week. The August freight rate has been adjusted downward, and now the price has stabilized. For example, Maersk's 40GP container price for the fourth week of August on the Shanghai - Rotterdam route is about $300 lower than that of the third week, and the quotes of other shipping companies are concentrated in the range of $2500 - $2900. CMA CGM and ONE plan to increase the September freight rate slightly compared to the end of August [8]. - Market outlook: Due to the uncertainty of tariffs and the large actual damage to foreign trade, the demand side is difficult to improve significantly. The shipping capacity supply is at a relatively high level in the off - season. The 10 - contract is deeply at a discount, and the short - term futures decline may narrow. In the long term, it may still show a downward trend, and it is recommended to short the 10 - contract on rallies [8]. 2. Industry News - China's export container shipping market: From August 11 to August 15, the market continued to adjust, and the freight rates of most routes declined, dragging down the composite index. The Shanghai Export Containerized Freight Index on August 15 was 1460.19 points, a 2.0% decline from the previous period [9]. - European routes: Germany's ZEW economic sentiment index in August dropped to 34.7, far lower than market expectations, ending three consecutive months of recovery. The eurozone's overall data is consistent with Germany's. The freight demand lacks growth momentum, and the spot booking price continues to decline. On August 15, the freight rate from Shanghai Port to European basic ports was $1820/TEU, a 7.2% decline from the previous period [9]. - Mediterranean routes: The market situation is synchronized with European routes, and the freight rate continues to decline. On August 15, the freight rate from Shanghai Port to Mediterranean basic ports was $2279/TEU, a 1.7% decline from the previous period [10]. - North American routes: The US PPI in July increased by 3.3% year - on - year, far exceeding market expectations. The US customs tariff revenue in July reached $28 billion, a 273% increase from the same period last year, but the fiscal deficit increased by 10% year - on - year. The market supply - demand fundamentals are weak, and the shipping market continues to adjust. On August 15, the freight rates from Shanghai Port to the US West and East basic ports were $1759/FEU and $2719/FEU respectively, down 3.5% and 2.6% from the previous period [10]. - International shipping security: The Houthi armed forces' threat to global shipping has escalated. They have attacked Israel's Ben - Gurion International Airport and announced "sanctions" on 64 shipping companies. If the conflict worsens significantly, it may boost futures prices in the short term [10]. - Israel - Yemen conflict: Israel has carried out multiple air strikes on Yemen's Hodeidah Port, which is crucial for Yemen's trade and humanitarian supplies [10]. 3. Data Overview - Spot freight rates: The SCFIS for the European route (basic ports) on August 18 was 2180.17 points, a 2.5% decline from August 11; the SCFIS for the US West route (basic ports) was 1106.29 points, a 2.2% increase from August 11 [12]. - Futures market: The trading data of eight container shipping European line futures contracts on August 20 are provided, including the previous settlement price, opening price, closing price, settlement price, change, change rate, trading volume, open interest, and open interest change [6]. - Shipping - related data: The report also includes charts of European container ship capacity, global container ship orders, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates [18][21]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Copper prices are oscillating weakly, with the main contract closing at 78,640. The market is waiting for Powell's speech at the global central bank annual meeting on Friday night, the US dollar index is oscillating, and market sentiment is cautious. Spot prices dropped 330 to 78,770, and the spot premium fell 5 to 190. The spot import window remains open, with a profit of 350 yuan/ton due to the increase in the Shanghai-London ratio to 8.12 and the expansion of the LME 0 - 3 contango structure to $96.85/ton. The demand for Yangshan copper has improved, and both the warehouse receipt and bill of lading premiums have risen. Short - term demand is in the transition between the off - season and peak season, and with low inventories both at home and abroad, the fundamentals still support copper prices. The short - term support level is 78,000, but market caution persists before important events, and there is a lack of obvious positive factors, so copper prices are expected to continue to oscillate within a narrow range [10] 3. Summary by Relevant Catalogs 3.1 Market Review and Operation Suggestions - Copper prices are oscillating weakly, and the main contract closed at 78,640. The market is waiting for Powell's speech at the global central bank annual meeting, the US dollar index is oscillating, and market sentiment is cautious. Spot prices dropped 330, and the spot premium fell 5. The spot import window is open with a profit of 350 yuan/ton. The demand for Yangshan copper has improved, and subsequent imports of copper are expected to increase. Short - term demand is in the transition period, and fundamentals support copper prices. The short - term support level is 78,000, and copper prices are expected to oscillate narrowly [10] 3.2 Industry News - In July 2025, China's copper strip exports were 10,531.17 tons, a month - on - month increase of 1.84% and a year - on - year increase of 0.17%. From January to July, the cumulative export of copper strips was 71,070 tons, a cumulative year - on - year increase of 1.12% [11] - In July 2025, China's copper enameled wire exports continued to grow, covering 142 countries and regions, with a total export volume up 25.45% year - on - year. Exports to India and Turkey increased by 450% and 290% year - on - year respectively. Exports to the US decreased both year - on - year and month - on - month, and are expected to decline significantly in the future due to US tariffs on copper semi - finished products [11] - In July 2025, China imported 84,200 tons of anode copper, a month - on - month increase of 22.86% and a year - on - year increase of 19.08%. From January to July, the cumulative import of anode copper was 466,900 tons, a cumulative year - on - year decrease of 12.72% [11]

Group 1: General Information - Report title: Pulp Daily Report [1] - Date: August 21, 2025 [2] - Research team: Energy and Chemical Research Team [4] - Researchers: Liu Youran (Pulp), Li Jie (Crude Oil and Asphalt), Ren Junchi (PTA, MEG), Peng Haozhou (Industrial Silicon and Polysilicon), Peng Jinglin (Polyolefins), Li Jin (Methanol), Feng Zeren (Glass and Soda Ash) [4] Group 2: Market Review and Operation Suggestions Market Review - Pulp futures contract 01: The previous settlement price was 5,442 yuan/ton, and the closing price was 5,380 yuan/ton, a decline of 1.14% [7] - Shandong wood pulp market: The intended transaction price range of softwood pulp was 5,100 - 6,700 yuan/ton, with the low - end price up 50 yuan/ton from the previous trading day's closing price. The quotation of Shandong Yinxing was 5,800 - 5,820 yuan/ton [7] - Arauco's August wood pulp offers: Softwood pulp Yinxing at 720 USD/ton, natural pulp Jinxing at 590 USD/ton, hardwood pulp Mingxing at 520 USD/ton, stable compared to June [8] - World's 20 major pulp - producing countries in June: Chemical commodity pulp shipments increased by 4.7% year - on - year, with softwood pulp down 2.4% and hardwood pulp up 10.1% [8] - European wood pulp in July 2025: Inventory was 683,200 tons, down 0.3% month - on - month and up 8.7% year - on - year; consumption was 814,200 tons, up 6.8% month - on - month and down 2.1% year - on - year [8] - China's pulp imports in July: 2.877 million tons, down 5.1% month - on - month and up 23.7% year - on - year [8] - As of August 14, 2025: The weekly pulp inventory in major regions and ports increased by 4.96% month - on - month, with inventories at Qingdao and Changshu ports rising [8] Group 3: Industry News - On August 18, the CSRC approved the registration of offset printing paper futures and options on the SHFE. China is the world's largest producer and consumer of offset printing paper, with a market size close to 50 billion yuan. The futures and options will help improve pricing efficiency and guide production planning [9] Group 4: Data Overview - Figures include import softwood pulp spot price in Shandong, pulp futures price, pulp futures - spot price difference, softwood - hardwood price difference, inter - period price differences, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, copperplate and offset paper prices and spreads, white cardboard and whiteboard paper prices and spreads, and USD/CNY exchange rate [15][17][19][23][25][29]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The asphalt market continues to have weak supply and demand, with no significant highlights. The unilateral price mainly follows the weak trend of oil prices, but the trend may be stronger than that of oil prices. It is recommended to go long on asphalt and short on crude oil when the opportunity arises [6]. 3. Summary by Relevant Catalogs 3.1 Market Review and Operation Suggestions - **Futures Market**: For BU2510, the opening price was 3444 yuan/ton, the closing price was 3454 yuan/ton, the highest was 3470 yuan/ton, the lowest was 3434 yuan/ton, the increase was 0.12%, and the trading volume was 146,000 lots. For BU2511, the opening price was 3395 yuan/ton, the closing price was 3404 yuan/ton, the highest was 3422 yuan/ton, the lowest was 3387 yuan/ton, the decrease was 0.12%, and the trading volume was 43,200 lots [6]. - **Spot Market**: Prices in the North China and South China markets declined slightly, while those in other regions remained stable. The weak oscillation of crude oil prices and asphalt futures negatively affected the sentiment of the asphalt spot market. The average operating load rate of asphalt plants is expected to decline. Demand lacks obvious stimulation, and market sentiment is pessimistic [6]. 3.2 Industry News - **East China Market**: The mainstream transaction price of 70A grade asphalt was 3580 - 3750 yuan/ton, remaining stable from the previous day. Market demand improved due to better weather, but the weak performance of crude oil and asphalt futures, along with abundant supply, led to weak purchasing enthusiasm [7]. - **South China Market**: The mainstream transaction price of 70A grade asphalt was 3480 - 3530 yuan/ton, a decrease of 5 yuan/ton from the previous day. The decline was caused by the low - level consolidation of asphalt futures and the sale of some near - expiration contracts [7]. 3.3 Data Overview - The report presents multiple data charts, including asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, asphalt warehouse receipts, Shandong asphalt spot price, and Shandong asphalt basis, with data sources from Wind and the Research and Development Department of CCB Futures [8][13][16]

行业 MEG 日报 日期 2025 年 08 月 21 日 料油） 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 业硅）028-8663 0631 penghaozhou@ccb.ccbfutures.c om期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.c om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 能源化工研究团队 研究员：李捷,CFA（原油燃 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工 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） 期货从业资格号：F03134307 请阅读正文后的声明 ＃summary＃ 每日报告 ...

Group 1: Report Overview - Report Type: Crude Oil Daily Report [1] - Date: August 21, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - **Market Performance**: WTI's opening price was $62.58, closing at $62.00, with a high of $62.68, a low of $61.65, a decline of 1.12%, and a trading volume of 25.75 million lots. Brent opened at $65.98, closed at $65.42, reached a high of $66.01, a low of $65.14, dropped by 0.89%, and had a trading volume of 20.06 million lots. SC's opening price was 482.2 yuan/barrel, closing at 482.8 yuan/barrel, with a high of 484.7 yuan/barrel, a low of 479 yuan/barrel, a decline of 0.47%, and a trading volume of 11.46 million lots [6]. - **Market Trend**: The US is arranging a summit among the leaders of the US, Russia, and Ukraine, and overnight oil prices continued to fall. Although the meeting between the US and Russian leaders did not yield substantial results, Trump said the talks were "very smooth," and the US will not impose further sanctions on Russia for now. The relationship between the two countries has improved, and oil prices continued their weak performance [6]. - **Fundamentals**: As of the week ending on the 8th, US gasoline consumption rebounded. After five consecutive weeks of consumption below the same period in 2024, the growth rate barely turned positive. Consumption was still weak despite lower gasoline prices, and this year's peak - season travel consumption in the US was lower than expected. The actual performance of refined - oil consumption was not optimistic. With the peak travel season coming to an end, demand support was limited [7]. - **Overall Outlook**: This year's peak - season consumption in the US showed no significant improvement, and oil prices were mainly bearish. In the short term, oil prices were bottoming out, and in the medium term, they might decline again under inventory pressure [7]. Group 3: Industry News - Angola plans to cut its oil exports to 994,000 barrels per day in October [8]. - The US Treasury Secretary plans to raise tariffs on India for buying Russian oil, stating that India's arbitrage through Russian oil is unacceptable [8]. - In July, India's imports of Russian crude oil decreased. Partly because Reliance Industries, the world's largest refinery operator, reduced its purchases by 19% from the previous month's high. Between August and September, Indian state - owned refineries will seek alternative oil sources from the Middle East or the US to replace Russian oil. However, sources said that due to the increased discount of Russian oil, Indian state - owned refineries have placed orders for Russian oil. The Russian embassy in India said the discount for Russian oil to India is about 5%, and Russian oil is highly competitive with no current substitutes. India's oil imports will remain at a similar level [8]. Group 4: Data Overview - The report provides data on global high - frequency crude oil inventories, WTI and Brent fund positions, spot prices of WTI, Brent, and Oman, US crude oil production growth rate, and EIA crude oil inventories, with data sources including Bloomberg, wind, CFTC, and EIA [10][12][20][23]

021-60635740 期货从业资格号：F3055047 行业 生猪日报 日期 2025 年 08 月 21 日 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 研究员：刘悠然 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 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.co m 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 请阅读正文后的声明 ＃summary＃ 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，20 日生猪主力 2511 合约平开后震荡走跌，尾盘收阴，最高 13900 元/吨，最低 13685 元/吨，收盘报 13775 元/ ...

Report Overview - Report Date: August 21, 2025 [2] - Reported Industry: Oil and Fat [1] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Core Viewpoints - Domestic three major oils reduced positions and declined, with some seats taking profits. Technically, there is a short - term adjustment need, so be cautious about chasing high [8]. - Palm oil is expected to maintain a high - level shock consolidation trend. Although the export growth rate has narrowed and production is seasonally increasing with expected inventory growth in August - September, Indian import demand may rebound in August [8]. - Due to domestic tariff policies, the supply of domestic rapeseed oil and rapeseed meal is expected to decrease significantly, and the logic of going long remains until the supply shortage pattern is significantly repaired [8]. - For soybean oil, the short - term inventory is high and the supply is abundant, but it is bullish in the long - term due to biodiesel policies in the US and Brazil, possible reduction in soybean imports in the fourth quarter, and warming domestic demand [8]. - In terms of arbitrage, it is recommended to overweight rapeseed oil and underweight soybean oil [8]. Summary by Directory 1. Market Review and Operation Suggestions - **Market Review**: In the East China market, the basis price of rapeseed oil and soybean oil has different performance in different months. For example, the basis of East China third - grade rapeseed oil in August is OI2601 + 130, and the basis of one - grade soybean oil in the spot market is 01 + 170 [7]. - **Operation Suggestions**: For palm oil, expect high - level shock consolidation; for rapeseed oil, maintain the long - buying logic; for soybean oil, be bullish in the long - term; and in arbitrage, overweight rapeseed oil and underweight soybean oil [8]. 2. Industry News - Independent inspection agency AmSpec data shows that Malaysia's palm oil exports from August 1 - 20 were 869,780 tons, a 17.5% increase from July 1 - 20 [9]. - Shipping survey agency ITS data shows that Malaysia's palm oil exports from August 1 - 15 were 724,191 tons, a 16.5% increase from July 1 - 15, with exports to China decreasing by 28,300 tons compared to the same period last month [9]. - AmSpec data also shows that Malaysia's palm oil exports from August 1 - 15 were 696,425 tons, a 21.3% increase from July 1 - 15 [9]. 3. Data Overview - The report provides multiple data charts, including the spot prices of East China third - grade rapeseed oil, East China fourth - grade soybean oil, South China 24 - degree palm oil, and the basis changes and spreads of palm oil, soybean oil, and rapeseed oil, as well as the exchange rates of the US dollar against the Chinese yuan and the Malaysian ringgit [11][17][26]