Report Information - Report Title: Aluminum Daily Report [1] - Report Date: August 15, 2025 [2] - Research Team: Non-ferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] Investment Rating - No investment rating information provided in the report. Core Viewpoints - Due to the cooling of the US dollar easing expectation trading and the weak financial data in July in China, the economic outlook remains sluggish, and Shanghai Aluminum is under pressure and weakens. Maintain the high - short strategy for Shanghai Aluminum due to the off - season and inventory pressure [7]. - Alumina has a surplus in fundamentals, so maintain the idea of selling on rebounds, and be vigilant against the risk of sharp price fluctuations caused by sentiment changes. For electrolytic aluminum, the operating capacity remains high, the processing enterprises are in the off - season, and the inventory is seasonally increasing. The smelting enterprises have rich profits [7]. - The supply and demand of cast aluminum are both weak, and it continues to operate in a range, with the AD - AL negative spread remaining at a low level for the time being [7]. Summary by Directory 1. Market Review and Operation Suggestions - Shanghai Aluminum's main contract 2509 closed at 20,715, down 0.38%, and the 08 - 09 backwardation turned to parity. Cast - aluminum alloy fluctuated weakly following Shanghai Aluminum, and the AD - AL negative spread was reported at - 510. The supply of scrap aluminum is tight, and the downstream automotive industry is in the off - season, maintaining a supply - demand dual - weak pattern [7]. - After the news stimulus decreases, alumina has a high - level correction. With the unchanged surplus fundamentals, maintain the idea of selling on rebounds. For electrolytic aluminum, the operating capacity remains high, the processing enterprises are in the off - season, and the inventory continues to increase seasonally [7]. 2. Industry News - On August 10, the Shanxi Provincial Department of Natural Resources decided to adjust the registration authority for the transfer of some mineral types, including ceramic clay, refractory clay, kaolin, and iron alum [8]. - On August 4, the Guinean government established Nimba Mining Company SA (NMC) to take over the mining rights of EGA - GAC. The mining rights of a 690.20 - square - kilometer mining area previously held by GAC have been granted to NMC for 25 years [10]. - The mining rights of Sanmenxia Jinjiang Mining Co., Ltd.'s bauxite mine in Shanzhou District have been changed, with a valid period from June 4, 2025, to April 3, 2030, and a designed production scale of 500,000 tons per year [10]. - Rio Tinto approved an investment of $180 million to start the Norman Creek bauxite project in Queensland, Australia. The construction is expected to be completed in 2028 [10]. - In June 2025, China's primary aluminum imports were about 192,400 tons, a month - on - month decrease of 13.8% and a year - on - year increase of 58.7%. From January to June, the cumulative primary aluminum imports were about 1.2499 million tons, a year - on - year increase of 2.5%. In June, the primary aluminum exports were about 19,600 tons, a month - on - month decrease of 39.5% and a year - on - year increase of 179.4%. From January to June, the cumulative primary aluminum exports were about 86,600 tons, a year - on - year increase of about 206.6%. In June, the net primary aluminum imports were 172,700 tons, a month - on - month decrease of 9.4% and a year - on - year increase of 51.3%. From January to June, the cumulative net primary aluminum imports were about 1.1633 million tons, a year - on - year decrease of 2.3% [10].

行业 MEG 日报 日期 2025 年 08 月 15 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 - Date: August 15, 2025 [2] - Report Type: Polysilicon Daily Report - Research Team: Energy and Chemical Research Team [3] Group 2: Market Performance and Outlook Market Performance - The price of the polysilicon main contract continued to show high - level fluctuations. The closing price of PS2509 was 50,430 yuan/ton, with a decline of 3.08%. The trading volume was 415,544 lots, and the open interest was 127,757 lots, a net decrease of 4,706 lots [4] Market Outlook - There is no policy follow - up in the polysilicon market, and the sentiment of capital gambling on policy expectations has cooled. The spot average price (re - feeding material) is stable at 47,500 yuan/ton, which is supported by the previous anti - involution policy and provides a rigid support for the lower side of the market. The increase in the price of the industrial chain has led to a simultaneous increase in production, and the supply - demand contradiction is not intensified. However, the price increase has not been smoothly transmitted to components and end - users. From a policy perspective, high - price products are not conducive to achieving the dual - carbon goal. In August, polysilicon production increased significantly to 125,000 tons, which can meet the downstream cell demand of about 56GW. The monthly output of silicon wafers and cells decreased to about 52GW, and the overall supply - demand pattern remains loose. Overall, the futures and spot prices are rigidly supported by policies, and the market will mainly maintain wide - range fluctuations [4] Group 3: Market News - On August 14, the number of polysilicon warehouse receipts was 5,480 lots, a net increase of 330 lots compared with the previous trading day. From January to June, the cumulative photovoltaic installed capacity was 212.21GW, a year - on - year increase of 107.07%; in June, the domestic installed capacity was only 14GW. According to customs data, in June 2025, China exported about 21.7GW of photovoltaic modules, a month - on - month decrease of 3% and a 2% decrease compared with 22.1GW in June 2024. From January to June, the cumulative export of photovoltaic modules was about 127.3GW, a 3% decrease compared with the same period last year [5]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - Industrial silicon spot prices are generally stable, while futures prices continue to oscillate within a range without clear directional guidance, with a balanced drive from both long and short funds. The fundamentals show an increase in both supply and demand, maintaining a loose balance. The anti - involution policy sets a bottom tone, but without actual policy implementation in the industrial silicon industry, the spot prices are only stable and not rising, and the market lacks a major driving force. In the short term, it is expected to operate in a convergent triangular and volume - shrinking oscillation between 8000 - 9000 yuan/ton, and interval operation is recommended [4] 3. Summary by Relevant Catalogs 3.1 Market Performance - Industrial silicon futures prices mainly oscillated. The closing price of Si2511 was 8675 yuan/ton, with a decline of 1.14%. The trading volume was 512076 lots, and the open interest was 279035 lots, with a net decrease of 5465 lots [4] 3.2 Spot Prices - Industrial silicon spot prices were stable. The price of 553 grade in Inner Mongolia was 8800 yuan/ton, and in Sichuan was 8850 yuan/ton. The price of 421 grade in Inner Mongolia was 9700 yuan/ton, in Xinjiang was 9500 yuan/ton, and in Sichuan was 9950 yuan/ton [4] 3.3 Future Outlook - Supply: The operation of plants in the Southwest and Xinjiang production areas has boosted the weekly output to 83,500 tons, equivalent to a monthly output of 370,000 tons - Demand: The production schedule of polysilicon in August will increase to 125,000 tons. The demand from organic silicon, aluminum alloy, and exports is expected to remain stable, equivalent to a monthly demand of 360,000 tons. The supply - demand balance is loose (excluding 97 - grade silicon and recycled silicon), and there is no inventory - reduction drive in the industry [4] 3.4 Market News - On August 14th, the number of futures warehouse receipts on the Guangzhou Futures Exchange was 50,693 lots, a net decrease of 8 lots compared to the previous trading day - According to customs data on August 7th, China imported 3.5609 million tons of coal and lignite in July, an increase of 257,200 tons from the previous month, a month - on - month increase of 7.8%. From January to July, the cumulative import of coal and lignite was 25.7305 million tons, a year - on - year decrease of 13.0% [5]

General Information - Reported industry: Oil and fat [1] - Report date: August 15, 2025 [2] - Researchers: Yulan Lan, Zhenlei Lin, Haifeng Wang, Chenliang Hong, Youran Liu [3] Market Review and Operation Suggestions Market Review | Contract | Previous Settlement Price | Opening Price | High Price | Low Price | Closing Price | Change | Change Rate | Volume | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 60954 | 9396 | 9394 | 9454 | 9280 | 9294 | -102 | -1.09% | 212511 | 188228 | -38522 | | P2601 | 9466 | 9480 | 9538 | 9350 | 9368 | -98 | -1.04% | 703708 | 444903 | 5591 | | Y2509 | 8582 | 8580 | 8634 | 8526 | 8540 | -47 | -0.49% | 109913 | 237228 | -23815 | | Y2601 | 8560 | 8596 | 8616 | 8502 | 8520 | -40 | -0.47% | 530688 | 705833 | -3966 | | 60910 | 10099 | 10060 | 10070 | 9824 | 9852 | -247 | -2.45% | 112790 | 2638 | -17929 | | Ol601 | 10104 | 10050 | 10064 | 9815 | 9840 | -264 | -2.61% | 500035 | 301480 | 18815 | [7] Market Analysis - Market sentiment cooled, and the high - level of oil and fat declined, especially the rapeseed oil 01 filled the gap of the gap - up opening. - Affected by policies, the supply of domestic rapeseed oil and rapeseed meal is expected to decrease significantly, and the logic of buying on dips continues until the supply shortage pattern is significantly repaired. Although there are sporadic news of rapeseed oil purchases from Dubai or Australian seeds, it is believed that it cannot fully make up for the supply gap from Canada. - For soybean oil, due to the biodiesel policies of the United States and Brazil and the possible decrease in soybean imports in the fourth quarter, combined with the recovery of domestic demand, it is optimistic in the long - term. - The palm oil producing areas are still in the seasonal growth period, and the market expects the inventory to continue to increase in August. There may be a short - term correction, but the long - term view is bullish. [8] Industry News - According to data released by independent inspection agency AmSpec, Malaysia's palm oil exports from August 1 - 10 were 453,230 tons, a 23.7% increase compared to 366,482 tons exported from July 1 - 10. - On August 12, the Ministry of Commerce announced the preliminary ruling on the anti - dumping investigation of imported rapeseed from Canada. The investigating authority preliminarily determined that there was dumping of imported rapeseed from Canada, the domestic rapeseed industry in China was materially damaged, and there was a causal relationship between dumping and material damage. Temporary anti - dumping measures in the form of a deposit will be implemented starting from August 14, 2025. [9] Data Overview - The report presents multiple charts including the spot prices of East China's third - grade rapeseed oil, East China's fourth - grade soybean oil, South China's 24 - degree palm oil, palm oil basis changes, soybean oil basis changes, rapeseed oil basis changes, P1 - 5 spread, P5 - 9 spread, P9 - 1 spread, US dollar to Malaysian ringgit exchange rate, and US dollar to Chinese yuan exchange rate. All data sources are Wind and the Research and Development Department of CCB Futures. [11][19][21][23][26][30]

行业 PTA 日报 日期 2025 年 08 月 15 日 一、 行情回顾与操作建议 | 表1：期货行情 | | | | | | --- | --- | --- | --- | --- | | 合约 | 收盘价（元/吨） | 涨跌 | 总量 | 增减 | | TA2509 | 4640 | -66 | 342285 | -62460 | | TA2601 | 4666 | -74 | 527922 | 123308 | 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：F0309492 ...

Group 1: Report Information - Industry: Crude Oil [1] - Date: August 15, 2025 [2] Group 2: Market Review and Operation Suggestions - WTI main contract opened at $62.38, closed at $62.04, with a high of $62.59, a low of $61.29, a decline of 0.7%, and a trading volume of 1.924 billion barrels [6] - Brent main contract opened at $66.14, closed at $65.74, with a high of $66.33, a low of $65.01, a decline of 0.57%, and a trading volume of 3.101 billion barrels [6] - SC main contract opened at 490.2 yuan/barrel, closed at 481.9 yuan/barrel, with a high of 490.5 yuan/barrel, a low of 480 yuan/barrel, a decline of 1.75%, and a trading volume of 777 million barrels [6] - EIA data showed that as of the week ending August 8, US crude oil inventories increased significantly, and the IEA monthly report raised the global supply forecast, causing overnight oil prices to continue to decline [6] - US and Russian leaders are about to have direct talks. The US hopes to achieve a cease - fire in Russia and Ukraine through sanctions. Sanctions on Russian oil may have a short - term impact [7] - As of the week ending August 1, US gasoline demand was below the 5 - year average. Gasoline consumption in the peak season did not pick up significantly, and oil consumption growth was barely positive after 5 consecutive weeks below the 2024 level. US peak - season travel consumption was lower than expected [7] - Overall, US peak - season consumption this year has not improved significantly, and oil prices are mainly bearish. If the US imposes secondary tariffs on Russian oil, it may be an opportunity to enter short positions [7] Group 3: Industry News - Russia announced a production cut of 85,000 barrels per day from July to November and an additional 9,000 barrels per day in December [8] - In July, Russia's seaborne oil product exports decreased by 6.6% month - on - month [8] - CPC's oil exports in July increased by 3% month - on - month to 6.55 million tons [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 and Oman, Dtd Brent price, US crude oil production growth rate, and EIA crude oil inventories, with data sources including Bloomberg, wind, CFTC, and EIA [11][13][19]

行业 沥青日报 日期 2025 年 8 月 15 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 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：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 ...

行业 纸浆日报 日期 2025 年 8 月 15 日 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 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 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 021-60635727 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 能源化工研究团队 研究员：刘悠然（纸浆） 研究员:李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅多晶硅） 研究员 ...

Report Information - Industry: Cotton [1] - Date: August 15, 2025 [2] - Researchers: Yulan Lan, Zhenlei Lin, Haifeng Wang, Chenliang Hong, Youran Liu [3] Key Points 1. Market Review and Operation Suggestions - Zhengzhou cotton (ZCE cotton futures) has been fluctuating and adjusting. The latest price index of 328-grade cotton is 15,214 yuan/ton, up 26 yuan/ton from the previous trading day. The basis of 2024/25 Xinjiang Kashi lint 3129/29B/impurity within 3.5 is still in the range of CF09+1050 - 1200, but the quantity is scarce, and most quotes are above CF09+1200. The basis of 2024/25 Northern Xinjiang machine-picked 4129/29B/impurity within 3.5 is mostly above CF09+1450, with a small amount lower than this price, all for self-pickup in Xinjiang [7]. - The pure cotton yarn market has slightly improved as the peak season approaches. Low-price resources have decreased, and the trading center has slightly increased, but market operations remain cautious. Downstream fabric mills and traders have not made large-scale restocking actions. The all-cotton grey fabric market has shown little improvement, with only partial sales slightly better. Currently, fabric mills still have few orders, and the inquiry and trading situation in the domestic market has not improved significantly, while only a small number of export orders have been placed [7]. - According to the US Department of Agriculture's Tuesday supply and demand report, due to a significant reduction in the planting area, the US cotton production and ending stocks are far lower than market expectations, and bullish sentiment has been quickly released. Without weather speculation, the market is closely watching the subsequent export sales data for the 2025/26 season to verify the actual demand intensity after the USDA's production cut. In the short term, the external market is difficult to break out of the range-bound pattern [8]. - In the domestic market, the China Cotton Association's survey of cotton growth and expected production in July shows that the total production is expected to be 6.895 million tons, a year-on-year increase of 3.5%. There are still some differences in the expected opening price of new cotton. Ginners expect it to be 6 yuan/kg or lower, while farmers mostly expect it to be around 6.5 yuan/kg. Some post-point pricing resources of new cotton have started pre - sales, with the basis of 41 double 29 - grade resources around 850 - 1000 yuan/ton. The downstream market has shown a marginal improvement. There has been a slight increase in sample orders for grey fabrics, and the sales of cotton yarn have also improved slightly after the cotton price stabilized. The finished product inventory has stopped accumulating, and the operating rate has temporarily stabilized. With the weakening of external market support, Zhengzhou cotton is fluctuating and adjusting. Attention should be paid to the performance at the previous high resistance level [8]. 2. Industry News - In July 2025, the China Cotton Association surveyed the cotton growth situation and expected production. The national cotton planting area is 44.823 million mu, a year-on-year increase of 1.8%. The expected yield per mu is 153.8 kg, a year-on-year increase of 1.6%. The total production is expected to be 6.895 million tons, a year-on-year increase of 3.5% [9]. 3. Data Overview - The report provides multiple data charts, including the Zhengzhou cotton futures spreads (CF1 - 5, CF5 - 9, CF9 - 1), China cotton price index, cotton spot price, cotton futures price, cotton basis change, cotton commercial inventory, cotton industrial inventory, and exchange rate data (USD/CNY, USD/INR) [16][18][30]