1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoint of the Report - On August 12, the iron ore futures market showed an upward trend. The price of iron ore will gradually return to the fundamentals, and it is expected that the short - term iron ore price will show a high - level consolidation trend. The actual impact of production cuts in Tangshan needs to be observed to see if it will have a negative impact on the fundamentals [7][11]. 3. Summary by Relevant Catalogs 3.1 Market Review and Future Outlook 3.1.1 Futures Market Performance - On August 12, the main 2601 contract of iron ore futures fluctuated upward, opening higher and then rising, closing at 801.0 yuan/ton, up 2.36%. Other steel futures also showed different degrees of increase, such as RB2510 up 0.96%, HC2510 up 1.40%, and SS2510 up 0.38% [5][7]. 3.1.2 Spot Market and Technical Analysis - On August 12, the main iron ore outer - disk quotes increased by 1 US dollar/ton compared with the previous trading day, and the prices of main - grade iron ore at Qingdao Port increased by 10 yuan/ton compared with the previous trading day. Technically, the daily KDJ indicator of the iron ore 2601 contract continued to rise, and the green column of the daily MACD indicator of the iron ore 2601 contract narrowed for two consecutive trading days [9]. 3.1.3 Future Outlook - News: Tangshan issued a notice on August 9, requiring independent rolling steel enterprises to stop production at any time from August 16 to 25 based on meteorological conditions and to stop production from August 25 to September 3, which is expected to affect the daily output of 35 billet - rolling section steel enterprises by about 90,000 tons. A coking enterprise in Shandong plans to limit production by 30% from August 16 - 25, 50% from August 26 - September 3, and resume normal production at 0:00 on September 4, with an estimated cumulative impact on coke production of about 41,000 tons [10][11]. - Fundamentals: In terms of supply, the weekly shipping volume of 19 ports in Australia and Brazil decreased slightly last week, and the total shipping volume in the past four weeks decreased by 6.2% compared with the previous four weeks. Considering the shipping time, the subsequent arrival volume may fluctuate at a medium - low level. On the demand side, the demand for downstream steel products is still seasonally declining, inventory is gradually accumulating, and pig iron production has declined for three consecutive weeks but remains at a relatively high level of over 2.4 million tons. Steel mills' profitability has increased again, and with sufficient profits, steel mills maintain strong production. In the short term, the demand for iron ore remains strong, supporting the ore price. The actual impact of production cuts in Tangshan needs to be observed [11]. 3.2 Industry News - A coking enterprise in Shandong plans to limit production by 30% from August 16 - 25, 50% from August 26 - September 3, and resume normal production at 0:00 on September 4, with an estimated cumulative impact on coke production of about 41,000 tons. The current operating rate of this coking enterprise is 90% [10][11][12]. 3.3 Data Overview - The report provides various data charts related to the iron and steel industry, including the prices of main iron ore varieties at Qingdao Port, the price differences between high - grade and low - grade ores and PB powder, the basis between iron ore spot and the January contract at Qingdao Port, the shipping volume of iron ore from Brazil and Australia, the arrival volume at 45 ports, domestic mine capacity utilization, the trading volume of main ports, the number of days of steel mills' iron ore inventory, the inventory of imported sintered powder ore, port iron ore inventory and port clearance volume, the cost of pig iron without tax for sample steel mills, blast furnace and electric furnace operating rates and capacity utilization rates, national daily average pig iron production, the apparent consumption of five major steel products, the weekly output of five major steel products, and the steel mills' inventory of five major steel products [18][25][29].

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: August 13, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided Core Viewpoints - The peak of the shipping season has passed, and the SCFIS has further declined this week with an increased drop. The spot freight rate has likely reached its peak and is expected to enter a downward channel in August. The主力10 contract is deeply discounted, and it is recommended to short the 10 contract on rallies [8]. Summary by Directory 1. Market Review and Operational Suggestions - Spot market: The peak of the shipping season has passed. The SCFIS has further declined this week with an increased drop. The freight rates of major airlines in August are showing a weekly decline. The spot freight rate has likely reached its peak and is expected to enter a downward channel in August. The demand side is unlikely to improve significantly, and the freight rates this year may be weaker in the off - season. It is recommended to short the 10 contract on rallies [8]. 2. Industry News - From August 4th to 8th, the China export container shipping market was basically stable, but the freight rates on most routes continued to decline. The Shanghai Export Containerized Freight Index on August 8th was 1489.68 points, a 3.9% decline from the previous period. China's exports in July increased by 7.2% year - on - year. The EU is China's second - largest trading partner, and the trade volume with the EU in the first 7 months of 2025 increased by 3.9% year - on - year. The improvement in exports to Europe was the main driving force for the export recovery in July. The freight rates on the European and Mediterranean routes continued to decline. The threat of the Houthi armed forces to global shipping has escalated, and the international shipping safety situation has deteriorated. The US will maintain a 25% tariff on Japanese goods and may soon reach a trade agreement with India [9][10]. 3. Data Overview 3.1 Container Shipping Spot Prices - From August 4th to 11th, the SCFIS for the European route decreased from 2297.86 to 2235.48, a 2.7% decline; the SCFIS for the US West route decreased from 1130.12 to 1082.14, a 4.2% decline [12]. 3.2 Container Shipping Index (European Line) Futures Market - Data on the trading of container shipping European line futures contracts on August 12th is provided, including the previous settlement price, opening price, closing price, settlement price, change, change rate, trading volume, open interest, and change in open interest for different contracts such as EC2508, EC2510, etc. [6] 3.3 Shipping - Related Data Charts - Charts include the global container shipping capacity, global container ship order backlog, Shanghai - European basic port freight rate, and Shanghai - Rotterdam spot freight rate [16][19]

Report Information - Report Title: Aluminum Daily Report [1] - Date: August 13, 2025 [2] - Research Team: Non - Ferrous Metals Research Team, including Yu Feifei, Zhang Ping, and Peng Jinglin [3] Core Viewpoints - The Shanghai aluminum market opened lower and closed higher. The main contract 2509 closed at 20,735, up 0.29%. The 08 - 09 premium remained unchanged from the previous day. The spot market strengthened, supported by the change in the monthly spread structure. The spot premium slightly recovered. The cast - aluminum alloy fluctuated strongly following Shanghai aluminum, and the AD - AL negative spread was - 520. The supply - demand pattern of scrap aluminum remained weak, and the cast - aluminum alloy continued to operate within a range [7]. - Alumina rose more than 4% due to news, but the fundamentals remained unchanged with a relatively oversupplied situation. It could be short - sold when it rebounded to near the previous high. For electrolytic aluminum, the operating capacity remained high, the off - season was in the second half, and the inventory continued to accumulate seasonally. The smelting enterprises had rich profits. The market was supported by the loose dollar and domestic policy expectations, but the off - season effect and high prices still inhibited terminal consumption. It was advisable to wait for high - level short - selling opportunities [7]. Market Conditions and Operation Suggestions - **Aluminum Market**: The main contract 2509 of Shanghai aluminum closed at 20,735, up 0.29%. The 08 - 09 premium was 20. The spot market strengthened, with the spot premium in East China at - 30, in Central China at - 130, and in South China at - 55. The cast - aluminum alloy followed Shanghai aluminum to fluctuate strongly, and the AD - AL negative spread was - 520. The supply of scrap aluminum was tight, and the supply - demand pattern of the cast - aluminum alloy remained weak [7]. - **Alumina Market**: Alumina rose more than 4% due to news, but the supply was relatively oversupplied. It could be short - sold when it rebounded to near the previous high [7]. - **Electrolytic Aluminum Market**: The operating capacity of electrolytic aluminum remained high. The off - season was in the second half, and the inventory continued to accumulate seasonally. The smelting enterprises had rich profits. The market was supported by the loose dollar and domestic policy expectations, but the off - season effect and high prices still inhibited terminal consumption. It was advisable to wait for high - level short - selling opportunities [7] Industry News - **Policy Adjustment**: On August 10, the Shanxi Provincial Department of Natural Resources adjusted the registration authority for the transfer of some mineral types, including ceramic soil, refractory clay, kaolin, and iron alumina, to strengthen the protection of bauxite and other strategic mineral resources [8][10]. - **Overseas Bauxite Mine Rights Change**: On August 4, the Guinean government established Nimba Mining Company SA (NMC) to take over the mining rights of EGA - GAC. The previous 690.20 - square - kilometer mining area of GAC was granted to NMC for 25 years. EGA's mine in Guinea with an annual capacity of 14 million tons stopped production in December last year and had its mining license revoked in May this year [10]. - **Mining Rights Change**: The mining rights of the Dataoyuan Bauxite Mine in Shanzhou District, Sanmenxia Jinjiang Mining Co., Ltd. were changed, with a validity period from June 4, 2025, to April 3, 2030, with a designed production scale of 500,000 tons/year [10]. - **Investment Project**: Rio Tinto approved an investment of $180 million to start the Norman Creek Bauxite Project in Queensland. The project is crucial for the long - term business of Weipa, and the Norman Creek area holds nearly half of the proven reserves (978 million tons) of the Amrun Mine. The construction is planned to be completed in 2028 [10]. - **Electrolytic Aluminum Import and Export Data**: 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 2025, China's 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 2025, China's 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]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - The short - term volatility of gold has increased, but the mid - line upward trend remains good. London gold may trade in a wide range between $3120 - $3500 per ounce and then rise again. The long - term and mid - term bull markets of gold are supported by multiple factors, but the high price also means significant volatility. Investors are advised to take a long - term view and participate with medium - low positions. Bearish traders can consider the "long gold, short silver" arbitrage opportunity when silver's upward momentum fades [4][5]. 3. Summary by Directory I. Precious Metals Market Quotes and Outlook - **Intraday Quotes**: Overnight, London gold continued to pull back to around $3340 per ounce due to Trump's clarification of no plan to impose tariffs on gold and silver and the potential cease - fire in the Russia - Ukraine conflict. Silver prices were relatively strong due to expectations of China's anti - involution policy. The market expects the US overall CPI and core CPI to increase by 2.8% and 3% year - on - year respectively. Gold's safe - haven demand is boosted by Trump's new policies. Investors are advised to maintain a long - term view and participate with medium - low positions. This week, key events include the US - Russia summit, US inflation data, Fed officials' statements, and China's economic data [4]. - **Domestic Precious Metals Quotes**: The Shanghai Gold Index closed at 777.83, down 0.44%; the Shanghai Silver Index closed at 9206, down 0.25%; Gold T + D closed at 772.56, down 0.43%; Silver T + D closed at 9159, down 0.15%. The trading volume and open interest of each contract also changed [5]. - **Mid - term Quotes**: Since late April, London gold has been trading in a wide range between $3100 - $3500 per ounce. Although international trade cooling and US fiscal expansion have weakened gold's demand, Trump's new policies, geopolitical risks, and Fed rate - cut expectations support the price. The gold - silver ratio has rebounded slightly after falling to 86. In the long - term, gold's bull market is supported by the restructuring of the international trade and monetary system, and in the mid - term, it is supported by Trump's reforms and economic factors. However, high prices also bring high volatility. In the short - term, London gold is expected to continue to trade within the range [5]. II. Precious Metals Market - Related Charts - The report provides multiple charts, including Shanghai gold and silver futures indexes, London gold and silver spot prices, Shanghai futures index basis against Shanghai Gold T + D, and gold and silver ETF holdings, but no specific analysis of these charts is provided [7][9][11]. III. Main Macroeconomic Events/Data - Trump signed an executive order to extend the tariff truce with China by 90 days and may allow NVIDIA to sell a reduced - version of its next - generation chips in China. - Trump proposed that both Ukraine and Russia should make territorial concessions to end the war, and he will meet with Putin on Friday. European leaders and Zelensky plan to talk to Trump before the meeting. - Trump stated that he will not impose tariffs on gold. - Trump will deploy 800 National Guard soldiers to Washington, DC, and put the local police under federal control to combat crime [17][18].

Report Summary 1. Report Information - Report Type: Nickel Daily Report [1] - Date: August 13, 2025 [2] - Research Team: Non - Ferrous Metals Research Team [3] 2. Core View - The nickel price is expected to rebound under macro - support, but the oversupply fundamentals remain unchanged, and the price may still face pressure after the sentiment fades [8] 3. Content Summary by Section 3.1 Market Review and Operation Suggestions - **Nickel Price Movement**: Shanghai nickel fluctuated strongly, with the main contract rising 0.67% to 122,440. The average premium of Jinchuan No.1 nickel decreased by 50 to 2,150 yuan/ton, and the spot premium range of domestic mainstream brand electrowinning nickel was - 100 - 300 yuan/ton [8] - **Supply and Price of Nickel Ore**: The impact of precipitation in the main producing areas of the Philippines in the third quarter is limited, and shipments will remain at a high level. The approved quota of RKAB in Indonesia is as high as 310 million wet tons, with a strong expectation of increased nickel ore supply and downward price pressure [8] - **NPI Price**: Due to the short - term high price of nickel ore, most Indonesian iron plants are still in a state of cost inversion. The NPI price continued to rise, with an average of 921.5 yuan/nickel point on the 12th [8] - **Nickel Salt Price**: Supported by cost and rigid restocking of precursors, the nickel salt price continued to rise. The average price of battery - grade nickel sulfate on the 12th increased by 60 to 27,510 yuan/ton [8] 3.2 Industry News - **Indonesian Investment in Nickel Downstream**: Indonesia's Danantara is exploring investment opportunities in the nickel downstream industry and considering acquiring the PT Gunbuster Nickel Industry (GNI) smelter. It plans to prepare an investment plan of over $20 billion and provide about $60 million in medium - term financing through syndicated loans [9][10] - **Battery Energy Storage Projects** - Bulgaria launched a 124 - megawatt/496.2 - megawatt - hour battery energy storage system [10] - Apatura obtained planning permission for a 100 - megawatt battery energy storage system project in Scotland, with the total approved storage capacity exceeding 1.6 gigawatts [10] - **Solar Cell Innovation**: A research team in Turkey developed a TOPCon solar cell using nickel contact with almost no silver, which can significantly reduce production costs [10]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Long - term, the Politburo meeting in July indicated that the "moderately loose" monetary policy orientation remains unchanged, and high tariff uncertainty and potential export - related risks suggest the bull - market foundation for bonds is intact. Short - term, the joint statement on tariff exemption extension reduces uncertainty, cools risk - aversion sentiment, and with the strength of commodities and the stock market, the bond market, especially long - term bonds, is under pressure. Given the supportive factors for the August capital market, short - term 2 - year and 5 - year bond varieties may be more resilient, and a strategy of going long on short - term and short on long - term bonds is recommended. Also, attention should be paid to the marginal changes in July economic data this week [11][12]. 3. Summary by Relevant Catalogs 3.1行情回顾与操作建议 (Market Review and Operation Suggestions) - **Market Performance**: The stock - bond seesaw continued. Bank - to - bank funds were loose but had limited impact, and treasury bond futures closed down across the board. Interest rates of major on - the - run bonds in the inter - bank market declined, with the 10 - year treasury bond active bond 250011 yield rising 0.75bp to 1.725% by 16:30 [8][9]. - **Funding Market**: The central bank conducted consecutive net withdrawals, but inter - bank funds remained loose. There were 1607 billion yuan of reverse repurchase maturities, and the central bank carried out 1146 billion yuan of reverse repurchase operations, resulting in a net withdrawal of 461 billion yuan. The inter - bank funds sentiment index eased, short - term fund rates fluctuated slightly, and medium - and long - term funds were stable [10]. - **Conclusion**: Long - term, the bull - market foundation for bonds remains. Short - term, long - term bonds are under pressure. Short - term bonds may be more resilient, and a strategy of going long on short - term and short on long - term bonds is recommended. Attention should be paid to July economic data [11][12]. 3.2行业要闻 (Industry News) - **Sino - US Relations**: On August 12, China and the US issued a joint statement. The US promised to continue adjusting tariff measures on Chinese goods, and both sides continued to suspend the implementation of 24% reciprocal tariffs for 90 days [13]. - **Domestic Policies**: Multiple policies were introduced, including a personal consumption loan fiscal subsidy policy, a service industry business loan subsidy policy, an expansion of the use scope of housing provident funds in Suzhou [13][14]. - **International Relations**: US and Russian leaders are scheduled to meet on August 15. Different parties have expressed their attitudes and demands regarding the Russia - Ukraine peace process, and there are many differences among them [15]. 3.3数据概览 (Data Overview) - **Treasury Bond Futures**: Information on trading data, spreads, and trends of treasury bond futures was provided, including cross - maturity spreads, cross - variety spreads, and the trends of main contracts [6][16][21]. - **Money Market**: Information on the money market was presented, including the term structure and trends of SHIBOR, and the weighted interest rates of inter - bank pledged repurchase [25][30][35]. - **Derivatives Market**: Information on Shibor3M and FR007 interest rate swap fixing curves was provided [37].

Group 1: Report Summary - The report is a daily report on lithium carbonate futures dated August 13, 2025, written by the Non - ferrous Metals Research Team of CCB Futures Research and Development Department [2][4][6] Group 2: Market Review and Operation Suggestions - Lithium carbonate futures rose and then fell. The market traded supply - side disturbances. There was an unconfirmed rumor of Albemarle's Chilean production line shutdown, which drove the futures price up to 88,000, but the gain narrowed at the end of the session [12] - Spot prices increased, with electric carbon rising 3,500 to 78,000. Market sentiment improved, downstream inquiries increased, and procurement willingness strengthened, leading to better trading volume [12] - The production loss of mica salt plants using purchased materials narrowed to 5,942, while that of lithium spodumene salt plants using purchased materials widened to 1,176. Salt plants' production enthusiasm is high, and the impact of the Jiaxiaowo mine shutdown on the market is weakening. There is a risk of a short - term peak and decline [12] Group 3: Industry News - Mercedes - Benz opened a lithium - ion battery recycling plant in Germany. It uses Primobius GmbH technology, has an annual processing capacity of 2,500 tons, and can produce materials for over 50,000 Mercedes - Benz EV battery modules [13] - There was market news that Albemarle's lithium carbonate production line in Chile was partially shut down due to safety issues, causing the futures price to rise by over 3,000 yuan. Albemarle's total lithium carbonate capacity in Chile is 80,000 tons per year, but the news was unconfirmed [13][14] - In July, new - energy vehicle sales reached 1.262 million, a year - on - year increase of 27.4% [14]

Report Information - Report Name: Copper Futures Daily Report [1] - Date: August 13, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Investment Rating - Not provided Core View - Copper prices rebounded after hitting a low. The closing price of Shanghai Copper's main contract remained unchanged from the previous day. With the extension of the China-US tariff truce and the upcoming US CPI data, the market is in a wait-and-see mood. The spot copper market is strong domestically and weak overseas. Considering the market's expectation of a September interest rate cut, it is recommended to buy on dips [7] Summary by Directory 1. Market Review and Operation Suggestions - Copper prices rebounded after hitting a low. The closing price of Shanghai Copper's main contract was 70,920, unchanged from the previous day. The market's optimistic sentiment recovered due to the extension of the China-US tariff truce, but the upcoming US CPI data led to a wait-and-see mood. Spot copper prices remained unchanged, and the premium rose by 50 to 200. LME inventories decreased by 700 tons, and the 0 - 3C structure widened. The import copper spot window is approaching to open. It is recommended to buy on dips [7] 2. Industry News - Far East Co., Ltd. received contract orders worth over 10 million yuan in July 2025, with a year-on-year increase of 42.61% and a month-on-month increase of 8.51%. From January to July, the total contract orders reached 18.167 billion yuan, a year-on-year increase of 18.77% [11] - Codelco's copper production in June increased by 17% year-on-year to 120,200 tons. However, the copper production of BHP's Escondida mine decreased by 33% to 76,400 tons, and the production of the Collahuasi copper mine jointly operated by Anglo American and Glencore decreased by 29% to 34,300 tons [11] - In July, the production and sales of automobiles reached 2.591 million and 2.593 million respectively, with year-on-year increases of 13.3% and 14.7%. The production and sales of new energy vehicles increased by 26.3% and 27.4% respectively. The export of new energy vehicles in July was 225,000, a month-on-month increase of 10% and a year-on-year increase of 120% [11][12]

报告类型 股指日评 日期 2025 年 8 月 13 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 每日报告 一、行情回顾与后市展望 1.1 行情回顾： 8 月 12 日，万得全 A 开盘震荡上行后探底回升，收涨 0.34%，但有超 3000 支个股下跌；指数现货方面，沪深 300、上证 50、中证 500、中证 1000 收盘分别 上涨 0.52%、0.61%、0.41%、0.28%，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 0.64%、0.72%、0.70%、0.47%（按前一交 易日收盘价为基准计算）。 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＃ | | ...

Report Overview - Report Date: August 13, 2025 [2] - Industry: Industrial Silicon [4] 1. Investment Rating - No investment rating is provided in the report. 2. Core Viewpoints - The industrial silicon futures price showed a weak oscillation. The supply - demand situation remains in a loose pattern with both supply and demand increasing, and the short - term futures price will oscillate based on the spot price due to limited fundamental drivers and ineffective anti - involution policies [4]. 3. Summary by Section 3.1 Market Performance and Outlook - **Futures Market**: The industrial silicon futures price was weakly oscillating. The Si2511 contract closed at 8,840 yuan/ton, down 1.12%. The trading volume was 520,504 lots, and the open interest was 278,860 lots, with a net increase of 6,917 lots [4]. - **Spot Market**: The industrial silicon spot price remained stable. The price of Inner Mongolia 553 was 8,800 yuan/ton, Sichuan 553 was 8,850 yuan/ton; Inner Mongolia 421 was 9,700 yuan/ton, Xinjiang 421 was 9,500 yuan/ton, and Sichuan 421 was 9,950 yuan/ton [4]. - **Outlook**: The resumption of production in the southwest and Xinjiang led to the weekly output of industrial silicon reaching 83,500 tons (370,000 tons monthly). The increase in demand was less than that in supply. Polysilicon production in August was expected to reach 125,000 tons, while the organic silicon, alloy, and export sectors were expected to remain stable. The supply - demand of industrial silicon increased simultaneously, maintaining a loose pattern. The short - term futures price would oscillate based on the spot price [4]. 3.2 Market News - On August 12, the number of futures warehouse receipts on the Guangzhou Futures Exchange was 50,658 lots, a net decrease of 102 lots from the previous trading day [5]. - According to customs data on August 7, 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]