Report Date - Date: September 5, 2025 [2] Industry Investment Rating - Not provided in the content Core Viewpoints - The polysilicon market continues to show high - level fluctuations. The price of the main contract of polysilicon remains high, and the spot price also rises. However, the terminal demand decline pressure will gradually spread to the upstream of the industrial chain, and the market needs more confirmed policies to break through the high - level resistance [4] Summary by Directory 1. Market Review and Outlook Market Performance - The price of the main polysilicon contract PS2511 closed at 52,195 yuan/ton, up 0.55%. The trading volume was 268,080 lots, and the open interest was 145,950 lots, with a net decrease of 3,260 lots [4] Future Outlook - The transaction price range of polysilicon n - type re - feedstock is 47,000 - 52,000 yuan/ton, with an average transaction price of 49,000 yuan/ton, up 2.30% week - on - week. In September, due to the production limit and sales control policy, the monthly production is expected to be flat compared with the previous month, down from the previous expectation of 145,000 tons, which can meet the downstream demand of 56.8GW, higher than the expected battery production. The terminal demand decline pressure will gradually spread to the upstream of the industrial chain, and the spot price increase has led the industry out of the loss - making situation. The market is mainly in high - level fluctuations and needs more confirmed policies to break through the resistance [4] 2. Market News - On September 3, the number of polysilicon warehouse receipts was 6,870 lots, unchanged from the previous trading day. From January to July 2025, the cumulative photovoltaic installed capacity reached 1,109.6GW, and the newly - added installed capacity was 223.25GW. In July, the newly - added installed capacity was 11GW, a year - on - year decrease of 47.7%, hitting a new low in 2025 [5]

行业 沥青日报 日期 2025 年 9 月 5 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 每日报告 ...

Group 1: Report Information - Reported industry: Cotton [1] - Report date: September 5, 2025 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operation Suggestions Market Review - Zhengzhou cotton fluctuated and adjusted. The latest price index of 328-grade cotton was 15,451 yuan/ton, down 15 yuan/ton from the previous trading day. The basis price of machine-picked cotton in Northern Xinjiang was CF01+1300 - 1400, and in Southern Xinjiang's Kashgar was CF01+1150 - 1250. [7] - The cotton yarn market had general trading, with downstream demand mainly for rigid needs. The price was generally stable, and most spinning mills held firm on prices. The grey fabric market was stable, with general trading volume and few new orders. [7] Overseas and Domestic Markets - In the overseas market, the good and excellent rate of US cotton decreased slightly, weekly export sales were weak, and the net long position of CFTC funds remained low. The external market fluctuated weakly. [8] - In the domestic market, many cotton merchants had low inventories, and some old cotton from the 2023/24 season was still unsold. The expected output of new cotton was stable with a slight increase, putting pressure on the long - term market. There was still an expectation of抢购 at the start of the new cotton acquisition season. [8] - Since August, the downstream market had a slight marginal improvement, and the inventory of finished products in spinning mills and weaving factories decreased slightly. The market was concerned about the traditional peak season. The short - term trend was mainly fluctuating adjustment. [8] Group 3: Industry News - As of August 30, 2025, the cotton planting area in India for the 2025/26 season was 10.847 million hectares, a year - on - year decrease of 2.9%. The planting area in major producing states such as Maharashtra and Gujarat decreased, while that in Telangana increased. The final area was expected to be around 10.94 - 11 million hectares, slightly lower year - on - year. [9] Group 4: Data Overview - The report presented various data charts, including China's cotton price index, cotton spot and futures prices, cotton basis changes, spreads between different cotton futures contracts, cotton commercial and industrial inventories, warehouse receipt totals, and exchange rates of the US dollar against the Chinese yuan and the Indian rupee. All data sources were Wind and the Research and Development Department of CCB Futures. [7][17][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：冯泽仁（玻璃纯碱） 021-60635727 fengzeren@ccb.ccbfutures.com 行业 日期 2025 年 09 月 05 日 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA/MEG） 研究员：彭浩洲（工业硅/多晶 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 期货从业资格号：F03134307 请阅读正文后的声明 每日报告 一、行情回顾与展望 ...

行业 纸浆日报 日期 2025 年 9 月 5 日 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635727 fengzeren@ccb.ccbfutures.com 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 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 021-60635727 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 期货从业资格号：F03134307 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：彭婧霖（聚烯烃） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the short - term, the terminal demand for live pigs increases at the beginning of the month, and the spot price of live pigs rebounds with fluctuations, but the supply pressure in September remains high, and the overall situation is still weak. For futures, the 2511 and 2601 contracts are in the peak demand season, and the supply of live pigs increases slightly, with a possible improvement in the supply - demand margin. However, the current spot pressure is still large, and the trend is mainly weak [8]. 3. Summary by Related Catalogs 3.1 Market Review and Operation Suggestions - **Futures Market**: On the 4th, the main 2511 contract of live pigs opened flat and then oscillated downward, closing in the red at the end of the session. The highest price was 13,550 yuan/ton, the lowest was 13,355 yuan/ton, and the closing price was 13,365 yuan/ton, a decrease of 1.37% compared with the previous day. The total open interest of the index increased by 5,457 lots to 185,984 lots [7]. - **Spot Market**: On the 4th, the average price of ternary live pigs nationwide was 13.90 yuan/kg, a decrease of 0.07 yuan/kg compared with the previous day [7]. - **Supply - side Situation**: According to sample data, in September, sample breeding enterprises plan to sell 25.7 million heads, an increase of 970,000 heads or 3.92% compared with the actual output in August, with a daily average increase of 7.39%. The output may continue to increase significantly, and the utilization rate of the second - fattening pens remains high. There is still pressure on output, and the average weight of slaughtered pigs is declining. In the long - term, the output of live pigs may still increase slightly [8]. - **Demand - side Situation**: The price difference between fat and lean pigs has slightly widened, and the cost of fattening is still low. Currently, the second - fattening is mainly in a wait - and - see state. At the beginning of September, colleges and universities in various regions started school one after another. The centralized procurement by school canteens at the beginning of the month boosted the market, and the weather in some regions continued to cool down, which may increase the terminal consumption of residents. The orders of slaughtering enterprises increased slightly, the slaughter progress was relatively fast, and the operating rate and slaughter volume of slaughtering enterprises increased slightly. On September 4th, the slaughter volume of sample slaughtering enterprises was 150,800 heads, an increase of 10,000 heads compared with the previous day and an increase of 65,000 heads compared with a week ago [8]. 3.2 Industry News - As of August 21st, the average profit per head of self - breeding and self - raising was 78 yuan/head, a weekly decrease of 5 yuan/head; the average profit per head of purchasing piglets for breeding was - 57.6 yuan/head, a weekly decrease of 5 yuan/head [9][11]. 3.3 Data Overview - **15 - kg Piglet Price**: In the week of August 21st, the average market sales price of 15 - kg piglets was 463 yuan/head, a decrease of 21 yuan/head compared with the previous week [17]. - **Slaughter Volume**: In the week of August 21st, the slaughter volume of the slaughter sample was 1.675 million heads, an increase of 41,500 heads or 2.54% compared with the previous week; the average daily slaughter volume of the daily slaughter sample was 140,238 heads, an increase of 1,792 heads or 1.29% compared with the previous week [17]. - **Planned Output of Sample Enterprises**: In August, the planned output of sample enterprises was 24.72 million heads, a month - on - month increase of 6.6% compared with July, with a significant increase in output [17]. - **Average Weight of Slaughtered Pigs**: As of the week of August 21st, the average weight of slaughtered pigs nationwide was 127.98 kg, an increase of 0.16 kg or 0.13% compared with the previous week [17].

Group 1: General Information - Report title: Polyolefin Daily Report [1] - Report date: September 5, 2025 [2] - Research team: Energy and Chemical Research Team [4] Group 2: Market Quotes Futures Market | Variety | Opening | Closing | Highest | Lowest | Change | Change Rate | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Plastic 2601 | 7241 | 7225 | 7243 | 7206 | -37 | -0.51% | 502560 | 12101 | | Plastic 2605 | 7234 | 7220 | 7238 | 7201 | -34 | -0.47% | 31934 | 382 | | Plastic 2509 | 7168 | 7170 | 7180 | 7160 | -36 | -0.50% | 8450 | -77 | | PP2601 | 6940 | 6939 | 6948 | 6915 | -23 | -0.33% | 595380 | 15647 | | PP2605 | 6946 | 6949 | 6958 | 6928 | -27 | -0.39% | 45582 | 379 | | PP2509 | 6869 | 6828 | 6869 | 6828 | -41 | -0.60% | 5316 | -273 | [5] Group 3: Market Review and Outlook - L2601 opened lower, fluctuated during the session, and closed at 7225 yuan/ton, down 37 yuan/ton (-0.51%), with a trading volume of 236,000 lots and an increase in open interest of 12,101 lots to 502,560 lots. PP2601 closed at 6939 yuan/ton, down 23 yuan, a decline of 0.33%, with an increase in open interest of 15,600 lots to 595,400 lots. [6] - Futures opened lower and fluctuated weakly, dampening market trading sentiment. Traders' quoted prices were weak, and downstream buyers were cautious and replenished at low prices. [6] - For PP, the impact of maintenance weakened, new production capacity continued to be released, and the new device of Daxie Petrochemical brought supply pressure. The downstream was in the transition period between peak and off - peak seasons, and the start - up load of plastic weaving and BOPP increased slowly. Injection molding improved locally due to the release of school supplies orders, but the overall recovery trend was not good. Attention should be paid to the substantial improvement of consumption in the "Golden September" peak season. [6] - For PE, the supply - demand contradiction was not obvious. Short - term maintenance losses increased again, and new capacity投放 was slow, so the supply pressure was acceptable. The load of downstream pipes remained low, and raw material and finished product inventories were at a low level. The start - up load of agricultural films improved compared with the previous period and entered the seasonal upward range, which was expected to drive social inventory reduction. However, as the travel peak season was coming to an end and the refinery maintenance season was approaching, cost support weakened, and plastics mainly fluctuated narrowly. [6] Group 4: Industry News - On September 4, 2025, the inventory level of main producers was 680,000 tons, a decrease of 20,000 tons from the previous working day, a decline of 2.86%. The inventory in the same period last year was 750,000 tons. [7] - PE market prices partially declined. The LLDPE price in North China was 7110 - 7450 yuan/ton, in East China was 7170 - 7700 yuan/ton, and in South China was 7380 - 7750 yuan/ton. [7] - The mainstream price of propylene in the Shandong market was temporarily 6610 - 6650 yuan/ton, a decrease of 15 yuan/ton from the previous working day. The cost pressure of downstream products increased, and the enthusiasm of factories to purchase propylene decreased. The transaction of propylene production enterprises was average, and some slightly higher prices were slightly adjusted down. The overall market trading atmosphere weakened. [7] - The PP market partially loosened. The cost support of goods changed little. Traders still actively sold goods, and some quoted prices were slightly loosened. Downstream purchasing sentiment was not high. The mainstream price of North China drawstrings was 6770 - 6980 yuan/ton, in East China was 6800 - 6980 yuan/ton, and in South China was 6760 - 7030 yuan/ton. [7][8]

021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 行业 白糖日报 日期 2025 年 9 月 5 日 研究员：王海峰 021-60635728 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635732 hongchenliang@ccb.ccbfutures .com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：林贞磊 研究员：余兰兰 研究员：洪辰亮 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 | 表1：期货行情 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 合约 | 收盘价（元/吨 | 美分/磅） | 涨跌 | ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The suppression of the bond market may ease in September, but incremental positive factors remain limited. The bond market has become gradually insensitive to the stock market since late August. Considering that the fastest - growing phase of the stock market may have passed, the suppression of the stock market on the bond market may further ease. However, there is a risk that credit - easing policies may be further intensified, and it is still difficult for monetary easing policies to be implemented. Overall, the bond market may still lack a breakthrough, and investors need to be patient and wait for better allocation value [11][12]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Performance**: The stock - bond seesaw continued. The late - session plunge in the A - share market boosted the bond market sentiment, and treasury bond futures closed higher across the board. The yields of major term interest - rate bonds in the inter - bank market declined, with larger declines in the medium - and long - term bonds, around 2bp. By 16:30 pm, the yield of the 10 - year treasury bond active bond 250011 was reported at 1.75%, down 1.75bp [8][9]. - **Funding Market**: At the beginning of the month, the central bank continued to withdraw funds, and the funding situation was stable. There were 3799 billion yuan of reverse repurchase maturities, and the central bank conducted 2291 billion yuan of reverse repurchase operations, resulting in a net withdrawal of 1508 billion yuan. The inter - bank funding sentiment index remained stable, and most short - term funding rates fluctuated within a narrow range. The weighted overnight rate of inter - bank deposits fluctuated around 1.31%, the 7 - day rate rose slightly by about 0.4bp to 1.44%, and the medium - and long - term funds remained stable. The 1 - year AAA certificate of deposit rate changed little around 1.6% [10]. 3.2 Industry News - **Domestic News**: The work of using local government special bond funds to acquire and repurchase idle land has been continuously promoted, which has played an important role in stabilizing the real estate market. As of the end of August, the number of idle land parcels to be acquired with special bonds reached 4574, with a land area of over 230 million square meters, and the total amount of land to be acquired with special bonds exceeded 610 billion yuan, with actual special bond issuance of about 175.2 billion yuan. The 2025 semi - annual reports of banks were released. The asset quality of key areas such as personal loans and real estate remains a common pressure in the industry, but the overall risk is controllable, and the deterioration of relevant indicators is expected to slow down [13]. - **International News**: US President Trump said he would appeal to the US Supreme Court regarding the global tariff case. He believes that uncertainty causes the stock market to fall. If the tariffs are cancelled, the US may become a third - world country. The Bank of Japan's Deputy Governor said it is appropriate to continue raising interest rates. The US ISM manufacturing index in August rose slightly to 48.7, lower than expected, and the output index fell back into the contraction range. The eurozone's CPI in August rose 2.1% year - on - year, and a European Central Bank official said the central bank should suspend interest rate cuts due to upward inflation risks [13][14]. 3.3 Data Overview - **Treasury Bond Futures Market**: The report provides trading data for various treasury bond futures contracts on September 3, including pre - settlement price, opening price, closing price, settlement price, change, change percentage, trading volume, open interest, and change in open interest [6]. - **Money Market**: Relevant charts show the term structure change and trend of SHIBOR, as well as the change in the weighted inter - bank pledged repurchase rate and the inter - bank deposit pledged repurchase rate [29][33]. - **Derivatives Market**: Charts show the Shibor3M interest rate swap fixing curve (mean) and the FR007 interest rate swap fixing curve (mean) [35].

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: September 4, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Report Industry Investment Rating - Not provided Core Viewpoints - The SCFIS has dropped below 1800 points for seven consecutive weeks, and the online quotes in the first half of September have been further reduced, putting pressure on the October contract. However, the current main 10 - contract has a deep discount, and there was an oversold rebound on Tuesday, possibly boosted by the expectation of increased empty sailings during the National Day. But the scale of empty sailings this year has not significantly exceeded last year, and the overall shipping capacity has increased, so the boosting effect may not be strong. There may be low - buying opportunities for the December contract, and the 10 - contract is recommended to be short - sold on rallies [8] Summary by Directory 1. Market Review and Operation Suggestions - **Market Situation**: The SCFIS has been falling for seven consecutive weeks, and the online quotes in September have decreased. The price of the Shanghai - Rotterdam route shows a characteristic of smooth decline in the off - season, and the decline exceeds market expectations, bringing pressure to the October contract. The main 10 - contract has a deep discount and had an oversold rebound on Tuesday, possibly due to the expectation of increased National Day empty sailings. However, the boosting effect may be limited [8] - **Operation Suggestions**: There may be low - buying opportunities for the December contract, and the 10 - contract is recommended to be short - sold on rallies [8] 2. Industry News - **Overall Market**: From August 25th to 29th, the overall Chinese export container shipping market was stable, with different routes showing different trends due to supply - demand fundamentals, and the composite index rose slightly [9] - **European Route**: In August, the euro - area economic sentiment index was lower than expected, consumer confidence and industrial indices declined. Shipping demand lacked growth momentum, and market freight rates continued to fall. On August 29th, the Shanghai - Europe basic port market freight rate was $1481/TEU, a 11.2% decrease from the previous period [9] - **Mediterranean Route**: The market situation was similar to the European route, with weak supply - demand fundamentals and falling spot booking prices. On August 29th, the Shanghai - Mediterranean basic port market freight rate was $2145/TEU, a 3.6% decrease from the previous period [9] - **North American Route**: The US Markit manufacturing PMI in August reached the highest level since May 2022, showing strong economic performance, but there was inflation pressure. Shipping demand was stable, and market freight rates rebounded. On August 29th, the Shanghai - US West and East basic port market freight rates were $1923/FEU and $2866/FEU respectively, rising 17.0% and 9.7% from the previous period [10] - **Geopolitical News**: There were military conflicts in Yemen, with threats from the Houthi movement and Iran escalating. The US State Department held the PLO and Palestinian Authority responsible for undermining peace [10] 3. Data Overview - **Container Shipping Spot Prices** - On September 1, 2025, the SCFIS for the European route (basic ports) was 1773.6, a 10.9% decrease from August 25th; the SCFIS for the US West route (basic ports) was 1013.9, a 2.6% decrease from August 25th [12] - **Container Shipping Index (European Line) Futures Market** - Provided trading data for EC2510, EC2512, EC2602, EC2604, EC2606, and EC2608 contracts on September 3, including opening price, closing price, settlement price, change, change rate, trading volume, open interest, and open interest change [6] - **Shipping - Related Data Charts** - Included charts of Shanghai Export Container Settlement Freight Index, container shipping futures contract trends, European container ship capacity, global container ship order backlog, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates [13][17][21]