行业 豆粕 日期 2025 年 10 月 13 日 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635740 linzhenlei@ccb.ccbfutures.co m期货从业资格号：F3055047 021-60635727 wanghaifeng@ccb.ccbfutures.c om期货从业资格号：F0230741 农产品研究团队 研究员：余兰兰 研究员：林贞磊 研究员：王海峰 研究员：洪辰亮 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 每日报告 | 表1：行情回顾 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 持仓量 | 持仓量变化 | | 豆粕2601 | 2934 | 2938 | 2944 | 2903 | 2922 | -12 | -0.41% | 8723 ...

行业 鸡蛋 日期 2025 年 10 月 13 日 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635740 linzhenlei@ccb.ccbfutures.co m期货从业资格号：F3055047 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：行情回顾 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 合约 | 前结算价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 持仓量 | 持仓量变化 | | 鸡蛋 | 2510 | 2676 | 2500 | 2659 | 2488 | 2599 | -77 | -2.88% | 331 229 | -86 | | | 鸡蛋 | 2511 | 2871 | 2870 | 2872 | 2805 | 2806 | -65 | -2.26% | 324190 ...

Report Information - Report Date: October 13, 2025 [2] - Report Industry: Oil and Fat [1] - Researcher Team: Agricultural Product Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] 1. Market Review and Operation Suggestions Market Review - East China's third-grade rapeseed oil: Spot price is OI2601 + 270, and from October to November it is OI2601 + 280. East China's first-grade rapeseed oil in October is OI2601 + 390. East China market's first-grade soybean oil basis prices vary by months. Guangdong traders' palm oil quotes are temporarily stable [7]. Core View - In the short term, the palm oil market may face technical adjustments due to a rapid price increase, with potential profit - taking and reduced buying demand, leading to a callback risk. The same situation applies to soybean oil and rapeseed oil. In the long term, Indonesia's plan to implement the mandatory B50 biodiesel program in the second half of 2026 may tighten palm oil supply and support prices. The oil and fat sector is dominated by long - position funds, and it is recommended to buy at low prices and roll long positions [8]. 2. Industry News - In September 2025, Malaysia's palm oil production was 1.8412 million tons, a 0.73% month - on - month decrease; imports were 78,400 tons, a 33.95% month - on - month increase; exports were 1.4276 million tons, a 7.69% month - on - month increase; and the end - of - month inventory was 2.361 million tons, a 7.2% month - on - month increase [9]. 3. Data Overview - The report presents various data charts including spot prices and basis changes of palm oil, soybean oil, and rapeseed oil, as well as exchange rate charts [13][14][28]

Group 1: Report Information - Report Title: Pulp Daily Report [1] - Date: October 13, 2025 [2] Group 2: Industry Investment Rating - No information provided Group 3: Core Views - Pulp futures contract 01 decreased by 0.59%, and the pulp market showed a low - level volatile adjustment. The downstream demand was weak, and the supply pressure of double - offset paper remained due to new capacity [7]. Group 4: Summary by Section 1. Market Review and Operation Suggestions - Pulp futures 01 contract: The previous settlement price was 5108 yuan/ton, and the closing price was 5078 yuan/ton, a decline of 0.59% [7]. - Shandong wood pulp market: The intended transaction price range of softwood pulp was 4810 - 6600 yuan/ton, up 10 yuan/ton from the previous trading day. The quotation of Shandong Yinxing was 5520 - 5550 yuan/ton [7]. - Arauco's September offer: Coniferous pulp Yinxing was 700 dollars/ton, down 20 dollars/ton from last month; natural pulp Venus was 590 dollars/ton, unchanged from last month; hardwood pulp Mingxing was 540 dollars/ton, up 20 dollars/ton from last month [7]. - August production and import data: The chemical pulp shipments of 20 major pulp - producing countries increased by 10.3% year - on - year. China's pulp import volume was 265.3 million tons, a month - on - month decrease of 7.9% and a year - on - year decrease of 5.6% [7]. - Inventory data: As of October 9, 2025, the weekly pulp inventory in major regions and ports decreased by 0.51% month - on - month [7]. - Downstream market: The enthusiasm of downstream paper mills to purchase pulp was low, and most maintained just - in - time purchases. The offer of double - offset paper still declined after the festival, and there was still supply pressure [7]. 2. Industry News - On October 10, the import of waste pulp attracted the attention of customs. Customs required importers to indicate the production process of recycled pulp in the customs declaration form from October 10, 2025 [8]. 3. Data Overview - Multiple data charts were provided, including import softwood pulp spot price, pulp futures price, pulp spot - futures price difference, etc., with data sources from Wind and Zhuochuang Information [14][16][18]

Industry Investment Rating - No information provided Core View - The supply and demand of live hogs are both increasing, but the supply growth rate is still relatively large, and the supply - demand situation is relatively loose. Spot prices are likely to remain weak in a volatile manner. Futures contracts 2511 and 2601 are mainly dragged down by the weak spot market and remain weak [7] Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 10th, the main 2601 live hog futures contract opened slightly lower, then rose and then fell, closing down. The highest price was 12,310 yuan/ton, the lowest was 12,130 yuan/ton, and the closing price was 12,140 yuan/ton, down 0.78% from the previous day. The total open interest of the index increased by 17,324 lots to 276,137 lots [6] - **Spot Market**: On the 10th, the average price of ternary hogs nationwide was 11.24 yuan/kg, down 0.22 yuan/kg from the previous day [6] - **Supply - side**: In September, the actual completion rate of supply - side slaughter was only 96.5%, and some slaughter will be postponed to October. The planned slaughter volume of sample enterprises in October increased by 5.14% compared with the actual slaughter volume in September. The slaughter weight increased seasonally. In the long term, the slaughter of live hogs is expected to maintain a slight increase until the first half of next year [7] - **Demand - side**: Currently, secondary fattening maintains sporadic replenishment. There is some replenishment demand due to low meat - making costs and declining pen utilization rates, and it has increased in some areas. Terminal demand lacks obvious positive support and has slightly declined after the festival. However, as the weather continues to cool, consumer demand may continue to rise. The orders of slaughtering enterprises have slightly increased, and the operating rate and slaughter volume have slightly increased, but the overall increase is limited. On October 10th, the slaughter volume of sample slaughtering enterprises was 154,500 heads, an increase of 11,800 heads from the previous day, a decrease of 15,000 heads week - on - week, and an increase of 7,000 heads month - on - month [7] 2. Industry News - As of October 9th, the average profit per self - breeding and self - raising live hog was - 77 yuan/head, a weekly decrease of 23 yuan/head; the average profit per live hog purchased with piglets was - 320 yuan/head, a weekly decrease of 13 yuan/head [8][10] 3. Data Overview - The average market sales price of 15kg piglets in the week of October 9th was 281 yuan/head, a decrease of 53 yuan/head from the previous week [19] - The price difference between 150 - kg fat hogs and standard hogs in the week of October 9th was 0.26 yuan/jin, a weekly increase of 0.1 yuan/jin [19] - As of the week of October 9th, the average slaughter weight of live hogs nationwide was 128.48 kg, a decrease of 0.07 kg from the previous week, a month - on - month decline of 0.05% [19]

供需失衡未有扭转 工业硅弱于多晶硅运行 请阅读正文后的声明 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 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 行业 工业硅月报 日期 2025 年 10 月 10 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） 研究员：冯泽仁（玻 ...

Report Date - October 10, 2025 [2] Research Team - Energy and Chemical Research Team includes researchers for different sectors such as crude oil, PTA/MEG, industrial silicon, polyolefins, pulp, and glass soda ash [3] Investment Rating - Not provided Core View - The national carbon market price is under pressure and fluctuating [4] Summary by Section 1. National Carbon Market Overview - In September, the national carbon market's highest price was 69.49 yuan/ton, the lowest was 57.72 yuan/ton, and the closing price dropped 16.35% from the last trading day of the previous month. The total trading volume was 32,700,907 tons, and the total turnover was 2,003,662,939.74 yuan. From January 1 to September 30, 2025, the trading volume was 98,098,802 tons, and the turnover was 6,797,362,256.82 yuan [7] - Fudan Carbon Index shows price expectations for October and December 2025 for national carbon emission allowances (CEA) and China Certified Emission Reductions (CCER), with some price indices showing declines [8] - From January to July 2025, thermal power generation decreased 1.30% year-on-year, cement production decreased 4.5% year-on-year, electrolytic aluminum production increased 2.54% year-on-year, pig iron production decreased 1.3% year-on-year, and crude steel production decreased 3.1% year-on-year [9][10] 2. Market News - At the 2025 China Carbon Market Conference, the Deputy Minister of Ecology and Environment introduced the progress and achievements of the national carbon market since 2024 and outlined future plans. The Minister reported on the significant achievements and challenges in climate change response and carbon peaking and neutrality work, highlighting issues like the resurgence of "two high" projects [11] 3. Data Summary - Not provided with specific summary information other than the mention of data sources and some chart references [13][17][22]

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 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 行业 多晶硅月报 日期 2025 年 10 月 10 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） 研究员：冯泽仁（玻璃/纯碱） 2025-07-09：《光伏电力行业专题报 告： ...

Group 1: Report Overview - Report Type: Copper Futures Daily Report [1] - Date: October 10, 2025 [2] - Research Team: Non - ferrous Metals Research Team [4] - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - Short - term copper prices are on a strong upward trend driven by events and capital speculation. Although the spot market is weak at home and strong abroad, the inflow of global funds into the copper market is expected to continue the short - term upward trend of copper prices [7] Group 4: Market Review and Operational Suggestions - Shanghai copper opened high and moved high. The expected decline in production at the mine and smelting ends is being consolidated, and the supply - side pressure is easing, attracting global capital attention. The positions of LME, COMEX, and Shanghai copper are rising significantly, and the net long positions of CFTC and COTR funds are also increasing. However, the spot market is slightly weak, with the premium of Shanghai copper spot remaining flat at 15, and the downstream buying sentiment declining. The domestic social inventory increased by 18,000 tons during the holiday, and the positive structure of the near - month contract on the disk is expanding, so the spot premium is expected to be under pressure. The LME 0 - 3 contango structure has narrowed to 29.5, LME inventory has dropped to 139,000 tons, and COMEX inventory has increased to 304,000 tons, and the spot pressure in the overseas market is easing [7][10] Group 5: Industry News - Japan's PPC expects its copper production in the second half of the 2025/26 fiscal year to decrease by 2.5% year - on - year to 287,400 tons, and Mitsubishi Materials Corporation will reduce the concentrate processing volume of its Onahama smelter by about 25%, which means a reduction of about 75,000 ore tons in the second half of the fiscal year [11] - Aurubis has raised the long - term premium for electrolytic copper in Europe in 2026 to $315 per ton, a record high [11] - Teck Resources' Quebrada Blanca copper mine has extended its suspension due to a tailings dam heightening project. The 2025 copper production guidance has been lowered from 210,000 - 230,000 tons to 170,000 - 190,000 tons, and the 2026 forecast production has been reduced from 280,000 - 310,000 tons to 200,000 - 235,000 tons. The optimization project to increase the processing capacity by 5% - 10% will be postponed to after 2027 - 2028. Highland Valley Copper has also lowered its 2025 copper production guidance from 135,000 - 150,000 tons to 120,000 - 130,000 tons due to grade decline and maintenance needs [11][12]

Report Overview - Report Title: Copper Futures Monthly Report - Date: October 10, 2025 - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] Report Industry Investment Rating - The report does not mention the industry investment rating. Core Viewpoint - Supported by the fundamentals, the copper price will strengthen, and the support level of the main contract of Shanghai copper will rise to 82,000 [9][16]. Summary of Each Section 1. Market Review and Future Outlook 1.1 Market Review - In September, the main contract of Shanghai copper traded between 79,380 and 83,820, with total positions rising 9.7% to 533,000 lots. The spot premium of domestic 1 electrolytic copper dropped to a discount at the end of the month. Social inventories continued to accumulate slightly, and bonded area inventories decreased by 0.21 million tons to 730,000 tons. LME copper traded between 9,844 and 10,485, with total positions up 12% to 300,000 lots. COMEX copper traded between 452.55 and 493.95, with total positions up 36% to 245,000 lots [11]. 1.2 Future Outlook - Fundamentally, the tight supply of raw materials will limit the growth of refinery production in the fourth quarter, while demand is expected to strengthen. Macroscopically, the Fed's interest - rate cuts are beneficial to the copper price. Overall, the copper price is expected to strengthen [9][15][16]. 2. Supply Side: Tight Raw Materials are Spreading to the Smelting End 2.1 Tight Supply - Demand in the Copper Concentrate Market - From January to July 2025, global copper mine supply increased by 536,000 tons to 13.485 million tons. Due to the accident at the Grasberg mine, the global copper mine increment in 2025 is expected to be adjusted down to 450,000 tons. The new project in the second half of 2025 is the second - phase of Julong Copper Mine, with a new capacity of 200,000 tons, but the capacity will be released in 2026. In September, the decline of imported copper concentrate TC slowed down. The demand for copper concentrate in China far exceeds the supply, and the supply - demand tension has intensified [17][18]. 2.2 Intensified Tightness of Cold Materials - In August, the import of anode copper decreased significantly, and the import of scrap copper was stable. The supply of cold materials is expected to remain tight in October, and the upside space for cold material processing fees is limited [20][22]. 2.3 Realization of Refinery Production - Cut Expectations - In September, the electrolytic copper production decreased significantly due to increased refinery maintenance and difficulties in purchasing anode copper. It is expected that the production will continue to decline in October and may further decrease in November due to maintenance plans and tight anode plate supply [25]. 3. Demand Side: Lackluster Peak Season for Copper Products, Resilient Terminal Demand 3.1 Lackluster Peak Season for Domestic Copper Products Production - From January to August, the domestic copper product output reached 16.6 million tons, with a year - on - year growth of 10.7%. In September, the start - up rates of copper rods and their downstream industries were lower than expected, and the peak season was lackluster [28][29]. 3.2 Obvious Recovery in the Automobile Market Driven by National Consumption - Promotion Policies - In August, automobile production and sales increased by 8.7% and 10.1% month - on - month respectively. New energy vehicle production and sales maintained rapid growth, and the export of new energy vehicles increased significantly year - on - year [32][33]. 3.3 Power Grid Investment Growth Offset the Decline in Power Source Investment - From January to August, the power grid investment was 379.576 billion yuan, with a year - on - year growth of 14%. It is expected to further increase to address the imbalance between power source and power grid investment. The power source investment growth is expected to lag behind that of the power grid [35][36]. 3.4 Rebound in Household Appliance Output Growth, Continued Slowdown in Exports - From January to August 2025, the output of air conditioners, refrigerators, and washing machines increased by 6%, 2%, and 8% year - on - year respectively, while the export growth slowed down. Global household appliance production and sales may face downward pressure in 2025 [40]. 3.5 The Downward Cycle of the Real Estate Market Continues - From January to August 2025, real estate investment, new construction, and completion growth rates were - 12.9%, - 19.5%, and - 17% respectively. The real estate market is expected to provide no support for copper demand this year [42][43].