Industry Investment Rating - Not provided in the given content Core Viewpoints - The pulp futures 01 contract decreased by 0.60%, and the price of Shandong wood pulp market remained stable. The short - term external market quotes showed mixed trends. The supply - side tightening needs to be reflected in shipments, port inventories are at a high level, and downstream paper mills still aim to reduce costs and increase efficiency. The pulp market will continue to adjust with low - level fluctuations [7][8] Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: The pre - settlement price of the pulp futures 01 contract was 5304 yuan/ton, and the closing price was 5272 yuan/ton, a decline of 0.60% [7] - **Spot Market**: The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5000 - 6600 yuan/ton, remaining stable compared to the previous trading day's closing price. The quote for Shandong Silver Star was 5600 - 5620 yuan/ton [7] - **External Quotes**: Chile's Arauco Company announced the new September wood pulp external quotes. The price of softwood pulp Silver Star was 700 US dollars/ton, a decrease of 20 US dollars/ton from the previous month; the price of natural pulp Venus was 590 US dollars/ton, the same as the previous month; the price of hardwood pulp Star was 520 US dollars/ton, an increase of 20 US dollars/ton from the previous month [8] - **Supply and Demand**: In August, the chemical pulp shipments of the world's 20 major pulp - producing countries increased by 10.3% year - on - year, with softwood pulp increasing by 5% and hardwood pulp increasing by 14.7%. China's total pulp imports in August were 2.653 million tons, a month - on - month decrease of 7.9% and a year - on - year decrease of 5.6%. As of September 25, 2025, the weekly pulp inventory in major regions and ports decreased by 3.84% month - on - month. The downstream cultural paper market was affected by typhoon weather, with the start - up of individual production lines in South China declining, production in some downstream enterprises stagnating, and the trading in the base paper market weakening, showing a weak and volatile operation [8] 2. Industry News - On September 25, the PM71 paper machine at Shanying's Suzhou base was successfully started up. After the successful start - up of the PM72 at the same base, this was another major milestone achieved by Voith and Shanying. The dual - machine production of PM71&72 at the Suzhou base marked a key step in Shanying's layout in the high - end corrugated base paper market. In the future, both parties will focus on the directions of intelligence and sustainable development and jointly explore the high - quality growth path of the packaging paper industry [9] 3. Data Overview - The report presents multiple data charts, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventories, European major port wood pulp inventories, copperplate paper and offset paper prices and price differences, white cardboard and whiteboard paper prices and price differences, and the US dollar - RMB exchange rate [15][17][19][24][26][30]

行业 鸡蛋 日期 2025 年 9 月 29 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 021-60635572 hongchenliang@ccb.ccbfutures .com 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 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 期货从业资格号：F3076808 研究员：刘悠然 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 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

行业 PTA 日报 日期 2025 年 09 月 29 日 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 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 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（尿素、工业 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 期货从业资格号：F03094925 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 一、 行情回顾与操作建议 | 表1：期货行情 | | | | | | --- | --- | --- | --- | ...

Industry - The industry is cotton [1] Report Date - The report date is September 29, 2025 [2] Researchers - Yu Lanlan, contact: 021 - 60635732, email: yulanlan@ccb.ccbfutures.com, futures qualification number: F0301101 [3] - Lin Zhenlei, contact: 021 - 60635740, email: linzhenlei@ccb.ccbfutures.com, futures qualification number: F3055047 [3] - Wang Haifeng, contact: 021 - 60635727, email: wanghaifeng@ccb.ccbfutures.com, futures qualification number: F0230741 [3] - Hong Chenliang, contact: 021 - 60635572, email: hongchenliang@ccb.ccbfutures.com, futures qualification number: F3076808 [3] - Liu Youran, contact: 021 - 60635570, email: liuyouran@ccb.ccbfutures.com, futures qualification number: F03094925 [3] Market Review and Operational Suggestions Market Review - Zhengzhou cotton fluctuated weakly. The latest 328 - grade cotton price index was 15,043 yuan/ton, down 40 yuan/ton from the previous trading day. The fixed - price of the 2025/26 new cotton pre - sale blind box (mainly with double 29 and impurity within 3) was between 14,700 - 15,000 yuan on a legal weight basis, and the pre - sale basis for the same quality was between CF01 + 950 - 1100, with delivery from the end of September to the end of October [7] - In the pure cotton yarn market, the trading was average, sentiment was cautious, spinners and traders lacked confidence, inventory reduction slowed down, and yarn prices were under pressure with large losses. The overall cotton grey fabric market was stable recently. The shipment of low - count regular varieties decreased slightly compared with the previous period and was far behind the same period in previous years. Weaving factories sold at current prices [7] - In the overseas market, the good - to - excellent rate of U.S. cotton slightly decreased, the drought coverage in cotton - growing areas continued to rise, and the weekly signing data decreased month - on - month. Due to limited adjustment in supply - demand expectations, the net long position of CFTC funds remained low, and the overall market fluctuated weakly within a range. In the domestic market, the low acquisition price of machine - picked seed cotton with 42% lint percentage was about 6 - 6.2 yuan/kg, but the actual trading volume was small. Recently, due to hail and rainfall in some areas of northern Xinjiang, the new cotton acquisition was slow. The market was concerned about the price after the increase in seed cotton acquisition volume during the holiday. On the demand side, the finished product inventory still decreased steadily. Recently, the inventory reduction speed of the grey fabric end was slightly better than that of the cotton yarn end, but the overall demand was lower than the same period in previous years, and the downstream had little confidence in the traditional peak season. In the short term, the supply of new cotton was limited, and it would still operate weakly under the pressure of a bumper harvest after the holiday [8] Operational Suggestions - No operational suggestions were provided in the text Industry News - As of September 23, 2025, according to the U.S. Department of Agriculture (USDA), the proportion of cotton - growing areas affected by drought in the United States was 49%, compared with 41% last week and 32% in the same period last year [9] - According to the latest USDA data, as of the week ending September 18, 2025/2026 (unit: 10,000 tons): 1. Sales: The net signing of U.S. cotton was 21,500 tons (month - on - month decrease of 21,900 tons, year - on - year decrease of 5,900 tons). The cumulative signing this year was 946,000 tons, a year - on - year decrease of 190,000 tons. The cumulative signing volume accounted for 36.2% of the export forecast, a year - on - year decrease of 7.6 percentage points and a decrease of 16.0 percentage points compared with the five - year average. The sales gap was 1.67 million tons, and the average weekly sales required for the remaining period was 37,000 tons. 2. Shipment: The shipment of U.S. cotton was 32,300 tons (month - on - month increase of 4,400 tons, year - on - year increase of 1,800 tons). The cumulative shipment this year was 219,800 tons, a year - on - year increase of 10,300 tons. The shipment progress was 8.4%, a year - on - year increase of 0.3 percentage points and a decrease of 3 percentage points compared with the five - year average. The shipment gap was 2.39 million tons, and the average weekly shipment required for the remaining period was 53,200 tons [9] Data Overview - The report provides multiple data charts, including China's cotton price index, cotton spot price, cotton futures price, cotton basis change, CF1 - 5 spread, CF5 - 9 spread, CF9 - 1 spread, cotton commercial inventory, cotton industrial inventory, warehouse receipt total, US dollar to RMB exchange rate, and US dollar to Indian rupee exchange rate, with data sources from Wind and the Research and Development Department of CCB Futures [17][18][20][26][28]

Report Information - Report Title: Nickel Daily Report [1] - Date: September 26, 2025 [2] - Research Team: Non-ferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The net surplus pressure of pure nickel still exists, but at the current position, it is also difficult to decline significantly due to the support of nickel ore and cost. Recently, the prices of NPI and nickel sulfate are relatively strong. Continue to pay attention to the supply-side news from Indonesia. The reference for the bottom support of Shanghai nickel has been slightly raised to the 120,000 level [7]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Data**: The main contract of Shanghai nickel (2511) rose 1.08% to 122,990 compared to the previous day. The average premium of Jinchuan nickel decreased by 20 to 2,300. The average price of domestic electrowon nickel was reported at -100 - 200. The average price of 8 - 12% high-nickel pig iron decreased by 0.5 to 955 yuan/nickel point, and the average price of battery-grade nickel sulfate increased by 50 to 28,200 yuan/ton [7]. - **Supply and Demand Analysis**: Indonesia will start the 2026 approval work in October. The adjustment of the RKAB approval cycle may still disrupt the supply of the ore end at the beginning of next year. Some smelters may stock up on nickel ore in advance in the fourth quarter. It is expected that the price of nickel ore will not decline significantly this year and may rise slightly. NPI remains strong due to cost support and the expectation of demand recovery, but the improvement space for the stainless steel terminal is limited, and the subsequent upward space may be restricted. The demand for stockpiling before the double festivals supports the price of nickel salts to remain strong [7]. 3.2 Industry News - **Congo's Cobalt Export Ban**: The Democratic Republic of the Congo is considering extending the cobalt export ban for at least two months. The decision is to allow the cobalt price to recover further and to have more time to implement the quota framework. The decision needs to be approved by the presidential palace. If the ban is extended, it is expected to drive up the MHP cobalt coefficient and keep the smelting enterprises' inventory below the safety level [8][10] - **Indonesia's Mining Crackdown**: Indonesia's forest law enforcement task force will conduct a centralized crackdown on illegal mines. The country is a major producer of coal, nickel, tin, and copper, as well as the largest exporter of palm oil [10] - **FPX Nickel's Sustainability Initiatives**: FPX Nickel has joined the Mining Association of Canada (MAC) and the United Nations Global Compact, demonstrating its commitment to responsible mineral exploration and project development [10]

Industry Investment Rating - No information provided Core Viewpoints - The aluminum industry chain generally strengthened due to the sharp rise in copper prices. Shanghai aluminum opened slightly higher and moved upward, but the main contract 2511 closed down 0.39% at 20,765. The spread between October and November changed from flat to a slight discount of -5, and the far - month maintained a slight contango structure. The import window was closed, and the spot import loss fluctuated around -1,500 yuan/ton [8]. - The production of domestic bauxite in the north has not resumed, and the probability of resuming production this year is low. There is upward pressure on the price of northern bauxite, but the spot price of downstream alumina is falling, and the willingness to suppress prices is increasing. The price of imported bauxite has little short - term change. Attention should be paid to the changes in the mining rights policy before the election in Guinea [8]. - Alumina rose 1.66% during the day. The disturbance news from the Boke mine in Guinea was more of an emotional stimulus, and the substantial impact was temporarily limited. The low - cost support of alumina was prominent [8]. - The trend of cast aluminum alloy continued to follow Shanghai aluminum. With the peak season and the tight supply of scrap aluminum raw materials, attention should be paid to the strategy of going long AD and short AL [8]. - The operating capacity of electrolytic aluminum remained at a high level. On Thursday, the social inventory of aluminum ingots decreased by 2.1 to 61.7 tons compared with last Thursday. With the decline in the absolute price and the pre - holiday stocking demand of aluminum processing enterprises, the previous inventory accumulation pressure began to ease. Shanghai aluminum returned to the previous oscillation range, and the support below continued to focus on the 20,500 level [8]. Section Summaries 1. Market Review and Operation Suggestions - The price of Shanghai aluminum fluctuated, with the main contract 2511 closing down 0.39%. The import window was closed, and the spot import loss fluctuated around -1,500 yuan/ton [8]. - The production situation of domestic bauxite in the north and the price trends of bauxite and alumina were analyzed, and attention was paid to the mining rights policy in Guinea [8]. - Alumina rose during the day, and its low - cost support was prominent. The trend of cast aluminum alloy followed Shanghai aluminum, and a trading strategy was proposed [8]. - The operating capacity of electrolytic aluminum remained high, the social inventory of aluminum ingots decreased, and the support level of Shanghai aluminum was pointed out [8]. 2. Industry News - Emirates Global Aluminium (EGA) is preparing for a potential IPO, with an estimated valuation of $10 - 15 billion. The IPO will test international investors' attitude towards Middle Eastern aluminum assets and consolidate the UAE's position in the aluminum supply chain [9][10]. - In 2025, the demand for aluminum cans in Japan remained at about 2.091 billion cans, the same as the previous year and remaining at the 2 - billion - can level for 10 consecutive years [10]. - On September 22, 2025, the standard warehouse receipt generation business of cast aluminum alloy futures was officially launched, with a total registration volume of 3,878 tons on the first day [10].

Report Overview - Report Title: Zinc Futures Daily Report [1] - Date: September 26, 2025 [2] Industry Investment Rating - No investment rating information is provided in the report. Core View - The zinc price in the short - term will maintain a range - bound movement, with a reference range of 21,800 - 22,500 yuan/ton. Traders should pay attention to position control before the holiday due to the adjustment of the price limit and margin ratio of copper, aluminum, zinc, and lead futures contracts starting from the close of trading on September 29, 2025 [7]. Summary by Directory 1. Market Review - **Futures Market Quotes**: The main contract of Shanghai zinc (ZN2511) closed at 22,045 yuan/ton, up 130 yuan or 0.59%, with reduced positions. The trading volume increased while the open interest decreased by 10,581 lots to 131,286 lots. The Shanghai - London ratio was 7.49, and the exchange - excluded ratio was 1.02. The 0 - 3 spread was 59.64 (+16.48) [7]. - **Consumption and Inventory**: In the peak consumption season, overall consumption was not ideal. The operating rate in the primary consumption sector increased month - on - month but was weaker than the same period last year. Due to typhoon weather in South China, logistics were restricted. Inventory in Shanghai and Tianjin decreased due to downstream pick - up. The seven - region social inventory decreased by 0.66 million tons to 15.04 million tons this week [7]. - **Spot Market**: The spot premium of Shanghai zinc remained stable. Most downstream enterprises completed price - fixing and stockpiling before the holiday, resulting in light trading. Shanghai quoted a discount of 30 yuan/ton to the October contract, Tianjin quoted at par with Shanghai, and Guangdong quoted a discount of 70 yuan/ton to the November contract [7]. 2. Industry News - **0 Zinc Prices and Quotes**: On September 25, 2025, the mainstream transaction price of 0 zinc was 21,880 - 21,965 yuan/ton, with different quotes for different brands and regions. For example, in the Shanghai market, ordinary domestic brands quoted a discount of 30 yuan/ton to the 2510 contract, and high - end brands like Shuangyan quoted a premium of 130 yuan/ton to the 2510 contract [8]. - **Regional Market Quotes**: In the Ningbo market, the mainstream brand 0 zinc was traded at 21,880 - 21,995 yuan/ton, quoting a discount of 25 yuan/ton to the 2510 contract and a premium of 30 yuan/ton to the Shanghai spot. In the Tianjin market, 0 zinc was traded at 21,880 - 22,010 yuan/ton, and in the Guangdong market, 0 zinc was traded at 21,810 - 21,965 yuan/ton, with different quotes for different brands and contracts [8][9]. 3. Data Overview - The report provides charts on the price trends of zinc in two markets, SHFE monthly spreads, SMM seven - region zinc ingot weekly inventory, and LME zinc inventory, but no specific data analysis is presented in the given text [11][15].

021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 021-60635727 期货从业资格号：F03134307 报告类型 铁矿石日评 日期 2025 年 9 月 26 日 黑色金属研究团队 研究员：翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员：聂嘉怡 研究员：冯泽仁 fengzeren@ccb.ccbfutures.com 请阅读正文后的声明 ＃summary＃ 每日报告 数据来源：上期所、大商所网站，建信期货研究发展部 1.1 现货市场动态与技术面走势： 现货市场：9 月 25 日，主要铁矿石外盘报价环比前一交易日以持平为主，青 岛港主要品位铁矿石价格较前一交易日持平。 技术面：铁矿石 2601 合约日线 KDJ 指标走势分化，J 值调头回升，K 值、D 值继续下行；铁矿石 2601 日线 MACD 指标绿柱自昨日死叉后有所放大。 1.2 后市展望： | | | | | | 表1：9月25日钢材、铁矿期货主力合约价格、成 ...

Report Information - Report Type: Steel Daily Report [1] - Date: September 26, 2025 [2] - Research Team: Black Metal Research Team [3] - Researchers: Zhai Hepan, Nie Jiayi, Feng Zeren [3] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - After a significant rebound, the increase of rebar and hot-rolled coil futures has narrowed. Considering the expected anti-involution policies and the structural nature of steel production cuts, the raw material side is expected to provide support. It is predicted that the steel market will experience a secondary rebound after a period of consolidation from late September to early October. Attention should be paid to the recovery rhythm of finished product profits and the market changes brought about by the willingness of steel mills and coking plants to replenish raw material inventories [9]. 3. Summary by Directory 3.1 Market Review - **Futures Market**: On September 25, the main contracts of rebar and hot-rolled coil futures fluctuated within a range, with closing prices slightly higher than the previous day. The RB2601 contract closed at 3167 yuan/ton, up 0.32%; the HC2601 contract closed at 3358 yuan/ton, up 0.24%; the SS2511 contract closed at 12930 yuan/ton, up 0.19% [5]. - **Spot Market**: On September 25, the price of rebar in the Xi'an market increased by 10 yuan/ton, while prices in other major rebar markets remained basically stable. Prices in major hot-rolled coil markets were also stable [7]. - **Technical Indicators**: The daily KDJ indicator of the rebar 2601 contract formed a death cross, and that of the hot-rolled coil 2601 contract continued to decline. The daily MACD red bars of both the rebar 2601 and hot-rolled coil 2601 contracts have been narrowing for 3 consecutive trading days [7]. 3.2 Future Outlook - **Supply and Demand**: As of this week, the weekly output of the five major steel products rebounded after three consecutive weeks of decline, demand reached a new low since early March and rebounded for three consecutive weeks, and the social inventory of the five major steel products declined from a new high since late April [8]. - **Raw Material Market**: As of last week, the iron ore inventory of 247 steel mills rebounded after three consecutive weeks of decline, and the inventory of imported sintered powder ore of 64 sample steel mills significantly rebounded after reaching a new low since late June, indicating that steel mills have replenished their stocks. The shipping volume of iron ore from Australia and Brazil significantly declined to a new low since late February, and the decline in the arrival volume was relatively small. Considering the lag effect of shipping volume on arrival volume, the recent significant decline in shipping volume will be reflected in the arrival volume in the next few weeks. The profit per ton of coke has been profitable for five consecutive weeks, and the spot price of coke turned up again on September 24. The coke inventories of coking plants and steel mills are generally low, and there is limited room for the spot price of coke to decline in the future. It is unlikely that domestic coal mines will significantly increase production after approaching the completion of long-term contract tasks [9]. 3.3 Industry News - **Domestic News**: In 2025, the country plans to start the renovation of 25,000 urban old communities. From January to August, 21,700 urban old communities have started renovation. From January to August, the national railway completed a freight volume of 3.467 billion tons, a year-on-year increase of 2.6%. The national railway fixed asset investment completed 504.1 billion yuan, a year-on-year increase of 5.6%. In mid-September, key steel enterprises produced 20.73 million tons of crude steel, with an average daily output of 2.073 million tons, a daily output decrease of 0.6% month-on-month; 19.1 million tons of pig iron, with an average daily output of 1.91 million tons, a daily output increase of 0.7% month-on-month; 20.61 million tons of steel, with an average daily output of 2.061 million tons, a daily output increase of 5.4% month-on-month. At the end of mid-September, the steel inventory of key steel enterprises was 15.29 million tons, a decrease of 530,000 tons from the previous ten days, a decrease of 3.4%. The world's largest coal-fired power carbon capture demonstration project in Huaneng Gansu Zhengning Power Plant was officially put into operation, with an annual carbon dioxide capture capacity of 1.5 million tons [10]. - **International News**: In August 2025, the crude steel output of 70 countries included in the World Steel Association's statistics was 145 million tons, a year-on-year increase of 0.3%. BHP recently approved an investment of A$1.4 billion to upgrade its infrastructure in Port Hedland, Western Australia. From January to July 2025, Russian coal companies had a net loss of 225 billion rubles, much higher than the loss of 3.1 billion rubles in the same period last year. India's coal demand is expected to increase to about 1.6 billion tons by 2030 [11]. 3.4 Data Overview - The report provides various data charts, including the weekly output of the five major steel products, steel mill inventory, social inventory,开工率 and utilization rate of blast furnaces and electric furnaces, national daily average pig iron output, apparent consumption of the five major steel products, and the basis between Shanghai rebar and hot-rolled coil spot and January contracts [15][16][21][26][28][35].

行业 沥青日报 日期 2025 年 9 月 26 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 ...