1. Report Industry Investment Rating - No relevant information provided in the documents. 2. Core Viewpoints of the Report - Overall, under the suppression of high capacity, as demand gradually enters the off - season, freight rates will be under pressure in the future [2][6]. 3. Summary According to Related Catalogs 3.1 EC Futures Contracts and Price Trends - EC2508 had a price of 2111.0 with a decline of 3.31%, EC2510 had a price of 1460.0 with a decline of 2.85%, EC2512 had a price of 1735.0 with a decline of 0.16%, EC2602 had a price of 1521.3 with a decline of 1.28%, EC2604 had a price of 1370.0, and EC2606 had a price of 1504.9 with an increase of 0.76% [2][6]. - For month - spreads, EC2508 - 2510 was 680.4, EC2510 - 2512 was - 40.0, and EC2512 - 2602 was 16.9 [2][6]. 3.2 Freight Rate Indexes - SCEIS had a decline of 3.50% on 2025/7/28, SCFI had a decline of 0.95% on 2025/7/25, CCFI (European line) had relevant data on 2025/7/25, NCFI (European line) had a decline of 1.20% on 2025/7/25, and TCI had a value of 1062.48 with no change on 2025/7/18 [2][6]. 3.3 European Line Supply and Demand - In August and September (temporarily), the average weekly capacity was about 325,000 and 324,000 TEU respectively. The capacity in week32/33/34/35 was 330,000, 305,000, 350,000, and 316,000 TEU respectively, with high capacity pressure especially in the second half of August. There was a transfer from the US line to the European line. Under the support of the shipping company's base cargo, the shipping company's load factor in July had no significant pressure. In early August, the base cargo still provided some support, but the cargo volume gradually weakened and entered the off - season [2][6]. 3.4 Recent European Line Quotations - In July, the quotations remained stable at around 2400 points. In August, the PA alliance's quotation dropped by 200 - 300 to 3100 US dollars, MSK's quotation first dropped slightly (2900 - 3000 US dollars) and then increased slightly, OA continued to use 3400 - 3500 US dollars. In week31, the quotation landed at about 3300 US dollars (equivalent to 2300 points on the disk). On Tuesday, HPL reduced the price by 200 to 3100 US dollars [2][6]. 3.5 Related News - On 7/29, China and the US reached a consensus in the Stockholm talks to extend the previously suspended 24% reciprocal tariffs and China's counter - measures for 90 days, but the final agreement needs to be decided by President Trump [2][6]. - On 7/29, Israel was considering a full - scale military occupation of the Gaza Strip, the US State Department refused to hold a "two - state solution" meeting on the Gaza issue, and German government was expected to approve a 2026 budget with a record investment of 126.7 billion euros [2][6].

新浪期货 根据交易所数据，截至7月29日收盘主力合约玻璃2509,涨跌-7.19%,成交量348.55万手，持仓数据显示前20席位呈现净 空，差额头寸为156588手。 玻璃期货全合约总计成交447.48万手，比上一日减少159.48万手。全合约前20席位多头持仓74.76万手，比上一日增加2.54万手。全 合约前20席位空头持仓94.83万手，比上一日增加6696手。 根据合并数据显示，多头前三席位为国泰君安，总持仓82273、中信期货，总持仓66662、永安期货，总持仓56800；空头前三席位 为永安期货，总持仓160546、国泰君安，总持仓138913、中信期货，总持仓100884； 主力合约前20席位中，多头增仓前三名分别是：华泰期货、持仓23071、增仓6750，银河期货、持仓22978、增仓6297，东证期 货、持仓39881、增仓3510；多头减仓前三名分别是：国泰君安、持仓46402、减仓-7579，国海良时、持仓15546、减仓-6435，永 安期货、持仓18393、减仓-5835； 主力合约前20席位中，空头增仓前三名分别是：南华期货、持仓17577、增仓11068，永安期货、持仓1132 ...

Summary of Key Points Core Viewpoint - The main focus of the article is on the trading activity and positions in the soda ash futures market as of July 28, 2025, highlighting significant changes in both long and short positions among major market participants [1][3]. Trading Activity - As of July 28, 2025, the main contract for soda ash (2509) experienced a price change of -8.04%, with a total trading volume of 3.575 million contracts and an open interest showing a net short position among the top 20 participants [1]. - The total trading volume across all soda ash contracts reached 5.360 million contracts, an increase of 522,700 contracts from the previous day [1]. Positions of Major Participants - Among the top 20 participants, long positions totaled 1.0234 million contracts, an increase of 61,400 contracts, while short positions totaled 1.3148 million contracts, an increase of 126,700 contracts [1]. - The top three long positions were held by Guotai Junan (95,507 contracts), CITIC Futures (59,745 contracts), and Founder Futures (59,076 contracts) [1][3]. - The top three short positions were also led by Guotai Junan (164,917 contracts), Yong'an Futures (161,681 contracts), and Dongzheng Futures (123,371 contracts) [1][3]. Changes in Positions - The top three participants with the largest increase in long positions were Huatai Futures (37,811 contracts, +12,060), Dongfang Caifu (20,096 contracts, +6,333), and招商期货 (16,571 contracts, +3,837) [1][3]. - Conversely, the top three participants with the largest decrease in long positions were Dongzheng Futures (35,417 contracts, -4,568), CITIC Futures (35,628 contracts, -1,971), and Zhonghui Futures (16,542 contracts, -1,735) [1][3]. - For short positions, the largest increases were seen in Dongzheng Futures (68,009 contracts, +15,832), Yong'an Futures (92,107 contracts, +9,024), and Founder Futures (19,378 contracts, +8,629) [1][3]. - The largest decreases in short positions were recorded by GF Futures (12,959 contracts, -2,055), Zhongtai Futures (17,685 contracts, -1,237), and Yinhai Futures (35,349 contracts, -1,163) [1][3].

主力合约前20席位中，空头增仓前三名分别是：永安期货、持仓107195、增仓29163，东证期货、持仓82765、增仓28979，华泰期 货、持仓35075、增仓9186；空头减仓前三名分别是：中信期货、持仓68132、减仓-23202，国泰君安、持仓105554、减 仓-12841，中信建投、持仓14323、减仓-8638。 文章来源:新浪期货 2025年7月28日玻璃主力合约2509持仓数据一览 新浪期货 根据交易所数据，截至7月28日收盘主力合约玻璃2509,涨跌-9.00%,成交量487.85万手，持仓数据显示前20席位呈现净 空，差额头寸为177223手。 玻璃期货全合约总计成交606.96万手，比上一日新增82.79万手。全合约前20席位多头持仓74.42万手，比上一日减少1.15万手。全 合约前20席位空头持仓96.60万手，比上一日增加4.02万手。 根据合并数据显示，多头前三席位为国泰君安，总持仓98719、中信期货，总持仓59961、永安期货，总持仓53817；空头前三席位 为国泰君安，总持仓147165、永安期货，总持仓146220、东证期货，总持仓111838； 主力合约前20席位中， ...

焦炭期货全合约总计成交8.00万手，比上一日新增383手。全合约前20席位多头持仓1.93万手，比上一日减少1152手。全合约前20 席位空头持仓2.46万手，比上一日减少2591手。 新浪期货 根据交易所数据，截至7月28日收盘主力合约焦炭2509,涨跌-7.98%,成交量6.29万手，持仓数据显示前20席位呈现净空， 差额头寸为5324手。 2025年7月28日焦炭主力合约2509持仓数据一览 | | 名次 会员名称 成交量(双边) | | 增减 | 会员 | 持买单 | 增减 | 会员 | 持卖单 | 增减 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ਹ | 中信期货 | 11,527 | 25 | 中信期货 | 2,884 | 67 | 中信期货 | 3,345 | -522 | | 2 | 国泰君安 | 9,420 | -361 | 国泰君安 | 2,673 | 41 | 物产中大 | 2,681 | -JJ3 | | 3 | 东证期货 | 5,371 | 103 | 银河期货 | 1,691 | -104 | ...

s 疯皮期货 沥青早报 研究中心能化团队 2025/7/28 | | 指标 | 6/26 | 7/17 | 7/23 | 7/24 | 7/25 | 日度变化 | 間度変化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | BU主力合约 | 3563 | 3628 | 3594 | 3602 | 3615 | 13 | -13 | | | BU06 | 3274 | 3384 | 3391 | 3384 | 3421 | 37 | 37 | | | BU09 | 3563 | 3628 | 3594 | 3602 | 3615 | 13 | -13 | | | BU12 | 3396 | 3450 | 3460 | 3459 | 3484 | ટર | 34 | | 14:1 | BU03 | 3321 | 3409 | 3406 | 3392 | 3430 | 38 | 21 | | | 成交量 | 319183 | 255138 | 300486 | 258219 | 322134 | 63915 | 66996 | | | 持仓量 ...

来源：新浪期货 碳酸锂期货全合约总计成交170.50万手，比上一日减少68.97万手。全合约前20席位多头持仓46.46万手，比上一日增加7.60万手。 全合约前20席位空头持仓60.19万手，比上一日增加6.51万手。 根据合并数据显示，多头前三席位为国泰君安期货，总持仓83666、中信期货，总持仓41123、永安期货，总持仓35477；空头前三 席位为国泰君安期货，总持仓129005、中信期货，总持仓105577、东证期货，总持仓49784； 新浪期货 根据交易所数据，截至7月25日收盘主力合约碳酸锂2509,涨跌+7.99%,成交量120.34万手，持仓数据显示前20席位呈现净 空，差额头寸为102655手。 | | 名次 会员名称 成交量(双边) | | 增减 | | 会员 | 增减 | 会员 | 持卖单 | 增减 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | J | 中信期货 | 379,320 | -289,796 | 国泰君安期货 | 83,666 | 21,961 | 国泰君安期货 129,005 | | 3 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The PG futures contract price fluctuated and declined. Although the chemical demand is expected to be strong, the decline in oil prices and the weakening of international LPG prices led to a weaker futures price. The cheapest deliverable is East China civil LPG at 4486. The basis strengthened to 433 (+93). The inter - month reverse spread strengthened due to weak spot and main contract roll - over. The registered warrant volume is 8804 lots (+500), with Qingdao Yunda adding 500 lots. The external market price continued to weaken, and the oil - gas ratio increased. It is expected that the domestic LPG market will continue a narrow - range oscillation [1] Group 3: Summary Based on Relevant Content Price and Market Data - From July 18 to July 24, 2025, the prices of South China LPG, East China LPG, and Shandong LPG showed certain fluctuations. The daily change on July 24 was 0 for South China, East China, and Shandong LPG. The price of propane CFR South China increased by 1, and propane CIF Japan increased by 16. The MB propane spot price increased by 1. The price of Shandong alkylated oil remained unchanged, and the price of Shandong ether - after carbon four increased by 50. The main contract basis decreased by 56 [1] - The monthly spread declined, with the 08 - 09 spread at 31 and the 08 - 10 spread at - 402. The US - to - Far - East arbitrage window is closed. On Thursday, the cheapest deliverable was East China civil LPG at 4443. FEI and CP rebounded, PP strengthened significantly, the production profit of FEI and CP to PP oscillated, and the CP production cost is lower than FEI [1] Weekly Outlook - The PG futures contract price fluctuated and declined. The decline in oil prices and the weakening of international LPG prices led to a weaker futures price despite strong chemical demand expectations. The cheapest deliverable is East China civil LPG at 4486. The basis strengthened to 433 (+93). The inter - month reverse spread strengthened due to weak spot and main contract roll - over. The registered warrant volume is 8804 lots (+500), with Qingdao Yunda adding 500 lots [1] - The external market price continued to weaken, and the oil - gas ratio increased. In terms of regional spreads, PG - CP reached 27 (+8), FEI - MB reached 163 (+6), FEI - CP reached - 5.5 (+9.5); the US - Asia arbitrage window opened; AFEI propane declined significantly, and the CP arrival discount decreased slightly. FEI - MOPJ increased to - 43.75 (-1.75) [1] - PDH profit improved, and MTBE export profit declined. With high unloading volumes, port inventories increased significantly, and factory inventories increased slightly. The commercial volume decreased by 0.98%, mainly due to reduced external sales from the main refinery in Maoming, South China, increased self - use in Shandong, and limited supply in East China [1] - Chemical demand is strong; PDH operating rate increased significantly to 71.78% (+10.91pct) due to the restart of Zhongjing Petrochemical Phase III and Zhenhua Petrochemical, and the increased load of Quanzhou Guoheng and Hebei Haiwei at the end of last week. Liaoning Jinfa plans to resume operation next week; the alkylation operating rate increased, and Qifa Chemical's alkylation unit plans to resume production next week; MTBE export orders increased. However, weak combustion demand is expected to keep the domestic LPG market in a narrow - range oscillation [1]

来源：新浪期货 文章来源:新浪期货 | | | | | 2025年7月25日热轧卷板主力合约2510持仓数据一览 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 名次 会员名称 成交量(双边) | | 增减 | 会员 | 持买单 | 增减 | 会员 | 持卖单 | 增减 | | T | 国泰君安 | 302,246 | 30,241 | | 中信期货 188,144 | 1.244 | | 国泰君安 297,779 9,663 | | | 2 | 东证期货 | 204,760 | -5,432 | 国泰君安 | 160,103 | 11,955 | 东证期货 | 103,852 6,091 | | | 3 | 中信期货 | 176,175 | 30,308 | 永安期货 | 93,769 | -9,270 | 国贸期货 | 102,630 5,463 | | | ব | 花素期货 | 82,790 | 19,903 | 东证期货 | 86,638 | 9.045 | 光大期货 | 81,138 | 1, ...

Core Viewpoint - As of July 25, 2025, the PVC futures market shows a significant increase in trading volume and a net long position among the top 20 participants, indicating bullish sentiment in the market [1][3]. Group 1: Market Performance - The main contract PVC2509 closed with a price change of +3.19% and a trading volume of 1.8639 million lots [1]. - Total trading volume for all PVC contracts reached 2.2536 million lots, with an increase of 287,000 lots compared to the previous day [1][4]. Group 2: Positioning Data - The top 20 positions in the PVC futures market show a net long position with long positions totaling 751,100 lots and short positions totaling 747,700 lots [1]. - The top three long positions are held by Zhongcai Futures (total position 111,435), Guotai Junan (total position 57,737), and Citic Futures (total position 55,450) [1][4]. - The top three short positions are held by Guotai Junan (total position 162,524), Citic Futures (total position 68,040), and Dongzheng Futures (total position 62,415) [1][4]. Group 3: Changes in Positions - Among the top 20 long positions, the largest increases were seen in Citic Futures (+3,848), Huishang Futures (+1,829), and Guotai Junan (+1,620) [1]. - The largest decreases in long positions were recorded by Everbright Futures (-1,967), Wucai Zhongda (-1,734), and Huatai Futures (-1,724) [1]. - For short positions, Guotai Junan saw the largest increase (+8,858), followed by Dongzheng Futures (+3,325) and Citic Jiantou (+3,003) [1].