1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - On September 3, industrial silicon fluctuated weakly. The main contract 2511 closed at 8,490 yuan/ton, with an intraday decline of 0.29%. The position decreased by 1,738 lots to 279,700 lots. The spot reference price of Baichuan industrial silicon was 9,369 yuan/ton, remaining unchanged from the previous trading day. The price of the lowest deliverable 421 grade silicon dropped back to 8,600 yuan/ton, and the spot premium widened to 115 yuan/ton. Polysilicon fluctuated strongly. The main contract 2511 closed at 52,160 yuan/ton, with an intraday increase of 0.34%. The position increased by 3,355 lots to 149,000 lots. The price of N-type recycled polysilicon material rose to 49,000 yuan/ton, and the price of the lowest deliverable silicon material dropped to 49,000 yuan/ton. The spot discount widened to 3,300 yuan/ton. The resumption of production in the north and south of industrial silicon and the increase in crystalline silicon production have become marginal drivers, and the overall operating center is expected to rise slightly. After the previous anti-involution news was fully priced in, the trading focus of polysilicon has gradually shifted to fundamental logic. Due to the limitation of terminal power station yields, the acceptance of price increases in the component sector has reached its peak, and the sentiment in the silicon material market has cooled along with the downstream market. Before the introduction of specific policy measures, the market is still in a game between policy boosts and fundamental drags. Polysilicon has entered a range-bound mode with obvious tops and bottoms, and policy dynamics have a phased impact on the market. Attention should be paid to the results of the Ministry of Industry and Information Technology's energy-saving special inspection on September 30 and the destocking situation in the industrial chain [2]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - **Industrial Silicon**: The futures settlement price of the main contract decreased by 10 yuan/ton to 8,505 yuan/ton, and the near-month contract decreased by 10 yuan/ton to 8,485 yuan/ton. The spot prices of various grades of industrial silicon remained unchanged. The current lowest deliverable price was 8,600 yuan/ton, and the spot premium increased by 10 yuan to 115 yuan/ton. The industrial silicon warehouse receipts increased by 319 to 50,348, and the Guangzhou Futures Exchange inventory decreased by 955 tons to 252,265 tons. The inventory at Huangpu Port remained unchanged at 55,000 tons, and the inventory at Tianjin Port decreased by 2,000 tons to 68,000 tons. The inventory at Kunming Port decreased by 1,000 tons to 48,500 tons. The industrial silicon factory inventory increased by 10,000 tons to 271,400 tons, and the total social inventory of industrial silicon increased by 7,000 tons to 442,900 tons [3]. - **Polysilicon**: The futures settlement price of the main contract increased by 285 yuan/ton to 52,160 yuan/ton, and the near-month contract increased by 330 yuan/ton to 52,330 yuan/ton. The spot prices of various grades of polysilicon remained unchanged. The current lowest deliverable price was 49,000 yuan/ton, and the spot discount increased by 330 yuan to 3,330 yuan/ton. The polysilicon warehouse receipts remained unchanged at 6,870, and the Guangzhou Futures Exchange inventory increased by 11,040 tons to 206,400 tons. The polysilicon factory inventory decreased by 30,000 tons to 245,000 tons, and the total social inventory of polysilicon decreased by 30,000 tons to 245,000 tons [3]. - **Organic Silicon**: The spot price of DMC in the East China market remained unchanged at 10,800 yuan/ton. The prices of raw rubber, 107 glue, and dimethyl silicone oil remained unchanged, while the price of dimethyl silicone oil increased by 2,500 yuan/ton to 14,000 yuan/ton [3]. 3.2 Chart Analysis 3.2.1 Industrial Silicon and Cost-side Prices - Charts show the prices of different grades of industrial silicon, grade spreads, regional spreads, electricity prices, silica prices, and refined coal prices [4][6][9]. 3.2.2 Downstream Product Prices - Charts show the prices of DMC, organic silicon products, polysilicon, silicon wafers, solar cells, and solar modules [12][16][18]. 3.2.3 Inventory - Charts show the industrial silicon futures inventory, factory inventory, weekly industry inventory, weekly inventory changes, DMC weekly inventory, and polysilicon weekly inventory [21][24]. 3.2.4 Cost and Profit - Charts show the average cost and profit levels of main production areas, weekly cost and profit of industrial silicon, profit of the aluminum alloy processing industry, DMC cost and profit, and polysilicon cost and profit [27][29][33].

2025 年 09 月 04 日 商 品 研 究 尿素：现货成交清淡，期货收升水 | | | 【基本面跟踪】 尿素基本面数据 | 项 | 目 | 项目名称 | | 昨日数据 | 前日数据 | 变动幅度 | | --- | --- | --- | --- | --- | --- | --- | | 期货市场 | 尿素主力 | 收盘价 | （元/吨） | 1,714 | 1,746 | -32 127052 | | | | 结算价 | （元/吨） | 1,737 | 1,747 | -10 | | | | 成交量 | （手） | 285,785 | 158,733 | | | | （01合约） | 持仓量 | （手） | 232,728 | 219,382 | 13346 | | | | 仓单数量 | （吨） | 7,205 | 7,205 | 0 | | | | 成交额 | （万元） | 992,534 | 554,611 | 437923 | | | | 山东地区基差 | | -4 | -36 | 3 2 | | | 基 差 | 丰喜-盘面 | （运费约100元/吨） | -104 | -136 | 3 2 ...

1. Report Industry Investment Rating - No relevant content found. 2. Core Views of the Report PTA - Yesterday, PTA futures fluctuated and declined. The spot market negotiation atmosphere was average, and the spot basis was weak with differentiation. Polyester factories' bids increased. The mainstream spot basis today is at 01 - 51. The PTA device maintenance effect was less than expected, the spot market liquidity was okay, the spot basis weakened, and the price fluctuated following the cost side. Although the processing margin improved slightly from the low point, it remained at a relatively low level. Attention should be paid to the maintenance situation of Hengli Huizhou's device and subsequent upstream and downstream device changes [5]. - The spot price is 4700, the 01 - contract basis is - 32, and the futures price is at a premium, which is neutral. The PTA factory inventory is 3.81 days, a 0.1 - day increase compared to the previous period, which is bearish. The 20 - day moving average is downward, and the closing price is below the 20 - day moving average, which is bearish [6]. MEG - On Wednesday, the price of ethylene glycol (MEG) was consolidating at a low level, and the market negotiation was okay. The intraday MEG futures were weakly consolidating. The spot negotiation was traded at a premium of 86 - 92 yuan/ton to the 01 contract. Some contract merchants and suppliers participated in restocking, and the spot basis moderately strengthened at the end of the session. In terms of US dollars, the overseas MEG price was consolidating at a low level. The early - morning negotiation price for near - term shipments was around 524 - 525 US dollars/ton, and the afternoon negotiation price dropped to around 520 - 522 US dollars/ton. The 9 - end - of - September shipments were traded at around 519 - 523 US dollars/ton, and some financing merchants participated in inquiries [7]. - The spot price is 4434, the 01 - contract basis is 103, and the futures price is at a discount, which is bullish. The total inventory in East China is 40.63 tons, a 9.42 - ton decrease compared to the previous period, which is bullish. The 20 - day moving average is downward, and the closing price is below the 20 - day moving average, which is bearish. The arrival volume in early September is still moderately low, and there is still some room for a moderate decline in ports in the short term. In terms of demand, it is expected that the average load in September can reach 91.5%. The rigid demand support is gradually improving. Recently, the commodity market has corrected, and the MEG futures have been under pressure. It is expected that the price of MEG will mainly consolidate within a range in the short term, with strong support at the bottom. Subsequent attention should be paid to device changes and polyester load changes [7][8]. Influencing Factors - Bullish factors: In August, some PTA devices were scheduled for maintenance, improving supply - demand expectations. As the traditional "Golden September and Silver October" peak season approaches, the market has shown some expectations for demand recovery. Yisheng Hainan's 2 million - ton device stopped for maintenance, and Hengli Huizhou's 2.5 million - ton device had an unscheduled shutdown [11]. - Bearish factors: The profit margins of all links in the industrial chain continue to be under pressure, and the overall operating atmosphere remains cautious [10]. Current Main Logic and Risk Points - The short - term commodity market is greatly affected by the macro - level. Attention should be paid to the cost side. For the futures price rebound, attention should be paid to the upper resistance level [10]. 3. Summary by Relevant Catalogs 1. Previous Day's Review - No relevant content found. 2. Daily Tips - No relevant content found. 3. Today's Focus - No relevant content found. 4. Fundamental Data PTA Supply - Demand Balance Sheet - From 2024 to 2025, PTA production capacity has been increasing. Supply and demand have shown certain fluctuations. For example, in 2025, the production capacity increased from 9172 in September to 9472 in November. The supply - demand gap also changed accordingly, with a 1.6% gap in September 2025 and a - 22.1% gap in October [12]. MEG Supply - Demand Balance Sheet - From 2024 to 2025, the total production and supply of MEG have also changed. The supply - demand relationship has also been adjusted. For example, in 2025, the total supply in September was 234, and the supply - demand gap was 2 [13]. Price - Related Data - There are data on bottle - chip spot prices, production margins, capacity utilization rates, and inventory. There are also data on PTA and MEG basis, inter - month spreads, and spot spreads, such as the TA - EG spot spread and p - xylene processing margin [15][18][22][23][29][32][39]. Inventory Analysis - There are data on PTA factory inventory, MEG port inventory, PET chip factory inventory, and polyester fiber inventory in Jiangsu and Zhejiang looms [41][42][43][46]. Upstream and Downstream Start - up Rates - There are data on the start - up rates of PTA, p - xylene, MEG, polyester factories, and Jiangsu and Zhejiang looms in the polyester industry chain [52][56]. Profit - Related Data - There are data on PTA processing fees, MEG production margins from different production methods, and production margins of polyester fibers [61][62][65].

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **energy storage industry** in China, focusing on the rapid growth of new energy storage installations, particularly lithium battery storage, which has become the mainstream technology route. [1][2] Core Insights and Arguments - **Installation Growth**: In July 2025, approximately **12 GWh** of new installations were added, with expectations for similar monthly additions from August to November. The total new installations for lithium battery storage are projected to exceed **130 GWh** for the year. [1][4] - **Market Dynamics**: The energy storage market is experiencing a diversification of profit models, with over **7 provinces** implementing capacity compensation policies. In Inner Mongolia, independent storage projects can achieve internal rates of return (IRR) exceeding **12%** due to these policies. [1][5] - **Technological Standards**: The release of the national standard draft for grid-connected energy storage has raised technical requirements, benefiting leading companies like **NARI, Sungrow, and Huawei**. [1][6] - **Market Concentration**: Major system integrators, including **Sungrow, BYD, and Envision**, hold over **60%** of the market share, indicating increased concentration and a recovery in system prices due to rising upstream cell prices. [1][8][9] - **Cell Price Trends**: Cell prices have increased by approximately **15%** compared to the low point at the end of 2024, with second-tier companies' prices rising to **0.28-0.29 CNY/Wh** and leading companies maintaining prices above **0.32 CNY/Wh**. [3][10][11] Additional Important Insights - **Urgent Demand**: Projects in **Hebei and Inner Mongolia** are under pressure to connect to the grid by the end of the year to qualify for capacity compensation, indicating a strong demand for energy storage solutions. [3][12] - **Future Projections**: The expected new installation capacity for 2026 is projected to increase by **15-20%** from 2025, reaching **150-160 GWh**, supported by large-scale projects in Inner Mongolia and Xinjiang. [3][13] - **Profitability Concerns**: While policies are driving energy storage development, there are concerns about long-term profitability due to potential changes in compensation policies. [3][20][44] - **Regional Variations**: Different provinces exhibit varying performance in the energy storage market, with Inner Mongolia and Xinjiang showing particularly strong project initiation due to favorable capacity price subsidies. [31][35] - **Investment Sentiment**: Investors are wary of policy changes affecting project returns, with private enterprises often seeking short-term profits while state-owned enterprises focus on long-term strategies. [44] This summary encapsulates the key points discussed in the conference call, highlighting the current state and future outlook of the energy storage industry in China.

Group 1: Report Investment Ratings - The investment strategy for both soybeans and peanuts is neutral [3][4] Group 2: Core Views - The sales pressure in the soybean spot market is gradually increasing, with some traders' price - holding mentality weakening, and soybean quotes in Northeast China moderately decreasing. The market conditions in other main producing areas remain stable overall, and attention should be paid to the impact of new soybean production, quality, and terminal procurement dynamics on prices. For peanuts, the inventory in the circulation link is continuously low, some traders are replenishing at low prices, and the market is concerned about the stocking demand during the Mid - Autumn Festival and National Day and the new peanut listing progress [2][3] Group 3: Market Analysis of Soybeans Futures - The closing price of the soybeans 2511 contract yesterday was 3970.00 yuan/ton, a change of +5.00 yuan/ton from the previous day, with a change rate of +0.13% [1] Spot - The basis of edible soybean spot is A11 + 250, a change of - 5 from the previous day, with a change rate of 32.14%. The soybean market prices in Northeast China are stable with a slight decline, and the prices of low - protein sources are under pressure from state - reserve auctions. Some areas are expected to have new grain on the market around September 20 [1] Specific Quotes - In Heilongjiang Harbin, the loading price of standard - grade No. 1 medium - sized tower grain with 39% protein is 2.11 yuan/jin, down 0.01 yuan/jin from the previous day; in Heilongjiang Shuangyashan Baoqing, it is 2.10 yuan/jin, down 0.01 yuan/jin; in Heilongjiang Jiamusi Fujin, it is 2.07 yuan/jin, down 0.03 yuan/jin; in Heilongjiang Qiqihar Nehe, the loading price of standard - grade No. 1 medium - sized tower grain with 41% protein is 2.22 yuan/jin, unchanged from the previous day; in Heilongjiang Heihe Nenjiang, it is 2.19 yuan/jin, unchanged; in Heilongjiang Suihua Hailun, it is 2.20 yuan/jin, unchanged [1] Group 4: Market Analysis of Peanuts Futures - The closing price of the peanuts 2510 contract yesterday was 7790.00 yuan/ton, a change of - 40.00 yuan/ton from the previous day, with a change rate of - 0.51% [3] Spot - The average spot price of peanuts is 8440.00 yuan/ton, a change of - 10.00 yuan/ton from the previous day, with a change rate of - 0.12%. The spot basis is PK10 + 310.00, a change of +40.00 from the previous day, with a change rate of +14.81%. The average price of common peanuts in the national peanut market is 4.23 yuan/jin, up 0.02 yuan/jin. The prices of new - season Baisha common peanuts in Henan are around 4.4 - 4.5 yuan/jin, and the prices for 8 - sieve peanuts are 4.9 - 5 yuan/jin. The prices of old peanuts in the Northeast are stable with a slight decline, and the sales are slow. The delivery of peanut fruits in some producing areas is basically finished, the current operating rate of oil mills is low, and the demand for pressing is small [3] Oil Mill Quotes - A Shandong oil mill's contract price for common peanuts is 8350 yuan/ton, and the procurement contract price for oil - used peanuts is 7700 - 7800 yuan/ton. A Henan oil mill's procurement contract price for oil - used peanuts is about 7300 yuan/ton [3]

工业硅日报 工业硅&多晶硅日报（2025 年 9 月 3 日） 一、研究观点 点评 2 日工业硅震荡偏强，主力 2511 收于 8470 元/吨，日内涨幅 1.13%，持 仓减仓 3969 手至 28.1 万手。百川工业硅现货参考价 9369 元/吨，较上 一交易上调 5 元/吨。最低交割品#421 价格回调至 8600 元/吨，现货升 水收至 105 元/吨。多晶硅震荡偏强，主力 2511 收于 51875 元/吨，日 内涨幅 3.97%，持仓减仓 4554 手至 14.6 万手；多晶硅 N 型复投硅料价 格涨至 49000 元/吨，最低交割品硅料价格跌至 49000 元/吨，现货贴水 扩至 3000 元/吨。工业硅南北复产和晶硅增量成为边际驱动，整体运行 重心有望小幅抬升。前期反内卷消息充分计价后，多晶硅交易重心逐 步偏移至基本面逻辑。因终端电站收益率限制，组件环节对涨价的接 受度见顶，硅料跟随下游市场情绪降温。在具体政策举措出台之前， 市场仍位于政策提振和基本面拖累的博弈之间，多晶硅进入顶底明显 的区间模式，政策动态对盘面有阶段性扰动效应。重点关注 930 工信部 节能专项监察结果以及产业链库存去化情况 ...

| | | | | | 玻璃纯碱早报 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 玻 璃 | | | 研究中心能化团队 | | | 2025/9/3 | | 2025/8/26 | | 2025/9/1 | | 2025/9/2 周度变化 日度变化 | | | 2025/8/26 | 2025/9/1 | | 2025/9/2 周度变化 日度变化 | | | 沙河安全 5mm大 板 | 1130.0 | 1130.0 | 1130.0 | 0.0 | 0.0 | FG09合约 | 984.0 | 943.0 | 955.0 | -29.0 | 12.0 | | 沙河长城 5mm大板 | 1113.0 | 1104.0 | 1104.0 | -9.0 | 0.0 | FG01合约 | 1173.0 | 1137.0 | 1134.0 | -39.0 | -3.0 | | 沙河5mm大 板低价 | 1113.0 | 1104.0 | 1104.0 | -9.0 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - For PTA, the device maintenance effect is less than expected, the spot market liquidity is okay, the spot basis is weakening, and the price fluctuates following the cost side. Although the processing margin has slightly improved from the low point, it is still at a relatively low level. Attention should be paid to the maintenance situation of Hengli Huizhou's device and subsequent upstream and downstream device changes [5]. - For MEG, the arrivals in early September are still moderately low, and there is still room for a moderate decline in port inventories in the short term. In terms of demand, the average load in September is expected to reach 91.5%, and the rigid demand support is gradually improving. Recently, the commodity market has corrected, and the ethylene glycol market has been under pressure. It is expected that the price center of ethylene glycol will be range - bound in the short term, with strong support below. Attention should be paid to device and polyester load changes [7]. 3. Summary by Relevant Catalogs 3.1. Previous Day's Review - No relevant information provided 3.2. Daily Tips - **PTA**: Yesterday, PTA futures closed slightly lower, the spot market negotiation atmosphere was average, the spot basis was weak, mainly traded among traders, with sporadic purchases from polyester factories. The goods for this week and next week were traded at a discount of 48 - 50 to the 01 contract, with the price negotiation range around 4710 - 4750. The goods for mid - to - late September were traded at a discount of 45 - 50 to the 01 contract. Today's mainstream spot basis is at a discount of 49 to the 01 contract. The PTA factory inventory is 3.81 days, a 0.1 - day increase from the previous period. The 20 - day moving average is downward, and the closing price is below the 20 - day moving average. The main position is net short, and short positions are increasing [5][6]. - **MEG**: On Tuesday, the price center of ethylene glycol declined, and the market trading was active. In the night session, ethylene glycol adjusted slightly. The spot negotiation and transaction were carried out at a premium of 82 - 85 yuan/ton to the 01 contract. There was a market rumor that a cracking device in Shandong might start earlier, and the ethylene glycol market dropped significantly during the day. In the afternoon, the spot was traded at a low of around 4420 yuan/ton, and polyester factories and traders replenished their stocks actively. In the US dollar market, the center of the ethylene glycol outer market continued to decline. In the morning, the recent shipments were negotiated at around 527 - 530 US dollars/ton, and in the afternoon, the negotiation center dropped to around 520 - 525 US dollars/ton. During the day, the recent shipments were traded at around 519 - 525 US dollars/ton, and individual suppliers participated in replenishing stocks. The inventory in East China is 40.63 tons, a decrease of 9.42 tons from the previous period. The 20 - day moving average is downward, and the closing price is below the 20 - day moving average. The main position is net short, and short positions are increasing [7][8]. 3.3. Today's Focus - No relevant information provided 3.4. Fundamental Data - **PTA Supply - Demand Balance Sheet**: It shows the supply and demand data of PTA from January 2024 to December 2025, including PTA production capacity, production, import, total supply, polyester production, polyester demand for PTA, total demand, and inventory changes [12]. - **Ethylene Glycol Supply - Demand Balance Sheet**: It shows the supply and demand data of ethylene glycol from January 2024 to December 2025, including ethylene glycol production, import, total supply, polyester production, polyester demand for ethylene glycol, total demand, and port inventory changes [13]. 3.5. Price - Multiple price - related charts are provided, including bottle - chip spot price, bottle - chip production profit, bottle - chip capacity utilization rate, bottle - chip inventory, PTA basis, MEG inter - month spread, MEG basis, spot spread, etc. [15][18][22] 3.6. Inventory Analysis - Multiple inventory - related charts are provided, including PTA factory inventory, MEG port inventory, PET chip factory inventory, and various polyester fiber inventories [41][42][44] 3.7. Polyester Upstream Start - up - Charts of the start - up rates of PTA, p - xylene, and ethylene glycol in the polyester industry chain are provided [52][53][55] 3.8. Polyester Downstream Start - up - Charts of the start - up rates of polyester factories and Jiangsu and Zhejiang looms in the PTA industry chain are provided [56][57][59] 3.9. PTA Processing Fee - A chart of the PTA processing fee in China is provided [61] 3.10. MEG Profit - Charts of the production profits of different production methods of ethylene glycol (methanol - based, coal - based syngas, naphtha - integrated, and ethylene - based) are provided [62][63] 3.11. Polyester Fiber Profit - Charts of the production profits of polyester fiber short - fiber, polyester fiber long - fiber DTY, POY, and FDY are provided [65][67][68]

Report Industry Investment Ratings No relevant information provided. Core Views of the Reports Fats and Oils Industry - Palm oil futures are expected to return to 4500 ringgit, and the domestic palm oil futures may gradually rise after the adjustment, with a view of near - term weakness and long - term strength. US soybean oil has a downward space in the short term, while domestic soybean oil may see a decrease in inventory and a rise in the spot basis in the future [1]. Corn Industry - The short - term corn futures are in a rebound and consolidation stage, and the medium - term situation remains weak. It is advisable to consider shorting on rallies [2]. Sugar Industry - The international raw sugar is expected to consolidate in the 15 - 17 cents/pound range. The domestic sugar price will maintain a wide - range oscillation, and the 01 contract is expected to oscillate narrowly around 5500 - 5700 [7]. Cotton Industry - The cotton price center has risen, but there is no obvious upward driving force. It is expected to maintain a high - level oscillation in the range of 13500 - 14500 yuan/ton [8]. Pig Industry - The spot price of pigs is stabilizing with slight fluctuations. It is recommended to wait and see, and pay attention to the support levels of the 11 and 01 contracts [9]. Meal Industry - The domestic meal prices have limited downward space. It is advisable to wait for the market to stabilize and then go long at low levels in the 3000 - 3050 range [11]. Egg Industry - Egg prices may rebound in early September, but the overall increase is limited, maintaining a bearish view [15]. Summary by Related Catalogs Fats and Oils Industry - **Price Changes**: On August 29, Y2601 decreased by 0.52%, and the palm oil futures price also showed certain fluctuations. The price of soybean oil and palm oil in the spot market also changed to different degrees [1]. - **Fundamentals**: Malaysian palm oil production growth is lower than export growth, and the market expects limited inventory growth at the end of August. The US biodiesel policy for soybean oil is unclear, and the domestic demand for soybean oil is improving [1]. Corn Industry - **Price Changes**: On September 1, 2025, the price of corn 2511 increased by 0.27%, and the price of corn starch 2511 increased by 0.32%. The spot prices and spreads also changed [2]. - **Fundamentals**: Northeast corn traders have insufficient inventory, but there is supplementary auction grain. Spring corn in North China is gradually on the market, and the new - season corn has a large expected increase in production. The demand side has relatively sufficient inventory and weak purchasing enthusiasm [2]. Sugar Industry - **Price Changes**: On September 1, 2025, the price of sugar 2601 increased by 0.04%, and the price of ICE raw sugar decreased by 0.97%. The spot prices and spreads also changed [7]. - **Fundamentals**: The supply of raw sugar is expected to increase, but the Brazilian sugar production may be revised down. The 09 contract is affected by beet warehouse receipts, and the demand side is relatively stable during the double festivals [7]. Cotton Industry - **Price Changes**: On September 1, 2025, the price of cotton 2509 increased by 0.73%, and the price of cotton 2601 increased by 1.21%. The spot prices and spreads also changed [8]. - **Fundamentals**: The supply of new cotton is yet to be verified, the inventory is relatively tight before the new cotton is on the market, the demand has improved marginally since August, but the downstream improvement is not obvious [8]. Pig Industry - **Price Changes**: On September 1, 2025, the price of live pigs 2511 decreased by 0.26%, and the price of live pigs 2601 decreased by 0.50%. The spot prices and spreads also changed [9]. - **Fundamentals**: The spot price of pigs is stabilizing, the slaughter volume has increased, and the market demand is expected to improve with the approach of the school season and cooler weather, but there may be a wave of concentrated slaughter before the double festivals [9]. Meal Industry - **Price Changes**: On September 1, 2025, the price of soybean meal M2601 increased by 0.53%, and the price of rapeseed meal RM2601 increased by 1.21%. The spot prices, spreads, and crushing margins also changed [11]. - **Fundamentals**: The expected high yield of US soybeans suppresses the market, the Sino - US negotiation has no substantial progress, and the domestic supply concern has eased [11]. Egg Industry - **Price Changes**: On September 1, 2025, the price of egg 09 contract increased by 0.28%, and the price of egg 10 contract increased by 0.31%. The spot prices, spreads, and related indicators also changed [14]. - **Fundamentals**: The number of newly - opened laying hens in September may decrease, and the demand will weaken after the Mid - Autumn Festival [15].

交易咨询业务资格：证监许可【2012】1091号 PTA&MEG早报-2025年9月2日 大越期货投资咨询部 金泽彬 投资咨询资格证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 PTA 每日观点 PTA： 5、主力持仓：净空 空减 偏空 1、基本面：昨日PTA期货跌后反弹，现货市场商谈氛围尚可，月下成交较为集中，现货基差走弱。贸易商商谈为主，零星聚酯 工厂递盘。本周及下周主流在01贴水40商谈成交，少量在01贴水45~48附近成交，价格商谈区间在4710~4735附近。9月下在01贴 水35~40附近有成交。今日主流现货基差在01-42。中性 2、基差：现货4727，01合约基差-45，盘面升水 中性 3、库存：PTA工厂库存3.81天，环比增加0.1天 偏空 4、盘面：20日均线向上，收盘价收于20日均线之上 偏多 MEG ...