Group 1: Report Summary - The report is a weekly report on soybean meal and soybean oil futures from September 22 - 26, 2025 [1][2] Group 2: Soybean Meal Futures 1. Mid - term Market Analysis - Mid - term trend: The soybean meal主力 is in a wide - range oscillation phase. In the 37th week, the actual soybean crushing volume of oil mills was 2.3604 million tons, with an operating rate of 66.35%. The soybean meal inventory was 1.1644 million tons, an increase of 28,200 tons or 2.48% from the previous week. High inventory may pressure the basis of major coastal areas. Feed mills are starting to stock up, and the market sentiment is mainly wait - and - see. The price is expected to continue the wide - range oscillation [7] 2. Variety Trading Strategy - Last week's strategy review: The overall trend of soybean meal futures prices was sideways, with more bullish funds. M2601 was expected to oscillate between 2980 - 3200 [10] - This week's strategy suggestion: The overall trend of soybean meal futures prices is sideways, with more bullish funds. M2601 is expected to oscillate between 2900 - 3200 [11] 3. Variety Diagnosis - The variety diagnosis shows that the multi - empty flow is 82.4, indicating a strong bullish sentiment among the main forces; the capital energy is - 48.1, meaning a small outflow of main funds; the multi - empty divergence is 95.0, suggesting a high risk of market reversal [14] Group 3: Soybean Oil Futures 1. Mid - term Market Analysis - Mid - term trend: The soybean oil主力 is in an oscillation phase. In the 37th week, the actual soybean oil output of 125 oil mills was 448,500 tons, an increase of 10,700 tons from the previous week. The commercial inventory of soybean oil in key national regions was 1.2512 million tons, a decrease of 100 tons from the previous week. The spot market trading is light, and the double - festival stocking is not obvious. High inventory may see a decline around mid - to - late October, and the price is expected to continue to oscillate [29] 2. Variety Trading Strategy - Last week's strategy review: The overall trend of soybean oil futures prices was sideways, with slightly bearish funds. Y2601 was expected to continue the oscillation pattern in the short term [32] - This week's strategy suggestion: The overall trend of soybean oil futures prices is sideways, with more bullish funds. Y2601 is expected to continue the oscillation pattern in the short term [32] 3. Variety Diagnosis - The variety diagnosis shows that the multi - empty flow is 58.4, indicating a relatively bullish sentiment among the main forces; the capital energy is 2.8, meaning the capital is basically stable; the multi - empty divergence is 75.3, suggesting a certain risk of market reversal [35]

Group 1: Report Summary - **Report Industry Investment Rating**: Not provided - **Core View**: The report analyzes the mid - line trends, trading strategies, and relevant data of soda ash and glass futures. It suggests a wait - and - see approach for both soda ash and glass futures due to market uncertainties such as high supply, high inventory, and weak demand [6][29] Group 2: Soda Ash Futures Mid - line Market Analysis - **Trend Judgment**: Soda ash futures are in a volatile stage. The market is overall stable with partial price increases. Supply has minor fluctuations, and downstream demand is mainly for rigid needs. Inventory is decreasing, but high supply and high inventory limit the rebound space. The short - term is expected to continue narrow - range fluctuations [6] - **Mid - line Strategy Suggestion**: It is recommended to wait and see [6] Variety Trading Strategy - **Last Week's Strategy Review**: The soda ash market continued narrow - range fluctuations last week. Supply was loose, demand was weak, and inventory was still high. The futures market declined with pressure on the fundamentals. It was expected that SA2601 would operate in the range of 1200 - 1350, and waiting and seeing was advisable [9] - **This Week's Strategy Suggestion**: The soda ash market was stable with partial small increases last week. Futures were in a strong - side volatile state. Macro and policy expectations provided support, but high supply and high inventory restricted the increase. SA2601 is expected to operate in the range of 1200 - 1350, and waiting and seeing is recommended [10] Relevant Data - The data includes China's weekly soda ash开工率, production, light - and heavy - type inventory, basis, and ammonia - soda process production cost in North China. The main force in the market is relatively bullish, funds are basically stable, and the risk of a market turn is relatively high [11][15][21] Group 3: Glass Futures Mid - line Market Analysis - **Trend Judgment**: Glass is in a volatile trend. The domestic float glass market was overall stable last week with regional price differences. Supply changed little, and terminal demand was weak. The futures market first fell, then rose, and then fell back. Continued upward momentum is restricted by insufficient spot follow - up [29] - **Mid - line Strategy Suggestion**: It is recommended to hold an empty position and wait and see [29] Variety Trading Strategy - **Last Week's Strategy Review**: The float glass market had narrow - range fluctuations last week. Some areas saw small price increases, but downstream demand was mainly for rigid needs. The futures market first rose and then fell. It was expected that FG2601 would operate in the range of 1150 - 1300, and holding an empty position and waiting and seeing was advisable [32] - **This Week's Strategy Suggestion**: The float glass market showed regional differences last week. The futures market rebounded, but demand was still weak. Inventory performance varied. FG2601 is expected to operate in the range of 1150 - 1300, and holding an empty position and waiting and seeing is recommended [33] Relevant Data - The data covers China's weekly float glass production,开工率, production cost and gross profit of the float process using natural gas as fuel, basis, and ending inventory. The main force in the market is strongly bullish, main funds are flowing in slightly, and the risk of a market turn is relatively high [34][38][49]

Group 1 - The core viewpoint of the article indicates that the glass futures market is experiencing a downward trend, with the main contract opening at 1232.00 yuan/ton and fluctuating between a high of 1238.00 yuan and a low of 1202.00 yuan, resulting in a decline of approximately 2.27% [1] Group 2 - Donghai Futures analysis suggests that glass production remains stable with little week-on-week change, while demand is limited despite entering the peak season, leading to a loose overall market condition with expectations of short-term fluctuations [1] - Zhonghui Futures notes an improvement in market sentiment with a reduction in positions and a slight increase in daily melting capacity to 160,000 tons, although terminal demand remains weak due to a significant drop in real estate completion area in July [1] - Wukuang Futures indicates a slight increase in industry supply and a decrease in corporate inventory, but overall market supply remains ample with a cautious outlook on demand, suggesting a careful bullish stance [1]

Group 1 - The core viewpoint indicates that the domestic PTA futures market is experiencing slight fluctuations, with the main contract priced at 4686.00 yuan/ton, reflecting a minor increase of 0.04% [1] - Supply side analysis shows that the PTA weekly average capacity utilization rate is at 74.95%, an increase of 4.30% from the previous week, with domestic PTA production reaching 138.8 million tons, up by 7.77 million tons [1] - Demand side insights reveal that polyester plant operations have seen minor fluctuations, with polyester load recovering to 91.6%, while terminal operations in Jiangsu and Zhejiang remain stable, and raw material stocking is cautious [1] Group 2 - Inventory analysis indicates that PTA inventory has slightly decreased but remains high overall, with social inventory days at 10.84 days (down by 0.11 days) and factory inventory days at 3.84 days (down by 0.06 days) [1] - The outlook for the PTA market suggests that while downstream operations have recovered to 91.6%, terminal operations remain limited, with weaving machine operations unchanged at 66%, leading to a slight increase in downstream inventory [2] - The processing fee for PTA has decreased significantly, currently around 120 yuan/ton, and low processing fees are expected to impact operations, with potential maintenance plans for facilities like INEOS [2]

Group 1: General Information - Report title: PTA Daily Report [1] - Date: September 15, 2025 [2] - Research team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - Futures market: On the 12th, the closing price of PTA's main futures contract TA2601 was 4,648 yuan/ton, down 40 yuan/ton (0.85%), with a settlement price of 4,648 yuan/ton and an increase of 20,678 lots in open interest. The TA2605 contract closed at 4,688 yuan/ton, down 32 yuan/ton, with a trading volume of 15,451 lots and an increase of 2,214 lots [6] - Market outlook: Crude oil prices are weak, downstream demand fails to peak, market sentiment is cautious, and PTA supply is expected to increase. Therefore, the PTA market is expected to be weak [6] Group 3: Industry News - International oil prices: Concerns about weak US demand and global supply glut offset the impact of military actions on oil production. On Thursday (September 11), the settlement price of WTI crude oil futures for October 2025 on the New York Mercantile Exchange was $62.37 per barrel, down $1.30 (2.04%), trading in the range of $62.21 - $63.80. The settlement price of Brent crude oil futures for November 2025 on the London Intercontinental Exchange was $66.37 per barrel, down $1.12 (1.66%), trading in the range of $66.15 - $67.62 [7] - PX prices: The assessed price of PX in the Chinese market was $831 - $833 per ton, down $6 per ton; the assessed price in the South Korean market was $811 - $813 per ton, down $6 per ton. There was no reported transaction in the market due to an increasingly bearish sentiment [7] - PTA prices: The price of PTA in the East China market was 4,587 yuan/ton, down 28 yuan/ton. The average daily negotiation basis was at a discount of 69 yuan/ton to the futures contract 2601, up 4 yuan [7] Group 4: Data Overview - The report includes various data charts, such as PTA futures prices, spot-futures price differences, PX prices, MEG prices, PTA processing margins, TA5 - 9 spreads, PTA warehouse receipts, polyester factory load rates, PTA downstream product prices, and PTA downstream product inventories, all sourced from Wind and the Research and Development Department of CCB Futures [11][13][17]

Report Summary 1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints Through macro - fundamental analysis and technical analysis such as the golden ratio line, horizontal line, and moving average, the report predicts the trend of various futures on September 12, 2025, including whether they will be in a strong or weak oscillation, and provides corresponding support and resistance levels [2]. 3. Summary by Related Catalogs 3.1 Futures Market Forecast - **Strong Oscillation Futures**: Index futures (IF2509, IH2509, IC2509, IM2509), silver futures (AG2510), copper futures (CU2510), aluminum futures (AL2510), and polysilicon futures (PS2511) are expected to be in a strong oscillation [2][3][4]. - **Weak Oscillation Futures**: Alumina futures (AO2601), rebar futures (RB2601), hot - rolled coil futures (HC2601), coking coal futures (JM2601), glass futures (FG601), crude oil futures (SC2510), PTA futures (TA601), and PVC futures (V2601) are expected to be in a weak oscillation [3][4][7]. - **Wide - range Oscillation Futures**: Ten - year Treasury bond futures (T2512), thirty - year Treasury bond futures (TL2512), lithium carbonate futures (LC2511), and iron ore futures (I2601) are expected to be in a wide - range oscillation [3][4]. - **Oscillation and Consolidation Futures**: Gold futures (AU2510) and soda ash futures (SA601) are expected to oscillate and consolidate [3][5]. 3.2 Macro News and Trading Tips - **International Trade**: Mexico plans to raise import tariffs, and China will take necessary measures to safeguard its legitimate rights and interests. China and Indonesia have launched a bilateral currency settlement framework and QR code interconnection cooperation project [7]. - **Bond Market**: The yield of 10 - year and 30 - year Treasury bonds in China has declined, and the market's expectation of the central bank restarting Treasury bond trading operations has increased. The international central bank's gold reserve ratio has exceeded that of US Treasury bonds for the first time since 1996 [8][10]. - **Reform and Policy**: China will conduct a comprehensive reform pilot of factor market allocation in 10 regions. The Fourth Global Digital Trade Expo will be held in Hangzhou, and China will encourage foreign investment in the digital field. The government will also support foreign - trade enterprises to stabilize the foreign - trade market [8][9]. - **Medical and Health**: China has built the world's largest medical service system, with the basic medical insurance covering over 1.3 billion people, and the per - capita life expectancy has increased [9]. - **US Economy**: In August 2025, the US CPI was in line with expectations, and the number of initial jobless claims reached a new high since October 2021. Traders expect the Fed to cut interest rates three times by the end of the year [10]. 3.3 Futures Market Analysis and Forecast - **Index Futures**: On September 11, 2025, major index futures such as IF2509, IH2509, IC2509, and IM2509 generally showed a trend of opening low, then rising after a decline, with varying degrees of increase. The A - share market had a large - scale increase, with the ChiNext Index rising by 5.15% and regaining the 3000 - point mark [13][14][15]. - **Treasury Bond Futures**: The ten - year Treasury bond futures (T2512) and thirty - year Treasury bond futures (TL2512) showed an oscillatory trend on September 11, with the former rising slightly and the latter falling slightly [36][39]. - **Precious Metal Futures**: Gold futures (AU2510) and silver futures (AG2510) had a slight decline and a slight increase respectively on September 11. Technically, gold futures still show a long - term upward trend [41][47]. - **Base Metal Futures**: Copper futures (CU2510), aluminum futures (AL2510), and alumina futures (AO2601) had different trends on September 11, with copper and aluminum showing a slight increase and alumina showing a weak upward trend [52][57][62]. - **Energy and Chemical Futures**: Crude oil futures (SC2510) rose slightly on September 11, while PTA futures (TA601) and PVC futures (V2601) had different trends, with PTA showing a weak downward pressure and PVC rising slightly [95][99][101]. - **Building Materials and Steel Futures**: Rebar futures (RB2601), hot - rolled coil futures (HC2601), iron ore futures (I2601), coking coal futures (JM2601), and glass futures (FG601) had different trends on September 11, with some showing a downward trend and some showing an upward trend [73][75][78]. - **New Energy Futures**: Polysilicon futures (PS2511) and lithium carbonate futures (LC2511) rose on September 11, with polysilicon rising more significantly [66][67]. - **Soda Ash Futures**: Soda ash futures (SA601) rose slightly on September 11 [91].

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - The short - term outlook for Shanghai zinc ZN2510 is a sideways consolidation. The previous trading day saw Shanghai zinc rebound in a volatile manner, with increased trading volume. On the position side, long positions slightly increased while short positions decreased, indicating a slow entry of bulls and the exit of bears. Technically, the price is below the long - term moving average with weak support, the short - term KDJ indicator is rising, and the trend indicator shows that bullish power is rising while bearish power is falling, leading to a stalemate between the two forces [2][19]. 3. Summaries According to Relevant Catalogs 3.1 Zinc Fundamental Analysis - In April 2025, global zinc plate production was 1.153 million tons, consumption was 1.1302 million tons, with a supply surplus of 22,700 tons. From January to April, production was 4.4514 million tons, consumption was 4.5079 million tons, with a supply shortage of 56,500 tons. From January to April, global zinc ore production was 4.0406 million tons, which is a bullish factor [2]. - The basis is - 30 with a spot price of 22,220, indicating a neutral situation [2]. - On September 11, LME zinc inventory decreased by 200 tons to 50,625 tons, and SHFE zinc inventory warrants increased by 596 tons to 44,925 tons, showing a neutral situation [2]. - The previous day, Shanghai zinc showed a volatile rebound but closed below the 20 - day moving average, with the 20 - day moving average pointing downwards, which is a bearish factor [2]. - The main net position is long, but long positions are decreasing, which is a bullish factor [2]. 3.2 Zinc Futures Market - On September 11, the trading volume of zinc futures reached 143,973 lots, with a trading value of 16.0042543 billion yuan, and the open interest was 222,719 lots, an increase of 970 lots [3]. 3.3 Domestic Spot Market - On September 11, the price of zinc concentrate in Baizhou was 16,820 yuan/ton, up 70 yuan; the price of zinc ingot in Aoshi was 22,220 yuan/ton, up 80 yuan; the price of zinc alloy in Ningbo was 22,730 yuan/ton, up 90 yuan; the price of zinc powder in Changsha was 27,400 yuan/ton, up 90 yuan [4]. 3.4 Zinc Ingot Inventory - From September 1 to September 11, the total social inventory of zinc ingots in major Chinese markets increased from 133,300 tons to 144,000 tons [5]. 3.5 Zinc Futures Warehouse Receipts - On September 11, the total SHFE zinc warehouse receipts were 44,925 tons, an increase of 596 tons. Among them, the warehouse receipts in Guangdong increased by 595 tons, and those in Tianjin increased by 1 ton [6]. 3.6 LME Zinc Inventory - On September 11, LME zinc inventory decreased by 200 tons to 50,625 tons, and the cancellation ratio was 30.02% [7]. 3.7 Zinc Concentrate Price - On September 11, the price of 50% - grade zinc concentrate in major domestic cities increased by 70 yuan/ton [8]. 3.8 Zinc Ingot Smelter Price - On September 11, the prices of 0 zinc ingots from major domestic smelters increased by 90 yuan/ton [12]. 3.9 Refined Zinc Production in June 2025 - The planned production in June was 459,700 tons, the actual production was 471,800 tons, a month - on - month increase of 11.67% and a year - on - year decrease of 2.36%. The production exceeded the plan by 2.63%, and the capacity utilization rate was 87.10%. The planned production for July was 470,300 tons [14]. 3.10 Zinc Concentrate Processing Fee - On September 11, the processing fees for 50% - grade zinc concentrate in different domestic regions ranged from 3,400 to 4,200 yuan/metal ton, and the import processing fee for 48% - grade zinc concentrate was 85 - 105 US dollars/dry ton [16]. 3.11 SHFE Member Zinc Trading and Position Ranking - For the contract zn2510, the total trading volume of members was 147,015 lots, an increase of 16,212 lots. The total long position was 68,698 lots, an increase of 138 lots, and the total short position was 65,783 lots, a decrease of 2,571 lots [18].

Report Information - Industry: MEG [1] - Date: September 12, 2025 [2] Investment Rating - Not provided Core View - The current supply - demand structure of ethylene glycol has not changed substantially, with a stalemate between bulls and bears in the fundamentals. It is expected to maintain a range - bound oscillation. Short - term investors are advised to wait and see [7] Summary by Directory 1. Market Review and Operation Suggestions - Futures market: The closing price of EG2601 was 4302 yuan/ton, down 18 yuan; the closing price of EG2605 was 4350 yuan/ton, down 4 yuan. The trading volume of the main ethylene glycol futures contract on the 11th was 134,693 lots, and the open interest was 309,072 lots [7] - Operation suggestion: Due to the unchanged supply - demand structure and the stalemate between bulls and bears, it is recommended to wait and see in the short term [7] 2. Industry News - Oil price: Affected by geopolitical events and expected Fed rate cuts, European and American crude oil futures rose for three consecutive days, with a settlement price increase of over 1.6% on Thursday. However, concerns about oversupply and inventory increases limited the upward space [8] - Ethylene glycol market: The spot negotiation price in Zhangjiagang decreased by 32 yuan/ton compared to the previous working day. The basis of different periods was at a premium to EG2601 [8] - Industry start - up: PTA and polyester started stably. PX start - up increased by 1.12 percentage points, and ethylene glycol start - up increased by 0.14 percentage points [8] 3. Data Overview - The report provides multiple data charts, including MEG futures prices, spot - futures price differences, international crude oil futures prices, raw material price indices, PTA - MEG price differences, MEG prices, and prices and inventories of MEG downstream products [10][15][18]

Group 1: Report Information - The report is an industrial silicon daily report dated September 12, 2025, issued by the Research and Development Department of CCB Futures [2] - The energy and chemical research team includes researchers for different sectors such as crude oil, PTA/MEG, industrial silicon/polysilicon, etc [3] Group 2: Investment Rating - No investment rating is provided in the report Group 3: Core Views - The industrial silicon futures price fluctuated. The Si2511 closed at 8740 yuan/ton, up 2.46%. The trading volume was 347,619 lots, and the open interest was 287,771 lots, with a net increase of 9,706 lots [4] - Spot prices vary by region: Sichuan 553 is 8800 yuan/ton, Yunnan 553 is 8550 yuan/ton; Inner Mongolia 421 is 9400 yuan/ton, Xinjiang 421 is 9300 yuan/ton, and Sichuan 421 is 9600 yuan/ton [4] - The monthly output in September will exceed 400,000 tons, nearly 80,000 tons more than in June. The demand increase is mainly from the polysilicon sector, with an expected output of 125,000 tons in September, nearly 30,000 tons more than in June. The total monthly demand is 360,000 tons. The imbalance between supply and demand persists, and the market lacks inventory reduction drivers. The spot price remains stable, and the futures price is expected to continue wide - range fluctuations [4] Group 4: Summary by Section 1. Market Review and Outlook - **Market Performance**: The industrial silicon futures price showed a fluctuating trend. The Si2511 contract had specific closing price, trading volume, open interest and its change data [4] - **Spot Prices**: Different regions have different spot prices for different grades of industrial silicon [4] - **Future Outlook**: Forecasts on production, demand, and price trends, indicating continued supply - demand imbalance and price stability with wide - range fluctuations [4] 2. Market News - On September 11, the futures warehouse receipt volume on the GZEX was 50,093 lots, a net increase of 48 lots from the previous trading day [5] - In July 2025, China's metal silicon exports were 74,000 tons, a month - on - month increase of 8.32% and a year - on - year increase of 36.75%. From January to July 2025, the total exports were 414,700 tons, a year - on - year decrease of 1.04% [5] - From January to July 2025, the cumulative photovoltaic installed capacity was 1109.6GW, and the newly added installed capacity was 223.25GW. The newly added installed capacity in July was 11GW, a year - on - year decrease of 47.7%, the lowest in 2025 [5]

Report Overview - This is a weekly report on soybean meal and soybean oil futures from September 1st to September 5th, 2025, covering mid - term market analysis, trading strategies, and relevant data [1][2] 1. Soybean Meal Futures 1.1 Mid - term Market Analysis - **Trend Judgment**: The soybean meal main contract is in a wide - range oscillation phase. The current high soybean crushing volume by oil mills ensures stable supply, while downstream feed enterprises purchase cautiously. High US soybean good - quality rates strengthen the supply - abundant pattern. However, supported by import costs and pre - festival stocking demand, and with uncertainties in fourth - quarter soybean arrivals, the futures are expected to continue the wide - range oscillation trend. Attention should be paid to Sino - US trade progress [6] 1.2 Trading Strategies - **Last Week's Strategy Review**: The overall trend of soybean meal futures prices was sideways, with a bullish bias in funds. The M2601 contract might be in an oscillatory trend in the short term, with an expected trading range of 3000 - 3250 [10] - **This Week's Strategy Suggestion**: The overall trend of soybean meal futures prices remains sideways, with a bullish bias in funds. The M2601 contract may continue the oscillatory trend in the short term, with an expected trading range of 2980 - 3200 [11] 1.3 Relevant Data - The data sources include Wind, Mysteel, and the Great Wall Futures Trading Consultation Department, covering soybean meal weekly production, inventory, apparent consumption, weekly inventory days, basis, and oil - meal ratio [19][22][24] 2. Soybean Oil Futures 2.1 Mid - term Market Analysis - **Trend Judgment**: The soybean oil main contract is in an oscillatory consolidation phase. The current soybean oil production is at a high level year - on - year, and the overall supply - abundant pattern persists. Market sentiment is affected by factors such as Sino - US negotiation uncertainties, Fed interest - rate cut expectations, biodiesel policies, and international crude oil and related oil prices. Overall, soybean oil futures prices are expected to mainly oscillate and consolidate. A wait - and - see approach is recommended [29] 2.2 Trading Strategies - **Last Week's Strategy Review**: The overall trend of soybean oil futures prices was in an upward channel, with a bullish bias in funds. The Y2601 contract might be in a high - level oscillatory pattern in the short term [32] - **This Week's Strategy Suggestion**: The overall trend of soybean oil futures prices is in a downward channel, with a strongly bullish bias in funds. The Y2601 contract may maintain an oscillatory consolidation pattern in the short term [32] 2.3 Relevant Data - The data sources include Wind, Mysteel, and the Great Wall Futures Trading Consultation Department, covering soybean oil weekly production, inventory, basis, trading volume, soybean weekly arrivals, inventory, crushing volume, startup rate, port inventory, and Brazilian premium [42][45][47]