Investment consulting business qualification：CSRC License [2012] No. 669 投资咨询业务资格：证监许可【2012】669 号 中 信 期 货 国 际 化 研 究 | 中 信 期 货 研 究 所 International 2024-10-09 中信期货国际化研究 | CITIC Futures International Research 2025/08/27 China Futures Daily Note 中国期货每日简报 桂晨曦 Gui Chenxi 从业资格号 Qualification No：F3023159 投资咨询号 Consulting No.：Z0013632 摘要 Abstract Macro News: Trump threatened to impose tariffs of approximately 200% on China. Futures Prices: On August 26, equity indices fell, while CGB futures rose. Most commodity fut ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints - On June 23, 2025, equity index futures rose, CGB futures fell, and commodity futures showed balanced rises and falls, with EC down nearly 5% [2][4][11][13] - The top three gainers were logs, woodpulp, and LSFO, while the top three decliners were SCFIS(Europe), poly-silicon, and rapeseed [11][12][13] - Coking coal is expected to fluctuate in the short term, iron ore is expected to maintain a volatile operation, and the spot market of SCFIS(Europe) may be at the top range [16][25][30] Summary by Directory 1. China Futures 1.1 Overview - On June 23, equity index futures rose, CGB futures fell, and commodity futures had balanced rises and falls, with EC down nearly 5% [11][13] - The top three gainers were logs (up 1.9% with a 0.8% MoM decrease in open interest), woodpulp (up 1.7% with a 9.0% MoM decrease in open interest), and LSFO (up 1.3% with a 17.6% MoM decrease in open interest) [11][13] - The top three decliners were SCFIS(Europe) (down 4.7% with a 2.4% MoM increase in open interest), poly-silicon (down 3.3% with a 38.4% MoM increase in open interest), and rapeseed (down 2.9% with a 7.1% MoM decrease in open interest) [12][13] 1.2 Daily Rise 1.2.1 Coking Coal - On June 23, coking coal increased by 1.3% to 807 yuan/ton. It is expected to fluctuate in the short term [16][18] - Supply continued to slightly decrease due to non - resumed and newly shut - down coal mines. Import volume remained low, and the price difference between Australian and domestic coal was still inverted [17][18] - Demand slightly decreased, but downstream and intermediate links' purchases relieved upstream inventory pressure [17][18] 1.2.2 Iron Ore - On June 23, iron ore increased by 0.5% to 706 yuan/ton. It is expected to maintain a volatile operation [23][25] - Short - term demand remained high and stable, while supply increased seasonally. The overall supply - demand contradiction was not prominent [23][25] - Overseas mines continued to rush for year - end and quarter - end targets, with shipments expected to be high before early July but with limited YoY growth [24][25] 1.3 Daily Drop 1.3.1 SCFIS(Europe) - On June 23, SCFIS(Europe) decreased by 4.7% to 1875 points. The spot market may be at the top range [28][30] - The US intervention in the Iran - Israel conflict may cause sentiment risks, but the impact on the Europe route of container shipping is limited [29][30] - The US route is still declining, and the Europe route faces a game between weak reality and supply - chain disruption risks [29][30] 2. China News 2.1 Macro News - Premier Li Qiang will attend the 16th Summer Davos Forum from June 24th to 25th [3][33] - Russian President Vladimir Putin will visit China from August 31st to September 3rd [33] 2.2 Industry News - The CSRC approved the registration of pure benzene futures and options on the DCE, which will enhance the risk - resistance capacity of China's chemical industry chain [34]