Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View of the Report The domestic thermal coal price weakened again after a brief stabilization in late May. Although safety supervision and environmental protection impacts in coal - producing areas have increased in June, the overall impact on domestic coal production is expected to be controllable during the peak - summer period. The demand shows that the coal consumption of domestic power plants is still at a low level as of the end of May, and the precipitation this summer is predicted to be "more in the north and less in the south" with high temperatures in most areas. The inventory of 9 ports in the Bohai Rim decreased significantly week - on - week as of June 5 but was still higher year - on - year. Overall, the thermal coal peak season is approaching, port inventories are gradually decreasing from high levels, but the long - term loose pattern has not been reversed, and the possibility of a weak peak season remains high. The coal price is expected to remain in low - level oscillation in the near future. [4] 3. Summary by Relevant Content 3.1 Price and Market Situation - Domestic thermal coal price weakened again after a brief stabilization in late May [4]. 3.2 Supply Side - In June, which is the national safety production month, safety supervision and environmental protection impacts in coal - producing areas have increased, but the overall impact on domestic coal production is expected to be controllable during the peak - summer period [4]. 3.3 Demand Side - On June 4, the National Climate Center predicted that the precipitation this summer in China would be "more in the north and less in the south", with more precipitation in areas such as northeastern Sichuan and western Yunnan compared to the same period of previous years, and high temperatures in most areas. - As of the end of May, the coal consumption of domestic power plants was still at a low level within the year. The daily coal consumption of 8 coastal provinces' power plants was 171.1 million tons, a week - on - week decrease of 16.5 million tons; the daily coal consumption of 17 inland provinces' power plants was 280.6 million tons, a week - on - week decrease of 35.7 million tons [4]. 3.4 Inventory Side - As of June 5, the total coal inventory of 9 ports in the Bohai Rim was 2932.3 million tons, a significant week - on - week decrease of 157.4 million tons and 412.6 million tons higher year - on - year [4]. 3.5 Outlook - The thermal coal peak season is approaching, port inventories are gradually decreasing from high levels, but the long - term loose pattern has not been reversed, and the possibility of a weak peak season remains high. The coal price is expected to remain in low - level oscillation in the near future [4].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On June 10, the coke main contract closed at 1,349 yuan/ton, with an intraday increase of 0.48%. The coke market has little change in fundamentals, and the off - season suppresses the industry atmosphere. However, factors such as coking coal supply disturbances and the easing of Sino - US frictions drive the price to rebound slightly at a low level, and the main contract maintains a low - level shock pattern [5][34]. - On June 10, the coking coal main contract closed at 785 points, with an intraday increase of 0.51%. The uncertainty on the coking coal supply side increases, and the Sino - US trade friction eases, driving the short - term rebound of coking coal futures. But the long - term supply - demand pattern has not reversed, and the sustainability of this rebound remains to be seen [6][35]. 3. Summary by Relevant Catalogs 3.1 Industry News - On June 9, the Sino - US economic and trade delegations held the first meeting of the Sino - US economic and trade consultation mechanism in London, following the high - level economic and trade talks in Geneva in May [8]. - On June 10, Mongolia's small TT company held an online auction for coking coal. The starting price was 65 US dollars/ton, and all 51,200 tons on offer failed to sell. Since the beginning of the year, all 10 auctions have failed, with a total of 486,400 tons unsold [9]. 3.2 Spot Market - Coke: The latest quoted price of Rizhao Port's quasi - first - grade coke for flat - position delivery is 1,270 yuan/ton, a week - on - week decrease of 5.22%, and the cost of futures warehouse receipts is about 1,401 yuan/ton. The price of Qingdao Port's quasi - first - grade coke for ex - warehouse delivery also decreased [13]. - Coking coal: The latest quoted price of Mongolian coking coal at Ganqimaodu Port is 900 yuan/ton, unchanged from the previous week. The prices of Australian and Shanxi coking coal at Jingtang Port also showed different degrees of decline [13]. 3.3 Futures Market - Coke: The main contract closed at 1,349 yuan/ton, with an intraday increase of 0.48%, a trading volume of 31,312 lots, and an open interest of 54,018 lots, with an increase of 255 lots compared to the previous trading day [14]. - Coking coal: The main contract closed at 785 points, with an intraday increase of 0.51%, a trading volume of 1,417,228 lots, and an open interest of 567,843 lots, with an increase of 10,312 lots compared to the previous trading day [14]. 3.4 Relevant Charts - The report provides multiple charts, including those related to coke and coking coal inventory, Shanghai terminal wire rod procurement volume, domestic steel mill production, coal washing plant production, and coking plant operation [15][22][29] 3.5 Future Outlook - Coke: The fundamentals of the coke market change little. The off - season suppresses the industry, but factors like coking coal supply disturbances and the easing of Sino - US frictions drive a slight low - level rebound, and the main contract maintains a low - level shock pattern [5][34]. - Coking coal: The uncertainty on the coking coal supply side increases, and the short - term rebound is driven by the easing of Sino - US trade frictions. However, the long - term supply - demand pattern has not reversed, and the sustainability of the rebound remains to be observed [6][35].

投资咨询业务资格：证监许可【2011】1778 号 国债期货 | 日报 2025 年 6 月 10 日 国债期货 专业研究·创造价值 国债期货维持震荡整理 核心观点 今日国债期货均继续窄幅震荡整理。消息面上，中美经贸磋商机制首 次会议在英国伦敦开始举行。目前磋商结果仍具有较强不确定性，市场情绪 以等待观望居多。由于关税前景不确定性扰动加深，国内宏观经济指标边际 走弱，货币政策适度宽松的主基调不变，加上当前市场利率隐含的降息预期 基本归零，对未来宽松政策的预期将升温，国债期货底部支撑较强。不过短 期内，货币工具的效应或不及财政工具，因此短期通过连续降息来提振需求 的可能性不高。总的来说，短期内国债期货震荡整理为主，关注 6 月 18 日 陆家嘴论坛的金融政策指引。 （仅供参考，不构成任何投资建议） 姓名：龙奥明 宝城期货投资咨询部 从业资格证号：F3035632 投资咨询证号：Z0014648 电话：0571-87006873 邮箱：longaoming@bcqhgs.com 作者声明：本人具有中国期货 业协会授予的期货从业资格证 书，期货投资咨询资格证书， 本人承诺以勤勉的职业态度， 独立、客观地出具本报告。 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Rebar**: The main contract price fluctuated with a daily decline of 0.07%, showing an increase in volume and a decrease in open interest. In the current situation of weak supply and demand, the fundamentals of rebar are weak, and steel prices remain under pressure. However, the low inventory level limits the real - world contradictions. It is expected that the subsequent trend will continue to oscillate and seek a bottom. Attention should be paid to the demand performance [4]. - **Hot - rolled Coil**: The main contract price fluctuated with a daily decline of 0%, showing a decrease in volume and an increase in open interest. Under the situation of strong supply and weak demand, the fundamentals of hot - rolled coil have weakened, inventory has started to increase, and prices continue to be under pressure. The relative positive factor is the easing of Sino - US trade risks. It is expected to continue to oscillate at a low level. Attention should be paid to the demand performance [4]. - **Iron Ore**: The main contract price fluctuated weakly with a daily decline of 0.85%, showing an increase in both volume and open interest. Under the situation of strong supply and weak demand, the fundamentals of iron ore have weakened, and ore prices are under pressure. The relative positive factor is the large discount of the futures price, which provides resistance to the downward movement. It is expected that the ore price will oscillate weakly. Attention should be paid to the performance of finished products [4]. 3. Summary by Directory Industry Dynamics - **Real Estate Debt Restructuring**: Leading real - estate developers are in the process of debt reduction. Sunac has obtained support from 74% of its overseas creditors for its debt restructuring, and Country Garden has reached a 70% consensus with its creditors on high - interest debts. The debt restructuring progress of troubled real - estate enterprises is accelerating [6]. - **Excavator Sales**: From January to May 2025, the domestic sales of excavators were 57,501 units, a year - on - year increase of 25.7%. In May 2025, 18,202 excavators were sold, a year - on - year increase of 2.12%. Domestic sales were 8,392 units, a year - on - year decrease of 1.48%, and exports were 9,810 units, a year - on - year increase of 5.42% [7]. - **Industry Initiative**: The China Iron and Steel Association called on the steel and automobile industries to resist "involution - style" competition, strengthen self - discipline, and promote the healthy and sustainable development of the industrial chain through technological innovation [8]. Spot Market - **Steel Products**: The national average price of rebar (HRB400E, 20mm) decreased by 5 yuan, and the national average price of hot - rolled coil (4.75mm) decreased by 1 yuan. The price of Tangshan billet (Q235) was 2,900 yuan, and the price of Zhangjiagang heavy scrap (≥6mm) was 2,080 yuan. The volume - to - rebar price difference was 120 yuan, and the rebar - to - scrap price difference was 1,000 yuan [9]. - **Iron Ore**: The price of 61.5% PB powder at Qingdao Port was 718 yuan, a decrease of 5 yuan; the price of Tangshan iron concentrate (wet basis) was 728 yuan, unchanged. The Australian sea freight was 10.22 yuan, a decrease of 0.17 yuan; the Brazilian sea freight was 24.21 yuan, an increase of 0.07 yuan. The SGX swap (current month) was 95.56 yuan, a decrease of 0.70 yuan; the Platts Index (CFR, 62%) was 95.20 yuan, a decrease of 0.90 yuan [9]. Futures Market - **Rebar**: The closing price of the active contract was 2,974 yuan, a decrease of 0.07%. The trading volume was 1,456,363 lots, an increase of 23,001 lots, and the open interest was 2,165,234 lots, a decrease of 31,488 lots [13]. - **Hot - rolled Coil**: The closing price of the active contract was 3,089 yuan, unchanged. The trading volume was 507,470 lots, a decrease of 4,710 lots, and the open interest was 1,592,616 lots, an increase of 7,398 lots [13]. - **Iron Ore**: The closing price of the active contract was 698.5 yuan, a decrease of 0.85%. The trading volume was 353,841 lots, an increase of 49,661 lots, and the open interest was 721,095 lots, an increase of 1,354 lots [13]. Related Charts - **Steel Inventory**: The report provides charts on the weekly changes and total inventory of rebar and hot - rolled coil, including inventory data from different years [15][16][18]. - **Iron Ore Inventory**: Charts show the inventory of 45 ports in China, 247 steel mills, and domestic mines, including seasonal inventory and inventory changes [20][21][26]. - **Steel Mill Production**: Charts present the blast furnace operating rate, capacity utilization rate, profitability ratio of 247 steel mills, and the operating rate and profitability of independent electric furnaces [29][30][32]. 后市研判 - **Rebar**: The supply and demand of rebar are both weak. The weekly output decreased by 70,500 tons, and the weekly apparent demand decreased by 196,500 tons. Under the situation of weak supply and demand, the fundamentals are weak, and prices are under pressure. Due to the low inventory, the real - world contradictions are limited. It is expected to continue to oscillate and seek a bottom [38]. - **Hot - rolled Coil**: The supply - demand pattern has weakened. The weekly output increased by 92,000 tons, and the weekly apparent demand decreased by 60,100 tons. The fundamentals have weakened, inventory has increased, and prices are under pressure. With the easing of Sino - US trade risks, it is expected to continue to oscillate at a low level [38]. - **Iron Ore**: The supply - demand pattern is weakly stable. The terminal consumption of ore is weakly stable, but the demand is expected to weaken in the off - season. The supply pressure is large, and the price is under pressure. Due to the large discount of the futures price, the downward movement has resistance. It is expected to oscillate weakly [39].

Report Summary 1. Investment Rating The report does not provide an overall industry investment rating. 2. Core Views - **Rubber**: The domestic Shanghai rubber futures 2509 contract on Tuesday showed a trend of increasing volume, increasing positions, stabilizing in shock, and slightly rising. With the full opening of rubber tapping in Southeast Asia and domestic natural rubber producing areas, and the improvement of macro - expectations, it is expected to maintain a stable shock trend [4]. - **Methanol**: The domestic methanol futures 2509 contract on Tuesday showed a trend of increasing volume, increasing positions, stabilizing in shock, and slightly rising. Driven by the improvement of the macro - atmosphere and the short - term stabilization of coal futures prices, it is expected to maintain a slightly stronger shock trend [4]. - **Crude Oil**: The domestic crude oil futures 2507 contract on Tuesday showed a trend of decreasing volume, increasing positions, stabilizing in shock, and slightly rising. Due to the intensification of the Russia - Ukraine war and the improvement of Sino - US relations, it is expected that domestic and foreign crude oil futures prices will maintain a slightly stronger shock trend [5]. 3. Summary by Directory 3.1 Industry Dynamics - **Rubber**: As of June 8, 2025, the total inventory of natural rubber in Qingdao was 605,500 tons, a decrease of 0.67%. The capacity utilization rates of semi - steel and full - steel tire sample enterprises decreased. The inventory warning index of automobile dealers in May 2025 decreased, and the industry's prosperity improved. The logistics and warehousing indexes in May 2025 slightly declined, and the sales of heavy - duty trucks in May decreased slightly month - on - month but increased year - on - year [8][9]. - **Methanol**: As of the week of June 6, 2025, the average domestic methanol operating rate was 83.33%, with weekly and annual increases. The weekly output increased year - on - year. The operating rates of downstream products such as formaldehyde, acetic acid, etc., changed to different degrees. The port and inland inventories increased [10][11][12]. - **Crude Oil**: As of the week of May 30, 2025, the number of active oil drilling platforms in the US decreased, and the daily output increased. The US commercial crude oil inventory decreased, while the Cushing and strategic reserve inventories increased. The net long positions in the WTI and Brent crude oil futures markets changed differently [12][13][14]. 3.2 Spot Price Table | Variety | Spot Price | Change from Previous Day | Futures Main Contract | Change from Previous Day | Basis | Change | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | Rubber | 13,850 yuan/ton | +200 yuan/ton | 13,805 yuan/ton | +80 yuan/ton | +45 yuan/ton | +120 yuan/ton | | Methanol | 2,400 yuan/ton | +33 yuan/ton | 2,276 yuan/ton | - 2 yuan/ton | +124 yuan/ton | +35 yuan/ton | | Crude Oil | 459.2 yuan/barrel | - 0.1 yuan/barrel | 479.8 yuan/barrel | +5.5 yuan/barrel | - 20.6 yuan/barrel | - 5.6 yuan/barrel | [16] 3.3 Related Charts The report lists relevant charts for rubber, methanol, and crude oil, including rubber basis, rubber futures inventory, methanol basis, methanol port inventory, crude oil basis, and crude oil commercial inventory, etc., but does not provide specific analysis content in the text [17][19][32]

投资咨询证号：Z0019840 电话：0571-87006873 邮箱：hebin@bcqhgs.com 有色金属 姓名：何彬 宝城期货投资咨询部 从业资格证号：F03090813 作者声明 投资咨询业务资格：证监许可【2011】1778 号 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 有色金属 | 日报 2025 年 6 月 10 日 有色日报 专业研究·创造价值 铜日内回落 核心观点 沪铜 昨夜铜价冲高，今日震荡回落，持仓量持续上升。上周五以来， 铜价开始增仓上行，我们认为是短期宏观氛围回暖推动了铜价上 行。产业层面，消费进入淡季，社库去化放缓，基差月差持续收 窄。技术层面，短线期价在 5 月高点有一定压力，冲高回落，可持续 关注该位置多空博弈。 沪铝 今日铝价偏弱震荡，主力期价跌破 2 万关口，持仓量小幅上升。 近期宏观氛围回暖。产业层面，上游电解铝厂利润较高，盘面套保压 力较大，给予铝价压力；下游需求较 ...

资讯早班车 资讯早班车-2025-06-10 一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 20250416 | 2025/03 | GDP:不变价:当季同比 | % | 5.40 | 5.40 | 5.30 | | 20250531 | 2025/05 | 制造业 PMI | % | 49.50 | 49.00 | 49.50 | | 20250531 | 2025/05 | 非制造业 PMI:商务活 | % | 50.30 | 50.40 | 51.10 | | | | 动 | | | | | | 20250603 | 2025/05 | 财新 PMI:制造业 | % | 48.30 | 50.40 | 51.70 | | 20250605 | 2025/05 | 财新 PMI:服务业经营 活动指数 | % | 51.10 | 50.70 | 54.00 | | | | 社会融资规模增量:当 | | | | | | 20250514 | 2025 ...

| 商品 | | | 动力煤（元/吨） | | | --- | --- | --- | --- | --- | | 日期 | 基差 | 5月-1月 | 9月-1月 | 9月-5月 | | 2025/06/09 | -192.4 | 0.0 | 0.0 | 0.0 | | 2025/06/06 | -192.4 | 0.0 | 0.0 | 0.0 | | 2025/06/05 | -192.4 | 0.0 | 0.0 | 0.0 | | 2025/06/04 | -192.4 | 0.0 | 0.0 | 0.0 | | 2025/06/03 | -191.4 | 0.0 | 0.0 | 0.0 | -250 -200 -150 -100 -50 0 50 100 450 500 550 600 650 700 750 800 850 900 950 动力煤基差 基差（右） 动力煤现货价:秦皇岛 期货结算价(活跃合约) :动力煤 宝城期货品种套利数据日报（2025 年 6 月 10 日） 一、动力煤 投资咨询业务资格：证监许可【2011】1778 号 运筹帷幄 决胜千里 www.bcqhgs.com 1 杭州市求 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Both Shanghai rubber and synthetic rubber are expected to run strongly, with short - term and medium - term trends being oscillatory and intraday trends being oscillatory and strong [1][5][7] 3. Summary by Related Catalogs Shanghai Rubber (RU) - **Short - term, Medium - term and Intraday Views**: Short - term and medium - term are oscillatory, intraday is oscillatory and strong, with a reference view of running strongly [1][5] - **Core Logic**: Positive signals from the phone call between Chinese and US leaders, an expected cooling of the Sino - US tariff war, and upcoming Sino - US economic and trade consultations lead to stronger macro factors. Although the natural rubber production areas are in the full tapping stage with increasing supply, the macro factors outweigh the weak industrial factors. On the night session of Monday this week, the 2509 contract of Shanghai rubber futures showed an oscillatory and stable trend, with the price rising slightly by 0.22% to 13,670 yuan/ton. It is expected to maintain an oscillatory and strong trend on Tuesday [5] Synthetic Rubber (BR) - **Short - term, Medium - term and Intraday Views**: Short - term and medium - term are oscillatory, intraday is oscillatory and strong, with a reference view of running strongly [1][7] - **Core Logic**: Positive signals from the phone call between Chinese and US leaders, an expected cooling of the Sino - US tariff war, and upcoming Sino - US economic and trade consultations lead to stronger macro factors. OPEC+ is accelerating production, and crude oil demand is expected to be weak. Although the 2508 contract of synthetic rubber futures closed slightly lower by 0.27% to 11,040 yuan/ton on the night session of Monday this week, the retracement space may be limited. It is expected to maintain an oscillatory and strong trend on Tuesday [7]

投资咨询业务资格：证监许可【2011】1778 号 宝城期货股指期货早报（2025 年 6 月 10 日） ◼ 品种观点参考—金融期货股指板块 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | IH2506 | 震荡 | 上涨 | 震荡偏强 | 区间震荡 | 政策端利好预期构成较强支撑 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—金融期货股指板块 品种：IF、IH、IC、IM 日内观点：震荡偏强 中期观点：上涨 参考观点：区间震荡 核心逻辑：昨日各股指均震荡小幅反弹。昨日统计局公布的最新通胀数据继续走弱，说明国内需求方 面表现不足，稳增长政策预期持续升温。目前政策利好预期升温，市场情绪偏 ...