投资咨询业务资格：证监许可【2011】1778 号 宝城期货螺纹钢早报（2025 年 5 月 28 日） ◼ 品种观点参考 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 | | --- | --- | --- | --- | --- | --- | | 螺纹 2510 | 震荡 偏弱 | 震荡 | 震荡 偏弱 | 关注 MA5 一线压力 | 基本面疲弱，钢价弱势运行 | ◼ 行情驱动逻辑 螺纹钢供需格局表现不佳，建筑钢厂生产积极，供应持续回升并处于年内高位，压力偏大；而 螺纹钢需求则是在走弱，周度表需环比下降，高频成交再度缩量，且后续仍将季节性走弱，供强需 弱局面下螺纹基本面相对疲弱，钢价继续承压运行，叠加市场情绪不佳，钢价延续弱势寻底态势， 关注需求变化情况。 （仅供参考，不构成任何投资建议） 专业研究·创造价值 1 / 2 请务必阅读文末免责条款 观点参考 说明： 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 ...

品种：IF、IH、IC、IM 日内观点：震荡偏强 中期观点：震荡 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 5 月 28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 | 震荡 | 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 参考观点：区间震荡 核心逻辑：昨日各股指均震荡小幅回调。股市全市场成交额 10241 亿元，较上日缩量 97 亿元。目前 股市成交金额稳定在 1 万亿元附近，说明目前市场情绪处于偏中性状态 ...

投资咨询业务资格：证监许可【2011】1778 号 宝城期货动力煤早报（2025 年 5 月 28 日） ◼ 品种观点参考 日内观点： 中期观点： 时间周期说明：短期为一周以内、中期为两周至一月 | | | 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—商品期货黑色板块 品种：动力煤现货 参考观点：震荡 核心逻辑：本周，国内动力煤价格阶段性止跌企稳，截至 5 月 22 日，秦皇岛港 5500K 报价 613 元 /吨，周环比下跌 9 元/吨。目前，动力煤供应和库存压力依然存在，不过 4 月产量和进口量环比 均有所回落，显示供应端压力暂未进一步增强。相对而言，5 月期间港口库存的快速回升，对煤 价形成较大压制，高库存现状使得今夏旺季不旺的预期持续发酵，拖累价格下行。根据 iFind 统 计，截至 5 月 22 日，环渤海 9 港煤炭总库存 321 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - On May 27, the coke main contract closed at 1364 yuan/ton, with an intraday decline of 0.94%. The supply of coke increased week - on - week and year - on - year, while the demand decreased week - on - week. Coke inventory increased significantly at independent coking plants. Affected by upstream cost and downstream demand concerns, the coke futures will maintain a weak operation [5][33]. - On May 27, the coking coal main contract closed at 799.5 points, with an intraday decline of 0.12%. The supply of coking coal is expected to contract in late May, and the demand increased week - on - week and year - on - year. The supply - strong and demand - weak pattern has been partially repaired, but the overall situation is still loose. The coking coal futures will oscillate weakly due to the weak market atmosphere [6][34]. 3. Summaries by Related Catalogs Industry News - In April 2025, the weighted average procurement cost of steel raw materials converted to dry basis was 1238.38 yuan/ton, a month - on - month decrease of 38.32 yuan/ton or 3.00%. From January to April, the cumulative average procurement cost was 1328.03 yuan/ton, a year - on - year decrease of 637.98 yuan/ton or 32.45% [8]. - On May 27, Mongolia's ETT Company held an online auction for coking coal. The starting price of 1/3 coking raw coal was 65.4 US dollars/ton, up 0.8 US dollars/ton from the previous auction on May 9. All 64,000 tons of the listed quantity were unsold [9]. Spot Market - Coke: The current price of Rizhao Port's quasi - first - grade coke at the flat - price is 1390 yuan/ton, with no weekly change, a monthly decline of 3.47%, an annual decline of 17.75%, and a year - on - year decline of 31.86%. The current price of Qingdao Port's quasi - first - grade coke at the ex - warehouse is 1250 yuan/ton, a weekly decline of 1.57%, a monthly decline of 6.72%, an annual decline of 22.84%, and a year - on - year decline of 38.42% [10]. - Coking Coal: The current price of Mongolian coking coal at Ganqimaodu Port is 970 yuan/ton, with no weekly change, a monthly decline of 6.28%, an annual decline of 17.80%, and a year - on - year decline of 39.38%. The current price of Australian - produced coking coal at Jingtang Port is 1290 yuan/ton, with no weekly change, a monthly decline of 0.77%, an annual decline of 13.42%, and a year - on - year decline of 40.83%. The current price of Shanxi - produced coking coal at Jingtang Port is 1320 yuan/ton, with no weekly change, a monthly decline of 5.71%, an annual decline of 13.73%, and a year - on - year decline of 38.60% [10]. Futures Market - Coke: The closing price of the active contract was 1364.0 yuan/ton, with a decline of 0.94%. The highest price was 1382.0 yuan/ton, the lowest was 1348.0 yuan/ton, the trading volume was 26,256, the volume difference was 4,779, the position was 56,307, and the position difference was 591 [13]. - Coking Coal: The closing price of the active contract was 799.5 yuan/ton, with a decline of 0.12%. The highest price was 806.5 yuan/ton, the lowest was 788.0 yuan/ton, the trading volume was 521,082, the volume difference was - 71,174, the position was 521,014, and the position difference was 1,529 [13]. Related Charts - The report provides charts on coke inventory (including independent coking plants, steel mills, ports, and total inventory), coking coal inventory (including mine mouth, ports, steel mills, and independent coking plants), domestic steel mill production, Shanghai terminal line - screw procurement volume, coal washing plant production, and coking plant operation [14][21][28]. Market Outlook - Coke: The supply and demand situation remains unchanged from the core view, and it is expected that the coke spot market will maintain a bearish atmosphere in the short term [5][33]. - Coking Coal: The supply and demand situation remains unchanged from the core view, and the coking coal market atmosphere is still under pressure from downstream price - cut expectations [6][34].

投资咨询证号：Z0019840 电话：0571-87006873 投资咨询业务资格：证监许可【2011】1778 号 有色金属 姓名：何彬 宝城期货投资咨询部 从业资格证号：F03090813 邮箱：hebin@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。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 5 月 27 日 有色日报 专业研究·创造价值 日内触底回升 核心观点 沪铜 今日铜价震荡下行，午后企稳回升，主力期价在 7.8 万一线有一 定支撑。宏观层面，今日国内氛围转弱，有色普跌；近期指数弱势 运行，利好铜价。产业层面，上周库存边际上升给予期价压力，26 日 Mysteel 电解铜社库为 14.11 万吨，较上周下降 0.11 万吨，利好 铜价。短期持续关注 7.8 万一线多空博弈，预计期价偏强震荡运行。 沪铝 今日铝价早盘跳水，随后在 2 万一线震荡企稳。宏观层面，今日 国内氛围转弱， ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The main contract price of rebar showed a weak performance, with a daily decline of 1.23%, and both trading volume and open interest increased. Currently, the contradiction in the fundamentals of rebar is continuously accumulating under the situation of strong supply and weak demand, and steel prices continue to be under pressure. Coupled with weak market sentiment, steel prices will continue to seek the bottom weakly. Attention should be paid to the change in demand [4]. - The main contract price of hot-rolled coil declined weakly, with a daily decline of 1.33%, trading volume decreased and open interest increased. At present, the supply of hot-rolled coil has shrunk, but the sustainability is questionable, and the corresponding demand is weakening. The fundamentals have not improved under the situation of weak supply and demand. Coupled with weakening market sentiment, hot-rolled coil prices are under pressure and running weakly. Attention should be paid to the production situation of steel mills [4]. - The main contract price of iron ore fluctuated downward, with a daily decline of 1.76%, and both trading volume and open interest decreased. Currently, the fundamentals of iron ore are weakening under the situation of strong supply and weak demand, and ore prices continue to be under pressure and run weakly. The relatively favorable factor is that the futures price discount is large, so there is resistance to decline. In the short term, under the dominance of bearish factors, it is expected that ore prices will continue to fluctuate weakly. Attention should be paid to the decline in molten iron production [4]. Summary by Directory 1. Industry Dynamics - From January to April, the total profit of industrial enterprises above designated size in China reached 2.11702 trillion yuan, a year-on-year increase of 1.4% (calculated on a comparable basis). Among them, the total profit of state-owned holding enterprises was 702.28 billion yuan, a year-on-year decrease of 4.4%; that of joint-stock enterprises was 1.55964 trillion yuan, an increase of 1.1%; that of foreign-invested and Hong Kong, Macao and Taiwan-invested enterprises was 542.92 billion yuan, an increase of 2.5%; and that of private enterprises was 570.68 billion yuan, an increase of 4.3% [6]. - According to the latest production schedule report of three major white goods released by Industrial Online, the total planned production volume of air conditioners, refrigerators and washing machines in June 2025 is 35.15 million units, a year-on-year increase of 7.3%. Specifically, the planned production volume of household air conditioners in June is 20.5 million units, a year-on-year increase of 11.5%; that of refrigerators is 7.9 million units, a year-on-year increase of 3.6%; and that of washing machines is 6.75 million units, the same as the actual production volume of the previous year [7]. - On May 26, 2025, the Australian Anti-Dumping Commission issued Announcement No. 2025/043, stating that in response to the application submitted by Baowu Group Echeng Iron and Steel Co., Ltd., a Chinese exporter, it initiated an anti-dumping review investigation on steel reinforcing bars with a diameter of 50 mm or less exported to Australia. The investigation period for dumping is from April 1, 2024, to March 31, 2025. The Australian Customs codes of the涉案 products are 7213.10.00.42, 7214.20.00.47, etc. The Australian Anti-Dumping Commission expects to complete the basic fact report of this investigation no later than September 15, 2025, and submit the final ruling report to the Australian Minister for Industry and Science no later than October 28, 2025 [8]. 2. Spot Market - The spot prices of rebar, hot-rolled coil, Tangshan billet, and Zhangjiagang heavy scrap all decreased. The national average price of rebar (HRB400E, 20mm) dropped by 15 yuan to 3,246 yuan; the national average price of hot-rolled coil (Shanghai, 4.75mm) dropped by 24 yuan to 3,276 yuan; the price of Tangshan billet (Q235) dropped by 20 yuan to 2,900 yuan; and the price of Zhangjiagang heavy scrap (≥6mm) dropped by 40 yuan to 2,080 yuan. The price of 61.5% PB powder at Qingdao Port dropped by 6 yuan to 734 yuan, while the price of Tangshan iron concentrate remained unchanged at 738 yuan. The freight rates from Australia and Brazil changed slightly, and the prices of SGX swaps and the Platts Index also decreased [9]. 3. Futures Market - The closing price of the rebar futures main contract was 2,980 yuan, a decline of 1.23%, with a trading volume of 1,935,755 lots and an increase in open interest of 50,834 lots. The closing price of the hot-rolled coil futures main contract was 3,111 yuan, a decline of 1.33%, with a trading volume of 694,483 lots and an increase in open interest of 42,818 lots. The closing price of the iron ore futures main contract was 698.5 yuan, a decline of 1.76%, with a trading volume of 455,965 lots and a decrease in open interest of 10,680 lots [11]. 4. Related Charts - The report provides charts related to steel and iron ore inventories, including weekly changes in rebar and hot-rolled coil inventories, total inventories of rebar and hot-rolled coil (steel mills + social inventories), national 45-port iron ore inventories, 247 steel mills' iron ore inventories, and domestic mine iron concentrate inventories. It also includes charts related to steel mill production, such as the blast furnace operating rate and capacity utilization rate of 247 sample steel mills, the proportion of profitable steel mills among 247 steel mills, the profit and loss situation of 75 building material independent electric arc furnace steel mills, and the operating rate of 87 independent electric furnaces [13][26]. 5. Future Market Outlook - Rebar: There are changes in both supply and demand. Construction steel mills are actively producing, and the weekly output of rebar increased by 49,500 tons compared with the previous week. Supply continues to rise and is at a high level this year. Meanwhile, the demand for rebar has weakened again, with the weekly apparent demand decreasing by 131,600 tons compared with the previous week, and the high-frequency daily trading volume also decreasing. Both are still at low levels in recent years. The weak demand will still suppress steel prices. In general, the contradiction in the fundamentals of rebar is continuously accumulating under the situation of strong supply and weak demand, and steel prices will continue to be under pressure. Coupled with weak market sentiment, steel prices will continue to seek the bottom weakly. Attention should be paid to the change in demand [33]. - Hot-rolled coil: Both supply and demand have weakened. Plate steel mills have increased maintenance, and the output of hot-rolled coil has continued to decline, with a week-on-week decrease of 63,000 tons. Supply has dropped to a relatively low level, but the profit per ton of the product is still acceptable, and production will resume in the future. The positive effect needs to be followed up. Meanwhile, the demand for hot-rolled coil has weakened, with the weekly apparent demand decreasing by 164,700 tons compared with the previous week, and the high-frequency trading volume also shrinking. The relatively positive factor is that the production of the main downstream cold-rolled products remains at a high level, and the risk of external demand has temporarily eased, so the demand contraction space is limited. However, attention should be paid to the intensification of contradictions in the cold-rolled industry. At present, the supply of hot-rolled coil has shrunk, but the sustainability is questionable, and the corresponding demand is weakening. The fundamentals have not improved under the situation of weak supply and demand. Coupled with weakening market sentiment, hot-rolled coil prices are under pressure and running weakly. Attention should be paid to the production situation of steel mills [33]. - Iron ore: There are changes in both supply and demand. Steel mill production is weakening, and the terminal consumption of ore continues to decline. The average daily molten iron output and imported ore consumption of sample steel mills decreased again last week. The relatively positive factor is that they are still at a relatively high level this year, but the traditional off-season of the steel market is approaching, and it is difficult to support high molten iron production, so it will continue to decline in the future, and the positive effect on the demand side is weakening. Meanwhile, the arrival of goods at domestic ports has continued to decline, leading to a good reduction in port inventories, but the shipments of overseas miners have increased significantly, reaching the second highest in a single week this year. According to the shipping schedule, the arrival of Australian ore will increase in the future, and domestic mines are actively producing, so the pressure on ore supply is still relatively large. In general, the fundamentals of iron ore are weakening under the situation of strong supply and weak demand, and ore prices continue to be under pressure and run weakly. The relatively favorable factor is that the futures price discount is large, so there is resistance to decline. In the short term, under the dominance of bearish factors, it is expected that ore prices will continue to fluctuate weakly. Attention should be paid to the decline in molten iron production [34].

投资咨询业务资格：证监许可【2011】1778 号 宝城期货橡胶早报-2025-05-27 品种晨会纪要 时间周期说明：短期为一周以内、中期为两周至一月 核心逻辑：随着宏观因子逐渐消化，胶市交投逻辑开始转向品种自身的供需基本面。面对国内外天 胶产区正式步入全面割胶，原料产出稳步增长，新胶供应逐渐回升。同时下游轮胎行业开工率逐渐 恢复至常态，采购需求有望增强。在偏空因素主导的背景下，本周一夜盘国内沪胶期货 2509 合约虽 震荡企稳，略微收涨 0.03%至 14375 元/吨，不过下行趋势仍在，预计本周二国内沪胶期货或维持震 荡偏弱的走势。 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 沪胶 | 2509 | 震荡 | 震荡 | 震荡 偏弱 | 偏弱运行 | 偏空情绪占优，沪胶震荡偏弱 | | 合成胶 | 2507 | 震荡 | 震荡 | 震荡 偏弱 | 偏弱运行 | 偏空情绪占优，合成胶震荡偏弱 | 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 ...

投资咨询业务资格：证监许可【2011】1778 号 宝城期货甲醇早报-2025-05-27 品种晨会纪要 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 | | --- | --- | --- | --- | --- | --- | | 甲醇 2509 | 震荡 | 震荡 | 震荡 偏弱 | 偏弱运行 | 供需结构偏弱，甲醇反弹受限 | 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—商品期货能源化工板块 甲醇（MA） 日内观点：震荡偏弱 中期观点：震荡 参考观点：偏弱运行 核心逻辑：随着宏观利多因素逐渐消化，甲醇期价转入偏弱供需结构主导的行情。目前国内煤制甲 醇多套装置陆续重启，供应压力再度回升并刷新周度产量历史新高。下游需求改善有限，甲醇制烯 烃期货盘面利润出现回落，不利于港口库存继 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The future demand for fixed - income assets may exceed supply, potentially leading to an asset shortage and driving interest rates down. The 10 - year treasury bond yield could reach 1.4% - 1.5% this year [23]. - Fundamental factors are difficult to break the narrow - range fluctuation pattern of the bond market. A decline in deposit rates is short - term positive for non - bank allocation demand. It is recommended to focus on 3 - and 5 - year credit bonds and Tier 2 capital bonds [23]. - Adding 10% - 20% financial bonds to a credit or treasury bond portfolio can optimize the portfolio by reducing volatility and drawdown with little impact on returns [23]. - The Chinese government's macro - economic control policies have led to an improvement in economic indicators, and Moody's decision to maintain China's sovereign credit rating is a positive reflection of China's economic prospects [2][11]. - The appreciation of the RMB is beneficial to the Chinese stock market, and Goldman Sachs is overweight on Chinese stocks due to the potential exchange - rate resilience of the RMB [11][28]. 3. Summary by Directory 3.1 Macro Data - In Q1 2025, GDP grew by 5.4% year - on - year, the same as the previous quarter and higher than the same period last year [1]. - In April 2025, the manufacturing PMI was 49%, down from 50.5% in the previous month and 50.4% in the same period last year [1]. - In April 2025, the non - manufacturing PMI was 50.4%, down from 50.8% in the previous month and 51.2% in the same period last year [1]. - In April 2025, the year - on - year growth rates of M0, M1, and M2 were 12%, 1.5%, and 8% respectively, with M0 and M2 increasing compared to the previous month and M1 decreasing [1]. - In April 2025, the CPI was - 0.1% year - on - year, the same as the previous month but lower than the same period last year; the PPI was - 2.7% year - on - year, lower than the previous month and the same period last year [1]. 3.2 Commodity Investment 3.2.1 Comprehensive - The Chinese government aims to improve the modern enterprise system, including salary systems and corporate governance of listed companies [2][10]. - OPEC + may increase production by 411,000 barrels per day in July to target the US shale oil market [2]. - As of May 26, 70.05 million mu of summer wheat had been harvested, and over 17 million sets of agricultural machinery will be used for the "Three Summers" operations [3]. 3.2.2 Main Varieties - Cast aluminum alloy futures will be listed on June 10, with a trading margin of 9% (8% for hedging) and a daily price limit of ±7% (doubled on the first day) [4]. - In April, Hong Kong's total gold exports to the Chinese mainland were 58.61 tons, up from 21.071 tons previously [4]. - On May 26, the global thermal coal price hit a four - and - a - half - year low due to oversupply and high inventories [6]. - Russia's Deputy Prime Minister said that OPEC + has not discussed a July production increase [7]. - Iraq's oil exports in April were 100.95 million barrels [8]. - Iran set the price of Iranian light crude oil for Asia in June at Oman/Dubai crude oil price plus $1.80 per barrel [8]. - Malaysia's palm oil exports from May 1 - 25 increased by 11.6% month - on - month [9]. 3.3 Financial News - On May 26, the central bank conducted 382 billion yuan of 7 - day reverse repurchase operations, resulting in a net injection of 247 billion yuan [9]. - Third - round, fourth - batch central environmental protection inspections have been launched in 5 provinces and 3 state - owned enterprises [11]. - On May 26, the on - shore and off - shore RMB exchange rates against the US dollar rose, breaking through the 7.17 mark [11]. - This year, nearly 3,000 idle land parcels with a total area of over 133 million square meters are planned to be repurchased using special bonds [12]. - From January to April, the proportion of residential sales of over 120 square meters increased in 20 out of 30 representative cities [12]. - Credit bond ETFs are expected to be included in the repurchase collateral pool [12]. - As of April 30, the on - time disclosure ratios of 2024 annual reports and 2025 Q1 reports of debt - financing tool issuers and credit enhancement institutions were 99.80% and 99.65% respectively [13]. - Mitsubishi UFJ Bank (China) will adjust RMB deposit rates from June 3 [13]. - Inner Mongolia Rural Commercial Bank was established through a new merger and will open on May 27 [13]. - Hubei aims to transform the real - estate industry and ensure its stable operation [14]. - Guizhou will carry out special rectification and actions to solve problems faced by enterprises [14]. - The four major Japanese life insurance companies had a bond portfolio floating loss of about $60 billion last fiscal year [15]. - Multiple factors may trigger a "bond vigilante" action [15]. - There are significant events in the bond market, such as debt restructuring and bond suspension [16]. 3.4 Bond Market - Treasury bond futures mostly rose, and the yields of major inter - bank interest - rate bonds mostly declined. The overnight and 7 - day inter - bank repo rates showed different trends [17]. - In the exchange - traded bond market, some bonds rose while others fell. The Wande real - estate bond 30 index declined slightly, and the Wande high - yield urban investment bond index rose [18]. - The CSI Convertible Bond Index and the Wande Convertible Bond Equal - Weighted Index both declined [18]. - Most money - market interest rates showed an upward trend, while Shibor short - term rates were mixed [18][19]. - The winning yields of some financial bonds issued by policy banks were announced [20]. - European bond yields generally declined [20]. 3.5 Foreign Exchange Market - The on - shore RMB exchange rate against the US dollar rose by 52 points at the 16:30 close, and the central parity rate was raised by 86 points [22]. - The US dollar index declined, and most non - US currencies rose [22]. 3.6 Stock Market - The CSRC will promote the introduction of a supervision and management regulation for listed companies to improve corporate governance [27]. - On Monday, the A - share market had a narrow - range adjustment. The controllable nuclear fusion concept rose, while pharmaceutical and automobile stocks declined [27]. - The Hong Kong Hang Seng Index and related indices declined. Automobile stocks fell, and nuclear - power stocks rose [27]. - Southbound funds had a net sell - off of HK$1.5 billion. Tencent and Alibaba were net sold, while Meituan was net bought [28]. - Central Huijin will better perform its duties in managing state - owned financial capital [28]. - Goldman Sachs is overweight on Chinese stocks due to the potential appreciation of the RMB [28]. - Meituan's Q1 revenue and adjusted net profit exceeded market expectations [28].

投资咨询业务资格：证监许可【2011】1778 号 宝城期货贵金属有色早报（2025 年 5 月 27 日） ◼ 品种观点参考 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 | | --- | --- | --- | --- | --- | --- | --- | | 黄金 | 2508 | 震荡 | 震荡 | 震荡 偏弱 | 观望 | 中美关系趋于缓和，利空金价；地 缘政治频发利多金价 | | 镍 | 2507 | 下跌 | 震荡 | 震荡 偏弱 | 短线看弱 | 上游强势，下游弱势，镍弱势运行 | 说明： 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—商品期货 品种：黄金（AU） 日内观点：震荡偏弱 中期观点：震荡 参考观点：观望 核心逻辑：昨日金价小幅回落，沪金在 780 ...