Report Industry Investment Rating - Not provided Core View of the Report - The current terminal market's phased replenishment has reduced inventory pressure compared to the previous period. Short - term spot prices are expected to remain stable with a slight upward trend. However, from the supply perspective, the theoretical laying - hen inventory from March to June is still on the rise, and there is pressure on spot prices during the rainy season. The willingness to cull chickens has increased but is still below market expectations. Attention should be paid to the impact of the culling rhythm on far - month contracts. It is recommended to wait and see in the short term and look for short - selling opportunities after the spot reaches a peak [3]. Summary by Relevant Directory 1. Price Increase Drivers - Today, the egg futures broke through and rose. As of the close, the 2505 contract rose to 3123 yuan/500 kilograms, with a 3.69% increase. The daily average price of Guantao powder eggs today is 2.98 yuan per catty, up 0.07 yuan per catty from the previous day. Terminal phased replenishment has boosted the short - term increase in egg spot prices. The social inventory has decreased compared to the previous period, and the pressure of remaining goods has weakened [3][6]. 2. Future Outlook and Strategies - Short - term spot prices are expected to be stable with a slight upward trend. The laying - hen inventory from March to June is on the rise, and there is pressure on spot prices during the rainy season. The willingness to cull chickens has increased but is below expectations. The previous short positions in the 2505 and 2509 contracts have triggered the stop - profit range. It is recommended to wait and see in the short term and look for short - selling opportunities after the spot reaches a peak [3].

| 6、3 月份卓创资讯监测的 18 家代表企业商品代鸡苗总销量约为 4632.50 万羽，环 | | --- | | 比增幅 1.50%，同比增幅 2.85%。 | | 【市场逻辑】 | | 关税事件影响市场情绪，待情绪褪去现货价格仍以供需关系为直接驱动。当前鸡蛋 | | 供给充足，终端市场阶段性补货驱动库存压力较前期有所减弱，预计短期现货价格 | | 短期稳中偏强运行。供给来看，3 月新开产蛋鸡数量较多，小码蛋供应充足。结合 | | 补栏鸡苗和淘汰蛋鸡数据来看 3-6 月理论在产蛋鸡存栏水平仍处呈现增加趋势。当 | | 前淘鸡意愿有所增强但仍不及市场预期，关注淘鸡节奏对远月合约影响程度。 | | 【交易策略】 | | 7 日上午市场快讯提示关注情绪推动下的高空机会。 | | 前期持续提示 2505 合约若 3000 压力有效则前期空单建议持有，反之建议空单止盈， | | 昨日收盘仍在 3000 压力之下。2509 合约前期提示 3840-3850 压力有效则方向不变， | | 目前收盘仍在压力之下，下方支撑关注 3780-3800。 | 重要事项: 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究 ...

早盘提示 Morning session notice 更多精彩内容请关注格林大华期货官方微信 | 板块 | 品种 | 多（空） | 推荐理由 | | --- | --- | --- | --- | | | | | 【行情复盘】 | | | | | 受假日期间美国对等关税引发美股暴跌影响，周一开市后 A 股大幅低开，收盘大跌， | | | | | 消化海外冲击。两市成交额 1.58 万亿元，成交额放大，显示低位承接有力。中证 | | | | 1000 | 指数收 5496 点，跌 706 点，跌幅-11.39%；中证 500 指数收 5287 点，跌 558 | | | | | 点，跌幅-9.55%；沪深 300 指数收 3589 点，跌 272 点，跌幅-7.05%；上证 50 指数 | | | | 收 | 2516 点，跌 145 点，跌幅-5.46%。行业与主题 ETF 普跌，只有粮食 ETF、农业 | | | | ETF | 易方达上涨，跌幅居前的是创业板人工智能 ETF 华宝、创业板 200ETF 华夏、科 | | | | | 创新能源 ETF、创业板综 ETF 万家、人工智能 ETF 科创。两市板 ...

Morning session notice 更多精彩内容请关注格林大华期货官方微信 研究员：李方磊 从业资格：F03104461 交易咨询资格：Z0021311 格林大华期货研究院 证监许可【2011】1288 号 2025 年 4 月 7 日星期一 分品种观点详述 评级预测说明："+"表示：当日收盘价>上日收盘价；"-"表示：当日收盘价<上日收盘价。 数字代表当日涨跌幅度范围（以主力合约收盘价计算）。0.5 表示：0≤当日涨跌幅<0.5%； 1 表示：0.5%≤当日涨跌幅<1%；2 表示：1%≤当日涨跌幅<2%；3 表示：2%≤当日涨跌幅<3%； 4 表示：3%≤当日涨跌幅<4%；5 表示：4%≤当日涨跌幅。评级仅供参考，不构成任何投资建 议。 联系方式：19339940612 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 4 月 3 日，SR505 合约收盘价 6189 元/吨，日涨幅 0.45%。SR509 合约收盘价 6067 元 | | --- | --- | --- | --- | | | | | /吨，日涨幅 0.18%。 【重要资讯】 1.ICE 原糖 5 月合约上周五收报 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - Wednesday saw a significant decline in the overnight interest rate in the money market, and Minsheng Bank's capital sentiment index indicated non - looseness for the first time since early March, which is favorable for bond bulls. The US reciprocal tariffs announced early today may have a major impact on the global economy. Short - term Treasury bond futures may experience wide - range fluctuations [2] Group 3: Summary by Relevant Catalogs Market Review - On Wednesday, the main contract of Treasury bond futures opened. The 30 - year main contract opened 0.07% higher, and other varieties opened roughly flat. The overall performance was a continuous upward trend throughout the day. By the close, the 30 - year Treasury bond futures main contract TL2506 rose 0.86%, the 10 - year T2506 rose 0.26%, the 5 - year TF2506 rose 0.15%, and the 2 - year TS2506 rose 0.04% [1] Important Information - In the open market, the central bank conducted 229.9 billion yuan of 7 - day reverse repurchase operations on Wednesday, with 455.4 billion yuan of reverse repurchases maturing on the same day, resulting in a net withdrawal of 225.5 billion yuan [1] - In the money market, the overnight interest rate in the inter - bank money market on Wednesday declined compared to the previous trading day. The weighted average of DR001 for the whole day was 1.74% (1.83% the previous trading day), and the weighted average of DR007 for the whole day was 1.84% (unchanged from the previous trading day) [1] - In the cash bond market, the closing yields of inter - bank Treasury bonds on Wednesday declined compared to the previous trading day. The yield of 2 - year Treasury bonds decreased by 1.80 BP to 1.56%, the 5 - year decreased by 3.01 BP to 1.64%, the 10 - year decreased by 2.17 BP to 1.79%, and the 30 - year decreased by 4.00 BP to 1.98% [1] - On April 3, the US President declared a national emergency, and the White House stated that a 10% "benchmark tariff" would be imposed on all countries, effective at 0:01 am on April 5, Eastern Time. Higher reciprocal tariffs on countries with large trade deficits with the US will take effect at 0:01 am on April 9, Eastern Time. Steel, aluminum, automobiles, gold bars, copper, pharmaceuticals, semiconductors, and wood products are not affected by reciprocal tariffs, and goods from Canada and Mexico that meet the USMCA continue to be exempted from tariffs. A 25% automobile tariff took effect on April 3, causing a sharp decline in US stocks after - hours [1] Market Logic - In late March, the central bank deputy governor stated that China has a moderately loose monetary policy and will cut the reserve requirement ratio and interest rates as appropriate. The central bank's Monetary Policy Committee's first - quarter meeting pointed out to observe and evaluate the bond market from a macro - prudential perspective and pay attention to changes in long - term yields. The PMI released on March 31 showed overall expansion, being slightly weaker in terms of price and employment indices [1] Trading Strategy - Traders should conduct band operations [2]

Report Summary 1) Industry Investment Rating No industry investment rating is provided in the report. 2) Core View The coking coal and coke markets are in a low - level oscillation. Short - term demand recovery is difficult to absorb the increasing supply, and the short - term short - selling space for coking coal and coke is limited. It is advisable to try shorting at high levels in the far - month contracts [1]. 3) Summary by Relevant Contents Market Performance - The Jm2505 contract closed at 1001.5, down 0.64% from the previous trading day's close. The J2505 contract closed at 1636.5, down 0.7% from the previous trading day's close. In the night session of the previous day, the Jm2505 contract closed at 996.5, down 0.5% from the daily session close, and the J2505 contract closed at 1632.0, down 0.27% from the daily session close [1]. Important News - The General Office of the Communist Party of China Central Committee and the General Office of the State Council issued the "Opinions on Improving the Price Governance Mechanism", proposing to speed up the construction of key - area markets, promote the construction of important commodity spot and futures markets, and develop trading markets for oil, gas, coal, etc. in an orderly manner [1]. - On April 2, local time, US President Trump announced "reciprocal tariff" measures on trading partners, imposing a 34% reciprocal tariff on China, 20% on the EU, and 24% on Japan [1]. - This week, the average tax - included cost of steel billets for mainstream sample steel mills in Tangshan is 2946 yuan/ton. Compared with the ex - factory price of 3050 yuan/ton for common billets on April 2, the average profit of steel mills is 104 yuan/ton, an increase of 4 yuan/ton week - on - week [1]. - This week, the operating rate of 110 sample coal - washing plants nationwide is 60.77%, a decrease of 1.22% from the previous period; the daily average output is 51.82 tons, a decrease of 0.42 tons; the raw coal inventory is 279.13 tons, an increase of 7.64 tons; the clean coal inventory is 191.80 tons, a decrease of 22.12 tons [1]. Market Logic The main contracts of coking coal and coke declined slightly. Demand data has improved in the past two weeks, and the spot price has also rebounded. However, the overall supply of coking coal and coke is relatively loose. Short - term demand recovery is difficult to absorb the continuous increase in supply. The near - month contracts are close to the warehouse - receipt cost, with relatively limited fluctuation space. Both long and short sides are gradually shifting positions to the 09 contracts [1]. Trading Strategy The short - term short - selling space for coking coal and coke is limited. It is advisable to try shorting at high levels in the far - month contracts [1].

Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 4 月 2 日星期三 研究员：纪晓云 从业资格：F3066027 交易咨询资格：Z0011402 联系方式：010-56711796 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 Jm2505 合约收于 1008.0，环比上一交易日收盘上涨 1.97%。J2505 合约收于 1643.5，环 | | --- | --- | --- | --- | | | | | 比上一交易日收盘上涨 4.14%。 【重要资讯】 1、3 月财新中国制造业 PMI 录得 51.2，较 2 月上升 0.4 个百分点，创 2024 年 12 月来 新高，显示制造业生产经营活动继续加快扩张。 | | | 焦煤、 | | 2、越南将部分类型汽车的关税税率从最高 64%下调至 32%，液化天然气税率从 5%下 | | 黑色 | 焦炭 | 低位震荡 | 调至 2%。乙醇税率从 10%降至 5%。 | | | | | 3、山东、山西个别以贸易为主的焦企率先上调冶金焦 ...

Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 4 月 1 日星期二 研究员：吴志桥 从业资格：F3085283 交易咨询资格：Z0019267 联系方式：15000295386 | 板块 | 品种 | 多（空） | 推荐理由 | 【行情复盘】 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 周一夜盘甲醇主力合约期货价格下跌 | 14 | 元/吨至 | 2491 | 元/吨，华东主流地区甲醇现 | 货价格下跌 | 48 | 元/吨至 | 2607 | 元/吨。多头持仓增加 | 15834 | 手至 | 41.5 | 万手，空头持仓 | | 增加 | 17884 | 手至 | 45.49 | 万手。 | 【重要资讯】 | | | | | | | | | | 1、供应方面，国内甲醇开工率 | 84.06%，环比下跌 | 1.55%。海 ...

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core View of the Report - China's manufacturing PMI remaining in the expansion zone supports the strong copper price. The continuous expansion of China's manufacturing industry is favorable for copper prices [1][5] 3) Summary by Relevant Content - **China's Manufacturing PMI in February 2025**: The manufacturing PMI was 50.2%, with a year - on - year decrease of 0.99%; the non - manufacturing PMI was 49.1%, with a year - on - year decrease of 0.20%. In January 2025, the manufacturing PMI was 50.2%, with a year - on - year increase of 2.24%; the non - manufacturing PMI was 50.4%, with a year - on - year decrease of 1.95% [2] - **China's Manufacturing PMI in March 2025**: The manufacturing PMI was 50.5%, up 0.3 percentage points from the previous month, and has been in the expansion zone for two consecutive months. The production index and new order index were 52.6% and 51.8% respectively, up 0.1 and 0.7 percentage points from the previous month. The procurement volume index was 51.8%, remaining in the expansion zone for two consecutive months. The equipment manufacturing industry PMI was 52%, up 1.2 percentage points from the previous month, and the new order index rose above 55%, reaching a new high since April 2023. The high - tech manufacturing industry PMI was 52.3%, up 1.4 percentage points from the previous month [5]

研究员：吴志桥 从业资格：F3085283 交易咨询资格：Z0019267 Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 3 月 31 日星期一 联系方式：15000295386 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 周五夜盘瓶片主力合约 PR2505 的期货价格下跌 62 元至 6038 元/吨。持仓方面，主 力合约 2505 持仓量为 2.49 万手，持仓-190 手。现货市场方面，华东市场水瓶级瓶 片价格下跌 20 至 6090 元/吨，华南市场水瓶级瓶片价格下跌 15 至 6110 元/吨。 【重要资讯】 | | --- | --- | --- | --- | | 能源与化 | | | 1、供应和成本利润方面，国内聚酯瓶片产量为 30.75 万吨，较上周增加 1.65 万吨。 国内聚酯瓶片产能利用率周均值为 72.3%，较上周提升 3.87%；聚酯瓶片生产成本 5699 元，增加 1.16%；聚酯瓶片周生产毛利为-197 元/吨，环比减少 37.1%。 2、需求 ...