早盘速递 2025/5/26 热点资讯 5、据马来西亚棕榈油协会（MPOA）发布的数据，马来西亚5月1-20日棕榈油产量预估增加3.51%，其中马来半岛增加4.09%，沙 巴增加4.52%，沙捞越减少2.15%，马来东部增加2.75%。 | | | | 大类资产表现 | | | | --- | --- | --- | --- | --- | --- | | 类别 | 名称 | 日涨跌幅% | 月内涨跌幅% | 年内涨跌幅（%） | 近一年走势 | | | 上证指数 上证50 | -0.94 -0.80 | 2.11 2.99 | -0.10 1.01 | | | | 沪深300 | -0.81 | 2.96 | -1.34 | | | | 中证500 | -0.88 | 0.38 | -1.27 | | | 权益 | 标普500 | -0.67 | 4.20 | -1.34 | | | | 恒生指数 | 0.24 | 6.70 | 17.65 | | | | 德国DAX | -1.54 | 5.03 | 18.69 | | | | 日经225 | 0.47 | 3.09 | -6.85 | | | | 英国富 ...

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层 （100020） 资讯早间报 制作日期： 2025/05/26 隔夜夜盘市场走势 1. 国际贵金属期货普遍收涨，COMEX 黄金期货涨 1.90%报 3357.70 美元/盎司， 上周累计上涨 5.35%。COMEX 白银期货涨 1.27%报 33.64 美元/盎司，上周累计上 涨 3.97%。 2. 国际油价走强，美油主力合约收涨 0.92%，报 61.76 美元/桶，周跌 0.34%； 布伦特原油主力合约涨 0.92%，报 65.03 美元/桶，周跌 0.58%。 3. 伦敦基本金属全线上涨，LME 期铅涨 1.22%报 1994.00 美元/吨，上周累计下 跌 0.30%；LME 期铜涨 1.19%报 9614.00 美元/吨，上周累计上涨 1.76%。 4. 芝加哥期货交易所（CBOT）农产品期货主力合约全线收跌，大豆期货跌 0.63% 报 1060.75 美分/蒲式耳，周涨 1.02%；玉米期货跌 0.86%报 459 美分/蒲式耳， 周涨 3.49%；小麦期货跌 0.18%报 543.5 美分/蒲式耳，周涨 3.52%。 5. 国 ...

3. 上海期货交易所理事长田向阳在2025上海衍生品市场论坛上表示，上期所将健全适配新质生产力需求的一流产品体系，加 快推进铸造铝合金、液化天然气、胶版印刷纸、瓦楞原纸等品种研发上市。 早盘速递 2025/5/23 热点资讯 1. 中国央行，为保持银行体系流动性充裕，2025年5月23日（周五），中国人民银行将以固定数量、利率招标、多重价位中标 方式开展5000亿元MLF操作，期限为1年期。 2. 中国金融期货交易所董事长何庆文在2025上海衍生品市场论坛上表示，面对当前的新形势新环境，中金所正在以防风险、 强监管、促高质量发展为工作主线，推动金融期货充分发挥稳定市场、活跃市场的双重功能。 板块持仓 (100,000) (50,000) 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 Wind农副产品 Wind谷物 Wind化工 Wind能源 Wind煤焦钢矿 Wind有色 Wind商品指数 Wind软商品 Wind油脂油料 Wind贵金属 Wind非金属建材 近五日商品期货板块持仓变动（手） 2025-05-22 2025-0 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report presents a comprehensive overview of the overnight market trends, important macro - economic news, and developments in various financial and commodity sectors, including futures, stocks, bonds, and foreign exchange. It also provides upcoming economic data releases and events. Summary by Directory Overnight Night - Market Trends - Domestic futures主力合约涨跌互现，烧碱、纸浆等涨超0.4%，SC原油、氧化铝等跌超1% [2] - International precious metal futures普遍收跌，COMEX黄金期货跌0.56%，COMEX白银期货跌1.39% [3] - International oil prices走弱，美油主力合约收跌1.23%，布伦特原油主力合约跌1.29% [4] - London basic metals收盘多数下跌，LME期锡、期镍、期铜均有不同程度跌幅 [5] - International agricultural product futures涨跌不一，美大豆、美玉米等有涨有跌 [6] Important Information Macro - Information - China's central bank will conduct 500 billion yuan of MLF operations on May 23, 2025 [9] - CFFEX is promoting the dual functions of financial futures [9] - SHFE will improve its product system and promote the R & D and listing of new varieties [9] - US initial jobless claims for the week ending May 17 were 227,000, a four - week low [10] - Iran vows a "devastating response" to any Israeli attack [11] - Trump's tax reform bill passed the House and is sent to the Senate, and the Senate passed a bill to end California's ban on fuel - powered vehicles [12] - Fed Governor Waller expects a rate cut in the second half of 2025 if tariffs decline [13] Energy and Chemical Futures - OPEC + is discussing a possible large - scale production increase in July [16] - China's urea production increased, and domestic soda ash inventory decreased [16] - Singapore's fuel oil, light distillate, and middle distillate inventories all rose [16] - SHFE adjusted the trading fees of natural rubber futures RU2509 contract [17] - US natural gas inventory increased, with a year - on - year decrease of 12.3% [17] - The US was not persuaded to lower the oil price cap at the G7 meeting [18] Metal Futures - Freeport Indonesia's Manyar smelter will resume production in June and reach full capacity in December [20] - CBA expects gold prices to reach $3,750 per ounce in Q4 due to rising safe - haven demand and a weakening dollar [22] - SHFE adjusted the trading fees of alumina futures AO2509 contract [22] - The global lead market had a supply shortage in March 2025 [22] Black - Series Futures - Rebar production increased, factory inventory rose, social inventory decreased, and apparent demand declined [24] - China's cumulative power generation installed capacity increased by 15.9% year - on - year as of the end of April [24] - Steel social inventory in 21 cities decreased in mid - May, with a narrowing decline [24] - Global crude steel production in April 2025 decreased by 0.3% year - on - year [25] - The average profit per ton of coke in independent coking plants varied by region [26] Agricultural Product Futures - Malaysia's palm oil production and exports are expected to increase in May [28] - Nigeria's palm oil prices may rise due to Indonesia's export tax increase [28] - Market rumors suggest the US government may grant small refinery exemptions, reducing biodiesel production and oil consumption [29] - IGC maintains the 2025/26 global soybean production forecast, with increased trade and consumption [29] - US soybean export net sales data for different periods [30] - Canada's rapeseed exports increased, and commercial inventory was reported [30] - The proportion of US soybean and corn planting areas affected by drought [30] - US cotton ON - call unpriced orders data [31] - Argentina's soybean sales accelerated in the first two weeks of May [31] Financial Market Finance - The CSRC will optimize the listing environment for technology companies and implement a more flexible IPO adjustment mechanism [33] - A - shares closed lower on Thursday, with some sectors rising and others falling [35] - Hong Kong stocks declined, but two new stocks had a strong performance in the dark - market trading [35] - CATL's H - shares will be included in MSCI indices [36] - Lenovo Group's Q4 revenue and profit increased [36] Industry - China's cumulative power generation installed capacity increased, with significant growth in solar and wind power [37] - The Cyberspace Administration of China will launch a special campaign to rectify online "black - mouth" against enterprises [37] - The world's first "Intelligent Grading of Humanoid Robots" standard was released [39] - Shanghai introduced measures to promote the high - quality development of the technology service industry [39] - A group standard for all - solid - state batteries was released [39] - TOP100 real - estate enterprises' land reserves decreased in 2024 [39] - China's narrow - sense passenger car retail sales are expected to increase in May [40] - The "JD Takeaway" platform was interviewed by the market supervision department [40] Overseas - Fed Governor Waller suggests a possible rate cut in the second half of 2025 if tariffs stabilize [41] - US manufacturing and service PMI data in May [43] - Harvard University's international student enrollment qualification was revoked [43] - US existing - home sales decreased in April, with a rising median price [43] - US initial jobless claims decreased to a four - week low [43] - Eurozone's May PMI data, with a decline in the composite PMI [44] - European Central Bank's meeting minutes and market expectations for a rate cut [44] - Japan's core machinery orders increased significantly in March [44] - Thailand's court ruled that Yingluck Shinawatra should pay compensation [46] International Stocks - US stocks closed mixed, with the S&P 500 and Nasdaq recording three - day losses [47] - European stocks closed lower due to concerns about bond yields and tax reform [47] - Berkshire Hathaway's Greg Abel met with Japanese trading company executives [48] - Kraken plans to allow non - US customers to trade stocks in token form [48] Commodity - International precious metal futures declined, affected by the US fiscal deficit, inflation, and the dollar [50] - International oil prices weakened, pressured by OPEC + production increase expectations and US inventory [50] - London basic metals mostly fell, with supply - chain changes [50] - OPEC + is discussing a production increase in July [51] - SHFE adjusted the trading fees of alumina and natural rubber futures contracts [51] Bond - China's bond market continued to fluctuate, with the central bank conducting reverse - repurchase operations [52] - A member of the Bank of Japan's council believes no intervention in the bond market is necessary [54] - US Treasury yields declined across the board [54] - European bond yields showed mixed trends [54] Foreign Exchange - The on - shore RMB against the US dollar rose, and the central parity rate was adjusted up [55] - The RMB ranked fifth in global payment currency in April [55] - Japan's foreign - exchange official stated that exchange rates should be determined by the market [55] - The US dollar index rose, and most non - US currencies fell [57] Upcoming Economic Data and Events - Economic data release schedule including UK consumer confidence, Japan's CPI, etc. [59] - Event schedule including Trump's dinner invitation, central bank operations, and corporate earnings reports [61]

1、商务部有关负责人表示，支持非洲33个最不发达国家用足用好100%税目产品零关税政策，共享中国大市场带来的发展机遇。 零关税政策自去年12月1日启动到今年3月，中国自非洲最不发达国家进口额达214.2亿美元，同比增长15.2%。 2、国际锡协会首席代表称，缅甸佤邦已于4月下旬正式获准全面恢复锡矿生产，目前正在逐步复产。 3、 大商所发布2025年端午节期间交易时间安排，5月31日（星期六）至6月2日（星期一）休市，6月3日（星期二）起照常开市 。5月30日（星期五）晚上不进行夜盘交易。6月3日（星期二）所有合约集合竞价时间为上午08:55-09:00。6月3日（星期二） 当晚恢复夜盘交易。 早盘速递 2025/5/22 热点资讯 板块持仓 (100,000) (50,000) 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 Wind农副产品 Wind谷物 Wind化工 Wind能源 Wind煤焦钢矿 Wind有色 Wind商品指数 Wind软商品 Wind油脂油料 Wind贵金属 Wind非金属建材 近五日商品期货板块持仓变动 ...

地址：北京市朝阳区朝阳门外大街甲6号万通中心D座20层（100020） 总机：010-8535 6666 资讯早间报 制作日期： 2025/05/22 隔夜夜盘市场走势 1. 周三夜盘收盘，国内期货主力合约涨跌互现，氧化铝涨近 2%，豆粕涨超 1%， 菜粕、豆二、20 号胶涨近 1%。跌幅方面，SC 原油跌超 1%，纸浆、短纤、对二 甲苯、液化石油气（LPG）、PTA 跌近 1%。 2.国际贵金属期货普遍收涨，COMEX 黄金期货涨 0.97%报 3316.60 美元/盎司， COMEX 白银期货涨 1.21%报 33.58 美元/盎司。 3. 国际油价走弱，美油主力合约收跌 1.11%，报 61.34 美元/桶；布伦特原油主 力合约跌 1.13%，报 64.64 美元/桶。 4. 伦敦基本金属涨跌不一，LME 期镍涨 0.72%报 15630.00 美元/吨，LME 期铝涨 0.16%报 2475.50 美元/吨，LME 期铅跌 0.10%报 1978.50 美元/吨，LME 期铜跌 0.34%报 9487.00 美元/吨，LME 期锡跌 0.93%报 32775.00 美元/吨，LME 期锌跌 0.96% ...

热点品种 原油： 欧佩克+产油国从 4 月起实施逐步放松减产计划，并将 5 月日均原油供应量提高 到 41.1 万桶。5 月 3 日，欧佩克+宣布，8 个参与国将在 6 月增产 41.1 万桶/日。 逐步增产可能会被暂停或逆转，具体取决于市场状况。OPEC+增产步伐加快，另 外，消息人士称，欧佩克+可能会在 6 月批准 7 月再一次加速增产，幅度为每日 41.1 万桶。如果配额遵守情况没有改善，欧佩克+计划到 10 月逐步取消此前设 定的 220 万桶/日的自愿减产措施。从最新的欧佩克月报上看，同意增加供应的 八个国家上个月共只增加了 2.5 万桶/日，低于计划的 13.8 万桶/日。目前 OPEC+ 暂未进入增产节奏。不过 OPEC+能否真正进行补偿性减产有待验证，美国原油产 量仍在历史高位附近。加之其他非 OPEC+释放产能，伊朗核协议或将签署，后续 原油供给压力较大。对于需求端，全球贸易战最恐慌时段过去，英国和美国就关 税贸易协议条款达成一致，中美经贸高层会谈取得实质性进展，大幅降低双边关 税水平，美国与中东多国签署经济合作协议，但也需注意全球 10%的基准关税可 能会保留。全球贸易战对经济的伤害悲观预 ...

【冠通研究】 原油：震荡上行 制作日期：2025年5月21日 【策略分析】 逢高做空 欧佩克+产油国从4月起实施逐步放松减产计划，并将5月日均原油供应量提高到41.1万桶。5月3 日，欧佩克+宣布，8个参与国将在6月增产41.1万桶/日。逐步增产可能会被暂停或逆转，具体取决 于市场状况。OPEC+增产步伐加快，另外，消息人士称，欧佩克+可能会在6月批准7月再一次加速增 产，幅度为每日41.1万桶。如果配额遵守情况没有改善，欧佩克+计划到10月逐步取消此前设定的220 万桶/日的自愿减产措施。从最新的欧佩克月报上看，同意增加供应的八个国家上个月共只增加了 2.5万桶/日，低于计划的13.8万桶/日。目前OPEC+暂未进入增产节奏。不过OPEC+能否真正进行补偿性 减产有待验证，美国原油产量仍在历史高位附近。加之其他非OPEC+释放产能，伊朗核协议或将签署， 后续原油供给压力较大。对于需求端，全球贸易战最恐慌时段过去，英国和美国就关税贸易协议条 款达成一致，中美经贸高层会谈取得实质性进展，大幅降低双边关税水平，美国与中东多国签署经 济合作协议，但也需注意全球10%的基准关税可能会保留。全球贸易战对经济的伤害悲观预 ...

板块持仓 (500,000) (400,000) (300,000) (200,000) (100,000) 0 100,000 200,000 300,000 400,000 Wind农副产品 Wind谷物 Wind化工 Wind能源 Wind煤焦钢矿 Wind有色 Wind商品指数 Wind软商品 Wind油脂油料 Wind贵金属 Wind非金属建材 近五日商品期货板块持仓变动（手） 2025-05-20 2025-05-19 2025-05-16 2025-05-15 2025-05-14 | | | | 大类资产表现 | | | | --- | --- | --- | --- | --- | --- | | 类别 | 名称 | 日涨跌幅% | 月内涨跌幅% | 年内涨跌幅（%） | 近一年走势 | | | 上证指数 | 0.38 | 3.09 | 0.86 | | | | 上证50 | 0.43 | 3.17 | 1.19 | | | | 沪深300 | 0.54 | 3.38 | -0.93 | | | | 中证500 | 0.46 | 2.05 | 0.38 | | | 权益 | 标普500 | ...

【冠通研究】 成交趋缓，盘面小幅波动 制作日期：2025 年 5 月 21 日 【策略分析】 尿素今日高开低走日内震荡上行。上游工厂报价稳中下移，新单成交跟进 缓慢，市场观望情绪浓厚。供应端，本周产量继续维持 20 万吨日产波动，新疆 天运、锦疆临时停车，泉盛恢复产出，日产表现为小幅下降。出口政策下，出 口时间为第一阶段 2025 年 5-7 月，第二阶段 2025 年 8-9 月，所有出口业务须 于 2025 年 10 月 15 日前完成报关手续；实行产地法检制度。需求端，农业经销 商目前备肥谨慎，暂时未到集中备肥阶段。复合肥工厂提货有所好转，目前处 于夏季肥生产阶段，开工率回升，预计夏季肥需求阶段后，五月底六月初，生 产将逐渐停止，届时开工率有所下滑，对尿素需求支撑转弱。库存端口本期小 幅累库，需求端小幅走弱，市场对出口消息反映下，港口库存小幅增加，但为 避免提前集港，将进行厂检。整体来说，目前盘面情绪以需求旺季支撑为逻 辑，市场中短期依然震荡偏多，关注后期农需备肥情况，后续随着需求季节逐 渐结束，行情或将转弱。 【期现行情】 现货方面：上游工厂报价稳中下移，新单成交跟进缓慢，市场观望情绪浓厚。 山东、河 ...