软商品日报 光大期货软商品日报（2025 年 7 月 24 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 棉花 | 周三，ICE 美棉上涨 0.06%，报收 68.29 美分/磅，CF509 环比上涨 0.04%，报收 14180 | | | | 元/吨，主力合约持仓环比下降 15967 手至 53.82 万手，新疆地区棉花到厂价为 15411 | | | | 元/吨，较前一日下降 5 元/吨，中国棉花价格指数 3128B 级为 15543 元/吨，较前 | | | | 一日下降 6 元/吨。国际市场方面，近期美棉整体驱动有限，市场关注重心更多在 | | | | 于宏观层面，美元指数低位震荡，7 月美联储议息会议大概率按兵不动，9 月降息 | | | | 概率较大，关注预期是否会有变动，基本面驱动有限。国内市场方面，郑棉期价日 | 宽幅震 | | | 内震荡走势。消息面，昨日商务部发言人称，中美将于 7 月 27 日至 30 日在瑞典举 | | | | 行会谈，关注谈判结果，或对棉价有新的驱动。近期郑棉驱动的主要因素是低进 | 荡 | | | 口、低库存的现 ...

一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 尿素 | 周三尿素期货价格震荡走弱，主力 09 合约收盘价 1773 元/吨，跌幅 1.83%。现货市 场报价多数稳定，局部地区小幅走弱。昨日山东、河南地区市场价格分别为 1830 元 | 偏弱 | | | /吨、1850 元/吨，日环比分别降 10 元/吨、持平。基本面来看，尿素供应水平窄幅波 | | | | 动，昨日行业日产量 19.27 万吨，日环比提升 0.24 万吨。需求端跟进情绪继续放缓， | | | | 农业需求季节性空窗期，工业下游复合肥及胶板厂刚需采购，对市场支撑力度较为有 | | | | 限。即便本周尿素企业库存继续下降 4.1%，但基本面支撑整体不足。商品市场情绪 | | | | 出现分化，短期尿素市场若未有新增利好驱动因素，期价承压风险将持续增加，关注 | | | | 商品市场整体情绪、中下游采购节奏。 | | | 纯碱 | 周三纯碱期货价格震荡偏弱，现货市场坚挺运行，区域间价格波动趋势略有分化，碱 | 宽幅震荡 | | | 厂终端送到价格 1250～1350 元/吨左右。基本面来看，昨日行业开 ...

光期研究 光期黑色：铁矿石基差及价差监测日报 2025 年 7 月 2 4 日 1 光大证券 2020 年 半 年 度 业 绩 E V E R B R I G H T S E C U R I T I E S 1.1 合约价差 | 期货合约 | 今日收盘价 | 上日收盘价 | 变化 | 合约价差 | 今日价差 | 上日价差 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | | I05 | 770.5 | 755.0 | 15.5 | I05-I09 | -52.5 | -54.0 | 1.5 | | I09 | 823.0 | 809.0 | 14.0 | I09-I01 | 29.5 | 32.5 | -3.0 | | I01 | 793.5 | 776.5 | 17.0 | I01-I05 | 23.0 | 21.5 | 1.5 | 图表1：09-01合约价差（单位：元/吨） 图表2：01-05合约价差（单位：元/吨） 2.2 基差：图表 0 50 100 150 200 01 01 02 03 03 03 04 04 05 05 06 06 ...

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - Corn is expected to show a volatile trend. The 9 - month contract has rebounded, and the spot price in the Northeast region has increased by 10 - 20 yuan/ton. However, the futures price is facing technical resistance and may show a short - term weakening trend [1]. - The price of soybean meal is expected to be volatile and bullish. Although the demand growth rate is expected to slow down, the import cost is rising, and the spread trading strategy of 91 and 15 is recommended [1]. - The price of palm oil is expected to be bullish. Due to short - covering and the rise of the surrounding market, the inventory in Indonesia has decreased, and the domestic palm oil inventory has increased steadily. A long - only strategy and 91 spread trading are recommended [1]. - The price of eggs is expected to be volatile. Although the demand is expected to increase in the peak season, the supply issues such as high inventory and cold - stored eggs may limit the increase [1][2]. - The price of live pigs is expected to be volatile. Although the market is currently supported by optimistic sentiment, the problem of over - capacity still exists [2]. Summary by Relevant Catalogs Research Viewpoints - **Corn**: On Wednesday, the weighted corn contract continued to reduce positions and adjust. The 9 - month contract rebounded, and the spot price in the Northeast region increased. The price in the华北 region was stable, and the price in the sales area rebounded slightly. Technically, the futures price faced resistance at the 2320 - 2330 price range and showed a short - term weakening trend [1]. - **Soybean Meal**: On Wednesday, CBOT soybeans closed lower. Domestically, the price of soybean meal rose, driven by the increase in import cost. However, the demand growth rate is expected to slow down due to policy measures [1]. - **Palm Oil**: On Wednesday, the BMD palm oil futures price closed higher. In May, Indonesia's palm oil inventory decreased, and the export volume increased significantly. Domestically, the palm oil price led the rise, and the inventory increased steadily [1]. - **Eggs**: On Wednesday, the main egg contract 2509 closed up 0.44%. The spot price increased slightly. In the future, although the demand is expected to increase in the peak season, the supply issues may limit the increase [1][2]. - **Live Pigs**: On Wednesday, the main live pig contract 2509 closed up 1.46%. The spot price decreased slightly. The terminal demand is weak, and the problem of over - capacity still exists, but short - term rebound is possible [2]. Market Information - The Ministry of Agriculture and Rural Affairs plans to adjust the pig production capacity and promote the substitution of soybean meal [3]. - Indonesia expects an increase in palm oil exports to the EU in the second half of 2025 [3]. - In May, Indonesia's palm oil inventory decreased by 4.27% month - on - month, and the export volume increased significantly [3]. - Canada has adjusted its rapeseed production forecast. The 2024/25 production is raised, while the 2025/26 production is lowered [4]. - Malaysia's palm oil production from July 1 - 20 increased by 11.24% compared to the same period last month [4]. Variety Spreads - **Contract Spreads**: The report provides information on the 9 - 1 spreads of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live pigs, but no specific analysis is given [6][8][9][12]. - **Contract Basis**: The report provides information on the basis of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live pigs, but no specific analysis is given [14][18][24][26].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Copper**: Overnight, LME copper rose 0.36% to $9,933.5/ton, while SHFE copper fell 0.16% to 79,680 yuan/ton. The domestic spot import is still slightly in the red. With the approaching August tariff deadline, the EU plans to impose a 30% tariff on $100 billion of US goods. Trump's claim of a US - Japan agreement has led to market optimism. The third - round China - US consultations are set to take place in Sweden next week. LME copper inventory decreased by 25 tons, Comex inventory increased by 1,567 tons, and SHFE copper warehouse receipts dropped by 9,972 tons. Affected by the off - season, consumption is weak, but some enterprises are stocking up in advance due to concerns about price increases. The Inner Mongolia flotation incident may cause safety - related production cuts, intensifying the shortage of concentrates. With the approaching August 1st, although there are many positive factors, uncertainties also exist, so weekly market trends should be viewed with caution. The domestic anti - involution impact on the market has eased, and its impact on copper is relatively weak but still affects market sentiment [1]. - **Aluminum**: Alumina, Shanghai aluminum, and aluminum alloy all showed a weak and volatile trend. Alumina's AO2509 closed at 3,366 yuan/ton, down 1.55%, with an increase in open interest. Shanghai aluminum's AL2509 closed at 20,750 yuan/ton, down 0.46%, also with an increase in open interest. The aluminum alloy's AD2511 closed at 20,140 yuan/ton, down 0.35%, with a decrease in open interest. The SMM alumina price rebounded, and the spot premium of aluminum ingots decreased. The processing fees of aluminum rods and some aluminum products changed. Due to the maintenance of some alumina plants, the commissioning of new electrolytic aluminum production capacity in the southwest, and low warehouse receipts, the supply of alumina is tight. As the amount of goods delivered to the warehouse recovers and may peak, it is difficult to short - sell under the anti - involution effect. New orders for electrolytic aluminum processing are shrinking, and inventory accumulation in the off - season has started, which forms a game with low near - month warehouse receipts. The unilateral rebound space of aluminum alloy is limited, and attention can be paid to the AL - AD spread arbitrage opportunity when the refined - scrap spread narrows [1][2]. - **Nickel**: Overnight, LME nickel rose 0.29% to $15,575/ton, and Shanghai nickel rose 0.1% to 123,660 yuan/ton. LME nickel inventory decreased by 2,220 tons, and SHFE warehouse receipts decreased by 122 tons. The LME 0 - 3 month spread remained negative, and the import nickel spread increased by 50 yuan/ton. Weekly nickel ore prices were stable, nickel - iron prices were at a three - year low, and nickel salt prices declined slightly. For stainless steel, cost support is weakening, weekly inventory has decreased, and supply in July has decreased slightly month - on - month, indicating that the supply - demand pattern may be gradually improving. The domestic weekly inventory of primary nickel has increased, and market pressure is emerging. In the short term, prices will still fluctuate, with market sentiment, overseas policies, and fundamentals in a game [2]. 3. Summary According to Relevant Catalogs 3.1 Daily Data Monitoring - **Copper**: The price of flat - water copper increased by 45 yuan/ton, and its premium decreased by 50 yuan/ton. The price of 1 bright scrap copper in Guangdong remained unchanged, and the refined - scrap spread increased by 120 yuan/ton. The prices of downstream products such as oxygen - free and low - oxygen copper rods remained unchanged. The weekly TC for copper smelting remained unchanged. LME copper inventory decreased by 25 tons, SHFE copper warehouse receipts decreased by 9,972 tons, and the total SHFE inventory increased by 3,094 tons. The social inventory (including bonded areas) decreased by 0.4 million tons. The LME 0 - 3 premium decreased by 9.3 dollars/ton, and the active contract import loss decreased by 160 yuan/ton [3]. - **Lead**: The average price of 1 lead decreased by 40 yuan/ton, and the premium of 1 lead ingots in East China increased by 5 yuan/ton. The prices of lead concentrates and processing fees remained unchanged. LME lead inventory increased by 650 tons, SHFE lead warehouse receipts increased by 200 tons, and the weekly inventory increased by 7,186 tons. The 3 - cash spread was - 7.2 dollars/ton, and the active contract import loss decreased by 10 yuan/ton [3]. - **Aluminum**: The prices of aluminum in Wuxi and Nanhai decreased, and the Nanhai - Wuxi price difference increased by 20 yuan/ton. The spot premium decreased by 30 yuan/ton. The prices of low - and high - grade bauxite in Shanxi remained unchanged, and the price of Shandong alumina increased by 10 yuan/ton. The processing fees of some aluminum products increased. LME aluminum inventory increased by 6,350 tons, SHFE aluminum warehouse receipts decreased by 3,161 tons, and the total SHFE inventory increased by 5,625 tons. The social inventory of electrolytic aluminum remained unchanged, and the alumina inventory decreased by 1.5 million tons. The 3 - cash spread was - 49.65 dollars/ton, and the active contract import loss increased by 15 yuan/ton [4]. - **Nickel**: The price of Jinchuan nickel increased by 500 yuan/ton, and the spreads of Jinchuan nickel and imported nickel to Wuxi decreased. The prices of nickel ore, nickel - iron, and some stainless steel products remained unchanged, while the prices of some new - energy nickel products decreased. LME nickel inventory decreased by 2,220 tons, SHFE nickel warehouse receipts decreased by 122 tons, and the weekly SHFE nickel inventory increased by 230 tons. The stainless steel warehouse receipts decreased by 253 tons, and the social nickel inventory increased by 1,165 tons. The 3 - cash spread was - 228 dollars/ton, and the active contract import loss decreased by 210 yuan/ton [4]. - **Zinc**: The主力结算价 increased by 0.2%, and the LmeS3 price and the Shanghai - London ratio remained unchanged. The near - far month spread decreased by 15 yuan/ton. The prices of SMM 0 and 1 zinc increased by 40 yuan/ton, and the domestic and imported zinc spot premiums decreased by 20 yuan/ton. The LME 0 - 3 premium decreased by 1.75 dollars/ton. The prices of zinc alloys and zinc oxide increased. The weekly TC for zinc remained unchanged. SHFE zinc inventory increased by 793 tons, LME zinc inventory decreased by 1,275 tons, and the social inventory increased by 0.13 million tons. The registered warehouse receipts remained unchanged. The active contract import loss was 0 yuan/ton [5]. - **Tin**: The主力结算价 increased by 0.5%, and the LmeS3 price decreased by 2.1%. The near - far month spread decreased by 130 yuan/ton. The SMM spot price increased by 2,600 yuan/ton, and the prices of tin concentrates increased by 1,700 yuan/ton. The domestic spot premium remained unchanged, and the LME 0 - 3 premium increased by 32 dollars/ton. SHFE tin inventory increased by 51 tons, LME tin inventory decreased by 25 tons. The registered warehouse receipts of SHFE tin increased by 16 tons, and those of LME tin decreased by 225 tons. The active contract import loss was 0 yuan/ton, and the tariff was 3% [5]. 3.2 Chart Analysis - **Spot Premium**: The report provides charts of the spot premiums of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [6][7][9]. - **SHFE Near - Far Month Spread**: Charts of the near - far month spreads (such as copper, aluminum, nickel, zinc, lead, and tin) from 2020 - 2025 are presented [15][18][20]. - **LME Inventory**: Charts of the LME inventories of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 are provided [22][24][26]. - **SHFE Inventory**: Charts of the SHFE inventories of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 are shown [29][31][33]. - **Social Inventory**: Charts of the social inventories of copper (including bonded areas), aluminum, nickel, zinc, stainless steel, and 300 - series stainless steel from 2019 - 2025 are presented [35][37][39]. - **Smelting Profit**: Charts of the copper concentrate index, copper scrap processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and 304 stainless steel smelting profit rate from 2019 - 2025 are provided [42][44][46]. 3.3 Non - Technical Content - **Team Introduction**: The report introduces the non - ferrous metals team of Everbright Futures. Zhan Dapeng is the director of non - ferrous research, a senior precious metals researcher, and has rich experience. Wang Heng focuses on the research of aluminum and silicon, and Zhu Xi focuses on the research of lithium and nickel. They have all achieved good results in research and service [49][50]

Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - On July 23, 2025, the 2509 contract of lithium carbonate futures dropped 4.07% to 69,380 yuan/ton. The average price of battery-grade lithium carbonate rose 1,350 yuan/ton to 70,450 yuan/ton, the average price of industrial-grade lithium carbonate rose 1,350 yuan/ton to 68,800 yuan/ton, and the price of battery-grade lithium hydroxide (coarse particles) rose 1,100 yuan/ton to 59,820 yuan/ton. The warehouse receipt inventory increased by 665 tons to 10,754 tons [3]. - In terms of supply, the production in July is expected to increase 3.9% month-on-month to 81,150 tons, and the weekly production increased by 302 tons to 19,115 tons. Among them, lithium extraction from spodumene increased by 330 tons to 9,324 tons, lithium extraction from lepidolite increased by 25 tons to 5,100 tons, lithium extraction from salt lakes increased by 17 tons to 3,282 tons, and lithium extraction from recycled materials decreased by 70 tons to 1,409 tons. In June 2025, China's lithium carbonate import volume was 17,700 tons, a month-on-month decrease of 16.3% and a year-on-year decrease of 9.6%. In terms of demand, the production schedule in July increased slightly month-on-month, and the consumption of lithium carbonate by the two major main materials increased by 3% month-on-month to about 80,800 tons. In terms of inventory, the weekly inventory increased by 1,827 tons to 142,620 tons, among which the downstream inventory increased by 506 tons to 41,271 tons, the intermediate link inventory increased by 1,880 tons to 43,310 tons, and the upstream inventory decreased by 559 tons to 58,039 tons [3]. - Yesterday, the positions decreased and the lithium price fell. In the market, the news continued to ferment. The warehouse receipts increased slightly for two consecutive days, but the total inventory level was still low, and the lithium ore price was running strongly. In the short term, the price may still fluctuate strongly. Pay attention to the warehouse receipt inventory and the situation of mines in Jiangxi [3]. Summary by Relevant Catalogs 1. Daily Data Monitoring - The report provides price data of various products in the lithium - battery industry chain on July 23 and 22, 2025, including futures, lithium ore, lithium carbonate, lithium hydroxide, lithium hexafluorophosphate, precursors, cathode materials, cells, and batteries. For example, the closing price of the main futures contract dropped from 72,880 yuan/ton on July 22 to 69,380 yuan/ton on July 23, and the price of lithium hexafluorophosphate rose from 50,750 yuan/ton to 51,000 yuan/ton [5]. 2. Chart Analysis 2.1 Ore Prices - Charts show the price trends of lithium - containing ores such as spodumene concentrate (6%, CIF China), lepidolite (Li2O: 1.5% - 2.0%, 2.0% - 2.5%), and amblygonite (Li2O: 6% - 7%, 7% - 8%) from 2024 to 2025 [6][8]. 2.2 Lithium and Lithium Salt Prices - Charts present the price trends of metal lithium, battery - grade and industrial - grade lithium carbonate, battery - grade and industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [9][11][13]. 2.3 Spreads - Charts display the spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, CIF Japan - South Korea battery - grade lithium hydroxide and domestic battery - grade lithium hydroxide, and the basis from 2024 to 2025 [16][17][18]. 2.4 Precursors & Cathode Materials - Charts show the price trends of ternary precursors (523, 622, 811), ternary materials (523, 622, 811), lithium iron phosphate (power - type, medium - high - end energy storage, low - end energy storage), lithium manganate (power - type, capacity - type), and lithium cobalt oxide from 2024 to 2025 [21][24][27]. 2.5 Lithium Battery Prices - Charts present the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt - acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2025 [29][31]. 2.6 Inventory - Charts show the inventory trends of downstream, smelters, and other links of lithium carbonate from November 2024 to July 2025 [34][36]. 2.7 Production Costs - The chart shows the production profit trends of lithium carbonate from different raw materials such as purchased ternary pole piece black powder, lithium iron phosphate pole piece black powder, lithium mica concentrate, and spodumene concentrate from 2024 to 2025 [38][39].

Group 1: Report Industry Investment Ratings - Steel: Bullish operation [1] - Iron Ore: High-level oscillation [1] - Coking Coal: Oscillating upward [1] - Coke: Oscillating upward [1] - Manganese Silicon: Oscillation [1] - Ferrosilicon: Oscillation [3] Group 2: Core Views of the Report - Steel: The rebar futures closed lower, with spot prices down and trading volume dropping. Rebar production declined slightly, inventory decreased again, and apparent demand rebounded. Policy news boosted market sentiment, but actual supply and demand weakened. The short-term rebar futures are expected to enter a sideways consolidation phase [1]. - Iron Ore: The main iron ore futures contract decreased. Australian shipments fell, Brazilian shipments rose, and non-mainstream country shipments increased significantly. Iron ore inventory at 47 ports continued to decline. High hot metal production supported prices. Affected by macro sentiment, iron ore prices are expected to oscillate at high levels in the short term [1]. - Coking Coal: The coking coal futures rose. Spot prices increased, and market trading was active. A notice on promoting stable coal supply was confirmed. High blast furnace utilization in steel mills improved coke demand, and the second round of coke price increases was implemented. Coking coal is expected to oscillate upward in the short term [1]. - Coke: The coke futures rose. After two rounds of price increases, coke producers' profits improved, but rising coking coal costs led to a decline in profits, and some producers continued to limit production. Steel mills' high utilization rate increased coke consumption, and their restocking willingness was strong. Coke is expected to oscillate upward in the short term [1]. - Manganese Silicon: The manganese silicon futures fluctuated widely. Market sentiment cooled slightly, and the black sector showed mixed performance. Supply is expected to gradually increase, while demand hit a five-year low. Cost support strengthened. The focus is on macro and policy implementation, and it is expected to oscillate in the short term [1][3]. - Ferrosilicon: The ferrosilicon futures oscillated higher. The black sector showed some divergence, and the expected adjustment of electricity prices in major production areas drove up prices. Supply is expected to increase, while demand hit a multi-year low. The main driving force of the fundamentals lies in the expected change in costs. The short-term increase is expected to gradually slow down [3]. Group 3: Summary of Daily Data Monitoring - Contract Spreads: For different varieties, the contract spreads between different months showed various changes, such as the 10 - 1 month spread of rebar being -50.0 with a 10.0 increase [4]. - Basis: The basis of each variety also changed. For example, the basis of the 10 - contract of rebar was 106.0 with a 43.0 increase [4]. - Spot Prices: Spot prices of different varieties and in different regions had different changes, like the Shanghai spot price of rebar increasing by 10.0 to 3380.0 [4]. - Profits and Spreads: The report also provided data on profits and spreads, such as the rebar's futures profit being 37.4 with a -19.9 decrease [4]. Group 4: Summary of Chart Analysis - Main Contract Prices: The report presented the closing prices of main contracts of various black commodities from 2020 to 2025, including rebar, hot - rolled coil, iron ore, etc. [6][7][9] - Main Contract Basis: It showed the basis of main contracts of different commodities over different time periods, such as the basis of rebar and hot - rolled coil [17] - Inter - period Contract Spreads: The spreads between different contracts of each commodity were presented, like the 10 - 01 and 01 - 05 spreads of rebar [25] - Inter - commodity Contract Spreads: The report included spreads between different commodities, such as the spread between hot - rolled coil and rebar, and the ratio between rebar and iron ore [40] - Rebar Profits: Data on rebar's futures profit, long - process profit, and short - process profit were shown [45] Group 5: Introduction of the Black Research Team - The team includes members such as Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with rich experience and professional qualifications in the black commodity research field [52][53]

Index Trends - On July 23, the Shanghai Composite Index rose 0.01% to close at 3582.3 points, with a trading volume of 857.046 billion yuan. The Shenzhen Component Index fell 0.37% to close at 11059.04 points, with a trading volume of 1007.554 billion yuan [1]. - The CSI 1000 Index fell 0.45% with a trading volume of 378.33 billion yuan. The opening price was 6634.12, the closing price was 6607.22, the highest price was 6667.86, and the lowest price was 6594.48 [1]. - The CSI 500 Index fell 0.27% with a trading volume of 311.06 billion yuan. The opening price was 6218.21, the closing price was 6196.76, the highest price was 6256.15, and the lowest price was 6187.01 [1]. - The SSE 50 Index rose 0.32% with a trading volume of 130.89 billion yuan. The opening price was 2798.96, the closing price was 2801.2, the highest price was 2824.86, and the lowest price was 2794.81 [1]. Impact of Sector Movements on Indexes - The CSI 1000 fell 29.88 points from the previous closing price. Sectors such as National Defense and Military Industry, Machinery, and Power Equipment significantly pulled the index down [2]. - The CSI 500 fell 16.65 points from the previous closing price. Sectors such as Electronics and Machinery significantly pulled the index up, while sectors such as Basic Chemicals, National Defense and Military Industry, and Power Equipment significantly pulled the index down [2]. - The SSE 300 rose 0.81 points from the previous closing price. Sectors such as Non - Banking Finance, Banks, and Household Appliances significantly pulled the index up, while sectors such as National Defense and Military Industry, Power Equipment, and Machinery significantly pulled the index down [2]. - The SSE 50 rose 9.02 points from the previous closing price. Sectors such as Non - Banking Finance, Banks, and Electronics significantly pulled the index up, while sectors such as National Defense and Military Industry, Power Equipment, and Machinery significantly pulled the index down [2]. Stock Index Futures Basis and Annualized Opening Costs - IM00 average daily basis was - 48.5, IM01 was - 119.08, IM02 was - 302.24, and IM03 was - 461.12 [12]. - IC00 average daily basis was - 34.98, IC01 was - 84.14, IC02 was - 208.95, and IC03 was - 322.64 [12]. - IF00 average daily basis was - 5.22, IF01 was - 13.77, IF02 was - 44.24, and IF03 was - 74.51 [12]. - IH00 average daily basis was 0.54, IH01 was 0.86, IH02 was 3.02, and IH03 was 4.05 [12]. Stock Index Futures Roll - over Point Differences and Annualized Costs - Data on the roll - over point differences and annualized costs of IM, IC, IF, and IH futures at different time points are provided, including specific values at 09:45, 10:00, etc. [23][24][25]

光大期货金融期货日报 | | 国债期货收盘，30 年期主力合约跌 0.21%，10 年期主力合约跌 0.11%，5 年 | | | --- | --- | --- | | | 期主力合约跌 0.09%，2 年期主力合约跌 0.03%。中国央行开展 2148 亿元 7 | | | | 天期逆回购操作，利率持稳于 1.4%。公开市场有 3425 亿元逆回购到期，净 | | | 国债 | 回笼 1277 亿元。银行间市场方面，DR001 加权利率上行 bp 至 1.37%，DR007 | 震荡 | | | 加权利率上行 1 bp 至 1.48%。6 月出口增速超预期，金融数据总量超预期同 | | | | 时结构持续改善，二季度 GDP 增速 5.2%，6 月经济数据保持韧性。经济保 | | | | 持韧性短期内降息预期较低，当前股债跷跷板效应明显，短期国债偏空运行。 | | 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 2 光大期货金融期货日报 光大期货金融期货日报（2025 年 07 月 24 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | ...

光大期货能化商品日报 光大期货能化商品日报（2025 年 7 月 24 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周三油价重心继续下移，其中 WTI 新换 9 月合约收盘下跌 0.06 美 | | | | 元至 65.25 美元/桶，跌幅 0.09%。布伦特 9 月合约收盘下跌 0.08 | | | | 美元至 68.51 美元/桶，跌幅 0.12%。SC2509 以 506 元/桶收盘，上 | | | | 涨 2.1 元/桶，涨幅为 0.42%。美国能源部长表示将考虑制裁俄罗 | | | | 斯石油以结束俄乌冲突。美国总统特朗普在早些时候表示，如果 | | | | 莫斯科不同意与乌克兰达成一项重要的和平协议，华盛顿可能会 | | | | 对俄罗斯石油的买家征收 100%的关税，并实施其他制裁措施。这 | 震荡 | | 原油 | 对俄罗斯无疑是巨大的压力，但目前特朗普政府尚未对俄罗斯实 | | | | 施重大石油制裁。关税方面，最新美国总统特朗普表示，将对世 | 偏弱 | | | 界其他大部分国家征收 15%至 50%的简单关税。EIA 报告，截至 ...