股指期货日度数据跟踪 2025-05-27 中证 1000 较前收盘价上涨 39.11 点，电子,计算机,传媒等板块对指数向上拉动明显，医药生物等板块对指数向下拉动明显。 中证 500 较前收盘价上涨 16.42 点，计算机,电子,国防军工等板块对指数向上拉动明显，汽车,医药生物等板块对指数向下拉动明显。 沪深 300 较前收盘价上涨-22.16 点，银行,电力设备,汽车等板块对指数向下拉动明显。 上证 50 较前收盘价上涨-12.43 点，汽车,银行,食品饮料等板块对指数向下拉动明显。 图 3：中证 1000 各板块对指数贡献的涨跌点数 -10 -5 0 5 10 15 电子 计算机 传媒 电力设备 机械设备 国防军工 通信 有色金属 食品饮料 环保 基础化工 公用事业 交通运输 商贸零售 农林牧渔 非银金融 房地产 建筑装饰 家用电器 石油石化 建筑材料 轻工制造 社会服务 钢铁 综合 纺织服饰 美容护理 煤炭 银行 汽车 医药生物 数据来源：Wind，光期研究所 图 4：中证 500 各板块对指数贡献的涨跌点数 一、指数走势 05 月 26 日，上证综指涨跌幅-0.05%，收于 3346.84 点，成交 ...

光大期货能化商品日报 光大期货能化商品日报（2025 年 5 月 27 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 原油 | 周一因阵亡将士纪念日美国休市，WTI 7 月原油即期合约无收盘 | 震荡 | | | 数据。布伦特 7 月合约收盘下跌 0.04 美元至 64.74 美元/桶，跌幅 | | | | 0.06%。SC2507 以 455.9 元/桶收盘，下跌 0.5 元/桶，跌幅 0.11%。 | | | | 据欧佩克代表透露，欧佩克+将 7 月产量决策会议调整至 5 月 31 | | | | 日，原定于 6 月 1 日召开。此次会议可能会决定 7 月的产量，此 | | | | 前有消息人士称，7 月份日产量可能会再增加 41.1 万桶。伊朗表 | | | | 示，其为亚洲买家设定的 6 月轻质原油官方售价 OSP 为较阿曼/ | | | | 迪拜原油均价每桶升水 1.80 美元，高于上月的 1.65 美元升水。伊 | | | | 朗 6 月重质原油官方售价较阿曼/迪拜原油均价每桶贴水 0.15 美 | | | | 元，上月为贴水 0.35 美元。周 ...

光期研究 光期黑色：铁矿石基差及价差监测日报 2025 年 5 月 2 6 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 | 662.5 | 671.0 | -8.5 | I05-I09 | -55.5 | -56.0 | 0.5 | | I09 | 718.0 | 727.0 | -9.0 | I09-I01 | 35.5 | 35.5 | 0.0 | | I01 | 682.5 | 691.5 | -9.0 | I01-I05 | 20.0 | 20.5 | -0.5 | p 2 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） -100 -50 0 50 100 150 05 06 07 08 09 10 11 12 01 2101-2105 ...

Industry Investment Rating - No investment rating information is provided in the report. Core Viewpoints - The daily report focuses on the lithium carbonate market on May 23, 2025. The lithium carbonate futures 2507 contract rose 1.67% to 62,140 yuan/ton. The average price of battery - grade lithium carbonate remained at 63,050 yuan/ton, while the average price of industrial - grade lithium carbonate remained at 61,450 yuan/ton. The price of battery - grade lithium hydroxide decreased by 150 yuan/ton [2]. - Zimbabwe's lithium exporters' association requested a two - and - a - half - year delay in a 5% tax to foster local smelters. The government uses the higher - value lithium carbonate price as the benchmark for calculating royalties [2]. - The market price and transaction price of lithium ore have declined. Supply decreased by 537 tons to 16,093 tons this week, with a significant reduction in lithium extraction from spodumene. Demand for lithium carbonate in ternary and lithium iron phosphate batteries is expected to increase slightly in May, and the cell segment remains prosperous. Inventory decreased by 141 tons to 131,779 tons this week, with downstream and other sectors reducing inventory and smelters increasing inventory [2]. - The current market contradiction lies in supply. Although the production cut in the lithium salt sector is becoming more evident, the lithium ore price continues to fall, and mines have not stopped or reduced production. The fundamentals are still weak, but short - term capital disturbances and market sentiment driven by news should be watched out for [2]. Summary by Directory Research Views - **Futures and Spot Prices**: The 2507 contract of lithium carbonate futures rose 1.67% to 62,140 yuan/ton. The average price of battery - grade lithium carbonate remained at 63,050 yuan/ton, and the average price of industrial - grade lithium carbonate remained at 61,450 yuan/ton. The price of battery - grade lithium hydroxide decreased by 150 yuan/ton [2]. - **News**: Zimbabwe's lithium exporters' association requested a delay in a 5% tax, and the government uses a higher - value lithium carbonate price for royalty calculations [2]. - **Price, Supply, Demand, and Inventory**: Lithium ore prices declined. Supply decreased by 537 tons to 16,093 tons this week, with a large drop in spodumene - based lithium extraction. Demand for lithium carbonate in ternary and lithium iron phosphate batteries is expected to increase slightly in May, and the cell segment is booming. Inventory decreased by 141 tons to 131,779 tons this week, with downstream and other sectors reducing inventory and smelters increasing inventory [2]. - **Market Outlook**: The current market contradiction is supply - oriented. Despite production cuts in the lithium salt sector, the fundamentals are weak as lithium ore prices fall and mines do not cut production. Short - term capital disturbances and news - driven market sentiment should be monitored [2]. Daily Data Monitoring - **Futures**: The closing price of the main contract was 62,140 yuan/ton, up 1,040 yuan from the previous day; the closing price of the continuous contract was 62,160 yuan/ton, up 980 yuan [4]. - **Lithium Ore**: The price of lithium spodumene concentrate (6%, CIF China) and lithium mica (Li2O: 1.5% - 2.0%) remained unchanged at 690 US dollars/ton and 705 yuan/ton respectively [4]. - **Lithium Salts**: The price of battery - grade lithium carbonate and industrial - grade lithium carbonate remained unchanged, while the price of battery - grade and industrial - grade lithium hydroxide decreased by 150 yuan/ton [4]. - **Other Products**: The price of hexafluorophosphate lithium remained unchanged, and the prices of some precursors and cathode materials decreased slightly [4]. Chart Analysis - **Ore Prices**: Charts show the price trends of lithium spodumene concentrate, lithium mica, and other ores from 2024 to 2025 [5][7]. - **Lithium and Lithium Salt Prices**: Charts display the price trends of metal lithium, battery - grade and industrial - grade lithium carbonate, lithium hydroxide, and hexafluorophosphate lithium from 2024 to 2025 [8][10][12]. - **Price Spreads**: Charts present the price spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, etc., from 2024 to 2025 [15][16]. - **Precursors and Cathode Materials**: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese acid lithium, and cobalt acid lithium from 2024 to 2025 [19][22][25]. - **Lithium Battery Prices**: Charts display 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 [28][30]. - **Inventory**: Charts show the inventory trends of downstream, smelters, and other segments from September 2024 to May 2025 [33][35]. - **Production Costs**: A chart shows the production profit trends of lithium carbonate from different raw materials from 2024 to 2025 [37][38].

有色商品日报 有色商品日报（2025 年 5 月 23 日） 一、研究观点 | 品 种 | | | 点评 | | --- | --- | --- | --- | | | 隔夜 LME 铜先抑后扬，上涨 0.34%至 9519.5 美元/吨；SHFE 铜主力下跌 0.12%至 | | | | | 77820 元/吨；国内现货进口持续亏损。宏观方面，美国 5 月综合、制造业、服务业 | | | | | PMI 均好于预期，受关税政策缓解影响，美国本月的商业活动和产出预期均有所改 | | | | | 善，制造业和服务业呈现同步增长的态势，特别是新订单相对比较强劲。而欧元区 | 5 | | | | 月综合 PMI 从 4 月的 50.4 降至 49.5，制造业的小幅改善被服务业的下跌所抵消。美 | | | | | 欧经济体之间的对比，或有利于美元后期的企稳表现。特朗普减税案在众院涉险过 | | | | 铜 | 关，正提交参议院审议。美联储理事沃勒表示，减税法案引发美债抛售，若关税稳定 | | | | | 在 10%水平，美联储下半年将降息。库存方面，LME 铜库存下降 2300 吨至 166525 | | | | | ...

Group 1: Investment Ratings - All three commodities (urea, soda ash, and glass) are rated as "Oscillating" [1] Group 2: Core Views - Urea market is in short - term supply - demand game with clear ceiling for spot prices. Without new drivers, the futures market will continue wide - range oscillation. Attention should be paid to demand fulfillment and weather [1] - Soda ash market has limited new drivers in the short - term. Futures prices may continue range - bound oscillation, and the long - term pattern remains loose. Monitor industry开工 changes and demand follow - up rhythm [1] - Glass market lacks obvious positive support. With prices at a relative bottom, the market may see some purchasing by industry players. Before clear positive factors emerge, the market will be in bottom - wide range oscillation. Follow downstream low - price purchasing and macro/market sentiment [1] Group 3: Summary by Section Market Information Urea - On May 22, urea futures warehouse receipts were 7573, up 25 from the previous day, with 0 valid forecasts [4] - On May 22, urea daily production was 20.46 tons, down 0.02 tons from the previous day and up 3.12 tons year - on - year. The operating rate was 88.96%, up 8.89 percentage points year - on - year [4] - As of May 22, domestic small - particle urea spot prices in various regions were mostly flat. For example, Shandong was 1880 yuan/ton, Henan was 1890 yuan/ton [4] - As of May 21, domestic urea enterprise inventory was 91.74 tons, up 10.02 tons or 12.26% week - on - week [5] Soda Ash & Glass - On May 22, soda ash futures warehouse receipts were 147, down 2170 from the previous day, with 2711 valid forecasts; glass futures warehouse receipts were 3459, down 109 from the previous day [7] - On May 22, soda ash spot prices in various regions were flat. For example, North China's light soda ash was 1400 yuan/ton, heavy soda ash was 1500 yuan/ton [7] - As of the week of May 22, soda ash production was 66.38 tons, down 1.39 tons or 2.04% week - on - week; the capacity utilization rate was 78.63%, down 1.64 percentage points week - on - week [7] - As of May 22, soda ash factory inventory was 167.68 tons, down 1.07 tons or 0.63% from Monday [8] - On May 22, the average price of the float glass market was 1240 yuan/ton, down 1 yuan/ton day - on - day; the daily production was 15.67 tons, unchanged day - on - day [8] - As of May 22, the inventory of domestic float glass sample enterprises was 6776.9 million weight cases, down 31.3 million weight cases or 0.46% week - on - week, up 13.67% year - on - year. The inventory days were 30.6 days, down 0.4 days from last week [8] Chart Analysis - The report presents multiple charts including those related to the closing prices, basis, trading volume and open interest, and price spreads of urea and soda ash, as well as the price trends of urea and soda ash spot, and the futures price spreads of urea - methanol and glass - soda ash [11][12][17] Research Team Introduction - The research team includes Zhang Xiaojin, Zhang Linglu, and Sun Chengzhen, who are responsible for different aspects of resource - related research and have won various industry honors [25]

农产品日报（2025 年 5 月 23 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周四，玉米 7 月合约继续上行，期价经过连续四个交易日的调整行情过后，多头 资金增持，期价反弹。现货市场方面，此前受期价下跌拖累，现货报价下跌，成 交转弱。目前，东北玉米购销并不活跃，深加工玉米收购价格也有所下调，市场 | | | | 气氛降温，价格呈现略偏弱运行的态势。 昨日华北地区玉米价格窄幅调整，主 | | | | 流价格维持稳定。下游深加工企业到货量尚可，基本满足企业日常需求，企业根 | | | 玉米 | 据自身到货情况价格窄幅调整。销区市场玉米价格稳中偏弱运行。产区近期价格 | 震荡 | | | 偏弱，部分贸易商选择获利了结，市场购销稍有加快。新小麦继续上市，到厂价 | | | | 格偏低，对玉米替代性增强，下游饲料厂多执行前期订单，新签玉米量少。整体 | | | | 来看，在玉米期货市场，因担心进口玉米拍卖，政策预期偏空，玉米期价展开调 | | | | 整。技术上，玉米期价高位震荡，现货市场情绪有所分化。周初玉米 7 月合约跌 | | | | 破长期均线对价 ...

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - On May 22, polysilicon showed a volatile and slightly stronger trend, with the main contract 2507 closing at 36,080 yuan/ton, an intraday increase of 1.14%, and the open interest increasing by 3,806 lots to 77,294 lots. The SMM polysilicon N-type silicon material price was 36,500 yuan/ton, and the price of the lowest deliverable N-type silicon material dropped to 36,500 yuan/ton. The spot premium over the main contract narrowed to 420 yuan/ton. Industrial silicon showed a volatile and slightly weaker trend, with the main contract 2507 closing at 7,880 yuan/ton, an intraday decrease of 0.19%, and the open interest increasing by 9,112 lots to 184,000 lots. The Baichuan industrial silicon spot reference price was 8,041 yuan/ton, down 50 yuan/ton from the previous trading day. The price of the lowest deliverable 553 grade dropped to 8,050 yuan/ton, and the spot premium narrowed to 155 yuan/ton [2]. - The increase in production by large factories in Xinjiang has triggered pessimistic market expectations. With the lack of a reversal driver for demand and the continuous increase in short positions in the futures market, a defensive short - selling strategy can be continued for industrial silicon. Polysilicon has a structural contradiction between near - term delivery shortages and a rapid loss of demand. After the squeeze - out pressure ends, the logic of weakening fundamentals returns. The main contract is benchmarked against the delivery base price, and there is no power for a short - term sharp rise. Short positions can be established on rebounds [2]. 3. Summary by Directory 3.1 Research Viewpoints - Polysilicon and industrial silicon showed different trends on May 22. For industrial silicon, due to factory production increases and weak demand, a defensive short - selling strategy is recommended. For polysilicon, after the end of the squeeze - out pressure, short positions can be established on rebounds [2]. 3.2 Daily Data Monitoring - **Futures Settlement Prices**: The futures settlement prices of industrial silicon and polysilicon's main and near - month contracts remained unchanged on May 22 and 23 [4]. - **Spot Prices**: The spot prices of various grades of industrial silicon and polysilicon are provided, and the price of the lowest deliverable grade and the spot premium are also given. For example, the SMM polysilicon N - type silicon material price was 36,500 yuan/ton, and the Baichuan industrial silicon spot reference price was 8,041 yuan/ton on May 22 [2][4]. - **Inventory**: For industrial silicon, the total social inventory increased by 1,550 tons to 420,800 tons. For polysilicon, the total social inventory increased by 0.1 million tons to 28.8 million tons. The Guangzhou Futures Exchange's polysilicon inventory increased significantly by 210,000 tons to 270,000 tons [4]. 3.3 Chart Analysis - **Industrial Silicon and Cost - end Prices**: Charts show the prices of different grades of industrial silicon, grade spreads, regional spreads, electricity prices, silica prices, and refined coal prices [5][7][9]. - **Downstream Product Prices**: Charts display the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [12][16][18]. - **Inventory**: Charts present the inventory of industrial silicon futures, factory warehouses, weekly industry inventory, and the inventory of DMC and polysilicon [21][22][25]. - **Cost - Profit**: Charts show the average cost and profit levels of main production areas, weekly cost - profit of industrial silicon, and the cost - profit of DMC, polysilicon, and the aluminum alloy processing industry [28][30][34]. 3.4 Team Introduction - The research team includes Zhan Dapeng, Wang Heng, and Zhu Xi, who have rich experience in the non - ferrous metals and new energy industries and have achieved certain results in research and service [36][37].

光期研究 光期黑色：铁矿石基差及价差监测日报 2025 年 5 月 2 3 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 | 671.0 | 671.0 | 0.0 | I05-I09 | -56.0 | -57.5 | 1.5 | | I09 | 727.0 | 728.5 | -1.5 | I09-I01 | 35.5 | 35.5 | 0.0 | | I01 | 691.5 | 693.0 | -1.5 | I01-I05 | 20.5 | 22.0 | -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） -100 -50 0 50 100 150 05 06 07 08 09 10 11 12 01 2101-2105 2201- ...

1. Report Industry Investment Rating There is no information about the report's industry investment rating provided in the content. 2. Report's Core View - Steel: The rebar market showed narrow - range consolidation. With production increasing, inventory decline narrowing, and apparent demand falling, the short - term outlook is for continued narrow - range movement. The spot market demand has some resilience but is gradually weakening [1]. - Iron Ore: The futures price is expected to show a weakening and volatile trend. Supply has increased significantly, while iron - making output has decreased, and there are mixed factors in the market [1]. - Coking Coal: The coking coal market is expected to be weak and volatile in the short term. The downstream procurement is slow, and the market confidence is low [1]. - Coke: The coke market is likely to experience weak and volatile trends. Production is at a high level, and demand may decline marginally as the temperature rises [1]. - Manganese Silicon: The futures price of manganese silicon increased significantly. Although there are news - driven factors, the sustainability is expected to be relatively weak [1]. - Ferrosilicon: The ferrosilicon market is expected to move in a narrow range at a low level. Terminal demand is weak, and there is limited upward driving force [1]. 3. Summary by Relevant Catalogs 3.1 Research View - **Steel**: The closing price of the rebar 2510 contract was 3061 yuan/ton, unchanged from the previous trading day, with an increase of 0.52 million lots in positions. The national rebar production increased by 4.95 tons week - on - week to 231.48 tons, social inventory decreased by 18.42 tons to 416.46 tons, and factory inventory increased by 2.77 tons to 187.76 tons. Apparent demand fell by 13.16 tons to 247.13 tons [1]. - **Iron Ore**: The closing price of the iron ore futures main contract i2509 was 727 yuan/ton, a decrease of 1.5 yuan/ton or 0.2% from the previous trading day. Global iron ore shipments increased significantly, iron - making output decreased by 1.17 tons to 243.6 tons, and port and steel mill inventories decreased [1]. - **Coking Coal**: The closing price of the coking coal 2509 contract was 827.5 yuan/ton, a decrease of 14.5 yuan/ton or 1.72% from the previous trading day. The downstream procurement was slow, and the market confidence was weak [1]. - **Coke**: The closing price of the coke 2509 contract was 1406.5 yuan/ton, a decrease of 11 yuan/ton or 0.78% from the previous trading day. The coke production was at a high level, and demand may decline marginally [1]. - **Manganese Silicon**: The main contract of manganese silicon futures closed at 5998 yuan/ton, a 3.84% increase. The South African government's policy may lead to a reduction in manganese ore shipments, but the sustainability of the price increase is weak [1]. - **Ferrosilicon**: The main contract of ferrosilicon futures closed at 5622 yuan/ton, a 0.14% increase. Terminal demand is weak, and the steel mill's procurement price decreased [1]. 3.2 Daily Data Monitoring - **Contract Spread**: For example, the 10 - 1 spread of rebar was - 20.0, with a 4.0 increase; the 9 - 1 spread of iron ore was 35.5, unchanged [4]. - **Basis**: The basis of the rebar 10 - contract was 129.0, unchanged; the basis of the iron ore 09 - contract was 79.0, a decrease of 4.0 [4]. - **Spot Price**: The Shanghai rebar spot price was 3190.0, unchanged; the PB powder spot price at Rizhao Port was 760.0, a decrease of 5.0 [4]. 3.3 Chart Analysis - **Main Contract Price**: There are charts showing the closing prices of main contracts of rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2020 to 2025 [7][9][12][15]. - **Main Contract Basis**: There are charts showing the basis of main contracts of rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [18][19][22][24]. - **Inter - period Contract Spread**: There are charts showing the spreads of 10 - 01 and 01 - 05 contracts of rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [26][30][32][34][35][38]. - **Inter - variety Contract Spread**: There are charts showing the spreads and ratios such as the hot - rolled coil - rebar spread, rebar - iron ore ratio, rebar - coke ratio, coke - iron ore ratio, coal - coke ratio, and double - silicon spread [40][42][44]. - **Rebar Profit**: There are charts showing the rebar main contract's on - paper profit, long - process calculated profit, and short - process calculated profit [45][50]. 3.4 Black Research Team Member Introduction - Qiu Yuecheng: Current assistant director of Everbright Futures Research Institute and director of black research, with nearly 20 years of experience in the steel industry [52]. - Zhang Xiaojin: Current director of resource product research at Everbright Futures Research Institute, with rich experience in the coal futures field [52]. - Liu Xi: Current black researcher at Everbright Futures Research Institute, good at fundamental supply - demand analysis based on industrial chain data [52]. - Zhang Chunjie: Current black researcher at Everbright Futures Research Institute, with experience in investment trading strategies and spot - futures operations [53].