工业硅日报 工业硅&多晶硅日报（2025 年 5 月 20 日） 一、研究观点 点评 19 日多晶硅震荡偏强，主力 2506 收于 37150 元/吨，日内涨幅 0.51%，持 仓减仓 4014 手至 28688 手；SMM 多晶硅 N 型硅料价格 38000 元/吨，最 低交割品 N 型硅料价格跌至 38000 元/吨，现货对主力升水收至 850 元/ 吨。工业硅震荡偏弱，主力 2506 收于 8130 元/吨，日内跌幅 1.87%，持仓 增仓 16616 手至 15.5 手。百川工业硅现货参考价 9485 元/吨，较上一交易 日下调 67 元/吨。最低交割品#553 价格降至 8200 元/吨，现货升水扩至 85 元/吨。新疆头部企业硅厂主动减产，叠加行业呼吁联合减产，短期缓 解供应压力，需求缺乏反转驱动叠加仓单压力压制，反弹空间有限。以防 御性空头策略为主、谨慎看多，关注减产情况和库存变动。多晶硅存在近 端交割短缺和需求急速流失的结构性矛盾中。主力合约处于需求失速和产 能释放的交接点，挤仓压力结束后转弱在所难免，反弹高度弱于前期。前 期正套可逐步止盈，持续跟踪仓单动态、硅片排产、行业会议及政策信 号。 ...

Group 1: Report Investment Rating - No information about the industry investment rating is provided in the report. Group 2: Core Views - For cotton, on Monday, ICE U.S. cotton rose 1.22% to 65.68 cents per pound, and CF509 fell 0.19% to 13,390 yuan per ton. The main contract's open interest increased by 1,911 lots to 574,500 lots. The cotton arrival price in Xinjiang was 14,474 yuan per ton, down 5 yuan from the previous day, and the China Cotton Price Index for Grade 3128B was 14,566 yuan per ton, down 11 yuan. Internationally, the recent disturbances are more on the macro - level, with the U.S. dollar index weakening and the U.S. cotton price rising, but the absolute price is still relatively low. Domestically, after the preliminary Sino - U.S. tariff agreement, Zhengzhou cotton futures entered a new oscillation range. In April, the retail sales of clothing, footwear, and textiles were 108.8 billion yuan, up 2.2% year - on - year, but the growth rate was seasonally lower and still lower than the year - on - year growth rate of social retail sales. If there is no unexpected macro impact, the market focus will shift to new cotton. The new cotton planting area is expected to increase year - on - year, and this year is expected to be a bumper harvest, so there is still pressure on the supply side. In the short term, the upward and downward drivers of Zhengzhou cotton are relatively weak, and it is expected to oscillate. Attention should be paid to weather and macro disturbances [1]. - For sugar, the spot quotes of Guangxi and Yunnan sugar - making groups were stable. In April 2025, China imported 130,000 tons of sugar, an increase of 75,700 tons year - on - year. From January to April 2025, China imported 278,400 tons of sugar, a decrease of 979,100 tons year - on - year, a decline of 77.86%. As of April in the 2024/25 sugar - crushing season, China imported 1.7401 million tons of sugar, a decrease of 1.3773 million tons year - on - year, a decline of 44.18%. Affected by the supply outlook, the raw sugar futures price was weak. Domestic sales were average, mainly for rigid demand, and the price lacked driving force, showing a narrow - range oscillation. It should be treated with an interval approach, waiting patiently for trading opportunities [1]. Group 3: Summary by Directory 1. Research Views - **Cotton**: The view is "oscillation". The price of ICE U.S. cotton rose, while Zhengzhou cotton futures fell slightly. The open interest increased. The cotton arrival price and the China Cotton Price Index decreased. Macro factors affect the international market, and the domestic market is affected by the tariff agreement and terminal demand. New cotton supply may bring pressure, and short - term oscillation is expected [1]. - **Sugar**: The view is "oscillation". Spot quotes were stable. Import data showed a mixed trend. Raw sugar futures were weak, and domestic sales were for rigid demand, with prices oscillating in a narrow range [1]. 2. Daily Data Monitoring - **Cotton**: The 7 - 9 contract spread was - 190 yuan, up 5 yuan; the main contract basis was 1,176 yuan, down 11 yuan. The Xinjiang spot price was 14,474 yuan per ton, down 5 yuan, and the national spot price was 14,566 yuan per ton, down 11 yuan [2]. - **Sugar**: The 7 - 9 contract spread was 80 yuan, up 6 yuan; the main contract basis was 307 yuan, up 2 yuan. The Nanning spot price was 6,120 yuan per ton, unchanged, and the Liuzhou spot price was 6,160 yuan per ton, unchanged [2]. 3. Market Information - On May 19, the number of cotton futures warehouse receipts was 11,555, an increase of 7 from the previous day, and the effective forecast was 315 [3]. - On May 19, the cotton arrival prices in different regions were: 14,474 yuan per ton in Xinjiang, 14,586 yuan per ton in Henan, 14,605 yuan per ton in Shandong, and 14,714 yuan per ton in Zhejiang [3]. - On May 19, the comprehensive load of yarn was 54.8, unchanged; the comprehensive inventory of yarn was 23.2, a decrease of 0.2; the comprehensive load of staple - fiber cloth was 53.1, unchanged; the comprehensive inventory of staple - fiber cloth was 30.7, a decrease of 0.2 [3]. - On May 19, the spot price of sugar in Nanning was 6,120 yuan per ton, unchanged, and in Liuzhou was 6,160 yuan per ton, unchanged [3]. - On May 19, the number of sugar futures warehouse receipts was 32,836, an increase of 256 from the previous day, and the effective forecast was 91 [4]. 4. Chart Analysis - Charts include cotton and sugar's main contract closing prices, basis, contract spreads, 1% tariff quota internal - external spreads, warehouse receipts and effective forecasts, and the China Cotton Price Index. The data sources are Wind and the Everbright Futures Research Institute [6][11][13][15]. 5. Research Team Introduction - Zhang Xiaojin, the director of the resource product research at Everbright Futures Research Institute, focuses on the sugar industry. He has won many awards related to sugar analysis [18]. - Zhang Linglu, an analyst at Everbright Futures Research Institute, is responsible for research on futures varieties such as urea and soda - ash glass, and has won many honors [19]. - Sun Chengzhen, an analyst at Everbright Futures Research Institute, is engaged in the fundamental research and data analysis of cotton, cotton yarn, and ferroalloys, and has won the Zhengzhou Commodity Exchange's senior analyst title for textiles [20].

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 0 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 | 780.0 | 793.5 | -13.5 | I05-I09 | 57.5 | 65.5 | -8.0 | | I09 | 722.5 | 728.0 | -5.5 | I09-I01 | 35.5 | 36.5 | -1.0 | | I01 | 687.0 | 691.5 | -4.5 | I01-I05 | -93.0 | -102.0 | 9.0 | 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） 0 50 100 150 200 01 01 02 03 03 03 04 04 05 05 06 06 07 07 0 ...

黑色商品日报 黑色商品日报（2025 年 5 月 20 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 钢材 | 螺纹钢：昨日螺纹盘面小幅下跌，截止日盘螺纹 2510 合约收盘价格为 3069 元/吨，较上一交易收盘价格 | 弱势整理 | | | 下跌 13 元/吨，跌幅为 0.42%，持仓增加 4 万手。现货价格稳中有跌，成交回落，唐山地区迁安普方坯价 | | | | 格持平于 2940 元/吨，杭州市场中天螺纹价格下跌 20 元/吨至 3140 元/吨，全国建材成交量 9.81 万吨。据 | | | | 国家统计局数据，1—4 月全国固定资产投资累计同比增长 4.0%，增速较一季度下行 0.2 个百分点。分领 | | | | 域看，基础设施投资同比增长 5.8%，增速较一季度持平；制造业投资增长 8.8%，增速较一季度回落 0.3 个 | | | | 百分点，房地产开发投资下降 10.3%，降幅较一季度扩大 0.4 个百分点。从房地产分项指标来看，4 月房地 | | | | 产开发投资、销售、新开工、施工和竣工同比分别下降 11.53%、下降 2.91%、 ...

碳酸锂日报 碳酸锂日报（2025 年 5 月 20 日） 一、研究观点 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 1. 昨日碳酸锂期货 2507 合约跌 2.27%至 61180 元/吨。现货价格方面，电池级碳酸锂平均跌 800 元/吨 至 63700 元/吨，工业级碳酸锂平均价跌 800 元/吨至 62050 元/吨，电池级氢氧化锂（粗颗粒）下跌 200 元/吨至 65490 元/吨，电池级氢氧化锂（微粉）下跌 200 元/吨至 70635 元/吨。仓单方面，昨日 仓单库存增加 60 吨至 36684 吨。 2. 价格方面，锂矿端报价亦在下降，根据中联金澳洲锂辉石 5.5-6%最低价 645CIF 美元/吨。供应端， 周度产量环比增加 575 吨至 16055 吨，5 月总供应量较预期下调；需求端，5 月三元+磷酸铁锂消耗 碳酸锂量预计环比小幅增加；电芯端依旧保持景气。库存端，周度库存重回累库，周度环比增加 351 吨至 131920 吨，其中下游和其他环节去库，冶炼厂累库。 3. 当前市场矛盾实际仍应关注供应，锂矿价格延续下跌和供应减量仍然较低，导致市场仍较为悲观， 但需 ...

光大期货煤化工商品日报（2025 年 5 月 20 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周一尿素期货价格弱势波动，主力09合约收盘价1847元/吨，跌幅1.6%。现货市场弱 势下调，主流地区价格下调幅度10~30元/吨不等。目前山东临沂地区市场价格1900 | | | | 元/吨，河南地区市场价格1910元/吨，二者分别较上一交易日下降30元/吨、10元/ | | | | 吨。基本面来看，尿素供应再度提升，昨日日产量回升至20.55万吨，日环比增0.27 | | | 尿素 | 万吨。需求端暂无明显亮点，复合肥行业对原料尿素刚需跟进，农业需求预计在后 | 偏弱震荡 | | | 半周之后逐步释放。现货成交氛围偏弱，昨日主流地区产销率低位徘徊。尿素出口 | | | | 配额落地后，消息面对市场影响力度逐渐减弱，后期市场将回归国内供需主导。短 | | | | 期尿素供应高位波动，需求谨慎跟进，现货价格上方空间明显受限。期货市场暂无 | | | | 新增驱动因素的情况下，预计日内维持偏弱震荡趋势。 | | | 纯碱 | 周一纯碱期货价格弱势震荡，主力09 ...

1. Index Trends - On May 19th, the Shanghai Composite Index had a change of 0.0%, closing at 3367.58 points with a trading volume of 437.178 billion yuan; the Shenzhen Component Index changed by -0.08%, closing at 10171.09 points with a trading volume of 649.27 billion yuan [1]. - The CSI 1000 Index rose by 0.45% with a trading volume of 214.013 billion yuan, opening at 6073.2, closing at 6095.34, with a daily high of 6100.8 and a low of 6009.95 [1]. - The CSI 500 Index increased by 0.09% with a trading volume of 141.099 billion yuan, opening at 5719.44, closing at 5720.79, with a daily high of 5729.07 and a low of 5669.72 [1]. - The SSE 50 Index decreased by 0.43% with a trading volume of 51.69 billion yuan, opening at 2710.32, closing at 2705.09, with a daily high of 2716.86 and a low of 2701.25 [1]. - The CSI 300 Index declined by 0.31% with a trading volume of 184.888 billion yuan, opening at 3882.57, closing at 3877.15, with a daily high of 3885.59 and a low of 3866.57 [1]. 2. Impact of Sector Movements on Indexes - The CSI 1000 rose 27.22 points from the previous close, with sectors such as transportation, national defense and military industry, and electronics significantly pulling the index up [2]. - The CSI 500 rose 4.94 points from the previous close. Sectors like national defense and military industry, food and beverage, and public utilities pulled the index up, while non - ferrous metals, computer, and pharmaceutical biology pulled it down [2]. - The CSI 300 dropped 11.94 points from the previous close. Public utilities pulled the index up, while sectors such as automobiles, banks, and food and beverage pulled it down [2]. - The SSE 50 dropped 11.57 points from the previous close. Public utilities pulled the index up, while banks and food and beverage pulled it down [2]. 3. Futures Basis and Annualized Opening Costs - For IM contracts, IM00 had an average daily basis of -133.37, IM01 of -219.12, IM02 of -354.04, and IM03 of -512.6 [12]. - For IC contracts, IC00 had an average daily basis of -111.32, IC01 of -183.82, IC02 of -291.63, and IC03 of -415.42 [12]. - For IF contracts, IF00 had an average daily basis of -40.83, IF01 of -78.35, IF02 of -109.23, and IF03 of -150.81 [12]. - For IH contracts, IH00 had an average daily basis of -20.54, IH01 of -48.83, IH02 of -55.22, and IH03 of -58.25 [12]. 4. Futures Roll - over Point Differences and Annualized Costs - For IM contracts, there were data on roll - over point differences and their annualized costs at different 15 - minute intervals, such as at 09:45, IM00 - 01 was -53.1193, IM00 - 02 was -158.791, etc. [21]. - For IC contracts, at 09:45, IC00 - 01 was -26.1467, IC00 - 02 was -90.0318, etc., with corresponding 15 - minute interval data [22]. - For IF contracts, at 09:45, IF00 - 01 was -5.99267, IF00 - 02 was -13.4098, etc., with 15 - minute interval data [22]. - For IH contracts, at 09:45, IH00 - 01 was -1.29644, IH00 - 02 was 1.559889, etc., with 15 - minute interval data [24].

1. Report Industry Investment Rating - All varieties (corn, soybean meal, oils, eggs, and hogs) are rated as "Sideways" [1][2] 2. Core Viewpoints of the Report - **Corn**: The sentiment in the corn market has changed, with the selling price loosening. The futures and spot markets are adjusting. The futures price is under pressure due to concerns about imported corn auctions. Technically, it is in a high - level sideways pattern, and short - term attention should be paid to the support of the long - term moving average of the July contract [1]. - **Soybean Meal**: CBOT soybeans rose in technical trading, but weather in the US Midwest and policy uncertainty regarding biofuels limited the upside. In Argentina, some soybean losses may occur due to storms. In China, the protein meal market declined, and the spot price of soybean meal dropped, dragging down both near - and far - month contracts. The oil mills' high expected soybean crushing volume and slow downstream procurement led to a rapid decline in the spot price. It is recommended to hold a long - short spread strategy for the 9 - 1 contract [1]. - **Oils**: BMD palm oil rose, ending a two - day decline, supported by the strength of soybean oil. High - frequency data showed an 8.5% increase in Malaysian palm oil production from May 1 - 15. The 6 - month tariff was reduced from 10% to 9.5%. In China, rapeseed oil led the rise, and soybean oil and palm oil also moved up. The supply of oils has increased since May, but demand is weak, and the basis is expected to decline. The trading strategy is intraday trading [1]. - **Eggs**: The egg futures contracts showed a downward trend. The spot price decreased. The Dragon Boat Festival demand will support the short - term egg price, but the upcoming rainy season and increasing supply may lead to a weak egg price in the future. Attention should be paid to the changes in feed raw material prices and farmers' culling intentions [1][2]. - **Hogs**: The hog futures showed a pattern of near - term strength and far - term weakness. The September contract is at a discount to the spot price. The feed cost is expected to decline, putting pressure on the hog price. Technically, short - term attention should be paid to the support at 13,500 yuan for the September contract, and long - term investors should wait for opportunities to enter the market [2]. 3. Summary According to Relevant Catalogs Market Information - The US has adjusted the wording of the guide's press release, but the discriminatory measures and market - distorting nature of the guide remain unchanged. China firmly opposes the US's abuse of export control measures against Chinese chip products [3]. - A US private exporter reported selling 145,000 tons of soybean meal to the Philippines for delivery in the 2024/2025 season [3]. - As of May 19, 2025, the port inventory of imported soybeans in China was 5.49403 million tons, a week - on - week increase of 275,050 tons [3]. - As of the week ending May 15, 2025, the US soybean export inspection volume was 217,842 tons, down from the previous week. The cumulative export inspection volume for this crop year (starting from September 1) was 44.131939 million tons, higher than the same period last year [3][4]. - Malaysia has lowered the reference price of crude palm oil for June to the level corresponding to a 9.5% export tariff, from 4,449.35 ringgit per ton in May to 3,926.59 ringgit per ton [4]. Variety Spreads - The report presents various contract spreads and contract basis for different agricultural products, including corn, soybean, soybean meal, oils, eggs, and hogs, such as the 9 - 1 spreads and basis of these products [5][6][8][9][12][14][15][18][20][27]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Copper: Overnight LME copper rose 0.81% to $9,516/ton, SHFE copper rose 0.54% to 78,160 yuan/ton. With the Fed likely not to cut rates before September, China's April economic data showing mixed signals, and inventory changes, the market's risk appetite has recovered, and copper prices are expected to remain volatile and slightly stronger. There are also concerns about a potential squeeze on short positions [1]. - Aluminum: Alumina is expected to remain strong in the near - term due to news of Guinea's mining rights and domestic production cuts. Electrolytic aluminum shows a divergence between strong current conditions and future expectations, with a pattern of near - term strength and long - term weakness expected. Attention should be paid to Yunnan's power policies, inventory trends, and international trade frictions [1][2]. - Nickel: Nickel prices are expected to remain range - bound in the short term. Although nickel ore prices are firm, the cost support for stainless steel has weakened, and the demand in the new energy industry chain is also weak. Attention should be paid to the progress of the Philippine government's mining ban policy in June [2]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Copper**: Overnight LME copper rose 0.81% to $9,516/ton, SHFE copper rose 0.54% to 78,160 yuan/ton. The US is taking a more aggressive stance in trade negotiations, and the Fed may not cut rates before September. China's April consumption slightly exceeded expectations, but fixed - asset investment growth was low, and the real estate market showed signs of a decline. LME copper inventory decreased by 5,050 tons, Comex warehouse receipts increased by 650 tons, and domestic social inventory increased by 0.72 tons. As copper prices rise, downstream demand may slow. The market is also concerned about a potential squeeze on short positions, so copper prices are expected to remain volatile and slightly stronger [1]. - **Aluminum**: Alumina closed at 3,128 yuan/ton, up 1.23%, and positions increased. Shanghai aluminum closed at 20,040 yuan/ton, down 0.62%, and positions decreased. Spot alumina prices rebounded slightly, and the premium on aluminum ingots widened. The news of Guinea's mining rights and domestic production cuts may drive alumina prices higher in the near - term. Electrolytic aluminum shows a divergence between strong current conditions and future expectations, with low inventory currently but potential weakening demand and cost reduction in the future. The price is expected to show a pattern of near - term strength and long - term weakness [1][2]. - **Nickel**: Overnight LME nickel fell 0.67% to $15,500/ton, and SHFE nickel fell 0.31% to 123,520 yuan/ton. LME inventory increased by 6,786 tons, and domestic SHFE warehouse receipts decreased by 30 tons. The cost support for stainless steel has weakened, and the demand in the new energy industry chain is also weak. Nickel prices are expected to remain range - bound in the short term, and attention should be paid to the progress of the Philippine government's mining ban policy in June [2]. 3.2 Daily Data Monitoring - **Copper**: From May 16 to May 19, the price of flat - water copper decreased by 720 yuan/ton, and the premium decreased by 5 yuan/ton. LME inventory decreased by 5,050 tons, and Comex inventory increased by 999 tons. The import loss of the active contract increased by 570 yuan/ton [3]. - **Lead**: The average price of 1 lead decreased by 30 yuan/ton. LME inventory decreased by 2,500 tons, and Shanghai Futures Exchange (SHFE) inventory increased by 5,968 tons [3]. - **Aluminum**: The Wuxi and Nanhai quotes decreased slightly. The price difference between Nanhai and Wuxi widened by 20 yuan/ton. LME inventory decreased by 2,000 tons, and SHFE inventory decreased by 13,585 tons. The social inventory of alumina decreased by 0.5 tons [4]. - **Nickel**: The price of Jinchuan nickel decreased by 1,175 yuan/ton. LME inventory increased by 6,786 tons, and SHFE nickel warehouse receipts decreased by 30 tons. The price of nickel sulfate decreased by 300 yuan/ton [4]. - **Zinc**: The main contract settlement price decreased by 0.3%. LME inventory decreased by 3,400 tons, and SHFE inventory increased by 793 tons. The social inventory decreased by 0.15 tons [5]. - **Tin**: The main contract settlement price decreased by 0.6%. LME inventory increased by 5 tons, and SHFE inventory decreased by 302 tons [5]. 3.3 Chart Analysis - **Spot Premium**: Charts show the historical trends of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [7][8][9][10][11]. - **SHFE Near - Far Month Spread**: Charts display the historical trends of the spread between the first and second - month contracts for copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [13][16][19]. - **LME Inventory**: Charts present the historical trends of LME inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [21][23][25]. - **SHFE Inventory**: Charts show the historical trends of SHFE inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [28][30][32]. - **Social Inventory**: Charts display the historical trends of social inventories for copper, aluminum, nickel, zinc, stainless steel, and 300 - series stainless steel from 2019 - 2025 [35][37][39]. - **Smelting Profit**: Charts present the historical trends of copper concentrate index, rough copper processing fees, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless steel 304 smelting profit margin from 2019 - 2025 [42][44][46].

Research Views - The A-share market showed mixed performance, with the Wind All A index rising 0.17% and trading volume reaching 1.12 trillion yuan. The CSI 1000 index rose 0.45%, the CSI 500 index rose 0.09%, while the SSE 50 index fell 0.43% and the SSE 300 index fell 0.31%. The economic data in April declined slightly compared to March but remained resilient. The year-on-year growth of social retail sales was 5.1%, supported by the "trade-in" policy. The social credit demand was weak in April, with the cumulative new RMB loans reaching 10.06 trillion yuan, a year-on-year increase of 2.86%, and the year-on-year growth of M2 at 8%. The joint statement between China and the US laid a good foundation for further trade negotiations, exceeding market expectations. Recently, the central bank announced a reserve requirement ratio cut and interest rate cut policy, and the financial regulatory authority emphasized promoting long-term funds to enter the market. The CSRC plans to optimize the fee model of active equity funds. The internal policy is the main line for the stock index in 2025. In the first quarter, the revenue growth rate of A-share listed companies narrowed for three consecutive quarters, the net profit increased by about 4% year-on-year, but the ROE is still in the bottoming stage. These measures are beneficial for enterprises to repair their balance sheets and promote the stable development of the real economy, leading to a stable increase in stock market valuations. The view on the stock index is "oscillation" [1]. - The 2-year, 5-year, 10-year, and 30-year treasury bond futures rose 0.02%, 0.04%, 0.13%, and 0.37% respectively. The central bank conducted 135 billion yuan of 7-day reverse repurchase operations, with a net injection of 9.2 billion yuan. The DR001 and DR007 rates decreased by 9bp and 4bp to 1.54% and 1.60% respectively. The bond market was previously supported by expectations of monetary policy easing and a weakening pricing fundamentals due to tariffs. However, the situation has changed. On May 7th, a series of incremental measures were introduced, and the central bank's reserve requirement ratio cut and interest rate cut were implemented, fulfilling the market's expectations. On May 12th, China and the US announced a significant reduction in mutual tariffs, which led to a rapid increase in market risk appetite and was negative for the bond market. Looking forward, the bond market is expected to oscillate weakly, and the yield curve is expected to steepen again [2]. Daily Price Changes - For stock index futures, IH decreased by 0.24%, IF decreased by 0.07%, IC increased by 0.38%, and IM increased by 0.70%. For stock indices, the SSE 50 decreased by 0.43%, the SSE 300 decreased by 0.31%, the CSI 500 increased by 0.09%, and the CSI 1000 increased by 0.45%. For treasury bond futures, TS remained unchanged, TF rose 0.26%, T rose 0.32%, and TL rose 0.34% [3]. Market News - In April, the year-on-year growth of industrial added value above designated size was 6.1%, higher than the expected 5.2%. The year-on-year growth of social retail sales was 5.1%, slightly lower than the expected 5.5%. From January to April, the cumulative year-on-year growth of fixed asset investment was 4.0%, lower than the expected 4.3%. The cumulative year-on-year growth of manufacturing investment was 8.8%, the cumulative year-on-year growth of infrastructure investment (excluding electricity) was 5.8%, and the cumulative year-on-year decline of real estate development investment was 10.3%. From January to April, the cumulative year-on-year decline of real estate sales area was 2.8%, the new construction area decreased by 23.8% year-on-year, the construction area decreased by 10.1% year-on-year, and the completion area decreased by 16.8% year-on-year [4]. Chart Analysis Stock Index Futures - The report includes charts showing the trends of IH, IF, IM, and IC main contracts, as well as the basis trends of these contracts [6][7][10]. Treasury Bond Futures - The report presents charts of the trends of treasury bond futures main contracts, treasury bond spot yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [13][16][18]. Exchange Rates - The report provides charts of the central parity rates of the US dollar and euro against the RMB, forward exchange rates, the US dollar index, and exchange rates between major currencies [21][22][25]