一、研究观点 点 评 1. 昨日碳酸锂期货 2505 合约跌 0.96%至 64120 元/吨。现货价格方面，电池级碳酸锂平均上涨 100 元/ 吨至 64800 元/吨，工业级碳酸锂上涨 100 元/吨至 63150 元/吨，电池级氢氧化锂（粗颗粒）下跌 100 元/吨至 65840 元/吨，电池级氢氧化锂（微粉）下跌 100 元/吨至 70985 元/吨。仓单方面，昨日 仓单库减少 52 吨至 36664 吨。 2. 昨日广州期货交易所发布关于征集碳酸锂期货注册品牌的通知，详见链接： （http://www.gfex.com.cn/gfex/tzts/202505/deea23df0856405bb111e43efa4d328b.shtml）。 3. 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，磷酸铁锂正极材料库存周转天数连续下降，三元材料有 小幅抬升迹象；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。 4. 需求缺乏明显增量的 ...

1. Report Industry Investment Rating - Stock Index: Neutral [1] - Treasury Bonds: Bearish [1] 2. Core Viewpoints of the Report - The internal policy drive is the main theme for stock indices in 2025. A series of policies are beneficial for enterprises to repair their balance sheets, promote the stable development of the real - economy, and steadily increase stock market valuations [1]. - The bond market previously relied on expectations of monetary policy and weak fundamentals due to tariffs. However, with the implementation of a package of measures and the Sino - US joint statement on tariff cuts, the bond market is expected to run bearishly, and the yield curve is expected to steepen [2]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Stock Index**: On May 15, the A - share market generally declined, with the Wind All - A down 1.14% and a trading volume of 1.19 trillion yuan. Credit demand in April was weak, with cumulative new RMB loans of 10.06 trillion yuan, a year - on - year increase of 2.86%, and M2 year - on - year growth of 8%. The Sino - US joint statement laid a good foundation for further trade negotiations. The central bank announced reserve requirement ratio and interest rate cuts, and the financial regulatory authority will promote long - term capital to enter the market. The CSRC will optimize the fee model of active equity funds. In the first quarter, the decline in the revenue growth rate of A - share listed companies narrowed for three consecutive quarters, net profit increased by about 4% year - on - year, and ROE is in the bottoming - out stage [1]. - **Treasury Bonds**: Treasury bond futures closed with mixed performance. The central bank conducted 645 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 2.191 billion yuan. The bond market's previous support factors have changed. After the implementation of policies and the Sino - US tariff cut agreement, the bond market is expected to run bearishly, and the yield curve is expected to steepen [1][2]. 3.2 Daily Price Changes - **Stock Index Futures**: On May 15, IH decreased by 0.53%, IF by 0.89%, IC by 1.31%, and IM by 1.56% compared to May 14 [3]. - **Stock Indices**: On May 15, the Shanghai Composite 50 decreased by 0.49%, the CSI 300 by 0.91%, the CSI 500 by 1.45%, and the CSI 1000 by 1.68% compared to May 14 [3]. - **Treasury Bond Futures**: On May 15, TS decreased by 0.02%, TF by 0.02%, T increased by 0.02%, and TL increased by 0.15% compared to May 14 [3]. - **Treasury Bond Yields**: On May 15, the yields of 2 - year, 5 - year, 10 - year, and 30 - year treasury bonds changed by 1.32, 1.19, - 0.43, and - 0.65 respectively compared to May 14 [3]. 3.3 Market News - The People's Bank of China, the Hong Kong Securities and Futures Commission, and the Hong Kong Monetary Authority plan to enrich the product types of the "Swap Connect". They will extend the contract term of interest rate swaps to 30 years and launch interest rate swap contracts based on the LPR [5]. 3.4 Chart Analysis - **Stock Index Futures**: The report provides trend charts of IH, IF, IM, IC main contracts, and the corresponding basis trend charts [7][8][10][11]. - **Treasury Bond Futures**: The report provides trend charts of treasury bond futures main contracts, treasury bond yields, basis, inter - period spreads, cross - variety spreads, and capital interest rate charts [14][16][17][18]. - **Exchange Rates**: The report provides charts of the central parity rate of the US dollar, euro against the RMB, forward exchange rates, the US dollar index, and exchange rates between major currencies [21][22][23][25][26]

1. Report Industry Investment Rating No investment rating for the industry is provided in the report 2. Core Views of the Report - The prices of various energy - chemical products are expected to be volatile. Geopolitical easing and slowing demand growth have put pressure on oil prices, while other products are affected by factors such as supply - demand relationships and cost changes [1][2] - For fuel oil, the high - sulfur market has strong demand support, and attention can be paid to the strategy of narrowing the LU - FU spread. For asphalt, although the price may be stable in the short term, the upward space is limited. For polyester, the PTA price may be weakly volatile, and the ethylene glycol price is strengthening. For rubber, it shows relative weakness. For methanol, the price will recover but still face upward pressure. For polyolefins and PVC, they will tend to be volatile [2][4][5][7] 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Thursday, oil prices declined. WTI June contract fell $1.53 to $61.62 per barrel (down 2.42%), Brent July contract fell $1.56 to $64.53 per barrel (down 2.36%), and SC2506 closed at 461.6 yuan/barrel, down 16.9 yuan/barrel (down 3.53%). Optimistic progress in US - Iran negotiations and changes in supply - demand forecasts have led to downward pressure on oil prices [1] - **Fuel Oil**: On Thursday, the main fuel oil contracts declined. Singapore and Fujeirah fuel oil inventories decreased. Although the high - sulfur market has strong demand support, the low - sulfur has shown stronger performance recently. Consider a strategy of narrowing the LU - FU spread later [2] - **Asphalt**: On Thursday, the main asphalt contract fell 1.45% to 3466 yuan/ton. Supply is expected to increase, and the northern demand will slightly increase, while the southern demand is affected by rainfall. The price may be stable in the short term, but the upward space is limited [2] - **Polyester**: TA509 and EG2509 prices declined. PX prices also fell. PTA device restarts are increasing, and downstream high - start sustainability is weak. PTA prices may be weakly volatile, while ethylene glycol prices are strengthening [4] - **Rubber**: On Thursday, rubber - related contracts declined. Overseas production areas are affected by rainfall, and downstream tire factory starts have recovered, but natural rubber shows relative weakness [4] - **Methanol**: Supply is at a high level, and Iranian device loads have declined. MTO device maintenance has been implemented, and traditional downstream starts are relatively stable. The price will recover, but there is still upward pressure [5] - **Polyolefins**: The prices of polyolefins have increased. Refinery maintenance is increasing, and supply pressure has been released. After the price recovery, they will tend to be volatile due to the weakening of oil prices [5] - **Polyvinyl Chloride (PVC)**: The prices in the PVC market have increased. Supply is at a high level, and domestic real - estate construction is temporarily stable, but the subsequent off - season is approaching. The upward space is limited [7] 3.2 Daily Data Monitoring - The report provides data on the spot price, futures price, basis, basis rate, and their changes for multiple energy - chemical products such as crude oil, liquefied petroleum gas, asphalt, etc. on May 15, 2025 [8] 3.3 Market News - On May 15, 2025, US President Trump said that Iran had agreed to some conditions of the nuclear - related agreement, and the US was in serious negotiations with Iran to achieve long - term peace. Iran is willing to make certain commitments in exchange for the lifting of economic sanctions [10] - The International Energy Agency (IEA) expects that this year's global oil supply will increase by 1.6 million barrels per day, an increase of 380,000 barrels per day compared to the previous forecast [10] 3.4 Chart Analysis - **4.1 Main Contract Prices**: The report shows the closing price trends of main contracts for various energy - chemical products from 2021 to 2025 through multiple charts, including crude oil, fuel oil, etc [12][13][16] - **4.2 Main Contract Basis**: Multiple charts show the basis trends of main contracts for various energy - chemical products from 2021 to 2025, including crude oil, fuel oil, etc [28][33][37] - **4.3 Inter - period Contract Spreads**: The report presents the spread trends of different contracts for various energy - chemical products through multiple charts, such as fuel oil, asphalt, etc [44][46][49] - **4.4 Inter - variety Spreads**: Multiple charts show the spread and ratio trends between different varieties of energy - chemical products, including crude oil internal - external spreads, fuel oil high - low sulfur spreads, etc [60][61][66] - **4.5 Production Profits**: The report shows the production profit trends of ethylene - made ethylene glycol, PP, and LLDPE through charts [69][70][71] 3.5 Team Member Introduction - The research team includes members such as Zhong Meiyan, Du Bingqin, Di Yilin, and Peng Haibo, each with rich experience and professional titles in different energy - chemical product research fields [76][77][78]

农产品日报（2025 年 5 月 15 日） | | 周三，鸡蛋期货震荡调整，2506 合约收涨 0.1%，报收 2921 元/500 千克；2509 合约收涨 0.18%。现货价格较前一日稳定，卓创数据显示，昨日全国鸡蛋价格 3.26 | | | --- | --- | --- | | | 元/斤，环比持平，产区中，宁津粉壳蛋 3.2 元/斤，黑山市场褐壳蛋 2.9 元/斤， | | | | 环比持平；销区中，浦西褐壳蛋 3.31 元/斤，广州市场褐壳蛋 3.5 元/斤，环比持 平。销区市场到货量较昨日增多，终端市场需求一般，下游环节采购积极性尚可。 | | | 鸡蛋 | | 震荡 | | | 短期产区蛋价大局稳定，个别下跌；销区采购成本大局稳定，个别下跌。端午节 | | | | 日需求将对短期蛋价形成一定支撑，但后期梅雨季对需求的不利影响，叠加供给 | | | | 逐渐增加的压力，蛋价弱势概率大。后期关注饲料原料价格及养殖端淘汰意愿的 | | | | 变化对蛋价的影响。 | | | | 周三，生猪以小阳线收盘，近期生猪 9 月合约维持震荡表现，猪价偏强运行。目 前， 全国外三元生猪出栏均价为 14.71 ...

Group 1: Report General Information - Report Title: Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report [1] - Report Date: May 15, 2025 [1] Group 2: Futures Contract Information - I05 today's closing price is 795.5, up 17.5 from the previous day; I09 is 737.0, up 22.5; I01 is 699.5, up 15.0 [3] - The spread of I05 - I09 is 58.5 today, down 5.0 from the previous day; I09 - I01 is 37.5, up 7.5; I01 - I05 is -96.0, down 2.5 [3] Group 3: Basis Information 3.1 Basis Data - For various iron ore varieties, such as Carajás Fines (Kumba), today's price, previous day's price, change, delivery cost, today's basis, previous day's basis, and basis change are provided. For example, Carajás Fines' today's price is 868, up 15.0, and today's basis is 88, down 6 [6] 3.2 Basis Chart - Charts show the basis trends of different iron ore varieties over time, including Brazilian fines, Australian medium - grade fines, Australian low - grade fines, domestic concentrates, etc. [9][10][11] Group 4: Exchange Rule Adjustments - Since December 2, 2022, the main iron ore contract is I2205. Four new deliverable varieties (Benxi Concentrate, IOC6, KUMBA, Ukrainian Concentrate) are added with brand premiums of 0 starting from the I2202 contract [13] - Brand premiums of existing varieties are adjusted. Only PB Fines, BRBF, and Carajás Fines have a brand premium of 15 yuan/ton, and the rest are 0 [13] - Quality differences and premiums for substitutes are modified, including adjusting the allowable range of iron grade and other elements, and introducing a dynamic adjustment mechanism for iron element premium (X) [13] - Four new deliverable brands (Taigang Concentrate, Magang Concentrate, Minmetals Standard Fines, SP10 Fines) are added with brand premiums of 0 [13] - The adjusted deliverable brands and premiums apply to contracts after I2312. Starting from the first trading day after the last delivery day of the I2311 contract, the exchange will handle the registration of iron ore futures standard warehouse receipts according to the adjusted rules [14] Group 5: Variety Spread Information 5.1 Variety Spread Data - Spreads between different iron ore varieties are presented, such as PB Lump - PB Fines, Newman Lump - Newman Fines, etc. For example, PB Lump - PB Fines spread is 142.0 today, up 2.0 from the previous day [15] 5.2 Variety Spread Charts - Charts display the spread trends of different iron ore varieties over time, including block - powder spreads, high - medium grade fines spreads, medium - low grade fines spreads, etc. [18][19][20] Group 6: Research Team Introduction - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, with their positions, work experience, and professional qualifications provided [28] Group 7: Company Contact Information - Company address: 6th Floor, Unit 703, No. 729 Yanggao South Road, China (Shanghai) Pilot Free Trade Zone - Company phone: 021 - 80212222, fax: 021 - 80212200 - Customer service hotline: 400 - 700 - 7979, postal code: 200127 [27]

1. Report Industry Investment Rating - No relevant content found 2. Core View of the Report - On May 14, polysilicon showed a weak and volatile trend, with the main contract 2506 closing at 38,420 yuan/ton, a daily decline of 0.43%, and the position decreasing by 7,560 lots to 44,692 lots. The SMM N-type polysilicon material price was 39,500 yuan/ton, and the price of the lowest deliverable N-type polysilicon material dropped to 39,500 yuan/ton. The spot premium over the main contract narrowed to 1,080 yuan/ton. Industrial silicon showed a strong and volatile trend, with the main contract 2506 closing at 8,490 yuan/ton, a daily increase of 2.72%, and the position decreasing by 15,774 lots to 14.7 lots. The reference price of Baichuan industrial silicon spot remained stable at 9,552 yuan/ton compared to the previous trading day. The price of the lowest deliverable 553 silicon dropped to 8,300 yuan/ton, and the spot premium of 35 yuan/ton turned into a discount of 80 yuan/ton. There were rumors in the market that six major crystalline silicon companies would jointly acquire production capacity and cut production, but the implementation still needed to be confirmed. The industry will hold another meeting on self - restricted production and price support for polysilicon, and the release rhythm of planned new production capacity may be postponed. As the delivery period approaches, the ratio of virtual to real positions of polysilicon warehouse receipts is too high, giving short - term space to bulls. The fundamentals of industrial silicon have not improved, and the futures price has not been driven by crystalline silicon and continues to be weak. Track the meeting results and the movement of warehouse receipts, and be vigilant against abnormal risks before the delivery month [2] 3. Summary According to Relevant Catalogs 3.1 Daily Data Monitoring - **Industrial Silicon**: The futures settlement price of the main and near - month contracts increased by 115 yuan/ton to 8,380 yuan/ton. Among the spot prices, the prices of some regions such as Kunming and Sichuan for 553 silicon decreased, while most other prices remained stable. The current lowest deliverable price was 8,300 yuan/ton, and the spot premium changed from 35 yuan/ton to a discount of 80 yuan/ton, a decrease of 115 yuan/ton. The industrial silicon warehouse receipts increased by 37 to 66,531, and the Guangzhou Futures Exchange inventory decreased by 10,820 tons to 336,690 tons. The industrial silicon factory inventory decreased by 3,800 tons to 250,000 tons, and the social inventory decreased by 3,800 tons to 417,000 tons [4] - **Polysilicon**: The futures settlement price of the main and near - month contracts increased by 150 yuan/ton to 38,420 yuan/ton. The prices of N - type polysilicon material, dense material, and cauliflower material all decreased. The current lowest deliverable price dropped by 1,000 yuan/ton to 39,500 yuan/ton, and the spot premium decreased by 1,150 yuan/ton to 1,080 yuan/ton. The polysilicon warehouse receipts increased by 20 to 40, the Guangzhou Futures Exchange inventory increased by 30,000 tons to 60,000 tons, the factory inventory increased by 0.3 tons to 28.72 tons, and the social inventory increased by 0.3 tons to 28.7 tons [4] - **Organic Silicon**: The DMC price in the East China market remained stable at 12,000 yuan/ton, the prices of raw rubber and 107 glue remained stable, and the price of dimethyl silicone oil increased by 2,200 yuan/ton to 15,000 yuan/ton [4] - **Downstream Products**: The prices of silicon wafers and battery cells remained unchanged [4] 3.2 Chart Analysis - **Industrial Silicon and Cost - side Prices**: The report includes charts on various prices such as different grades of industrial silicon, grade spreads, regional spreads, electricity prices, silica prices, and refined coal prices [5] - **Downstream Product Prices**: Charts cover the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [14] - **Inventory**: Charts show the inventory of industrial silicon (including futures inventory, factory inventory, weekly industry inventory, and weekly inventory changes), DMC weekly inventory, and polysilicon weekly inventory [21] - **Cost and Profit**: Charts present the average cost and profit levels of main production areas, weekly cost - profit of industrial silicon, profit of the aluminum alloy processing industry, cost - profit of DMC, and cost - profit of polysilicon [27] 3.3 Team Introduction - The research team consists of Zhan Dapeng, Wang Heng, and Zhu Xi. Zhan Dapeng is the director of non - ferrous research at Everbright Futures Research Institute, with over a decade of commodity research experience. Wang Heng focuses on aluminum - silicon research, and Zhu Xi focuses on lithium - nickel research. They all have rich experience in tracking the new energy industry chain and providing policy interpretations [37]

黑色商品日报 黑色商品日报（2025 年 5 月 15 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 钢材 | 螺纹钢：昨日螺纹盘面再次拉涨，截止日盘螺纹 2510 合约收盘价格为 3127 元/吨，较上一交易收盘价格 | 窄幅整理 | | | 上涨 48 元/吨，涨幅为 1.56%，持仓减少 3.96 万手。现货价格上涨，成交回升，唐山地区迁安普方坯价格 | | | | 上涨 30 元/吨至 2980 元/吨，杭州市场中天螺纹价格上涨 30 元/吨至 3190 元/吨，全国建材成交量 11.98 | | | | 万吨。据钢谷网数据，本周全国建材产量下降 0.21 万吨至 426.77 万吨，社库下降 22.48 万吨至 615.44 万 | | | | 吨，厂库下降 4.73 万吨至 315.72 万吨，建材表需增加 10.35 万吨至 453.98 万吨。建材产量略有回落，库 | | | | 存降幅扩大，表需回升，数据表现有所改善。另据央行数据，4 月末 M2 同比增长 8%，M1 同比增长 12%。 | | | | 4 月份社会融资规模增量为 1.16 ...

Group 1: Index Movements - On May 14th, the Shanghai Composite Index rose by 0.86% to close at 3403.95 points with a trading volume of 534.873 billion yuan; the Shenzhen Component Index rose by 0.64% to close at 10354.22 points with a trading volume of 781.854 billion yuan [1] - The CSI 1000 Index rose by 0.15% with a trading volume of 252.514 billion yuan, opening at 6144.25, closing at 6160.37, with a daily high of 6199.3 and a low of 6111.11 [1] - The CSI 500 Index rose by 0.3% with a trading volume of 188.145 billion yuan, opening at 5778.08, closing at 5799.12, with a daily high of 5835.49 and a low of 5750.54 [1] - The SSE 180 Index rose by 1.21% with a trading volume of 319.465 billion yuan, opening at 3894.84, closing at 3943.21, with a daily high of 3960.52 and a low of 3890.65 [1] - The SSE 50 Index rose by 1.69% with a trading volume of 94.724 billion yuan, opening at 2708.56, closing at 2753.78, with a daily high of 2766.25 and a low of 2708.42 [1] Group 2: Impact of Sector Movements on Indexes - The CSI 1000 rose 9.36 points from the previous close. Sectors such as transportation, computer, and non - bank finance significantly pulled the index up, while national defense and military industry, electronics, and power equipment pulled it down [2] - The CSI 500 rose 17.45 points from the previous close. Non - bank finance and non - ferrous metals significantly pulled the index up, while national defense and military industry and power equipment pulled it down [2] - The SSE 180 rose 46.95 points from the previous close. Non - bank finance and food and beverage significantly pulled the index up [2] - The SSE 50 rose 45.72 points from the previous close. Non - bank finance and food and beverage significantly pulled the index up [2] Group 3: Stock Index Futures Basis and Annualized Opening Costs - IM00 had an average daily basis of - 7.95, IM01 of - 125.68, IM02 of - 321.98, and IM03 of - 467.01 [13] - IC00 had an average daily basis of - 2.8, IC01 of - 106.34, IC02 of - 273.71, and IC03 of - 386.92 [13] - IF00 had an average daily basis of - 0.33, IF01 of - 37.18, IF02 of - 106.52, and IF03 of - 146.47 [13] - IH00 had an average daily basis of 1.27, IH01 of - 17.61, IH02 of - 51.43, and IH03 of - 55.33 [13] Group 4: Stock Index Futures Roll - over Point Differences and Annualized Costs - For IM, data on roll - over point differences and their annualized costs at different times (e.g., at 09:45, IM00 - 01 was - 53.1193) are provided [22] - For IC, data on roll - over point differences and their annualized costs at different times (e.g., at 09:45, IC00 - 01 was - 26.1467) are provided [23] - For IF, data on roll - over point differences and their annualized costs at different times (e.g., at 09:45, IF00 - 01 was - 13.4098) are provided [23] - For IH, data on roll - over point differences and their annualized costs at different times (e.g., at 09:45, IH00 - 01 was - 1.29644) are provided [25]

碳酸锂日报 碳酸锂日报（2025 年 5 月 15 日） 一、研究观点 点 评 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 合约涨 3%至 65200 元/吨。现货价格方面，电池级碳酸锂平均上涨 100 元/吨 至 64700 元/吨，工业级碳酸锂平均价上涨 100 元/吨至 63050 元/吨，电池级氢氧化锂（粗颗粒）下 跌 50 元/吨至 65940 元/吨，电池级氢氧化锂（微粉）下跌 50 元/吨至 71085 元/吨。仓单方面，昨 日仓单库存增加 272 吨至 36716 吨。 2. 供应端，周度减产依旧，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，磷酸铁锂正极材料库存周转天数连续下降，三元材料有小幅抬升迹象；电芯端依旧 保持景气。库存端，周内出现小幅去库状态，但整体库存水平仍维持高位，特别是下游库存处于较 高水平。 3. 宏观情绪回暖，碳酸锂期货减仓促使价格上行，但基本面来看，需求缺乏明显增量的背景下，锂矿 价格下跌和供应上减量仍然较低，警惕短期低估值下的资金扰动。 碳酸锂日报 二、日度数据监测 ...

Group 1: Investment Ratings - The investment ratings for both cotton and sugar are "Oscillation" [1] Group 2: Core Views - For cotton, on Wednesday, ICE U.S. cotton fell 1.1% to 65.55 cents per pound, while CF509 rose 0.9% to 13,445 yuan per ton. The main contract's open interest increased by 2,675 lots to 572,500 lots. In the international market, there are still macro - level disturbances, and the U.S. cotton futures price has slightly declined. The USDA May report shows a narrowing of the global cotton supply - demand surplus in the 2025/26 season. In the domestic market, the cotton price has risen due to better - than - expected Sino - U.S. tariff negotiations and the rising domestic index. In the short term, the market is driven by the macro - level, and the upward drive from fundamentals is limited, so it is expected to oscillate in the short term [1] - For sugar, the broker StoneX expects India's sugar production in the 2025/26 season to be 32.3 million tons and 26.1 million tons in the 2024/25 season. The domestic sugar futures price has rebounded due to the recovery of the raw sugar price and firm domestic spot prices. Future attention should be paid to sales progress and imports [1] Group 3: Summary by Directory 1. Research Views - **Cotton**: The international market has macro - level disturbances, and the USDA May report shows a change in the supply - demand pattern. The domestic market is affected by tariff negotiations and the domestic index. The short - term view is oscillation [1] - **Sugar**: India's production forecast is released, and the domestic sugar price has rebounded. Future attention is on sales and imports [1] 2. Daily Data Monitoring - **Cotton**: The 7 - 9 contract spread is - 190 yuan, down 5 yuan; the main contract basis is 1,039 yuan, down 15 yuan. The Xinjiang spot price is 14,429 yuan per ton, up 97 yuan, and the national spot price is 14,484 yuan per ton, up 100 yuan [2] - **Sugar**: The 7 - 9 contract spread is 73 yuan, down 6 yuan; the main contract basis is 264 yuan, down 43 yuan. The Nanning spot price is 6,160 yuan per ton, up 20 yuan, and the Liuzhou spot price is 6,170 yuan per ton, up 10 yuan [2] 3. Market Information - **Cotton**: On May 14, the cotton futures warehouse receipts increased by 121 to 11,486, with 477 valid forecasts. The cotton arrival prices in different regions are provided, and the yarn and short - fiber cloth load and inventory data are also given [3] - **Sugar**: On May 14, the sugar spot prices in Nanning and Liuzhou increased, and the sugar futures warehouse receipts increased by 1,130 to 31,574, with 1,377 valid forecasts [3][4] 4. Chart Analysis - **Cotton**: Charts show the closing price, basis, 7 - 9 spread, 1% tariff quota internal - external spread, warehouse receipts and effective forecasts, and the China Cotton Price Index of the cotton main contract [6][9][10][11] - **Sugar**: Charts show the closing price, basis, 7 - 9 spread, and warehouse receipts and effective forecasts of the sugar main contract [13][14][16] 5. Research Team - The research team includes Zhang Xiaojin, Zhang Linglu, and Sun Chengzhen, with their professional backgrounds, research focuses, and honors introduced [18][19][20]