光期研究 光期黑色：铁矿石基差及价差监测日报 2025 年 4 月 2 5 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 | 768.0 | 776.0 | -8.0 | I05-I09 | 47.5 | 48.5 | -1.0 | | I09 | 720.5 | 727.5 | -7.0 | I09-I01 | 27.5 | 29.0 | -1.5 | | I01 | 693.0 | 698.5 | -5.5 | I01-I05 | -75.0 | -77.5 | 2.5 | 图表1：09-01合约价差（单位：元/吨） 图表2：05-09合约价差（单位：元/吨） -50 0 50 100 150 200 09 10 10 10 11 11 12 12 01 01 02 02 03 03 ...

股指期货日度数据跟踪 2025-04-25 一、指数走势 04 月 24 日，上证综指涨跌幅 0.03%，收于 3297.29 点，成交额 4347.06 亿元，深成指数涨跌幅-0.58%，收于 9878.32 点，成交额 6743.13 亿元。 中证 1000 指数涨跌幅-1.07%，成交额 2378.67 亿元，其中开盘价 5979.41，收盘价 5920.48，当日最高价 5984.37，最低价 5897.65； 中证 500 指数涨跌幅-0.52%，成交额 1578.99 亿元，其中开盘价 5633.02，收盘价 5605.88，当日最高价 5651.53，最低价 5583.43； 沪深 300 指数涨跌幅-0.07%，成交额 2054.83 亿元，其中开盘价 3787.46，收盘价 3784.36，当日最高价 3807.26，最低价 3775.21； 上证 50 指数涨跌幅 0.25%，成交额 542.74 亿元，其中开盘价 2648.77，收盘价 2655.36，当日最高价 2665.73，最低价 2648.76。 数据来源：Wind，光期研究所 数据来源：Wind，光期研究所 二、板块涨跌对指数 ...

光大期货金融期货日报 光大期货金融期货日报（2025 年 04 月 25 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 4 月 24 日，A 股市场窄幅震荡，Wind 全 A 收跌 0.49%，成交额 1.14 万亿元， | | | | 特朗普对于关税的态度出现软化，声称对中国关税税率将大幅降低，但不会 | | | | 为 0 。受此影响，黄金高位回落，美股止跌。内盘则轮动较为明显，在经历 | | | | 了出口相关板块复苏后，当日出口题材再次回落；银行、消费板块走强拉动 | | | | 大盘指数。中证 1000 指数下跌 1.07%，中证 500 指数下跌 0.525%，沪深 300 | | | | 指数下跌 0.07%，上证 50 指数上涨 0.25%。2025 年一季度，我国一般公共预 | | | | 算收入同比-1.1%，但支出同比提升 4.2%，显示出积极政策的特征，其中普 | | | | 通国债发行进度达 30%，节奏显著前置。此前，统计局公布多项一季度经济 | | | 股指 | 数据：中国一季度 GDP 录得 5.4%；3 月社零同比 5. ...

Report Industry Investment Rating - All the analyzed energy and chemical products are rated as "volatile" [1][3][4][7][9] Core Viewpoints of the Report - The oil market is affected by the US's inconsistent policies and OPEC+ internal disputes, and the market is in a state of repeated operation [1] - The low - sulfur fuel oil market is supported by reduced arbitrage shipments, while the high - sulfur fuel oil market pressure eases with the approaching summer demand [1][3] - The asphalt production profit has recovered, and the refinery's production enthusiasm has improved, but the actual consumption has not increased significantly [3] - Polyester product prices mainly follow the cost - end, and the price of ethylene glycol is expected to run in a low - range [3][4] - The rubber price is expected to be volatile and weak due to the approaching holiday production cut of downstream tire factories and cautious terminal orders [4][7] - The methanol supply is high, and the future supply - demand may be loose [7] - The polyolefin market is affected by tariff policies, with supply pressure easing and demand weakening [7][9] - The PVC market's supply and demand will both weaken marginally, and the price is expected to be volatile [9] Summary by Relevant Catalogs 1. Research Views - **Crude Oil**: On Thursday, WTI 6 - month contract rose 0.52 dollars to 62.79 dollars/barrel (0.84% increase), Brent 6 - month contract rose 0.43 dollars to 66.55 dollars/barrel (0.65% increase), and SC2506 closed at 495.4 yuan/barrel (1.00% increase). The US's inconsistent policies and OPEC+ internal disputes make the market volatile [1] - **Fuel Oil**: On Thursday, FU2507 fell 1.12% to 2998 yuan/ton, and LU2506 fell 0.86% to 3446 yuan/ton. The low - sulfur market is supported by reduced shipments, and the high - sulfur market pressure eases with approaching summer demand [1][3] - **Asphalt**: On Thursday, BU2506 rose 0.38% to 3406 yuan/ton. This week, the shipment of domestic asphalt enterprises increased by 20.4% week - on - week, and the utilization rate of modified asphalt production capacity increased. The production profit has recovered, but the actual consumption has not increased significantly [3] - **Polyester**: TA509 fell 0.86% to 4370 yuan/ton, EG2509 fell 1.67% to 4179 yuan/ton. The production load of polyester and ethylene glycol has changed, and product prices mainly follow the cost - end [3][4] - **Rubber**: On Thursday, RU2509 rose 40 yuan/ton to 14735 yuan/ton, NR fell 130 yuan/ton to 12400 yuan/ton, and BR fell 60 yuan/ton to 11235 yuan/ton. The downstream tire factories are expected to cut production before the holiday, and the rubber price is expected to be volatile and weak [4][7] - **Methanol**: The supply is high, and the future supply - demand may be loose due to device maintenance and increased future arrivals [7] - **Polyolefin**: The price of polypropylene and polyethylene has changed. The refinery's maintenance increases, but the demand weakens due to tariff policies [7][9] - **Polyvinyl Chloride**: The market price is slightly adjusted. The supply and demand will both weaken marginally, and the price is expected to be volatile [9] 2. Daily Data Monitoring - The report provides the spot price, futures price, basis, basis rate, and their changes of various energy and chemical products on April 24 and 23, 2025, including crude oil, liquefied petroleum gas, asphalt, etc [10] 3. Market News - The third - round of US - Iran nuclear negotiations this week may lead to Iran's crude oil return, but the new US sanctions on Iran limit the oil price increase. Kazakhstan will prioritize national interests over OPEC+ quotas [12] - The Bank of England Governor believes that the concern about the US dollar losing its reserve currency status is "excessive" [12] 4. Chart Analysis - **4.1 Main Contract Prices**: The report presents the closing price charts of main contracts of various energy and chemical products from 2021 to 2025, including crude oil, fuel oil, etc [14][15][18] - **4.2 Main Contract Basis**: It shows the basis charts of main contracts of various products, such as crude oil, fuel oil, etc [29][31][35] - **4.3 Inter - period Contract Spreads**: The report provides the spread charts of different contracts of various products, like fuel oil, asphalt, etc [45][47][50] - **4.4 Inter - variety Spreads**: It presents the spread and ratio charts between different varieties, such as crude oil internal and external spreads, fuel oil high - low sulfur spreads, etc [60][62][64] - **4.5 Production Profits**: The report shows the cash - flow and profit charts of ethylene - made ethylene glycol, PP production, etc [69][70][72] 5. Team Member Introduction - The report introduces the members of the energy and chemical research team, including their positions, educational backgrounds, honors, and research areas [74][75][76]

农产品日报（2025 年 4 月 24 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周三，玉米 5 月合约资金继续向 7 月移仓，玉米 7 月合约在 2300 元前低位置企 稳上行，7 月增仓上行带动 5 月跟涨，日间涨幅扩大。目前国内玉米均价 2269 利润转差，企业采购心态谨慎，部分企业仍有提价锁定粮源行为，收购价格整体 | 震荡 | | | 元/吨，价格上涨 4 元/吨。 今日东北地区玉米价格稳定运行。近期深加工企业 | | | 玉米 | 稳定。华北地区玉米价格有涨有跌。经过前期上涨，部分企业到货车辆增加，价 | | | | 格窄幅下调，但也有企业价格窄幅上调，主流价格保持稳定。基层购销相对清淡， | | | | 部分贸易商依然逢高出货。技术上，玉米 7 月合约 2300 元/吨整数关口是近期价 | | | | 格的密集成交区。周初，期货市场在小麦干旱减产的预期之下，期价快速拉升， | | | | 期、现价差再度扩大，短线关注 7 月合约 2330 元的前高压力表现。 | | | 豆粕 | 周三，CBOT 大豆上涨，因围绕全球贸易局势的担忧有所缓 ...

碳酸锂日报 碳酸锂日报（2025 年 4 月 24 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 | | | 锂电产业链产品价格 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 指 标 | 单 位 | 2025-04-23 | 2025-04-22 | 涨 跌 | | | 期 货 | 主力合约收盘价 | 元/吨 | 68980 | 67840 | 1140 | | | | 连续合约收盘价 | 元/吨 | 69060 | 68000 | 1060 | | | | 锂辉石精矿(6%,CIF中国) | 美元/吨 | 795 | 800 | - 5 | | | | 锂云母（Li2O:1.5%-2.0%） | 元/吨 | 950 | 980 | -30 | | | 锂 矿 | 锂云母（Li2O:2.0%-2.5%） | 元/吨 | 1610 | 1640 | -30 | | | | 磷锂铝石（Li2O:6%-7%） | 元/吨 | 6700 | 6740 | -40 | | | | 磷锂铝石 ...

软商品日报 光大期货软商品日报（2025 年 4 月 24 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 棉花 | 周三，ICE 美棉上涨 2.8%，报收 69.1 美分/磅，CF509 上涨 1.21%，报收 12990 元 | | | | /吨，主力合约持仓环比增加 4879 手 56.76 万手，新疆地区棉花到厂价为 13988 元 | | | | /吨，较前一日下降 94 元/吨，中国棉花价格指数 3128B 级为 14151 元/吨，较前一 | | | | 日下降 67 元/吨。国际市场方面，近期宏观层面扰动仍然较大，特朗普对华关税政 | | | | 策态度缓和，承认美国对自中国进口商品非关税过高，预计税率将大幅降低。市场 | 震荡偏 | | | 担忧情绪降温，美元走强，黄金走弱，美棉价格走强。国内市场方面，受情绪端影 | | | | 响，昨日大宗商品多数走强，郑棉期价重心也随之上移。展望未来，关税等宏观层 | 强 | | | 面较此前最差情况再度恶化概率较低。供需基本面来看，目前是新棉种植期，供应 | | | | 端扰动不大，下游需求虽相对有限， ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No clear core viewpoints are presented in the given content. It mainly provides data on iron ore futures contracts, basis, and variety spreads. 3. Summary by Relevant Catalogs 3.1 Futures Contracts and Spreads - The closing prices of I05, I09, and I01 contracts on April 24, 2025, were 776.0, 727.5, and 698.5 respectively, with changes of 10.5, 16.5, and 14.0 compared to the previous day [2]. - The spreads of I05 - I09, I09 - I01, and I01 - I05 were 48.5, 29.0, and -77.5 respectively, with changes of -6.0, 2.5, and 3.5 compared to the previous day [2]. 3.2 Basis - The basis data of various iron ore varieties on April 24, 2025, are presented, showing changes compared to the previous day. For example, the basis of Carajás fines decreased by 17 to 87, and the basis of PB fines decreased by 11 to 92 [4]. 3.3 Adjustment of Deliverable Brands - Four new deliverable varieties (Benxi concentrate, IOC6, KUMBA, and Ukrainian concentrate) were added, with brand premiums of 0, effective from the I2202 contract [10]. - The brand premiums of existing varieties were adjusted, with only PB fines, BRBF, and Carajás fines having a brand premium of 15 yuan/ton, and the rest being 0 [10]. - The allowable ranges of iron grade and other elements were adjusted, and a dynamic adjustment mechanism for the premium of iron element was introduced [10]. - Four more brands (Taigang concentrate, Magang concentrate, Minmetals standard fines, and SP10 fines) were added as deliverable brands, with brand premiums of 0 [10]. - The adjusted deliverable brands and their premiums apply to contracts I2312 and later [11]. 3.4 Variety Spreads - The variety spreads of different iron ore products on April 24, 2025, are provided, showing changes compared to the previous day. For example, the spread of PB lump - PB fines remained unchanged at 132.0, while the spread of PB fines - FMG mixed fines decreased by 9.0 to 88.0 [12].

黑色商品日报（2025 年 4 月 24 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 钢材 | 螺纹钢：昨日螺纹盘面明显上涨，截止日盘螺纹 2510 合约收盘价格为 3137 元/吨，较上一交易收盘价格 上涨 62 元/吨，涨幅为 2.02%，持仓减少 4.44 万手。现货价格上涨，成交回升，唐山地区迁安普方坯价格 | 震荡偏强 | | | 上涨 50 元/吨至 2990 元/吨，杭州市场中天螺纹价格上涨 50 元/吨至 3170 元/吨，全国建材成交量 14.1 万 | | | | 吨。据钢谷网数据，本周全国建材产量回升 11.26 万吨至 431.1 万吨，社库减少 43.05 万吨至 699.16 万吨， | | | | 厂库减少 14.76 万吨至 348.7 万吨，建材表需回升 22.27 万吨至 488.88 万吨。建材产量继续回升，库存降 | | | | 幅扩大，表需回升。美国总统特朗普当地时间周二（4 月 22 日）在公开场合发表了讲话，他承认美国目前 | | | | 对中国出口商品的关税过高，预计税率将大幅降低。关税战形势出现一定的缓解迹 ...

光大期货煤化工商品日报 二、市场信息 光大期货煤化工商品日报 光大期货煤化工商品日报（2025 年 4 月 24日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周三尿素现货价格多数持稳，局部仍有回调，个别主流地区价格下调幅度10元/吨 | | | | ，山东地区市场价格跌至1830元/吨。基本面来看，尿素日产量昨日 持在19.35万 | | | | 吨。需求端刚需 量跟进，低端价格成交依旧 好。昨日主流地区现货产销率多数 | | | 尿素 | 持100%以上，但区域间表现也仍存分化。本周尿素企业库存 幅17.52%，压制 | 震荡 | | | 市场心态。五一假期前企业仍有收单计划，中下游也仍有补库预期。若市场高成交 | | | | 得以持续，盘面有望继续受到支撑。关注现货市场成交情况、需求跟进力度。 | | | | 周三纯碱期货价格强势反弹，主力09合约收盘上涨3.39%至1373元/吨。现货市场基 | | | | 本稳定，贸易商环节报价跟 盘面情绪有所回暖。昨日沙河及周边地区重碱贸易自 | | | | 提价格1342元/吨，日环比涨48元/吨。基本面来看 ...