1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Steel: The rebar futures market rose slightly. The May steel market was in a situation of weak supply and demand. It is expected that the short - term rebar futures will mainly operate in a low - level consolidation [1]. - Iron Ore: The iron ore futures price rose. With supply decreasing and demand and inventory showing mixed trends, it is expected that the iron ore futures price will show a narrow - range oscillation [1]. - Coking Coal: The coking coal futures price rose. Affected by supply, demand, and policy expectations, it is expected that the short - term coking coal futures will oscillate [1]. - Coke: The coke futures price rose. Due to environmental protection and demand factors, it is expected that the short - term coke futures will oscillate [1]. - Manganese Silicon: The manganese silicon futures price strengthened. Driven by short - term market sentiment, the price center may move up, but it should be treated as a rebound [3]. - Ferrosilicon: The ferrosilicon futures price strengthened. With limited fundamental improvement, the short - term price increase is driven by market sentiment and should be treated as a rebound [3]. 3. Summary According to Relevant Catalogs 3.1 Research Views - **Steel**: The closing price of the rebar 2510 contract was 2990 yuan/ton, up 21 yuan/ton or 0.71%. The spot price rose slightly, and the trading volume increased. From January to May, national fixed - asset investment increased by 3.7% year - on - year, with real estate investment down 10.7%, infrastructure investment up 5.6%, and manufacturing investment up 8.5%. In May, the production of crude steel, pig iron, and steel decreased or increased year - on - year, and the daily average production decreased month - on - month [1]. - **Iron Ore**: The closing price of the iron ore i2509 contract was 704.5 yuan/ton, up 1.5 yuan/ton or 0.2%. Port spot prices rose. In May, pig iron production decreased year - on - year. The global iron ore shipment volume decreased, the blast furnace operating rate decreased, and inventory increased [1]. - **Coking Coal**: The closing price of the coking coal 2509 contract was 795.5 yuan/ton, up 21 yuan/ton or 2.71%. Some coal mines stopped production, and the market procurement sentiment was weak. It is in the seasonal demand off - season [1]. - **Coke**: The closing price of the coke 2509 contract was 1371 yuan/ton, up 21.5 yuan/ton or 1.59%. Environmental protection inspections were tightened, and coke enterprises' production enthusiasm declined. The blast furnace operating rate was stable, and the market had a downward expectation for future demand [1]. - **Manganese Silicon**: The manganese silicon futures price rose by 2.35%. The real estate market had positive signals, but the fundamental support was weak, and it should be treated as a rebound [3]. - **Ferrosilicon**: The ferrosilicon futures price rose by 2.04%. The market sentiment improved, but the fundamental drive was limited, and it should be treated as a rebound [3]. 3.2 Daily Data Monitoring - **Contract Spread**: Data on the contract spreads of steel, hot - rolled coils, iron ore, coke, coking coal, manganese silicon, and ferrosilicon are provided, including the latest values and their month - on - month changes [4]. - **Basis**: Data on the basis of various varieties are provided, including the latest values and their month - on - month changes [4]. - **Spot Price**: The latest spot prices of various varieties in different regions and their month - on - month changes are provided [4]. - **Profit and Spread**: Data on the profits and spreads of various varieties are provided, including the latest values and their month - on - month changes [4]. 3.3 Chart Analysis - **Main Contract Price**: Charts show the closing prices of the main contracts of rebar, hot - rolled coils, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2020 to 2025 [7][9][13][16]. - **Main Contract Basis**: Charts show the basis of rebar, hot - rolled coils, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2020 to 2025 [19][20][23][25]. - **Inter - period Contract Spread**: Charts show the inter - period contract spreads of rebar, hot - rolled coils, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2020 to 2025 [27][29][31][34][36][37][39]. - **Inter - variety Contract Spread**: Charts show the inter - variety contract spreads of main contracts, including the spread between hot - rolled coils and rebar, the ratio of rebar to iron ore, the ratio of rebar to coke, the ratio of coke to iron ore, the ratio of coking coal to coke, and the spread between manganese silicon and ferrosilicon from 2020 to 2025 [42][44][46]. - **Rebar Profit**: Charts show the main contract's coal - coke ratio, double - silicon spread, rebar's main contract's disk profit, long - process profit, and short - process profit from 2020 to 2025 [46][47][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 field of resource products [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 trading [53].

碳酸锂日报 碳酸锂日报（2025 年 6 月 17 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 碳酸锂日报 二、日度数据监测 | | | 锂电产业链产品价格 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 指 标 | 单 位 | | 2025-06-16 2025-06-13 | 涨 跌 | | | 期 货 | 主力合约收盘价 | 元/吨 | 59780 | 59940 | -160 | | | | 连续合约收盘价 | 元/吨 | 60000 | 59980 | 20 | | | | 锂辉石精矿(6%,CIF中国) | 美元/吨 | 624 | 629 | -5 | | | | 锂云母（Li2O:1.5%-2.0%） | 元/吨 | 695 | 695 | 0 | | | 锂 矿 | 锂云母（Li2O:2.0%-2.5%） | 元/吨 | 1225 | 1225 | 0 | | | | 磷锂铝石（Li2O:6%-7%） | 元/吨 | 5660 | 5660 | 0 | | | ...

股指期货日度数据跟踪 2025-06-17 一、指数走势 06 月 16 日，上证综指涨跌幅 0.35%，收于 3388.73 点，成交额 4815.94 亿元，深成指数涨跌幅 0.41%，收于 10163.55 点，成交额 7334.81 亿元。 中证 1000 指数涨跌幅 0.68%，成交额 2530.88 亿元，其中开盘价 6089.96，收盘价 6147.46，当日最高价 6151.51，最低价 6089.96； 中证 500 指数涨跌幅 0.48%，成交额 1709.89 亿元，其中开盘价 5725.0，收盘价 5767.81，当日最高价 5775.95，最低价 5725.0； 沪深 300 指数涨跌幅 0.25%，成交额 2468.61 亿元，其中开盘价 3853.62，收盘价 3873.8，当日最高价 3876.17，最低价 3853.62； 上证 50 指数涨跌幅 0.32%，成交额 688.11 亿元，其中开盘价 2666.82，收盘价 2685.01，当日最高价 2687.11，最低价 2664.43。 图表 1：中证 1000、中证 500、沪深 300、上证 50 日内走势（%） 图表 ...

光大期货能化商品日报 光大期货能化商品日报（2025 年 6 月 17 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周一油价高开低走，因地缘可能缓和施压油价，其中 WTI 7 月合 | | | | 约收盘下跌 1.21 美元至 71.77 美元/桶，跌幅 1.66%。布伦特 8 月 | | | | 合约收盘下跌 1.00 美元至 73.23 美元/桶，跌幅 1.35%。日内油价 | | | | 高低点振幅约为 8 美元/桶，市场波动急剧放大。SC2507 以 530.4 | | | | 元/桶收盘，下跌 10.5 元/桶，跌幅为 1.94%。美国总统特朗普证 | | | | 实，伊朗已通过中间人发出信号，表示希望缓和冲突。而当前以 | | | | 伊冲突远未走向和平，油价仍面临波动较大的格局。OPEC 月报 | | | | 显示，5 月 OPEC+原油日产量平均为 4123 万桶，比 4 月增加 18 | | | 原油 | 万桶，此前 OPEC+曾宣布增产。OPEC 将 2025 年全球原油需求 | 震荡 | | | 增速预期维持在 130 万桶/日； ...

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Views - **Cotton**: The ICE U.S. cotton rose 0.31% to 68.05 cents per pound, and CF509 increased 0.48% to 13,530 yuan per ton. The main - contract positions increased by 4,887 lots to 537,500 lots. The Xinjiang cotton arrival price dropped by 70 yuan to 14,715 yuan per ton, and the China Cotton Price Index 3128B decreased by 22 yuan to 14,820 yuan per ton. With limited new news in the international market and no obvious improvement in downstream textile enterprises, the short - term Zhengzhou cotton is expected to fluctuate within a range. Future focus includes international situation, domestic policies, and weather [2]. - **Sugar**: The Thai Sugar Cane and Sugar Board (OSCB) expects the 2025/26 sugar production to reach 10.05 million tons. The spot quotes of Guangxi and Yunnan sugar - making groups remained stable. The raw sugar rebounded at a low level. The domestic sugar spot price is stable, and the key variable is the import situation. If the arrival of imported sugar is lower than expected, a low - level rebound may occur [2]. 3. Summary by Directory 3.1 Daily Data Monitoring - **Cotton**: The 7 - 9 spread was - 220, up 15; the main - contract basis was 1,290, down 57. The Xinjiang spot price was 14,715, down 70, and the national spot price was 14,820, down 22 [3]. - **Sugar**: The 7 - 9 spread was 70, down 20; the main - contract basis was 423, down 3. The Nanning spot price was 6,020, unchanged, and the Liuzhou spot price was 6,090, unchanged [3]. 3.2 Market Information - **Cotton**: On June 16, the cotton futures warehouse receipts were 10,725, down 28, with 308 valid forecasts. The cotton arrival prices in different regions were: Xinjiang 14,715 yuan/ton, Henan 14,895 yuan/ton, Shandong 14,842 yuan/ton, and Zhejiang 15,062 yuan/ton. The yarn comprehensive load was 54.1, down 0.2; the yarn comprehensive inventory was 25.8, up 0.3; the short - fiber cloth comprehensive load was 49.5, unchanged; and the short - fiber cloth comprehensive inventory was 32.9, up 0.2 [4]. - **Sugar**: On June 16, the sugar spot prices in Nanning and Liuzhou remained unchanged at 6,020 yuan/ton and 6,090 yuan/ton respectively. The sugar futures warehouse receipts were 28,586, down 150, with 0 valid forecasts [4][5]. 3.3 Chart Analysis - The report includes multiple charts for cotton and sugar, such as the closing price, basis, spread, warehouse receipts, and price index of cotton and sugar contracts over different time periods, with data from 2021 - 2025 [7][15]. 3.4 Research Team - **Zhang Xiaojin**: Resource products research director at Everbright Futures Research Institute, focuses on the sugar industry. Has won many awards in futures analysis [20]. - **Zhang Linglu**: Resource products analyst at Everbright Futures Research Institute, responsible for futures varieties like urea and soda - ash glass [21]. - **Sun Chengzhen**: Resource products analyst at Everbright Futures Research Institute, engaged in fundamental research on cotton, cotton yarn, and ferroalloys [22].

光大期货金融期货日报 光大期货金融期货日报（2025 年 06 月 17 日） 一、研究观点 光大期货金融期货日报 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 2 | 品种 | 点评 | 观点 | | --- | --- | --- | | 股指 | 自 6 月以来，国内资产表现为股债双强，上周前几个交易日，A 股仍延续此 | 震荡 | | | 前一周走势，表现偏强，市场情绪升温，指数期权隐含波动率底部企稳， | | | | 1000IV 收于 21.98%，300IV 收于 16.5%；融资余额自 6 月以来连续 2 周回升 | | | | 196 亿元，上周增加 94 亿元。在上周后半段，受到海外局部冲突影响，全球 | | | | 权益市场大幅回调，黄金冲高，A 股也受到影响。但总体来看，A 股预期层 | | | | 面仍在不断改善，海外方面，中美谈判加速，未来将逐步进入细节落地期； | | | | 国内方面，长效促销费政策开始受到市场讨论，下半年财政发力方向值得关 | | | | 注。 | | | 国债 | 国债期货收盘，30 年期主力合约涨 0.05%，10 年期主力合约涨 ...

工业硅日报 工业硅&多晶硅日报（2025 年 6 月 13 日） 一、研究观点 点评 12 日多晶硅震荡偏弱，主力 2507 收于 33585 元/吨，日内涨幅 1.39%，持 仓增仓 1499 手至 61698 手；SMM 多晶硅 N 型硅料价格跌至 36000 元/ 吨，最低交割品 N 型硅料价格跌至 36000 元/吨，现货对主力升水扩至 2415 元/吨。工业硅震荡偏弱，主力 2507 收于 7455 元/吨，日内跌幅 0.27%，持仓减仓 25532 手至 12.2 万手。百川工业硅现货参考价 8636 元/ 吨，较上一交易日持稳。最低交割品#553 价格降至 7600 元/吨，现货升 水收至 120 元/吨。西南丰水电价全面下调，叠加硅煤和电极不断下移， 工业硅成本重心持续回调，硅厂丰水季开工水平压产到极限，需求端变量 不多，工业硅超跌修复结束，回归弱势震荡。新一轮签单落地，量级有限 且现货交易角度引导低品相对高品更抗跌。多晶硅需求坍塌压力下，边际 累库压力加剧，多晶硅延续回调。 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 工业硅日报 二、日度数据监测 | | 二、 ...

Group 1: Investment Ratings - No investment ratings for the industry are provided in the report. Group 2: Core Views - **Cotton**: The ICE U.S. cotton fell 0.18% on Thursday, closing at 67.53 cents per pound, and CF509 decreased 0.26% to 13,520 yuan per ton. The main - contract positions decreased by 4,767 lots to 541,000 lots. The cotton arrival price in Xinjiang rose to 14,702 yuan per ton, and the China Cotton Price Index 3128B grade rose to 14,784 yuan per ton. In the international market, the focus is on the macro - level. With U.S. inflation data lower than expected and the U.S. dollar index moving down, U.S. cotton has no obvious support. The U.S. cotton planting progress and budding rate are slightly slower than usual, with the good - quality rate flat and the poor - seedling rate slightly down. In the domestic market, the increase of Zhengzhou cotton futures prices has slowed down. The downstream yarn comprehensive operating load has slightly increased, and demand has improved slightly, but the inventory of textile enterprises is accumulating. The raw material inventory of fabric mills is at a low level, and there may be restocking actions. Overall, the fundamental driving force is limited, and the upward movement of cotton prices requires macro - resonance. The short - term upward space of Zhengzhou cotton futures prices may be limited. The view on cotton is "oscillation" [1]. - **Sugar**: The agricultural ministry expects a slight increase in next season's sugar production. Precipitation in Guangxi since May has alleviated the drought, and rainfall in Yunnan is above normal, which is beneficial for sugarcane growth. In Inner Mongolia, sugar beet sowing was delayed by low temperatures but has recovered. In Xinjiang, sugar beet growth is generally good. The spot price of sugar has been adjusted down. The production increase expectation is still pressuring sugar prices, and the futures price has reached a new low. In the domestic market, the spot price was lowered by 20 yuan per ton, and the group continues the strategy of selling at a reasonable price. With the decline of imported sugar prices and the appearance of import profits, it continues to pressure the market. The terminal continues the strategy of purchasing as needed. The view on sugar is "oscillation - biased weak", and previous short positions can be held, but it is not advisable to chase low prices [1]. Group 3: Summary of Each Section 1. Daily Data Monitoring - **Cotton**: The 7 - 9 contract spread is - 230, unchanged from the previous day. The main - contract basis is 1,332, an increase of 88. The Xinjiang spot price is 14,792 yuan per ton, up 90 yuan, and the national spot price is 14,852 yuan per ton, up 68 yuan [2]. - **Sugar**: The 7 - 9 contract spread is 122, an increase of 11. The main - contract basis is 443, an increase of 1. The Nanning spot price is 6,035 yuan per ton, down 15 yuan, and the Liuzhou spot price is 6,090 yuan per ton, down 20 yuan [2]. 2. Market Information - **Cotton**: On June 12, the number of cotton futures warehouse receipts decreased by 25 to 10,769, with 364 valid forecasts. The cotton arrival prices in different regions are: 14,792 yuan per ton in Xinjiang, 14,914 yuan per ton in Henan, 14,852 yuan per ton in Shandong, and 15,081 yuan per ton in Zhejiang. The yarn comprehensive load was 54.5, up 0.1; the yarn comprehensive inventory was 25.6, up 0.1; the short - fiber cloth comprehensive load was 49.5, unchanged; and the short - fiber cloth comprehensive inventory was 32.6, up 0.2 [3]. - **Sugar**: On June 12, the Nanning sugar spot price was 6,035 yuan per ton, down 15 yuan, and the Liuzhou sugar spot price was 6,090 yuan per ton, down 20 yuan. The number of sugar futures warehouse receipts decreased by 100 to 29,116, with 0 valid forecasts [3][4]. 3. Chart Analysis - Multiple charts are provided, including those showing the closing prices, contract spreads, basis, warehouse receipts, and price indices of cotton and sugar futures over different time periods from 2021 - 2025. The data sources are Wind and the Everbright Futures Research Institute [6][12][14][16]. 4. Research Team Personnel Introduction - **Zhang Xiaojin**: The director of the resource - product research at Everbright Futures Research Institute, specializing in the sugar industry. She has participated in many important projects of the Zhengzhou Commodity Exchange and the China Futures Association, and has won many analyst awards [19]. - **Zhang Linglu**: A resource - product analyst at Everbright Futures Research Institute, responsible for researching futures varieties such as urea and soda - ash glass. She has participated in many large - scale projects and won many awards [20]. - **Sun Chengzhen**: A resource - product analyst at Everbright Futures Research Institute, mainly engaged in the fundamental research and data analysis of cotton, cotton yarn, and ferroalloys. He has participated in relevant Zhengzhou Commodity Exchange projects and won the title of senior analyst in textile products [21].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The steel market is in a situation of weak supply and demand. It is expected that the short - term rebar futures market will mainly operate in a low - level consolidation [1]. - The iron ore market has a mix of long and short factors. It is expected that the iron ore futures price will show a volatile trend [1]. - The coking coal market has a slightly tightened supply and weak demand. It is expected that the short - term coking coal futures market will operate in a volatile manner [1]. - The coke market has weak terminal demand and high inventory pressure on coke enterprises. It is expected that the short - term coke futures market will operate in a volatile manner [1]. - The manganese silicon market has a relatively loose supply - demand structure and weak cost support. It is expected that the short - term manganese silicon price will mainly operate in a low - level consolidation [3]. - The silicon iron market has limited overall driving forces, but the supply is gradually decreasing. It is expected that the short - term silicon iron price will mainly operate in a low - level consolidation [3]. 3. Summary by Relevant Catalogs 3.1 Research Views Steel - Rebar futures prices fell yesterday. The spot price also declined, and the trading volume decreased. The production, inventory, and apparent demand of rebar all decreased. The market is in a situation of weak supply and demand, and it is expected to operate in a low - level consolidation [1]. Iron Ore - The price of the main iron ore futures contract fell yesterday. The port spot price also declined. The global iron ore shipment volume increased, the blast furnace operating rate decreased, and the iron ore inventory increased. It is expected to show a volatile trend [1]. Coking Coal - The coking coal futures price fell yesterday. The spot market is weak, with some coal mines shutting down and downstream procurement being cautious. It is expected to operate in a volatile manner [1]. Coke - The coke futures price fell yesterday. The spot price is stable. Due to strict environmental inspections, the overall operating rate has declined slightly, and the terminal demand is weak. It is expected to operate in a volatile manner [1]. Manganese Silicon - The manganese silicon futures price weakened yesterday. The mainstream steel procurement has new progress. The supply is increasing, the demand is weakening, and the cost support is weak. It is expected to operate in a low - level consolidation [3]. Silicon Iron - The silicon iron futures price weakened yesterday. The mainstream steel procurement has new progress. The supply is decreasing slightly, the demand is weak, and the cost is relatively stable. It is expected to operate in a low - level consolidation [3]. 3.2 Daily Data Monitoring - The report provides data on contract spreads, basis, and spot prices for various black commodities such as rebar, hot - rolled coils, iron ore, coke, coking coal, manganese silicon, and silicon iron, as well as profit and spread data between different varieties [4]. 3.3 Chart Analysis - The report includes multiple charts, such as the closing price of the main contract, the basis of the main contract, the spread of inter - period contracts, the spread of inter - variety contracts, and the profit of rebar, to show the historical price trends and relationships of different black commodities [6][7][17][25][38][43]. 3.4 Black Research Team Member Introduction - The black research team members include Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with their own professional backgrounds and qualifications [49][50].

一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 尿素 | 周四尿素期货价格延续弱势状态，主力09合约收盘价1646元/吨，跌幅1.67%。现货 | 偏弱 | | | 市场继续下调，主流地区市场价格昨日继续下降10~20元/吨，部分厂家低端出场价 | | | | 格已逐步向1600元/吨靠近。本周尿素企业库存增幅高达13.69%，尿素厂家仍有出 | | | | 货压力。供应来看，近期尿素日产水平 现增量 势，昨日20.74万吨，日环比增0. | | | | 11万吨。需求端跟进力度依旧不足，部分低端价格成交略有好转，昨日国内主流地 | | | | 区平均产销率小幅提升至38%，区域间产销率仍维持7%-67%区间波动。目前国内麦 | | | | 收进度超70%，麦收后尿素农需及出口需求仍有跟进预期，但尿素价格目前未见到 | | | | 反转动能。整体来看，尿素供需层面驱动不足，产业心态持续走弱，期现负反馈状 | | | | 态短期或继续维持。后期关注需求释放力度、出口相关政策动态等逻辑能否给盘面 | | | | 带来止跌企稳迹象。 | | | 纯碱 | 周四纯碱期货价格 ...