碳酸锂日报 碳酸锂日报（2025 年 6 月 13 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 合约跌 1.56%至 60440 元/吨。现货价格方面，电池级碳酸锂平均价涨 150 元/ 吨至 60650 元/吨，工业级碳酸锂平均价涨 150 元/吨至 59050 元/吨，电池级氢氧化锂（粗颗粒）下 跌 350 元/吨至 60550 元/吨，电池级氢氧化锂（微粉）跌 350 元/吨至 65700 元/吨。仓单方面，昨 日仓单库存减少 454 吨至 32383 吨。 2. 价格方面，锂矿价格有止跌迹象。供应端，周度产量环比增加 656 吨至 18127 吨，增量主要是锂辉 石提锂，锂云母提锂次之，6 月产量供应环比增速明显。需求端，据各家初步排产数据来看增量不 显。库存端，周度库存重回增加，周度环比增加 1117 吨至 133549 吨。综合来看，需要考虑的是， 一方面，当前矿山端并未有新的停减产动作，同时，从国内排产来看，6 月过剩格局将进一步扩大； 另一方面，锂矿的价格表现相对滞后，如果锂盐价格快速走强，生产和套保动 ...

有色商品日报 有色商品日报（2025 年 6 月 13 日） 一、研究观点 镍 格暂时表现坚挺，国内镍铁成交价格有小幅反弹迹象，但大厂招标价格维持 940 元/镍 点。不锈钢方面来看，原料价格持稳，供应端国内及印尼方面均有减产，但全国主流市 场不锈钢 89 仓库口径社会总库存 114.55 万吨，周环比上升 2.07%，需求疲软压制，供 应调节供需平衡仍需时间。新能源方面，品种价格表现平稳，6 月需求排产难有大量新 增。一级镍方面，6 月供应环比延续下降，国内周度库存去化。综合来看，原料成本坚 挺为托底，一级镍去库，但向上受到下游需求制约，整体仍篇震荡运行，关注镍矿升水 和一级镍库存表现。 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 2 有色商品日报 | 仓减仓 手；现货方面，SMM 氧化铝价格回落至 3259 元/吨。铝锭现货升 | | 721 至 10141 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 水扩至 元/吨，对无锡 200 | 90 | 元/吨。佛山 | ...

光期研究 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 | 650.5 | 653.0 | -2.5 | I05-I09 | -53.5 | -54.0 | 0.5 | | I09 | 704.0 | 707.0 | -3.0 | I09-I01 | 33.0 | 33.0 | 0.0 | | I01 | 671.0 | 674.0 | -3.0 | I01-I05 | 20.5 | 21.0 | -0.5 | 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） 0 50 100 150 200 01 01 02 03 03 03 04 04 05 05 06 06 07 07 08 08 09 2009-2101 2109-2201 2209-2301 ...

农产品日报（2025 年 6 月 13 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 玉米 | 周四，玉米近月合约减仓调整，期价以小阴线收盘，在周初连续两日快速拉升之 后，期价在前高位置承压，短期呈现调整表现。东北玉米现货报价仍以上涨为主， 虽成交偏淡，但并不影响贸易商心态。拍卖玉米成交价格也较高，对市场也有一 | | | | 定的支撑。华北地区玉米价格继续维持偏强运行。山东深加工早间玉米到货车辆 | | | | 有所增加，但依然维持低位，山东深加工玉米收购价格继续上涨 10-20 元/吨。 | | | | 河南地区本粮源出货，部分山西粮源流入，市场整体供应尚可，价格维持稳定。 | | | | 销区市场玉米价格继续大范围上涨 10-30 元/吨。期货表现继续偏强，产区贸易 | 震荡 | | | 商挺价心态较浓，报价继续上调。下游饲料企业采购一般，小麦替代优势仍较大， | | | | 玉米多刚需采购。技术上，玉米近月合约空头主力减仓离场，期价快速拉升，现 | | | | 货强势对期货的提振体现出来，近月率先领涨，近远月价差拉大。其后，远月跟 | | | | 随 ...

光大期货金融期货日报 光大期货金融期货日报（2025 年 06 月 13 日） 一、研究观点 光大期货金融期货日报 | | | 二 、 | 日度价格变动 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 2025-06-12 | 2025-06-11 | 涨 跌 | 涨跌幅 | 近一月走势 | | | IH | 2,682.2 | 2,682.4 | -0.2 | -0.01% | | | 股指期货 | IF | 3,883.6 | 3,878.8 | 4.8 | 0.12% | | | | IC | 5,780.0 | 5,761.2 | 18.8 | 0.33% | | | | IM | 6,156.8 | 6,144.0 | 12.8 | 0.21% | | | 股票指数 | 上证50 | 2,691.3 | 2,692.1 | -0.9 | -0.03% | | | | 沪深300 | 3,892.2 | 3,894.6 | -2.4 | -0.06% | | | | 中证500 | 5,799.9 | 5,792.9 | 7.0 | ...

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core View The report presents a daily data tracking of stock index futures on June 12, 2025, including index trends, the impact of sector movements on indices, basis and annualized opening costs of stock index futures, and points differences in contract roll - over and their annualized costs. 3. Summary by Sections Index Trends - On June 12, the Shanghai Composite Index rose 0.01% to 3402.66 points with a trading volume of 5016.25 billion yuan; the Shenzhen Component Index fell 0.11% to 10234.33 points with a trading volume of 7701.44 billion yuan [1]. - The CSI 1000 Index rose 0.09% with a trading volume of 2508.24 billion yuan, opening at 6171.56, closing at 6192.22, with a high of 6202.73 and a low of 6151.04 [1]. - The CSI 500 Index rose 0.12% with a trading volume of 1653.94 billion yuan, opening at 5780.97, closing at 5799.93, with a high of 5808.8 and a low of 5766.52 [1]. - The SSE 50 Index fell 0.03% with a trading volume of 700.97 billion yuan, opening at 2689.68, closing at 2691.28, with a high of 2696.78 and a low of 2674.31 [1]. - The SSE 300 Index fell 0.06% with a trading volume of 2602.4 billion yuan, opening at 3885.52, closing at 3892.2, with a high of 3900.04 and a low of 3870.38 [1]. Impact of Sector Movements on Indices - The CSI 1000 rose 5.71 points compared to the previous close. Sectors such as pharmaceuticals, non - ferrous metals, and media had a positive impact, while machinery, defense, and electronics had a negative impact [3]. - The CSI 500 rose 6.98 points compared to the previous close. Pharmaceuticals, media, and automobiles had a positive impact, while computer, defense, and electronics had a negative impact [3]. - The SSE 300 fell 2.43 points compared to the previous close. Non - ferrous metals, pharmaceuticals, and banks had a positive impact, while coal, automobiles, and food and beverage had a negative impact [3]. - The SSE 50 fell 0.86 points compared to the previous close. Non - ferrous metals, pharmaceuticals, and non - bank finance had a positive impact, while coal, communication, and food and beverage had a negative impact [3]. Basis and Annualized Opening Costs of Stock Index Futures - For IM contracts, IM00 had an average daily basis of - 36.81, IM01 of - 133.6, IM02 of - 299.01, and IM03 of - 475.67 [13]. - For IC contracts, IC00 had an average daily basis of - 24.33, IC01 of - 101.69, IC02 of - 211.25, and IC03 of - 337.24 [13]. - For IF contracts, IF00 had an average daily basis of - 12.04, IF01 of - 54.27, IF02 of - 81.3, and IF03 of - 110.93 [13]. - For IH contracts, IH00 had an average daily basis of - 10.7, IH01 of - 44.84, IH02 of - 49.74, and IH03 of - 50.17 [13]. Points Differences in Contract Roll - over and Their Annualized Costs - For IM contracts, data on points differences and annualized costs for various contract roll - over combinations (e.g., IM00 - 01, IM00 - 02) at different times (09:45, 10:00, etc.) are provided [22]. - Similar data for IC, IF, and IH contracts are also presented, showing points differences and annualized costs for different contract roll - over scenarios at multiple time points [25][27]

光大期货能化商品日报 光大期货能化商品日报（2025 年 6 月 13 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周四油价重心小幅回落，其中 WTI 7 月合约收盘下跌 0.11 美元至 | | | | 68.04 美元/桶，跌幅 0.16%。布伦特 8 月合约收盘下跌 0.41 美元/ | | | | 桶，至 69.36 美元/桶，跌幅 0.59%。SC2507 以 494.4 元/桶收盘， | | | | 上涨 3.3 元/桶，涨幅为 0.67%。地缘风险仍在持续，美国国务院 | | | | 和军方表示，由于中东地区可能发生动荡，美国政府正在将非必 | | | | 要人员从该地区撤离。根据最新的审查结果和"确保美国人在国 | | | | 内外的安全"的承诺，已下令撤出美国驻巴格达大使馆的所有非 | 震荡 | | 原油 | 必要人员。该大使馆此前已实行人员限制，所以此命令不会影响 | | | | 大量人员。此外，美国国务院也批准非必要人员及其家属离开巴 | 偏强 | | | 林和科威特。随着油价的上行，成品油市场情绪积极，山东地炼 | | | | ...

Research Views Corn - The corn main contract increased in price with reduced positions on Wednesday. The July contract encountered resistance at the previous high. Spot prices in the Northeast continued to rise by 20 - 40 yuan/ton in the past two days. Deep - processing enterprises in the production area and North China also raised purchase prices. Shandong's deep - processing arrivals remained low, and prices increased by 10 - 20 yuan/ton. Hebei's prices went up by 15 - 30 yuan/ton, while Henan's were basically stable. Prices in the sales area rose widely, but high - price corn had limited transactions, and wheat substitution continued. Technically, short - position holders in the near - month contract reduced their positions, leading to a rapid increase in futures prices. The July contract might face a phased adjustment due to profit - taking [1]. Soybean and Soybean Meal - CBOT soybeans declined on Wednesday. Market participants focused on the favorable weather in the US. The USDA's May estimate of the US 2024/25 soybean ending stocks was 3.51 billion bushels, and for 2025/26 it was 2.98 billion bushels. Globally, the 2025/26 soybean ending stocks were estimated at 1.2454 billion tons. Domestically, protein meal continued to increase with more positions. There were differences between long and short positions. The operation suggestion was to hold long spreads for soybean meal 91 and 15 contracts and maintain a long - only mindset [1]. Oils - BMD palm oil dropped to a two - week low on Wednesday, affected by weak international oil prices and increased May - end inventory. Malaysian palm oil production in May was 177 million tons, 5% higher than expected. High - frequency data showed that exports from June 1 - 10 increased by 8.1% - 32.7% month - on - month, while production decreased by 17.24%. In Canada, canola prices rose due to dry weather, but upcoming precipitation was beneficial for crop growth. International crude oil prices increased by 4%. Domestically, oils were weak, with palm oil falling below 8000 yuan. The operation suggestion was short - term participation and buying September and selling January for soybean oil and palm oil [1][2]. Eggs - The main egg 2508 contract fluctuated at a low level on Wednesday, rising 0.06% to 3515 yuan/500 kilograms, while the 2509 contract continued to decline, falling 0.47%. Spot prices decreased. Terminal demand was weak, and supply was expected to increase before August. It was recommended to wait and see, paying attention to changes in culling intention and feed raw material prices [2]. Pigs - The pig 9 - month contract fluctuated and formed a doji on Wednesday. Spot prices were stable. Due to insufficient terminal demand and farmers' resistance to selling, the market was in a supply - demand game. Technically, it was recommended to focus on the 13500 - yuan support level of the 9 - month contract and maintain a short - term long mindset [2]. Market Information - US President Trump called on the Fed to cut interest rates by 1% after the release of good CPI data [3]. - China and the US reached a framework on implementing the consensus of the leaders' phone call and Geneva talks [3]. - SPPOMA data showed that Malaysian palm oil production from June 1 - 10, 2025 decreased by 17.24% [3]. - EU and UK's 2025/26 rapeseed production was estimated to remain at 20.4 million tons, but there was a drought risk in Poland [3]. - Indonesia was expected to increase palm oil exports to 25 million tons in 2025, with production recovery and stable international demand [4]. Variety Spreads Contract Spreads - Included spreads of contracts like corn 9 - 1, corn starch 9 - 1, etc., but no specific spread data was provided [5][6][8] Contract Basis - Included basis of contracts such as corn, corn starch, etc., but no specific basis data was provided [13][14][18]

软商品日报 光大期货软商品日报（2025 年 6 月 12 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 棉花 | 周三，ICE 美棉下跌 0.01%，报收 67.7 美分/磅，CF509 环比上涨 0.33%，报收 13540 | 震荡 | | | 元/吨，主力合约持仓环比增加 7234 手至 54.58 万手，新疆地区棉花到厂价为 14702 | | | | 元/吨，较前一日上涨 58 元/吨，中国棉花价格指数 3128B 级为 14784 元/吨，较前 | | | | 一日上涨 41 元/吨。国际市场方面，近期美棉整体驱动有限，市场关注点更多在于 | | | | 宏观层面，美国 CPI 数据公布，略低于预期，美元指数震荡走弱。美棉种植进度及 | | | | 现蕾率均略慢于往年同期，优良率环比持平，差苗率环比微降，估产方面影响不 | | | | 大，预计短期 ICE 美棉仍震荡运行为主。国内市场方面，据人民日报，中美原则 | | | | 上达成协议框架，关注后续细节公布。基本面来看，近期下游纱线端综合开机负荷 | | | | 小幅回升，需求好转对棉价有一 ...

有色商品日报 有色商品日报（2025 年 6 月 12 日） 一、研究观点 | 品 种 | | 点评 | | | | | --- | --- | --- | --- | --- | --- | | | 隔夜 LME 铜下跌 0.8%至 9647 美元/吨；SHFE 0.77%至 78570 | | 铜主力下跌 | 元/吨；国内 | | | | 现货进口持续亏损。宏观方面，美国 5 月 CPI 同比上涨 | | 表现超预期降温，CPI | 2.4%， | | | | 略低于预期的 2.5%，但高于前值 2.3%；核心 CPI 2.8%，低于预期 数据显示，美国消费者尚未感受到关税政策带来的价格上涨压力，这也减轻了美联储 | | 同比持平于 | 2.9%。 | | | | 下半年降息的压力，数据公布后市场再度聚焦美联储政策的判断，CME 利率观察工 具显示，市场对月降息的可能性一度升至 60%附近。库存方面，LME 铜下降 950 | | | | 吨至 | | 铜 | 119450 吨；Comex 铜增加 1044 吨至 174259 铜仓单下降 373 吨至 33373 | | 吨；SHFE | | | | | ...