Report Summary 1. Investment Ratings for Different Agricultural Products - Corn: Oscillating weakly [2] - Soybean Meal: Oscillating [2] - Oils: Oscillating [2] - Eggs: Oscillating weakly [2] - Pigs: Oscillating [3] 2. Core Views - Corn: This week, the main corn contract reduced positions and adjusted. The funds of the September contract shifted to the January contract. The bearish factor of good weather during the growth period influenced market sentiment, and the corn futures price showed a weak performance. Northeast corn prices remained stable, and the impact of imported corn auctions on the market was relatively limited. In the Northeast production area, there was a small amount of supply, and the downstream trading activity was poor. In North China, corn prices generally showed a stable - to - strong trend. Technically, the September contract rebounded to the previous intensive trading area of 2320 - 2330 yuan/ton this week, but was suppressed by the technical resistance level and then declined again. Short - term attention should be paid to the effectiveness of the 2300 yuan/ton support for the September contract, and a medium - term downward trend is expected [2]. - Soybean Meal: On Thursday, CBOT soybeans closed at the lowest level since April due to favorable crop weather in the US for a bumper harvest and sufficient global supply. Domestic protein meal prices declined as domestic commodities generally fell and funds withdrew from the market. The Sino - US negotiation maintained the suspension of the 24% tariff, but did not mention soybean purchases, which led to concerns about the long - term supply of soybean meal. Strategically, soybean meal is expected to oscillate narrowly, and investors can participate in the 11 - 1 and 1 - 5 positive spreads [2]. - Oils: On Thursday, BMD palm oil prices fell, ending a two - day upward trend. High - frequency data showed that Malaysian palm oil exports in July decreased by 6.7% - 9.6% month - on - month. Indonesia raised the reference price of crude palm oil in August, leading to an increase in export tariffs. Domestically, the market sentiment was weak, and the futures prices of oils declined. The decline in the outer market led to a decrease in import costs, which also pressured the prices. The inventory of palm oil was limited, and the inventory of rapeseed oil decreased. The oils market showed a pattern of strong domestic and weak overseas, which was conducive to restoring import profits. Strategically, short - term trading is recommended [2]. - Eggs: On Thursday, influenced by surrounding commodities, the egg futures price oscillated and closed down. The spot price of eggs decreased slightly. The short - term fundamental situation was still bearish, and the market sentiment was pessimistic. In the future, as the egg market enters the peak season, demand will have a positive impact on egg prices. However, considering the high inventory and cold - stored eggs, the peak egg price is likely to be lower than that of last year [2][3]. - Pigs: On Thursday, the main pig contract 2509 oscillated during the session and finally closed flat. The spot price of pigs increased slightly. As pig prices continued to adjust, the mentality of farmers to support prices became stronger, and the slaughter volume decreased. The policy provided support for pig prices, so a short - term oscillating trend is expected. Attention should be paid to whether the short - term rebound in spot prices can continue and the impact of market sentiment changes on the futures market after the spot price rebounds [3]. 3. Market Information - Argentina reduced the export tariffs on soybean oil and soybean meal from 31% to 24.5% [4]. - As of July 23, the national average ex - factory price of pigs was 14.78 yuan/kg, a 1.20% decrease from July 16, and the pig - grain ratio was 6.16, a 1.12% decrease from July 16 [4]. - The Indian Vegetable Oil Producers Association (IVPA) stated that Indian vegetable oil importers were increasing palm oil purchases to meet the expected surge in demand during the festival season as global prices declined [4]. - According to the data of the shipping survey agency ITS, the export volume of Malaysian palm oil from July 1 - 31 was 1,289,727 tons, a 6.71% decrease compared to the same period last month [4]. - Indonesia set the reference price of crude palm oil (CPO) in August at $910.91 per metric ton, higher than $877.89 in July [4]. - The Zhengzhou Commodity Exchange decided to suspend the designated rapeseed oil delivery warehouse business of Sichuan Grain and Oil Wholesale Center Direct - affiliated Reserve Depot Co., Ltd. and Central Reserve Grain Sichuan Xinjin Direct - affiliated Depot Co., Ltd., and resume the rapeseed oil delivery warehouse business of China Grain Reserves (Hefei) Reserve Co., Ltd. It also added Chengdu Grain Group Co., Ltd. as a rapeseed oil delivery warehouse and COFCO Oils (Chengdu) Co., Ltd. as a rapeseed oil delivery factory warehouse [5]. 4. Variety Spreads - **Contract Spreads**: The report presents the 9 - 1 spreads of various agricultural products such as corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs through multiple charts [6][7][9][10][13]. - **Contract Basis**: The report shows the basis of various agricultural products including corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs through multiple charts [14][15][19][25][27]. 5. Research Team Introduction - Wang Na is the director of the agricultural product research department at Everbright Futures Research Institute, the leader of the top ten research and investment teams of the Dalian Commodity Exchange. She has won the "Best Agricultural Product Analyst" title in the Futures Daily and Securities Times Best Futures Analyst Awards for many years [29]. - Hou Xueling is an analyst of soybeans at Everbright Futures, with more than ten years of futures trading experience. She has also won the "Best Agricultural Product Analyst" title in relevant awards for many years [29]. - Kong Hailan, a master of economics, is currently a researcher of the egg and pig industries at Everbright Futures Research Institute [29].

碳酸锂日报 碳酸锂日报（2025 年 8 月 1 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 2509 合约跌 4.66%至 68280 元/吨。现货价格方面，电池级碳酸锂平均价跌 950 元/ 吨至 72000 元/吨，工业级碳酸锂平均价跌 950 元/吨至 69900 元/吨，电池级氢氧化锂（粗颗粒）上 涨 200 元/吨至 65670 元/吨。仓单方面，昨日仓单集中注销，库存减少 7586 吨至 5545 吨。 2. 消息面，近期澳矿企业相继披露财报，多家企业产销环增，海外锂矿供给维持稳定充裕。昨日宁德 时代半年报业绩解读会上公司管理层表示其锂矿项目目前生产经营均正常，已在一个月前向省市提 交采矿权续期的中请材料，企业相对乐观。 3. 供应端，周度产量环比减少 1362 吨至 17268 吨，其中云母提锂降幅较大；进口方面，2025 年 6 月 中国碳酸锂进口数量为 1.77 万吨，环比减少 16.3%。需求端，7 月排产环比小幅增加，两大主材消 耗碳酸锂环比增加 3%至 8.08 万吨左右。库存端，周度库存环比减少 14 ...

光期研究 光期黑色：铁矿石基差及价差监测日报 2025 年 8 月 1 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 | 732.0 | 745.5 | -13.5 | I05-I09 | -47.0 | -43.5 | -3.5 | | I09 | 779.0 | 789.0 | -10.0 | I09-I01 | 25.5 | 23.0 | 2.5 | | I01 | 753.5 | 766.0 | -12.5 | I01-I05 | 21.5 | 20.5 | 1.0 | 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 08 ...

点评 工业硅日报 工业硅&多晶硅日报（2025 年 8 月 1 日） 一、研究观点 工业硅日报 二、日度数据监测 | | 分 项 | | 2025/7/30 | 2025/7/31 | 涨 跌 | | --- | --- | --- | --- | --- | --- | | | | | 工业硅 | | | | | 期货结算价（元/吨） | 主力 | 9345 | 8860 | -485 | | | | 近月 | 9325 | 8920 | -405 | | | | 不通氧553#硅(华东) | 9750 | 9550 | -200 | | | | 不通氧553#硅(黄埔港) | 9800 | 9600 | -200 | | | 不通氧553#现货价格 | 不通氧553#硅(天津港) | 9650 | 9450 | -200 | | | （元/吨） | 不通氧553#硅(昆明) | 9650 | 9650 | 0 | | | | 不通氧553#硅(四川) | 9250 | 9150 | -100 | | | | 不通氧553#硅(上海) | 10250 | 10050 | -200 | | | | 通氧553 ...

有色商品日报 有色商品日报（2025 年 8 月 1 日） 一、研究观点 | 品 种 | 点评 | | | | --- | --- | --- | --- | | | | 元/ | 隔夜 LME 铜震荡偏弱，下跌 1.26%至 9607 美元/吨；SHFE 铜下跌 0.55%至 78010 | | | | | 吨；国内现货进口仍处于亏损状态，但幅度收窄。宏观方面，美国 6 月 PCE 物价指数 | | | | | 同比 2.6%，高于预期 2.5%和前值 2.3%；核心 PCE 同比上涨 2.8%，高于预期 2.7%，前 | | | | | 值为 2.8%。核心通胀指标回升，加剧了美联储再降息方面的分歧。关税方面，特朗普 | | | | | 表示美墨关税延长 90 天，中美谈判仍在进行。国内方面，国内重要会议指出宏观政策 | | 铜 | | | 要持续发力、适时加力，要有效释放内需潜力，持续防范化解重点领域风险。库存方面 | | | | | 来看，LME 库存增加 1350 吨至 138200 吨；Comex 库存增加 1784 吨至 233978 吨； | | | | | SHFE 铜仓单下降 351 吨至 ...

Report Industry Investment Rating No specific industry investment rating is provided in the report. Core Viewpoints - The steel market is expected to undergo weak consolidation. The decline in rebar prices, combined with weak demand during the off - season and low supply, along with uncertainties in anti - cut - throat competition policies, contribute to this outlook [1]. - Iron ore prices are predicted to show oscillatory consolidation. Fluctuations in supply and demand, along with uncertainties in anti - cut - throat competition sentiment and potential parade - related production restrictions, influence this forecast [1]. - Coking coal and coke are expected to experience wide - range oscillations. Factors such as changes in supply and demand, cost fluctuations, and market participant sentiment contribute to this prediction [1]. - Manganese silicon and ferrosilicon are expected to mainly show wide - range oscillations. Market sentiment fluctuations, along with limited impacts on supply and demand from anti - cut - throat competition policies, are the main drivers [3]. Summary by Directory 1. Research Viewpoints - **Steel (Rebar)**: The rebar futures price decreased significantly. The 2510 contract closed at 3205 yuan/ton, down 110 yuan/ton (3.32%) from the previous trading day, with a reduction of 146,000 lots in positions. Spot prices also dropped, and trading volume declined. Production slightly decreased, inventory increased marginally, and apparent demand fell. With weak off - season demand and low supply, and uncertainties in anti - cut - throat competition policies, the short - term rebar futures market is expected to be in a weak consolidation state [1]. - **Iron Ore**: The main iron ore futures contract i2509 decreased to 779 yuan/ton, down 10 yuan/ton (1.27%) from the previous day, with a trading volume of 330,000 lots and a reduction of 33,000 lots in positions. Global iron ore shipments increased slightly. Iron production decreased, and port inventory decreased while steel mill inventory increased. Due to uncertainties in anti - cut - throat competition sentiment and potential parade - related production restrictions, the short - term iron ore price is expected to show oscillatory consolidation [1]. - **Coking Coal**: The coking coal futures price dropped. The 2509 contract closed at 1045.5 yuan/ton, down 71.5 yuan/ton (6.4%), with a reduction of 23,096 lots in positions. The spot price in Lvliang increased, while the Mongolian coal market was weak. With upstream inventory at a reasonable level, production resuming, and changes in market sentiment due to cost increases and regulatory measures, the short - term coking coal futures market is expected to have wide - range oscillations [1]. - **Coke**: The coke futures price decreased. The 2509 contract closed at 1601 yuan/ton, down 75.5 yuan/ton (4.5%), with a reduction of 653 lots in positions. The spot price at Rizhao Port declined. After the fourth price increase, coking enterprises are still in a loss - making state. With weakening steel demand and inventory accumulation, the short - term coke futures market is expected to have wide - range oscillations [1]. - **Manganese Silicon**: The manganese silicon futures price oscillated weakly. The main contract closed at 5946 yuan/ton, down 4.44% from the previous day, with a reduction of 35,030 lots in positions. Spot prices in some regions decreased. Market sentiment fluctuations and the lack of significant impacts on supply and demand from anti - cut - throat competition policies, along with increased production willingness and strong cost support, suggest that the short - term market will mainly show wide - range oscillations [3]. - **Ferrosilicon**: The ferrosilicon futures price oscillated weakly. The main contract closed at 5696 yuan/ton, down 6.62% from the previous day, with a reduction of 27,248 lots in positions. Spot prices in some regions decreased. With the cooling of anti - cut - throat competition sentiment, limited impacts on supply and demand, and increased production and inventory, the short - term market is expected to mainly show wide - range oscillations [3]. 2. Daily Data Monitoring - **Contract Spreads and Basis**: The report provides the latest contract spreads (such as 10 - 1 month, 1 - 5 month) and basis data for various commodities, including rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon, along with their changes compared to the previous period [4]. - **Profit and Spread**: Information on profits (such as rebar's on - screen profit, long - process profit, short - process profit) and spreads (such as coil - rebar spread, rebar - iron ore ratio, etc.) is presented, along with their changes compared to the previous period [4]. 3. Chart Analysis - **3.1 Main Contract Prices**: Charts show the historical closing prices of the main contracts of rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2020 to 2025 [6][8][10][11][12][14][15]. - **3.2 Main Contract Basis**: Charts display the historical basis data of rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [17][18][21][23]. - **3.3 Inter - period Contract Spreads**: Charts present the historical inter - period contract spreads (such as 10 - 01, 01 - 05) of rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [26][31][34][35][38]. - **3.4 Inter - commodity Contract Spreads**: Charts show the historical inter - commodity contract spreads (such as coil - rebar spread, rebar - iron ore ratio, etc.) of various commodities [40][42][44]. - **3.5 Rebar Profits**: Charts display the historical on - screen profit, long - process calculated profit, and short - process calculated profit of the rebar main contract [45][46][49]. 4. Black Research Team Member Introduction - The report introduces the members of the black research team, including their positions, work experience, professional qualifications, and relevant honors [52][53].

股指期货日度数据跟踪 2025-08-01 | 计算机 国防军工 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 传媒 美容护理 | | | | | | | | 轻工制造 | | | | | | | | 石油石化 | | | | | | | | 建筑材料 建筑装饰 | | | | | | | | 煤炭 纺织服饰 | | | | | | | | 商贸零售 农林牧渔 | | | | | | | | 医药生物 | | | | | | | | 机械设备 食品饮料 | | | | | | | | 公用事业 | | | | | | | | 交通运输 | | | | | | | | 电力设备 | | | | | | | | 基础化工 | | | | | | | | 通信 综合 钢铁 银行 汽车 电子 环保 房地产 家用电器 社会服务 非银金融 有色金属 | -8 -10 | -6 | -4 | 0 -2 | 2 | 4 | 数据来源：Wind，光期研究所 图 4：中证 500 各板块对指数贡献的涨跌点数 -15 -10 -5 0 5 计算机 通信 纺织 ...

请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 光大期货能化商品日报 光大期货能化商品日报（2025 年 8 月 1 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周四油价重心回落，其中 WTI 9 月合约收盘下跌 0.74 美元至 69.26 | | | | 美元/桶，跌幅 1.06%。布伦特 9 月合约收盘下跌 0.71 美元至 72.53 | | | | 美元/桶，跌幅 0.97%。SC2509 以 528.2 元/桶收盘，下跌 3.8 元/ | | | | 桶，跌幅 0.71%。最新的关税动态来看，美国总统特朗普周四宣 | | | | 布，已与墨西哥总统达成协议，将现有贸易协定延长 90 天，期间 | | | | 将继续谈判以达成新协议。特朗普发帖称，墨西哥将继续支付 25% | | | | 的芬太尼关税、25%的汽车关税以及 50%的钢铁、铝和铜关税。此 | | | | 外，墨西哥已同意立即取消其众多非关税贸易壁垒。市场分析认 | | | 原油 | 为，这些关税对未来石油需求不利，而与墨西哥的协议只是将问 | 震荡 ...

光大期货金融期货日报 光大期货金融期货日报（2025 年 08 月 01 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 昨日，A 股市场震荡回调，Wind 全 A 下跌 1.36%，成交额 1.87 万亿元。中 | | | | 证 1000 指数下跌 0.85%，中证 500 指数下跌 1.4%，沪深 300 指数下跌 1.82%， | | | | 上证 50 指数下跌 1.54%。中共中央办公厅、国务院办公厅印发了《育儿补贴 | | | | 制度实施方案》，标志着育儿补贴制度正式在全国范围内落地。这是我国近 | | | | 年来第一次发布普惠型中央财政政策，尽管总量仍有提升空间，但对于提升 | | | | 居民端收益水平影响较为直接。预计未来通过央行购买国债为中央政府筹集 | | | | 资金，推出更多普惠型财政支持方案将成为拉动我国通胀环境企稳回升的一 | | | | 条重要路径。股市近期上涨主要来自三个逻辑：（1）长期：市场压住财政政 | | | 股指 | 策更多转向促销费领域，以及中美关系缓和后国内通胀水平回升，在此背景 | 震荡 | | | 下 ...

农产品日报（2025 年 7 月 31 日） 一、研究观点 | 品种 | 点评 | 观点 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 周三，玉米主力合约减仓调整，9 | 月合约资金向 | 1 | 月转移，1 | 月是新玉米集中上 | 市期，生长期天气良好的利空因素左右市场情绪，玉米期价呈现偏弱表现。东北 | | | | | | | 玉米价格仍以平稳为主，进口玉米拍卖但对市场的影响已相对有限。东北产区目 | 前能零星上量，下游购销活跃度偏差，对市场的支撑也稍显一般。中美双方将继 | | | | | | | | | | | 续推动已暂停的美方对等关税 | 24%部分以及中方反制措施如期展期 | 90 | 天，关税 | 较前期暂无变化。华北地区玉米价格整体稳中偏强运行。山东深加工企业早间剩 | | | | | | | | 玉米 | 震荡偏弱 | 余车辆继续减少，部分企业价格窄幅上调 | 10-20 | 元/吨。河北、河南深加工企业 | 玉米价格维持稳定。基层余粮不多，但大部分人看涨预期 ...