Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The current supply pressure persists, demand is under overall pressure, and spot prices continue to decline. The current valuation of the futures market is moderately low, and there is limited room for a sharp decline in log prices. It is expected to fluctuate within the range of 830 - 870 yuan/cubic meter. On April 1st, log futures will allow warehouse receipt registration, and subsequent delivery - related information needs to be monitored [3][4]. 3. Summary by Relevant Catalogs Futures and Spot Prices - **Futures Prices**: On March 25th, compared with March 24th, the prices of log futures contracts 2507, 2509, and 2511 decreased, with declines of 0.83%, 0.47%, and 0.81% respectively. The 7 - 9 spread decreased by 3.0, the 9 - 11 spread increased by 3.0, and the 7 - 11 spread remained unchanged. The basis of the 07, 09, and 11 contracts increased by 7.0, 4.0, and 7.0 respectively [2]. - **Spot Prices**: Most spot prices remained stable, except for the 4A medium - sized radiata pine in Taicang Port, which decreased by 1.23%. The CFR prices of radiata pine 4 - meter medium A and spruce 11.8 - meter remained unchanged [2]. - **Import Cost**: The RMB - US dollar exchange rate was 7.266 on March 25th, with a slight increase compared to March 24th. The import theoretical cost was 862.68 yuan, with a marginal increase [2]. Supply - **Monthly Supply**: As of February 28th, compared with December 31st, the port freight volume increased by 66.8 million cubic meters, a growth rate of 50.98%. The number of ships at the port increased by 9, a growth rate of 18.37% [2]. - **Weekly Supply**: Last week, the number of coniferous log - arriving ships at 18 ports decreased by 7, and the arrival volume decreased by 20.25 million cubic meters. However, it was still at a relatively high level [3]. Inventory - **Weekly Inventory**: As of March 21st, the log inventory was 364 million cubic meters, an increase of 15 million cubic meters compared to the previous week [3]. Demand - **Weekly Demand**: As of March 21st, the daily average log出库 volume was 6.42 million cubic meters, a decrease of 0.07 million cubic meters compared to the previous week [3].

投资咨询业务资格:证监许可【2011】1292号 2025年3月26日 苗 扬 Z0020680 | 原油价格及价差 | | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 3月26日 | 3月25日 | 涨跌 | 涨跌幅 | 单位 | | Brent | 73.28 | 73.02 | 0.26 | 0.36% | | | WII | 69.29 | 69.00 | 0.29 | 0.42% | 美元/桶 | | SC | 538.60 | 537.30 | 1.30 | 0.24% | 元/桶 | | Brent M1-M3 | 1.19 | 1.20 | -0.01 | -0.83% | | | WTI M1-M3 | 0.89 | 0.83 | 0.06 | 7.23% | 美元/桶 | | SC M1-M3 | 6.00 | 6.50 | -0.50 | -7.69% | 元/桶 | | Brent-WTI | 3.99 | 4.02 | -0.03 | -0.75% | | | EFS | -0.01 | -0.03 | 0.02 | -6 ...

| 业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 备:证监许可 【2011】1292号 | | | | 红工菲 | Z0013180 | | 现货价格与基美 | | | | | | | 品种 | 3月25日 | 3月24日 | 涨跌 | 涨跌幅 | 单位 | | N型多晶硅料 - 平均价 | 42000.00 | 42000.00 | 0.00 | 0.00% | | | 多晶硅菜花料-平均价 | 31500.00 | 31500.00 | 0.00 | 0.00% | | | 颗粒硅 - 平均价 | 35000.00 | 35000.00 | 0.00 | 0.00% | 九/吨 | | N型料其差(平均价) | -1795.00 | -1640.00 | -155.00 | -9.45% | | | 菜花料基差(平均价) | -295.00 | -140.00 | -155.00 | -110.71% | | | N型硅片-210mm - 平均价 | 1.55 | 1.55 | 0.00 | 0.00% | 元/片 | | P型硅片-2 ...

油脂产业期现日报 投资咨询业务资格：证监许可 【 2011】1292号 2025年3月26日 本报告中的信息均来源于被广发期货有限公司认为可靠的已公开资料，但广发期货对这些信息的准确性及完整性不作任何保证。本报告反 免责声明 生猪产业期现日报 | 荣 | | | | | | | --- | --- | --- | --- | --- | --- | | | | 3月25日 | 3月24日 | 涨跌 | 涨跌幅 | | 现价 | 江苏一级 | 8350 | 8420 | -70 | -0.83% | | 期价 | Y2505 | 7872 | 7940 | -68 | -0.86% | | 墓差 | Y2505 | 478 | 480 | -2 | -0.42% | | 现货基差报价 | 江苏3月 | 05+370 | 05+370 | 0 | - | | 仓单 | | 8485 | 8485 | 0 | 0.00% | | 棕榈油 | | | | | | | | | 3月25日 | 3月24日 | 涨跌 | 涨跌幅 | | 现价 | 广东24度 | 9500 | 9630 | -130 | -1.35% | ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report No clear core view presented in the given content. It mainly shows the price, basis, basis rate, historical quantile, and other data of various futures and spot commodities. 3. Summary by Related Catalogs Metals - **Ferrous Metals**: Silicon iron (SF505) futures price is 6098, up 1.60% compared to the previous price, with a historical quantile of 73.10%; silicon manganese (SM505) futures price is 6220, up 43.80%, historical quantile 61.91%; rebar (RB2505) futures price is 3280, up 1.86%, historical quantile 40.10%; hot - rolled coil (HC2505) futures price is 3390, up 22.70%, historical quantile 24.60%; iron ore (I2505) futures price is 1551, down 2.57%, historical quantile 30.00%; coke (J2505) futures price is 1592, down 41, historical quantile 24.60%; coking coal (JM2505) futures price is 1093, up 6.43%, historical quantile 41.20% [1]. - **Non - ferrous Metals**: Copper (CU2505) futures price is 81910, down 0.42%; aluminum (AL2505) futures price is 20660, down 0.22%; alumina (AO2505) futures price is 3144, up 2.71%, historical quantile 61.91%; zinc (ZN2505) futures price is 24020, down 0.44%; tin (SN2504) futures price is 274870, down 0.43%; nickel (MISEOR) futures price is 128900, down 0.25%; stainless steel (SS2505) futures price is 13770, up 3.11%, historical quantile 84.58%; industrial silicon (SI2505) futures price is 10400, up 4.52%, historical quantile 41.10%; lithium carbonate (LC2505) futures price is 74100, up 0.41% [1]. Agricultural Products - Soybean meal (MS205) futures price is 3140, up 9.48%, historical quantile 54.30%; soybean oil (Y2505) futures price is 7872, up 3.40%, historical quantile 33.20%; palm oil (P2505) futures price is 8812, up 6.56%, historical quantile 71.10%; rapeseed meal (RM505) futures price is 2615, down 4.40%, historical quantile 11.60%; rapeseed oil (Ol205) futures price is 9103, up 0.41%, historical quantile 18.60%; corn (C2505) futures price is 2271, down 3.13%, historical quantile 15.20%; corn starch (CS2505) futures price is 2657, up 0.87%, historical quantile 16.00%; live pig (H2505) futures price is 13455, up 8.14%, historical quantile 73.90%; egg (JD2505) futures price is 3014, down 2.79%, historical quantile 25.80%; cotton (CF505) futures price is 13585, up 7.21%, historical quantile 58.90%; sugar (SR505) futures price is 6055, up 2.56%, historical quantile 44.30%; apple (AP505) futures price is 7160, down 1.80%, historical quantile 10.30%; jujube (CJ505) futures price is 9095, down 7.64%, historical quantile 68.10% [1]. Energy and Chemicals - Paraxylene (PX505) futures price is 6888, up 2.22%, historical quantile 75.90%; PTA (TA505) futures price is 4876, down 0.33%, historical quantile 45.50%; ethylene glycol (EG2505) futures price is 4474, up 0.80%, historical quantile 76.40%; polyester staple fiber (PF505) futures price is 6556, up 2.20%, historical quantile 78.90%; styrene (EB2505) futures price is 7762, up 3.07%, historical quantile 70.90%; methanol (MA505) futures price is 2549, up 5.02%, historical quantile 87.30%; urea (UR505) futures price is 1864, up 1.39%, historical quantile 19.20%; LLDPE (L2505) futures price is 7693, up 3.34%, historical quantile 81.10%; PP (PP2505) futures price is 7314, up 0.90%, historical quantile 41.70%; PVC (V2505) futures price is 4920, down 4.04%, historical quantile 27.90%; caustic soda (SH202) futures price is 2552, up 11.43%, historical quantile 82.50%; LPG (PG2505) futures price is 4585, up 11.19%, historical quantile 70.00%; asphalt (BU2506) futures price is 3629, down 1.07%, historical quantile 46.80%; butadiene rubber (BR2505) futures price is 13560, up 1.03%, historical quantile 48.40%; glass (FG505) futures price is 1152, down 9.38%, historical quantile 25.10%; soda ash (SA505) futures price is 1424, down 1.05%, historical quantile 20.25%; natural rubber (RU2505) futures price is 17095, down 2.37%, historical quantile 77.50% [1]. Financial Futures - CSI 300 (IF2506) futures price is 3904.4, down 0.71%, historical quantile 13.40%; SSE 50 (IH2506) futures price is 2690, down 0.07%, historical quantile 48.60%; CSI 500 (IC2504) futures price is 5895.2, down 0.88%, historical quantile 18.90%; CSI 1000 (IM2506) futures price is 6115.6, down 3.19%, historical quantile 0.40%; 2 - year bond (TS2506) futures price is 102.44, down 0.32%, historical quantile 0.40%; 5 - year bond (TF2506) futures price is 105.54, down 0.09%, historical quantile 13.10%; 10 - year bond (T2506) futures price is 107.73, up 0.16%, historical quantile 31.60%; 30 - year bond (TL2506) futures price is 116.90, up 0.15%, historical quantile 21.90% [1].

广发早知道-汇总版 投资咨询业务资格： 广发期货研究所 金融衍生品： 金融期货： 股指期货、国债期货 贵金属： 黄金、白银 集运指数 商品期货： 有色金属： 铜、镍、不锈钢、锡、碳酸锂 黑色金属： 钢材、铁矿石、焦煤、焦炭、铁合金 农产品： 油脂、粕类、玉米、生猪、白糖、棉花、鸡蛋、花生、红枣、苹果 能源化工： 原油、PTA、乙二醇、苯乙烯、短纤、尿素、瓶片、烧碱、PVC 特殊商品： 橡胶、玻璃纯碱、工业硅、多晶硅 2025 年 3 月 26 日星期三 证监许可【2011】1292 号 组长联系信息： 电 话：020-88830760 E-Mail：zhaoliang@gf.com.cn 目录： 叶倩宁（投资咨询资格：Z0016628） 电话：020- 88818017 邮箱：yeqianning@gf.com.cn 周敏波（投资咨询资格：Z0010559） 电话：020-81868743 邮箱：zhoumingbo@gf.com.cn 本报告中所有观点仅供参考，请务必阅读正文之后的免责声明。 2025 年 3 月 26 日星期三 [股指期货] ◆ 股指期货：市场交易资金退潮，等待盈利改善验证 【市场情况】 ...

| | 产业期现日报 | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 [2011] 1292号 2025年3月24日 | | | 周敏波 | Z0010559 | | | 钢材价格及价差 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 基差 | 单位 | | 螺纹钢现货(华东) | 3220 | 3220 | O | -54 | | | 螺纹钢现货(华北) | 3250 | 3240 | 10 | -24 | | | 螺纹钢现货(华南) | 3500 | 3500 | 0 | 226 | | | 螺纹钢05合约 | 3156 | 3176 | -20 | ୧୯ | | | 螺纹钢10合约 | 3242 | 3260 | -18 | -22 | | | 螺纹钢01合约 | 3274 | 3291 | -17 | -54 | | | 热卷现货(华东) | 3360 | 3360 | 0 | -46 | 元/旧屯 | | 热卷现货(华北) | 3330 | 3310 | 20 | -76 | | | 热卷现货(华南) ...

授权，任何人不得对本报告进行任何形式的发布、复制。如引用、刊发，需注明出处为"广发期货 线注册信公众号 知识图强,求实奉献,客户至上,合作共赢 #NAME? | 产产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年3月25日 星期二 | | | | 周敏波 | Z0015979 | | 价格及价差 | | | | | | | 现值 | | 前值 | 涨跌 | 涨跌幅 | 单位 | | SMM 0#锌锭 | 24160 | 23850 | 310.0 | 1.30% | 元/吨 | | 升贴水 | -10 | 0 | -10.0 | / | 元/吨 | | SMM 0#锌锭 (广东) | 24160 | 23860 | 300.0 | 1.26% | 元/吨 | | 升贴水(广东) | -15 | -10 | -5.0 | / | 元/吨 | | 比价和盈亏 | | | | | | | 现值 | | 前值 | | 涨跌 | 单位 | | 进口盈亏 | -1256 | -1299 | ...

| 油脂产业期现日报 | 投资咨询业务资格:证监许可 [2011] 1292号 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 王泽辉 | Z0019938 | 2025年3月25日 | | | | | | | | | | | 原田 | 3月24日 | 3月21日 | 张跃 | 涨跌幅 | | | | | | | | | 江苏一级 | 现价 | 8420 | 8520 | -100 | -1.17% | 8022 | 期价 | Y2505 | 7940 | -82 | -1.02% | | 墓差 | Y2505 | 480 | 498 | -3.61% | -18 | 现货墓差报价 | 05 + 370 | 05+380 | 江苏3月 | -10 | - | | 8485 | 8485 | 仓单 | 0 | 0.00% | 棕櫚油 | | | | | | | | 3月24日 | 3月21日 | 涨跌幅 | 涨跌 | 9630 | බදිවර | 广东24度 | - ...

厂家 - 投资咨询业务资格: 证监许可【2011】1292号 2025年3月25日 欢迎关注微信公众号 主力合约 品种 点评 操作建议 板块 IF2506 IH2506 股指 顺周期坚挺,指数风格分化 业绩期将至,等待盈利验证方向,以观望为主 IC2506 IM2506 T2506 关注MLF招标情况,如果本次招标利率较2.0%降低,市场宽货 短期单边策略上建议区间操作。基差策略上,建议 TF2506 币信心短期可能有所增强,10年期国债利率或继续下行,不过 国债 关注国债期货各合约基差做阔与正套策略。套保策 TS2506 金融 短期下行至1.75%或再度面临阻力。 略上,可关注基差低位空头套保建仓机会 TL2506 金价在3000美元(700元) 上方企稳则仍延续上 AU2504 行趋势,否则应在回调到位后后再逢低买入,或用 特朗普在关税政策上有所软化 美股美元反弹贵金属再度回落 贵金属 虚值看涨期权代替单边多头:银价在34美元 AG2504 (8400元) 面临阻力 集运指数 EC短期震荡偏空 EC2506 EC合约偏弱震荡 (欧线) 高炉延续复产趋势,五大材季节性去库 空单持有,可卖虚值看涨期权保护 钢 ...