1. Report Industry Investment Ratings No industry investment ratings were provided in the reports. 2. Core Views Copper - Short - term copper prices may rebound due to interest - rate cut expectations and the CL spread. The shortage trend of electrolytic copper is difficult to reverse before the "232" investigation ends, and there is still support at the bottom [1]. Aluminum - The alumina market remains slightly oversupplied in the short term, and the future core driver lies in the continuous game between cost support and over - capacity. The aluminum price is expected to fluctuate widely at a high level in the short term [4]. Aluminum Alloy - The aluminum alloy market shows a pattern of weak supply and demand, with more prominent contradictions on the demand side. It is expected that the market will fluctuate weakly [5]. Zinc - Short - term zinc prices may rebound, but the zinc fundamentals have not improved fundamentally. In the medium - to - long term, a short - selling strategy is recommended [8]. Nickel - The nickel market has improved macro - sentiment, but the cost support of refined nickel has loosened. In the short term, the market is expected to adjust within a range [10]. Stainless Steel - The stainless - steel market sentiment has improved, but the fundamentals remain weak. In the short term, the market is expected to operate weakly [12]. Lithium Carbonate - The short - term fundamentals of lithium carbonate still face pressure. The market is expected to fluctuate within a range in the short term [15]. 3. Summary by Relevant Catalogs Copper Price and Basis - SMM 1 electrolytic copper price was 79,990 yuan/ton, down 0.17% from the previous day. The SMM 1 electrolytic copper premium was 130 yuan/ton, up 20 yuan/ton from the previous day [1]. Fundamental Data - In June, the electrolytic copper output was 1.1349 million tons, down 0.30% month - on - month. In May, the electrolytic copper import volume was 253,100 tons, up 1.23% month - on - month [1]. Aluminum Price and Spread - SMM A00 aluminum price was 20,780 yuan/ton, down 0.53% from the previous day. The SMM A00 aluminum premium was 70 yuan/ton, down 30 yuan/ton from the previous day [4]. Fundamental Data - In May, the alumina output was 7.2721 million tons, up 2.66% month - on - month; the electrolytic aluminum output was 3.729 million tons, up 3.41% month - on - month [4]. Aluminum Alloy Price and Spread - SMM aluminum alloy ADC12 price was 20,100 yuan/ton, unchanged from the previous day [5]. Fundamental Data - In May, the regenerated aluminum alloy ingot output was 606,000 tons, down 0.66% month - on - month; the primary aluminum alloy ingot output was 261,000 tons, down 0.38% month - on - month [5]. Zinc Price and Spread - SMM 0 zinc ingot price was 22,490 yuan/ton, down 0.35% from the previous day. The import profit and loss was - 1,306 yuan/ton, up 1.22 yuan/ton from the previous day [8]. Fundamental Data - In May, the refined zinc output was 549,400 tons, down 1.08% month - on - month; the refined zinc import volume was 28,200 tons, up 2.40% month - on - month [8]. Nickel Price and Basis - SMM 1 electrolytic nickel price was 122,250 yuan/ton, down 0.04% from the previous day. The 1 Jinchuan nickel premium was 2,600 yuan/ton, down 7.14% from the previous day [10]. Fundamental Data - The Chinese refined nickel output in May was 35,350 tons, down 2.62% month - on - month; the refined nickel import volume was 8,832 tons, up 8.18% month - on - month [10]. Stainless Steel Price and Spread - The price of 304/2B (Wuxi Hongwang 2.0 coil) was 12,650 yuan/ton, down 0.39% from the previous day. The futures - spot spread was 210 yuan/ton, down 16.00% from the previous day [12]. Fundamental Data - The Chinese 300 - series stainless - steel crude - steel output (43 enterprises) in April was 1.7912 million tons, up 0.36% month - on - month. The stainless - steel import volume was 125,100 tons, down 12.00% month - on - month [12]. Lithium Carbonate Price and Basis - The SMM battery - grade lithium carbonate average price was 61,300 yuan/ton, up 0.25% from the previous day. The SMM industrial - grade lithium carbonate average price was 59,700 yuan/ton, up 0.25% from the previous day [15]. Fundamental Data - In May, the lithium carbonate output was 78,090 tons, up 8.34% month - on - month; the lithium carbonate demand was 93,960 tons, up 4.83% month - on - month [15].

1. Report Industry Investment Ratings - No investment ratings provided in the reports [1][3][5] 2. Core Views Steel Industry - In the first half of the year, steel supply and demand were both strong, with continuous inventory reduction, but prices were dragged down by coking coal costs and continued to fall. Currently, prices show signs of stabilizing and rebounding. Demand has weakened slightly month - on - month, mainly due to the high growth of steel exports. In June, supply and demand were close to balance, and inventory stopped falling and remained flat. From July to August, it is the off - season for demand. In the second half of the year, the main interference factor for demand is still China - US tariffs, and the overall demand expectation remains weak. In the medium term, steel maintains a pattern of weak cost support and poor demand expectations. Due to the resumption of production in coking coal producing areas, prices have weakened again. It is recommended to try shorting at the current position or selling out - of - the - money call options [1][3] Coke Industry - As of the previous day's close, coke futures showed a volatile downward trend, while spot prices remained stable. The fourth round of coke price cuts was implemented on June 23, with a cumulative reduction of 170/190 yuan/ton, and a phased bottom is gradually emerging, and market expectations are starting to improve. On the supply side, due to environmental inspections and maintenance, supply has tightened marginally, and independent coking plant开工 has declined. On the demand side, in June, molten iron production remained above 240,000 tons per day, with rigid demand support, but blast furnace开工 decreased slightly, and molten iron production continued to decline after reaching its peak. In terms of inventory, coking plant inventories decreased slightly, port inventories continued to decline, and steel mill inventories decreased. The overall inventory is at a medium level. For strategies, the spot fundamentals are still relatively loose, and the premium of coke futures over spot provides hedging space. It is recommended to hedge the Coke 2509 contract at high prices, stay on the sidelines for speculation, and consider a strategy of going long on coking coal and short on coke for arbitrage [5] Coking Coal Industry - As of the previous day's close, coking coal futures showed a volatile downward trend, while spot prices were stable with a slight upward bias. On the supply side, due to environmental protection and other factors, production in Inner Mongolia and Shanxi has decreased, and coal mines are starting to hold prices. Although the overall production has decreased slightly, it is still at a relatively high level. Imported coal prices have rebounded slightly, but there is still obvious inventory pressure. On the demand side, coking plant开工 has started to decline, and downstream blast furnace molten iron production continues to decline after reaching its peak. However, in June, molten iron production remained above 240,000 tons per day, and downstream demand still has resilience, and restocking demand shows signs of recovery. In terms of inventory, coal mine inventories are at a high level and are currently reducing inventory through production cuts. Ports are also reducing inventory from a high level, and downstream users are controlling inventory. The overall inventory is at a medium level. For strategies, the spot fundamentals have improved, and there is a hedging demand for spot merchants after basis repair. It is recommended to stay on the sidelines for single - sided trading and consider a strategy of going long on coking coal and short on coke for arbitrage [5] 3. Summaries by Relevant Catalogs Steel Industry Steel Prices and Spreads - **Rebar**: Spot prices in East China increased by 50 yuan/ton to 3130 yuan/ton, remained unchanged in North China at 3160 yuan/ton, and decreased by 10 yuan/ton in South China to 3180 yuan/ton. Futures contract prices also showed small increases [1][3] - **Hot - rolled Coil**: Spot prices in East China increased by 10 yuan/ton to 3200 yuan/ton, remained unchanged in North China at 3110 yuan/ton, and decreased by 10 yuan/ton in South China to 3180 yuan/ton. Futures contract prices also had small increases [1][3] Cost and Profit - **Cost**: The price of steel billets decreased by 10 yuan/ton to 2900 yuan/ton, and the cost of Jiangsu electric - arc furnace rebar increased by 1 yuan/ton to 3270 yuan/ton, while the cost of Jiangsu converter rebar increased by 10 yuan/ton to 2954 yuan/ton [1][3] - **Profit**: The profit of East China rebar increased by 18 yuan/ton to 87 yuan/ton, the profit of North China rebar decreased by 2 yuan/ton to 167 yuan/ton, and the profit of South China rebar increased by 8 yuan/ton to 157 yuan/ton. The profit of East China hot - rolled coil increased by 8 yuan/ton to 197 yuan/ton, the profit of North China hot - rolled coil increased by 8 yuan/ton to 117 yuan/ton, and the profit of South China hot - rolled coil increased by 18 yuan/ton to 197 yuan/ton [1][3] Production - **Daily Average Molten Iron Production**: It decreased slightly by 0.1 to 242.1 tons, with a decline rate of 0.0% [1][3] - **Five - major Steel Products Production**: It increased by 12.5 tons to 881.0 tons, with an increase rate of 1.4% [1][3] - **Rebar Production**: It increased by 5.7 tons to 217.8 tons, with an increase rate of 2.7%. Among them, electric - arc furnace production increased by 1.6 tons to 25.0 tons, with an increase rate of 6.8%, and converter production increased by 4.1 tons to 192.9 tons, with an increase rate of 2.2% [1][3] - **Hot - rolled Coil Production**: It increased by 1.8 tons to 327.2 tons, with an increase rate of 0.6% [1][3] Inventory - **Five - major Steel Products Inventory**: It increased slightly by 1.1 tons to 1340.0 tons, with an increase rate of 0.1% [1][3] - **Rebar Inventory**: It decreased by 2.1 tons to 549.0 tons, with a decline rate of - 0.4% [1][3] - **Hot - rolled Coil Inventory**: It increased by 1.0 tons to 341.2 tons, with an increase rate of 0.3% [1][3] Transaction and Demand - **Building Materials Transaction Volume**: It remained unchanged at 10.5, with an increase rate of 0.4% [1][3] - **Five - major Steel Products Apparent Demand**: It decreased by 4.3 tons to 879.9 tons, with a decline rate of - 0.5% [1][3] - **Rebar Apparent Demand**: It increased by 0.7 tons to 219.9 tons, with an increase rate of 0.3% [1][3] - **Hot - rolled Coil Apparent Demand**: It decreased by 4.4 tons to 326.3 tons, with a decline rate of - 1.3% [1][3] Coke Industry Coke - related Prices and Spreads - **Coke Spot Prices**: The price of Grade - A wet - quenched coke in Shanxi remained unchanged at 1094 yuan/ton, while the price of quasi - Grade - A wet - quenched coke at Rizhao Port decreased by 10 yuan/ton to 1160 yuan/ton [5] - **Coke Futures Prices**: The Coke 09 contract decreased by 18 yuan/ton to 1404 yuan/ton, and the Coke 01 contract decreased by 19 yuan/ton to 1443 yuan/ton [5] Supply - **Full - sample Coking Plant Daily Average Production**: It decreased by 0.2 tons to 64.5 tons, with a decline rate of - 0.3% [5] - **247 Steel Mills Daily Average Production**: It remained unchanged at 47.4 tons, with an increase rate of 0.1% [5] Demand - **247 Steel Mills Molten Iron Production**: It increased slightly by 0.1 tons to 242.3 tons, with an increase rate of 0.0% [5] Inventory - **Total Coke Inventory**: It decreased by 12.0 tons to 940.9 tons, with a decline rate of - 1.3% [5] - **Full - sample Coking Plant Coke Inventory**: It decreased by 2.6 tons to 113.0 tons, with a decline rate of - 2.2% [5] - **247 Steel Mills Coke Inventory**: It decreased by 6.5 tons to 627.8 tons, with a decline rate of - 1.04% [5] - **Port Inventory**: It decreased by 3.0 tons to 200.1 tons, with a decline rate of - 1.5% [5] Supply - Demand Gap - The coke supply - demand gap decreased by 0.2 tons to - 5.4 tons, with a decline rate of - 3.84% [5] Coking Coal Industry Coking Coal - related Prices and Spreads - **Coking Coal Spot Prices**: The price of coking coal (Shanxi warehouse receipt) increased by 10 yuan/ton, and the price of coking coal (Mongolian coal warehouse receipt) increased by 5 yuan/ton to 843 yuan/ton [5] - **Coking Coal Futures Prices**: The Coking Coal 09 contract decreased by 23 yuan/ton to 825 yuan/ton, and the Coking Coal 01 contract decreased by 29 yuan/ton to 861 yuan/ton [5] Supply - **Fenwei Sample Coal Mine Production**: Raw coal production decreased by 3.6 tons to 852.9 tons, with a decline rate of - 0.4%, and clean coal production decreased by 2.3 tons to 434.9 tons, with a decline rate of - 0.5% [5] Demand - **Full - sample Coking Plant Daily Average Production**: It decreased by 0.2 tons to 64.5 tons, with a decline rate of - 0.3% [5] - **247 Steel Mills Daily Average Production**: It remained unchanged at 47.4 tons, with an increase rate of 0.1% [5] Inventory - **Fenwei Coal Mine Clean Coal Inventory**: It decreased by 35.6 tons to 223.3 tons, with a decline rate of - 13.8% [5] - **Full - sample Coking Plant Coking Coal Inventory**: It increased by 13.2 tons to 809.0 tons, with an increase rate of 1.74% [5] - **247 Steel Mills Coking Coal Inventory**: It increased by 6.6 tons to 781.2 tons, with an increase rate of 0.8% [5] - **Port Inventory**: It decreased by 17.7 tons to 285.6 tons, with a decline rate of - 5.8% [5]

Report Summary 1. Core View - The macro - situation improvement drives up risk appetite, with different futures contracts in various sectors showing diverse trends, and corresponding operation suggestions are provided for each contract [3]. 2. Summary by Sector Financial - **Equity Index**: The technology boom continues, and small - and medium - cap indices reach new highs. The index has broken through the upper edge of the short - term shock range. Caution is advised when chasing highs, but a light - position sell of 8 - 9 month 5900 strike MO options to collect premiums can be considered [3]. - **Government Bonds**: The June PMI rose slightly month - on - month, but domestic demand still needs a boost. After the cross - month, the capital interest rate may decline seasonally. In the unilateral strategy, long positions in bond futures can be appropriately allocated on dips. In the cash - and - carry strategy, pay attention to the positive arbitrage strategy of the TS2509 contract and the steepening of the yield curve [3]. - **Precious Metals**: The US dollar index has been declining, and precious metals have stopped falling and rebounded. Gold prices are consolidating around $3300 after standing above the 60 - day moving average, while silver prices are oscillating in the $35.5 - 37 range [3]. - **Container Shipping Index (European Line)**: The EC contract is oscillating downward. It is advisable to wait and see, with the 08 contract expected to hover between 1700 - 1800 [3]. Black - **Steel**: Industrial material demand and inventory are deteriorating. Pay attention to the decline in apparent demand. Unilateral operations should be on hold for now, and consider long - steel short - raw material arbitrage [3]. - **Iron Ore**: Pig iron production remains high, and terminal demand shows resilience. Go long on dips, with the upper pressure level around 720 [3]. - **Coking Coal and Coke**: Adopt a long - coking coal short - coke strategy. The market auction non - successful bid rate has decreased, coal mine production has declined from a high level, and coking profits have declined [3]. Non - ferrous - **Copper**: The COMEX - LME price difference has widened again, and high copper prices are suppressing downstream procurement. The main contract reference range is 79000 - 81000 [3]. - **Aluminum and Related Products**: The aluminum market is oscillating at a high level, with light spot trading and slight inventory accumulation. Different aluminum - related products have their own reference price ranges, and some suggest mid - term short - selling opportunities on rallies [3]. Energy and Chemical - **Crude Oil**: Geopolitical premiums are fading. Pay attention to the impact of OPEC + meetings on market sentiment. Short - term wait - and - see is recommended, and consider long positions on dips [3]. - **Urea**: Supply is at a high level while demand release is insufficient. The short - term futures price is likely to continue to bottom out. Consider long positions on dips and exit if the actual quota fails to meet expectations [3]. - **PX, PTA, and Related Products**: These products show different trends based on supply - demand and oil price factors. Different trading strategies such as range trading, spread trading, and short - selling on rallies are recommended [3]. Agricultural - **Grains and Oilseeds**: Different grains and oilseeds futures have their own trends. For example, soybeans are on a rebound, and operations such as rolling long or short - selling on rallies are suggested for different contracts [3]. - **Livestock and Poultry Products**: The live - hog spot market sentiment is strong, but the futures market sees profit - taking. Different trading strategies are recommended for eggs and other products [3]. - **Sugar and Cotton**: Sugar has a relatively loose overseas supply outlook, and short - selling on rallies is recommended. Cotton's downstream market remains weak, and short - term short positions are suggested [3]. Special Commodities - **Glass and Rubber**: Glass spot sales are weakening, and the futures price is fluctuating in the 950 - 1050 range for the 09 contract. Rubber has a weakening fundamental outlook, and short positions above 14000 should be held [3]. New Energy - **Polysilicon**: The polysilicon futures price is oscillating, with the market sentiment easing but the fundamentals still under pressure. The lithium carbonate main contract is expected to trade in the range of 58,000 - 64,000 [3][4][5].

1. Report Industry Investment Rating No relevant information provided. 2. Core Views Steel Industry - In the first half of the year, the supply and demand of steel were both strong, and the inventory continued to decline. However, the price was dragged down by the coking coal cost and continued to fall. Currently, the price shows signs of stabilizing and rebounding. The demand has weakened slightly on a month - on - month basis, mainly due to the high growth of steel exports [1][3]. - In June, the supply and demand of steel were close to balance, and the inventory stopped falling and remained flat. From July to August, the demand is expected to decline. In the medium term, steel maintains a pattern of weak cost support and poor demand expectations. With the resumption of production in coking coal production areas affecting the price to weaken again, it is recommended to try shorting at the current position or sell out - of - the - money call options [1][3]. Coke Industry - As of the previous trading day's close, the coke futures showed a volatile downward trend, while the spot market was stable. The fourth round of price cuts for coke was implemented on June 23, with a cumulative reduction of 170/190 yuan/ton, and the market expectation has started to improve. The supply has tightened marginally due to environmental protection and maintenance. The demand has rigid support but the iron - water production is on a downward trend. The inventory is at a medium level. It is recommended to hedge the Coke 2509 contract at high prices, stay on the sidelines for speculation, and consider the strategy of going long on coking coal and short on coke [5]. Coking Coal Industry - As of the previous trading day's close, the coking coal futures showed a volatile downward trend, while the spot market was slightly stronger. The domestic coking coal showed signs of stabilizing, with some coal mines having better sales. The supply has decreased due to environmental protection and accidents. The demand has some resilience, and the restocking demand shows signs of recovery. The inventory is at a medium level. It is recommended to stay on the sidelines for unilateral trading and consider the strategy of going long on coking coal and short on coke [5]. 3. Summary by Relevant Catalogs Steel Industry Steel Prices and Spreads - **Rebar**: The spot prices in East China, North China, and South China were 3130 yuan/ton, 3160 yuan/ton, and 3180 yuan/ton respectively, with changes of +50 yuan/ton, 0 yuan/ton, and - 10 yuan/ton compared to the previous values. The prices of the 05, 10, and 01 contracts were 3020 yuan/ton, 2997 yuan/ton, and 3015 yuan/ton respectively, with increases of 11 yuan/ton, 2 yuan/ton, and 10 yuan/ton [1][3]. - **Hot - rolled Coil**: The spot prices in East China, North China, and South China were 3200 yuan/ton, 3110 yuan/ton, and 3180 yuan/ton respectively, with changes of +10 yuan/ton, 0 yuan/ton, and - 10 yuan/ton compared to the previous values. The prices of the 05, 10, and 01 contracts were 3129 yuan/ton, 3123 yuan/ton, and 3128 yuan/ton respectively, with increases of 3 yuan/ton, 2 yuan/ton, and 1 yuan/ton [1][3]. Cost and Profit - **Cost**: The billet price was 2900 yuan/ton, a decrease of 10 yuan/ton. The cost of electric - arc furnace rebar in Jiangsu was 3270 yuan/ton, an increase of 1 yuan/ton, and the cost of converter rebar in Jiangsu was 2954 yuan/ton, an increase of 10 yuan/ton [1][3]. - **Profit**: The profits of rebar in East China, North China, and South China were 87 yuan/ton, 167 yuan/ton, and 157 yuan/ton respectively, with changes of +18 yuan/ton, - 2 yuan/ton, and +8 yuan/ton. The profits of hot - rolled coil in East China, North China, and South China were 197 yuan/ton, 117 yuan/ton, and 197 yuan/ton respectively, with increases of 8 yuan/ton, 8 yuan/ton, and 18 yuan/ton [1][3]. Production - The daily average iron - water output was 242.1 tons, a decrease of 0.1 tons. The output of the five major steel products was 881.0 tons, an increase of 12.5 tons or 1.4%. The rebar output was 217.8 tons, an increase of 5.7 tons or 2.7%, including an increase in electric - arc furnace output of 1.6 tons or 6.8% and an increase in converter output of 4.1 tons or 2.2%. The hot - rolled coil output was 327.2 tons, an increase of 1.8 tons or 0.6% [1][3]. Inventory - The inventory of the five major steel products was 1340.0 tons, an increase of 1.1 tons or 0.1%. The rebar inventory was 549.0 tons, a decrease of 2.1 tons or 0.4%. The hot - rolled coil inventory was 341.2 tons, an increase of 1.0 tons or 0.3% [1][3]. Transaction and Demand - The building materials trading volume was 10.5 tons, unchanged from the previous value. The apparent demand for the five major steel products was 879.9 tons, a decrease of 4.3 tons or 0.5%. The apparent demand for rebar was 219.9 tons, an increase of 0.7 tons or 0.3%. The apparent demand for hot - rolled coil was 326.3 tons, a decrease of 4.4 tons or 1.3% [1][3]. Coke Industry Coke - related Prices and Spreads - The price of Grade - A wet - quenched coke in Shanxi was 1094 yuan/ton, unchanged. The price of quasi - Grade - A wet - quenched coke at Rizhao Port was 1160 yuan/ton, a decrease of 10 yuan/ton or 0.9%. The prices of the 09 and 01 contracts were 1404 yuan/ton and 1443 yuan/ton respectively, with decreases of 18 yuan/ton and 19 yuan/ton [5]. Supply - The weekly output of coke from all - sample coking plants was 64.5 tons, a decrease of 0.2 tons or 0.3%. The weekly output of coke from 247 steel mills was 47.4 tons, unchanged [5]. Demand - The iron - water output of 247 steel mills was 242.3 tons, an increase of 0.1 tons or 0.0% [5]. Inventory - The total coke inventory was 940.9 tons, a decrease of 12.0 tons or 1.3%. The coke inventory of all - sample coking plants was 113.0 tons, a decrease of 2.6 tons or 2.2%. The coke inventory of 247 steel mills was 627.8 tons, a decrease of 6.5 tons or 1.04%. The port inventory was 200.1 tons, a decrease of 3.0 tons or 1.5% [5]. Supply - Demand Gap - The calculated supply - demand gap for coke was - 5.4 tons, a decrease of 0.2 tons or 3.84% [5]. Coking Coal Industry Coking Coal - related Prices and Spreads - The price of coking coal (Shanxi warehouse receipt) increased by 10 yuan/ton or 1.1%, and the price of coking coal (Mongolian coal warehouse receipt) was 843 yuan/ton, an increase of 5 yuan/ton or 0.6%. The prices of the 09 and 01 contracts were 825 yuan/ton and 861 yuan/ton respectively, with decreases of 23 yuan/ton and 29 yuan/ton [5]. Supply - The weekly output of raw coal from Fenwei sample coal mines was 852.9 tons, a decrease of 3.6 tons or 0.4%. The weekly output of clean coal was 434.9 tons, a decrease of 2.3 tons or 0.5% [5]. Demand - The daily average output of coke from all - sample coking plants was 64.5 tons, a decrease of 0.2 tons or 0.3%. The daily average output of coke from 247 steel mills was 47.4 tons, unchanged [5]. Inventory - The clean coal inventory of Fenwei coal mines was 223.3 tons, a decrease of 35.6 tons or 13.8%. The coking coal inventory of all - sample coking plants was 809.0 tons, an increase of 13.2 tons or 1.74%. The coking coal inventory of 247 steel mills was 781.2 tons, an increase of 6.6 tons or 0.8%. The port inventory was 285.6 tons, a decrease of 17.7 tons or 5.8% [5].

Report Industry Investment Rating No relevant content provided. Core Views Copper - Short - term copper prices may rebound due to interest - rate cut expectations and CL spread drivers. Before the "232" investigation ends, the shortage trend of electrolytic copper is difficult to reverse, and there is still support at the bottom [1]. Aluminum - The alumina market maintains a slight surplus, and the future core driver lies in the continuous game between cost support and over - capacity. The short - term price is expected to fluctuate weakly. For aluminum, the current macro - positive and low - inventory situation support the price to run strongly, but the consumption off - season pressure limits the upside space, and it is expected to fluctuate widely at a high level in the short term [4]. Aluminum Alloy - The aluminum alloy market shows a pattern of weak supply and demand, with more prominent contradictions on the demand side. It is expected that the market will fluctuate weakly, and the main reference range is 19200 - 20000 [5]. Zinc - The zinc ore supply is in a loose trend. The demand side shows a marginal weakening trend. The inventory is in a destocking state, and the absolute level is low, providing price support. In the short term, zinc prices may rebound, but the fundamentals have not improved essentially, and a short - selling strategy is recommended in the medium - long term [8]. Nickel - Macro sentiment improves, but the cost support of refined nickel is loosened, and the medium - term supply is expected to be loose, restricting the upside space of prices. It is expected to adjust within a range in the short term, with the main reference range of 116000 - 124000 [10]. Stainless Steel - Although the market sentiment has improved, the fundamentals remain weak. The bargaining range of nickel - iron continues to move down, and the cost support weakens. The production of stainless steel remains high, and the demand is weak. It is expected to operate weakly in the short term, with the main reference range of 12200 - 13000 [12]. Lithium Carbonate - The short - term fundamentals of lithium carbonate still face pressure. The inventory is at a high level, and the overall supply is sufficient. The demand is difficult to boost. It is expected to fluctuate within a range in the short term, with the main reference range of 58000 - 64000 [15]. Summary by Relevant Catalogs Copper Price and Basis - SMM 1 electrolytic copper price is 79990 yuan/ton, down 0.17% from the previous day. The SMM 1 electrolytic copper premium is 130 yuan/ton, up 20 yuan from the previous day. The LME 0 - 3 is 240.67 dollars/ton, down 79.16 dollars from the previous day [1]. Fundamental Data - In June, the electrolytic copper production was 113.49 million tons, down 0.30% month - on - month. In May, the electrolytic copper import volume was 25.31 million tons, up 1.23% month - on - month [1]. Aluminum Price and Spread - SMM A00 aluminum price is 20780 yuan/ton, down 0.53% from the previous day. The 2507 - 2508 spread is 150 yuan/ton, down 50 yuan from the previous day [4]. Fundamental Data - In May, the alumina production was 727.21 million tons, up 2.66% month - on - month. The electrolytic aluminum production was 372.90 million tons, up 3.41% month - on - month [4]. Aluminum Alloy Price and Spread - SMM aluminum alloy ADC12 price is 20100 yuan/ton, unchanged from the previous day. The 2511 - 2512 spread is 70 yuan/ton, down 20 yuan from the previous day [5]. Fundamental Data - In May, the regenerated aluminum alloy ingot production was 60.60 million tons, down 0.66% month - on - month. The primary aluminum alloy ingot production was 26.10 million tons, down 0.38% month - on - month [5]. Zinc Price and Spread - SMM 0 zinc ingot price is 22490 yuan/ton, down 0.35% from the previous day. The import profit and loss is - 1306 yuan/ton, up 1.22 yuan from the previous day [8]. Fundamental Data - In May, the refined zinc production was 54.94 million tons, down 1.08% month - on - month. The refined zinc import volume was 2.82 million tons, up 2.40% month - on - month [8]. Nickel Price and Basis - SMM 1 electrolytic nickel price is 122250 yuan/ton, down 0.04% from the previous day. The 1 Jinchuan nickel premium is 2600 yuan/ton, down 200 yuan from the previous day [10]. Fundamental Data - The Chinese refined nickel production was 35350 tons, down 2.62% month - on - month. The refined nickel import volume was 8832 tons, up 8.18% month - on - month [10]. Stainless Steel Price and Spread - The price of 304/2B (Wuxi Hongwang 2.0 coil) is 12650 yuan/ton, down 0.39% from the previous day. The 2508 - 2509 spread is 55 yuan/ton, down 5 yuan from the previous day [12]. Fundamental Data - The Chinese 300 - series stainless steel crude steel production (43 companies) was 179.12 million tons, up 0.36% month - on - month. The stainless steel import volume was 12.51 million tons, down 12.00% month - on - month [12]. Lithium Carbonate Price and Basis - SMM battery - grade lithium carbonate average price is 61300 yuan/ton, up 0.25% from the previous day. The SMM battery - grade lithium hydroxide average price is 57820 yuan/ton, down 0.26% from the previous day [15]. Fundamental Data - In May, the lithium carbonate production was 78090 tons, up 8.34% month - on - month. The lithium carbonate demand was 93960 tons, up 4.83% month - on - month [15].

1. Report Title - The report is titled "Full Variety Spread Daily Report" [4] 2. Report Date - The report is dated July 1, 2025 [3] 3. Data Sources - The data sources include Wind, Mysteel, and the Research Institute of GF Futures [5] 4. Commodity Analysis Ferrous Metals - **Silicon Iron (SF509)**: The spot price is 5344, the futures price is 5528, with a basis of 184 and a basis rate of 3.44% [1] - **Silicon Manganese (SM509)**: The spot price is 5642, the futures price is 5820, with a basis of 178 and a basis rate of 3.15% [1] - **Rebar (RB2510)**: The spot price is 2997, the futures price is 3130, with a basis of 133 and a basis rate of 4.44% [1] - **Hot - Rolled Coil (HC2510)**: The spot price is 3123, the futures price is 3200, with a basis of 77 and a basis rate of 2.47% [1] - **Iron Ore (I2509)**: The spot price is 716, the futures price is 759, with a basis of 43 and a basis rate of 6.06% [1] - **Coke (J2509)**: The spot price is 1404, the futures price is 1284, with a basis of - 120 and a basis rate of - 8.52% [1] - **Coking Coal (JM2509)**: The spot price is 855, the futures price is 836, with a basis of 11 and a basis rate of 1.33% [1] Non - Ferrous Metals - **Copper (CU2508)**: The spot price is 79990, the futures price is 79870, with a basis of 120 and a basis rate of 0.15% [1] - **Aluminum (AL2508)**: The spot price is 20780, the futures price is 20580, with a basis of 200 and a basis rate of 0.97% [1] - **Alumina (AO2509)**: The spot price is 5985, the futures price is 3114, with a basis of 129 and a basis rate of 4.33% [1] - **Zinc (ZN2508)**: The spot price is 22495, the futures price is 22420, with a basis of - 75 and a basis rate of - 0.33% [1] - **Tin (SN2508)**: The spot price is 268110, the futures price is 267200, with a basis of - 910 and a basis rate of - 0.34% [1] - **Nickel (NI2508)**: The spot price is 121200, the futures price is 120830, with a basis of 370 and a basis rate of 0.31% [1] - **Stainless Steel (SS2508)**: The spot price is 12820, the futures price is 12610, with a basis of 210 and a basis rate of 1.67% [1] Chemicals - **Carbonate Lithium (LC2509)**: The spot price is 62260, the futures price is 61300, with a basis of - 960 and a basis rate of - 1.54% [1] - **Industrial Silicon (SI2509)**: The spot price is 8450, the futures price is 8060, with a basis of 390 and a basis rate of 4.84% [1] Precious Metals - **Gold (AU2508)**: The spot price is 767.6, the futures price is 764.2, with a basis of - 3.4 and a basis rate of - 0.45% [1] - **Silver (AG2508)**: The spot price is 8762.0, the futures price is 8728.0, with a basis of - 34.0 and a basis rate of - 0.39% [1] Agricultural Products - **Soybean Meal (M2509)**: The spot price is 2961.0, the futures price is 2830, with a basis of - 131.0 and a basis rate of - 4.42% [1] - **Soybean Oil (Y2509)**: The spot price is 8120, the futures price is 7984.0, with a basis of 136.0 and a basis rate of 1.70% [1] - **Palm Oil (P2509)**: The spot price is 8450, the futures price is 8330.0, with a basis of 120.0 and a basis rate of 1.44% [1] - **Rapeseed Meal (RM509)**: The spot price is 2572.0, the futures price is 2440, with a basis of - 132.0 and a basis rate of - 5.13% [1] - **Rapeseed Oil (O1509)**: The spot price is 9560, the futures price is 9415.0, with a basis of 145.0 and a basis rate of 1.54% [1] - **Corn (C2509)**: The spot price is 2380, the futures price is 2378.0, with a basis of 2.0 and a basis rate of 0.08% [1] - **Corn Starch (CS2509)**: The spot price is 2750, the futures price is 2733.0, with a basis of 17.0 and a basis rate of 0.62% [1] - **Live Pigs (LH2509)**: The spot price is 14950, the futures price is 13870.0, with a basis of 1080.0 and a basis rate of 7.79% [1] - **Eggs (JD2508)**: The spot price is 3566.0, the futures price is 2640, with a basis of - 926.0 and a basis rate of - 25.97% [1] - **Cotton (CF509)**: The spot price is 15117, the futures price is 13740.0, with a basis of 1377.0 and a basis rate of 10.02% [1] - **Sugar (SR509)**: The spot price is 6150, the futures price is 5807.0, with a basis of 343.0 and a basis rate of 5.91% [1] - **Apples (AP510)**: The spot price is 8600, the futures price is 7701.0, with a basis of 899.0 and a basis rate of 11.67% [1] - **Red Dates (CJ509)**: The spot price is 9595.0, the futures price is 8300, with a basis of - 1295.0 and a basis rate of - 13.50% [1] Energy and Chemicals - **Para - Xylene (PX509)**: The spot price is 7218.0, the futures price is 6796.0, with a basis of 422.0 and a basis rate of 6.22% [1] - **PTA (TA509)**: The spot price is 5040.0, the futures price is 4798.0, with a basis of 242.0 and a basis rate of 5.04% [1] - **Ethylene Glycol (EG2509)**: The spot price is 4330.0, the futures price is 4267.0, with a basis of 63.0 and a basis rate of 1.48% [1] - **Polyester Fiber (PF508)**: The spot price is 6730.0, the futures price is 6542.0, with a basis of 188.0 and a basis rate of 2.87% [1] - **Styrene (EB2508)**: The spot price is 7800.0, the futures price is 7287.0, with a basis of 513.0 and a basis rate of 7.04% [1] - **Methanol (MA509)**: The spot price is 2790.0, the futures price is 2381.0, with a basis of 409.0 and a basis rate of 17.18% [1] - **Urea (UR509)**: The spot price is 1800.0, the futures price is 1712.0, with a basis of 88.0 and a basis rate of 5.14% [1] - **LLDPE (L2509)**: The spot price is 7315.0, the futures price is 7261.0, with a basis of 54.0 and a basis rate of 0.74% [1] - **PP (PP2509)**: The spot price is 7200.0, the futures price is 7070.0, with a basis of 130.0 and a basis rate of 1.84% [1] - **PVC (V2509)**: The spot price is 4889.0, the futures price is 4820.0, with a basis of - 69.0 and a basis rate of - 1.41% [1] - **Caustic Soda (SH209)**: The spot price is 2438.0, the futures price is 2319.0, with a basis of 119.0 and a basis rate of 5.11% [1] - **LPG (PG2508)**: The spot price is 4698.0, the futures price is 4222.0, with a basis of 476.0 and a basis rate of 11.27% [1] - **Asphalt (BU2509)**: The spot price is 3805.0, the futures price is 3564.0, with a basis of 241.0 and a basis rate of 6.76% [1] - **Butadiene Rubber (BR2508)**: The spot price is 11700.0, the futures price is 11250.0, with a basis of 450.0 and a basis rate of 4.00% [1] - **Glass (FG509)**: The spot price is 1044.0, the futures price is 1006.0, with a basis of 38.0 and a basis rate of 3.64% [1] - **Soda Ash (SA509)**: The spot price is 1210.0, the futures price is 1181.0, with a basis of 29.0 and a basis rate of 2.40% [1] - **Natural Rubber (RU2509)**: The spot price is 13985.0, the futures price is 13950.0, with a basis of - 35.0 and a basis rate of - 0.25% [1] Financial Futures - **Stock Index Futures**: - **IF2509.CFF**: The spot price is 3936.1, the futures price is 3885.8, with a basis of - 50.3 and a basis rate of - 0.85% [1] - **IH2509.CFE**: The spot price is 2712.0, the futures price is 2689.0, with a basis of - 23.0 and a basis rate of - 0.85% [1] - **IC2507.CFE**: The spot price is 5915.4, the futures price is 5863.0, with a basis of - 52.4 and a basis rate of - 0.89% [1] - **IM2509.CFE**: The spot price is 6356.2, the futures price is 6148.6, with a basis of - 207.6 and a basis rate of - 3.38% [1] - **Bond Futures**: - **2 - Year Bond (TS2509)**: The spot price is 102.50, the futures price is 100.37, with a basis of - 0.03 and a basis rate of - 0.03% [1] - **5 - Year Bond (TF2509)**: The spot price is 106.15, the futures price is 101.07, with a basis of 0.07 and a basis rate of 0.00% [1] - **10 - Year Bond (T2509)**: The spot price is 108.90, the futures price is 101.28, with a basis of 0.07 and a basis rate of 0.07% [1] - **30 - Year Bond (TL2509)**: The spot price is 136.16, the futures price is 120.40, with a basis of 0.36 and a basis rate of 0.30% [1]

Report Summary 1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views - The natural rubber market is expected to be weak due to increased supply and weakening demand, with short positions above 14,000 to be held [4][6]. - The polysilicon market faces a mismatch between weak demand and复产 expectations, with prices likely to be under pressure in July. Short positions should be held cautiously [7][8]. - The industrial silicon market may experience low - level fluctuations. Large - scale enterprise production cuts have driven up futures prices, but there are still uncertainties in demand and inventory [8][10]. - The soda ash market is again dominated by the surplus logic, and the glass market has weakened as spot sales have declined. High - level short positions in soda ash should be held, and the glass price is expected to fluctuate between 950 - 1050 [11][13]. 3. Summary by Variety Natural Rubber - **Spot Prices**: As of June 30, cup rubber was 48.05 (+0.90) Thai baht/kg, and latex was 56.00 (-1.00) Thai baht/kg. Yunnan glue acquisition price was 13,600 (0) yuan/ton, and Hainan fresh latex was 13,800 (0) yuan/ton [4]. - **Tire Data**: As of June 26, the capacity utilization rate of China's semi - steel tire sample enterprises was 70.40%, a week - on - week decrease of 1.14 percentage points. The capacity utilization rate of all - steel tire sample enterprises was 62.23%, a week - on - week increase of 0.84 percentage points [4]. - **Logic**: Overseas supply is increasing, and some semi - steel tire enterprises are reducing production due to inventory pressure. The price is expected to be weak, and short positions above 14,000 should be held [6]. Polysilicon - **Spot Prices**: On June 30, the average price of N - type re - feeding material was 34,500 yuan/ton, and the average price of P - type cauliflower material was 28,500 yuan/ton [7]. - **Supply and Demand**: As of June 26, the weekly output decreased by 900 tons to 23,600 tons. It is expected that the output will increase in July. The demand is continuously decreasing, and downstream product prices are falling [7]. - **Inventory**: On June 26, the polysilicon inventory increased by 0.8 million tons to 27 million tons [8]. - **Logic**: In July, the futures price increased with reduced positions. The cost of industrial silicon provides support, but the demand is still weak. The price is likely to be under pressure if there is no significant production cut [8]. Industrial Silicon - **Spot Prices**: On June 26, the average market price of oxygen - containing Si5530 industrial silicon in East China was 8,150 yuan/ton, and that of Si4210 was 8,700 yuan/ton [8]. - **Supply and Demand**: In May 2025, the output increased by 2.3% month - on - month. In June, the output is expected to reach 340,000 - 350,000 tons. The demand has recovered, but the terminal demand is still weak [9]. - **Inventory**: Warehouse receipts, social inventory, and factory inventory have all decreased [9]. - **Logic**: Large - scale enterprise production cuts have driven up futures prices, but the supply increase is greater than the demand increase. The price may fluctuate at a low level [10]. Soda Ash - **Spot Prices**: The mainstream transaction price of heavy soda ash was around 1,300 yuan/ton [11]. - **Supply and Demand**: This week, the domestic soda ash output was 716,700 tons, a week - on - week decrease of 38,000 tons. As of June 26, the total inventory of domestic soda ash manufacturers was 1.7669 million tons, an increase of 11,000 tons [11]. - **Logic**: The surplus logic dominates the market again. After the end of maintenance, inventory accumulation may accelerate. High - level short positions should be held [12][13]. Glass - **Spot Prices**: The average transaction price in Shahe was around 1,100 yuan/ton [11]. - **Supply and Demand**: As of June 26, the daily output of national float glass was 156,800 tons, a 0.87% increase from the 19th. This week, the output was 1.0909 million tons, a week - on - week decrease of 0.24% [11]. - **Logic**: Spot sales have weakened. The market is in the off - season, and the industry needs capacity reduction. The price is expected to fluctuate between 950 - 1050 [13].

Group 1: Oil and Fat Industry Investment Rating Not provided Core View - Palm oil: With concerns about month - end inventory growth, the Malaysian crude palm oil futures may face downward pressure to seek support around 3,800 ringgit. In China, Dalian palm oil futures may seek support at the annual line of 8,200 yuan [2]. - Soybean oil: Weak crude oil reduces the attractiveness of soybean oil as a biodiesel raw material. Abundant rainfall in US soybean - growing areas and high - yield expectations put pressure on CBOT soybeans and soy oil. In China, downstream demand is weak, and soybean oil inventory is expected to increase [2]. Summary by Directory - **Price Changes**: From June 27 to June 30, the spot price of Jiangsu first - grade soybean oil decreased by 50 yuan to 8,240 yuan, a decline of 0.60%; the futures price of Y2509 decreased by 18 yuan to 7,984 yuan, a decline of 0.22%. The spot price of Guangdong 24 - degree palm oil decreased by 100 yuan to 8,400 yuan, a decline of 1.18%; the futures price of P2509 decreased by 46 yuan to 8,330 yuan, a decline of 0.55%. The spot price of Jiangsu fourth - grade rapeseed oil decreased by 70 yuan, a decline of 0.73%; the futures price of 01509 decreased by 51 yuan to 9,415 yuan, a decline of 0.54% [2]. - **Basis and Spread**: The basis of Y2509 decreased by 32 yuan to 256 yuan, a decline of 11.11%; the basis of P2509 decreased by 54 yuan to 70 yuan, a decline of 43.55%; the basis of 01509 decreased by 19 yuan, a decline of 10.33%. The soybean - palm oil spot spread increased by 50 yuan to - 160 yuan, an increase of 23.81%; the 2509 spread increased by 28 yuan to - 346 yuan, an increase of 7.49% [2]. Group 2: Sugar Industry Investment Rating Not provided Core View - The increase in the ethanol blending ratio in Brazilian gasoline supports a slight rebound in raw sugar prices, but the global supply surplus limits the rebound height, and raw sugar is expected to remain in a bottom - oscillating pattern. In China, the market sentiment has improved, and the bullish sentiment may last for some time. Considering the expected increase in imports, the domestic supply - demand situation will gradually ease, and a bearish view is maintained after the rebound [5]. Summary by Directory - **Price Changes**: From the previous value, the futures price of sugar 2601 increased by 28 yuan to 5,628 yuan, an increase of 0.50%; the futures price of sugar 2509 increased by 15 yuan to 5,807 yuan, an increase of 0.26%. The price of ICE raw sugar decreased by 0.50 cents to 16.19 cents per pound, a decline of 3.00% [5]. - **Industry Situation**: The cumulative national sugar production reached 1,116.21 tons, an increase of 119.89 tons or 12.03% year - on - year; the cumulative national sugar sales reached 811.38 tons, an increase of 152.10 tons or 23.07% year - on - year. The national industrial sugar inventory decreased by 32.21 tons to 304.83 tons, a decline of 9.56% [5]. Group 3: Cotton Industry Investment Rating Not provided Core View The contradiction of tight old - crop cotton inventory in the upstream supply cannot be resolved in the short term, but the long - term supply is expected to be sufficient. The downstream industry continues to weaken, with increasing finished - product inventory. The driving force for cotton price increases is insufficient, and the cotton price is expected to remain in a range - bound pattern [6]. Summary by Directory - **Price Changes**: From the previous value, the futures price of cotton 2509 decreased by 20 yuan to 13,740 yuan, a decline of 0.15%; the futures price of cotton 2601 decreased by 5 yuan to 13,760 yuan, a decline of 0.04%. The price of ICE US cotton decreased by 1.28 cents to 68.04 cents per pound, a decline of 1.85% [6]. - **Industry Situation**: The industrial cotton inventory decreased by 1.10 tons to 93.01 tons, a decline of 1.2%; the cotton import volume decreased by 2.00 tons to 4.00 tons, a decline of 33.3%. The yarn inventory days increased by 1.52 days to 23.86 days, an increase of 6.8%; the grey - fabric inventory days increased by 2.57 days to 35.46 days, an increase of 7.8% [6]. Group 4: Egg Industry Investment Rating Not provided Core View The national egg supply is sufficient, the demand is average, and downstream purchasers are cautious. Egg prices are expected to remain stable first, decline slightly in the short term, and then stabilize [8]. Summary by Directory - **Price Changes**: The futures price of the egg 09 contract increased by 16 yuan to 3,689 yuan per 500 kg, an increase of 0.44%; the futures price of the egg 07 contract increased by 18 yuan to 2,821 yuan per 500 kg, an increase of 0.64%. The egg - producing area price decreased by 0.14 yuan to 2.78 yuan per catty, a decline of 4.90% [7]. - **Related Indicators**: The price of egg - laying chicken chicks remained at 4.00 yuan per chick; the price of culled chickens increased by 0.18 yuan to 4.62 yuan per catty, an increase of 4.05%. The egg - feed ratio decreased by 0.09 to 2.24, a decline of 3.86% [7]. Group 5: Meal Industry Investment Rating Not provided Core View The US soybean planting area report had a neutral impact. The technical support for US soybeans has strengthened, and the Brazilian soybean market is boosted by the rising basis of August and September shipments. In China, the inventory of soybeans and soybean meal is rising, the basis is stable, and the supply is expected to be high. The soybean meal trend is not yet clear, and there may be opportunities to go long at low prices [11]. Summary by Directory - **Price Changes**: The spot price of Jiangsu soybean meal increased by 20 yuan to 2,840 yuan, an increase of 0.71%; the futures price of M2509 increased by 15 yuan to 2,961 yuan, an increase of 0.51%. The spot price of Jiangsu rapeseed meal increased by 40 yuan to 2,470 yuan, an increase of 1.65%; the futures price of RM2509 increased by 13 yuan to 2,572 yuan, an increase of 0.51% [11]. - **Spread and Ratio**: The soybean meal 09 - 01 spread increased by 3 yuan to - 38 yuan, an increase of 7.32%; the rapeseed meal 09 - 01 spread increased by 2 yuan to 271 yuan, an increase of 0.74%. The oil - meal ratio of the spot decreased by 0.038 to 2.90, a decline of 1.30%; the oil - meal ratio of the main contract decreased by 0.020 to 2.70, a decline of 0.73% [11]. Group 6: Corn and Corn Starch Industry Investment Rating Not provided Core View The corn supply is tight, and the spot price is rising steadily. In the Northeast, the remaining grain is scarce, and traders are reluctant to sell. In North China, the corn arrival volume is low, and deep - processing enterprises are raising prices to purchase. Downstream demand is weak, but the wheat - corn price difference is shrinking, which limits the increase in corn prices. In the long term, the tight supply and increasing consumption support the upward movement of corn prices. A large - scale increase in imports is expected. The corn auction starts on July 1, and the overall trend is bullish [13][15]. Summary by Directory - **Price Changes**: The futures price of corn 2509 decreased by 6 yuan to 2,378 yuan, a decline of 0.25%; the futures price of corn starch 2509 decreased by 10 yuan to 2,733 yuan, a decline of 0.36% [13]. - **Industry Situation**: The number of vehicles remaining in the morning at Shandong deep - processing enterprises increased by 65 to 216, an increase of 43.05%. The corn starch inventory increased by 948 to 23,822, an increase of 4.14% [13]. Group 7: Pig Industry Investment Rating Not provided Core View The spot price of pigs is still in a volatile structure. The enthusiasm of secondary fattening has declined, and the slaughter procurement difficulty has slightly increased. The current breeding profit is declining, and the market capacity expansion is cautious. The market expects a potential upward trend in July and August, but there may be a risk of price decline for the 09 contract near the delivery date if the inventory is postponed [16][17]. Summary by Directory - **Price Changes**: The futures price of live pigs 2507 increased by 225 yuan to 13,850 yuan, an increase of 1.65%; the futures price of live pigs 2509 decreased by 135 yuan to 13,870 yuan, a decline of 0.96% [16]. - **Industry Situation**: The daily slaughter volume of sample points decreased by 376 to 140,739, a decline of 0.27%. The self - breeding profit per head increased by 30.9 yuan to 50 yuan, an increase of 159.02%; the profit of purchasing piglets for breeding increased by 55.1 yuan to - 132 yuan, an increase of 29.49% [16].

1. Report Industry Investment Rating - There is no information about the industry investment rating in the provided reports. 2. Core Views - The reports present the latest data on various futures, including stock index futures, Treasury bond futures, precious metal futures, and shipping futures, along with their price changes, spreads, and related economic indicators. These data can help investors understand the market trends and make investment decisions [1][2][6][9]. 3. Summary by Related Catalogs Stock Index Futures - **Price Changes**: The latest prices of IF, IH, IC, and IM contracts show different degrees of change compared to the previous day, with some spreads increasing and some decreasing [1]. - **Historical Percentiles**: The historical 1 - year and full - history percentiles of various spreads are provided, which can help investors evaluate the current spread levels [1]. Treasury Bond Futures - **Basis and Spreads**: The basis of TS, TF, T, and TL contracts and their inter - period spreads and cross - variety spreads are presented, along with their changes compared to the previous trading day and the percentiles since listing [2]. Precious Metal Futures - **Domestic and Foreign Prices**: The domestic and foreign futures closing prices, spot prices, basis, and price ratios of gold and silver are given, as well as the changes in interest rates and exchange rates [6]. - **Inventory and Position**: The inventory and position data of domestic and foreign precious metal futures are provided, including the changes in inventory and position compared to the previous period [6]. Shipping Futures - **Freight Rates**: The Shanghai - Europe future 6 - week freight rates, settlement price indices, and Shanghai export container freight rates are presented, along with their changes and percentage changes [9]. - **Futures Prices and Basis**: The futures prices of different contracts and the basis of the main contract are given, as well as their changes compared to the previous period [9]. - **Fundamentals**: The data on global container shipping capacity supply, port on - time rates, port berthing conditions, monthly export amounts, and overseas economic indicators are provided [9]. Data and Information - **Overseas Data**: The economic indicators and financial events of the eurozone and the United States, such as PMI, CPI, and job vacancies, are presented [12]. - **Domestic Data**: The economic indicators and financial events in China, including PMI, port inventories, and product sales rates, are provided [12].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - The total positions of IF, IH, IC, and IM in stock index futures all decreased on June 30, 2025, with significant position - reducing operations by major institutions such as Guojun and CITIC in multiple varieties [1][5][11] Group 3: Summary by Related Catalogs IF (CSI 300) - **Total Position and Main Contract Position Change**: On June 30, the total position of the IF variety decreased by 9,541 hands, and the position of the main contract 2509 decreased by 3,939 hands [5] - **Top Twenty Long - Position Seats**: Guotai Junan Futures ranked first with a total position of 42,147 hands. Guotou Futures had the most long - position increase (939 hands), and Guotai Junan Futures had the most long - position decrease (3,145 hands) [6] - **Top Twenty Short - Position Seats**: CITIC Futures ranked first with a total position of 45,186 hands. Huatai Futures had the most short - position increase (869 hands), and Guotai Junan Futures had the most short - position decrease (2,709 hands) [8] IH (SSE 50) - **Total Position and Main Contract Position Change**: On June 30, the total position of the IH variety decreased by 8,594 hands, and the position of the main contract 2509 decreased by 3,937 hands [11] - **Top Twenty Long - Position Seats**: Guotai Junan Futures ranked first with a total position of 9,949 hands. Shenyin Wanguo Futures had the most long - position increase (126 hands), and Guotai Junan Futures had the most long - position decrease (1,881 hands) [12] - **Top Twenty Short - Position Seats**: Guotai Junan Futures ranked first with a total position of 12,316 hands. Huatai Futures had the most short - position increase (153 hands), and Guotai Junan Futures had the most short - position decrease (2,154 hands) [13] IC (CSI 500) - **Total Position and Main Contract Position Change**: On June 30, the total position of the IC variety decreased by 7,778 hands, and the position of the main contract 2507 decreased by 4,070 hands [17] - **Top Twenty Long - Position Seats**: CITIC Futures ranked first with a total position of 33,338 hands. Haitong Futures had the most long - position increase (946 hands), and CITIC Futures had the most long - position decrease (2,704 hands) [18] - **Top Twenty Short - Position Seats**: CITIC Futures ranked first with a total position of 39,501 hands. UBS Futures had the most short - position increase (963 hands), and CITIC Futures had the most short - position decrease (3,796 hands) [20] IM (CSI 1000) - **Total Position and Main Contract Position Change**: On June 30, the total position of the IM variety decreased by 19,165 hands, and the position of the main contract 2509 decreased by 9,029 hands [23] - **Top Twenty Long - Position Seats**: Guotai Junan Futures ranked first with a total position of 40,658 hands. Nanhua Futures had the most long - position increase (108 hands), and CITIC Futures had the most long - position decrease (6,311 hands) [24] - **Top Twenty Short - Position Seats**: CITIC Futures ranked first with a total position of 58,581 hands. J.P. Morgan Futures had the most short - position increase (109 hands), and CITIC Futures had the most short - position decrease (6,396 hands) [25]