| 硅铁 (SF507) | 5628 | 5196 | 432 | 8.31% | 94.90% | 折算价:72硅铁合格块:内蒙-天津仓单 | 硅罐(SM509) | 折算价:6517硅锰:内蒙-湖北仓单 | 5422 | 248 | 4.57% | 62.70% | 5670 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 162 | 5.53% | 3090 | 2928 | 66.40% | HRB40020mm:上海 | 螺纹钢 (RB2510) | Q235B: 4.75mm: 上海 | 3170 | 118 | 热卷 (HC2510) | 3052 | 3.87% | 61.30% | | | | | | 70 | 765 | 54.00% | 折算价:62.5%巴混粉(BRBF):淡水河谷:日照港 | 铁矿石 (12509) | 696 | 10.04% | 焦炭 (J2509) | 58 | 13 ...

2025 年 6 月 4 日星期三 广发早知道-汇总版 投资咨询业务资格： 广发期货研究所 电 话：020-88830760 E-Mail：zhaoliang@gf.com.cn 目录： 金融衍生品： 金融期货： 股指期货、国债期货 贵金属： 黄金、白银 铜、锌、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、LLDPE、 集运指数 商品期货： 有色金属： PP 特殊商品： 橡胶、玻璃纯碱、工业硅、多晶硅 证监许可【2011】1292 号 组长联系信息： 张晓珍（投资咨询资格：Z0003135） 电话：020- 88818009 邮箱：zhangxiaozhen@gf.com.cn 刘珂（投资咨询资格：Z0016336） 电话：020-88818026 邮箱：qhliuke@gf.com.cn 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：Z001 ...

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The report provides a daily tracking of the positions of stock index futures, including IF, IH, IC, and IM. It shows the changes in total positions and the significant changes in the top 20 seats for each variety on June 3, 2025 [1][4][10][16][22]. 3. Summary by Variety IF (CSI 300) - **Total Position and Main Contract Position Changes**: On June 3, the total position of the IF variety increased by 5,468 hands, and the position of the main contract 2506 increased by 1,429 hands [4]. - **Top 20 Long Seats Position Changes**: Among the top 20 long seats, CITIC Futures had the most long - position increase, with an intraday increase of 1,849 hands; Guosen Futures had the most long - position decrease, with an intraday decrease of 342 hands. Guotai Junan Futures ranked first in total long positions with 40,263 hands [5]. - **Top 20 Short Seats Position Changes**: Among the top 20 short seats, CITIC Fortune had the most short - position increase, with an intraday increase of 1,421 hands; Huatai Futures had the most short - position decrease, with an intraday decrease of 241 hands. CITIC Futures ranked first in total short positions with 46,039 hands [7]. IH (SSE 50) - **Total Position and Main Contract Position Changes**: On June 3, the total position of the IH variety increased by 1,863 hands, and the position of the main contract 2506 increased by 498 hands [10]. - **Top 20 Long Seats Position Changes**: Among the top 20 long seats, Guotai Junan Futures had the most long - position increase, with an intraday increase of 1,442 hands; Yong'an Futures had the most long - position decrease, with an intraday decrease of 366 hands. Guotai Junan Futures ranked first in total long positions with 10,085 hands [11]. - **Top 20 Short Seats Position Changes**: Among the top 20 short seats, Guotai Junan Futures had the most short - position increase, with an intraday increase of 1,242 hands; Guotou Futures had the most short - position decrease, with an intraday decrease of 378 hands. Guotai Junan Futures ranked first in total short positions with 11,768 hands [12]. IC (CSI 500) - **Total Position and Main Contract Position Changes**: On June 3, the total position of the IC variety increased by 6,257 hands, and the position of the main contract 2506 increased by 3,036 hands [16]. - **Top 20 Long Seats Position Changes**: Among the top 20 long seats, CITIC Futures had the most long - position increase, with an intraday increase of 1,352 hands; Everbright Futures had the most long - position decrease, with an intraday decrease of 132 hands. CITIC Futures ranked first in total long positions with 33,622 hands [17]. - **Top 20 Short Seats Position Changes**: Among the top 20 short seats, Guotai Junan Futures had the most short - position increase, with an intraday increase of 1,929 hands; Guosen Futures had the most short - position decrease, with an intraday decrease of 582 hands. CITIC Futures ranked first in total short positions with 32,247 hands [18]. IM (CSI 1000) - **Total Position and Main Contract Position Changes**: On June 3, the total position of the IM variety increased by 3,188 hands, and the position of the main contract 2506 increased by 1,260 hands [22]. - **Top 20 Long Seats Position Changes**: Among the top 20 long seats, Haitong Futures had the most long - position increase, with an intraday increase of 2,092 hands; Guosen Futures had the most long - position decrease, with an intraday decrease of 432 hands. Guotai Junan Futures ranked first in total long positions with 44,580 hands [22]. - **Top 20 Short Seats Position Changes**: Among the top 20 short seats, Haitong Futures had the most short - position increase, with an intraday increase of 1,422 hands; CITIC Futures had the most short - position decrease, with an intraday decrease of 1,920 hands. CITIC Futures ranked first in total short positions with 57,448 hands [24].

Report Industry Investment Rating - No information provided Core Viewpoints - After May, the demand for logs will enter the traditional off - season, and the shipment volume is expected to decrease in the next few weeks. Meanwhile, New Zealand's shipments will decrease seasonally, and the current FOB quote continues to decline. The fundamental weak - balance pattern persists. The arrival of goods is expected to resume this week, and the current futures price is approaching the phased bottom. Previous short positions can consider partial stop - profit. It is recommended to focus on short - selling opportunities on rebounds or participate in the 7 - 9 reverse spread [3][4] Summary by Related Catalogs Futures and Spot Prices - Futures prices: On May 30, the price of log 2507 was 765.0 yuan/m³, down 1.0 yuan or - 0.13% from May 29; log 2509 was 788.0 yuan/m³, down 1.0 yuan or - 0.13%; log 2511 was 793.0 yuan/m³, up 0.5 yuan or 0.06%. The 7 - 9 spread remained unchanged at - 23.0, the 9 - 11 spread decreased by 1.5 to - 5.0, and the 7 - 11 spread decreased by 1.5 to - 28.0. The 07, 09, and 11 contract basis were - 15.0, - 38.0, and - 43.0 yuan/m³ respectively, with changes of 1.0, 1.0, and - 0.5 yuan [2] - Spot prices: The prices of various types of radiation pine and spruce at ports such as Rizhao Port and Taicang Port remained unchanged on May 30 compared to May 29. The FOB quotes for radiation pine 4 - meter medium A and spruce 11.8 - meter also remained unchanged [2] - Cost: On May 30, the RMB - US dollar exchange rate was 7.190 yuan, down 0.01 from May 29. The import theoretical cost was 778.21 yuan, down 1.00 yuan [2] Supply - Monthly supply: In April, the port freight volume was 200.3 million m³, up 39.0 million m³ or 24.17% from March. The number of departing ships from New Zealand to China, Japan, and South Korea was 66.0, up 8.0 or 13.79% [2] Inventory - Weekly inventory of major ports: As of May 23, the total inventory in Chinese ports was 343.00 million m³, up 2.0 million m³ or 0.59% from May 16. In Shandong, it was 192.00 million m³, up 1.11%, and in Jiangsu, it was 109.96 million m³, down 1.70% [3] Demand - Weekly average daily outbound volume: As of May 23, the average daily outbound volume of logs in China was 6.21 million m³, up 0.07 million m³ or 1% from before. In Shandong, it was 3.20 million m³ with no change, and in Jiangsu, it was 2.29 million m³, up 0.07 million m³ or 3% [3]

Group 1: Report Overview - The report is the Log Futures Daily Report dated June 3, 2025 [1] Group 2: Investment Rating - No investment rating is provided in the report Group 3: Core View - After May, the demand for logs will enter the traditional off - season, and the shipment volume is expected to decrease in the next few weeks. New Zealand's shipments will decrease seasonally, and the current FOB price continues to decline. The fundamental weak - balance pattern persists. The arrival of goods at ports is expected to resume this week, and the current futures price is close to the phased bottom. Early short positions can consider partial stop - profit. Later, it is recommended to focus on shorting on rebounds or participating in the 7 - 9 reverse spread [3][4] Group 4: Futures and Spot Prices - Futures prices: On May 30, the price of Log 2507 was 765.0 yuan/m³, down 1.0 yuan or - 0.13% from May 29; Log 2509 was 788.0 yuan/m³, down 1.0 yuan or - 0.13%; Log 2511 was 793.0 yuan/m³, up 0.5 yuan or 0.06%. The 7 - 9 spread was - 23.0 yuan/m³, unchanged; the 9 - 11 spread was - 5.0 yuan/m³, down 1.5 yuan; the 7 - 11 spread was - 28.0 yuan/m³, down 1.5 yuan. The 07 - contract basis was - 15.0 yuan/m³, up 1.0 yuan; the 09 - contract basis was - 38.0 yuan/m³, up 1.0 yuan; the 11 - contract basis was - 43.0 yuan/m³, down 0.5 yuan [2] - Spot prices: The prices of various types of logs at Rizhao Port and Taicang Port remained unchanged on May 30 compared to May 29. For example, the price of 3.9A small radiata pine at Rizhao Port was 720.0 yuan/m³, with a 0.00% change [2] - Import cost: The RMB - US dollar exchange rate on May 30 was 7.190 yuan, down 0.01 yuan from May 29. The import theoretical cost was 778.21 yuan, down 1.00 yuan [2] Group 5: Supply - Monthly supply: In April, the port freight volume was 200.3 million m³, up 39.0 million m³ or 24.17% from March. The number of departing ships from New Zealand to China, Japan, and South Korea was 66.0, up 8.0 or 13.79% from the previous period [2] Group 6: Inventory - Weekly inventory of major ports: As of May 23, the total inventory of coniferous logs in China was 343.00 million m³, up 2.0 million m³ or 0.59% from May 16. In Shandong, it was 192.00 million m³, up 1.11%; in Jiangsu, it was 109.96 million m³, down 1.70% [2][3] Group 7: Demand - Weekly average daily outbound volume: As of May 23, the average daily outbound volume of logs in China was 6.21 million m³, up 0.07 million m³ or 1% from the previous period. In Shandong, it was 3.20 million m³, unchanged; in Jiangsu, it was 2.29 million m³, up 3% [2][3]

| 钢材产业期现日报 | 投资咨询业务资格:证监许可 [2011] 1292号 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 問敏波 | Z0010559 | 2025年6月3日 | | | | | | | | | | | 钢材价格及价差 | 品种 | 某美 | 现值 | 涨跌 | 单位 | 即值 | | | | | | | 螺纹钢现货(华东) | 3120 | 3120 | O | 153 | 螺纹钢现货(华北) | 3160 | 3160 | O | 193 | | | | 螺纹钢现货(华南) | 3230 | 3250 | -20 | 263 | 螺纹钢05合约 | 2973 | 3003 | 147 | -30 | | | | 螺纹钢10合约 | 2961 | 2978 | -17 | ।ਟੋਰੇ | 螺纹钢01合约 | 153 | 2967 | 2982 | -18 | | | | 元/吨 | 热卷现货(华东) | 3170 | 3200 | 88 | ...

| 股指期货价差日报 | | | | | --- | --- | --- | --- | | 投资咨询业务资格:证监许可【2011】1292号 | | 叶倩宁 | Z0016628 | | 2025年6月3日 | | | | | 价差 品种 最新值 较前一日变化 | | 历史1年分位数 | 全历史分位数 | | F期现价差 -17.83 | 8.07 | 27.00% | 24.00% | | H期现价差 -11.50 期现价差 | 5.80 | 23.70% | 19.10% | | -43.27 IC期现价差 | 8.04 | 22.10% | 26.50% | | IM期现价差 -60.56 | -1.98 | 85.00% | 18.70% | | 次月-当月 -36.80 | -1.60 | 4.90% | 8.70% | | 李月-当月 -70.40 远月-当月 -107.20 | -4.80 -7.20 | 8.10% 11.00% | 14.20% 16.70% | | IF跨期价差 李月-次月 -33.60 | -3.20 | 7.30% | 19.70% | | 元月-次月 -70.40 ...

IF、IH、IC、IM | 品种 | | 主力合 约 | 总持仓点评 | 前二十席位重要变动 | | --- | --- | --- | --- | --- | | 沪深 | 300 | IF2506 | 总持仓明显下降 | 国君多空头均大幅减仓逾 4000 手 | | 上证 | 50 | IH2506 | 总持仓下降 | 国君多空头均减仓超 2000 手 | | 中证 | 500 | IC2506 | 总持仓明显下降 | 国君多头减仓超 4000 手 | | 中证 | 1000 | IM2506 | 总持仓大幅下降 | 国君多空头减仓近 5000 手 | 股指期货持仓日度变动简评 -13,819.0 -5,114.0 -10,222.0 -19,631.0 -16,628.0 -6,971.0 -13,683.0 -26,656.0 -30,000 -25,000 -20,000 -15,000 -10,000 -5,000 0 IF IH IC IM 主力合约持仓变动 总持仓变动 数据来源：Wind 广发期货研究所整理 股指期货持仓日度跟踪 投资咨询业务资格： 广发期货研究所 电 话：020-888307 ...

本报告中的信息均来源于被广发期货有限公司认为可你的已公开资料，但广发明发对这些信息的准确性及完整性不作任何保证。本报告反映研究人员的不同观点、见解及 分析方法，并不代表广发期货或其附属机构的立场。在任何情况下，报告内容仅供�考，报告中的信息或所靠达的意见并不构成所述品种买实的出价或向价，投资者偶此 投资，风险自担。本报告旨在发送给广发期觉特定客户及其他专业人士，版权归厂发期货所有，未经广发期资书面授权，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"。 知识图强,求实奉献,客户至上,合作共赢 | 钢材产业期现日报 | 投资咨询业务资格:证监许可 [2011] 1292号 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 問敏波 | Z0010559 | 2025年6月3日 | | | | | | | | | | | 钢材价格及价差 | 品种 | 某美 | 现值 | 涨跌 | 单位 | 即值 | | | | | | | 螺纹钢现货( ...

| 产业期现日报 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 | 2025年6月3日 | | | | 林嘉施 | Z0020770 | | 价格及基差 | | | | | | | | 现值 | | | 前值 | 日 | 日涨跌幅 | 单位 | | SMM 1#电解销 | | 122325 | 121525 | 800 | 0.66% | 7C/HT | | 1#金川镇 | | 123525 | 122625 | 900 | 0.73% | 元/吨 | | 1#金川镇升贴水 | | 2600 | 2500 | 100 | 4.00% | 元/吨 | | 1#进口镇 | | 121175 | 120375 | 800 | 0.66% | 元/肥 | | 1#进口镇升贴水 | | 250 | 250 | O | | 元/吨 | | LME 0-3 | | -203 | -196 | -7 | 3.79% | 美元/吨 | | 期货进口盈亏 | | -3496 | -3085 | -411 ...