1. Report Industry Investment Ratings No investment ratings were provided in the reports. 2. Core Views of the Reports - **Steel Industry**: The steel industry shows a pattern of tight current supply and weak future expectations. Low inventory provides support for steel prices, and if demand expectations improve, low inventory can offer upward potential for absolute prices. Given high production and potential peak in apparent demand, there are expectations of steel mill production cuts if demand weakens. It is recommended to wait and see for unilateral operations and focus on long steel and short raw material arbitrage [1]. - **Iron Ore Industry**: The iron ore price is expected to continue facing downward pressure. The high pig iron production currently leads to iron ore inventory accumulation, and with the overseas mines' shipping volume surge from May to June and the increasing expectation of crude steel production cuts, the supply - demand pressure will intensify after the pig iron production reaches a phased peak [2]. - **Coke Industry**: Although the coke fundamentals have improved, the weak coking coal, over - capacity, and lack of pricing power of coke enterprises are the main reasons for the weak decline of coke. It is recommended to maintain the strategy of long hot - rolled coils and short coke and pay attention to the implementation of crude steel production cuts [4]. - **Coking Coal Industry**: The supply - demand situation of coking coal remains loose in the short term. With high supply, high imports, and high inventory, the coal price is in a downward trend. It is recommended to maintain the strategy of long hot - rolled coils and short coking coal and pay attention to the implementation of crude steel production cuts [4]. - **Silicon Iron Industry**: In the short term, the supply - demand contradiction of silicon iron is alleviated, but due to the impact of electricity prices on the cost side, the price is expected to run weakly. Attention should be paid to the marginal changes in terminal demand and subsequent electricity price changes [5]. - **Silicon Manganese Industry**: The short - term supply - demand contradiction of silicon manganese is resolved to some extent, but considering the cost and potential supply release, and the weak support from the terminal, the price is expected to run weakly. Attention should be paid to the marginal changes in terminal demand and the resumption of sales in the South32 Zhangzhou mining area after May [5]. 3. Summary by Relevant Catalogs Steel Industry - **Prices and Spreads**: The prices of most steel products increased slightly, and the basis of some products changed. For example, the spot price of rebar in East China increased by 10 yuan/ton, and the 05 - contract price increased by 17 yuan/ton [1]. - **Cost and Profit**: The cost of some steel products changed, and the profit of most steel products decreased. For example, the cost of Jiangsu electric - furnace rebar decreased by 13 yuan/ton, and the profit of East China rebar decreased by 32 yuan/ton [1]. - **Production**: The daily average pig iron output increased by 1.1 to 245.4, and the output of five major steel products increased by 7.9 to 883.7 [1]. - **Inventory**: The inventory of five major steel products decreased by 87.2 to 1447.1, and the inventory of rebar decreased by 58.3 to 644.0 [1]. - **Demand**: The apparent demand of five major steel products increased by 44.6 to 970.9, and the apparent demand of rebar increased by 31.8 to 291.7 [1]. Iron Ore Industry - **Prices and Spreads**: The prices of some iron ore products increased slightly, and the basis and spreads changed. For example, the spot price of PB powder in Rizhao Port increased by 3 yuan/ton, and the 5 - 9 spread increased by 3.5 [2]. - **Supply**: The weekly arrival volume at 45 ports decreased by 63.1 to 2449.7, and the global shipping volume decreased by 137.7 to 3050.5 [2]. - **Demand**: The daily average pig iron output of 247 steel mills increased by 1.1 to 245.4, and the daily average port clearance volume at 45 ports increased by 3.9 to 331.8 [2]. - **Inventory**: The inventory at 45 ports decreased by 50.1 to 14302.48, and the imported iron ore inventory of 247 steel mills increased by 262.0 to 9335.1 [2]. Coke Industry - **Prices and Spreads**: The coke futures showed an oscillating downward trend, and the 5 - 9 spread strengthened to 52. The second - round price increase of coke spot encountered resistance [4]. - **Supply**: The daily average output of all - sample coking plants increased by 0.2 to 67.0, and the daily average output of 247 steel mills decreased by 0.1 to 47.4 [4]. - **Demand**: The pig iron output of 247 steel mills increased by 1.1 to 245.4 [4]. - **Inventory**: The total coke inventory decreased by 2.5 to 1012.3, the inventory of all - sample coking plants decreased by 5.9 to 99.0, and the inventory of 247 steel mills increased by 8.9 to 675.2 [4]. Coking Coal Industry - **Prices and Spreads**: The coking coal futures showed an oscillating downward trend, and the 5 - 9 spread strengthened to - 20. The prices of some coking coal products changed slightly [4]. - **Supply**: Domestic coal mines continued to resume production, and the import volume decreased. The production of raw coal increased by 12.0 to 890.2, and the production of clean coal increased by 7.3 to 455.3 [4]. - **Demand**: With the continuous increase in the start - up of downstream blast furnaces and coking plants, the demand for coking coal increased [4]. - **Inventory**: The clean coal inventory of Fenwei coal mines decreased by 1.2 to 201.7, the coking coal inventory of all - sample coking plants decreased by 9.7 to 959.3, and the coking coal inventory of 247 steel mills increased by 2.3 to 784.8 [4]. Silicon Iron Industry - **Prices and Spreads**: The closing price of the silicon iron main contract increased by 32.0 to 5430.0, and the prices of some spot products changed. For example, the spot price of silicon iron in Ningxia decreased by 100.0 to 5350.0 [5]. - **Cost and Profit**: The cost of silicon iron production remained stable, and the production profit in Ningxia decreased by 100.0 to - 110.0 [5]. - **Production**: The weekly output of silicon iron increased by 0.0 to 9.9, and the start - up rate decreased by 0.2 to 30.8 [5]. - **Demand**: The weekly demand for silicon iron remained unchanged at 2.1, and the pig iron output increased by 1.1 to 245.4 [5]. - **Inventory**: The inventory of 60 sample enterprises decreased by 1.1 to 8.4, and the average available days of downstream silicon iron decreased by 0.8 to 15.4 [5]. Silicon Manganese Industry - **Prices and Spreads**: The closing price of the silicon manganese main contract increased by 38.0 to 5598.0, and the prices of some spot products decreased. For example, the spot price of silicon manganese in Inner Mongolia decreased by 100.0 to 5550.0 [5]. - **Cost and Profit**: The cost of silicon manganese production in Inner Mongolia decreased by 11.1 to 5750.0, and the production profit decreased by 88.9 to - 200.0 [5]. - **Manganese Ore Supply**: The manganese ore shipping volume increased by 0.7 to 78.8, the arrival volume increased by 33.6 to 65.3, and the clearance volume increased by 6.9 to 49.5 [5]. - **Manganese Ore Inventory**: The manganese ore port inventory increased by 32.8 to 405.5 [5]. - **Supply**: The weekly output of silicon manganese decreased by 0.3 to 18.3, and the start - up rate decreased by 0.9 to 40.7 [5]. - **Demand**: The demand for silicon manganese increased by 0.1 to 12.8, and the procurement volume of Hebei Iron and Steel Group remained unchanged at 1.1 [5]. - **Inventory**: The inventory of 63 sample enterprises increased by 2.4 to 18.2, and the average available days of silicon manganese inventory increased by 0.3 to 17 [5].

曹剑兰 Z0019556 | 期货和现货价格 | | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 5月7日 | 2月6日 | 张跌 | 涨跌幅 | 单位 | | 原木2507 | 792.5 | 789.5 | 3.0 | 0.38% | | | 原木2509 | 803.0 | 801.0 | 2.0 | 0.25% | | | 原木2511 | 808.0 | 806.0 | 2.0 | 0.25% | | | 7-9价差 | -10.5 | -11.5 | 1.0 | | | | 9-11价差 | -5.0 | -5.0 | 0.0 | | | | 7-11价差 | -15.5 | -16.5 | 1.0 | | | | 07合约基差 | -32.5 | -19.5 | -13.0 | | | | 09合约基差 | -43.0 | -31.0 | -12.0 | | | | 11合约基差 | -48.0 | -36.0 | -12.0 | | 元/立方米 | | 日照港3.9A小辐射松 | 730.0 | 730.0 | 0 | 0.00% ...

1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views Crude Oil - Overnight oil prices fell due to continuous supply - side pressure and the possibility of further easing of geopolitical risks, increasing market concerns about a loose supply - demand pattern. After a short - term rebound, oil prices will continue to be under pressure and mainly fluctuate weakly. It is recommended to wait and see on a single - side basis. The suggested fluctuation ranges are [57, 67] for WTI, [59, 70] for Brent, and [450, 510] for SC [2]. Urea - In the short - term, the futures price follows the fundamentals. The early arrival of the agricultural fertilizer - preparation peak season and industrial orders provide certain support, and the delayed resumption of maintenance devices supports the supply in the short - term. If the export policy is relaxed beyond expectations, the upside space of the futures price will expand. It is recommended to wait and see on a single - side basis and buy volatility on the options side [30][32]. Styrene - The pure benzene market price stopped falling and rebounded, but the weak supply - demand structure has not changed. The styrene market rose and then fell, with port inventories continuing to decline. The supply is expected to increase, and the supply - demand relationship is under pressure. It is recommended to short styrene at high levels [35][38]. Methanol - The inland methanol price is stable, but there is downward pressure on valuation. After the spring maintenance, production has recovered, and downstream profits are differentiated. The port has entered an inventory - accumulation cycle, and the 09 contract is under pressure. It is recommended to short the MA09 contract at high levels [42]. PVC and Caustic Soda - For caustic soda, the medium - term supply - demand outlook is weak, and it is recommended to short at high levels. In the short - term, wait and see the short - term rebound. For PVC, the supply - demand surplus is obvious, and it is recommended to short at high levels, but beware of price rebounds due to policy stimuli [46][51]. Polyolefins - For LLDPE, the supply pressure will gradually decrease in May, but beware of a significant decline in demand. It is recommended to hold short positions until the price reaches a low level. For PP, the supply pressure eases slightly in the second - quarter maintenance season, but the long - term outlook is weak, with a downward risk [54]. Polyester Industry Chain - For PX, it is expected to be relatively strong in the short - term, with the PX09 fluctuating in the 6000 - 6400 range. For PTA, the short - term supply - demand is tight, and the TA09 is expected to fluctuate in the 4200 - 4500 range. For MEG, it is expected to fluctuate in the short - term, with the EG09 in the 4050 - 4300 range. For short - fiber, follow the raw materials and look for opportunities to expand the processing fee of PF06. For bottle - chips, the absolute price follows the raw materials, and the processing fee is supported to some extent [58]. 3. Summary by Relevant Catalogs Crude Oil - **Price and Spread**: Brent crude oil was at $61.08 on February 8th and $61.12 on May 7th, with a decline of $0.04 (- 0.07%); WTI was at $58.07 on both dates. The spreads of various crude oil varieties also changed to different degrees [2]. - **EIA Data**: As of the week ending May 2, 2025, U.S. crude oil production was 13.367 million barrels per day, a decrease from the previous value. Refinery utilization rate was 89%. There were changes in inventory, production, import, and export data of various oil products [5]. Urea - **Futures and Spot**: Futures contract prices showed different changes, with the 01 - 05 contract spread decreasing by 8.26%. Spot prices in different regions increased slightly. - **Supply and Demand**: Domestic urea daily production increased by 0.44%, and the factory - inventory decreased by 10.58% on a weekly basis [30][32]. Styrene - **Upstream**: Brent crude oil, CFR Japan naphtha, and other upstream raw material prices changed. Pure benzene prices rose, and the import profit was - 163.4 yuan/ton [35]. - **Spot and Futures**: The styrene spot and futures prices rose, and the EB2506 increased by 1.5%. The port inventory of styrene decreased by 7.0% [36][38]. Methanol - **Price and Spread**: Futures contract prices increased, and the MA2505 - 2509 spread increased by 7.25%. The port - inland regional spread increased. - **Inventory and Supply - Demand**: The enterprise inventory increased by 7.26%, and the port inventory increased by 2.69%. The upstream and downstream operating rates showed different changes [42]. PVC and Caustic Soda - **Price and Spread**: The prices of PVC and caustic soda futures and spot had small changes. The SH2505 increased by 2.0%, and the V2505 increased by 0.7%. - **Supply and Demand**: The caustic soda and PVC operating rates increased slightly. The downstream operating rates of caustic soda and PVC showed different trends [46][49][50]. Polyolefins - **Price and Spread**: The prices of PE and PP futures contracts increased slightly. The L2505 - 2509 spread decreased by 10.70%. - **Inventory and Operating Rate**: PE enterprise inventory decreased by 21.31%, and PP enterprise inventory increased by 19.76%. The operating rates of PE and PP showed different changes [54]. Polyester Industry Chain - **Price and Spread**: Downstream polyester product prices such as POY, FDY, and DTY increased. PX - related prices and spreads also changed. - **Inventory and Operating Rate**: MEG port inventory decreased by 1.3%, and the operating rates of various products in the polyester industry chain changed to different degrees [58].

1. Report Industry Investment Ratings There is no information regarding the report industry investment ratings provided in the documents. 2. Core Views of the Reports - **Palm Oil**: The potential negative impact of increased production leading to a significant rise in inventory has caused the futures price to decline further and test the support at 3700 ringgit. In China, the Dalian palm oil futures market is weak due to the influence of the Malaysian palm oil market, and it may test the previous low of around 7880 and could potentially break through and reach a new low [1]. - **Soybean Oil**: The upcoming Sino - US meeting in Switzerland has led to an optimistic outlook on Sino - US trade relations, boosting the CBOT soybean market. A decrease in US soybean crushing margins may reduce factory production, which is positive for the market. However, the US biodiesel policy may have a negative impact. In China, high basis has led to low purchasing, and an increase in Brazilian soybean arrivals will raise factory production, potentially easing the current supply shortage [1]. - **Sugar**: The supply concerns have eased as the new Brazilian sugar - cane crushing season has started well, and the US Department of Agriculture predicts an increase in India's sugar production. In China, rainfall in Guangxi has alleviated the drought to some extent, and future imports may determine the market trend. The overall supply - demand situation is loosening, and sugar prices are expected to remain weak after the holiday [3][4]. - **Cotton**: In the short term, the macro environment dominates the market, and there may be significant fluctuations due to variables such as weather. The downstream market is slightly weakening, and finished - product inventories are accumulating slightly. Domestic cotton prices are expected to fluctuate, and attention should be paid to the macro situation [5]. - **Eggs**: The downstream market has started post - holiday replenishment, but overall egg prices are stable with minor fluctuations due to supply pressure. The theoretical inventory of laying hens is expected to increase from May to June, which may have a negative impact on prices. In May, demand may support high - level stability, while in June, the supply - demand imbalance may lead to price drops. Short - selling is recommended for the 06 and 07 contracts [8]. - **Meal**: US soybeans have followed the decline of US soybean oil. The spring sowing progress is fast, and there is no weather - related speculation. The supply pressure from Brazil continues, and China's soybean arrivals are sufficient. In May, domestic arrivals are increasing, and oil - mill production is rising, but demand is not strong, putting pressure on the basis. Attention should be paid to the Sino - US trade negotiations [10]. - **Pigs**: During the May Day holiday, the live - pig spot price was stable, and the supply - demand relationship changed little. Second - fattening transactions declined in late April, and in May, the出栏 of previously second - fattened pigs may suppress the spot price. The demand is weak, and the pig price is expected to remain volatile. The 09 contract has factored in the post - holiday weakening expectation, and the market is expected to be stable with limited upward and downward movement [13]. - **Corn**: The market supply is tight, and the spot price is strong. The remaining grain at the grassroots level is less than half, and the selling enthusiasm in Northeast China is low. The downstream deep - processing industry has limited demand due to losses, and the breeding industry has limited growth due to wheat substitution. The port inventory needs to be digested, which restricts the price increase. In the long - term, supply tightening and increased breeding demand will support the price, but in the short - term, new wheat listings and policy releases may put pressure on the price [15][16]. 3. Summary by Related Catalogs Futures Market - **Palm Oil**: On May 7, the spot price of 24 - degree palm oil in Guangdong was 8550 yuan/ton, a decrease of 0.81% from February 6. The futures price of P2509 was 8204 yuan/ton, a decrease of 2.68%. The basis was 346 yuan/ton, an increase of 82.11% [1]. - **Soybean Oil**: On May 7, the spot price of first - grade soybean oil in Jiangsu was 8240 yuan/ton, a decrease of 0.24% from February 6. The futures price of Y2509 was 7900 yuan/ton, unchanged [1]. - **Sugar**: On May 8, the futures price of sugar 2601 was 5730 yuan/ton, a decrease of 0.21%; the price of sugar 2509 was 5868 yuan/ton, a decrease of 0.37%. The ICE raw - sugar main contract was 17.14 cents/pound, a decrease of 1.55% [3]. - **Cotton**: On May 8, the futures price of cotton 2509 was 12900 yuan/ton, an increase of 1.22%; the price of cotton 2601 was 13090 yuan/ton, an increase of 1.16%. The ICE US cotton main contract was 67.40 cents/pound, a decrease of 0.62% [5]. - **Eggs**: On May 8, the futures price of the egg 09 contract was 3769 yuan/500KG, an increase of 0.21%; the price of the 06 contract was 2890 yuan/500KG, an increase of 0.21% [8]. - **Meal**: On May 8, the spot price of Jiangsu soybean meal was 3200 yuan/ton, unchanged; the futures price of M2509 was 2920 yuan/ton, an increase of 0.17%. The spot price of Jiangsu rapeseed meal was 2500 yuan/ton, unchanged; the futures price of RM2509 was 2565 yuan/ton, an increase of 0.67% [10]. - **Pigs**: On May 8, the futures price of the pig 2507 contract was 13535 yuan/ton, an increase of 0.26%; the price of the 2509 contract was 13985 yuan/ton, an increase of 0.18% [13]. - **Corn**: On May 8, the futures price of corn 2507 was 2369 yuan/ton, an increase of 0.17%. The futures price of corn starch 2507 was 2745 yuan/ton, an increase of 0.15% [15]. Spot Market - **Palm Oil**: On May 7, the spot price of 24 - degree palm oil in Guangdong was 8550 yuan/ton, a decrease of 0.81% from February 6 [1]. - **Soybean Oil**: On May 7, the spot price of first - grade soybean oil in Jiangsu was 8240 yuan/ton, a decrease of 0.24% from February 6 [1]. - **Sugar**: On May 8, the spot price in Nanning was 6160 yuan/ton, a decrease of 0.16%; the price in Kunming was 6015 yuan/ton, a decrease of 0.08% [3]. - **Cotton**: On May 8, the Xinjiang arrival price of 3128B cotton was 13839 yuan/ton, a decrease of 0.05%; the CC Index of 3128B was 14100 yuan/ton, a decrease of 0.09% [5]. - **Eggs**: On May 8, the egg - producing area price was 3.18 yuan/jin, a decrease of 1.93% [8]. - **Meal**: On May 8, the spot price of Jiangsu soybean meal was 3200 yuan/ton, unchanged; the spot price of Jiangsu rapeseed meal was 2500 yuan/ton, unchanged [10]. - **Pigs**: On May 8, the spot price in Henan was 14980 yuan/ton, unchanged; the price in Shandong was 15090 yuan/ton, unchanged [13]. - **Corn**: On May 8, the Jinzhou Port flat - hatch price of corn was 2320 yuan/ton, an increase of 0.43%; the Changchun spot price of corn starch was 2620 yuan/ton, unchanged [15]. Industry Situation - **Sugar**: The cumulative national sugar production was 1074.79 million tons, an increase of 12.27% year - on - year; the cumulative national sugar sales were 599.58 million tons, an increase of 26.64% year - on - year [3]. - **Cotton**: The commercial inventory was 451.52 million tons, a decrease of 6.7% month - on - month; the industrial inventory was 95.43 million tons, a decrease of 0.5% month - on - month [5]. - **Eggs**: The price of egg - laying chicken chicks was 4.20 yuan/feather, a decrease of 1.18%; the price of culled chickens was 5.24 yuan/jin, an increase of 0.96% [8]. - **Meal**: The soybean inventory was 26008, an increase of 59.83%; the rapeseed meal inventory was 23735, an increase of 51.18% [10]. - **Pigs**: The daily slaughter volume of sample points was 148474, a decrease of 1.31%; the weekly self - breeding profit was 85 yuan/head, a decrease of 15.09% [13]. - **Corn**: The north - south trade profit of corn was - 26 yuan/ton, a decrease of 23.81%; the weekly profit of corn starch in Shandong was - 174 yuan/ton, a decrease of 1.75% [15].

| 留注 | 品种/合约 | 现货价格 | 历史分位数 | 期货价格 | 星差 | 县左率 | 现货参考 | 折算价:72硅铁合格块:内蒙-天津仓单 | 硅铁 (SF506) | 5828 | 388 | 7.33% | 94.10% | 5430 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 5820 | 222 | 折算价:6517硅锰:内蒙-湖北仓单 | 硅罐(SM509) | 2598 | 3.97% | 59.40% | 122 | 3220 | 螺纹钢 (RB2510) | 3098 | 3.94% | 56.60% | HRB40020mm: 上海 | | | | | | 53 | Q235B: 4.75mm: 上海 | 3270 | 3217 | 1.65% | 41.60% | 热卷(HC2510) | 铁矿石 (12509) | 84 | 折算价:62.5%巴混粉(BRBF):淡水河谷:日照港 | ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The A-share market showed a mixed performance under the influence of domestic and overseas policies, with different trends in various sectors and futures contracts. The market is affected by factors such as domestic financial support policies, overseas central bank decisions, and trade negotiations [2][3][4]. - The bond market is influenced by the implementation of central bank policies. Although the supply of bonds is expected to increase in May, the capital side is expected to remain stable under the central bank's hedging. The short - term impact of interest rate cuts on the bond market is complex, and the long - term trend still depends on factors such as capital, fundamentals, and trade negotiations [7]. - The precious metals market is affected by factors such as the Fed's decision, trade negotiations, and economic data. Gold has long - term upward drivers but also faces short - term callback pressure, while silver is affected by factors such as the photovoltaic industry and inventory [10][11]. - The shipping index market shows a pattern of shock consolidation, and the anti - arbitrage spread between different months has widened. The short - term supply and demand are sluggish, and attention can be paid to relevant trading strategies [13]. - The non - ferrous metal market is affected by factors such as macro policies, supply and demand fundamentals, and trade tariffs. Different metals have different price trends and trading suggestions [14][15][16]. - The black metal market is affected by factors such as iron water production, inventory, and cost. The prices of different products are expected to show different trends, and corresponding trading strategies are proposed [35][37][39]. - The agricultural product market is affected by factors such as weather, production, and export. Different agricultural products have different price trends and market outlooks [51][53][55]. Summary by Directory Financial Derivatives Financial Futures - **Stock Index Futures**: On Wednesday, the A - share market jumped higher after the State Council Information Office announced a package of financial support policies. The Shanghai Composite Index rose 0.80%, and the four major stock index futures contracts also rose. The basis of the four major stock index futures contracts was all at a discount. Domestically, the central bank announced ten policy measures, and the financial regulatory authorities also introduced relevant policies. Overseas, the Fed kept interest rates unchanged. The A - share trading volume increased on May 7, and the central bank conducted reverse repurchase operations with a net withdrawal of funds. It is recommended to sell out - of - the - money put options or go long on the June IM contract and sell out - of - the - money call options for the covered call strategy [2][3][4]. - **Treasury Futures**: Treasury futures closed down across the board. The central bank announced three types of ten policies, including quantity - based, price - based, and structural policies. It is expected that the capital side will remain stable in May, but the short - term impact of interest rate cuts on the bond market is complex. It is recommended to go long after the callback, pay attention to the capital side, and consider positive arbitrage and curve - steepening strategies [5][6][7]. Precious Metals - **Gold**: The Fed's decision to keep interest rates unchanged and the hope of Sino - US trade negotiations led to a correction in gold prices. Gold has long - term upward drivers but also faces short - term callback pressure. It is recommended to be cautious in unilateral operations or sell relatively out - of - the - money call options [8][10]. - **Silver**: The photovoltaic industry's downturn and high inventory may affect the long - term industrial and investment demand for silver. The price fluctuates in a narrow range, and attention should be paid to relevant factors [11]. Container Shipping Index (European Line) - The spot prices of leading shipping companies in May were relatively flat. The SCFIS European line index declined, and the US - West line index rose. The global container shipping capacity increased year - on - year. The futures market showed shock consolidation, and the 8 - 6 month spread widened. It is recommended to go long on the August contract or widen the 8 - 6 month spread [12][13]. Commodity Futures Non - Ferrous Metals - **Copper**: The spot price of copper increased, but the downstream purchasing willingness was suppressed. The macro factors affecting copper prices include US tariff policies and economic data. The supply of copper mines is expected to be restricted, while the demand is relatively strong, and the domestic inventory is decreasing. The short - term price is expected to fluctuate, and attention should be paid to tariff negotiations and economic data [14][15][16]. - **Zinc**: The spot price of zinc decreased. The supply of zinc mines is relatively loose, but the production growth of refined zinc is less than expected. The demand from primary processing industries is weakening, and the inventory is decreasing. The price is expected to show different trends depending on factors such as tariff policies and mine production, and it is recommended to take a short - selling approach in the medium - long term [19][20][21]. - **Tin**: The spot price of tin increased, but the market trading was light. The domestic tin ore imports decreased year - on - year, but the supply is expected to improve. The demand for solder has improved, but the follow - up sustainability needs to be observed. The price is expected to be under pressure, and a short - selling approach on rebounds is recommended [21][22][23]. - **Nickel**: The spot price of nickel increased slightly. The production of refined nickel is increasing, and the demand from different sectors has different characteristics. The overseas inventory is high, and the domestic social inventory is decreasing slightly. The price is expected to fluctuate, and the trading range is recommended [24][25][26]. - **Stainless Steel**: The spot price of stainless steel was stable. The price of raw materials such as nickel ore is relatively firm, but the price of nickel iron is weakening. The production of stainless steel is increasing, and the demand is slowly recovering. The inventory is relatively stable. The price is expected to fluctuate weakly, and the trading range is recommended [27][29][30]. - **Lithium Carbonate**: The spot price of lithium carbonate decreased. The supply is still under pressure, although the growth rate is expected to slow down. The demand is average, and the inventory is high. The price is expected to continue to be weak, and the trading range is recommended [31][32][34]. Black Metals - **Steel**: The spot price of steel was stable with a slight increase. The iron water production increased, and the output of five major steel products also increased. The apparent demand reached a new high, and the inventory decreased. The price is expected to fluctuate, and it is recommended to wait and see for unilateral operations and consider arbitrage operations [35][36]. - **Iron Ore**: The spot price of iron ore increased slightly. The iron water production was at a high level, and the port inventory increased slightly. The global iron ore shipment increased slightly, and the demand from steel mills was relatively stable. The price is expected to be under pressure, and the impact of terminal demand and overseas shipments needs to be considered [37][38]. - **Coke**: The coke futures showed a mixed trend. The second round of price increase for coke was blocked. The supply of coke increased due to high iron water production, and the demand was supported by steel mill replenishment. However, due to the weakness of coking coal and other factors, the price is expected to be stable in the short term, and it is recommended to hold a long - hot - rolled - coil and short - coke strategy [39][40]. - **Coking Coal**: The coking coal futures showed a mixed trend. The market auction was weak again, and the supply was at a high level. The demand was mainly based on on - demand procurement. The inventory of mines was high, and the price was expected to continue to decline. It is recommended to hold a long - hot - rolled - coil and short - coking - coal strategy [41][42][43]. - **Silicon Iron**: The spot price of silicon iron changed slightly. The production increased slightly, and the supply pressure was relieved. The demand was affected by factors such as iron water production and non - steel demand. The cost was affected by factors such as blue charcoal prices. The price is expected to be weak in the short term [44][46]. - **Manganese Silicon**: The spot price of manganese silicon decreased. The production decreased, and the demand was affected by iron water production. The manganese ore market was weak, with high inventory and low import profit. The price is expected to fluctuate weakly in the short term [47][49][50]. Agricultural Products - **Meal Products**: The price of domestic soybean meal was mixed, and the trading volume increased. The price of rapeseed meal also showed a mixed trend. The good weather in the US Midwest is conducive to soybean sowing, and it is expected that the US soybean production will increase in 2025/26. Brazil's soybean and soybean meal exports are expected to decline in May. The price of US soybeans is expected to be weak, and the domestic soybean meal price is expected to follow the trend [51][52][53]. - **Pigs**: The spot price of pigs was stable. The profit of pig breeding decreased slightly, and the utilization rate of secondary - fattening pens decreased. The weight of pigs for slaughter increased slightly. It is expected that the secondary - fattening pigs will be slaughtered in May, which will put pressure on the price. The price is expected to fluctuate [55][56][57]. - **Corn**: The spot price of corn increased slightly. The inventory in Guangdong Port decreased. The price is expected to fluctuate at a high level, and the impact of supply and demand needs to be considered [58].

Group 1: Report Summary - The report provides a daily tracking of the positions of stock index futures, including IF, IH, IC, and IM [1]. - The data is from May 7, 2025, and the report was released on May 8, 2025 [6][12][16]. Group 2: Investment Ratings - No investment ratings are provided in the report. Group 3: Core Views - The total positions of IF, IH, IC, and IM all increased on May 7, 2025 [6][12][16][22]. - Different futures varieties had different changes in the positions of the top 20 long and short seats [7][9][12][13]. Group 4: Summary by Variety IF - Total positions increased by 5,575 lots, with the main contract 2506 increasing by 3,041 lots [6]. - Among the top 20 long seats, Haitong Futures had the most long - position increase (1,496 lots), and China Merchants Futures had the most long - position decrease (355 lots) [7]. - Among the top 20 short seats, CITIC Futures had the most short - position increase (1,735 lots), and SDIC Futures had the most short - position decrease (355 lots) [9]. IH - Total positions increased by 5,321 lots, with the main contract 2506 increasing by 2,066 lots [12]. - Among the top 20 long seats, CITIC Futures had the most long - position increase (1,600 lots), and Shenyin Wanguo Futures had the most long - position decrease (18 lots) [12]. - Among the top 20 short seats, CITIC Futures had the most short - position increase (1,604 lots), and CICC Futures had the most short - position decrease (551 lots) [13]. IC - Total positions increased by 7,814 lots, with the main contract 2506 increasing by 2,968 lots [16]. - Among the top 20 long seats, CITIC Futures had the most long - position increase (1,371 lots), and Galaxy Futures had the most long - position decrease (794 lots) [17]. - Among the top 20 short seats, Guotai Junan Futures had the most short - position increase (1,170 lots), and Galaxy Fortune had the most short - position decrease (110 lots) [19]. IM - Total positions increased by 27,596 lots, with the main contract 2506 increasing by 14,421 lots [22]. - Among the top 20 long seats, CITIC Futures had the most long - position increase (4,320 lots), and Galaxy Futures had the most long - position decrease (154 lots) [23]. - Among the top 20 short seats, CITIC Futures had the most short - position increase (6,207 lots), and China Merchants Futures had the most short - position decrease (19 lots) [25].

Report Industry Investment Ratings No relevant information provided. Core Views Tin - Market sentiment has improved, driving up tin prices. However, considering the gradual recovery of the supply side and pessimistic demand expectations, a bearish view on the rebound of tin prices is maintained. Attention should be paid to the recovery rhythm of raw materials on the supply side [1]. Aluminum - For alumina, the futures price is under pressure in the short - term due to the expected decline in ore prices, while the spot price provides some support. It is expected to be weakly volatile in the short - term. For electrolytic aluminum, inventory depletion, easing tariff attitudes, and domestic stimulus policy expectations support aluminum prices. But as domestic demand transitions to the off - season, aluminum prices may face downward pressure in the future. The short - term focus is on post - holiday consumption and the pressure around 20,000 yuan/ton [2]. Zinc - In the pessimistic scenario, if tariff policies lead to insufficient terminal consumption, the zinc price center may shift downward. If the growth rate of the ore end is lower than expected and downstream consumption performs better than expected, the zinc price may maintain a high - level shock pattern. In the medium - to - long - term, a short - selling approach is recommended, with the main reference range of 21,500 - 23,500 yuan/ton [4]. Copper - Macroscopically, the issue of reciprocal tariffs is the core variable for asset pricing. The pressure of tariffs has slightly eased, and attention should be paid to the introduction of domestic monetary and fiscal policies. Fundamentally, the supply of raw materials is still tight, and the demand is resilient. In the short - term, the price is expected to be volatile, with the main focus on the pressure level of 77,500 - 78,500 yuan/ton [6]. Nickel - Macroscopically, the situation is stable. With the implementation of Indonesian policies and relatively firm raw material nickel ore, there is still cost support for nickel prices. However, the medium - term supply is abundant, restricting the upward space. In the short - term, the macro situation is still uncertain, and the fundamentals change little. The disk is expected to be in a narrow - range shock, with the main reference range of 122,000 - 128,000 yuan/ton [8]. Stainless Steel - The ore end provides some support for prices, while the nickel - iron price is weak. In the short - term, the supply is relatively abundant, domestic demand has some resilience but recovers slowly, and export demand is blocked. The inventory pressure has slightly eased. Considering the cost - demand game and the uncertain macro - environment, the disk is expected to be weakly volatile, with the main operating range of 12,600 - 13,000 yuan/ton [10]. Lithium Carbonate - The fundamentals lack positive factors. The supply pressure is obvious, and the demand is generally stable but fails to meet expectations. The inventory is still high. In the short - term, the disk is expected to remain weakly operating, with the main reference range of 65,000 - 70,000 yuan/ton. Attention should be paid to the performance of funds around 65,000 yuan/ton [13]. Summary by Relevant Catalogs Tin - **Price and Spread**: SMM 1 tin price decreased by 0.38%, SMM 1 tin premium increased by 12.50%. Import profit and loss increased by 32.10%. Some month - to - month spreads changed significantly, such as the 2505 - 2506 spread increasing by 90.00% [1]. - **Fundamental Data**: In March, tin ore imports decreased by 4.83%, SMM refined tin production increased by 8.75%, refined tin imports increased by 12.41%, and exports decreased by 29.50%. Indonesian refined tin exports increased by 46.15%. The SMM refined tin average operating rate in March increased by 8.75% [1]. - **Inventory**: SHEF inventory decreased by 3.68%, social inventory decreased by 5.57%, SHEF daily inventory decreased by 0.98%, and LME inventory increased by 1.69% [1]. Aluminum - **Price and Spread**: SMM A00 aluminum price decreased by 1.05%, and the import profit and loss increased. Some month - to - month spreads changed, such as the 2505 - 2506 spread increasing by 75 yuan/ton [2]. - **Fundamental Data**: In April, alumina production decreased by 6.17%, electrolytic aluminum production decreased by 2.91%. In March, electrolytic aluminum imports increased by 2.2 million tons, and exports increased by 0.5 million tons. The aluminum profile operating rate decreased by 0.84%, and the aluminum cable operating rate increased by 0.94% [2]. - **Inventory**: The Chinese electrolytic aluminum social inventory decreased by 1.09%, and the LME inventory remained unchanged [2]. Zinc - **Price and Spread**: SMM 0 zinc ingot price decreased by 0.22%, and the import profit and loss changed. Some month - to - month spreads changed, such as the 2505 - 2506 spread increasing by 185 yuan/ton [4]. - **Fundamental Data**: In April, refined zinc production increased by 0.31%, in March, imports increased by 9.47%, and exports decreased by 77.37%. The galvanizing operating rate decreased by 12.83%, the die - casting zinc alloy operating rate decreased by 9.97%, and the zinc oxide operating rate decreased by 1.20% [4]. - **Inventory**: The Chinese zinc ingot seven - region social inventory decreased by 2.10%, and the LME inventory decreased by 0.50% [4]. Copper - **Price and Spread**: SMM 1 electrolytic copper price increased by 0.31%, the refined - scrap price difference increased by 25.70%, and the import profit and loss increased. Some month - to - month spreads changed, such as the 2505 - 2506 spread increasing by 80 yuan/ton [6]. - **Fundamental Data**: In April, electrolytic copper production increased by 0.32%, in March, imports increased by 15.24%. The electrolytic copper rod operating rate increased, and various inventories decreased, such as the SHFE inventory decreasing by 23.51% [6]. Nickel - **Price and Spread**: SMM 1 electrolytic nickel price increased by 0.32%, and the futures import profit and loss increased by 19.50%. Some month - to - month spreads changed, such as the 2506 - 2507 spread decreasing by 10 yuan/ton [8]. - **Cost**: The cost of integrated MHP production of electrowon nickel increased by 1.85%, and the cost of integrated high - grade nickel matte production of electrowon nickel increased by 2.47% [8]. - **Supply and Inventory**: Chinese refined nickel products decreased by 2.62%, imports increased by 8.18%. SHFE inventory decreased by 3.08%, social inventory decreased by 1.25%, and LME inventory decreased by 0.92% [8]. Stainless Steel - **Price and Spread**: The price of 304/2B stainless steel coils remained stable, and the futures - spot price difference decreased by 11.82%. Some month - to - month spreads changed, such as the 2506 - 2507 spread increasing by 20 yuan/ton [10]. - **Raw Material Price**: The price of 8 - 12% high - nickel pig iron decreased by 0.98%, and the price of 304 waste stainless steel increased by 1.05% [10]. - **Fundamental Data**: Chinese 300 - series stainless steel crude steel production increased by 11.37%, Indonesian production decreased by 6.67%. Stainless steel imports decreased by 19.45%, exports increased by 70.98%, and net exports increased by 196.56%. The 300 - series social inventory increased by 0.94% [10]. Lithium Carbonate - **Price and Spread**: SMM battery - grade lithium carbonate price decreased by 1.25%, and some month - to - month spreads changed, such as the 2505 - 2506 spread increasing by 20 yuan/ton [13]. - **Fundamental Data**: In April, lithium carbonate production decreased by 6.65%, battery - grade lithium carbonate production decreased by 9.55%, and industrial - grade lithium carbonate production increased by 0.27%. In March, lithium carbonate demand increased by 15.07%, imports increased by 47.03%, and exports decreased by 47.25% [13]. - **Inventory**: In March, the total lithium carbonate inventory increased by 16.79%, downstream inventory increased by 27.94%, and smelter inventory increased by 9.40% [13].

Group 1: Investment Ratings - There is no information about the industry investment rating in the provided reports. Group 2: Core Views Oils and Fats - Malaysian palm oil may face renewed pressure in the short - term due to concerns about growing May production and slower export growth, with a long - term cautious and bearish view. Domestic palm oil futures are weak, and there is a risk of hitting new lows. CBOT soybeans are affected by potential changes in US biodiesel policies, while domestic soybeans have some support from post - holiday restocking and high order backlogs, but the basis may decline as supply increases [1]. Meal - US soybeans are falling with US soybean oil. The spring sowing progress is fast, and the Brazilian supply pressure is still being realized. In May, domestic arrivals are recovering, oil mill operations are increasing, but demand is weak, so the basis is under pressure. Attention should be paid to the support around 2900 [3]. Livestock (Pigs) - During the May Day holiday, the live pig spot price was stable. In May, the secondary - fattened pigs are expected to be sold, which will suppress the spot price. The 09 contract has factored in the weak post - holiday expectation. The market has limited upside drivers but no basis for a sharp decline, and the post - holiday slaughter behavior of farmers should be monitored [6]. Corn - The corn supply is tight, and the spot price is strong. The downstream demand is mainly for rigid needs, and high port inventories limit the upside. In the long - term, supply tightening and increased demand will support the price. In the short - term, it will fluctuate at a high level and may be pressured by new wheat listings and policy releases. Attention should be paid to the 2240 pressure level [9]. Cotton - In the short - term, the cotton market is dominated by macro factors and may be volatile. Downstream demand is slightly weakening, and inventory is slightly accumulating. Domestic cotton prices are expected to fluctuate, and macro trends should be closely watched [12]. Sugar - Supply concerns have eased as the new Brazilian sugar - crushing season has started well. In India, the 24/25 sugar - crushing season is nearing its end. In China, rainfall in Guangxi has alleviated the drought to some extent. The overall domestic supply - demand is loosening, and sugar prices are expected to fluctuate after the holiday [15]. Eggs - Post - holiday replenishment in the downstream market has slightly accelerated the egg sales, but due to supply pressure, the egg price is stable with minor fluctuations. In May, demand may support the price at a high level, while in June, the oversupply may drag down the price. Short - selling is recommended for the 06 and 07 contracts [17]. Group 3: Summary by Industry Oils and Fats - **Soybean Oil**: The current price in Jiangsu is 8240 yuan, down 0.72% from April 30. The futures price of Y2509 is 7900 yuan, down 1.03%. The basis has increased by 6.92%. The number of warehouse receipts has increased by 33.71% [1]. - **Palm Oil**: The current price in Guangdong is 8620 yuan, down 1.49% from April 30. The futures price of P2509 is 8430 yuan, down 2.16%. The basis has increased by 41.79%. The import profit in Guangzhou Port in September has decreased by 487.05% [1]. - **Rapeseed Oil**: The current price in Jiangsu is 9340 yuan, down 0.53% from April 30. The futures price of Ol509 is 9240 yuan, down 0.71%. The basis has increased by 19.05% [1]. - **Spreads**: The soybean oil 09 - 01 spread has decreased by 12.90%, the palm oil 09 - 01 spread is unchanged, and the rapeseed oil 09 - 01 spread has increased by 4.20%. The soybean - palm oil spread has increased by 32.28%, and the rapeseed - soybean oil spread has decreased by 0.61% [1]. Meal - **Soybean Meal**: The current price in Jiangsu is 3200 yuan, down 5.88%. The futures price of M2509 is 2915 yuan, down 0.17%. The basis has decreased by 40.63%. The import profit from Brazil in June has increased by 4.3%. The number of warehouse receipts has increased by 21.5% [3]. - **Rapeseed Meal**: The current price in Jiangsu is 2500 yuan, up 0.81%. The futures price of RM2509 is 2548 yuan, up 0.47%. The basis has increased by 14.29%. The import profit from Canada in July has decreased by 675.00%. The number of warehouse receipts has increased by 12.14% [3]. - **Soybeans**: The current price of Harbin soybeans is 3980 yuan, up 0.76%. The futures price of the main soybean contract is 4209 yuan, up 0.50%. The basis has increased by 3.78%. The current price of imported soybeans in Jiangsu is 3640 yuan, up 0.55%. The futures price of the main soybean - two contract is 3536 yuan, down 0.67%. The basis has increased by 73.33%. The number of warehouse receipts has increased by 28.55% [3]. - **Spreads**: The soybean meal 09 - 01 spread has decreased by 4.26%, the rapeseed meal 09 - 01 spread is unchanged. The oil - meal ratio in the spot market has increased by 5.48%, and in the main contract, it has decreased by 0.75%. The soybean - rapeseed meal spread in the spot market has decreased by 23.91%, and in the 2509 contract, it has decreased by 4.43% [3]. Livestock (Pigs) - **Futures**: The main contract has increased by 25.93% to 1020 yuan/ton. The prices of the 2507 and 2509 contracts have increased by 0.41% and 0.36% respectively. The 7 - 9 spread has decreased by 1.08%. The main contract's open interest has increased by 1.48%, and the number of warehouse receipts is unchanged [6]. - **Spot**: The spot prices in different regions have different changes. For example, the price in Henan has increased by 260 yuan/ton, while in Liaoning, it has decreased by 250 yuan/ton. The daily slaughter volume has decreased by 0.87%, the weekly white - strip price has decreased by 100.00%, the weekly piglet price has increased by 0.22%, the weekly sow price is unchanged, the weekly slaughter weight has increased by 0.22%, the weekly self - breeding profit has decreased by 15.09%, the weekly purchased - pig breeding profit has decreased by 9.49%, and the monthly sow inventory has decreased by 0.66% [6]. Corn - **Corn**: The price of the 2507 contract is 2365 yuan, down 0.50%. The Jinzhou Port flat - storage price has increased by 1.32%. The basis has increased by 43.30%. The 7 - 9 spread has increased by 6.67%. The Shekou bulk grain price has increased by 1.29%. The north - south trade profit is unchanged. The CIF price has decreased by 1.27%, and the import profit has increased by 46.19%. The number of early - morning vehicles in Shandong deep - processing plants has decreased by 67.79%. The open interest has decreased by 4.45%, and the number of warehouse receipts has increased by 3.53% [9]. - **Corn Starch**: The price of the 2507 contract is 2741 yuan, down 0.25%. The Changchun spot price and the Weifang delivery price are unchanged. The basis has increased by 5.47%. The 7 - 9 spread has increased by 7.35%. The starch - corn spread has increased by 1.35%. The Shandong starch profit has decreased by 3.01%. The open interest has increased by 0.83%, and the number of warehouse receipts is unchanged [9]. Cotton - **Futures**: The price of the 2509 contract is 12745 yuan, down 0.04%. The price of the 2601 contract is 12940 yuan, down 0.15%. The ICE US cotton main contract has decreased by 1.04%. The 5 - 9 spread has increased by 7.14%. The main contract's open interest has increased by 1.11%. The number of warehouse receipts has increased by 0.69%, and the valid forecast has decreased by 9.20% [12]. - **Spot**: The Xinjiang arrival price of 3128B has decreased by 0.57%, the CC Index: 3128B has decreased by 0.49%, the FC Index:M: 1% has increased by 1.84%. The spreads between 3128B and the 01 and 05 contracts have decreased by 6.30% and 6.11% respectively. The spread between CC Index:3128B and FC Index:M: 1% has decreased by 50.32% [12]. - **Industry Indicators**: The commercial inventory has decreased by 6.7%, the industrial inventory has decreased by 0.5%, the import volume has decreased by 41.7%, the bonded - area inventory has increased by 2.2%, the textile industry's inventory year - on - year has decreased by 4.4%, the yarn inventory days have increased by 3.3%, the grey - cloth inventory days have increased by 1.6%, the cotton outbound shipment volume has increased by 22.6%, the spinning enterprise's C32s immediate processing profit has increased by 6.5%, the clothing and textile retail sales are N/A, the year - on - year growth rate of clothing and textile retail sales has increased by 9.1%, the textile yarn and fabric export volume has increased by 93.8%, the year - on - year growth rate of textile yarn and fabric exports has increased by 163.1%, and the clothing and apparel export volume has increased by 68.8%, the year - on - year growth rate of clothing and apparel exports has increased by 130.7% [12]. Sugar - **Futures**: The price of the 2601 contract is 5742 yuan, down 0.07%. The price of the 2509 contract is 5890 yuan, up 0.05%. The ICE raw sugar main contract has decreased by 0.11%. The 1 - 9 spread has decreased by 4.96%. The main contract's open interest has decreased by 0.28%, and the number of warehouse receipts has decreased by 0.42%. The valid forecast is unchanged [15]. - **Spot**: The Nanning price has decreased by 0.24%, the Kunming price has decreased by 0.25%. The Nanning basis has decreased by 6.04%, and the Kunming basis has decreased by 12.16%. The imported Brazilian sugar (in - quota) price has decreased by 1.23%, and the out - of - quota price has decreased by 1.27%. The spread between in - quota Brazilian sugar and the Nanning price has decreased by 3.72%, and the spread between out - of - quota Brazilian sugar and the Nanning price has decreased by 56.52% [15]. - **Industry Indicators**: The national sugar production cumulative value has increased by 12.27%, the national sugar sales cumulative value has increased by 26.64%. The Guangxi sugar production cumulative value has increased by 5.83%, and the monthly sales value has increased by 6.01%. The national cumulative sugar - sales rate has increased by 12.80%, and the Guangxi cumulative sugar - sales rate has increased by 12.73%. The national industrial inventory has decreased by 1.79%, the Guangxi industrial inventory has decreased by 6.50%, the Yunnan industrial inventory has increased by 0.12%. Sugar imports have increased by 600.00% [15]. Eggs - **Price and Spread**: The price of the 09 contract is 3761 yuan/500KG, down 0.79%. The price of the 06 contract is 2884 yuan, down 1.97%. The egg - producing area price has decreased by 0.88%. The basis has increased by 11.25%. The 9 - 6 spread has decreased by 3.21%. The egg - chicken chick price has decreased by 1.18%, the culled - chicken price has increased by 0.96%, the egg - feed ratio has increased by 1.51%, and the breeding profit has increased by 29.39% [17].

聚烯烃产业期现日报 投资咨询业务资格:证监许可【2011】1292号 2025年5月7日 张晓珍 Z0003135 PE PP价格及价差 | 品种 | 5月6日 | 4月30日 | 涨跌 | 涨跌幅 | 单位 | | --- | --- | --- | --- | --- | --- | | L2505 收盘价 | 7230 | 7273 | -43 | -0.59% | | | L2509 收盘价 | 6987 | 7083 | -96 | -1.36% | | | PP2505 收盘价 | 7105 | 7126 | -21 | -0.29% | | | PP2509 收盘价 | ୧୦୦୧ | 7041 | -46 | -0.65% | | | L2505-2509 | 243 | 190 | 53 | 27.89% | | | PP2505-2509 | 110 | 82 | 25 | 29.41% | 元/吨 | | 华东PP拉丝现货 | 7130 | 7200 | -70 | -0.97% | | | 华北LDPE膜料现货 | 7230 | 7300 | -70 | -0.96% | | | 华北 ...