聚酯产业链日报 投资咨询业务资格:证监许可 【2011】1292号 张晓珍 Z0003135 | 下游聚酯产品价格及现金流 | 上游价格 | 品种 | 品种 | 4月23日 | 单位 | 4月22日 | 涨跌 | 4月22日 | 张跃 | 旅跌幅 | 4月23日 | 旅跌幅 | 单位 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 66.12 | 67.44 | -1.32 | -2.0% | POY150/48价格 | 6295 | -0.5% | 布伦特原油(6月) | 6265 | -30 | 美元/桶 | -2.04 | -3.2% | FDY150/96价格 | -0.5% | 62.27 | 64.31 | 6445 | 6480 | -35 | WTI原油 (5月) | | | 576 | 13 | 2.3% | DTY150/48价格 | ...

投资咨询业务资格: 证监许可【2011】1292号 2025年4月24日 主力合约 品种 点评 操作建议 进入月底,A股市场交易即将召开的政治局会议可 IF2506 能推出的增量刺激政策,白宫表现出关税缓和意向 IH2506 股指 出口链回暖,指数交易情绪上升 。指数下方支撑较稳定,可卖出虚值看跌期权赚取 IC2506 IM2506 权利金。 T2506 短期在政策节奏不确定性和资金面约束下,债市或仍以震荡为 单边策略上短期建议可以区间操作,关注政策出台 TF2506 主(10年期利率波动空间或在1.61%-1.7%),中期等待降准 节奏。基差策略上,建议参与TS合约正套策略。 国债 TS2506 降息落地,届时有望打开期债上行空间 曲线策略上建议适当关注做陡 TL2506 金价短期受到长假节日和消息扰动波动或上升,建 议轻仓参与,多头及时通过期货或期权等锁定盈 AU2506 利:避险消退带来金银比的修复,银价或回到前高 贵金属 特朗普表态缓和贸易冲突 美元美股持续回升 金银走势分化 AG2506 阻力位附近在32-34美元(8000-8500元)区间 波动,多单轻仓持有 多头情绪或反弹,主力盘面偏多,亦可考 ...

| 88.90% | 硅铁 (SF506) | 5704 | 折算价:72硅铁合格块:内蒙-天津仓单 | 5978 | 274 | 4.80% | 硅罐(SM509) | 6000 | 108 | 折算价:6517硅锰:内蒙-湖北仓单 | 2685 | 1.83% | 43.70% | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 53 | HRB40020mm:上海 | 3190 | 螺纹钢 (RB2510) | 3137 | 1.69% | 37.70% | 37 | Q235B: 4.75mm: 上海 | 35.60% | 3270 | 3233 | 1.14% | 热卷(HC2510) | | | | | | 75 | 折算价:62.5%巴混粉(BRBF):淡水河谷:日照港 | 铁矿石 (12509) | 803 | 728 | 10.37% | 58.00% | -54 | 1595 | -3.40% | 焦 ...

Report Industry Investment Ratings No relevant content provided. Core Views of the Reports Tin - Supply side is gradually recovering, with smelter processing fees at a low level. Domestic tin ore imports from January to March decreased by 55.44% year - on - year. The resumption of production in Myanmar and the Congo's Bisie mine have an impact on supply. Demand is uncertain, with improved solder开工率 mainly in leading enterprises. A short - term bearish rebound is expected, and high - level short positions should be held. Monitor the production dynamics of Myanmar's tin mines [1]. Nickel - The macro situation is temporarily stable. Indonesia's new policy on nickel product royalties is about to be implemented, increasing the cost of nickel mines. The supply is expected to be loose in the medium term, while the cost provides some support at the bottom. The nickel price is expected to fluctuate and adjust, with the main contract running between 122,000 - 128,000 [2]. Stainless Steel - The macro sentiment has recovered, but there is still uncertainty. The cost of nickel mines is rising, and the price of nickel iron is weakening. Supply is relatively loose in the short term, domestic demand has some resilience but recovers slowly, and export demand is blocked. The inventory is still at a high level. The price is expected to fluctuate weakly, with the main contract running between 12,600 - 13,000 [5]. Lithium Carbonate - The futures price fluctuated widely. The supply pressure is clear, with increased production after upstream resumption and more overseas ore arrivals. Demand is generally stable but underperforms in the peak season, and there is a risk of a decline in energy - storage export orders. The inventory is accumulating in all links. The price is expected to fluctuate weakly, with the main contract running between 66,000 - 72,000 [7]. Zinc - The supply side shows a continuous loose trend in the ore end. The demand side weakens after the peak season, and downstream enterprises mainly make rigid - demand purchases. The tariff pressure is relatively relieved. The zinc price may decline if terminal consumption is insufficient due to tariffs, or it may maintain a high - level shock. The main contract is expected to run between 21,500 - 23,500 [10]. Aluminum - For alumina, the supply - side reduction due to losses increases, and there is potential supply risk from Guinea's ore. The demand for domestic electrolytic aluminum is stable but with limited growth, and the export window is closed. The price may rebound due to marginal supply changes and is expected to fluctuate in the short term. For electrolytic aluminum, the supply capacity is stable, demand is seasonally strong but may weaken, and the low inventory supports the price. The price is expected to fluctuate, with the main contract running between 19,000 - 21,000 [12]. Copper - Macroeconomically, the potential reduction of China's counter - tariffs by Trump and the "232" investigation on copper in the US affect the price. Fundamentally, demand is strong, with improved copper rod开工率 and inventory reduction, while copper ore supply is tight. The price is expected to fluctuate strongly in the short term, with the main contract running between 76,000 - 79,000 [13]. Summary by Relevant Catalogs Tin Spot Price and Basis - SMM 1 tin and Yangtze 1 tin prices remained unchanged at 258,800 and 259,300 respectively. The SMM 1 tin premium remained at 1,000 yuan/ton. The LME 0 - 3 premium increased by 10.84% to - 222.00 dollars/ton [1]. Internal - External Price Ratio and Import Profit and Loss - The import loss decreased by 15.68% to - 6,057.89 yuan/ton, and the Shanghai - London ratio was 8.31 [1]. Inter - Month Spread - The spreads of 2505 - 2506, 2506 - 2507, 2507 - 2508, and 2508 - 2509 changed by 50.00%, 166.67%, - 26.92%, and - 169.57% respectively [1]. Fundamental Data (Monthly) - In March, tin ore imports decreased by 4.83% to 8,323, SMM refined tin production increased by 7.33% to 15,080, refined tin imports increased by 12.41% to 2,101, and exports decreased by 29.50% to 1,673. The average开工率 of SMM refined tin in March was 62.60%, and that of SMM solder in February was 59.10% [1]. Inventory Changes - SHEF weekly inventory decreased by 7.77% to 9,571.0 tons, social inventory decreased by 10.09% to 10,485.0 tons, SHEF daily inventory decreased by 0.20% to 8,977.0 tons, and LME daily inventory decreased by 1.74% to 2,830.0 tons [1]. Nickel Price and Basis - SMM 1 electrolytic nickel price increased by 0.18% to 126,925 yuan/ton, and the 1 imported nickel premium increased to 250 yuan/ton. The LME 0 - 3 decreased by 2.86% to - 208 dollars/ton [2]. Electrolytic Nickel Cost - The cost of integrated MHP - produced electrolytic nickel increased by 1.85% to 126,752 yuan/ton, and that of integrated high - grade nickel matte - produced electrolytic nickel increased by 2.47% to 132,092 yuan/ton [2]. New Energy Material Prices - The average price of battery - grade lithium carbonate decreased by 0.64% to 70,400 yuan/ton [2]. Inter - Month Spread - The spreads of 2506 - 2507, 2507 - 2508, and 2508 - 2509 changed to - 140, - 110, and - 300 yuan/ton respectively [2]. Supply, Demand, and Inventory - China's refined nickel production decreased by 5.69% to 28,320 tons, and imports increased by 99.27% to 18,897 tons. SHFE inventory decreased by 8.00% to 30,594 tons, social inventory decreased by 5.87% to 43,308 tons, and LME inventory decreased by 1.06% to 204,252 tons [2]. Stainless Steel Price and Basis - The price of 304/2B (Wuxi Hongwang 2.0 coil) decreased by 0.38% to 13,100 yuan/ton, and the price of 304/2B (Foshan Hongwang 2.0 coil) remained unchanged at 13,250 yuan/ton. The spot - futures spread decreased by 23.81% to 480 yuan/ton [5]. Raw Material Prices - The average price of 8 - 12% high - grade nickel pig iron decreased by 0.20% to 974 yuan/nickel point, and the price of 304 waste stainless steel in Wenzhou decreased by 1.03% to 9,650 yuan/ton [5]. Inter - Month Spread - The spreads of 2506 - 2507, 2507 - 2508, and 2508 - 2509 changed to - 30, - 35, and - 10 yuan/ton respectively [5]. Fundamental Data - China's 300 - series stainless steel crude steel production (43 enterprises) increased by 11.37% to 344.01 million tons, and Indonesia's production (Qinglong) decreased by 6.67% to 42.00 million tons. Stainless steel imports decreased by 19.45% to 12.89 million tons, and exports increased by 70.98% to 47.06 million tons [5]. Inventory - The 300 - series social inventory (Wuxi + Foshan) decreased by 1.33% to 55.83 million tons, and SHFE warehouse receipts decreased by 1.37% to 17.32 million tons [5]. Lithium Carbonate Price and Basis - The average price of SMM battery - grade lithium carbonate decreased by 0.64% to 70,400 yuan/ton, and the basis increased by 313.64% to 910 yuan/ton [7]. Inter - Month Spread - The spreads of 2505 - 2506, 2506 - 2507, and 2505 - 2512 changed to 100, 60, and - 2,400 yuan/ton respectively [7]. Fundamental Data - In March, lithium carbonate production increased by 23.44% to 79,065 tons, demand increased by 15.07% to 87,002 tons, and the total inventory increased by 16.79% to 90,070 tons. In April, the capacity increased by 1.52% to 133,522 tons, and the开工率 increased by 20.00% to 54 [7]. Zinc Price and Spread - The price of SMM 0 zinc ingot increased by 1.33% to 22,880 yuan/ton, and the premium increased to 180 yuan/ton [10]. Ratio and Profit and Loss - The import profit was 86 yuan/ton, and the Shanghai - London ratio was 8.62 [10]. Inter - Month Spread - The spreads of 2505 - 2506, 2506 - 2507, 2507 - 2508, and 2508 - 2509 changed to 285, 215, 120, and 55 yuan/ton respectively [10]. Fundamental Data - In March, refined zinc production increased by 1.78% to 50.82 million tons, imports increased by 98.28% to 5.28 million tons, and exports decreased by 52.41% to 0.10 million tons. The galvanizing开工率 increased by 0.60% to 64.34% [10]. Inventory - China's seven - region social inventory of zinc ingots decreased by 11.93% to 9.30 million tons, and LME inventory decreased by 3.75% to 18.5 million tons [10]. Aluminum Price and Spread - The price of SMM A00 aluminum increased by 0.15% to 19,910 yuan/ton, and the premium decreased to 20 yuan/ton [12]. Ratio and Profit and Loss - The import loss was - 1,167 yuan/ton, and the Shanghai - London ratio was 8.26 [12]. Inter - Month Spread - The spreads of 2505 - 2506, 2506 - 2507, 2507 - 2508, and 2508 - 2509 changed to 50, 70, 50, and 15 yuan/ton respectively [12]. Fundamental Data - In March, alumina production increased by 8.85% to 754.90 million tons, and electrolytic aluminum production increased by 11.22% to 371.42 million tons. The aluminum profile开工率 was 58.50%, and the aluminum cable开工率 increased by 3.25% to 63.60% [12]. Inventory - China's electrolytic aluminum social inventory decreased by 7.04% to 67.30 million tons, and LME inventory decreased by 1.41% to 42.6 million tons [12]. Copper Price and Basis - The price of SMM 1 electrolytic copper increased by 1.28% to 78,185 yuan/ton, and the premium increased to 182 yuan/ton. The LME 0 - 3 increased to 56.00 dollars/ton [13]. Inter - Month Spread - The spreads of 2505 - 2506, 2506 - 2507, and 2507 - 2508 changed to 200, 240, and 170 yuan/ton respectively [13]. Fundamental Data - In March, electrolytic copper production increased by 6.04% to 112.21 million tons, and imports increased by 15.24% to 30.88 million tons. The electrolytic copper rod开工率 increased to 78.07%, and the recycled copper rod开工率 was 29.82% [13]. Inventory - Domestic social inventory decreased by 21.56% to 19.65 million tons, SHFE inventory decreased by 6.19% to 17.16 million tons, and LME inventory decreased by 3.50% to 20.53 million tons [13].

| 钢材产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 [2011] 1292号 2025年4月24日 | | | 周敏波 | Z0010559 | | | 钢材价格及价差 | | | | | | | 品种 | 现值 | 前值 | 旅鉄 | 基差 | 单位 | | 螺纹钢现货(华东) | 3190 | 3160 | 30 | 24 | | | 螺纹钢现货(华北) | 3190 | 3170 | 20 | 24 | | | 螺纹钢现货(华南) | 3280 | 3240 | 40 | 114 | | | 螺纹钢05合约 | 3059 | 3006 | ਟੇਤੋ | 131 | | | 螺纹钢10合约 | 3137 | 3075 | 62 | ਦੇਤੋ | | | 螺纹钢01合约 | 3166 | 3108 | 58 | 24 | | | 热卷现货 (华东) | 3270 | 3220 | 50 | 12 | 元/吨 | | 热卷现货(华北) | 3220 | 3200 | 20 | -38 | | | 热卷现货(华 ...

玻璃纯碱期现日报 (テ广发期货 投资咨询业务资格:证监许可 【2011】1292号 2025年4月24日 移语 Z00170002 0.0 0.00% | 玻璃相关价格及价差 | | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | 华北报价 | 1260 | 1260 | 0 | 0.00% | 元/吨 | | 华东报价 | 1370 | 1370 | 0 | 0.00% | | | 华中报价 | 1180 | 1180 | 0 | 0.00% | | | 华南报价 | 1330 | 1330 | 0 | 0.00% | | | 玻璃2505 | 1106 | 1074 | 32 | 2.98% | | | 玻璃2509 | 1154 | 1124 | 30 | 2.67% | | | 05基差 | 154 | 186 | -32 | -17.20% | | | 纯碱相关价格及价差 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | 华北报价 | 1500 ...

| 油脂产业期现日报 | | | | | | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年4月24日 | | | 王泽辉 | Z0019938 | | 票 | | | | | | | 4月23日 | 4月22日 | 涨跌 | 张跌幅 | | 现价 江苏一级 | 8300 | 8270 | 30 | 0.36% | | 期价 Y2509 | 7890 | 7852 | 38 | 0.48% | | 墓差 Y2509 | 410 | 418 | -8 | -1.91% | | 现货墓差报价 江苏4月 | 05 + 390 | 05+380 | 10 | - | | 仓单 | 3735 | 3735 | 0 | 0.00% | | 棕榈油 | | | | | | | 4月23日 | 4月22日 | 涨跌 | 张跌幅 | | 现价 广东24度 | 9030 | 9000 | 30 | 0.33% | | 期价 P2509 | 8570 | 8568 | 2 | 0.02% | | 某差 P2509 | 460 | 432 | 28 | ...

| 期货和现货价格 | | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 4月23日 | 4月22日 | 张跌 | 涨跌幅 | 单位 | | 原木2507 | 798.5 | 793.0 | 5.5 | 0.69% | | | 原木2509 | 815.5 | 812.0 | 3.5 | 0.43% | | | 原木2511 | 820.5 | 815.0 | 5.5 | 0.67% | | | 7-9价差 | -17.0 | -19.0 | 2.0 | | | | 9-11价差 | -5.0 | -3.0 | -2.0 | | | | 7-11价差 | -22.0 | -22.0 | 0.0 | | | | 07合约基差 | -18.5 | -13.0 | -5.5 | | | | 09合约基差 | -35.5 | -32.0 | -3.5 | | | | 11合约基差 | -40.5 | -35.0 | -5.5 | | 元/立方米 | | 日照港3.9A小辐射松 | 730.0 | 730.0 | 0 | 0.00% | | | 日照港3.9A ...

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 集运指数 商品期货： 有色金属： 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、 PP 特殊商品： 橡胶、玻璃纯碱、工业硅、多晶硅 2025 年 4 月 24 日星期四 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：Z00 ...

SC2506 FREE ISTEDH 投资咨询业务资格: 证监许可【2011】1292号 2025年4月23日 欢迎关注微信公众号 主力合约 品种 点评 操作建议 板块 IF2506 进入月底,A股市场交易即将召开的政治局会议可 IH2506 股指 顺周期板块回暖,A股震荡等待方向 能推出的增量刺激政策,可卖出虚值看跌期权赚取 IC2506 权利金。 IM2506 T2506 短期长债利率下行接近前低下行速度放缓,走势进入震荡等待 单边策略上短期建议可以区间操作,关注政策出台 TF2506 节奏。基差策略上,建议参与各品种正套策略。曲 国债 政策端方向指引阶段(10债波动区间处于1.61%-1.7%),但 TS2506 考虑到宽货币预期利多未出尽,期债调整后有企稳回升动能 线策略上建议适当关注做陡 金融 TL2506 金价短期受到长假节日和消息扰动波动或上升,建 议轻仓参与,多头及时通过期货或期权等锁定盈 AU2506 美国释放缓和关税等信号 美国股债汇反弹黄金冲高回落收跌 贵金属 利;银价前高阻力较大在32-34美元(8000- AG2506 8500元)区间震荡 短期情绪低迷,可考虑做阔8-6月差,后续关 ...