撰写品种：沪铅 撰写时间：2025/6/3 回顾周期：日度 研究员： 曹柏泉 咨询证号（Z0019820） 沪铅日度报告 2025 年 6 月 3 日，沪铅 2507 合约，开盘价 16650 元/吨，最高价 16685 元/吨， 最低价 16525 元/吨，均价 16575 元/吨，持仓 55547 手，日增 2217 手，成交量 28541 手。 宏观方面，国内 5 月财新 PMI 跌至 48.3，处于 2022 年 9 月以来新低。美国 5 月 ISF 制造业连续三个月萎缩，来到 48.5，低于预期和前值。 供应端，原生铅生产基本稳定，广西地区结束检修使得产量提升，但华北地区计划 6 月初复产，整体处于复产与检修共存双局面。再生铅企业开工率 36.71%，虽然有部分 复产，但安徽地区周末检修，并且原料短缺带来的挺价，导致提产预期不强。 需求端，下游蓄电池消费淡季仍在，企业开工率下滑，库存偏高，需求疲弱。 综合而言，废电瓶处于负反馈压力与货源紧张交织的状态，再生铅供应维持低位， 消费淡季效应将继续显现，对铅价施压，短期铅价或延续偏弱震荡。 公司热线：028 6130 3163 研究所邮箱：institut ...

Group 1: Report General Information - Report writing variety: Apple [1] - Writing time: May 30, 2025 [1] - Review cycle: Daily report [1] - Researcher: Qi Jianhua [1] - Consulting license number: Z0017731 [1] Group 2: Futures Market Review - Apple futures slightly declined. The opening price of the main AP2510 contract was 7,640 yuan/ton, the highest price was 7,678 yuan/ton, the lowest price was 7,592 yuan/ton, and the closing price was 7,675 yuan/ton. The settlement price was 7,636 yuan/ton, down 17 yuan/ton from yesterday. The trading volume was 53,199 lots, a decrease of 9,306 lots from yesterday, and the open interest was 105,238 lots, a decrease of 1,615 lots from the previous day [5] Group 3: Spot Fundamental Situation Production Area Market - In Shandong Yiyuan production area on May 30, the middle - price of 70 general goods, 75 general goods, and sub - fruits in the apple warehouse remained unchanged compared to the previous period. The replenishment enthusiasm of merchants in the production area was okay, and the market transaction was stable. The new - season apples had good fruit - setting performance, and fruit farmers were in the large - scale bagging stage. In Shaanxi Baishui production area, the warehouse inventory was finished, and the new - season apples also entered the large - scale bagging stage [6][7] Sales Area Market - The number of apple trucks arriving at the Guangdong wholesale market increased compared to yesterday. The actual transaction price in the market was based on quality. Recently, the number of trucks arriving at the market decreased. With the hot weather, the impact of seasonal fruits was obvious, the apple sales were average, and secondary and tertiary wholesalers purchased on demand with little backlog in the transfer warehouse [7] Group 4: Important Data Tracking - The report provided the mainstream transaction middle - prices of late Fuji apples of different regions, diameters, and grades on May 30, with a note that some grades might differ slightly from actual goods, and the actual price was subject to the quality of the spot [8][10] Group 5: Market Outlook - Currently, due to the hot weather, the listing of melons had an obvious impact on the apple market, and the apple sales were average. On the futures market, the price of the 2510 contract was supported by the 5 - day moving average, continuing the rebound trend of the previous trading day with a strong intraday performance. In the short term, the rebound of apple futures prices might be limited, and the prices would mainly show a wide - range low - level oscillating trend [11][12]

撰写品种：沪锌 撰写时间：2025/5/27 回顾周期：日度 研究员： 曹柏泉 咨询证号（Z0019820） 总体来看，低库存对价格形成支撑，但供应宽松预期限制反弹高度，短期震荡为主， 需关注西南地区检修恢复进度及 LME 库存变动。 公司热线：028 6130 3163 研究所邮箱：institute@gjqh.com.cn 投诉：4006821188 图1：沪锌期货加权价格走势 图片来源：文华财经 风险揭示及免责声明 本报告由国金期货有限责任公司制作，未获授权不得修改、复制和发布。 本报告基于公开资料、第三方数据或实地调研资料，我公司保证已经审慎审核、 甄别和判断信息内容，但无法绝对保证材料的真实性、完整性和准确性，报告中的信 息或所表达的意见不构成投资、法律、会计或税务的最终操作建议，本公司对报告内 容及最终操作不作任何担保。本公司不对投资者因使用本报告中的内容所引致的损失 承担任何责任。 沪锌日度报告 2025 年 5 月 27 日，沪锌主力合约 ZN2507 收盘价为 22,330 元/吨，较前一交易 日上涨 0.61%，成交金额达 384.6 亿元，持仓量增至 12.16 万手。 供应方面，国内锌 ...

撰写品种：沪铝 撰写时间：2025/5/27 回顾周期：日度 2025 年 5 月 27 日，沪铝主力合约震荡下跌走势，成交量相比较上个交易日放量。 al2507 持仓量 202,473 手，成交量 199,922 手。 总体来看，短期多空博弈加剧，成本刚性支撑价格，但需求淡季及出口疲软限制上 行空间，预计价格继续维持震荡为主。 公司热线：028 6130 3163 研究所邮箱：institute@gjqh.com.cn 投诉：4006821188 图1：沪铝期货主力合约al2507 走势图 供需方面，国内电解铝运行产能持稳，云南、四川等地新增产能逐步投产，供应 端接近行业天花板，短期增量有限。光伏、新能源汽车等工业用铝需求保持 15%增 速，但传统型材、板带箔出口表现低迷。 技术方面，沪铝 2507 合约日线背靠 60 日线压力下穿至 20 日均线。成交量急剧 放大，持仓量减少，资金撤离明显。但低库存支撑近月合约抗跌性。 研究员： 曹柏泉 咨询证号（Z0019820） 沪铝日度报告 宏观方面，美联储政策路径的不确定性持续主导市场情绪，叠加美国阵亡将士纪念 日假期导致美股休市，市场流动性边际收紧。此外，美国主 ...

Group 1: Report General Information - The report is about nickel, written on May 21, 2025, with a daily review cycle [1] - The researcher is Cao Baiquan with consultation certificate number (Z0019820), and it's a daily report on Shanghai nickel [2] Group 2: Market Data - On May 21, 2025, the opening price of the Shanghai nickel main contract was 123,450 yuan/ton, the highest was 123,800 yuan/ton, the lowest was 122,960 yuan/ton, and the closing price was 123,280 yuan/ton, with a decline of 0.05%. The trading volume was 107,562 lots, and the open interest was 59,648 lots [3] - On May 20, 2025, the People's Bank of China cut the 1 - year and 5 - year LPR by 10 basis points each, while Fed officials stated they prefer only one rate cut this year, and Moody's downgraded the US sovereign credit rating, increasing market risk - aversion [3] - On May 21, 2025, the price of SMM1 electrolytic nickel was 123,400 - 125,650 yuan/ton, with an average price of 124,525 yuan/ton, down 50 yuan/ton from the previous trading day. The mainstream spot premium range of Jinchuan No.1 nickel was 2,000 - 2,200 yuan/ton, with an average premium of 2,100 yuan/ton, down 50 yuan/ton from the previous day. The premium range of Russian nickel was 100 - 300 yuan/ton, with an average premium of 200 yuan/ton, unchanged from the previous day [3] - As of May 20, 2025, the LME nickel inventory was 201,786 tons, down 312 tons from the previous trading day, and the注销仓单占比 was 11.28%. Seasonally, the current inventory is at a relatively high level compared to the past five years [3] Group 3: Core View - Overall, there is an expectation of cost relaxation for nickel, combined with weak spot demand, inventory may re - enter the accumulation cycle, and nickel prices may continue the bearish pattern [4]

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撰写品种：建材（螺纹、玻璃） 撰写时间： 2025.05.12 回顾周期：2025.05.05- 2025.05.09 研究员：张孟威 咨询证号（Z0020205） 建材周度报告 建材市场周报： 一、主要观点 本周（2025.05.05-05.09）建材继续维持下跌趋势，螺纹稍有抵抗，玻璃再创新低。 宏观方面，英美就关税贸易协定达成一致，成为关税战以来的首份协定，预示着市场 风险逐步减弱，资产波动率或均值回归。 螺纹现货成交周环比表现清淡，钢厂利润持续被压缩，虽然部分钢厂仍有微薄利 润，但整体产量周度环比有所下滑，随着传统淡季的逐步到来，剔除五一节假日影响 螺纹需求开始弱化，周度库存也有所累积，螺纹钢基本面边际走弱。玻璃方面，本周两 条产线冷修，产量环比下降，需求环比有所改善，但就一季度竣工面积数据来看，终端 地产仍较疲软，玻璃整体仍处在供大于求阶段，价格持续承压。 公司热线：028 6130 3163 研究所邮箱：institute@gjqh.com.cn 投诉：4006821188 综上，建材淡季逐渐到来，就周环比数据来看，基本面已经有开始走弱迹象，随着 宏观环境的逐步好转，市场风偏逐步转强，或许能对建材 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The steel market was mainly in a downward trend last week. The production of rebar and hot-rolled coils diverged, and the inventories of both increased. The demand for hot-rolled coils is likely to continue to weaken in May, and the demand for rebar has declined significantly after reaching its peak. There is an expectation of a continuous decline in steel demand. [3][6] - The supply and demand of steel have a tendency to weaken marginally. The supply of steel decreased last week, with a decline in rebar production and a slight increase in hot-rolled coil production. The apparent demand for both rebar and hot-rolled coils decreased, and the total steel inventory increased. [3][4] - The iron ore supply and demand are balanced, but the weakening of the steel supply and demand at the current stage will be transmitted to the raw material end. The market may continue to fluctuate repeatedly under the influence of raw material price costs and demand expectations. [6] 3. Summary by Directory Market Overview - At the beginning of the week (20250506 - 20250509), rebar and hot-rolled coils fluctuated, and the raw material iron ore was strong. However, towards the end of the week, the weekly data of the black series was poor, and the whole market turned weak. [3] - The iron ore supply and demand were good, but the export expectation of hot-rolled coils continued to weaken, and the demand for building materials declined significantly. The steel market had high supply and weakening marginal demand, leading to a price decline. [3] - The weekly production of rebar decreased by 9.85 tons, while the production of hot-rolled coils increased by 1.08 tons. The total steel inventory increased, and the trend of continuous inventory reduction may end. [3] - Last week, the rebar 2510 contract decreased by 74 yuan/ton, a decline of 2.39%; the hot-rolled coil 2510 contract decreased by 47 yuan/ton, a decline of 1.47%; and the iron ore 2509 contract decreased by 7.5 yuan/ton, a decline of 1.07%. [3] Supply and Demand Analysis - The steel supply decreased last week, with a decline in rebar production and a slight increase in hot-rolled coil production. The apparent demand for both rebar and hot-rolled coils decreased, and the total steel inventory increased. [4][5] - The weekly production of rebar was 223.53 tons, a decrease of 9.85 tons. The demand for building materials decreased significantly, and the total inventory increased. [4] - The weekly production of hot-rolled coils was 320.38 tons, an increase of 1.08 tons. The weekly supply of hot-rolled coils increased again. [4][5] - The weekly production of the five major steel products was 874.17 tons, a decrease of 9.52 tons compared to the previous week. The total inventory of the five major steel products was 1476.07 tons, an increase of 28.97 tons compared to the previous week. [5] - The steel consumption last week was 845.2 tons, a decrease of 125.66 tons compared to the previous week. [5] Market Outlook - The steel market is likely to continue to fluctuate under the influence of raw material price costs and demand expectations. The demand for hot-rolled coils is likely to continue to weaken in May, and the demand for rebar has declined significantly after reaching its peak. [6] - The supply and demand of steel have a tendency to weaken marginally, and this will be transmitted to the raw material end. [6]

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Group 1: Report Overview - The report is about corn starch, written on May 8, 2025, with a daily review cycle [1] Group 2: Futures Market Review - On May 8, 2025, the main contract of corn starch showed a downward trend. The closing price of the main contract cs2507 was 2,731 yuan/ton, down 14 yuan/ton from the previous trading day [5] - The trading volume on that day was 118,000 lots, and the open interest at the close was 243,000 lots, an increase of 4,537 lots compared to the previous trading day [5] Group 3: Spot Market Fundamentals - The spot price of corn starch showed an overall upward trend. The quotes in Hebei and Shandong increased by 20 yuan/ton compared to the previous day [6]