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]

Group 1 - TA inventory absolute level remains high, and if energy prices adjust again, market risks may not have subsided [8] - It is necessary to conduct risk management and consider hedging to deal with potential market risks [8]

Report Summary 1. Futures Market - The UR2509 contract had a high of 1904, a low of 1725, and closed at 1882 on May 8, with a weekly increase of 7.05% [5] 2. Regional Spot Market - In the domestic spot market, prices varied by region For example, Shandong's (cash - on - delivery ex - factory) price closed at 1805, down 0.25% week - on - week; Guangxi's closed at 1980, up 1.74% week - on - week; and the national average closed at 1829, down 0.89% week - on - week [7] 3. International Market - For small - particle urea, FOB prices in the Black Sea and Baltic increased by 1.13% and 1.14% respectively, while FOB China decreased by 2.43% CFR Brazil increased by 3.27% [8] - For large - particle urea, FOB Middle East net price increased by 6.62%, and FOB Middle East (US source net reverse calculation) increased by 4.89% [8] - Other international prices also had different changes, such as FOB Iran down 1.32% and Venezuela/Trinidad up 4.05% [9] 4. Inventory - Yantai port inventory was 5.5 on May 8, up 3.77% from April 24 and down 36.05% year - on - year - Total port urea inventory was 12.3, up 6.96% from April 24 and down 38.81% year - on - year - Domestic enterprise inventory was 95.25, down 6.80% from April 24 and up 133.46% year - on - year [10]

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1882 / 1890 / 1859 / 42.5 1. 20.51 0.35 1.71 88.91% 86.8% 2.09 2. 09 19 / 1% 4. 20 5. 6. 028 6130 3163 institute@gjqh.com.cn 4006821188 3. 028 6130 3163 institute@gjqh.com.cn 4006821188 131 028 6130 3163 institute@gjqh.com.cn 4006821188 ...

Group 1 - SMM1 price range is 123,500 - 126,300, with a reference price of 124,900; other price - related ranges and reference values are 750 / 2,100 - 2,400 (reference 2,250), 100, 0 - 300 (reference 150), and 25 [3] - On May 7, 2025, the value is 24,631; 223 is related to LME on May 7, 2025, with a value of 198,312 and a change of 1,470, representing a 9.4% change [3] Group 2 - NI main - continuous price data: 123,630.0, 123,880.0, 124,540.0, 123,030.0, a change of - 450.0, and a change rate of - 0.363 [4]