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]

Report Overview - Reported variety: Shanghai Zinc [1] - Writing time: May 27, 2025 [1] - Review period: Daily [1] - Researcher: Cao Baiquan [2] - Consultation license number: Z0019820 [2] 1. Market Performance - On May 27, 2025, the closing price of the main Shanghai Zinc contract ZN2507 was 22,330 yuan/ton, up 0.61% from the previous trading day, with a trading volume of 38.46 billion yuan and an open interest of 121,600 lots [3] 2. Supply Situation - The processing fee (TC) of domestic zinc smelters is on an upward trend, and it is expected to continue rising in June, with stable smelting profits [3] - Maintenance of zinc mines in the Southwest region has affected the concentrate output by over 1,000 metal tons, and a smelter in the South China region has extended its maintenance period, leading to a short - term local supply contraction [3] 3. Demand Situation - Orders of processing enterprises have not shown significant growth, indicating weak restocking motivation in the manufacturing industry [3] - Terminal procurement is mainly for刚需, and demand in the real estate and infrastructure sectors is weak [3] 4. Overall Outlook - Low inventory supports prices, but the expectation of ample supply limits the upside potential. In the short term, the market will be range - bound [3] - Attention should be paid to the progress of maintenance resumption in the Southwest region and changes in LME inventory [3]

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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Group 1: Report Overview - Report on building materials (rebar, glass) for the week from May 5th to May 9th, 2025 [1][3] - Researcher: Zhang Mengwei, Consultation Certificate No. (Z0020205) [1] Group 2: Industry Investment Rating - Not provided Group 3: Core Viewpoints - Building materials continued the downward trend this week, with rebar showing some resistance and glass hitting a new low [3] - The agreement on tariff and trade between the UK and the US indicates a gradual reduction in market risks and a possible mean - reversion of asset volatility [3] - The fundamentals of building materials are showing signs of weakening as the off - season approaches, but the improving macro - environment may have a hedging effect on prices [3] Group 4: Rebar Analysis - Rebar spot trading was weak week - on - week, and steel mill profits were continuously compressed, leading to a slight decline in production week - on - week [3] - Rebar demand weakened after excluding the impact of the May Day holiday, and inventory started to accumulate [3][4] Group 5: Glass Analysis - Two glass production lines were cold - repaired this week, resulting in a slight week - on - week decrease in production [3] - Glass demand improved week - on - week, but the terminal real estate market remained weak based on Q1 completion area data, and the glass market was still in a supply - exceeding - demand situation with prices under pressure [3] - Glass inventory increased slightly [10]

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]