Report Overview - Report Date: July 28, 2025 - Research Variety: Shanghai Tin Futures - Researcher: Cao Baiquan - Report Source: Wave Futures Daily [1] 1. Investment Rating - There is no investment rating provided in the report. 2. Core View - The price of the Shanghai Tin main contract is expected to fluctuate within a range in the short - term due to the continued tight supply of tin ore in the domestic market and weak overall demand during the consumption off - season [7]. 3. Summary by Directory 3.1 Futures Market 3.1.1 Contract Market - The opening price of the Shanghai Tin main contract 2508 was 271,350 yuan/ton, reaching an intraday high of 272,000 yuan/ton and a low of 266,800 yuan/ton. It closed at 267,700 yuan/ton, down 1.27% from the previous day. The daily settlement price was 268,550 yuan/ton, with a trading volume of 36,620 lots and an open interest of 6,528 lots [2]. 3.1.2 Variety Price - Presented price information for multiple Shanghai Tin futures contracts, including the latest price, price change, trading volume, etc. For example, the latest price of the Shanghai Tin main contract was 267,880 yuan/ton, down 3,430 yuan [5]. 3.2 Influencing Factors - On the industrial side, the tight supply of tin ore and low LME tin ingot inventory support prices. However, the expected acceleration of the resumption of tin ore supply in Myanmar and weak demand limit the ability to accept high prices. Last week, tin ingot inventory increased significantly by 230 tons to 9,958 tons [6]. 3.3 Market Outlook - In the short - term, although there is an expectation of the resumption of tin mines in Wa State, Myanmar, the actual output release still takes time, and the shortage of raw materials for domestic smelters is difficult to fundamentally change. The demand side is still in the consumption off - season with weak overall demand. The price of the Shanghai Tin main contract is expected to fluctuate within a range [7].

当周沪铜期货价格呈现冲高后回落,截至周五收盘, 主力合约 2509 周度上涨 810 元/吨, 收盘至 79250 元/吨, 涨幅为+1.03%, 最高价 80140 元/吨,最低价 78530 元/吨，持仓约 18.1 万手,较上 周增加约 3.9 万手。成交量倍增，反应当前市场活跃度非常高。 研究热线: 028 6130 3163 邮箱: institute@gjqh.com.cn 投诉热线: 4006821188 请务必阅读文末风险揭示及免责声明 成文日期: 20250728 研究品种:沪铜 研究员：曹柏泉 期货咨询证号（F03122015&Z0019820) 报告周期:周度 沪铜期货周报 核心观点: 本周（20250721-0725）期货市场沪铜价格比上周总体有所上 涨,国内"反内卷"政策预期与海外关税落地形成多空对冲,市场 情绪波动加剧。价格冲高回落,库存分化加剧,球显性库存环比 +0.3 万吨至 49.9 万吨,隐性过剩压力显现。终端消费受高温多雨 抑制，现货贴水扩大至-65 元/吨。预计价格会区间内震荡为主。 1 .期货市场 1.1 合约价格 图 1: 沪铜 2509 日线 图片来源:文华财经 ...

1. 期货市场 研究品种: 沪锡 成文日期: 20250725 研究员：曹柏泉 期货咨询证号（F03122015&Z0019820) 报告周期: 日报 浪潮期货日报 1.1 合约行情 今日沪锡主力合约 2508 呈现较为显著的价格波动与市场动态 变化。从开盘来看,以 272370 元/吨的价格开始交易,开盘后市场 多空力量开始博弈。早盘阶段，价格一度上扬，最高触及 272750 元 /吨,显示多头力量在短期内强势推动。但随后空头力量逐渐发力, 价格出现回落,盘中最低下探至 269030 元/吨, 最终收盘价为 271630 元/吨，结算价为 270950 元/吨。今日沪锡主力合约 2508 成 交量为66936手,持仓量为11350手。 图 1：沪锡合约 2508 分时图 数据来源:国金期货-同花顺期货通 | 名称 | 最新价 涨跌 | दो में | | | 卖量 成交量 开盘价 昨收价 最高价 最低价 持仓量 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 户锡主力 | 271630.00 -2040.00 | 2.00 | 1.00 ...

成文日期: 20250728 研究品种:股指期 研究分析师：武吟秋 期货咨询证号（F03087154&Z0018989) 报告周期:周度 股指期货周报 1. 市场概述与行情回顾 A 股主要指数沪指上周继续保持震荡上行态势,周中一度突破 3600 点整数关口。期指方面，本周四大期指整体上行，IF、IH 主力合约 分别累计上涨 1.84%、1.08%； IC、IM 主力合约分别累计上涨 3.59%、3.00%。从前 20 席位持仓变化来看，本周 IF 净持仓空头 上升 2657 手、IH 浄持仓空头上升 815 手、IC 净持仓空头上升 5682 手、 IM 净持仓空头上升 5576 手。 图 1：IF 主力合约日 K 图 研究热线：028 6130 3163 邮箱：institute@gjgh.com.cn 投诉热线：4006821188 请务必阅读文末风险揭示及免责声明 来源：国金期货文华财经赢顺 WH6 客户端 沪深 300 指数：本周收盘价 4127.16 点，较上一周收盘价上 o 涨了 68.61 点。 研究热线：028 6130 3163 邮箱：institute@gjqh.com.cn 投诉热线：4 ...

Group 1: Report Overview - Report Date: July 24, 2025 [1] - Report Cycle: Daily [1] - Researcher: Qi Jianhua [1] Group 2: Futures Market 2.1 Contract Quotes - On July 24, 2025, the daily K - line of the continuous main contract of DCE's soybean No.1 futures closed with a long lower shadow, with the price hitting the bottom and rebounding during the session. The opening price was 4,214 yuan/ton, the highest price was 4,230 yuan/ton, the lowest price was 4,184 yuan/ton, the closing price was 4,224 yuan/ton, down 5 yuan/ton or - 0.12% from the previous day. The trading volume was 124,496 lots, the open interest was 177,614 lots, and the daily increase in open interest was - 3,513 lots [2] 2.2 Variety Prices - Different contracts of soybean No.1 showed various price movements. For example, contract a2509 had an opening price of 4,214 yuan/ton, a closing price of 4,224 yuan/ton, and a decrease of 23 yuan compared to the previous settlement price. The total trading volume of all soybean No.1 contracts was 178,803 lots, the total open interest was 309,488 lots, and the total trading value was 747,497.46 million yuan [3] Group 3: Spot Market - Today, the basis of soybean No.1 was - 204 yuan/ton, showing a slight weakening. The total registered warehouse receipts of soybean No.1 were 14,302 lots, a decrease of 220 lots compared to the previous day, and the registered warehouse receipts have continued to decline recently [5] Group 4: Influencing Factors 4.1 Important Events - According to Wind data, today's average price of domestic soybeans was 4,012 yuan/ton, a slight increase of 0.05% compared to the previous day, and the spot price of soybeans has stabilized and rebounded. The soybean inventory at major ports was 6.7567 million tons, a decrease of 1.24% compared to the previous day. With the arrival of imported soybeans, the inventory accumulation at ports has slowed down slightly [8][10] 4.2 Industry News - In terms of imported soybeans, according to Wind data, the recent - month landed duty - paid price of imported soybeans was stable with a slight increase. The recent - month landed duty - paid price of US Gulf soybeans was 4,896.37 yuan/ton, that of Brazilian soybeans was 3,938.83 yuan/ton, and that of Argentine soybeans was 3,789.98 yuan/ton. Today, the rebound of enterprise crushing profit has weakened, showing a stable - to - decreasing trend [11]

成文日期: 20250724 期货咨询证号（F03099134&Z0017731) 研究员:漆建华 报告周期: 日度 玉米淀粉期货日报 1. 市场概述与行情回顾 1.1 市场总体表现 当日（20250724）玉米淀粉期货 cs2509 合约以震荡为主。今 日收盘价为 2669 元/吨，今日的收盘价和上一个交易日的收盘价对 比下跌了 6 元/吨。从成交情况来看，今天的成交量为 85663 手，和 上一个交易日对比下跌了 29021 手,而持仓量方面,截止今天收盘, 持仓量为 20.1 万手，相较于上一交易日持仓量降低了 7081 手。 研究热线：028 6130 3163 邮箱：institute@gjgh.com.cn 投诉热线：4006821188 请务必阅读文末风险揭示及免责声明 图 1：玉米淀粉期货合约价格走势图 图片来源:国金期货行情软件 1.2 期货行情数据 图 2: 玉米淀粉期货行情数据 | 房 | 10 合约各称 1 1 1 最新 1 和手 1 2 买价 1 买量 1 卖量 1 成交量 1 球改量 7 排 3 弹簧 5 折 升 3 最高 8 4 最新 3 5 5 点 5 1 5 5 | | -- ...

Report Information - Report Date: July 25, 2025 [1] - Report Cycle: Daily Report [1] - Analyst: Dai Xiaohong, with Futures Practitioner Certificate No. F0266663 and Investment Consulting Practitioner Certificate No. Z0000213 [1] 1. Futures Market 1.1 Contract Quotes - On July 24, 2025, the stainless steel ss2509 futures contract fluctuated sideways with large intraday volatility, rising after an early - morning decline, closing up about 0.27% at 12,935 points. The overnight position decreased continuously and then increased with the price rise before the close. The daily trading volume was 144,000 lots, a decrease of 81,700 lots from the previous trading day [2] 1.2 Variety Prices - The prices of 12 stainless - steel futures contracts showed a normal market pattern of lower near - term and higher far - term prices. All contracts were strong throughout the day, with near - term contracts stronger than far - term ones. The active contract ss2509 had a position of 120,000 lots, a decrease of 2,051 lots (1.71% decrease). The main - contract funds left the market, while the position of the secondary main contract increased by 3,095 lots [5] 1.3 Related Quotes - On the same day, Shanghai nickel prices mostly rose, and nickel ore prices were firm. Some ferronickel production capacity shifted to nickel ice again, and it was expected that the supply of ferronickel and the amount flowing back to China would shrink. The domestic ferronickel price rebounded to around 908 yuan per nickel point [7] 2. Spot Market 2.1 Basis Data - In the past 10 trading days, the basis of the active stainless - steel contract ss2509 changed significantly, with a maximum of 280 yuan/ton, a minimum of 25 yuan/ton, and 95 yuan/ton on the day, widening by 35 yuan/ton from the previous day. In the spot market, taking 304 stainless - steel cold - rolled coil plate with rough edges as an example, the prices in Foshan Yongjin, Wuxi Yongjin, Zibo Hongwang, and Shanghai Hongwang were 12,700 yuan/ton, 12,600 yuan/ton, 12,550 yuan/ton, and 12,700 yuan/ton respectively [11] 2.2 Registered Warehouse Receipts - The registered warehouse receipts of stainless steel on the Shanghai Futures Exchange were 103,354 tons, a decrease of 61 tons. Although the registered warehouse receipts of stainless steel on the Shanghai Futures Exchange have been decreasing recently, they are still at a historical high [11] 3. Influencing Factors - According to Mysteel statistics, on July 24, 2025, the total social inventory of stainless steel in the mainstream markets across the country was 1,118,586 tons, a week - on - week decrease of 2.54%. For the 300 - series stainless steel, the total inventory was 669,941 tons, a week - on - week decrease of 2.55%. The market arrivals were normal this week. With the increase in spot prices following the mill's list prices, the resource digestion speed accelerated slightly, and the shipments were mainly for on - demand procurement and the delivery of some previous processing orders. Therefore, the national stainless - steel social inventory decreased this period [12] 4. Market Outlook - The strong sideways fluctuation on the previous day, combined with the gradual increase over several trading days, may accumulate bullish energy in market sentiment and risk preference. Before new spot data is released, the moving - average system may support traders' bullish sentiment and push prices higher, but the variability of sentiment should be noted [14]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoint - The soybean oil futures market is in a weak state, with intensified competition between international cost support and loose domestic supply - demand. Short - term market volatility is increased by US soybean产区 weather disturbances and the approaching tariff negotiation deadline on August 1st, but high domestic inventory and weak palm oil exports limit the upward momentum. In the medium term, soybean oil is expected to maintain a pattern of bottom - building through oscillations [10]. 3. Summary by Directory 3.1 Market Overall Performance - On July 22, 2025, the soybean oil futures market showed a downward trend. The main contract y2509 closed at 8,076 yuan/ton, down 48 yuan/ton or - 0.59% from the previous day. The trading volume was 297,000 lots, and the open interest was 521,000 lots. In the spot market, the average price of soybean oil in Jiangsu was 8,230 yuan/ton, down 30 yuan/ton from the previous day. The trading volume in the futures market shrank by 5.4% month - on - month, and the open interest decreased, indicating strong market wait - and - see sentiment. The spot market price also declined, with positive basis but light trading [3]. 3.2 Macro and Fundamental Analysis - Internationally, the soybean oil market is significantly affected by weather disturbances in US soybean - growing areas and the approaching tariff negotiation deadline. The US soybean good - to - excellent rate dropped to 68% due to continuous high - temperature pressure in the Midwest. Although rainfall in some areas has alleviated the drought, high - temperature risks remain in the next two weeks, supporting the cost side of the external market. With the August 1st tariff negotiation deadline approaching, the EU has prepared counter - measures, and the market is worried about trade frictions affecting the global soybean supply chain. - Domestically, the supply is loose, with continuous accumulation of soybean oil inventory and high pressure on oil mills to prompt delivery. Southern high - temperature weather suppresses catering consumption, and slow terminal pick - up of goods depresses the spot basis. The sentiment in the international oil market has cooled down. From July 1 - 20, Malaysian palm oil exports decreased by 3.5% - 7.3% month - on - month, while production increased by 6.19%, weakening the supply - demand situation and indirectly dragging down soybean oil. However, biodiesel policies still provide support, as the US biodiesel tax credit policy continues to limit the downside space of oils [8][9]. 3.3 Conclusion and Outlook - The soybean oil futures contract y2509 continues to be weak. In the short term, weather disturbances in US soybean - growing areas and the tariff negotiation deadline on August 1st increase market volatility and raise the risk premium of the external market. But high domestic inventory and weak palm oil exports limit the upward momentum. In the medium term, attention should be paid to the sustainability of weather speculation, the implementation of trade policies, and the resilience of biodiesel demand. It is expected that soybean oil will maintain a pattern of bottom - building through oscillations [10].

报告周期: 日度 知期货日报 1. 市场概述与行情回顾 成文日期: 20250723 研究品种:碳酸锂 研究员：曹柏泉 期货咨询证号（F03122015&Z0019820) 今日（20250723）碳酸锂期货市场呈现下跌走势。主力合约 2509, 收于 69380 元/吨, 较昨日结算价下跌 2940 元/吨, 跌幅为 4.07%。成交量为 133.41 万手,持仓量为 36.20 万手,期货市场价 格滞后于现货市场。 1:碳酸锂主力合约分时图走势 1.1 当日市场总体表现 1.2 现货市场数据 碳酸锂主要现货市场价格整体大幅上涨。 研究热线：028 6130 3163 邮箱：institute@gjgh.com.cn 投诉热线：4006821188 请务必阅读文末风险揭示及免责声明 图片来源：国金期货-博易云 ₂ ₃ ₂ ₃ 风险揭示及免责声明 国金期货已取得中国证监会期货投资咨询业务资格的批复。本报告由国金期货有限责 任公司制作,未获得国金期货有限责任公司授权,任何单位和个人不得对本报告进行任何 形式的修改、复制和发布。 本文部分数据、图片、音频、视频均来源于网络搜索,版权归版权所有者所有,如有 侵权请联 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The apple market is currently in a state of light trading. The short - term apple price is expected to remain stable, and in the short - term, the price will show a slightly stronger oscillatory trend. The new - season apple bagging quantity is slightly lower than the previous season, and the early - maturing apple purchase price in the northwest region is higher than the same period last year, which may support the opening price of late - maturing Red Fuji. However, it is currently the off - season for apple consumption, and weak demand may limit the upside potential of the market [7][9][13]. 3. Summary According to the Directory 3.1 Futures Market - **Contract Quotes**: On July 23, 2025, the apple futures market showed a slight increase. The closing price of the main apple futures contract AP2510 was 7,956 yuan/ton, up 58 yuan/ton from the previous day, with a change of +0.73%. The trading volume was 46,397 lots, a decrease of 4,132 lots from the previous trading day, and the open interest was 91,030 lots, a decrease of 1,666 lots from the previous trading day [2]. - **Futures Market Data**: Besides the AP2510 contract, the closing price of the AP2601 contract was 7,817 yuan/ton, up 38 yuan/ton, with a change of +0.49%. The trading volume was 2,718 lots, and the open interest was 9,817 lots, a decrease of 117 lots from the previous day [4][5]. - **Spot Market Data**: On July 23, the prices in the main apple spot markets showed an overall oscillatory upward trend [6]. 3.2 Influencing Factors - **Industry Events**: Recently, due to the impact of seasonal fruits and a decline in exports and e - commerce sales, the early - maturing apples in production areas such as Dali and Wanrong are being normally purchased at stable prices. The overall apple market remains in a state of light trading. The inventory trading is concentrated in the Shandong production area, with slow sales, but the low remaining inventory and high preserved fruit prices provide bottom - line support [7]. 3.3 Technical Analysis - **Price Position**: On July 23, the closing price of the AP2510 futures was 7,956 yuan/ton, which was at the mid - to - high level of the price range in the past 30 days, indicating short - term price oscillation [12]. - **K - line Pattern**: On July 23, the K - line closed as a positive line. Combined with the K - lines of the previous few days, it formed an oscillatory upward pattern [12]. 3.4 Market Outlook - The new - season apple bagging quantity is slightly lower than the previous season, and the early - maturing apple purchase price in the northwest region is higher than the same period last year, which may support the opening price of late - maturing Red Fuji. Currently, it is the off - season for apple consumption, and weak demand may limit the upside potential of the market. In the short - term, the price will show a slightly stronger oscillatory trend [9][13].