Report Summary 1. Report Information - The report focuses on lithium carbonate with a monthly review cycle, written on July 1, 2025 [1] 2. Market Review - In June, affected by supply - demand changes and relevant stimulus policies, the futures price of lithium carbonate first declined and then rose, increasing by 2420 yuan/ton (4.04%) for the whole month. The highest price of the main contract 2509 was 63600 yuan/ton, and the lowest was 58400 yuan/ton. As of June 30, the average spot price of battery - grade lithium carbonate was 61300 yuan/ton, the average spot price of industrial - grade lithium carbonate was 59700 yuan/ton, the futures closed at 62260 yuan/ton, and the basis widened to 960 yuan/ton. The futures price fluctuated frequently, with a downward trend in the first ten - day period due to pessimistic market expectations and a certain rebound in the last ten - day period affected by some news and capital games, but still in a weak pattern [3] 3. Supply - Demand Fundamentals 3.1 Domestic Production - In June, domestic lithium carbonate production remained at a relatively high level. Some mica - based lithium extraction enterprises had slightly fluctuating production due to raw material supply and cost issues, while salt - lake and spodumene - based lithium extraction enterprises maintained stable production. In Jiangxi, some mica - based lithium extraction enterprises reduced production by about 5 - 8% month - on - month due to high lithium mica concentrate prices. In Qinghai salt - lake areas, production increased by about 3 - 5% month - on - month due to the summer production peak. According to SMM data, the total domestic lithium carbonate production in June was about 35,000 tons, a month - on - month increase of about 2% [4] 3.2 Import Situation - In June, the import volume of lithium carbonate declined. Customs data showed that the total import volume was about 19,600 tons, a month - on - month decrease of 20.3%, and the average import price was about 12,309 US dollars/ton. Among them, about 15,700 tons were imported from Chile and about 3400 tons from Argentina. The decrease in imports alleviated the oversupply situation to some extent, but the overall supply was still sufficient [4] 3.3 Power Battery Field - In June, the production and sales data of the new energy vehicle market were good, and the growth rate remained at a certain level [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The supply pressure of synthetic rubber still exists due to the long - term impact of new capacity release, and the demand side is difficult to improve significantly in the short term. The cost side has some support for prices, so the synthetic rubber futures price is expected to fluctuate. In the long - term, the market scale of synthetic rubber is expected to expand with the development of the automotive industry and new energy vehicles. Investors should focus on macro - policies and supply - demand changes [12]. 3. Summary by Directory 2. Synthetic Rubber Industry Chain Analysis - In June, the price of raw material butadiene fluctuated downward, having a continuous negative impact on SBS and limiting its rebound space [5]. 3. Synthetic Rubber Cost and Profit - At the beginning of June, the ex - factory price of butadiene increased by 500 yuan/ton to 12,500 yuan/ton. In June, synthetic rubber enterprises had poor profit conditions and were mostly in a loss state. As of June 12, the production cost of cis - butadiene rubber was 15,985 yuan/ton, and the production profit in Shandong was - 185 yuan/ton. By June 20, the after - tax profit of synthetic rubber was - 1,230.09 yuan/ton. With the loosening of butadiene supply in the second half of June and the decline in price, the profit of synthetic rubber improved slightly [7]. 4. Synthetic Rubber Futures Market - For futures contracts BR2508, BR2509, and BR2510, their monthly opening prices were 10,925 yuan/ton, 10,900 yuan/ton, and 10,845 yuan/ton respectively; the highest prices were 11,780 yuan/ton, 11,685 yuan/ton, and 11,655 yuan/ton respectively; the lowest prices were 10,595 yuan/ton, 10,555 yuan/ton, and 10,540 yuan/ton respectively; the closing prices were 11,250 yuan/ton, 11,140 yuan/ton, and 11,085 yuan/ton respectively; the price increases were 255 yuan/ton, 220 yuan/ton, and 165 yuan/ton respectively; the positions were 28,291 lots, 22,101 lots, and 1,968 lots respectively; and the position changes were - 14,518 lots, 8,048 lots, and 1,454 lots respectively [10]. 5. Synthetic Rubber Import and Export Situation - In May, China's imports of natural and synthetic rubber (including latex) were 607,000 tons, and the cumulative imports from January to May were 3.476 million tons, a year - on - year increase of 23.5%. From January to May, the import volume of synthetic rubber increased by 13% year - on - year to 587,000 tons. The overall import volume showed an increasing trend, and the import volume in June may continue to grow without special circumstances [11]. 6. Conclusion and Outlook - In the short - term, the synthetic rubber market has supply pressure, and the demand side is difficult to improve significantly. The cost side supports prices, and the futures price is expected to fluctuate. In the long - term, the market scale is expected to expand with industry development, and investors should pay attention to macro - policies and supply - demand changes [12].

Group 1: General Information - Research variety: Natural rubber [1] - Report date: June 30, 2025 [1] - Report period: Weekly [1] - Researcher: He Ning, Qualification No.: F0238922; Investment Consulting Certificate No.: Z0001219 [1] Group 2: Investment Rating - The upward driving force of natural rubber is insufficient, and it may remain weakly volatile in the short term [3] Group 3: Core View - The fundamentals of natural rubber do not have upward driving force, and the futures price is expected to continue to fluctuate weakly in the short term. Attention should be paid to the impact of factors such as Sino-US tariffs, upstream production, and midstream inventory on market sentiment and price trends [11][12] Group 4: Spot Market Analysis - In the domestic Yunnan production area, heavy rainfall last week affected the raw material procurement sentiment of concentrated latex, and the raw material supply was tight; in the Hainan production area, affected by the previous typhoon, the output speed was dragged down, with a total island collection of about 3,000 - 3,500 tons, still less than the same period in previous years. In the Thai production area, there was less disturbance last week [9][10] - Last week, the capacity utilization rate of sample all-steel tire factories was 62.23%, and that of semi-steel tire factories was about 70.4%. The demand expectation was impacted by the macro tariff war, the order situation was average, and the capacity utilization rate of most tire factories fluctuated at a low level [10] - According to Longzhong Information statistics, the domestic natural rubber social inventory was about 1.286 million tons, a month-on-month increase of 0.8 million tons, an increase of 0.6%. The social inventory of dark rubber was about 780,000 tons, a month-on-month increase of 1.3%. The social inventory of light rubber was about 506,000 tons, a month-on-month decrease of 0.4%. There was a slight inventory accumulation [10] Group 5: Futures-Spot Combination Analysis - Last week, the spot market price of Thai mixed natural rubber fluctuated with the market. The monthly spread of Thai mixed spot showed a weak BACK structure, and the futures-spot spread widened. The spread between the RU main contract and Thai mixed spot fluctuated between 100 - 200 yuan/ton; the spread between the NR main contract * 1.13 and Thai mixed spot fell to about -20 yuan/ton. According to the past spread rules, there is no good opportunity for non-standard positive set building in the current market. Recently, the number of NR warehouse receipts has gradually increased, and the premium of standard rubber spot over mixed rubber spot has shrunk to par. In the Yunnan production area, the impact of rainfall decreased last week, and the spread between standard No. 2 and Thai mixed widened to about 700 yuan/ton [11]

今日（20250630）不锈钢期货市场冲高回落。以 2508 不锈钢主 力合约为例，开盘 12665 点，最高 12735 点，最低 12600 点，收于 12610 点，较昨天收盘价下跌 10 点，涨幅为-0.08%。成交量为 14.6 万手,较上日增加 3974 手;持仓量为 10.1 万手,较上日减少 6160 手。现货市场方面，304 不锈钢冷轧卷板毛边品种为例，佛山 角金 12450 元/吨，无锡甬金 12600 元/吨，淄博宏旺 12400 元/吨, 上海宏旺 12500 元/吨。30 日不锈钢期货市场活跃度有所下降, SS2508 价格在冲高回落的过程中,成交量、持仓量不断减少，主力 合约逐渐转移。 成文日期：20250701 报告周期:日度 研究品种:不锈 研究所：戴小红 咨询证号（Z0000213） 不锈钢期货日报 1. 市场概述与行情回顾 1.1 当日市场总体表现 图 1：不锈钢主力合约收盘价走势 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 来源：文华财经 1.2 期货行情数据 | ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View - In June 2025, the two - year, five - year, ten - year, and thirty - year Treasury bond futures' main contracts had capital inflows, and the monthly K - lines closed positive. The conflict between Israel and Iran on June 13 and the cease - fire on June 24, along with the central bank's reverse repurchase operations releasing liquidity, provided support for the bond market, showing strong market sentiment [3]. 3. Summary by Directory 3.1 Futures Market Analysis - The two - year Treasury bond futures' main contract closed at 102.498 yuan this month, up 0.10% from last month, with lower trading volume than the previous month and the MACD having a death cross above the zero - axis [8]. - The five - year Treasury bond futures' main contract closed at 106.160 yuan this month, up 0.13% from last month, with the monthly K - line closing positive [10]. - The thirty - year Treasury bond futures' main contract closed at 120.42 yuan this month, up 0.85% from last month, with the monthly K - line closing positive, leaving an upper shadow, and approaching the previous high of 122.28 yuan. The trading volume was less than the previous month, and the MACD continued to converge in a death cross above the zero - axis [15]. 3.2 Spot Market Analysis - On June 19, the central bank conducted 2035 billion yuan of 7 - day reverse repurchase operations at a fixed interest rate of 1.40% [15]. - The overnight Shanghai Interbank Offered Rate (Shibor) dropped 0.3 basis points to 1.366%, and the 7 - day Shibor dropped 0.3 basis points to 1.505% [15]. - On June 24, the central bank conducted 4065 billion yuan of 7 - day reverse repurchase operations, with a net investment of 2092 billion yuan [15]. 3.3 Futures - Spot Combination Analysis - Liquidity support: The central bank's net investment of funds through reverse repurchase maintained abundant inter - bank liquidity, providing short - term support for the bond market. On June 26, the central bank conducted 5093 billion yuan of 7 - day reverse repurchase operations, with a net investment of 3058 billion yuan after deducting the maturing funds [16]. - Geopolitical risk disturbance: The Israel - Iran conflict on June 13 boosted risk - aversion sentiment, causing funds to flow to safe assets like Treasury bonds, especially long - term varieties. The cease - fire was announced on June 24 [17]. 3.4 Outlook for the Future - In June, the main contracts of Treasury bond futures rose, which was related to the market traders' enthusiasm and the geopolitical risks. The central bank's reverse repurchase operations released a signal of loose liquidity in the inter - bank market, and it is uncertain whether it will continuously support market liquidity [18]

研究品种:尿素 成文日期：20250630 研究员：何宁 从业资格号:F0238922;投资咨询从业证书号:Z0001219 报告周期: 日度 今日（20250630）尿素期货主力合约价格震荡回落，收盘价为 1712 元/吨，最高达 1727 元/吨,最低为 1701 元/吨,成交量 21.8 万手，持仓量 22.4 万手。 图 1：尿素主力合约日线走势图 载 | 货日报 1. 市场概述与行情回顾 1.1 当日市场总体表现 图 2：尿素主力合约分时图 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 手 点击 金 管日 金 上一 图片来源：国金期货 wh6 | 合约名称 最新 涨跌 涨幅% 持仓量 日增仓 成交量 开盘 最高 最低 结算 | | --- | | 尿素2507 | | 尿素2508 1721 -17 -0.98% 850 29 224 1730 1737 1737 | | 尿素2509 M 1712 -11 -0.64% 223700 1164 218328 1720 1727 1701 17 ...

| 合约 | | | | 成交量 | | 持仓量 | 持仓变 化 | 今收盘 | 今年算 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 代码 | 今开盘 | 最高价 | 最低价 | (手) | 成交金额(万) | (手) | (手) | | | 昨结算 | 涨跌幅 | | IF2509 | 3911 | 3931.4 | 3874 | 56221 | 6580493.658 | 139367 | 3684 | 3876.6 | 3878.2 | 3905.6 | -0.74% | | IC2507 | 5828.8 | 5882.6 | 5806.8 | 36609 | 4278295.148 | 77537 | 1525 | 5827 | 5829.8 | 5813.4 | 0.23% | | IM2509 | 6120 | 6174.4 | 6100.6 | 113010 | 13863709.65 | 167757 | 6063 | 6110.8 | 6118.8 | 6104.8 | ...

期货行情回顾 撰写品种:玉米淀 撰写时间 2025.6.27 回顾周期: 日报 研究员:漆建华 咨询证号(Z0017731) 玉米淀粉日报 028 6130 3163 institute@gjqh.com.cn 4006821188 图片来源:国余期货行情软 2025 年 6 月 27 日, 今天的玉米淀粉期货主力合约走势整体呈现出震荡向上的态 势，玉米淀粉期货主力合约 cs2509 今天的收盘价为 2743 元/吨，今日的收盘价和上一 个交易日的收盘价对比上涨了 15 元/吨。从成交情况来看, 今天的成交量为 10.4 万手, 和上一个交易日对比有明显的增加,增加了 11517手,而持仓量方面,截止今天收盘, 持仓量为 14.9 万手，相较于上一交易日，持仓量增加了 5207 手。 二、现货基本面 今天的玉米淀粉现货价格整体呈现出稳中有升的态势,其中山东地区今天的报价 公司热线：028 6130 3163 研究所邮箱:institute@gigh.com.cn 投诉:4006821188 028 6130 3163 institute@gjqh.com.cn 4006821188 ...

C 国金期货 观投研丨产业链周报 研究品种：原油 成文日期：20250629 报告周期：周度 研究员：何宁 从业资格号:F0238922;投资咨询从业证书号:Z0001219 二 现货 分析 三、影响因素分析 四、后市展望 何担保。本公司建议交易者应考虑本报告的任何意见或建议是否符合其特定情形，在任何情 况下，本报告中的信息或所表述的意见仅供参考，并不构成对任何人的交易咨询建议。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。 同时提醒期货交易者，期市有风险，入市需谨慎! ...

C 国金期货 观投研丨产业链周报 研究品种：尿素 成文日期：20250629 报告周期：周度 期货 ， 具体如下：尿素 研究员：何宁 从业资格号:F0238922;投资咨询从业证书号:Z0001219 三、期现结合分析 二 现货 分析 四、后市展望 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 权请联系我们。本报告基于公开资料、第三方数据或我公司调研资料,我公司保证已经审慎 审核、甄别和判断信息内容,但由于信息获取和展示的局限性,我公司无法绝对保证公开信 息、第三方数据或调研对象提供材料的真实性、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。本公司建议交易者应考虑本报告的任何意见或建议是否符合其特定情形,在任何情 况下,本报告中的信息或所表述的意见仅供参考,并不构成对任何人的交易咨询建议。本公 司 ...