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 ...

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撰写品种:玉米淀粉 撰写时间 2025.6.25 回顾周期: 日报 研究员:漆建华 咨询证号(Z0017731) 玉米淀粉日报 期货行情回顾 图片来源:国金期货行情软件 2025 年 6 月 25 日, 今天的玉米淀粉期货主力合约走势整体呈现出震荡向下的态 势，玉米淀粉期货主力合约 cs2509 今天的收盘价为 2732 元/吨，今日的收盘价和上一 个交易日的收盘价对比下跌了 12 元/吨｡从成交情况来看, 今天的成交量为 11.3 万手, 和上一个交易日对比增加了 9768 手，而持仓量方面，截止今天收盘，持仓量为 13.5 万手，相较于上一交易日，持仓量增加了 20590 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，其中黑龙江地区今天的报 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 028 6130 3163 institute@gjqh.com.cn 4006821188 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The current soda ash market has sufficient supply and weak demand. The two major downstream industries, float glass and photovoltaic glass, are in a difficult situation, with inventory on the rise. The overall market sentiment is pessimistic, and soda ash prices may still face downward pressure in the short term [8]. 3. Summary by Relevant Catalogs 3.1 Futures Market - On June 25, 2025, for the soda ash 2508 contract, the latest price was 1171, up 3 with a 0.26% increase, the open interest was 11699, down 29, and the trading volume was 2655. Its opening price was 1166, the highest was 1173, the lowest was 1159, and the settlement price was 1166 [4]. - For the soda ash 2509 contract, the latest price was 1166, up 1 with a 0.09% increase, the open interest was 1561404, down 7874, and the trading volume was 953401. Its opening price was 1158, the highest was 1168, the lowest was 1152, and the settlement price was 1160 [4]. - For the soda ash 2601 contract, the latest price was 1159, up 2 with a 0.17% increase, the open interest was 557916, up 2848, and the trading volume was 125828. Its opening price was 1150, the highest was 1160, the lowest was 1146, and the settlement price was 1154 [4]. 3.2 Spot Market On June 25, domestic soda ash enterprises' quotes remained at a low level. The mainstream ex - factory price of light soda ash was around 1250 - 1350 yuan/ton, and the mainstream delivered price of heavy soda ash to end - users was about 1300 - 1400 yuan/ton [4]. 3.3 Factors Affecting the Market - **Supply**: Since June, the weekly output of soda ash has remained above 700,000 tons, with significant supply pressure. Although some plants have maintenance plans in the medium - term approaching summer, there are few new maintenance plans in the short term, and the overall supply is at a high level [5]. - **Demand**: The involution in the photovoltaic glass industry has led to production cuts. The price rebound of float glass is based on the expectation of supply tightening. Whether the unplanned cold repairs are realized or not, it is unfavorable for the demand of soda ash. In addition, in the demand for light soda ash, the support from lithium carbonate and daily - use glass is limited, and the substitution ratio of caustic soda is less than 5%, with limited incremental demand. Overall, the demand recovery of downstream industries for soda ash is weak, and procurement is mostly for rigid needs, with a cautious market performance [5]. - **Macro - level**: There are signs of easing in the Middle East geopolitical conflict, and the overnight crude oil futures price has declined. Although the State Council executive meeting has made targeted arrangements for the real estate market recently, the year - on - year growth rate of real estate development investment is still declining without an obvious turning point, and its role in driving the demand for the glass industry downstream of soda ash is not clear [5][6].

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: 20250625 研究品种:沪锡 研究员：曹伯泉 期货咨询证号（F03122015&Z0019820) 报告周期:日度 沪锡期货日报 1. 市场概述与行情回顾 1.1 当日市场总体表现 今日(20250625)沪锡主力合约 2507 呈现震荡偏弱走势，早盘 开盘价为 263200 元/吨, 盘中最高触及 263800 元/吨, 最低下探至 261900 元/吨, 最终收盘报价 263800 元/吨,结算价为 262150 元/ 吨。从日内走势来看,合约价格在午后一度尝试上涨,但未能有效 突破 264000 元/吨的阻力位,随后逐步回落,整体呈现出高位震荡 的格局。成交量方面，今日沪锡主力合约 2507 成交量为 5.47 万手, 较前一交易日有所减少，显示市场交投活跃度略有下降。持仓量方 面，截止至今日收盘，持仓量为 1.31 万手。 图 1：沪锡主力合约 2507 价格走势 沪锡主力连续合约分时图,图片来源：同花顺期货通 1.2 期货行情数据 ...

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C 国金期货 观投研丨产业链周报 研究品种：天然橡胶 成文日期：20250623 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 图片来源：文华财经 wh6 09 橡胶2601 ru2601 4.25 MA40 15131.38 MA60 15566.42 14715 步四 14710 14705 14700 费一 4 11 11 1 14695 st- 14690 14685 室二 14680 10 买四 14675 买五 14670 16270 总委 14705 d 2 14680 14690 | 涨跌 15/0.319 最新 现手 1 速涨 0.00% 11964 开盘 環 持仓 42005 最高 177 日增 214 最低 14630 402 结算价 外盘 比例 53.5% 昨收 14790 内盘 5562 昨结 14735 比例 46.5% 涨停 15910 杠杆 -- | 跌停 13555 时间 价位 现手 用率 22:59:51 14690 -1 双斗 22:59:55 14690 o 双 runni 22:59:55 14690 22:59:5 ...

2025/6/16 6/20 2509 35.4347 58900 / 60600 / 58860 / 900 / 1.51% 59580 / 028 6130 3163 institute@gjqh.com.cn 4006821188 028 6130 3163 institute@gjqh.com.cn 4006821188 Li₂CO₃≥99.5% 60400 / Li₂CO₃≥99.2% 58800 / CIF6 620 / CIF /5.5%-6.2% 610 / CIF /5.5%-6.2% 615 / 54% 51% 56% 60% 56% 39% 43% ...

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