Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - Downstream minor restocking led to a rebound in lithium carbonate prices but the contradiction of continuous decline in ore prices remains unchanged; after the price rebound, the supply of lithium carbonate increased rapidly while demand tended to be stable [3] - Zimbabwe will ban the export of lithium concentrate from 2027 to promote local processing [3] Group 3: Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate average price is 60,650 with a rise of 150; SMM industrial - grade lithium carbonate average price is 59,050 with a rise of 150 [1] - The price difference between battery - grade and industrial - grade lithium carbonate is 1,600 [2] Lithium Ore - Lithium spodumene concentrate (CIF China) average price is 631 with a rise of 46 [1] - Lithium mica (Li20:1.5% - 2.0%) price is 10; lithium mica (Li20:2.0% - 2.5%) price is 1,225 with a rise of 15; phosphorus lithium aluminum stone (Li20:6% - 7%) price is 5,660; phosphorus lithium aluminum stone (Li20:7% - 8%) price is 6,595 with a rise of 55 [2] Futures Contracts - Lithium carbonate 2506 closing price is 60,420 with a decline of 1.44%; lithium carbonate 2507 closing price is 60,440 with a decline of 1.56%; lithium carbonate 2508 closing price is 60,520 with a decline of 1.66%; lithium carbonate 2509 closing price is 60,480 with a decline of 1.69%; lithium carbonate 2510 closing price is 60,540 with a decline of 1.72% [1] Positive Electrode Materials - Lithium iron phosphate (power type) average price is 30,475 with a rise of 30; ternary material 811 (polycrystalline/power type) average price is 143,760 with a decline of 200; ternary material 523 (single - crystal/power type) average price is 114,695 with a rise of 30; ternary material 613 (single - crystal/power type) average price is 121,285 with a decline of 150 [2] Inventory - Total inventory (weekly, tons) is 133,549 with an increase of 1,117; smelter inventory (weekly, tons) is 57,653 with an increase of 537; downstream inventory (weekly, tons) is 40,686 with a decrease of 390; other inventory (weekly, tons) is 35,210 with an increase of 970; registered warehouse receipts (daily, tons) is 32,837 with no change [2] Profit Estimation - Cash cost of外购 lithium spodumene concentrate is 60,995 and the profit is - 1,189; cash cost of外购 lithium mica concentrate is 65,237 and the profit is - 6,929 [3]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - Pulp lacks clear driving factors in the short term and is expected to fluctuate in the range of 5,200 - 5,500 yuan/ton [4] Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On June 12, 2025, SP2601 was 5,244 yuan, down 0.49% day-on-day and up 0.04% week-on-week; SP2507 was 5,268 yuan, down 1.46% day-on-day and down 0.23% week-on-week; SP2509 was 5,214 yuan, down 0.87% day-on-day and down 0.27% week-on-week [1] - **Spot Prices**: Coniferous pulp Silver Star was 6,150 yuan, unchanged day-on-day and week-on-week; Russian Needle was 5,350 yuan, unchanged day-on-day and up 0.56% week-on-week; Broadleaf pulp Golden was 4,120 yuan, unchanged day-on-day and week-on-week [1] - **Foreign Quotes and Import Costs**: Chilean Silver Star's foreign quote was 740 US dollars, unchanged; import cost was 6,046 yuan, unchanged. Chilean Star's foreign quote was 560 US dollars, unchanged; import cost was 4,587 yuan, unchanged. Chilean Venus's foreign quote was 620 US dollars, unchanged; import cost was 5,073 yuan, unchanged [1] Pulp Fundamental Data - **Supply**: In April 2025, the import volume of coniferous pulp was 75.8 tons, down 5.01% month-on-month; the import volume of broadleaf pulp was 119.9 tons, down 18.44% month-on-month. The pulp shipment volume to China was 1,353 tons, down 30.80% [1] - **Inventory**: As of June 12, 2025, the pulp port inventory was 218.5 tons, up 1.3% from the previous period. The delivery warehouse inventory was 25.5 tons [1] - **Demand**: The production of major finished papers remained stable. For example, the production of offset paper was 20.1 tons, coated paper was 7.61 tons, tissue paper was 28 tons, and white cardboard was 30.1 tons [1] Pulp Valuation Data - **Basis**: On June 12, 2025, the Russian Needle basis was 82, with a quantile level of 0.837; the Silver Star basis was 882, with a quantile level of 0.977 [3] - **Import Profit**: On June 12, 2025, the import profit of coniferous pulp Silver Star was 104, with a quantile level of 0.78; the import profit of broadleaf pulp Goldfish was -467, with a quantile level of 0.208 [3] Supply End - Chilean Arauco announced the June 2025 wood pulp foreign quotes: coniferous pulp Silver Star was 740 US dollars/ton (face value), unchanged; broadleaf pulp had no supply in June, and partial supply was expected to resume in July (limited quantity); natural pulp Venus was 620 US dollars/ton (face value), unchanged. According to the PPC report, in April 2025, the shipment volume of M20 coniferous pulp to China decreased by 2.9% year-on-year, and the shipment volume of broadleaf pulp to China increased by 26.7% year-on-year [3] Demand End - Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor. Downstream paper mills made rigid purchases, and the production of major finished papers remained stable [4] Inventory End - As of June 12, 2025, the inventory of mainstream pulp ports in China was 218.5 tons, an increase of 2.8 tons from the previous period, a 1.3% increase month-on-month, showing a slight inventory accumulation trend [4] Strategy - Pulp is expected to fluctuate in the range of 5,200 - 5,500 yuan/ton in the short term due to the lack of clear driving factors [4]

Group 1: Report Core Views - Polyester downstream load remains at 91.8% despite the expected reduction, and recent promotions have facilitated inventory clearance [2] - PTA will undergo inventory reduction in the coming period, and the actions of mainstream factories to increase basis sales have significantly impacted the market, making PTA spot supplies tight [2] - The change in the sales strategy of large - scale PTA factories, especially the act of canceling warehouse receipts to sell spot, is effectively altering the market's view on PTA positive spreads [2] - It is difficult for downstream production cuts to form a unified force, and the maintenance of Northeast PX factories and Zhejiang reforming units has been postponed [2] - Short - fiber and bottle - chip device maintenance is expected to be carried out in the near future [2] Group 2: Data Summary Spot Price Changes - PTA spot price increased from 4825 to 4855, a change of 30 [2] - MEG inner - market price decreased from 4377 to 4350, a change of - 27 [2] Closing Price Changes - PTA closing price remained unchanged at 4620 [2] - MEG closing price decreased from 4285 to 4234, a change of - 51 [2] Short - fiber and Related Data - 1.4D direct - spinning polyester short - fiber price remained unchanged at 6570 [2] - Short - fiber basis decreased from 116 to 107, a change of - 9 [2] - 7 - 9 spread decreased from 138 to 102, a change of - 36 [2] - Polyester short - fiber cash flow increased from 240 to 246, a change of 6 [2] Bottle - chip Data - Polyester bottle - chip prices in the Jiangsu and Zhejiang markets increased, with the average price rising 15 yuan/ton [2] - Spot processing fees for bottle - chips increased from 321 to 330, a change of 8.4 [2] Other Product Data - T32S pure - polyester yarn price and processing fees remained unchanged [2] - Polyester - cotton yarn price, profit, and other related data remained unchanged [2] - The price of 1.4D imitation large - chemical fiber remained unchanged at 5850 [2] - The price difference between 1.4D direct - spinning and imitation large - chemical fiber remained unchanged at 720 [2] Load and Production and Sales Data - Direct - spinning short - fiber load increased from 88.90% to 91.30% [3] - Polyester short - fiber production and sales increased from 69.00% to 75.00%, a change of 6.00% [3] - Polyester yarn startup rate remained unchanged at 67.00% [3] - Regenerated cotton - type load index remained unchanged at 50.40% [3]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - PTA prices rose due to the escalation of tensions between the US and a Middle Eastern country, pushing up the Brent crude price. PTA inventory receipts increased, and spot liquidity was temporarily tight, with the spot basis strengthening. The polyester downstream load remained at 91.3% despite the expected reduction, and actual polyester production reached a new high. PTA will go through inventory reduction in the coming period, and the actions of major factories to increase the basis for sales have had a significant impact on the market, making PTA spot supplies tight. Downstream resistance to upstream price increases seems ineffective. Northeast PX plant maintenance and Zhejiang reform device startups have been postponed [2]. - For ethylene glycol, the decline in coal prices has expanded the profit margin of coal - based ethylene glycol. The recent blockage of US ethane imports has affected domestic ethylene glycol plants. Ethylene glycol continues the de - stocking trend, and the arrival volume will decrease. Polyester production cuts have a certain impact on the market, and a large - scale plant in the Northeast has restarted. The port inventory of ethylene glycol has changed little, and the increase in the load of coal - based ethylene glycol plants exerts pressure on the market, and it will enter the de - stocking stage later [2]. 3. Summary According to the Catalog 3.1 Market Quotes - **PTA**: The price of INE crude oil rose from 478.1 yuan/barrel on 2025/6/11 to 495.7 yuan/barrel on 2025/6/12, an increase of 17.6 yuan/barrel. The PTA - SC spread decreased from 1,145.6 yuan/ton to 1,017.7 yuan/ton, a decrease of 127.9 yuan/ton. The PTA/SC ratio decreased from 1.3297 to 1.2825, a decrease of 0.0472. The PTA spot price increased from 4,825 yuan/ton to 4,855 yuan/ton, an increase of 30 yuan/ton. The spot processing fee decreased from 437.6 yuan/ton to 415.8 yuan/ton, a decrease of 21.8 yuan/ton. The PTA inventory receipts increased from 69,117 to 71,853, an increase of 2,736 [2]. - **MEG**: The MEG main - contract futures price decreased from 4,285 yuan/ton to 4,234 yuan/ton, a decrease of 51 yuan/ton. The MEG - naphtha spread decreased from - 100.92 yuan/ton to - 102.11 yuan/ton, a decrease of 1.2 yuan/ton. The MEG domestic price decreased from 4,377 yuan/ton to 4,350 yuan/ton, a decrease of 27 yuan/ton [2]. 3.2 Industrial Chain Start - up Situation - The PX start - up rate remained at 83.07%. The PTA start - up rate remained at 83.56%. The MEG start - up rate increased from 53.46% to 54.40%, an increase of 0.94 percentage points. The polyester load remained at 89.64% [2]. 3.3 Product Prices and Cash Flows - **Polyester Filament**: The price of POY150D/48F increased from 6,880 yuan/ton to 6,925 yuan/ton, an increase of 45 yuan/ton, and the cash - flow increased from 38 yuan/ton to 67 yuan/ton, an increase of 29 yuan/ton. The price of FDY150D/96F increased from 7,160 yuan/ton to 7,210 yuan/ton, an increase of 50 yuan/ton, and the cash - flow increased from - 182 yuan/ton to - 148 yuan/ton, an increase of 34 yuan/ton. The price of DTY150D/48F increased from 8,120 yuan/ton to 8,145 yuan/ton, an increase of 25 yuan/ton, and the cash - flow increased from 78 yuan/ton to 87 yuan/ton, an increase of 9 yuan/ton [2]. - **Polyester Staple Fiber**: The price of 1.4D direct - spinning polyester staple fiber remained at 6,570 yuan/ton, and the cash - flow decreased from 78 yuan/ton to 62 yuan/ton, a decrease of 16 yuan/ton [2]. - **Polyester Chips**: The price of semi - bright chips increased from 5,790 yuan/ton to 5,810 yuan/ton, an increase of 20 yuan/ton, and the cash - flow increased from - 152 yuan/ton to - 148 yuan/ton, an increase of 4 yuan/ton [2]. 3.4 Sales Volume Ratios - The sales volume ratio of polyester filament increased from 29% to 60%, an increase of 31 percentage points. The sales volume ratio of polyester staple fiber decreased from 74% to 70%, a decrease of 4 percentage points. The sales volume ratio of polyester chips increased from 68% to 74%, an increase of 6 percentage points [2]. 3.5 Device Maintenance - A 1.5 - million - ton PTA device in East China has been restarted after being shut down for maintenance around May 6. A 3 - million - ton PTA device in East China has recently been shut down for maintenance, with an expected maintenance period of about 10 days [2].

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - This week, 930.9 billion yuan of reverse repurchases in the central bank's open market will mature, with 135 billion yuan maturing on Friday. After the bank assessment at the beginning of the month, the capital market has become looser, and the central bank uses various tools to ensure reasonable and sufficient mid - year liquidity [4] - Current domestic factors have weak driving forces for stock indices. The fundamentals are weak, with low inflation and slowed export growth. The policy is in a vacuum. Overseas factors dominate short - term fluctuations. Short - term Sino - US trade negotiations have relatively positive results, leading to a relatively strong market oscillation. Investors should be cautious about repeated Sino - US tariff signals and long - position investors in stock index futures can buy put options to hedge risks [6] 3. Summary by Relevant Catalogs 3.1 Money Market - DR001 closed at 1.37, up 0.47 bp; DR007 at 1.54, up 1.10 bp; GC001 at 1.49, down 4.50 bp; GC007 at 1.57, down 1.00 bp; SHBOR 3M at 1.64, down 0.30 bp; LPR 5 - year at 3.50, down 10.00 bp; 1 - year treasury bond at 1.41, unchanged; 5 - year treasury bond at 1.51, up 0.50 bp; 10 - year treasury bond at 1.65, up 0.30 bp; 10 - year US treasury bond at 4.41, down 6.00 bp [3] - The central bank conducted 119.3 billion yuan of 7 - day reverse repurchase operations with an interest rate of 1.40% yesterday. With 126.5 billion yuan of reverse repurchases maturing, there was a net withdrawal of 7.2 billion yuan [3] 3.2 Stock Index Market - The closing prices and changes of major indices: CSI 300 fell 0.06% to 3892.2; SSE 50 fell 0.03% to 2691.3; CSI 500 rose 0.12% to 5799.9; CSI 1000 rose 0.09% to 6192.2. The trading volume of the two markets was 1.2718 trillion yuan, an increase of 16.3 billion yuan [5] - Industry sectors: Precious metals, beauty care, jewelry, diversified finance, culture and media, household light industry, and biological products led the gains, while shipping ports, brewing, and electronic chemicals led the losses [5] - Futures market: IF volume was 83,934, down 25.1; IF open interest was 235,571, down 6.2; IH volume was 45,745, down 15.2; IH open interest was 82,865, down 1.4; IC volume was 67,708, down 15.9; IC open interest was 216,406, down 1.2; IM volume was 158,990, down 13.9; IM open interest was 326,593, up 0.6 [5] 3.3 Futures Ascertainment and Premium/Discount Situation - IF premium/discount rates for different contracts: 10.08% for the current - month contract, 13.18% for the next - month contract, 0.02% for the current - quarter contract, and 5.48% for the next - quarter contract [7] - IH premium/discount rates for different contracts: 15.39% for the current - month contract, 17.06% for the next - month contract, 7.05% for the current - quarter contract, and 3.69% for the next - quarter contract [7] - IC premium/discount rates for different contracts: 15.68% for the current - month contract, 17.40% for the next - month contract, 13.15% for the current - quarter contract, and 11.05% for the next - quarter contract [7] - IM premium/discount rates for different contracts: 26.10% for the current - month contract, 21.68% for the next - month contract, 17.60% for the current - quarter contract, and 14.67% for the next - quarter contract [7]

投资咨询业务资格:证监许可【2012】31号 ITG国贸期 steels CI生量中 =: F0251925 2025/6/12 数据来源: Wind,国贸期货研究院 | | 行情回顾 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指数 | 收盘价 | | 张肤帽(%) | | 成交覆(亿元) | | 成交里(亿) | | | 上证50 | 2692. 1365 | | 0. 59 | | 665. 28 | | 35. 57 | | | 沪深300 | 3894. 6252 | | 0. 75 | | 2572. 18 | | 142. 41 | | | 中证1000 | 6186. 5122 | | 0. 40 | | 2436. 71 | | 197.64 | | | | 中金所股指期权成交情况 | | | | | | | | | 指数 | 期权成交里 | 认购期权 | 认法期权 | 日成交里 | 期权持仓里 | 认购期权 | 认沽期权 | 持仓里 | | | (万张) | 成交里 | 成交里 | PC ...

Report Industry Investment Rating - No relevant content found Core Viewpoints - In the current Sino-US trade policy environment, there is an expectation of inventory reduction in the fourth quarter, which will raise the center of the soybean meal futures price. The spot market is active with downstream traders and feed mills actively buying, mainly trading on the 10 - 1 basis. Rumors of plant shutdowns support the short - term bullish oscillation of the futures price. However, with the continuous progress of vessel bookings, if the weather is normal, the upward space is limited. Attention should be paid to changes in Sino - US trade policies and the planting area report at the end of the month [6] Summary by Related Catalogs Basis Data - For 43% soybean meal spot basis on June 11th, in Dalian it was - 17 (up 34), in Rizhao - 157 (up 14), in Tianjin - 67 (up 24), in Zhangjiagang - 167 (down 16), in Dongguan - 187 (down 6), in Zhanjiang - 147 (down 6), and in Fangcheng - 167 (down 16). For rapeseed meal spot basis in Guangdong, it was - 128 (up 16) [4] Spread Data - On June 11th, the M9 - 1 spread was - 17, N9 - RM9 was 20, RM9 - 1 was 1200, the spot spread between soybean meal and rapeseed meal in Guangdong was 350 (down 15), and the futures spread of the main contract was 200 (up 7) [5] International Data - The US dollar to RMB exchange rate was 7.1383, the Brazilian soybean CNF premium was 115 (down 62), and the import soybean futures gross profit was - 62 yuan/ton [5] Inventory Data - As of last week, domestic soybean inventory continued to accumulate and was at a relatively high level compared to the same period. Soybean meal continued to accumulate inventory but was still at a low level. With the significant increase in processing and crushing, soybean meal inventory is expected to accumulate more rapidly in June [6] Supply, Demand, and Market Situation - Supply: From May to July in China, the arrival volume of Brazilian soybeans is expected to exceed 10 million tons each month. The current vessel booking progress is 94.4% for June, 80.6% for July, and 33.8% for August. The US soybean planting progress is fast, and the weather in the next two weeks is expected to be favorable for early soybean growth [5][6] - Demand: Judging from the livestock inventory, the supply of pigs is expected to increase steadily before September, the poultry inventory remains high, the cost - effectiveness of soybean meal has significantly improved, and downstream transactions have increased with better delivery [6] - Market situation: The downstream traders and feed mills are actively buying, and the market trading is booming, mainly trading on the 10 - 1 basis. There are rumors of plant shutdowns, which support the short - term bullish oscillation of the futures price [6]

| | | | | 聚酯数据日 | | | --- | --- | --- | --- | --- | --- | | | | 国贸期货研究院 | | 投资咨询号: Z0017251 | 2025/6/12 | | | | 能源化工研究中心 | 陈胜 | | 从业资格号:F3066728 | | | 指标 | 2025/6/10 | 2025/6/11 | 变动值 | 行情综述 | | | INE原油(元/桶) | 479.8 | 478. 1 | -1. 70 | 成交情况: PTA: PTA行情下跌,后期PTA供应渐增,预估7月PTA累 | | SC | PTA-SC(元/吨) | 1125. 2 | 1145.6 | 20. 35 | 库存,利空PTA行情。本周PTA现货货少,递盘基差走 | | | PTA/SC(比价) | 1. 3227 | 1. 3297 | 0. 0070 | 强。 | | PX | CFR中国PX | 817 | 812 | -5 | | | | PX-石脑油价差 | 249 | 239 | -11 | | | | PTA主力期价(元/吨) | 4612 | 4620 | 8. ...

投资咨询业务资格:证监许可【2012】 31号 【一 国贸期货 瓶片短纤数据日报 | | | | | 技资咨询号 | | --- | --- | --- | --- | --- | | | | | 国贸期货研究院 | Z0017251 2025/6/12 | | | | | 能源化工研究中心 陈胜 | 从业资格号: | | | | | | F3066728 | | 指标 | 2025/6/10 | 2025/6/11 | 变动值 | | | PTA现货价格 | 4855 | 4825 | (30. 00) | | | | | | | 现货资讯: | | MEG内盘价格 | 4376 | 4377 | 1.00 | 短纤:涤纶短纤涨10至6414。现货市场:涤纶 | | PTA收盘价 | 4612 | 4620 | 8.00 | 短纤生产企业价格横盘整理,贸易商价格偏弱震 | | MEG收盘价 | 4269 | 4285 | 16.00 | 荡,下游按需采购,场内成交一般。 | | | | | | 1.56dtex*38mm半光本白(1.4D)涤纶短纤华东市 | | 1.4D直纺涤短 | 6575 | 6570 ...

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - In the short term, gold prices may continue to fluctuate within a range and maintain a long - term upward trend. The silver - gold ratio has basically recovered before the counter - tariff, and there is a risk of further weakening in the short term. In the long term, the upward trend of gold remains unchanged, and it is recommended to allocate more on dips [5] 3. Summary by Relevant Catalogs Price Data - On June 11, 2025, COMEX gold was at $3357.90 per ounce, London gold spot was at $3336.87 per ounce, London silver spot was at $36.57 per ounce, and COMEX silver was at $36.74 per ounce. Compared with June 10, they increased by 0.3%, 0.3%, 0.3%, and 0.4% respectively. AU2508 was at 777.54 yuan/gram, AG2508 was at 8902 yuan/kilogram, AU (T + D) was at 774.41 yuan/gram, and AG (T + D) was at 8888 yuan/kilogram, with increases of 0.3%, 0.2%, 0.3%, and 0.2% respectively [5] Spread/Ratio Data - On June 11, 2025, the gold TD - SHFE active spread was 3.96 yuan/gram, the silver TD - SHFE active spread was - 3.13 yuan/gram, and the gold and silver spreads and ratios had corresponding changes compared with June 10, with some spreads having significant percentage changes such as 9.3%, 9.4%, etc. [5] Position Data - As of June 10, 2025, COMEX gold non - commercial long positions were 246,982 contracts, non - commercial short positions were 59,077 contracts. COMEX silver non - commercial long positions were 81,981 contracts, etc., with corresponding percentage changes compared with June 9 [5] Inventory Data - On June 11, 2025, SHFE gold inventory was 17,817 kilograms (unchanged from June 10), SHFE silver inventory was 1,229,816 kilograms, an increase of 3.02% compared with June 10. COMEX gold inventory was 37,929,466 troy ounces, a decrease of 0.44% compared with June 10, and COMEX silver inventory was 495,180,453 troy ounces, an increase of 0.17% [5] Interest Rate/Exchange Rate/Stock Market Data - On June 11, 2025, the US dollar index was 99.05, an increase of 0.03% compared with June 10. The US dollar/yuan central parity rate was 7.18, a decrease of 0.03% compared with June 10. Other data such as US Treasury yields, VIX, S&P 500, and NYMEX crude oil also had corresponding changes [5] Market News and Analysis - The US appellate court ruled that Trump's tariff measures can continue during the appeal process. The US and Mexico reached an agreement on reducing steel tariffs and restricting imports. The EU believes that trade negotiations with the US will extend beyond the July deadline. China and the US had in - depth and rational consultations on trade, and basically reached a framework for implementing the consensus of the leaders' calls and Geneva talks. US CPI data in June was lower than expected, increasing the probability of the Fed cutting interest rates in August [5]