Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Steel market maintains a volatile state, lacking a clear price - rebound driver. The cost - collapse narrative of the black sector has become less smooth, and there is no strong rebound drive in the off - season. The steel basis is in a structure where futures are at a discount to spot, and there may be an anti - arbitrage logic in the off - season [5]. - For coking coal and coke, the fourth round of coke price cuts has been implemented, and the coking coal auction transaction rate has increased. Although the spot market sentiment is improving, the futures have already priced in a lot of rebound expectations, and the future price increase space is limited. It is recommended that industrial customers participate in hedging [6][7]. - Regarding ferrosilicon and silicomanganese, the steel tender prices have been finalized, and the prices are temporarily stable. The supply - demand of ferrosilicon is weak, and attention should be paid to the actions of alloy plants. The supply - demand structure of silicomanganese is relatively loose, and the price decline space is limited [7]. - In the iron ore market, the basis has rapidly shrunk. Iron ore shipments are gradually increasing, and the port inventory has shifted from a slight de - stocking to a slight stocking stage. If the steel fundamentals continue to weaken, it is more likely that steel products will be weaker than iron ore [7]. 3. Summary by Related Catalogs Steel - **Futures and Spot Prices**: On June 23, the closing prices of far - month and near - month contracts of various steel products showed different changes in prices, increases, and decreases. The cross - month spreads, spreads/ratios/profits also had corresponding price changes [2]. - **Market Situation**: Futures prices fluctuated on Monday, and spot prices varied. The transaction volume rebounded to over 100,000 tons. The cost collapse of the black sector has become less smooth, and there is no strong rebound drive in the off - season. The steel basis is in a futures - at - discount - to - spot structure, and there may be an anti - arbitrage logic in the off - season [5]. - **Investment Strategy**: Adopt a wait - and - see approach for single - side trading. For futures - spot trading, choose hot - rolled coils with better liquidity, conduct rolling hedging and open - position management, and rotate spot inventory. Pay attention to short - term spreads for arbitrage on the futures market [7]. Coking Coal and Coke - **Spot Market**: The fourth round of coke price cuts has been implemented, and the coking coal auction transaction rate has exceeded 90%. The prices of some coking coal varieties have rebounded, and the prices of Mongolian coal in some regions have changed. The port - traded quasi - first - grade coke is priced at 1140 (-10), and the coking coal price index is 937.6 (-1.2) [6]. - **Futures Market**: The black chain index continued to oscillate strongly. The coking coal price closed above the 800 mark, mainly affected by strict safety inspections in the main producing areas. Although the spot market sentiment is improving, the futures have already priced in a lot of rebound expectations, and the future price increase space is limited [6][7]. - **Investment Strategy**: Industrial customers are recommended to actively participate in hedging [7]. Ferrosilicon and Silicomanganese - **Tender Prices**: The new round of ferrosilicon tender price of a North China steel mill is 5500 yuan/ton (tax - included, ex - factory acceptance), a decrease of 300 yuan/ton compared to the previous round, with a purchase quantity of 290 tons. The June silicomanganese alloy tender price of a large North China steel mill is 5650 yuan/ton (acceptance), an increase of 150 yuan/ton compared to the inquiry price and a decrease of 200 yuan/ton compared to the May price, with a purchase quantity of 1700 tons, a 100 - ton increase compared to the previous month [7]. - **Market Situation**: The supply - demand of ferrosilicon is weak, but market confidence has slightly stabilized. The supply - demand structure of silicomanganese is relatively loose, and the price decline space is limited [7]. - **Investment Strategy**: Hold a long position in ferrosilicon and a short position in silicomanganese, and participate in single - side trading with options [7]. Iron Ore - **Basis and Transportation**: The basis has rapidly shrunk to 20 on Monday, and the optimal deliverable is brbf. Iron ore shipments are gradually increasing, and the port inventory has shifted from a slight de - stocking to a slight stocking stage [7]. - **Market Situation**: The spot price has fallen to narrow the basis. The molten iron output has slightly increased, and the steel mill inventory has significantly rebounded. Although the downstream steel demand in the off - season is better than expected, if the steel fundamentals continue to weaken, it is more likely that steel products will be weaker than iron ore [7].

投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 | | | | | 聚酯数据日报 | | | --- | --- | --- | --- | --- | --- | | | | 国贸期货研究院 | | 投资咨询号: Z0017251 | 2025/6/24 | | | | 能源化工研究中心 | 陈胜 | | 从业资格号:F3066728 | | | 指标 | 2025/6/20 | 2025/6/23 | 变动值 | 行情综述 | | SC | INE原油(元/桶) | 566. 6 | 574.5 | 7.90 | 成交情况: PTA:PTA行情下跌,原油高开低走,PTA行情冲高回落 | | | PTA-SC(元/吨) | 860. 5 | 837. 1 | -23.41 | 。午后传闻华东某PX企业可能减少7月长约供应量,暂 | | | PTA/SC(比价) | 1. 2090 | 1. 2005 | -0. 0085 | 无官宣消息,午后PTA行情一度反弹。 | | PX | CFR中国PX | 896 | 899 | 3 | | | | PX-石脑油价差 | 250 | 253 | 3 ...

Report Information - Report Title: Index Option Data Daily Report [4] - Date: June 23, 2025 [4] - Author: Li Zebao from the Financial Derivatives Center of Guomao Futures Research Institute [4] - Data Sources: Wind, Guomao Futures Research Institute [4] Market Review Index Performance - The Shanghai Composite Index fell 0.07% to 3359.9 points; the Shenzhen Component Index dropped 0.47% to 10005.03 points; the ChiNext Index declined 0.84% to 2009.89 points; the CSI 300 rose 0.09% to 3846.64 points; the STAR 50 decreased 0.53% to 957.87 points; the Beijing Stock Exchange 50 tumbled 1.34% to 1347.46 points [12] - The total turnover of the Shanghai and Shenzhen stock markets was 1.07 trillion yuan, with more falling stocks than rising ones and over 3600 stocks declining across the market [12] Index Option Trading | Index | Closing Price | Change (%) | Turnover (Billion Yuan) | Volume (Billion) | Option Volume (Million Contracts) | Call Option Volume (Million Contracts) | Put Option Volume (Million Contracts) | PCR (Volume) | Option Open Interest (Million Contracts) | Call Option Open Interest (Million Contracts) | Put Option Open Interest (Million Contracts) | PCR (Open Interest) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 50 | 2673.7191 | 0.31 | 631.62 | 36.32 | 2.85 | 1.58 | 1.27 | 0.80 | 3.97 | 2.34 | 1.64 | 0.70 | | CSI 300 | 3846.6443 | 0.09 | 2135.23 | 118.15 | 7.71 | 4.12 | 3.59 | 0.87 | 11.86 | 7.24 | 4.62 | 0.64 | | CSI 1000 | 5999.5914 | -0.80 | 2265.32 | 180.86 | 22.12 | 11.11 | 11.01 | 0.99 | 17.95 | 9.84 | 8.11 | 0.82 | [5] Volatility Analysis - The report provides historical volatility cones, current volatility values, and volatility smile curves for SSE 50, CSI 300, and CSI 1000, as well as next - month at - the - money implied volatility [9][10]

投资咨询业务资格：证监许可【2012】31号 【玻璃纯碱（ 】 信心稍有回暖，基本面延续承压 国贸期货 黑色金属研究中心 2025-06-23 黄志鸿 从业资格证号：F3051824 投资咨询证号：Z0015761 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 01 PART ONE 主要观点及策略概述 玻璃:供需双弱 | 影响因素 | 驱动 | 主要逻辑 | | --- | --- | --- | | 供给 | 偏空 | 产量下降。本周全国浮法玻璃日产量为15.54万吨，比12日-0.16%。行业开工率为75.34%，比12日-0.08个百分点；行业产能利用率为77.7%， | | | | 比12日+0.22个百分点。本周供应面增减并存，增量方面，1条前期点火产线开始出玻璃，减量方面，一条产线放水叠加一条产线热修，周度供 | | | | 应量环比小幅上涨。下周2条前期点火产线或将开始出玻璃，另有1条产线存在放水预期，预计下周周度产量环比小幅减少。 | | 需求 | 偏空 | 需求预期走弱，淡季来临，需求边际下滑。稳增长压力较大，中期地产颓势难挽，竣工 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - The U.S. soybean supply - demand balance sheet is expected to tighten; under the current Sino - U.S. trade policy, the Brazilian premium is firm; domestic demand provides support. The inventory accumulation speed of soybean meal is slow, but the crushing margin is good and ship purchases continue. The soybeans corresponding to I09 have basically completed procurement. As downstream replenishment is gradually completed, soybean meal is expected to accelerate inventory accumulation later. It is expected that I09 will trend sideways. M11 and M01 are expected to maintain a sideways - to - bullish trend supported by import costs. Attention should be paid to the results of the end - of - month USDA planting area report [7][8]. 3. Summary by Related Catalogs Supply - In China, the arrival volume of Brazilian soybeans in June, July, and August is expected to exceed 10 million tons each month. The current ship - buying progress is 100% for July, 66.8% for August, and 25.3% for September. The supply - demand balance sheet of new - crop U.S. soybeans tends to tighten, with the excellent - good rate dropping to 60%, lower than the same period last year. The Midwest production areas of U.S. soybeans will be slightly dry in the next two weeks, but the dryness will not last long and there is no speculation driver for now [7]. Demand - Judging from the livestock inventory, the supply of live pigs is expected to increase steadily before November; the poultry inventory remains at a high level; soybean meal has a high cost - performance ratio, the feed addition ratio has increased, and the提货 volume is at a high level; in some areas, wheat replaces corn, reducing the use of protein, and the trading volume of the far - month basis of soybean meal fluctuates [8]. Inventory - The domestic soybean inventory has increased to a high level, and the soybean meal inventory has increased slightly but is still at a low level. The inventory accumulation speed is slower than expected, but there is an expectation of accelerated inventory accumulation later. The number of days of soybean meal inventory in feed enterprises has increased slightly but is still low [8].

投资咨询业务资格：证监许可【2012】31号 【黑色金属周报】 国贸期货 黑色金属研究中心 2025-06-23 张宝慧 从业资格证号：F0286636 投资咨询证号：Z0010820 董子勖 从业资格证号：F03094002 投资咨询证号：Z0020036 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 薛夏泽 从业资格证号：F03117750 目录 01 螺纹钢 02 焦煤焦炭 震 荡 区 间 ， 等 待 新 驱 动 期 货 进 一 步 走 强 ， 基 差 快 速 走 弱 03 铁矿石 后 续 到 港 压 力 将 逐 步 兑 现 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议，期市有风险，投资需谨慎 01 PART ONE 螺纹钢 螺纹钢：震荡区间，等待新驱动 | 影响因素 | 驱动 | 主要逻辑 | | --- | --- | --- | | | | 铁水产量本周暂时持稳，长流程钢厂尚可，再一次印证市场化减停产的期望不高，但是部分区域钢厂可能会选择进行钢材品种结构的调整和切换， | | 供给 | 偏空 | 已实现利润 ...

Group 1: Main Views - US economic performance is relatively robust with a reduced recession risk, and the implementation of the tax - cut bill could boost demand expectations; China's May economic data shows resilience, but real estate is a major drag on commodity chains [3] - This week, domestic commodities continued to rebound, driven by the conflict between Israel and Iran, China's economic resilience, good US economic data, and the Sino - US framework agreement. Commodities may continue to rebound in the short - term, but there are still differences among varieties [4] Group 2: Overseas Situation Analysis US - The US military's air strikes on Iranian nuclear facilities may escalate the Middle East situation, affecting global supply chains and oil prices [4] - The Fed paused rate cuts in June. There are differences among committee members on rate - cut expectations. The new economic outlook downgrades growth expectations and raises inflation expectations. The Fed may cut rates late in 2025 [4] - US employment and inflation data are not bad, but there may be hidden concerns in the employment market, and the impact of tariffs on inflation has not fully emerged. Short - term inflation expectations are rising [4] Japan - The Bank of Japan paused rate hikes and plans to slow down the pace of balance - sheet reduction. It is not optimistic about the economic and inflation outlook. There is a probability of rate cuts in the second half of 2025 [4] Group 3: Domestic Situation Analysis - In May, domestic macro - data showed a pattern of "weak investment, strong consumption". Economic growth still faces pressure, and new incremental policies are needed in the second half of the year. The central bank may cut rates, and fiscal policies will further strengthen [4] - Positive fiscal policies continue to be effective. A total of 162 billion yuan in central funds has been allocated in January and April, and another 138 billion yuan will be allocated in the third and fourth quarters [4] - At the 2026 Lujiazui Forum, the central bank governor announced eight financial policy measures, the financial regulatory chief mentioned bank - insurance opening and support for Shanghai's financial center construction, and the CSRC chair proposed measures to reform the Sci - tech Innovation Board and ChiNext [27] Group 4: High - Frequency Data Tracking - In June, the operating rates of PTA plants, POY, etc. showed certain trends, with the PTA operating rate at 76% - 89% and other related data [34] - As of June 22, there were changes in some consumption - related data such as factory wholesale and retail, with year - on - year growth and decline rates [40] - In June, the average price of 28 key monitored vegetables, pork, and other agricultural products showed certain trends [42]

投资咨询业务资格：证监许可【2012】31号 【有色及新能源周报】 美联储会议基调偏鹰，有色板块高位震荡 国贸期货 有色金属研究中心 2025-6-23 分析师：方富强 从业资格证号：F3043701 投资咨询证号：Z0015300 分析师：谢灵 从业资格证号：F3040017 投资咨询证号：Z0015788 助理分析师：陈宇森 从业资格证号：F03123927 助理分析师：林静妍 从业资格证号：F03131200 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 目录 01 PART ONE 有色金属价格监测 有色金属价格监测 有色金属收盘价格监控 | 有色金属价格监测 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 有色金属收盘价格监控 | | | | | | | 品 种 | 单 位 | 现 值 | 日涨跌幅 | 周涨跌幅 | 年涨跌幅 | 品 种 | 单 位 | 现 值 | 日 ...

| CERE | | | 日度策略参 | | --- | --- | --- | --- | | 行业板块 | 品种 | 趋势研判 | 逻辑观点精粹及策略参考 | | | | | 国内经济基本面支撑较弱,短期国内政策预期不强,海外扰动加 | | | | | 剧。 股指偏弱震荡为主,策略上结合期权工具对冲不确定性。 | | 宏观金融 | 国债 | 農汤 | 资产荒和弱经济利好债期,但短期央行提示利率风险,压制上涨 空间。 | | | 真金 | 看多 | 中东局势再度升级,或支撑金价;中长期上涨逻辑仍旧坚实。 | | | 白银 | 農汤 | 银价短期或偏弱震荡。 | | | | | 近期市场风险偏好反复,虽然国内下游需求进入淡季,但出口窗 | | | | 震荡 1 | 口打开情况下 铜库存有望进一步下滑,铜价短期维持高位震荡 | | | | | 近期国内电解铝库存持续下滑且库存水平偏低,挤仓风险仍存了6 | | | | | 铝价维持偏强运行。 氧化铝现货价格有所回落,但盘面价格更弱,期货维持贴水,限 | | | E 1 1 7 | 農汤 | 制下方空间。另一方面,冶炼端(现货)利润尚可,产量提升, | | | | ...

服告中的信息均源于公开可获得的资料、国贸期货力求准确可靠、但不对上述信息的准确性及完整性仪任何保证。本报告不拘成个人投资建议，也未针对个别投资者特殊的投资目标、财务状况或需 兜 页 器官行列体本根告中的任何意见或避议是否符合其特定状况。据此投资、责任目负、本报告似向待定客户推进、来验回复期货授权许可，任何引用、转载以及内第三方传播时行为功的成为国贸朗普的使题 声 明 我司将视情况追究法律责任。 期市有风险,入市需谨慎。 ITC 国贸期货 投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 贵金属数据日报 | | | | | 国贸期货研究院 | | 投资咨询号: Z0013700 | | | 2025/6/23 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 宏观金融研究中心 白素娜 | | 从业资格号:F3023916 | | | | | | 日期 | 伦敦金现 | 伦敦银现 | COMEX更金 | CONEX日银 | AU2508 | AG2508 | AU (T+D) | AG (T+D) | | ...