1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The short - term fluctuations of stock indices are dominated by overseas variables, but Trump's administration has a changeable style, and tariff policies still face significant uncertainties. Domestic factors have limited driving force for stock indices, and the policy level is in a relative vacuum. It is recommended to adopt a wait - and - see approach for futures index operations and be cautious about chasing rising prices [6] 3. Summary by Relevant Catalogs 3.1 Money Market - DRO01 closed at 1.41 with a - 0.03bp change; DR007 at 1.55 with a 0.53bp change; GC001 at 1.49 with a - 1.00bp change; GC007 at 1.59 with a - 0.50bp change; SHBOR 3M at 1.65 with no change; LPR 5 - year at 3.50 with a - 10.00bp change. 1 - year, 5 - year, and 10 - year Chinese treasury bonds decreased by 1.28bp, 1.80bp, and 0.81bp respectively, while the 10 - year US treasury bond remained unchanged at 4.46 [4] - The central bank conducted 2149 billion yuan of 7 - day reverse repurchase operations yesterday, with 2155 billion yuan of reverse repurchases maturing, resulting in a net withdrawal of 6 billion yuan. This week, 16026 billion yuan of reverse repurchases will mature in the central bank's open market. After the monthly bank assessment, the money market has become looser, and the central bank uses various tools to maintain reasonable liquidity [4][5] 3.2 Stock Index Market - Yesterday, the Shanghai - Shenzhen 300 rose 0.43% to 3868.7, the Shanghai 50 rose 0.13% to 2690.8, the CSI 500 rose 0.78% to 5739, and the CSI 1000 rose 0.88% to 6123.2. The trading volume of the two markets was 1.15 trillion yuan, a slight increase of 116 billion yuan. Most industry sectors rose, while aviation, logistics, and aerospace sectors declined [5] - Rumors of Sino - US trade negotiations have affected the market. Stock indices have rebounded for two days but have not broken through key resistance levels, and trading volume has not significantly increased. Domestic factors have limited driving force for stock indices, and the policy level is in a vacuum. It is recommended to wait and see for futures index operations [6] 3.3 Futures Contract Market - For IF, the trading volume was 69824 with a - 7.1% change, and the open interest was 229448 with a - 2.9% change. For IH, the trading volume was 31907 with a - 20.4% change, and the open interest was 78806 with a - 3.8% change. For IC, the trading volume was 58090 with a - 16.3% change, and the open interest was 206376 with a - 3.4% change. For IM, the trading volume was 151505 with a - 7.9% change, and the open interest was 315489 with a - 1.8% change [5] - The IF basis for the current - month, next - month, current - quarter, and next - quarter contracts was 15.53%, 14.05%, 0.02%, and 6.60% respectively. The IH basis was 14.60%, 14.62%, 6.77%, and 3.65% respectively. The IC basis was 19.96%, 17.35%, 14.18%, and 11.80% respectively. The IM basis was 25.77%, 21.73%, 18.19%, and 15.27% respectively [7]

| | 锂云母 | 675 | | 电硕-工候价差 元/吨 | - 工业级碳酸锂-平均价 - 申池级碳酸锂-平均价 | | --- | --- | --- | --- | --- | --- | | | (Li20:1.5%-2.0%) ( | | | | | | | 锂云母 (Li20:2.0%-2.5%) | 1185 | | | 碳酸锂注册仓单(吨) | | | 磷锂铝石 (Li20:6%-7%) | 5700 | | | | | | 磷锂铝石 (Li20:7%-8%) | 6640 | -50 | | | | | 正极材料 | 平均价 | 涨跌 | 3 | | | | 磷酸铁锂(动力型) | 30315 | -20 | | | | | 三元材料811(多晶/动力型) | 144690 | -100 | | | | | 三元材料523(单晶/动力型) | 114875 | -30 | | | | | 三元材料613(单晶/动力型) | 122055 | -80 | | | | | 名称 | 现值 | 変化值 | | | | | 电碳-工碳 | 1600 | P | | | | 价 差 | 电碳-主力合约 ...

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - Pulp lacks clear driving factors in the short term and is expected to fluctuate at a low level [2] Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On June 4, 2025, SP2601 was 5250, up 0.23% day - on - day and 0.65% week - on - week; SP2507 was 5298, down 0.11% day - on - day and up 0.46% week - on - week; SP2509 was 5236, up 0.27% day - on - day and 1.00% week - on - week [1] - **Spot Prices**: Coniferous pulp Silver Star was 6150, down 0.81% day - on - day and week - on - week; Knitted Coniferous was 5320, down 1.48% day - on - day and 0.56% week - on - week; Broadleaf pulp Goldfish was 4120, down 0.72% day - on - day and up 0.49% week - on - week [1] - **Outer - disk Quotes**: Chilean Silver Star was 740 dollars, unchanged; Chilean Star was 560 dollars, unchanged; Chilean Venus was 620 dollars, unchanged [1] - **Import Costs**: Chilean Silver Star was 6046, unchanged; Chilean Star was 4587, unchanged; Chilean Venus was 5073, unchanged [1] Pulp Fundamental Data - **Supply** - **Imports in April 2025**: Coniferous pulp imports were 75.8 tons, down 5.01% month - on - month; Broadleaf pulp imports were 119.9 tons, down 18.44% month - on - month [1] - **Shipments to China**: In April 2025, shipments of coniferous pulp to China decreased by 2.9% year - on - year, and shipments of broadleaf pulp to China increased by 26.7% year - on - year. In March 2025, shipments to China were 1813, up 20.70% month - on - month [1] - **Domestic Production**: In late May 2025, broadleaf pulp production fluctuated around 20 tons, and chemimechanical pulp production was around 20 tons [1] - **Inventory** - **Port Inventory**: As of May 29, 2025, pulp port inventory was 216.1 tons, up 0.4 tons from the previous period, a 0.2% increase [1] - **Delivery Warehouse Inventory**: As of May 29, 2025, it was 25.20 tons, down from the previous period [1] - **Demand**: In late May 2025, among the main finished paper products, the output of white cardboard increased slightly, and the output of other paper types was stable. Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor, and downstream paper mills made rigid purchases [1] Pulp Valuation Data - **Basis**: On June 4, 2025, the Russian needle basis was 22, with a quantile level of 0.755; the Silver Star basis was 852, with a quantile level of 0.971 [1] - **Import Profit**: On June 4, 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 0.206 [1] Summary - **Supply**: Chilean Arauco's June 2025 wood pulp outer - disk quotes were flat. Broadleaf pulp is expected to resume partial supply in July (limited quantity) [1] - **Demand**: The implementation of price increase letters from cultural paper and white cardboard manufacturers was poor, and downstream paper mills made rigid purchases. The output of white cardboard increased slightly, and the output of other paper types was stable [1] - **Inventory**: As of May 29, 2025, pulp port inventory showed a slight accumulation trend [1] - **Strategy**: Pulp lacks clear driving factors in the short term and is expected to fluctuate at a low level [2]

| 1 | | | 农产品中心 | 期货从业资格证号 | | 投资咨询证号 | 2025/6/5 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 谢威 | F03087820 | | Z0019508 | | | 团日 | | 地区 | 2025/6/4 | 涨跌值 | 升贴水 | 与2509基差 | 涨跌值 | | / 报 糖 | 广西 | 南宁仓库 | 6190 | 0 | 0 | 442 | -16 | | 吨价现 | 云南 | 昆明 | 5910 | -40 | -100 | 262 | -56 | | い、賞 | | 大理 | 5855 | -15 | -140 | 247 | -31 | | 元集 | 山东 | 日照 | 6270 | 0 | 100 | 422 | -16 | | 数 盘 | | SR09 | 5748 | 16 | | | 9 | | 据 面 | | SR01 | 5624 | 7 | SR09-01 | 124 | | | दि | 人民币兑美元 | 7. 2065 | -0. 0141 | ice原糖主 ...

| CTEERING | 日度策略参考 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 特给省调言:ZOOULI | 从业资格号:F0251925 | 行业板块 | 趋势研判 | 品种 | 逻辑观点精粹及策略参考 | | | 当前国内政策对股指的驱动力度不强,海外因素主导股指的短期 | 波动。鉴于关税政策的不确定性仍然较大,期指建议观望为主。 | | | | | | | 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 | 国债 | 震荡 | 宏观金融 | 空间。 | | | | 避险升温提振金价;中长期上涨逻辑仍旧坚实。 | 看多 | 車金 | 跟随黄金,且受益于弹性,显著补涨。 | T 白银 | | | | 美国关税政策反复,风险偏好承压,但铜基本面仍有支撑,短期 | 震荡 | 价格高位震荡。总 | | | | | | 近期国内电解铝社会库存持续下滑,现货升水走高,电解铝低库 | 存对铝价仍有支撑。但亲观情绪反复,且国内铝下游需求转淡, | 開汤 | 铝价或震荡偏弱运行。 | | | | | 氧化铝现货价格持续走高,期货贴水明显, ...

投资咨询业务资格:证监许可【2012】31号 【C 国贸易所得 宏观金融数据日报 国贸期货研究院 宏观金融研究中心 郑雨婷 期货执业证号:F3074875: 投资咨询证号: Z0017779 2025/6/4 热评:本周央行公开市场将有16026亿元逆回购到期,其中周三至周五分 别到期2155亿元、2660亿元、2911亿元。5月20日贷款市场报价利率 (LPR) 为 : 1年期LPR为3.0%(上次为3.1%)，5年期以上LPR为3.5%(上次为 半 H 市 场 与 五】 | AJ | (== () / ) = = ( / ) = ( / ) = ( / / ) = / | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 性 | 3.6%）。与此同时，5月20日早间，国有大行和部分股份行陆续更新了存 款挂牌利率,这也是去年10月之后,存款利率时隔7个月再次下调,也是 | | | | | | | | 大行自2022年9月以来第七次主动下调。此次调整后，国有大行活期存款 利率跌破0.1%,定期存款中1年期利率跌破1%。 | | | | | | | ...

投资咨询业务资格:证监许可【2012】31号 | 指标 | | 6月3日 | 涨跌 | | 豆粕主力合约基差(张家港) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 大连 | -15 | -27 | 2500 2000 | ----- 19/20 ------ 20/21 ------ 21/22 ------ 22/23 | | | | - 23/24 24/25 | | | 天津 | -55 | -37 | 1500 1000 | | | | | | | | 日照 | -95 | -27 | 500 | | | | | | | 43%豆粕现货基差 (对主力合约) | 张家港 | -35 | 3 | -500 09/21 | | | | | | | | 东莞 | -95 | -7 | | M9-M1 | | | | | | | 湛江 | -65 | -37 | 1000 | ------ 2019/20 ------- 2023/24 | ------ 2020/21 ------ 2024/25 | ...

世界500强投资企业 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 | | | 2025/6/4 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 宏观金融研究中心 日素娜 | | 从业资格号:F3023916 | | | | | | | 伦敦金现 | 伦敦银现 | COMEX更金 | CONEX日银 | AU2508 | AG2508 | AU (T+D) | AG (T+D) | | 内外盘金 | 日期 | (美元/盎司) | (美元/盎司) | (美元/登司) | (美元/盎司) | (元/克) | (元/千克) | (元/克) | (元/千克) | | 银15点价 | | | | | | | | | | | 格跟踪 | 2025/6/3 | 3360. 36 | 35. 30 | 3385. 00 | 34. 39 | 783. 10 | 8456. 00 | 779.42 | 8420.00 | ...

投资咨询业务资格:证监许可【2012】 31号 【 一 国贸 期货 ITG 国贸期货 世界500强投资企业 国贸期货有限公司 成为一流的衍生品综合服务商 入 用 市 市 W FF 客 官 方 网 站 服 热线 la jat 400-8888-598 www.itf.com.cn | | | | 国贸期货研究院 | 投资咨询号: | | --- | --- | --- | --- | --- | | | | | | Z0017251 2025/6/4 | | | | | 能源化工研究中心 陈胜 | 从业资格号: | | | | | | F3066728 | | 指标 | 2025/5/30 | 2025/6/3 | 变动值 | | | PTA现货价格 | 4945 | 4915 | (30.00) | | | MEG内盘价格 | 4495 | 4479 | (16.00) | 现货资讯: 短纤:涤纶短纤跌70至6338。现货市场:涤纶 | | PTA收盘价 | 4700 | 4628 | (72.00) | 短纤生产企业价格僵持,贸易商价格偏弱下滑, | | MEG收盘价 | 4349 | 4306 | (43 ...

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View - The short - term trend of lithium carbonate is mainly weak. The supply side has an increase in the weekly output of the lithium carbonate industry due to price increases within the week, while material demand remains relatively stable. The cost of lithium carbonate moves down moderately, forming a negative feedback loop, and the reduction or suspension of production at the mine end is a key variable to observe in the future [3]. 3. Summary by Relevant Content Lithium Compound Prices - SMM battery - grade lithium carbonate has an average price of 60,300 yuan, a decrease of 400 yuan; SMM industrial - grade lithium carbonate has an average price of 58,700 yuan, a decrease of 400 yuan [1]. - The closing prices and price changes of lithium carbonate futures contracts: the price of lithium carbonate 2506 is 59,900 yuan, with a 0.3% increase; lithium carbonate 2507 is 59,940 yuan, with a 0.33% increase; lithium carbonate 2508 has a 0.07% increase; lithium carbonate 2509 is 59,820 yuan, with a 0.1% decrease; lithium carbonate 2510 has a 0.07% increase [1]. Lithium Ore Prices - Lithium spodumene concentrate (CIF China, Li2O: 5.5% - 6%) has an average price of 645 yuan, a decrease of 31 yuan; lithium mica (Li2O: 1.5% - 2.0%) has an average price of 675 yuan, a decrease of 10 yuan; lithium mica (Li2O: 2.0% - 2.5%) has an average price of 1185 yuan, a decrease of 15 yuan; phospho - lithium - aluminum stone (Li2O: 6% - 7%) has an average price of 5740 yuan; phospho - lithium - aluminum stone (Li2O: 7% - 8%) has an average price of 6690 yuan, a decrease of 75 yuan [1][2]. Cathode Material Prices - The average price of lithium iron phosphate (power type) is 30,335 yuan, a decrease of 145 yuan; the average price of ternary material 811 (polycrystalline/power type) is 144,790 yuan, a decrease of 80 yuan; the average price of ternary material 523 (single - crystal/power type) is 114,905 yuan, a decrease of 100 yuan; the average price of ternary material 613 (single - crystal/power type) is 122,135 yuan, a decrease of 70 yuan [2]. Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 1600 yuan; the price spread between battery - grade lithium carbonate and the main contract is 360 yuan, a decrease of 540 yuan; the price spread between the near - month and the first - continuous contract is 40 yuan, with no change; the price spread between the near - month and the second - continuous contract is 120 yuan, an increase of 140 yuan [2]. Inventory - The total inventory (weekly, tons) is 131,571 tons, a decrease of 208 tons; the inventory of smelters (weekly, tons) is 56,235 tons, a decrease of 780 tons; the inventory of downstream (weekly, tons) is 41,616 tons, an increase of 752 tons; the inventory of others (weekly, tons) is 33,720 tons, a decrease of 180 tons; the registered warehouse receipts (daily, tons) is 33,457 tons, with a change of 0 [2]. Profit Estimation - The cash cost of externally purchased lithium spodumene concentrate is 61,935 yuan, and the profit is - 2476 yuan; the cash cost of externally purchased lithium mica concentrate is 64,355 yuan, and the profit is - 6390 yuan [3]. Industry News - On June 2, 2025, it was reported that the lithium mining development plan in the Uyuni Salt Flats in Bolivia suffered a major setback. The local court suspended two large - scale lithium mining agreements signed with China and Russia from 2023 to 2024, with a total value of over 2 billion US dollars [3].