Report Summary 1. Report's Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The current situation of the pig market is characterized by strong expectations but weak reality, and attention should be paid to path changes [1] - In the short - term, the spot price of live pigs will oscillate weakly, and the futures price of the LH2509 contract will be in the range of 13000 - 14500 yuan/ton, with the 2026 contract entering the industrial profit - locking logic stage [3][4] 3. Summary by Related Catalogs This Week's Market Review (7.21 - 7.27) - **Spot Market**: Pig prices are running weakly. The price of 20KG piglets in Henan is 37.5 yuan/kg, the price of live pigs in Henan is 14.18 yuan/kg, and the price of 50KG binary sows nationwide is 1628 yuan/head. The supply side shows a slight increase from large - scale farms and some reluctance to sell from smallholders. The demand side remains at a low level and is suppressed by high temperatures. The average slaughter weight nationwide is 124.68KG, with a month - on - month decrease of 0.21% [2] - **Futures Market**: Pig futures prices fluctuate significantly. The highest price of the LH2509 contract is 15150 yuan/ton, the lowest is 14160 yuan/ton, and the closing price is 14385 yuan/ton. The basis of the LH2509 contract is - 205 yuan/ton [2] Next Week's Market Outlook (7.28 - 8.03) - **Spot Market**: The spot price of live pigs will oscillate weakly. In the off - season, the adjustment of slaughter volume by large - scale farms has a greater impact on prices. As the peak season approaches in the second half of the year, the release of social inventory will increase, and the influence of large - scale farms will decline. In August, the contradictions will start to be released. The supply side has relatively high inventory accumulation, and the demand side is suppressed by high temperatures. The policy of purchases for storage may provide support [3] - **Futures Market**: The LH2509 contract price has been affected by strong macro - sentiment this week. However, as it approaches the position - limit period, it will gradually return to the industrial logic. The far - month 2026 contract will enter the industrial profit - locking logic stage. The short - term support level for the LH2509 contract is 13000 yuan/ton, and the pressure level is 14500 yuan/ton [4] Other Data - **Basis and Monthly Spread**: This week's basis is - 205 yuan/ton, and the LH2509 - LH2511 monthly spread is 0 yuan/ton [9] - **Supply**: The average weight this week is 124.68KG. In May, pork production was 549.6 tons, a month - on - month increase of 4.3%; in June, pork imports were 8.84 million tons, a month - on - month decrease of 5.6% [12]

豆油：缺乏有效驱动，关注中美谈判结果 二 〇 二 五 年 度 2025 年 7 月 27 日 棕榈油：宏观情绪消退，基本面或有回踩 请务必阅读正文之后的免责条款部分 1 李隽钰 投资咨询从业资格号：Z0021380 lijunyu@gtht.com 上周观点及逻辑： 棕榈油：国内宏观情绪偏好将棕榈油顶至三年高位，但基本面缺乏强驱动，没有强供给题材的上涨需 要较强的下游需求进行承接，印度承接乏力的情况下价格高位难以继续上冲，棕榈油 09 合约周跌 0.31%。 国 泰 君 安 期 货 研 究 所 豆油：中美贸易谈判临近，豆系紧张情绪抬头，对国内豆油弱现实有所改善，但仍难以给出上涨的强 驱动，豆油 09 合约周跌 0.20%。 期货研究 本周观点及逻辑： 报告导读： 棕榈油：MPOB 报告 6 月库存微增后利空落地开启反弹，同时今年库存高点已经从 4 月以来被盘面逐步 消化，棕榈油基本面无新增有效利空，市场开始交易下半年去库行情，同时国内宏观情绪偏好，将棕榈油 顶至三年高位，但当下的基本面未免显得这个价格不配位。从产地基本面来看，我们预估 7 月产量仍难以 达到 180 万吨，同时前 25 日出口情绪偏差，预估在 ...

二 〇 二 五 年 度 2025 年 07 月 27 日 工业硅：基本面仍有支撑，关注上游复产幅度 多晶硅：仍处政策市场，谨慎持仓 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 报告导读： 本周价格走势：工业硅盘面震荡偏强，现货价格亦上涨；多晶硅盘面大幅上涨，现货报价走高 工业硅运行情况：本周工业硅盘面表现偏强，盘中受焦煤价格抬升、多晶硅期货上涨等因素影响有所抬 升，周五收于 9725 元/吨。现货市场价格有所抬升，SMM 统计新疆 99 硅报价 9500 元/吨（环比+800），内 蒙 99 硅报价 9750 元/吨(环比+700)。 多晶硅运行情况：本周多晶硅盘面大幅上涨，市场交易"反内卷"所带来的政策预期，周五盘面收于 51025 元/吨。多晶硅现货市场来看，下游少部分接受高价成交，后续仍需进一步观察。 供需基本面：工业硅本周行业库存再次去库；多晶硅上游库存有所去化 工业硅供给端，周度行业库存再次去库。据百川统计，本周云南、四川地区开工继续抬升，新疆地区工 厂开工亦有增加，整体周产边际增加。西南地区在盘面上涨后亦有套保动作，保障自身开工，部分企业以铝 厂及出口销路 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - ICE cotton is expected to maintain a volatile and slightly stronger trend. It currently lacks fundamental guidance, with trading light and remaining in a volatile pattern. The US cotton growth is good, and export sales are in line with seasonal patterns. The tariff negotiations between the US and other countries also meet expectations. For domestic cotton futures, they maintained high - level volatility this week. The concern about tight old - crop inventory has been fully traded, and factors such as potential low - value warehouse receipts for September delivery and a cooling financial market sentiment have stopped the upward momentum. In the short term, the expectation of tight old - crop inventory will support prices, and as long as the textile enterprise operating rate does not drop significantly, cotton demand will be stable, with limited downward pressure on cotton prices. Attention should be paid to policy trends and the market game under the delivery logic after mid - August [1][2][18] 3. Summary by Relevant Catalogs 3.1.行情数据 - ICE cotton main contract: opened at 68.74, reached a high of 68.99, a low of 67.80, closed at 68.23, down 0.53 or - 0.77%. The trading volume was 74,713 lots, a decrease of 14,474 lots, and the open interest was 154,997 lots, an increase of 2,253 lots. - Zhengzhou cotton main contract: opened at 14,295, reached a high of 14,330, a low of 14,095, closed at 14,170, down 100 or - 0.70%. The trading volume was 1,226,001 lots, a decrease of 230,373 lots, and the open interest was 504,805 lots, a decrease of 75,968 lots. - Cotton yarn main contract: opened at 20,540, reached a high of 20,540, a low of 20,270, closed at 20,370, down 150 or - 0.73%. The trading volume was 48,652 lots, an increase of 9,334 lots, and the open interest was 10,802 lots, a decrease of 8,256 lots [5] 3.2.基本面 3.2.1. International Cotton Situation - ICE cotton: Narrowly fluctuated this week, with good US cotton new - crop growth, average but seasonally - compliant export sales, and tariff negotiations in line with expectations. Trading was light due to lack of fundamental guidance [6] - US cotton weekly export sales data (as of July 17): 2024/25 US upland cotton net weekly signing was - 0.74 million tons due to contract cancellations. 2025/26 US upland cotton weekly signing was 3.01 million tons. 2024/25 US upland cotton weekly shipments were 4.19 million tons, up 18% week - on - week but down 12% from the four - week average. The total signed and sold volume of US upland cotton and Pima cotton in 2024/25 was 2.7746 billion tons, accounting for 108% of the annual predicted total export volume. The cumulative export shipment volume was 2.539 billion tons, accounting for 92% of the annual total signed volume [6] - Other major cotton - producing and consuming countries: - India: Sowing progress was slower than last year. As of July 18, the cotton planting area was 9.86 million hectares. Cotton sales by the Cotton Corporation of India were suspended. In May, raw cotton imports were 50,000 tons, up 10% from April and higher than last year. The cumulative import volume in the first ten months of this season was 569,000 tons. May raw cotton exports were 21,000 tons, down 4% from the previous month and 47% from May 2024. May cotton yarn exports were 83,900 tons, down 4% from April and 8% from last year. May textile exports were $2.013 billion, up 5% month - on - month and 10% from May 2024 [7] - Brazil: The US tariff increase on Brazil raised concerns in the domestic textile industry. As of July 18, the national cotton picking progress was about 15%. The 2024 - season cotton primary sales were almost completed, and about 70% of the 2025 - season and 25% of the 2026 - season cotton had been sold [8] - Pakistan: Cotton import demand was weak. The new - season cotton output was expected to be between 6.5 and 7.5 million bales. The policy of an 18% sales tax on cotton and cotton yarn imports was yet to be implemented, causing market uncertainty. In June, the export value of the five major textile categories was $1.27 billion, slightly higher than May and up 9% from last year. The cumulative export value in the 2024/25 fiscal year was $14.74 billion, up 8% from 2023/24 [9][10] - Bangladesh: Focused on US tariff negotiations. Textile mills mainly purchased for near - term needs. The government cancelled the 2% advance income tax on imported raw materials. Exporters to the US were worried as the August 1 tariff negotiation deadline approached. If no agreement was reached, a 35% tariff would be imposed on imports from Bangladesh [10] - Southeast Asian textile industry operating rates: As of July 25, India's textile enterprise operating rate was 73.5%, Vietnam's was 64%, and Pakistan's was 63.5% [11] 3.2.2. Domestic Cotton Situation - Cotton spot price: Slightly declined with weak trading. Some 2023/24 and 2024/25 cotton spot quotes increased, and some cotton merchants lowered the basis [12] - Cotton warehouse receipts (as of July 25): There were 9,265 registered first - grade cotton warehouse receipts and 350 pending warehouse receipts, totaling 9,615, equivalent to 403,830 tons. Among the 24/25 registered warehouse receipts, there were 8,891 Xinjiang cottons and 374 local cottons [12] - Downstream trading: Slightly improved. In the pure - cotton yarn market, most spinning mills' quotes were stable, with actual transactions approaching quotes. Air - jet spinning sales were relatively good. Spinning mills' profits remained unimproved, and some continued to limit production. In the all - cotton grey fabric market, the off - season continued, with some local orders and stable quotes. Some weaving mills increased their operating rates, but overall it remained low. Inventory decreased slightly but remained high [13] 3.3.操作建议 - ICE cotton: Maintain a volatile trend. There is no new downside risk currently, but the good US cotton growth and uncertain global cotton consumption limit its upward momentum. It needs a driver to break through the oscillation range. Attention should be paid to tariff negotiations between the US and China, India, etc. - Domestic cotton futures: Short - term support from the expectation of tight old - crop inventory. As long as the textile enterprise operating rate does not drop significantly, cotton demand will be stable, and the downward pressure on cotton prices is limited. Technically, pay attention to the 13,600 - 13,900 support range. Also, pay attention to policy trends and the market game under the delivery logic after mid - August [18]

Report Overview - Report Date: July 27, 2025 [1] - Report Subject: Lithium Carbonate Market Analysis 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the price of lithium carbonate futures rose rapidly with significant pullbacks. The 2509 contract closed at 80,520 yuan/ton, up 10,560 yuan/ton week-on-week, and the 2511 contract closed at 79,160 yuan/ton, up 10,540 yuan/ton week-on-week. The spot price increased by 6,250 yuan/ton to 72,900 yuan/ton [1]. - There are large differences in the market's expectations for the reduction and suspension of production at key mines. The market is divided on whether mining license expansion affects production during the renewal period, and whether the impact is short - term or long - term. The market is expected to experience wide fluctuations [4]. - The supply and demand fundamentals show that the lithium concentrate price increased by $99/ton to $810/ton, a 14% week - on - week increase. The inventory of lithium carbonate continued to increase, with upstream inventory decreasing and downstream and trader inventory increasing. The downstream's purchasing willingness at high prices was weak, and the overall growth rate of new energy vehicle sales was lower than expected [2][3]. 3. Summary by Related Catalogs 3.1 Price and Market Trends - **Futures and Spot Prices**: The 2509 contract of lithium carbonate futures closed at 80,520 yuan/ton, up 10,560 yuan/ton week - on - week; the 2511 contract closed at 79,160 yuan/ton, up 10,540 yuan/ton week - on - week. The spot price rose by 6,250 yuan/ton to 72,900 yuan/ton. The SMM basis (2509 contract) weakened by 4,310 yuan/ton to - 7,620 yuan/ton, and the Fubao trader's premium/discount quotation was - 250 yuan/ton, down 340 yuan/ton week - on - week. The 2509 - 2511 contract spread was 1,360 yuan/ton, up 20 yuan/ton week - on - week [1]. - **Lithium Industry Chain Prices**: In the lithium industry chain, prices of various products such as lithium concentrate, lithium carbonate, and lithium hydroxide all showed different degrees of increase. For example, lithium concentrate (6%, CIF) rose to $810/ton, a 13.92% increase [14]. 3.2 Supply and Demand Fundamentals - **Supply**: The price of lithium concentrate increased by $99/ton to $810/ton, a 14% week - on - week increase. The profit of external lithium ore purchase for futures hedging expanded to 5,470 yuan/ton. There are differences in the market regarding the impact of anti - involution policies on production. Some mines may face production reduction or suspension, and this week's lithium carbonate production was 18,630 tons, a decrease of 485 tons from last week, mainly due to production cuts by salt lake enterprises [2]. - **Demand**: At current high prices, downstream purchasing willingness was weak, and market transactions decreased significantly. The basis of lithium carbonate dropped from +90 yuan/ton to - 250 yuan/ton. The inventory of downstream cathode materials remained stable. This week, new energy passenger vehicle sales were 214,000 units, a 4.9% week - on - week increase, a 10.88% year - on - year increase, and a penetration rate of 55.15%, but the overall growth rate was lower than market expectations [2]. 3.3 Inventory - The total social inventory of lithium carbonate continued to increase, with upstream inventory decreasing and downstream and trader inventory increasing. The lithium carbonate inventory was 143,170 tons, a 550 - ton increase from last week, a 0.39% increase. The number of futures warehouse receipts increased by 1,757 tons to 11,996 tons [3]. 3.4 Market Outlook and Trading Strategies - **Market Outlook**: There are large differences between long and short positions, and the market is expected to experience wide fluctuations. The market has different views on the production reduction and suspension of key mines, and there are also differences in the expected impact period [4]. - **Trading Strategies** - **Single - side Trading**: Hold positions cautiously. The price of the futures main contract is expected to range between 65,000 - 85,000 yuan/ton [5]. - **Inter - delivery Spread Trading**: Arbitrage is not recommended. There is an expectation of mine production suspension in the near - term, which is suitable for positive spreads, but the increasing number of warehouse receipts is suitable for reverse spreads [6]. - **Hedging**: It is recommended to conduct sell - hedging. For enterprises purchasing external ores, it is recommended to lock in profits through the futures market, and the sell - hedging ratio is recommended to be increased to 80%. Lithium salt enterprises are recommended to price and sell goods instead of conducting sell - hedging on the futures market [8].

Report's Industry Investment Rating - No information provided Core View of the Report - This week, there were many positive news and hotspots, and the market responded actively摆脱过去借利多高开低走的惯性, with a stronger risk preference. A-shares, except for the banking sector, all recorded certain gains. Overseas, the progress of tariff negotiations between the US and its trading partners accelerated, reducing global uncertainties and further boosting market risk appetite. The A-share trading volume increased, and margin trading funds continued to flow in. The mid-cap index outperformed this week, and all broad-based indexes had achieved five consecutive weekly gains. From a futures perspective, the marginal long and short forces were basically balanced, and the factors suppressing risk preference were few. The stock index futures showed a characteristic of rising with the market but not falling, indicating an optimistic sentiment in the futures market. The basis of IH and IF weakened compared to last week, while the discounts of IC and IM converged compared to last week, still at historically low levels [2] Summary by Relevant Catalogs This Week's Review - There were many positive news and hotspots this week, and the market showed a buying atmosphere at low levels. The "anti-involution" market spread, and A-shares, except for the banking sector, all rose. Overseas, the US tariff policies with Japan, Indonesia, and the Philippines were implemented, and the third round of China-US trade negotiations was to be held next week. The A-share trading volume exceeded 1.9 trillion for the first time in five months, and margin trading funds continued to flow in. The mid-cap index outperformed, and all broad-based indexes had five consecutive weekly gains. In the futures market, the marginal long and short forces were balanced, and the stock index futures showed an optimistic sentiment. The basis of IH and IF weakened, and the discounts of IC and IM converged [2] This Week's Prediction Conclusion - The model's judgment on the movement direction of the basis of IH, IF, IC, and IM next week is: strengthening, weakening, weakening, strengthening respectively [3] Recent Prediction Conclusion - The document provides the comparison data of the real basis change and the predicted basis change of IH, IF, IC, and IM, but no specific conclusion is summarized [4][5]

Report Industry Investment Rating No relevant information provided. Core View of the Report Based on macro - fundamental and technical analysis, the report predicts the trend of various futures on July 25, 2025, including whether they will be strong or weak, and gives corresponding resistance and support levels [2]. Summary According to Relevant Catalogs 1. Futures Market Outlook - **Strong - biased and Volatile**: IF2509, IH2509, IC2509, IM2509, AO2509, RB2510, HC2510, PS2509, LC2509, JM2509, FG509, TA509, V2509, MA509, RU2509 [2][3][4][6][7] - **Weak - biased and Volatile**: T2509, TL2509, AU2510, AG2510, CU2509, I2509, SC2509, P2509 [2][3][4][6][7] - **Strong - biased and Widely Volatile**: SI2509, SA509 [3][6] 2. Macro News and Trading Tips - **Sino - EU Relations**: President Xi Jinping put forward three proposals for the future development of China - EU relations. Premier Li Qiang hopes the EU can provide a fair business environment for Chinese enterprises [8]. - **AI Conference**: Premier Li Qiang will attend the opening ceremony of the 2025 World Artificial Intelligence Conference and deliver a speech [8]. - **Mineral Export**: The Ministry of Commerce will take measures to combat strategic mineral smuggling [8]. - **Rural Finance**: The central bank and the Ministry of Agriculture and Rural Affairs will increase financial support for rural revitalization [8]. - **Investment**: 735 billion yuan of central budget - internal investment in 2025 has been basically allocated [9]. - **Price Law**: The National Development and Reform Commission and the State Administration for Market Regulation are soliciting opinions on the draft amendment of the Price Law [9]. - **State - owned Assets**: The State - owned Assets Supervision and Administration Commission emphasizes optimizing the allocation of state - owned assets [9]. - **MLF Operation**: The central bank will conduct a 400 - billion - yuan MLF operation on July 25, with a net injection of 100 billion yuan [9]. - **Medical Insurance**: During the 14th Five - Year Plan period, the national basic medical insurance participation rate remained stable at about 95% [10]. - **US Politics and Economy**: Trump hopes the Fed to cut interest rates. An investment company sues the Fed for non - transparent meetings. The EU may impose counter - tariffs on US products. US PMI data shows a mixed trend [10][11][12] 3. Commodity Futures Information - **Risk Warning**: Zhengzhou Commodity Exchange warns about uncertainties in the glass and soda ash markets [12]. - **Gold Market**: In the first half of the year, China's gold production increased by 0.44% year - on - year, while consumption decreased by 3.54%. Gold ETFs increased their positions [12]. - **International Futures**: On July 24, international precious metals futures generally fell, international oil prices rose slightly, and London base metals closed down [13] 4. Futures Market Analysis and Outlook - **Stock Index Futures**: On July 24, major stock index futures contracts showed an upward trend. It is expected that on July 25, they will be strong - biased and volatile [14][15][16][20] - **Treasury Bond Futures**: On July 24, treasury bond futures closed down. It is expected that on July 25, T2509 and TL2509 will be weak - biased and volatile [36][38] - **Precious Metal Futures**: On July 24, gold and silver futures closed down. It is expected that on July 25, they will be weak - biased and volatile [41][50] - **Base Metal Futures**: On July 24, copper and alumina futures had different trends. It is expected that on July 25, copper will be weak - biased and alumina will be strong - biased [52][58] - **Industrial Metal Futures**: On July 24, industrial silicon, polycrystalline silicon, and lithium carbonate futures showed an upward trend. It is expected that on July 25, they will be strong - biased [61][64][67] - **Building Material Futures**: On July 24, rebar, hot - rolled coil, and iron ore futures had different trends. It is expected that on July 25, rebar and hot - rolled coil will be strong - biased, and iron ore will be weak - biased [69][75][77] - **Energy Futures**: On July 24, coking coal, glass, soda ash, and crude oil futures had different trends. It is expected that on July 25, coking coal and glass will be strong - biased, soda ash will be strong - biased and widely volatile, and crude oil will be weak - biased [84][87][89][90] - **Chemical Futures**: On July 24, PTA, PVC, and methanol futures showed an upward trend. It is expected that on July 25, they will be strong - biased [95][97][100] - **Agricultural Futures**: On July 24, palm oil and natural rubber futures showed an upward trend. It is expected that on July 25, palm oil will be weak - biased and natural rubber will be strong - biased [101][103]

Report Industry Investment Ratings No specific industry investment ratings are provided in the report. Core Views - The overall commodity market is affected by various factors, including geopolitical tensions, policy expectations, and supply - demand dynamics. Different commodities show different trends such as being strong, weak, or in a range - bound state [4][14]. - Geopolitical tensions in Russia and Ukraine have increased concerns about energy supply disruptions, which has an impact on the prices of commodities such as PX and crude oil [8]. - The "anti - involution" policy and supply - side optimization expectations drive the overall strength of commodities, but external risks such as the potential intensification of the trade war in August also need attention [38][46]. Summary by Commodity PX, PTA, MEG - **PX**: Supply - demand remains tight, with a recommendation of rolling long on spreads. The start - up rate of domestic plants has decreased, and the upcoming production of new PTA plants will increase demand [14]. - **PTA**: The raw material trend is strong as polyester inventory decreases, and there is a suggestion to focus on the spread of long PTA and short PF [4][14]. - **MEG**: The unilateral trend is strong, driven by the continuous rise in coal prices [4][14]. Rubber - Rubber is expected to oscillate. Although there are some changes in futures prices and trading volume, the overall market lacks a clear trend [15][16]. Synthetic Rubber - The price center of synthetic rubber is moving up. Short - term factors such as policy expectations, the strength of the rubber sector, and improved fundamentals support the price increase, but medium - term supply pressure may limit the upside [20][22]. Asphalt - Asphalt will fluctuate repeatedly. The production and inventory of asphalt have decreased, and the market is affected by oil prices and supply - demand relationships [23][24][36]. LLDPE - LLDPE will move in a range. The supply pressure is increasing, while the demand support is weak, and the market is also affected by macro - factors [37][38]. PP - PP's spot price will oscillate with light trading. The futures market has limited impact on the spot, and downstream demand is insufficient [41][42]. Caustic Soda - The rebound of caustic soda is difficult to sustain. Although there is short - term positive sentiment, the supply pressure will increase, and it is currently in the off - season of demand [44][46]. Pulp - Pulp will oscillate. The supply - demand fundamentals are in a stalemate, with high inventory on the supply side and weak demand on the downstream side [49][51][53]. Glass - The price of glass raw sheets is stable. The futures price has declined, and the spot market is relatively active due to the influence of the futures and price increase notices [55][56]. Methanol - Methanol is expected to run strongly. The spot price is rising, and short - term fundamentals are neutral, with support from rigid demand and supply contraction [58][61]. Urea - Urea will move in a range. The inventory of urea enterprises is decreasing, but the demand is weak, and it is also affected by policy expectations [63][65][66]. Styrene - Styrene is recommended as a short - position allocation. It is in a situation of high production, high profit, and high inventory, and the port inventory is accelerating the accumulation [67][68]. Soda Ash - The spot market of soda ash changes little. The supply is at a high level, and the downstream demand is stable, with the market expected to be stable and oscillating [69][71]. LPG - The external support for LPG is strengthening, and there is still room for the domestic market to recover. The prices of futures contracts are rising, and the operating rates of related industries are increasing [73]. PVC - The rebound of PVC is difficult to sustain. Although there is short - term market strength, the high - production and high - inventory structure is difficult to change, and the fundamentals are weak [83][84]. Fuel Oil and Low - Sulfur Fuel Oil - The decline of fuel oil has slowed down, and it rebounded slightly at night. Low - sulfur fuel oil is weakly oscillating, and the price spread between high - and low - sulfur fuels in the external market is temporarily stable [88]. Container Shipping Index (European Line) - Hold the reverse spreads of 10 - 12 and 10 - 02. The futures prices of relevant contracts are changing, and different shipping price indices show different trends [90].

豆一：震荡 吴光静 投资咨询从业资格号：Z0011992 wuguangjing@gtht.com 2025 年 07 月 25 日 商 品 研 究 豆粕：美豆微涨，连粕或震荡 【宏观及行业新闻】 7 月 24 日 CBOT 大豆日评：大多合约收涨，受技术性买盘和贸易希望推动。北京德润林 2025 年 7 月 请务必阅读正文之后的免责条款部分 1 期货研究 国 泰 君 安 期 货 研 究 所 期货研究 【基本面跟踪】 豆粕/豆一基本面数据 | | | 收盘价 （日盘） 涨 跌 | 收盘价 （夜盘） | 涨 跌 | | --- | --- | --- | --- | --- | | | DCE豆一2509 （元/吨） | 4224 -5（-0.12%） | 4221 | +15（+0.36%） | | 期 货 | DCE豆粕2509 （元/吨） | 3025 -71 （-2.29%） | 3029 -12 | （-0.39%） | | | CBOT大豆11 （美分/蒲） | 1025 +2.5（+0.24%） | | | | | CBOT豆粕12 （美元/短吨） | 283.2 -2.4（-0.84%） | n ...

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