1. Report Industry Investment Rating - Not provided in the report. 2. Core View of the Report - Not provided in the report. 3. Summary by Related Categories Gold (AU) - On August 7, 2025, the closing price of SHFE gold main contract was 785.02 yuan/gram, with a change of 1.34 yuan compared to the previous trading day [1]. - The closing price of COMEX gold main contract was 3431.80 US dollars/ounce, down 3.20 US dollars from the previous day [1]. - The spot price of London gold was -1.93 US dollars/ounce, and the spot price of SGE gold was 779.52 yuan/gram, down 1.44 yuan [1]. Silver (AG) - On August 7, 2025, the closing price of SHFE silver main contract was 9258 yuan/kilogram, up 76 yuan from the previous trading day [1]. - The closing price of COMEX silver main contract was 0.10 US dollars/ounce, and the spot price of London silver was 37.78 US dollars/ounce, up 0.43 US dollars [1]. - The spot price of SGE silver was 96 yuan/kilogram, and the domestic basis (AG(T+D) - main contract) was -11 yuan/gram [1]. Copper (CU, BC) - On August 7, 2025, the closing price of SHFE copper (CU) main contract was 78460 yuan/ton, up 180 yuan from the previous trading day [1]. - The closing price of international copper (BC) main contract was 69630 yuan/ton, up 160 yuan [1]. - The closing price of LME copper 3M (15:00) was 9701.50 US dollars/ton, up 34.00 US dollars [1]. Aluminum and Alumina (AL, AO) - On August 7, 2025, the closing price of SHFE aluminum (AL) main contract was 20750 yuan/ton, up 100 yuan from the previous trading day [1]. - The closing price of alumina (AO) main contract was 3211 yuan/ton, down 30 yuan [1]. - The closing price of LME aluminum 3M (15:00) was 2631.00 US dollars/ton, up 56.00 US dollars [1]. Zinc (ZN) - On August 7, 2025, the closing price of SHFE zinc (ZN) main contract was 22580 yuan/ton, up 200 yuan from the previous trading day [1]. - The LME zinc 0 - 3 spread was -20.97 US dollars/ton, and the domestic regional spot premiums varied in different areas [1]. - The SHFE zinc warehouse receipt inventory was 13822 tons, down 553 tons [1]. Lead (PB) - On August 7, 2025, the closing price of SHFE lead (PB) main contract was 16875 yuan/ton, up 20 yuan from the previous trading day [1]. - The refined lead spot import profit and loss was -524.20 yuan/ton, and the recycled lead smelting profit was 73.50 yuan/ton [1]. Nickel and Stainless Steel (NI, SS) - On August 7, 2025, the closing price of SHFE nickel (NI) main contract was 121850 yuan/ton, up 780 yuan from the previous trading day [1]. - The closing price of stainless steel (SS) main contract was 13000 yuan/ton, up 65 yuan [1]. - The LME nickel 3M closing price (15:00) was 15230 US dollars/ton [1]. Tin (SN) - On August 7, 2025, the closing price of SHFE tin (SN) main contract was 267940 yuan/ton, up 1000 yuan from the previous trading day [1]. - The LME tin 3M closing price (15:00) was 33565 US dollars/ton, up 180 US dollars [1]. - The SHFE tin warehouse receipt inventory was 7332 tons, down 26 tons [1].

本报告的观点和信息仅供风险承受能力合适的投资者参考。本报告难以设置访问权限，若给您造成不 便，敬请谅解。若您并非风险承受能力合适的投资者，请勿阅读、订阅或接收任何相关信息。本报告不构 成具体业务或产品的推介，亦不应被视为相应金融衍生品的投资建议。请您根据自身的风险承受能力自行 作出投资决定并自主承担投资风险，不应凭借本内容进行具体操作。 【期货行情前瞻要点】 通过宏观基本面分析和黄金分割线、水平线、日均线等技术面分析，预期今日期货主力合约行情走势大概率如 下： 股指期货将偏强震荡：IF2509 阻力位 4122 和 4141 点，支撑位 4097 和 4087 点；IH2509 阻力位 2812 和 2820 点，支撑位 2795 和 2786 点；IC2509 阻力位 6250 和 6275 点，支撑位 6190 和 6160 点；IM2509 阻力位 6830 和 6885 点，支撑位 6760 和 6730 点。 2025 年 8 月 7 日 股指期货将偏强震荡 铜、铝、锌、氧化铝、工业硅、多晶 硅、碳酸锂期货将偏强震荡 焦煤期货将偏强宽幅震荡 原 油、铁矿石、玻璃、纯碱期货将偏弱震荡 陶金峰 期货投资 ...

2025 年 08 月 07 日 豆粕：隔夜美豆收跌，连粕调整震荡 豆一：单向拍卖开启，盘面震荡 吴光静 投资咨询从业资格号：Z0011992 wuguangjing@gtht.com 【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 | | --- | --- | --- | --- | --- | | | （元/吨） DCE豆一2509 | 4118 | -3（-0.07%） | +6（+0.15%） 4124 | | 期 货 | DCE豆粕2509 （元/吨） | 3026 | -4（-0.13%） | 3013 -14（-0.46%） | | | CBOT大豆11 （美分/蒲） | 985.25 | -5.25（-0.53%） | | | | CBOT豆粕12 （美元/短吨） | 281.1 | -3.7（-1.30%） | n a | | | | | 豆粕 | （43%） | | | 山东 （元/吨） | 2950～3000， 较昨-10至持平； 60， 持平； 8-9月M2509+30/+60， M2601+10/+30/+60/+70， ...

短纤：下方空间有限，短期震荡市，多 PF 空 PR 瓶片：下方空间有限，短期震荡市，多 PF 空 PR 贺晓勤 投资咨询从业资格号：Z0017709 hexiaoqin024367@gtjas.com 钱嘉寅（联系人） 从业资格号：F03124480 Qianjiayin028310@gtjas.com 期 货 研 究 2025 年 08 月 07 日 【基本面跟踪】 | | 短纤2508 | 昨日 6298 | 前日 6286 | 变化 12 | PF08-09 | 昨日 -52 | 前日 -36 | 变化 -16 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | PF | 短纤2509 | 6350 | 6322 | 28 | PF09-10 | -64 | -88 | 24 | | | 短纤2510 | 6414 | 6410 | ব | PF基差 | 150 | 1 63 | -13 | | | 短纤持仓量 | 275136 | 264681 | 10455 | 短纤华东现货价格 | 6. 500 | 6. 485 | 15 | | ...

期 货 研 究 2025 年 08 月 07 日 所 铝、氧化铝、铸造铝合金基本面数据更新 | T | T-1 | T-5 | T-22 | T-66 | 沪铝主力合约收盘价 | 20650 | 70 | 1005 | 90 | ટર્ટ | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 沪铝主力合约夜盘收盘价 | 20770 | ー | l | ー | l | LME铝3M收盘价 | 2622 | 57 | 14 | 24 | 237 | | | 沪铝主力合约成交量 | 92872 | -7124 | -32296 | -74965 | -55070 | 沪铝主力合约持仓量 | -1008 | -36426 | -47469 | 224937 | ୧813 | 电解 铝 | | LME铝3M成交量 | 25282 | 13080 | 10435 | 8764 | 14763 | LME注销仓单占比 | 3.04% | 0. 23% | -0. 06% | -0. 03% | -38. ...

所长 早读 国泰君安期货 2025-08-07 期 2025-08-07 所长 早读 今 日 发 现 请务必阅读正文之后的免责条款部分 1 期货研究 期货研究 关税大棒呼呼生风，项庄舞剑意在沛公 观点分享： 周三美股盘后，特朗普在白宫椭圆形办公室表示，"我们将对芯片和半导体产品征收非 常高的关税，但像苹果这样的公司，如果你是在美国建厂，或者已经明确承诺在美国建厂， 就不会被征税。""换句话说，我们将对芯片和半导体产品征收大约 100%的关税。但只要 你在美国建厂，就不会被征税。即使你现在还没开始大规模生产，只要你已经在建设阶段， 就不会被征税。"做上述表述时苹果公司首席执行官蒂姆·库克在场。稍早前据媒体报道，关 税压力下，苹果将再投 1000 亿美元布局美国制造，最新承诺将使苹果在美投资总额达到 6000 亿美元。另外，特朗普在一份行政令中表示："我认定印度政府目前正在直接或间接进 口俄罗斯联邦的石油，因此，并依据相关法律，进口到美国关税区的印度商品应额外征收 25% 的从价税。"根据该行政令，新关税将在 21 天后生效。这将使印度这一美国重要贸易伙伴的 总关税税率提高至 50%。 所 长 首 推 | 板块 ...

1. Report Industry Investment Rating - The investment rating for zinc is "Oscillating upward" [1] 2. Core View of the Report - The report presents a detailed analysis of the zinc market's fundamentals, including price, trading volume, open interest, premium/discount, inventory, and related product prices, as well as relevant news and trend strength [1][2] 3. Summary According to Related Catalogs 3.1 Fundamentals Tracking - **Prices**: The closing price of SHFE zinc main contract was 22,380 yuan/ton with 0.00% change, and LME zinc 3M electronic trading closed at 2,750 dollars/ton with -0.15% change [1] - **Trading Volume**: SHFE zinc main contract volume was 89,569 lots, an increase of 4,120 lots, while LME zinc volume was 7,339 lots, a decrease of 826 lots [1] - **Open Interest**: SHFE zinc main contract open interest was 94,254 lots, a decrease of 4,218 lots, and LME zinc open interest was 190,784 lots, an increase of 162 lots [1] - **Premium/Discount**: Shanghai 0 zinc premium/discount was -20 yuan/ton with no change, and LME CASH - 3M premium/discount was -13.16 dollars/ton, a decrease of 2.29 dollars/ton [1] - **Inventory**: SHFE zinc futures inventory was 14,375 tons, a decrease of 432 tons, and LME zinc inventory was 89,225 tons, a decrease of 3,050 tons [1] - **Related Product Prices**: The price of 1.0mm hot - dipped galvanized coil (tax - included) was 4,395 yuan/ton, an increase of 10 yuan/ton; Shanghai Zamak - 5 zinc alloy was 23,505 yuan/ton, an increase of 30 yuan/ton; Shanghai Zamak - 3 zinc alloy was 22,955 yuan/ton, an increase of 30 yuan/ton; zinc oxide ≥99.7% was 21,400 yuan/ton, an increase of 100 yuan/ton [1] 3.2 News - There are ongoing differences in the US - Japan trade agreement, and the US plans to impose an additional 15% tariff on the existing tariff base. Japan requests the US to correct the tariff implementation [2] 3.3 Trend Strength - The trend strength of zinc is 0, indicating a neutral outlook [2][3]

2025 年 08 月 07 日 铅：LME 库存减少，支撑价格 季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 【基本面跟踪】 | | 昨日值 | 较前日变动/涨跌幅 | | 昨日值 | 较前日变动/涨跌幅 | | --- | --- | --- | --- | --- | --- | | 沪铅主力收盘价 | 16855 | 0.48% | 伦铅 3M 电子盘收 | 1975.5 | 0.61% | | （元/吨） | | | 盘（美元/吨） | | | | 沪铅主力成交量 | 48645 | 8512 | 伦铅成交量（手） | 6919 | -97 | | （手） | | | | | | | 沪铅主力持仓量 | 65019 | -7064 | 伦铅持仓量（手） | 150024 | 584 | | （手） | | | | | | | 上海 1# 铅升贴水 | -40 | 10 | LME CASH-3M 升 | -41.92 | -3.42 | | （元/吨） | | | 贴水（美元/吨） | | | | PB00-PB01（元/吨） | -60 | 0 | 进口升贴水 ...

商 品 研 究 2025 年 8 月 7 日 吴昊 投资咨询从业资格号：Z0018592 wuhao8@gtht.com 【基本面跟踪】 鸡蛋基本面数据 | | 合 约 | 收盘价 | 日涨跌 | （%） | 成交变动 | 持仓变动 | | --- | --- | --- | --- | --- | --- | --- | | 期 货 | 鸡蛋2509 | 3,378 | 0.99 | | -21,588 | -19,320 | | | 鸡蛋2601 | 3,624 | -0.11 | | -2,794 | -1,128 | | | | | 最新日 | | 前一日 | | | 价 差 | 鸡蛋9-10价差 | | 93 | | 78 | | | | 鸡蛋9-1价差 | | -246 | | -300 | | | | | | 最新日 | | 前一日 | | | | 辽宁现货价格 | | 2.90 | | 2.90 | | | | 河北现货价格 | | 2.62 | | 2.73 | | | 产业链数据 | 山西现货价格 | | 2.90 | | 2.90 | | | | 湖北现货价格 | | 3.09 | | ...

2025 年 8 月 7 日 生猪：近端现货压力持续 | 周小球 | 投资咨询从业资格号：Z0001891 | zhouxiaoqiu@gtht.com | | --- | --- | --- | | 吴昊 | 投资咨询从业资格号：Z0018592 | wuhao8@gtht.com | | 【基本面跟踪】 | | | 生猪基本面数据 | | | 单 位 | 价 格 | | 同 比 | | | --- | --- | --- | --- | --- | --- | --- | | 价 格 | 河南现货 | 元/吨 | 14080 | | -100 | | | | 四川现货 | 元/吨 | 13450 | | -50 | | | | 广东现货 | 元/吨 | 15540 | | 0 | | | 期 货 | | 单 位 | 价 格 | | 同 比 | | | | 生猪2509 | 元/吨 | 13810 | | -75 | | | | 生猪2511 | 元/吨 | 14010 | | 130 | | | | 生猪2601 | 元/吨 | 14310 | | 140 | | | | | 单 位 | 成交量 | 较前 ...