客服产品系列•日评 国新国证期货早报 2025 年 4 月 24 日 星期四 品种观点： 【股指期货】 周三（4 月 23 日）A 股三大指数涨跌不一，截止收盘，沪指跌 0.10%，收报 3296.36 点；深 证成指涨 0.67%，收报 9935.80 点；创业板指涨 1.07%，收报 1949.16 点。沪深两市成交额达到 1.23 万亿，较昨 日放量近 1400 亿。 沪深 300 指数 4 月 23 日窄幅整理，收盘 3786.88，环比上涨 2.93。 【焦炭 焦煤】4 月 23 日焦炭加权指数超跌反弹，收盘价 1594.2 元，环比上涨 45.2。 4 月 23 日，焦煤加权指数弱势震荡，收盘价 948.1 元，环比上涨 26.3。 影响焦炭期货、焦煤期货价格的有关信息： 焦炭：焦炭首轮提涨落地，亏损有所收窄，近期环保限产约束相对宽松，焦企暂无减产驱动，焦炭日均产量 周环比持续小幅增加，供应稳中有增。需求方面，高炉稳定开工，上周样本钢厂铁水产量周环比微降，绝对水平 在年内高位。下游日耗有支撑，焦企正常出货。 焦煤：上周产区部分煤矿停产，其余大部分煤矿维持正常生产，国内整体煤炭供应平稳。进口方面，蒙 ...

客服产品系列•日评 国新国证期货早报 2025 年 4 月 23 日 星期三 品种观点： 【股指期货】 周二（4 月 22 日）A 股三大指数涨跌不一，沪指日线"八连阳"。截至收盘，沪指涨 0.25%， 收报 3299.76 点；深证成指跌 0.36%，收报 9870.05 点；创业板指跌 0.82%，收报 1928.43 点。沪深两市成交额 达到 1.09 万亿，较昨日放量 486 亿。 沪深 300 指数 4 月 22 日窄幅震荡，收盘 3783.95，环比下跌 0.93。 【焦炭 焦煤】4 月 22 日焦炭加权指数震荡趋弱，收盘价 1533.2 元，环比下跌 27.6。 4 月 22 日，焦煤加权指数弱势，收盘价 913.4 元，环比下跌 20.3。 影响焦炭期货、焦煤期货价格的有关信息： 焦炭：虽然第一轮提涨落地，但随着下游钢厂铁水回落和利润走缩，钢厂采购意愿下降，后续市场的第二轮 提涨预期实现或将较为困难，并且原料端焦煤走弱压力带动焦炭成本松动，焦炭下行压力较大。焦厂和钢厂焦炭 库存均维持去库。铁水产量从 240.22 顶点轻微回落 0.1 至 240.12，后续铁水继续回落预期较强，对需求的支撑 ...

品种观点： 【股指期货】 周一（4 月 21 日）A 股三大指数延续反弹态势，截止收盘，沪指涨 0.45%，收报 3291.43 点； 深证成指涨 1.27%，收报 9905.53 点；创业板指涨 1.59%，收报 1944.32 点。沪深两市成交 10414 亿，较上周五 放量 1267 亿。 沪深 300 指数 4 月 21 日震荡趋强，收盘 3784.88，环比上涨 12.36。 客服产品系列•日评 国新国证期货早报 2025 年 4 月 22 日 星期二 【焦炭 焦煤】4 月 21 日焦炭加权指数区间震荡，收盘价 1574.1 元，环比上涨 23.2。 4 月 21 日，焦煤加权指数弱势整理，收盘价 936.4 元，环比上涨 10.9。 影响焦炭期货、焦煤期货价格的有关信息： 焦炭：中美贸易矛盾进一步升级，加深市场对黑色商品长期需求困扰，下游采购情绪降温。焦炭第一轮提涨 全面落地，提涨幅度 50-55 元/吨，一轮提涨落地后焦企利润好转，焦企整体开工较稳。 焦煤：煤矿线上竞拍成交走弱，整体煤价窄幅震荡。本周个别煤矿停产限产，但部分因前期事故等因素减产 停产煤矿恢复正常生产，总体产地供应有所增加。受关税 ...

品种观点： 【股指期货】 周五（4 月 18 日）A 股三大指数涨跌不一，沪指止步八连涨。截止收盘，沪指跌 0.11%，收 报 3276.73 点；深证成指涨 0.23%，收报 9781.65 点；创业板指涨 0.27%，收报 1913.97 点。沪深两市成交额仅 有 9147 亿元，较昨日缩量 848 亿，创去年"924"行情以来地量。 客服产品系列•日评 国新国证期货早报 2025 年 4 月 21 日 星期一 沪深 300 指数 4 月 18 日窄幅震荡，收盘 3772.52，环比上涨 0.30。 【焦炭 焦煤】4 月 18 日焦炭加权指数弱势整理，收盘价 1555.1 元，环比下跌 12.0。 影响焦炭期货、焦煤期货价格的有关信息： 焦炭：吨焦利润收缩，焦企开工率和产能利用率均小幅下降。需求上，下游钢厂补库需求趋缓，采购积极性 有所下降，但铁水产量维稳提供焦炭需求支撑。终端需求成色仍然是基本面调整的核心，焦炭供需基本面有所改 善。 焦煤：供应上，中蒙边境口岸的焦煤供应环比季节性上升，但口岸贸易商出货量不佳，蒙煤口岸库存仍较高。 进口澳煤的性价比减弱，澳煤进口量有所回落。国内产地煤矿陆续复工复产，110 ...

客服产品系列•日评 国新国证期货早报 2025 年 4 月 18 日 星期五 品种观点： 【股指期货】 周四（4 月 17 日）A 股三大指数涨跌不一，沪指日线八连涨。截止收盘，沪指涨 0.13%，收 报 3280.34 点；深证成指跌 0.16%，收报 9759.05 点；创业板指涨 0.09%，收报 1908.78 点。沪深两市成交额仅 有 9995 亿，较昨日缩量 1124 亿。 沪深 300 指数 4 月 17 日强势整理，收盘 3772.22，环比下跌 0.6。 【焦炭 焦煤】4 月 17 日焦炭加权指数弱势，收盘价 1549.0 元，环比下跌 22.0。 4 月 17 日，焦煤加权指数弱势依旧，收盘价 926.7 元，环比下跌 25.4。 影响焦炭期货、焦煤期货价格的有关信息： 焦炭：现货方面，港口焦炭现货市场报价平稳，日照港准一级冶金焦现货价格 1340 元/吨，较上期价格不变。 供应端，焦企开工保持正常水平，焦炭产量供应稳定，铁水产量回升钢厂对焦炭需求增加，焦企出货相对顺畅， 厂内库存压力缓解。需求端，高炉复产铁水产量增加，因而对焦炭需求增加，不过钢材价格整体疲软，终端需求 释放不及预期。 焦 ...

客服产品系列•日评 国新国证期货早报 2025 年 4 月 17 日 星期四 品种观点： 【股指期货】周三（4 月 16 日）A 股三大指数涨跌不一，沪指七连涨。截止收盘，沪指涨 0.26%，收报 3276.00 点；深证成指跌 0.85%，收报 9774.73 点；创业板指跌 1.21%，收报 1907.11 点。沪深两市成交额 11119 亿，较 昨日小幅放量 347 亿。 沪深 300 指数 4 月 16 日震荡趋强，收盘 3772.82，环比上涨 11.59。 【焦炭 焦煤】4 月 16 日焦炭加权指数区间震荡，收盘价 1562.9 元，环比下跌 7.1。 4 月 16 日，焦煤加权指数弱势，收盘价 945.2 元，环比下跌 14.5。 影响焦炭期货、焦煤期货价格的有关信息： 焦炭：近期环保限产约束有所放松，焦企保持开工动能，高频数据显示开工率以及焦炭日均产量环比小幅增 加。需求方面，高炉延续复产，铁水产量增加，供需双增，焦企出货顺畅。 焦煤：上周部分前期停产煤矿复产，带动上游开工率回升，国内煤炭整体宽松格局持续。进口方面，蒙煤单 日通关车数维持在千车高位，进口供应充分。（数据来源：东方财富网） 【棕 ...

客服产品系列•日评 国新国证期货早报 2025 年 4 月 16 日 星期三 品种观点： 【股指期货】周二（4 月 15 日）A 股三大指数涨跌不一，沪指连续六个交易日收涨。截止收盘，沪指涨 0.15%， 收报 3267.66 点；深证成指跌 0.27%，收报 9858.10 点；创业板指跌 0.13%，收报 1930.40 点。沪深两市成交额 仅有 10772 亿，较昨日缩量 2003 亿。 沪深 300 指数 4 月 15 日窄幅震荡，收盘 3761.24，环比上涨 2.09。 【焦炭 焦煤】4 月 15 日焦炭加权指数区间整理，收盘价 1575.5 元，环比上涨 19.2。 请务必阅读正文之后的免责声明部分 １ 编辑：国新国证期货 4 月 15 日，焦煤加权指数窄幅整理，收盘价 957.0 元，环比上涨 1.6。 影响焦炭期货、焦煤期货价格的有关信息： 焦炭：第一轮提涨部分落地，关注后续是否有继续提涨动能。受关税政策影响，焦炭价格跟随钢材走势为主。 铁水日产小幅拾升，焦化利润明显收缩，但日产持续抬升。焦炭整体库存去化不畅仍维持高位，贸易采购积极性 有所回落。 焦煤：炼焦煤矿山有复产情况出现，周内产量抬升 ...

Variety Views Stock Index Futures - On April 14, A-share's three major indexes continued to rebound. The Shanghai Composite Index rose 0.76% to close at 3262.81, the Shenzhen Component Index rose 0.51% to close at 9884.30, and the ChiNext Index rose 0.34% to close at 1932.91. The trading volume of the two markets was 1.2775 trillion yuan, a decrease of 71.2 billion yuan from the previous trading day. The CSI 300 Index closed at 3759.14, a month-on-month increase of 8.62 [1]. Coke and Coking Coal - On April 14, the weighted index of coke rebounded weakly, closing at 1565.7 yuan, a month-on-month increase of 15.9. The weighted index of coking coal was weakly sorted, closing at 958.4 yuan, a month-on-month increase of 7.8. The implementation of US tariffs has weakened market sentiment, and the decline in coke enterprise inventories has narrowed. There is still a risk of decline in steel exports in the long term. The overall supply of coking coal has increased, but the high port inventory has kept prices under pressure [1]. Zhengzhou Sugar - Affected by concerns about a global economic recession and a decline in US sugar prices, the Zhengzhou Sugar 2509 contract oscillated downward on April 14. Brazilian sugar production in mid - late March decreased by 8.5% year - on - year [1]. Rubber - Due to large short - term gains and technical factors, the Shanghai rubber oscillated and sorted on the night of April 14, closing slightly higher. In March, the retail sales of the passenger car market were 1.94 million vehicles, a year - on - year increase of 14.4% and a month - on - month increase of 40.2%. Thailand's southern region is expected to have rainstorms from April 14 - 19 [2]. Soybean Meal - Internationally, the CBOT soybean oscillated on April 14. The US soybean export inspection volume met market expectations. Brazil's soybean harvest rate reached 89.09%, and its output increased by 16 million tons year - on - year. Argentina's soybean harvest was delayed due to rainfall. Domestically, the soybean meal futures price oscillated and closed up on April 14. In March, China imported 3.503 million tons of soybeans, and 17.109 million tons from January - March, a year - on - year decrease of 7.9%. It is expected that the total import of Brazilian soybeans in the second quarter will exceed 30 million tons [2][3]. Live Pigs - On April 14, the live pig futures price first rose and then fell. The market is in the off - season of demand, and the supply is relatively loose. However, some farmers are reluctant to sell, and there is bottom - fishing in the second - fattening market. The cost of feed may rise due to tariffs, but in the medium term, the market is still in a pattern of loose supply and demand [4]. Palm Oil - On April 14, palm oil oscillated slightly at a low level. As of April 11, the commercial inventory of palm oil decreased month - on - month and year - on - year [4]. Soybean Oil - The position of the Y2509 contract increased. The spot price of Zhangjiagang first - grade soybean oil rose. CONAB expects Brazil's soybean output to increase by 13.6% in the 2024/25 season. Brazil's soybean harvest is coming to an end, but rainfall may affect it. Argentina's rainfall is conducive to the harvest. China's recent soybean imports are low, but it is expected to increase in late April [5]. Rapeseed Oil - The position of the OI2505 contract decreased. The spot price in Dongguan rose. The profit of imported rapeseed crushing has narrowed, and the arrival of imported rapeseed will decrease after April [6]. Shanghai Copper - Due to the easing of the global trade situation and the weakening of the US dollar index, combined with the continuous decline of domestic refined copper social inventory, Shanghai copper continued to rebound [6]. Iron Ore - On April 14, the iron ore 2509 contract oscillated and closed up. Last week, the shipping volume of iron ore decreased month - on - month, the arrival volume decreased for three consecutive periods, and the port inventory continued to decline. The iron water output has reached a high level, and the follow - up upward space may be limited. The short - term iron ore will oscillate [8]. Asphalt - On April 14, the asphalt 2506 contract oscillated and closed up. Last week, the asphalt refinery's operating rate increased month - on - month but remained at a low level. The shipment volume decreased after three consecutive periods of increase. The overall demand release is limited, and the social inventory continues to accumulate. The short - term asphalt will oscillate [8]. Cotton - On the night of April 14, the Zhengzhou cotton main contract closed at 12,930 yuan/ton. The cotton inventory decreased. India's cotton output in the 2024/25 season is expected to decline [8]. Logs - On April 14, the log 2507 contract oscillated. The spot price of logs in Shandong and Jiangsu remained flat. From January - March, the import volume of logs and sawn timber decreased by 10% year - on - year. The port log inventory decreased month - on - month, and the overall demand is weak. The short - term market will oscillate [9]. Steel - On April 14, the rb2510 contract closed at 3126 yuan/ton, and the hc2510 contract closed at 3242 yuan/ton. The macro - level is full of news, and the tariff game continues. The demand for rebar in April is not strong, and the project funds are not in place. The inventory is in the seasonal destocking cycle, and the follow - up destocking speed is a key concern [10]. Alumina - On April 14, the ao2505 contract closed at 2830 yuan/ton. The trade war sentiment has eased, and industrial products generally rose on April 14. Alumina rebounded after a previous decline. The supply pattern of alumina is still loose, which may restrict its upward space [10]. Shanghai Aluminum - On April 14, the al2505 contract closed at 19,690 yuan/ton. The US tariff policy has entered a short - term calm period, but still needs attention. The supply of electrolytic aluminum has limited growth, and it is in the destocking stage. The downstream is actively purchasing, which supports the aluminum price [11][13]. Lithium Carbonate - The price of battery - grade lithium carbonate remained stable on April 14. The downstream has a high proportion of long - term contracts and customer - supplied materials, with weak demand for spot purchases. The market is cautious and mostly on the sidelines [13].

客服产品系列•日评 国新国证期货早报 2025 年 4 月 14 日 星期一 品种观点： 【股指期货】 周五（4 月 11 日）A 股三大指数延续反弹态势，截止收盘，沪指涨 0.45%，收报 3238.23 点； 深证成指涨 0.82%，收报 9834.44 点；创业板指涨 1.36%，收报 1926.37 点。沪深两市成交额 13487 亿，较昨日 缩量 2608 亿。 沪深 300 指数 4 月 11 日强势震荡，收盘 3750.52，环比上涨 15.40。 【焦炭 焦煤】4 月 11 日焦炭加权指数弱势，收盘价 1543.9 元，环比下跌 18.8。 4 月 11 日，焦煤加权指数弱势依旧，收盘价 947.7 元，环比下跌 16.6。 影响焦炭期货、焦煤期货价格的有关信息： 焦炭：港口焦炭现货市场报价平稳，日照港准一级冶金焦现货价格 1330 元/吨，较上期不变。供应端，焦企 入炉煤成本抬升，部分焦企因亏损有减产预期，焦企出货积极，厂内焦炭库存继续回落，市场心态较为谨慎。需 求端，钢材价格有所反弹，不过市场参与者谨慎参与，部分贸易商适量补库，钢厂原料库存相对不缺，对焦炭多 按需采购为主。 焦煤：山西临汾 ...