1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The domestic corn supply is expected to be tight, and the market is likely to fluctuate upward. The report suggests taking a long - position strategy by buying at low prices [1][30] 3. Summary by Relevant Catalogs 3.1 Market Review - Since April, domestic corn futures have experienced a trend of rising, then correcting, and rising again. The spot price initially rose with futures but later flattened. At the beginning of the month, the corn market was strong due to Sino - US trade conflicts, but then adjusted slightly in the spot market and significantly squeezed the premium in the futures market because of weak demand and warehouse - clearing by traders in North China before wheat procurement. In the second half of the month, the impact of wheat substitution decreased due to drought threats in new wheat - producing areas [3] 3.2 International Corn Market Analysis 3.2.1 USDA Supply - Demand Balance Sheet - The USDA's April report estimated the 2024/25 corn harvest area at 82.9 million acres, with a yield of 179.3 bushels per acre and a total output of 14.867 billion bushels. Feed demand is 5.75 billion bushels, food and processing demand is 6.89 billion bushels, exports are 2.55 billion bushels, and the year - end carry - over inventory is 1.465 billion bushels. Feed consumption decreased, exports increased, and carry - over inventory declined. The current US corn planting progress is 12%, higher than the five - year average of 10%. With favorable weather and increased new - crop area, production is expected to increase [6] 3.2.2 Brazil and Argentina's Production - According to CONAB's April estimate, Brazil's 2024/25 corn production is expected to be 125 million tons, slightly up from the March estimate. Consumption is expected to be 87.1 million tons, exports 34 million tons, and the carry - over inventory 7.4 million tons. The domestic balance sheet is looser than last year due to increased area and restored yield. In Argentina, the USDA estimates the 24/25 production at 50 million tons, the same as the March estimate, and exports at 36 million tons, 260,000 tons less than in 23/24. Overall, the production of Brazil and Argentina has increased compared to last year, and the supply - demand situation has improved [10] 3.2.3 Ukraine's Production - The USDA estimates Ukraine's 24/25 corn production at 26.8 million tons, a decrease of 2.7 million tons (19% decline) from last year due to dry and hot weather and a significant drop in yield. Due to the decline in initial inventory and production, export capacity has decreased by 7.5 million tons to 22 million tons, and the ending carry - over inventory is 740,000 tons, the lowest in recent years. Traders estimate that Ukraine's 2025/26 corn production may reach 30 million tons, a significant increase from 25.2 million tons in 2024/25, as the yield may increase by 19% [12] 3.3 Domestic Corn Market Analysis 3.3.1 Grain Sales Progress - Since 2024/25, Chinese farmers' enthusiasm for selling corn has been high. As of April 17, the grain - sales progress of farmers in 13 provinces was 93%, 5% faster than the same period last year, and that in 7 major producing provinces was 93%, 6% faster. Farmers' remaining grain is only 7%, meaning they have basically sold out. In the future, the game between traders and downstream demand enterprises will be more critical [16] 3.3.2 Import Impact - China's corn imports have been at a low level for several consecutive months. In the 24/25 marketing year, the cumulative corn imports are less than 3 million tons, an 84% decrease from 18.48 million tons in the same period last year. There are almost no imports from the US for 9 consecutive months, and imports from Brazil have also significantly decreased, due to narrowed import profits and policy - regulated import volume. The annual corn imports in 24/25 are expected to be more than 10 million tons less than last year, and the Ministry of Agriculture and Rural Affairs has lowered the annual import forecast to 7 million tons. The imports of alternative energy raw materials such as sorghum, barley, wheat, and broken rice are less than 9 million tons, about half of the same period last year. The reduction in imports will significantly ease the domestic supply pressure [19] 3.3.3 Demand Analysis - Feed consumption is expected to increase. The inventory of breeding sows in China began to rise in the second quarter of 2024, peaked in the fourth quarter, and then declined. In 2025, the pig inventory will mostly increase, though at a slower pace. Poultry feed consumption is expected to increase as egg - laying hens have been profitable for four consecutive years and are entering an expansion cycle, while broiler production is relatively stable. Ruminant feed consumption may remain low. The total feed production and sales are expected to increase this year. The latest statistics from the Feed Industry Association show that the national industrial feed production from January to February 2025 was 49.2 million tons, a 9.6% year - on - year increase. In the deep - processing industry, due to weak macro - economic growth and poor downstream demand, the profit is not good. Under Sino - US tariff confrontation, the foreign trade situation is severe, which will continue to pressure the product sales of deep - processing enterprises. The deep - processing demand for corn is expected to be flat or slightly decrease compared to last year [22][23] 3.3.4 Supply Gap - As of April 17, the total inventory in North China is 27.57 million tons. Based on the monthly consumption of deep - processing and feed enterprises, the inventory of traders and farmers can be used for about 3.2 months, until mid - July, but the regional distribution is uneven, and Shandong has the largest supply - demand gap. If only considering the inventory of traders and farmers, the supply - demand gap is 15.39 million tons. In the Northeast, the overall supply and demand can be balanced with a slight surplus. The domestic corn market has a certain supply gap, and needs the supplement of wheat and feed rice [27]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - In April, the spot market for live pigs rose, boosted by China's increased tariffs on imported soybeans, corn, and meat products from the US and the rising enthusiasm for secondary fattening. The futures market first rose and then adjusted, with the overall center of gravity higher than in March. The LH07 contract was significantly weaker than other contracts due to concerns about increased supply pressure in July. Based on the official data of breeding sows and piglet birth data, the theoretical slaughter volume in the second and third quarters of 2025 is expected to remain high. With the active entry of secondary fattening in late April, attention should be paid to the pressure of live inventory destocking. The market should be treated with a shock perspective, and attention should be paid to the opportunity of selling high and buying low between July and September contracts [1][3][24]. Summary by Directory 1. Market Review - In April, the live pig spot market rose, and the futures market first rose and then adjusted, with the overall center of gravity higher than in March. The LH05 contract converged to the spot price as it approached delivery, causing the basis to weaken and the LH5 - LH7 spread to widen significantly. The LH07 contract was weaker due to concerns about increased supply in July [3]. 2. Pig Industry Dynamics - **Shrinking Pig Production Capacity**: As of the first quarter, the national inventory of breeding sows was 40.39 million, a year - on - year increase of 470,000 (1.2%) but a slight month - on - month decrease. It was 103.5% of the target inventory of 39 million, close to the upper - middle range of the green and reasonable production capacity regulation area. Considering the low profit of pig prices, the pig production capacity is expected to remain stable with a slight decline [5]. - **Adequate Theoretical Supply in the Second and Third Quarters**: Since August last year, the number of piglets born in sample enterprises has continued to increase month - on - month. In 2025, the number of piglets born has increased month - on - month, indicating sufficient supply and high theoretical slaughter volume in the second and third quarters [8]. - **High Inventory Indicated by Feed Production and Sales**: In March, the production and sales of piglet feed increased month - on - month, slightly lower than the seasonal growth rate. The production of fattening pig feed in March showed normal seasonal growth. Considering the lower decline from December to February compared with previous years, the pig inventory is still high [10]. - **Accumulating Live Inventory and Attention to Destocking Rhythm**: Since April, the price difference between fat and standard pigs has continued to decline, and the average weight after slaughter has returned to a level close to last year. With the passive entry of secondary fattening and the increase in the utilization rate of fattening houses, attention should be paid to the live inventory destocking rhythm and potential supply pressure when the temperature rises [13]. - **Relatively Stable Slaughter and Frozen Product Inventory Reaching Last Year's Level**: In April, the slaughter volume of domestic sample enterprises was relatively stable compared with the previous month and slightly increased year - on - year. The slaughter gross profit in April declined compared with the previous month but was better than last year. The demand is slightly better than the same period last year. The frozen product inventory has approached last year's level [17][19]. - **Increased Piglet Cost and Higher Out - of - Pen Cost for Purchased Piglets**: After the Spring Festival, pig prices fluctuated at a low level and slightly rose in late April, with the breeding profit remaining at a small profit level. Since January, the continuous increase in piglet prices has led to a significant increase in the out - of - pen cost for purchased piglets. The theoretical out - of - pen cost for purchased piglets will rise to the range of 15 - 16 yuan/kg [22]. 3. Conclusion and Market Outlook - The situation in April was similar to the core viewpoints. The market should be treated with a shock perspective, and attention should be paid to the opportunity of selling high and buying low between July and September contracts [24][25].

Group 1: Report Title and Date - The report is titled "Short-term Impact, Slow Recovery - Guoxin Futures Non-ferrous (Nickel) Weekly Report" dated April 20, 2025 [2][3] Group 2: Table of Contents - The report includes sections on market review, fundamental analysis, and future outlook [4] Group 3: Market Review - This section likely focuses on the historical price trends of nickel futures' main contracts, as indicated by the y - axis of the graph showing nickel futures closing prices (main contract) from 2020 to 2025 [7][8] Group 4: Fundamental Analysis Upstream - The upstream analysis focuses on China's nickel ore port inventory and the monthly import volume of nickel ore sand and concentrates from the Philippines [12][13] Midstream - Midstream analysis covers electrolytic nickel prices, nickel sulfate prices, nickel - iron monthly import volume, and the Fubao price of 8 - 12% nickel - iron [15][17][19] Downstream - Downstream analysis includes stainless - steel prices, stainless - steel futures positions, Wuxi stainless - steel inventory, power and energy - storage battery production, and new - energy vehicle production [21][23][25][28][30] Group 5: Future Outlook Macroeconomic Situation - In the US, Fed Chair Powell said that the announced tariff hikes will push up inflation and suppress economic growth, and the Fed will prioritize inflation control. The market expects the Fed to start cutting interest rates in June, and the Fed won't intervene in the recent sharp fluctuations in the US stock market. In China, the Q1 GDP grew by 5.4% year - on - year, social consumer goods retail sales increased by 4.6% year - on - year, and high - tech manufacturing and IT service industries showed strong growth. Private investment turned positive [36] Nickel Market - The Shanghai nickel futures showed an upward trend this week, a recovery from last week's sharp drop. Spot trading of refined nickel was good this week. With the end of the rainy season in the Philippines, nickel ore supply is abundant, and nickel - iron prices have declined. Nickel sulfate prices are weak, and salt plants are in the red. Stainless - steel export orders have recovered well, but orders for US - bound products are almost at a standstill. The expected operating range for the Shanghai nickel main contract is 115,000 - 134,000 yuan/ton, and for the stainless - steel main contract is 12,400 - 13,600 yuan/ton [36]

国信期货研究所 供需略有改善 宏观压力仍存 ----国信期货螺纹钢周报 2025年4月20日 国信期货研究所 目 录 CONTENTS 4 后市展望 1 螺纹钢期货行情回顾 2 期货市场环境：宏观、比价、基差 3 螺纹钢供需概况 国信期货研究所 第 一部 P a rt 分 1 螺纹钢期货行情回顾 1.1 近期重要信息概览 国信期货研究所 经济数据 数据来源：WIND 国信期货 Mysteel 免责声明：本报告以投资者教育为目的，不构成任何投资建议。 4 1. 国家统计局数据显示，2025年1—3月份，全国固定资产投资103174亿元，同比增长4.2%，增速比1—2月份加快0.1个百分点。其中第三产业 中基础设施投资同比增长5.8%，较上月加快0.2个百分点。综合金融数据表现，目前政府加杠杆仍是支撑有效需求的重要手段，固定资产投 资与基建投资的稳步增长。 2. 国家统计局数据显示，1—3月份，全国房地产开发投资19904亿元，同比下降9.9%，降幅扩大0.1个百分点。1—3月份，房地产开发企业房屋 施工面积613705万平方米，同比下降9.5%。其中，住宅施工面积427237万平方米，下降9.9%。房屋新开工面 ...

——国信期货焦煤焦炭周报 2025年4月20日 国信期货研究所 国信期货研究所 焦企库存小幅累积 盘面震荡为主 双焦行情回顾 国信期货研究所 双焦主力合约本周行情回顾 数据来源：文华财经 免责声明：本报告以投资者教育为目的，不构成任何投资建议。 4 目 录 CONTENTS 国信期货研究所 1 双焦行情回顾 2 焦煤基本面概况 3 焦炭基本面概况 4 双焦后市展望 国信期货研究所 P 第 a 一 r 部 t 分 1 行情回顾 P 第 a 二 r 部 t 分 2 焦煤基本面概况 焦煤产量 国信期货研究所 高频数据显示，截至本周五，样本洗煤厂开工率61.9%，周环比减少0.7%，产地因换工作面以及安全因素限产煤矿 较多，洗煤厂开工小幅下滑。 数据来源：WIND,MYSTEEL 6 数据来源：文华财经 国信期货研究所 焦煤进口 国信期货研究所 海关总署数据显示，2025年1-2月，我国累计进口焦煤1884.55万吨，同比增长5.34%。分国别来看，蒙古、俄罗斯，加拿大、 美国、澳大利亚、印尼是我国焦煤的主要进口来源国。其中蒙煤进口占比34.19%，俄罗斯焦煤进口占比28.07%。去年四季 度美煤价格回落，性价比凸显 ...

Report Title - "Long - Term Fundamentals Under Pressure, Limited Upside for Zhengzhou Sugar Futures - Guoxin Futures' Weekly Sugar Report", dated April 20, 2025 [2] 1. Report's Investment Rating for the Industry - Not provided in the given content 2. Core Viewpoints - Domestically, short - term new supply of Zhengzhou sugar is limited, but there is pressure for a supply increase in the medium term, and weather risks remain. It is expected to fluctuate between 5850 - 6100 yuan/ton. Internationally, short - term raw sugar is expected to oscillate at a low level [59] 3. Summary by Directory 3.1 Sugar Market Analysis - **Futures Price Trends**: Zhengzhou sugar futures had a narrow - range fluctuation this week with a weekly increase of 0.15%. ICE sugar futures had a weak oscillation with a weekly decline of 0.34% [11] - **Spot Price and Basis Trends**: Not elaborated in the provided content - **National Production and Sales Situation**: In the 2024/25 sugar - making season, the cumulative sugar sales rate in March was 55.79%, 6.33 percentage points faster than the same period last year [20] - **Sugar Import Situation**: From January to February, imports were 80,000 tons, a decrease of 1.11 million tons compared to the same period last year. Based on the ICE sugar May contract price of 19 cents/pound, the in - quota import cost from Brazil was 5188 yuan/ton, and the out - of - quota cost was 6615 yuan/ton; from Thailand, the in - quota cost was 5268 yuan/ton, and the out - of - quota cost was 6719 yuan/ton [25] - **Domestic Industrial Inventory**: In the 2024/25 sugar - making season, the industrial inventory in March was 4.7521 million tons, a decrease of 86,500 tons compared to the same period last year [28] - **Zhengzhou Commodity Exchange Warehouse Receipts and Valid Forecasts**: This week, the total of Zhengzhou sugar warehouse receipts and forecasts was 28,776, an increase of 0 compared to last week. The number of warehouse receipts was 27,410, and the valid forecasts were 1366 [36] - **Brazilian Production Progress**: In the second half of March, the cumulative crushing volume was 622 million tons, a year - on - year decrease of 4.98%, and sugar production was 40.169 million tons, a year - on - year decrease of 5.31% [40] - **Brazilian Bi - weekly Sugar - Making Ratio**: The cumulative sugar - making ratio from sugarcane in central and southern Brazil was 48.05%, compared to 48.87% in the same period last year [43] - **Brazilian Monthly Sugar Exports**: In March, Brazil's sugar export volume was 1.8512 million tons, a decrease of 868,000 tons compared to the same period last year. In the 2024/25 sugar - making season, Brazil's cumulative exports were 35.1296 million tons, a year - on - year decrease of 390 tons [47] - **International Main Production Area Weather Conditions**: Rainfall decreased in Brazil's main production areas, and the production progress was faster than the same period. Precipitation in India changed little [55][56] 3.2 Market Outlook for the Future - **Domestic Market**: This week, the impact of the macro - aspect dissipated, and the market gradually shifted to fundamentals. The industrial inventory started to decline month - on - month in March, indicating that the domestic inventory peak has passed. The drought in Guangxi has intensified, raising concerns about the emergence of new - season sugarcane seedlings. If the drought persists, ratoon cane may also be affected, posing a significant threat to next - year's production. In terms of later supply, an import window has emerged, and it is highly likely that imports will surge in May [59] - **International Market**: The production report of southern Brazil for the second half of March had a negative impact on the market. The sugar - making ratio was 43%, much higher than 33.5% in the same period last year and also higher than market expectations. From the perspective of the sugar - alcohol ratio, sugar production is very attractive, and it is expected that Brazil has added some production capacity. In terms of weather, the decrease in rainfall in Brazil is beneficial for the sugar - cane crushing season. It is expected that the supply data will still show a large year - on - year increase, continuously putting pressure on the market. As of April 15, 2025, India had cumulatively crushed 271 million tons of sugarcane, producing 25.425 million tons of sugar, with 37 sugar mills still in operation. In the same period of the previous season, 74 sugar mills had not finished crushing, having cumulatively crushed 307 million tons of sugarcane and produced 31.165 million tons of sugar. There is a certain probability that this year's production will be less than 26 million tons [59]

Group 1: Report Information - Report Title: "Macro Changes Desensitized, Zhengzhou Cotton Turns to Fluctuation - Guoxin Futures Cotton Weekly Report" [2] - Report Date: April 20, 2025 [2] Group 2: Market Analysis Futures Prices - Zhengzhou cotton futures prices fell slightly this week, with a weekly decline of 0.66%. ICE cotton futures turned to a fluctuating trend, with a weekly increase of 0.15% [8] Spot Prices - This week, the cotton price index continued to decline. The 3128 index dropped by 59 yuan/ton compared to last week, and the 2129 index decreased by 66 yuan/ton [12] Import Situation - In March, 70,000 tons of cotton were imported, a year-on-year increase of 30,000 tons [17] Inventory Situation - In March, the commercial cotton inventory was 4.8396 million tons, a year-on-year decrease of 19,800 tons. The industrial cotton inventory was 959,300 tons, a year-on-year increase of 59,600 tons [22] Downstream Inventory - In March, the yarn inventory was 19.15 days, a year-on-year decrease of 4 days. The grey fabric inventory was 28.7 days, a year-on-year increase of 0.05 days [27] Yarn Prices - This week, yarn prices dropped significantly. The price of rotor-spun 10-count cotton yarn decreased by 20 yuan/ton compared to last week, the price of carded 32-count cotton yarn fell by 80 yuan/ton, and the price of combed 40-count cotton yarn declined by 30 yuan/ton [32] Zhengzhou Commodity Exchange Warehouse Receipts - This week, the total number of Zhengzhou cotton warehouse receipts and valid forecasts decreased by 84. The number of warehouse receipts was 9,833, and the valid forecasts were 2,828, totaling 12,661 [36] US Cotton Exports - As of April 10, according to the USDA weekly export sales report, the net sales of US upland cotton for the current year increased by 202,000 bales, and the net sales for the next year were 66,000 bales [40][41] US Weather - The drought index in the main cotton-producing areas of the US remained basically the same month-on-month, with a slight increase in drought in Texas [45] Group 3: Core Views - Domestic market: This week, the Zhengzhou cotton market turned to a slight fluctuation and became desensitized to macro events. The market lacks upward momentum, but there is strong support at the 12,000 yuan/ton level. In the short term, Zhengzhou cotton will fluctuate and wait for new catalysts [45] - International market: The bottom support for US cotton is emerging. However, there is currently a lack of strong factors to drive it higher. Continued attention should be paid to macro changes [45]

3 后市展望 目 录 CONTENTS 研究所 2025年4月20日 研究所 需求拖累，盘面反弹回落 ——国信期货纸浆周报 1 本周行情回顾 2 基本面分析 研究所 分 t1 行情回顾 一、本周行情回顾 研究所 第 P 一 a 部 r 本周纸浆期货主力合约完成移仓换月，SP2507反弹回落，盘面仍然偏弱运行。 免责声明：本报告以投资者教育为目的，不构成任何投资建议。 数据来源：文华财经 国信期货 4 近期纸浆市场价格偏稳运行，一方面下游原纸企业采购积极性改善欠佳，原纸市场价格持续偏弱运行；另一方面，外盘报价多轮提涨，成本端亦有一定支撑 。 免责声明：本报告以投资者教育为目的，不构成任何投资建议。 数据来源：Choice 国信期货 6 研究所 第 P 二 a 部 r 分 t2 基本面分析 二、基本面分析：纸浆市场价格 研究所 研究所 二、基本面分析：纸浆进口量增加 据中华人民共和国海关总署数据显示，2025年1-2月，我国共进口纸浆638.9万吨，进口金额为3990.3百万美元，平均单价为624.56美元/吨。1月至2 月累计进口量及金额较去年同期分别增加6.1%、8%。2月针叶浆进口量79.82万吨，环比增加 ...

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The apple futures market is expected to continue its upward trend. Low inventory and the peak consumption season will drive the apple futures price higher. It is recommended to adopt a strategy of buying on dips [36] 3. Summary by Directory 3.1 This Week's Market Review - This week, the main contract of apple futures completed the shift, and AP2510 continued its strong trend, supported by fundamentals [8] 3.2 Supply - Side Situation - As of April 17, 2025, the total remaining apple inventory in national cold storage was 2.8645 million tons, at the lowest level in the past five years. The remaining inventory in Shandong's cold storage was 1.5102 million tons, and that in Shaanxi was 0.7985 million tons [13][36] 3.3 Demand - Side Situation - As of April 17, 2025, the national cold - storage inventory ratio was about 21.68%, with a weekly decrease of 3.37 percentage points and a year - on - year decrease of 11.46 percentage points. The de - stocking rate was 65.91%. From April to May is the peak apple出库 period, and the lack of a large supply of seasonal fruits is beneficial for the recovery of apple demand. In the northwest, cold - storage apple出库 is in the later stage, with active purchasing by merchants and tight supply. In Shandong, the proportion of high - price goods transactions has increased, and the shipment is good [18][36] - In February, the domestic fresh apple export volume was about 68,200 tons, a 25.28% decrease from the previous month but a 26.64% increase year - on - year. The cumulative export volume from January to February was about 159,500 tons, a 14.85% increase year - on - year. The export is expected to perform well in the first quarter [21] - As of April 18, in Shandong Qixia, the price of 80 and above first - and second - grade fruit farmers' film - red apples was 3.4 - 3.5 yuan per catty, striped apples were 3.5 - 4.0 yuan per catty. The price of merchants' film - red apples was 4.0 - 4.5 yuan per catty, and striped apples were 4.0 - 5.0 yuan per catty. The price of general goods was 2.8 - 3.0 yuan per catty, and the price of third - grade merchants' goods was 2.5 - 3.0 yuan per catty. The price of 70 apples was 2.5 - 2.7 yuan per catty. Merchants' purchasing enthusiasm was high, and the cold - storage shipment speed increased [32]

研究所 氧化铝中长期仍承压于过剩逻辑 反弹动力有限 沪铝等待宏观指引 震荡为主 ——国信期货有色（铝、氧化铝）周报 2025年4月20日 3 后市展望 目 录 CONTENTS 研究所 1 行情回顾 2 基本面分析 研究所 P 第 a 一 r 部 t 分 1 行情回顾 1.1 行情概览 研究所 宏观面：国家统计局数据显示，3月份，规模以上工业增加值同比实际增长7.7%（增加值增速均为扣除价格因素的实际增长率）。 从环比看，3月份，规模以上工业增加值比上月增长0.44%。1—3月份，规模以上工业增加值同比增长6.5%。 重要消息：白宫于当地时间4月15日宣布：由于（中国）采取报复性措施，中国输往美国的商品现面临最高达245%的关税。4月 18日，美国总统特朗普表示，将中国关税调高至145%后，中国已经多次接触华府，表示愿意进行谈判。美国官员与中国官员已 经进行接触，相信两国最终会达成协议。他又称，无意进一步调高中国关税。特朗普本周较早时公开表示，正等待中国与美方 进行接触。 供给端：据SMM数据，截至4月17日，全国氧化铝周度开工率为78.92%，较前一周下跌约1.85%，河南地区产能开工率下降最为明 显。国家 ...