Report Industry Investment Rating - Not provided in the given content. Core Viewpoints - The supply of domestic lithium carbonate in May is expected to be loose, with a decrease in the domestic social inventory of lithium carbonate compared to the previous week. The prices of lithium carbonate futures and various lithium-related products have generally declined, while the production and inventory of some lithium products may change in different directions. It is recommended that investors mainly short on price rebounds, paying attention to the support level around 53,000 - 60,000 and the resistance level around 66,000 - 70,000 [6]. Summary by Related Catalogs Lithium Carbonate Futures - On May 28, 2025, the closing prices of near - month, continuous - one, continuous - two, and continuous - three contracts of lithium carbonate futures decreased compared to the previous day. The closing price of the active contract was 60,380 yuan/ton, down 540 yuan; the trading volume was 388,140 lots, down 4,329 lots; the open interest was 283,607 lots, down 10,088 lots; and the inventory was 33,854 tons, down 300 tons [1]. Lithium Spot Prices - The average prices of various lithium - related products such as lithium ore, lithium carbonate, lithium hydroxide, etc. mostly decreased on May 28, 2025, compared to the previous day. For example, the average price of battery - grade lithium carbonate (99.5%/domestic) was 61,500 yuan/ton, down 500 yuan [1]. SMM Lithium Carbonate Inventory - As of May 22, 2025, the total SMM lithium carbonate inventory was 131,779 tons, a decrease of 141 tons compared to the previous week. The inventory of smelters, downstream, and other sources all showed different degrees of decline [1]. Company News - Dazhong Mining has made important breakthroughs in its "iron ore + lithium ore" dual - wheel drive strategy, with rapid progress in its Hunan lithium ore project. Sijie Co., Ltd. released new sulfide products at the 2025 China International Battery Technology Exchange Conference, with leading - level product performance and large - scale orders. Hainan Mining's 20,000 - ton battery - grade lithium hydroxide project achieved full - process connectivity. Rio Tinto will form a joint venture with the Chilean National Mining Company to develop the Maricunga Salt Lake lithium project [1][2][3]. Supply and Demand Analysis - Supply: The total production capacity of Tianqi Lithium's Greenbushes 652,000 - ton wet - process project may reach 240,000 tons/year after it is put into operation in October 2025, which may lead to a decline in the prices of domestic and imported lithium ore. The production of lithium carbonate in May may increase, and the inventory may decrease. The production of lithium hydroxide may also increase, but the export volume may be affected by negative export profits [4]. - Demand: The production and inventory of phosphoric acid iron and lithium iron phosphate may increase. The production, installation, and export of lithium batteries, as well as the production and sales of new energy vehicles in May, may all increase [5][6].

| | | 甲醇日评20250529: 向上动力不足, 偏弱震荡为主 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 指标 | | 变化值 | 单位 | 2025/5/28 | 2025/5/27 | | 变化值 | | | | | | | | (绝对值) | (相对值) | | MA01 | | | 元/吨 | 2279.00 | 2282.00 | -3.00 | -0.13% | | MA05 | 甲醇期货价格 | | 元/吨 | 2222.00 | 2229.00 | -7.00 | -0.31% | | MA09 | (收盘价) | | 元/吨 | 2206.00 | 2208.00 | -2.00 | -0.09% | | 太仓 | | | 元/吨 | 2237.50 | 2232.50 | 5.00 | 0.22% | | 山东 | | | 元/吨 | 2155.00 | 2190.00 | -35.00 | -1.60% | | 广东 期现价格 | | | 元/吨 | 2265.00 | 2265.00 | 0.0 ...

3、工信部、国家发改委、国家数据局印发《电子信息制造业数字化转型实施方案》,到2027年,电子信息制造业数字化转型、智能化 升级的新型信息基础设施基本完善,规模以上电子信息制造业企业关键工序数控化率超过85%。 | | | | | | | | | | | | 2025/5/29 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 焦炭盘面 | | | | | 焦煤盘面 | | | | 基美 | | | | 昨日 | | 前日 | 涨跌 | | 昨日 | 丽日 | 涨跌 | | 昨日 | ■日 | 涨跌 | | 12601 | 1365 5 | 1388.0 | -25,5 | JM2601 | 795.0 | 815.0 | -20.0 | J01基美 | 19.5 | 47.5 | -28.0 | | 12605 | 1370.0 | 1397.0 | -27.0 | JM2605 | 808.5 | 828.0 | -195 | 105蛋蛋 | 12.0 | 38.5 | -26.5 | | 12509 ...

| 贵金属日评20250529:美债6-7月集中到期约2.7万亿美元,美联储官员担忧通胀风险而谨慎降息 交易日期 较昨日变化 较上周变化 2025-05-28 2025-05-27 2025-05-22 | | --- | | 收盘价 772. 28 771.60 780.10 0. 68 -7.82 | | 成交量 210848.00 228706.00 307544.00 -17,858.00 -96, 696. 00 期货活跃合约 | | 持仓量 199056.00 204795.00 224053.00 -5, 739.00 -24, 997.00 | | 库存(十克) 17247.00 17247.00 17247.00 0. 00 0. 00 上海黄金 | | 收盘价 777.77 768. 89 768. 48 0. 41 -8.88 (元/克) 现货沪金T+D 成交重 48096.00 61308.00 60470.00 | | -13, 212. 00 -12, 374. 00 持仓重 215052. 00 212932.00 216468.00 2, 120.00 -1, 416. 00 ...

1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report 2. Core Viewpoints - Geopolitical risk expectations are cooling, and before the outcome of the OPEC+ production increase meeting, market confidence is still affected by expectations of increased crude oil supply, leading to overall weak oil prices [2] - Although the supply side has tightened significantly, the early - than - expected supply recovery of some PX plants, along with some units increasing or planning to increase their loads, has led to a decline in the overall de - stocking volume of PX, and the strong polyester production cut sentiment has affected market sentiment [2] - In the short term, the bottom of PX prices and PXN will still have support. In the medium - term supply - demand pattern, PX will continue to be in a de - stocking rhythm in the next few months [2] - The remarks of polyester factories about continued production cuts are negative for the PTA market, but the positive trend of PTA de - stocking continues, and the spot basis is strong. In the short term, PTA spot prices will mainly follow the cost side [2] - The operating load of polyester filament has further declined, the overall market sales performance has been average recently, and most factories still have inventory pressure. The supply side of the market has increased slightly [2] - During the tariff suspension period, the foreign trade market shows an increase in quotations and samples, and some traders indicate a large potential number of orders, with rush - to - export orders driving market recovery [2] - The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets remains stable. The supply side quotations are mostly stable, downstream terminal replenishment enthusiasm is not high, and market trading is in a stalemate [2] - It is expected that PX, PTA, and PR will operate weakly (PX view score: - 1, PTA view score: - 1, PR view score: - 1) [2] 3. Summary by Relevant Catalog Price Information - **Upstream**: On May 28, 2025, the futures settlement price (continuous) of WTI crude oil was $61.84 per barrel, up 1.56%; that of Brent crude oil was $64.90 per barrel, up 1.26%. The spot price (mid - price) of naphtha CFR Japan was $562.50 per ton, down 0.79% [1] - **PX**: The spot price of p - xylene PX CFR China Main Port was $836.00 per ton, down 0.63%. The CZCE PX main contract closing price was 6,590 yuan per ton, down 1.73% [1] - **PTA**: The CZCE TA main contract closing price was 4,672 yuan per ton, down 1.43%. The spot price of PTA in the domestic market was 4,878 yuan per ton, down 0.79% [1] - **PR**: The CZCE PR main contract closing price was 5,946 yuan per ton, down 1.06%. The market price (mainstream price) of polyester bottle chips in the East China market was 5,960 yuan per ton, down 0.17% [1] - **Downstream Fibers**: On May 28, 2025, the CCFEI price index of polyester staple fiber was 6,500 yuan per ton, up 0.15%; that of polyester chips was 5,880 yuan per ton, down 0.34% [2] Device Information - A 1.2 million - ton PTA device in the Northwest is planned to restart between May 15th and 20th [2] Operating Conditions - On May 28, 2025, the operating rate of the PX in the polyester industry chain was 79.18%, unchanged; the PTA industry chain load rate of PTA factories was 79.28%, unchanged; that of polyester factories was 90.69%, down 0.12% [1] Production and Sales - On May 28, 2025, the production - sales rate of polyester filament was 72.00%, up 15.00 percentage points; that of polyester staple fiber was 52.00%, down 2.00 percentage points; that of polyester chips was 37.00%, down 2.00 percentage points [1] Trading Strategy - PTA is operating in a range recently. The TA2509 contract closed at 4,672 yuan per ton (- 0.60%), with an intraday trading volume of 1.13 million lots [2] - The PX2509 contract closed at 6,590 yuan per ton (- 0.66%), with an intraday trading volume of 26,940 lots. PR follows the cost operation, and the 2507 contract closed at 5,946 yuan per ton (- 0.50%), with an intraday trading volume of 38,700 lots [2]

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1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Shanghai Futures Exchange plans to launch cast aluminum alloy futures and options on June 10, 2025, which will bring new development opportunities to the aluminum alloy industry. The report aims to help investors understand the aluminum alloy industry chain and potential trading strategies by writing a series of aluminum alloy special topics [7]. 3. Summary According to the Table of Contents 3.1 Aluminum Alloy Definition and Classification - Aluminum alloy is an alloy with aluminum as the base and a certain amount of other alloying elements added. It has properties such as low density, high strength, good casting and plastic processing performance, and is widely used in various fields. It can be divided into wrought aluminum alloy and cast aluminum alloy according to composition and processing method [8]. - **Wrought Aluminum Alloy**: It is made into semi - finished products such as tubes, rods, wires, and profiles through various pressure processing methods. It can be further divided into five categories: anti - corrosion aluminum alloy, duralumin, super - duralumin, forged aluminum, and special aluminum, each with different properties and uses [9]. - **Cast Aluminum Alloy**: It is used to directly cast various mechanical parts. According to the main added elements, it can be divided into aluminum - silicon alloy, aluminum - copper alloy, aluminum - magnesium alloy, aluminum - zinc alloy, and aluminum - rare earth alloy. Different types have different characteristics and applications, such as in the marine industry [14]. - Aluminum alloy can also be classified according to use, production material source, and alloying element type and quantity, with each classification having specific characteristics and common models [20][21][23]. 3.2 Definition and Properties of Aluminum - Silicon - Copper Alloy ADC12 - ADC12 is a Japanese brand, equivalent to A383 in the US and YL113 in China, belonging to the Al - Si - Cu series alloy. It is a representative brand of recycled cast aluminum alloy, accounting for about 75% of China's recycled cast aluminum alloy production in 2023 [34][36]. - Its main properties include a melting point of 580°C, a boiling point of 2519°C, a density of 2.74g/cm³, good fluidity, light weight, good thermal conductivity, corrosion resistance, and mechanical workability, making it suitable for die - casting and various applications [39]. 3.3 Production Process of Cast Aluminum Alloy ADC12 - The production of recycled aluminum mainly includes pre - treatment of waste aluminum, melting, refining, and casting. The production process of ADC12 mainly includes pressure casting and gravity casting [41][50]. - **Pressure Casting**: It is divided into high - pressure casting and low - pressure casting. High - pressure casting can produce parts with high density and good surface quality, but has high requirements for molds. Low - pressure casting can reduce the formation of pores and inclusions, with better dimensional stability and surface quality [44]. - **Gravity Casting**: It uses gravity to inject molten metal into a permanent mold, which can produce parts with complex shapes and smooth surfaces. It has strong versatility and flexibility in the manufacturing of precision parts [48]. - With the improvement of environmental protection requirements and technological progress, the production process of recycled aluminum has undergone significant changes in pre - treatment, melting, refining, casting, and other aspects [54]. 3.4 Production Cost of Cast Aluminum Alloy ADC12 - Cast aluminum alloy accounts for about 60% of all aluminum alloys, and ADC12 is mainly composed of aluminum from waste aluminum and primary aluminum. The cost of recycled cast aluminum alloy mainly includes aluminum element cost, alloy element cost, energy cost, and other costs [56]. - **Aluminum Element Cost**: Usually, a mixture of primary aluminum and recycled aluminum is used, with a consumption of about 1.1 tons of waste aluminum to produce one ton of ADC12 due to a 90% water - output rate of waste aluminum melting [58][59]. - **Alloy Element Cost**: Additional silicon (about 5%) and copper (about 1.2%) need to be added. Other alloy elements have a relatively low proportion [60]. - **Energy Cost**: Mainly natural gas, with 60 - 80 cubic meters of natural gas required to produce one ton of aluminum alloy, and electricity is also consumed. The overall energy cost accounts for about 1% [62]. - According to Steel Union's calculation, in April 2025, the weighted average full cost of ADC12 was 19,817 yuan/ton, with a theoretical profit of 209 yuan/ton [63]. 3.5 Application Fields of Cast Aluminum Alloy ADC12 - ADC12 is widely used in transportation, mechanical manufacturing, architectural decoration, and other fields due to its excellent casting performance, mechanical properties, and lightweight characteristics [64]. - **Transportation Field**: It plays a key role in the lightweight process of the automotive industry, accounting for more than 70% of the total aluminum used in automobiles. It is also widely used in motorcycles and electric vehicles [65][66]. - **Architectural Decoration Field**: Aluminum alloy has many advantages in the construction industry, such as light weight, easy extrusion, corrosion resistance, and high recycling value, making it an ideal green building material [67]. - **Mechanical Manufacturing Field**: Recycled aluminum alloy can reduce production costs and is widely used in automotive parts, machinery equipment shells, mold manufacturing, and precision tools, promoting the green development of the industry [68]. 3.6 Spot Pricing Model of Cast Aluminum Alloy ADC12 - The spot price of aluminum alloy is mainly affected by market supply and demand and futures market prices. Currently, the pricing is mainly based on the spot market because the aluminum alloy futures market is not yet mature [72]. - **Pricing Based on Market Supply - and - Demand Relationship**: The price of ADC12 fluctuates with market supply and demand. Production cost, inventory level, environmental protection policies, and other factors affect market supply and demand [73]. - **Pricing Based on Spot Market Price**: The base price can be divided into spot price and futures price. The spot price mainly refers to quotes from Shanghai Non - ferrous Metals Network and Changjiang Market. The futures price can refer to contracts from London Metal Exchange, New York Mercantile Exchange, and Shanghai Futures Exchange [79][80]. 3.7 Relevant Policies of China's Recycled Aluminum Industry - Since 2006, the Chinese government has introduced a series of policies to support and regulate the recycled aluminum industry, covering waste aluminum recycling, recycled aluminum production, and import - export [81]. - **Waste Aluminum Recycling Policies**: Focus on efficient resource recycling and environmental protection, promoting the standardization, greening, and technological progress of the waste aluminum recycling industry through economic incentives and regulations [81]. - **Recycled Aluminum Production Policies**: Encourage resource recycling and utilization, promote the transformation and upgrading of the industry, and reduce dependence on primary aluminum [84]. - **Recycled Aluminum and Waste Aluminum Import - Export Policies**: Aims to promote the standardized recycling and reuse of waste aluminum resources, optimize the import - export structure, and achieve the green and low - carbon transformation of the industry [85]. 3.8 Cast Aluminum Alloy Futures and Option Contracts - **Listing Time**: Cast aluminum alloy futures will be listed for trading on June 10, 2025 [88]. - **Trading Time**: From Monday to Friday, 09:00 - 10:15, 10:30 - 11:30, 13:30 - 15:00, and 21:00 - 01:00 (continuous trading), with exceptions on the day before legal holidays [89]. - **Listed Contracts**: AD2511, AD2512, AD2601, AD2602, AD2603, AD2604, AD2605 [90]. - **Other Terms**: Include trading margin, price limit, position disclosure, trading commission, and declaration fee charging rules, as well as detailed regulations on delivery units, quality requirements, recognized production enterprises and registered brands, and delivery warehouses [92][93][94]. - The option contract also has specific terms such as contract subject matter, type, trading unit, price limit, and exercise method [105].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The supply of domestic lithium carbonate in May is expected to be loose, and the domestic social inventory of lithium carbonate has decreased month-on-month. The price of lithium carbonate futures and related lithium products shows certain fluctuations. It is recommended that investors mainly lay out short positions when the price rebounds, and pay attention to the support level near 53,000 - 60,000 and the pressure level near 66,000 - 70,000 [1][6] Summary by Related Catalogs Lithium Carbonate Futures - On May 27, 2025, the closing prices of the near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures were 60,900 yuan/ton, 60,920 yuan/ton, 61,260 yuan/ton, and 61,260 yuan/ton respectively. The trading volume of the active contract was 392,469 lots, and the open interest was 293,695 lots. The inventory was 34,154 tons, a decrease of 825 tons compared with the previous day [1] - The price differences between different contracts and the basis also showed corresponding changes. For example, the difference between the near - month and consecutive - one contracts was - 20 yuan/ton, a decrease of 180 yuan/ton compared with the previous day [1] Lithium Spot Prices - The average prices of various lithium products such as lithium ore, metal lithium, lithium carbonate, and lithium hydroxide showed different degrees of change. For example, the average price of lithium spodumene concentrate (6%, CIF China) was 686 US dollars/ton, a decrease of 2 US dollars/ton compared with the previous day [1] - The price differences between different types of lithium products also changed. For example, the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate was 2,220 yuan/ton, an increase of 300 yuan/ton compared with the previous day [1] Lithium Inventory - The SMM lithium carbonate inventory showed a decrease. The total inventory was 131,779 tons, a decrease of 141 tons compared with the previous week [1] Company News - Dazhong Mining, a domestic mining enterprise, entered the lithium industry in 2022. Its Hunan lithium mine project has made rapid progress, with a proven reserve of 3.044 million tons in December 2024 [1] - Sijie Co., Ltd. released new sulfide products at the 2002 China International Battery Technology Exchange Conference. It has built a pilot production line for high - purity lithium sulfide, and its sulfide solid - state electrolyte technology is at the leading level in the industry. It has also reached a procurement framework agreement with Beijing Weilan New Energy [2] - Hainan Mining's 20,000 - ton battery - grade lithium hydroxide project achieved full - process connectivity, and the first batch of lithium hydroxide products met the design standards [2] - Rio Tinto and the Chilean National Mining Company announced a binding agreement to jointly develop and operate the Maricunga Salt Lake project in Chile [3] Supply and Demand Analysis - Supply: The total production capacity of Tianqi Lithium's Greenbushes 652,000 - ton wet - process project may reach 240,000 tons per year after it is put into production in October 2025. The production volume of domestic lithium carbonate in May may increase month - on - month, and the supply is expected to be loose. Some new production capacities such as Guangdong Haohai Lithium's 10,000 - ton battery - grade lithium carbonate and Jiejin Lithium's 25,000 - ton battery - grade lithium carbonate are planned to be put into production in the future [4] - Demand: The production volume of various lithium - related products such as lithium iron phosphate, lithium iron phosphate lithium, and lithium - ion batteries in China may increase month - on - month in May. The production, shipment, and inventory of energy - storage cells and power cells may also increase [5][6]

期货: JM2509收于798元/吨,12509收于1361.5元/吨。2509合约焦化利润233.1元/吨,较前一日跌12元/吨。 切货:山西最优交割品仓单857元/吨，唐山蒙5仓单878元,金泉豪5精煤仓单1000元/吨,焦煤最优交割品仓单857元/吨,日照港湿泉 焦炭仓单1351元/吨,山西湿熄焦炭仓单1436元/吨,邢台干熄焦炭仓单1450元/吨。 【重要资讯】 宏源期货煤焦日报 | | | | | | | | | | | | 2025/5/28 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 焦炭盘面 | | | | | 焦煤盘面 | | | | 基美 | | | | 昨日 | | 前日 | 涨跌 | | 昨日 | 前日 | 涨跌 | | 昨日 | 商日 | 涨跌 | | 12601 1388.0 | | 506ET | -5.5 | JM2601 | 815.0 | 813.0 | 2.0 | 101基美 | 47.5 | 45.0 | SE | | 12605 1397.0 | | 140 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Sino-US mutual tariff relaxation guides import and export expectations. The suspension of underground mining at the Kamoa-Kakula copper mine and the low domestic electrolytic copper social inventory, combined with the approaching traditional consumption peak season, may cause copper prices to fluctuate widely. It is recommended that investors wait and see, paying attention to the support and resistance levels of Shanghai copper, London copper, and US copper [4]. Summary by Relevant Catalogs Market Data - **Shanghai Copper Futures**: On May 27, 2025, the closing price of the active contract was 78,210 yuan, down 60 yuan from the previous day; trading volume was 67,182 lots, a decrease of 10,339 lots; open interest was 127,084 lots, a decrease of 17,857 lots; and inventory was 34,961 tons, an increase of 2,128 tons [2]. - **Shanghai Copper Basis and Spot Premium/Discount**: The average price of SMM 1 electrolytic copper was 78,515 yuan, down 75 yuan; the Shanghai copper basis was 305 yuan, down 15 yuan; and the spot premium/discount in different regions showed various changes [2]. - **London Copper**: The LME 3-month copper futures closing price (electronic trading) was 9,596 US dollars, down 18 US dollars; the total inventory of registered and cancelled warrants decreased; and the spreads of different contracts changed [2]. - **COMEX Copper**: The closing price of the active copper futures contract was 4.745 US dollars, up 0.07 US dollars; total inventory was 178,963 tons, an increase of 4,356 tons [2]. Industry News - **M&A Information**: South African listed company Harmony Gold Mining's Australian subsidiary will acquire BC Copper for approximately 1.84 billion rand (equivalent to 1.03 billion US dollars), aiming to enhance free cash flow and improve solvency, subject to regulatory approvals [2]. - **Macro News**: The US Congress reached a budget resolution in April, including tax cuts and debt ceiling increases. The US manufacturing and services PMIs were higher than expected, while the consumer - end inflation CPI annual rate in April was lower than expected, which may lead the Fed to cut interest rates in September or December [2]. Upstream Situation - **Mine Production**: The Kamoa-Kakula copper mine under Zijin Mining suspended underground mining due to multiple mine tremors; the sulfide copper ore project of Vediktepe Polymetallic Mine under ACC Metals is expected to be put into production in the first quarter of 2008; several copper mines have expansion or production plans, which may affect the production and import of copper concentrates [3][4]. - **Smelting**: Some smelters have production disruptions or planned production, which may affect the production and import of crude copper and electrolytic copper. For example, the PKSBK copper smelter in the Philippines has stopped production, and the Maxi copper smelter in India may start production around mid - 2025 [4]. Downstream Situation - The high copper price has affected the new orders of copper products, causing the capacity utilization rates of copper rods, copper wires and cables, and other products to decline or be expected to decline [4]. Trading Strategy - Investors are advised to wait and see, paying attention to the support and resistance levels of Shanghai copper (74,000 - 76,000 and 78,500 - 80,000), London copper (9,000 - 9,300 and 9,600 - 9,800), and US copper (4.3 - 4.5 and 4.8 - 5.0) [4].