1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The financial technology sector is active, and the index continues to rise. The approval of Guotai Junan International to provide virtual asset trading services in Hong Kong drives the financial technology sector up. The joint issuance of 19 policy measures by six departments to support expanded consumption boosts market sentiment. It is expected that the stock index will continue to rise after digestion [1][3]. - In the futures market, the basis of stock index futures has been rapidly repaired, and the trading volume and open interest of some contracts have increased [2]. 3. Summary by Relevant Catalogs Market Analysis - **Policy Environment**: Domestically, Vice Premier He Lifeng emphasizes accelerating the construction of a unified national market, expanding domestic demand, and promoting the innovative development of enterprises in high - end equipment manufacturing and other fields. Overseas, Powell mentions that the Fed is not in a hurry to act due to high - tariff uncertainties and possible factors for interest rate cuts [1]. - **Spot Market**: A - share major indices continue to rebound. The Shanghai Composite Index rises 1.04% to close at 3455.97 points, and the ChiNext Index rises 3.11%. Most sector indices rise, with non - banking finance, national defense and military industry, computer, and power equipment leading the gains. The trading volume of the Shanghai and Shenzhen stock markets rises to 1.6 trillion yuan. In overseas markets, the three major US stock indices close with mixed results [1]. - **Futures Market**: The basis of stock index futures is rapidly repaired, especially for IC and IM. The trading volume of IF, IC, and IM increases, and the open interest of stock index futures rebounds [2]. Strategy - Guotai Junan International's approval to provide virtual asset trading services in Hong Kong drives the financial technology sector to lead the rise. The policy measures to support consumption boost market sentiment. It is expected that the stock index will continue to rise after digestion [3]. Charts - **Macro - economic Charts**: Include charts showing the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rate and A - share trends, and US Treasury yields and A - share style trends [6][10][9]. - **Spot Market Tracking Charts**: The daily performance table of domestic major stock indices shows that on June 25, 2025, the Shanghai Composite Index rises 1.03%, the Shenzhen Component Index rises 1.72%, the ChiNext Index rises 3.11%, etc. There are also charts of the trading volume of the Shanghai and Shenzhen stock markets and margin trading balances [12]. - **Stock Index Futures Tracking Charts**: The table of trading volume and open interest shows changes in the trading volume and open interest of IF, IC, IH, and IM contracts. The table of basis shows the basis and its changes for different contracts in different periods. The table of inter - period spreads shows the spreads and their changes between different contract periods [16][34][42].

FICC日报 | 2025-06-26 08合约计价7月上半月运价见顶，关注下周船司7月下半月报 价情况 线上报价方面。 Gemini Cooperation：马士基上海-鹿特丹，7月第一周价格1900/3180，7月第二周价格开出为1740/2900（较前期下 降200美元/FEU,目前涨至1760/2940）；HPL 7月上半月船期报价2035/3235，7月下半月船期报价2435/3835。 MSC+Premier Alliance：MSC 上海-鹿特丹7月份上半月船期报价2180/3640；ONE上海-鹿特丹7月上半月船期报价 2914/3343，7月下半月船期报价2914/3343；HMM上海-鹿特丹7月上半月价格1915/3400. Ocean Alliance：COSCO上海-鹿特丹 6月下半月船期报价2625/4225；CMA 上海-鹿特丹7月上半月船期报价 2035/3645；EMC7月上半月船期报价2555/3860；OOCL 7月份第一周船期价格2100/3500。 地缘端：一名以色列官员称，以色列暂缓派遣人质谈判小组前往埃及或卡塔尔与哈马斯进行谈判，因为双方之间 仍然存在根本分歧，阻碍 ...

FICC日报 | 2025-06-26 以伊冲突生效，北约发表联合宣言 市场分析 国内5月经济仍待夯实。5月国内数据好坏参半，5月投资数据整体走弱，尤其是地产边际压力再增，后续或将拖累 财政收入，及整个地产链条；同时出口也略有承压，5月"抢出口"成色一般，叠加美国5月零售销售走弱，前期需 求透支下，后续外需预计将承压；5月仅有消费表现韧性，6月20日新华社发布后续以旧换新国补将继续下达。6月 24日，央行等六部门联合印发《关于金融支持提振和扩大消费的指导意见》。6月25日央行开展3000亿元MLF操作， 6月中期流动性净投放总额已达3180亿元。面对关税下的外需压力和内部的稳增长诉求，关注财政进一步加码的可 能。6月9-10日，中美经贸磋商机制首次会议在英国伦敦举行，落实两国元首6月5日通话重要共识和巩固日内瓦经 贸会谈成果的措施框架达成原则一致，就解决双方彼此经贸关切取得新进展。关于7月9日到期的关税延后政策，6 月12日特朗普政府首次公开承认其关税时间表存在灵活性。美国暂缓关税的截止日逼近，欧盟准备采取更多关税 反制措施以对美施压；加拿大与美国力争在30天内达成贸易协议，两国贸易谈判代表们本周将会面三次。 ...

大豆观点 市场分析 油料日报 | 2025-06-26 采购方采购谨慎，花生价格震荡运行 期货方面，昨日收盘豆一2507合约4169.00元/吨，较前日变化-58.00元/吨，幅度-1.37%。现货方面，食用豆现货基 差A07+11，较前日变化+58，幅度32.14%。 市场资讯汇总：周二，芝加哥期货交易所(CBOT)大豆期货收盘下跌，其中基准期约收低0.9%，主要原因是芝加哥 豆油和国际原油期货走低。截至收盘，大豆期货下跌9美分到12美分不等，其中7月期约下跌12美分，报收1046.75 美分/蒲;8月期约下跌11.75美分，报收1050.25美分/蒲;11月期约下跌9.75美分，报收1037美分/蒲。6月25日，黑龙江 哈尔滨市场国标一等蛋白39%蛋白中粒塔粮装车报价2.09元/斤，较昨日平；黑龙江双鸭山宝清市场国标一等蛋白 39%蛋白中粒塔粮装车报价2.12元/斤，较昨日平；黑龙江佳木斯富锦市场国标一等蛋白39%蛋白中粒塔粮装车报价 2.12元/斤，较昨日平；黑龙江齐齐哈尔讷河市场国标一等蛋白41%蛋白中粒塔粮装车报价2.22元/斤，较昨日平； 黑龙江黑河嫩江市场国标一等蛋白41%蛋白中粒塔粮装车报价2 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The industrial silicon futures price rebounded on June 25, 2025, while the spot price remained stable. The fundamentals are still weak, with an increase in supply and limited growth in terminal consumption. The recent strong performance of the futures market is mainly due to the expected increase in polysilicon production and market sentiment. Attention should be paid to potential industry policies [1]. - The polysilicon futures market maintained a volatile pattern on June 25, 2025, and the spot price remained stable. The inventory of polysilicon manufacturers decreased slightly, and the production increased weekly. However, the consumption side weakened, leading to a weak fundamental situation [3][6]. 3. Summary by Related Catalogs Industrial Silicon - **Market Analysis** - On June 25, 2025, the industrial silicon futures price rebounded. The main contract 2509 opened at 7,450 yuan/ton and closed at 7,555 yuan/ton, up 1.55% from the previous settlement price. The position of the main contract was 306,644 lots, and the number of warehouse receipts on June 26 was 53,263 lots, a decrease of 307 lots from the previous day [1]. - The spot price of industrial silicon remained stable. The price of East China oxygen - containing 553 silicon was 8,000 - 8,300 yuan/ton, and 421 silicon was 8,400 - 9,000 yuan/ton. The price of Xinjiang oxygen - containing 553 silicon was 7,500 - 7,700 yuan/ton, and 99 silicon was 7,500 - 7,700 yuan/ton [1]. - The price of organic silicon DMC rebounded slightly, with a quotation of 10,300 - 10,600 yuan/ton. The organic silicon industry has high production capacity pressure, and downstream demand is mainly for rigid procurement [1]. - **Strategy** - For unilateral trading, use range - bound operations, and upstream producers can sell hedging at high prices when appropriate. There are no strategies for cross - period, cross - variety, spot - futures, and options trading [2]. Polysilicon - **Market Analysis** - On June 25, 2025, the polysilicon futures main contract 2508 maintained a volatile pattern, opening at 31,000 yuan/ton and closing at 30,625 yuan/ton, a decrease of 1.59% from the previous trading day. The position of the main contract was 80,107 lots (72,286 lots the previous day), and the trading volume was 146,141 lots [3]. - The spot price of polysilicon remained stable. The price of polysilicon re - feedstock was 30.00 - 33.00 yuan/kg, dense material was 28.00 - 32.00 yuan/kg, cauliflower material was 27.00 - 30.00 yuan/kg, granular silicon was 30.00 - 31.00 yuan/kg, N - type material was 33.00 - 36.00 yuan/kg, and N - type granular silicon was 31.00 - 32.00 yuan/kg [3]. - The inventory of polysilicon manufacturers decreased slightly, with the latest polysilicon inventory at 26.20 (a week - on - week decrease of 4.70%), and the silicon wafer inventory at 18.74GW (a week - on - week decrease of 3.10%). The weekly polysilicon production was 24,500.00 tons (a week - on - week increase of 2.94%), and the silicon wafer production was 12.90GW (a week - on - week decrease of 1.53%) [3]. - **Strategy** - The futures market continued to be weak, and the spot trading was average. The fundamentals are weak due to the resumption of production in the southwest during the wet season and the planned start - up in some northwest bases. For unilateral trading, use range - bound operations and sell hedging at high prices. There are no strategies for cross - period, cross - variety, spot - futures, and options trading [6]. Silicon Wafers, Battery Cells, and Components - The price of domestic N - type 18Xmm silicon wafers was 0.89 yuan/piece (- 0.01 yuan/piece), N - type 210mm was 1.23 yuan/piece (- 0.03 yuan/piece), and N - type 210R silicon wafers was 1.03 yuan/piece (- 0.02 yuan/piece) [5]. - The price of high - efficiency PERC182 battery cells was 0.27 yuan/W, PERC210 battery cells was 0.28 yuan/W, TopconM10 battery cells was 0.24 yuan/W, Topcon G12 battery cells was 0.25 yuan/W, Topcon210RN battery cells was 0.26 yuan/W, and HJT210 half - piece battery cells was 0.37 yuan/W [5]. - The mainstream transaction price of PERC182mm components was 0.67 - 0.74 yuan/W, PERC210mm was 0.69 - 0.73 yuan/W, N - type 182mm was 0.67 - 0.69 yuan/W, and N - type 210mm was 0.70 - 0.70 yuan/W [5].

新能源及有色金属日报 | 2025-06-26 中东局势反复，铝价或维持震荡 重要数据 铝现货方面：SMM数据，昨日长江A00铝价录得20530元/吨，较上一交易日下跌10元/吨，长江A00铝现货升贴 水较上一交易日下跌10元/吨至130元/吨；中原A00铝价录得20360元/吨，中原A00铝现货升贴水较上一交易日 持平于-30元/吨；佛山A00铝价录20420元/吨，佛山A00铝现货升贴水较上一交易日下跌5元/吨至30元/吨。 铝期货方面：2025-06-25日沪铝主力合约开于20300元/吨，收于20355元/吨，较上一交易日收盘价上涨25元/ 吨，涨幅0.12%，最高价达20360元/吨，最低价达到20240元/吨。全天交易日成交117377手，较上一交易日减 少19256手，全天交易日持仓254015手，较上一交易日增加3930手。 库存方面，截止2025-06-23，SMM统计国内电解铝锭社会库存46.4万吨。截止2025-06-25，LME铝库存337900 吨，较前一交易日减少2000吨。 氧化铝现货价格：2025-06-25 SMM氧化铝山西价格录得3110元/吨，山东价格录得3120元/吨， ...

Report Summary Investment Rating - Unilateral: Neutral [3] - Inter - period: None [3] - Inter - variety: None [3] Core Views - The market has returned to normal, and the EG price is oscillating. The EG main contract closed at 4323 yuan/ton, down 9 yuan/ton (-0.21%) from the previous trading day. The EG spot price in the East China market was 4396 yuan/ton, down 19 yuan/ton (-0.43%) from the previous trading day. The EG spot basis in East China was 81 yuan/ton, up 3 yuan/ton [1]. - The overall fundamental supply - demand logic shows a trend of increasing supply and decreasing demand. The domestic supply is gradually recovering, and overseas supply is also expected to increase. The demand is currently strong, but the demand is expected to be weak due to the concentrated maintenance plans of several large bottle - chip manufacturers in early July [2]. Directory Summary Price and Basis - The EG main contract closed at 4323 yuan/ton, down 9 yuan/ton (-0.21%) from the previous trading day. The EG spot price in the East China market was 4396 yuan/ton, down 19 yuan/ton (-0.43%) from the previous trading day. The EG spot basis in East China was 81 yuan/ton, up 3 yuan/ton [1]. Production Profit and Operating Rate - The production profit of ethylene - based EG was - 68 dollars/ton, down 21 dollars/ton. The production profit of coal - based syngas EG was 95 yuan/ton, down 155 yuan/ton [1]. International Spread - No specific data provided in the given text. Downstream Sales and Production and Operating Rate - No specific data provided in the given text. Inventory Data - According to CCF data, the MEG inventory at the main ports in East China was 62.2 tons, up 0.6 tons. According to Longzhong data, it was 53.7 tons, down 2.7 tons. The actual arrival at the main ports last week was 7.7 tons, and the port inventory was stable. The planned arrival at the East China main ports this week is 6.2 tons, which is relatively small, and the port inventory may decline again [1].

油脂日报 | 2025-06-26 巴西生柴政策变化，油脂震荡 油脂观点 市场分析 期货方面，昨日收盘棕榈油2509合约8344.00元/吨，环比变化+18元，幅度+0.22%；昨日收盘豆油2509合约7984.00 元/吨，环比变化+34.00元，幅度+0.43%；昨日收盘菜油2509合约9476.00元/吨，环比变化-96.00元，幅度-1.00%。 现货方面，广东地区棕榈油现货价8460.00元/吨，环比变化-20.00元，幅度-0.24%，现货基差P09+116.00，环比变 化-38.00元；天津地区一级豆油现货价格8170.00元/吨，环比变化+10.00元/吨，幅度+0.12%，现货基差Y09+186.00， 环比变化-24.00元；江苏地区四级菜油现货价格9660.00元/吨，环比变化-90.00元，幅度-0.92%，现货基差 OI09+184.00，环比变化+6.00元。 近期市场咨询汇总：据巴西国家能源政策委员会（CNPE）官员，巴西将生物柴油在柴油中的强制掺混比例从14% 上调至15%，将汽油中乙醇强制掺混比例从27%上调至30%。据马来西亚棕榈油协会（MPOA）发布的数据，马来 西亚6 ...

1. Report Industry Investment Ratings - PVC: Cautiously bearish [4] - Caustic Soda: Neutral [4] 2. Core Views - The PVC market remains in a weak supply - demand situation, with the supply surplus unchanged and cost - side support weak, while the caustic soda market faces increasing supply pressure and lack of positive drivers [3][4] 3. Summary by Relevant Catalogs Market News and Important Data PVC - Futures price and basis: The closing price of the PVC main contract was 4,871 yuan/ton (+27), the East China basis was - 141 yuan/ton (-27), and the South China basis was - 41 yuan/ton (-17) [1] - Spot price: The East China calcium carbide - based PVC was quoted at 4,730 yuan/ton (+0), and the South China calcium carbide - based PVC was quoted at 4,830 yuan/ton (+10) [1] - Upstream production profit: The semi - coke price was 575 yuan/ton (+0), the calcium carbide price was 2,880 yuan/ton (+0), the calcium carbide profit was 130 yuan/ton (+0), the gross profit of PVC calcium carbide - based production was - 494 yuan/ton (+18), the gross profit of PVC ethylene - based production was - 640 yuan/ton (-80), and the PVC export profit was - 1.0 US dollars/ton (+10.3) [1] - Inventory and开工: PVC factory inventory was 40.2 million tons (+0.5), social inventory was 35.5 million tons (+0.0), the calcium carbide - based PVC开工 rate was 79.62% (-0.83%), the ethylene - based PVC开工 rate was 69.23% (+1.87%), and the overall PVC开工 rate was 76.74% (-0.09%) [1] - Downstream order situation: The pre - sales volume of production enterprises was 64.8 million tons (+1.0) [1] Caustic Soda - Futures price and basis: The closing price of the SH main contract was 2,279 yuan/ton (+5), and the basis of 32% liquid caustic soda in Shandong was 159 yuan/ton (-5) [1] - Spot price: The price of 32% liquid caustic soda in Shandong was 780 yuan/ton (+0), and the price of 50% liquid caustic soda in Shandong was 1,300 yuan/ton (+0) [2] - Upstream production profit: The single - variety profit of caustic soda in Shandong was 1,446 yuan/ton (+0), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) was 783.3 yuan/ton (+0.0), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) was 111.28 yuan/ton (+20.00), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) was 1,233.53 yuan/ton (-50.51) [2] - Inventory and开工: The liquid caustic soda factory inventory was 36.65 million tons (-3.88), the flake caustic soda factory inventory was 2.85 million tons (+0.00), and the caustic soda开工 rate was 81.20% (+0.30%) [2] - Downstream开工: The alumina开工 rate was 80.74% (-0.13%), the dyeing and printing East China开工 rate was 60.73% (-0.63%), and the viscose staple fiber开工 rate was 80.80% (+0.24%) [2] Market Analysis PVC - The supply - demand pattern remains weak, with the supply surplus unchanged due to high production and expected new capacity in 6 - 7 months, and the cost - side support is weak. The downstream demand is weak domestically, while the export is increasing, but the sustainability of exports is uncertain [3] Caustic Soda - The supply pressure is expected to increase due to planned new capacity, the market trading is weak, and the comprehensive profit of chlor - alkali is shrinking. The demand of the main downstream alumina is increasing, but the non - aluminum downstream demand is weak. The factory inventory is still high, and the caustic soda market lacks positive drivers [3] Strategy - PVC: Adopt a cautiously bearish approach and continue to monitor macro - export policies and downstream demand recovery [4] - Caustic Soda: The price is expected to fluctuate at a low level, and the comprehensive profit of chlor - alkali still has room to compress, with the market remaining under pressure [4]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The report presents the trading data of various index options on June 24, 2025, including trading volume, PCR, and VIX, to reflect the market conditions of index options [1][2][3] Summary by Directory Option Trading Volume - On June 24, 2025, the trading volume of Shanghai Stock Exchange 50 ETF options was 1.6182 million contracts; the trading volume of Shanghai Stock Exchange 300 ETF options was 1.3402 million contracts; the trading volume of Shanghai Stock Exchange 500 ETF options was 1.7774 million contracts; the trading volume of Shenzhen 100 ETF options was 65,600 contracts; the trading volume of ChiNext ETF options was 1.6269 million contracts; the trading volume of Shanghai Stock Exchange 50 index options was 45,800 contracts; the trading volume of Shanghai Stock Exchange 300 index options was 89,000 contracts; the total trading volume of China Securities 1000 options was 202,000 contracts [1] Option PCR - The turnover PCR of Shanghai Stock Exchange 50 ETF options was reported at 0.53, with a month - on - month change of - 0.48; the position PCR was reported at 1.09, with a month - on - month change of + 0.10. Similar data for other options are also presented, showing the changes in turnover and position PCR of different index options [2] Option VIX - The VIX of Shanghai Stock Exchange 50 ETF options was reported at 14.07%, with a month - on - month change of + 0.69%; the VIX of Shanghai Stock Exchange 300 ETF options was reported at 14.35%, with a month - on - month change of + 1.17%. Similar data for other options are also provided, reflecting the volatility index changes of different index options [3]