Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core Viewpoints - The 9 - department released the "Implementation Plan for High - quality Development of the Gold Industry (2025 - 2027)", focusing on resource security, technological autonomy, and green transformation to enhance the global competitiveness and strategic security guarantee ability of China's gold industry [1]. - The Hangzhou Housing Provident Fund Management Center launched a business allowing employees to use provident funds to directly pay the down - payment for newly built commercial housing, with online handling supported, and the online function for second - hand houses is under development [1]. - The overall industry credit spread has recently declined slightly [5]. 3) Summary by Directory A. Upstream - Oil prices continue to rise, with the upward trend slightly moderating compared to last week; PTA prices have increased significantly [2]. B. Mid - stream - The recent seasonal decline in the operating rates of PTA and PX in the chemical industry is at a three - year high [3]. C. Downstream - The sales of commercial housing in first - and second - tier cities have recently declined seasonally, reaching a near - three - year low; the number of domestic flights has decreased cyclically [4]. D. Market Pricing - The industry credit spread across all industries has recently declined slightly [5]. E. Industry Credit Spread Tracking | Industry | Last Year's Same Period | First Quarter | One Month Ago | Last Week | This Week | Quantile | | --- | --- | --- | --- | --- | --- | --- | |农牧渔林|68.20|81.35|77.83|60.41|58.97|0.40| |采掘|37.42|46.44|46.36|39.96|38.75|8.20| |化工|68.50|64.03|62.06|52.42|50.98|0.00| |钢铁|44.14|56.91|55.10|46.81|45.79|8.70| |有色金属|47.14|55.89|56.54|51.73|50.75|11.60| |电子|57.60|79.47|70.94|65.56|64.57|18.30| |汽车|64.73|65.98|50.32|41.90|40.50|0.20| |家用电器|44.44|53.86|47.58|46.04|45.75|11.00| |食品饮料|42.41|46.19|45.25|36.89|35.31|1.60| |纺织服装|50.71|57.83|53.41|51.88|51.16|7.00| |轻工制造|51.05|193.97|167.09|154.45|148.66|7.10| |医药生物|57.87|64.98|71.30|63.70|60.87|9.20| |必并事业|27.91|33.53|33.57|26.52|26.33|7.50| |交通运输|33.98|35.86|36.88|31.18|29.86|4.80| |房地产|234.76|151.73|126.20|101.86|99.89|2.70| |商业贸易|48.49|51.32|50.24|42.85|41.84|4.00| |休闲服务|80.43|103.67|119.48|119.25|118.64|96.80| |银行|29.04|32.54|19.80|18.03|18.25|5.00| |非银金融|30.98|36.62|34.18|28.55|29.03|6.20| |综合|69.61|50.38|49.74|43.03|41.38|0.70| |建筑材料|36.53|45.83|46.19|39.36|37.52|7.00| |建筑装饰|45.68|56.39|54.48|60.68|58.82|24.70| |电气设备|54.94|86.98|79.25|74.88|78.84|40.90| |机械设备|36.82|40.70|44.64|42.32|40.66|14.40| |计算机|69.57|69.68|61.96|50.70|48.66|0.00| |传媒|220.47|45.99|45.79|38.85|37.67|0.20| |通信|33.18|38.14|29.18|22.05|23.57|0.70| [51] F. Key Industry Price Index Tracking | Industry Name | Index Name | Frequency | Unit | Update Time | Current Value | Year - on - Year | Past 5 - day Trend | | --- | --- | --- | --- | --- | --- | --- | --- | | Agriculture | Spot price of corn | Daily | Yuan/ton | 6/23 | 2345.7 | 0.43% | | | | Spot price of eggs | Daily | Yuan/kg | 6/23 | 5.9 | 5.41% | | | | Spot price of palm oil | Daily | Yuan/ton | 6/23 | 8732.0 | - 0.82% | | | | Spot price of cotton | Daily | Yuan/ton | 6/23 | 14881.8 | 0.49% | | | | Average wholesale price of pork | Daily | Yuan/kg | 6/23 | 20.1 | - 1.42% | | | Non - ferrous Metals | Spot price of copper | Daily | Yuan/ton | 6/23 | 78388.3 | - 0.28% | | | | Spot price of zinc | Daily | Yuan/ton | 6/23 | 21922.0 | - 0.36% | | | | Spot price of aluminum | Daily | Yuan/ton | 6/23 | 20663.3 | 0.13% | | | | Spot price of nickel | Daily | Yuan/ton | 6/23 | 119616.7 | - 0.33% | | | | Spot price of aluminum | Daily | Yuan/ton | 6/23 | 16812.5 | 0.07% | | | Ferrous Metals | Spot price of rebar | Daily | Yuan/ton | 6/23 | 3071.0 | 0.03% | | | | Spot price of iron ore | Daily | Yuan/ton | 6/23 | 724.7 | - 1.61% | | | | Spot price of wire rod | Daily | Yuan/ton | 6/23 | 3255.0 | 0.54% | | | Non - metals | Spot price of glass | Daily | Yuan/square meter | 6/23 | 13.8 | 0.14% | | | | Spot price of natural rubber | Daily | Yuan/ton | 6/23 | 13808.3 | 0.29% | | | | China Plastic City Price Index | Daily | - | 6/23 | 834.1 | 0.53% | | | Energy | Spot price of WTI crude oil | Daily | US dollars/barrel | 6/23 | 73.8 | 1.18% | | | | Spot price of Brent crude oil | Daily | US dollars/barrel | 6/23 | 77.0 | 3.75% | | | | Spot price of liquefied natural gas | Daily | Yuan/ton | 6/23 | 3970.0 | 0.25% | | | | Coal price | Daily | Yuan/ton | 6/23 | 728.0 | 2.28% | | | Chemical Industry | Spot price of PTA | Daily | Yuan/ton | 6/23 | 5282.0 | 5.47% | | | | Spot price of polyethylene | Daily | Yuan/ton | 6/23 | 7556.7 | 1.59% | | | | Spot price of urea | Daily | Yuan/ton | 6/23 | 1824.0 | 1.11% | | | | Spot price of soda ash | Daily | Yuan/ton | 6/23 | 1350.0 | - 1.46% | | | Real Estate | Cement price index (national) | Daily | - | 6/23 | 138.3 | - 1.53% | | | | Building materials comprehensive index | Daily | Points | 6/23 | 111.2 | - 0.50% | | | | Concrete price index (national) | Daily | Points | 6/23 | 98.8 | - 0.25% | | [52]

农产品日报 | 2025-06-24 苹果套袋工作结束，红枣处集中环割期 苹果观点 市场要闻与重要数据 期货方面，昨日收盘苹果2510合约7643元/吨，较前一日变动-88元/吨，幅度-1.14%。现货方面，山东栖霞80# 一二 级晚富士价格4.10元/斤，较前一日变动+0.00元/斤，现货基差AP10+557，较前一日变动+88；陕西洛川70# 以上半 商品晚富士价格4.80元/斤，较前一日变动+0.00元/斤，现货基差AP10+1957，较前一日变动+88。 近期市场资讯，苹果市场成交较为有限，产区套袋基本结束，但客商拿货积极性不高。西部产区客商货源找货热 度不高，个别冷库货源出现水烂点等质量问题，持货商整体惜售情绪减弱；山东产区大果及好果走货一般，客商 寻货不积极。销区市场市场走货一般，消暑类水果存在一定冲击。陕西洛川产区目前库内70#起步果农统货4.2-4.5 元/斤，70#起步半商品4.5-5.0元/斤，以质论价。 山东栖霞产区果农三级2.5-3元/斤，果农80#以上统货3-3.5元/斤， 80#一二级条纹4.0-4.5元/斤，80#一二级片红3.8-4.0元/斤。 市场分析 昨日苹果期价收跌，产区 ...

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The geopolitical situation in the Middle East may have a limited direct impact on the global container shipping market, but the conflict between Iran and Israel could potentially affect the passage through the Strait of Hormuz, which is crucial for oil transportation [2][3]. - The supply and demand in the US - bound routes have both increased. With the reduction of Sino - US tariffs, the demand on the Sino - US routes has risen rapidly, and carriers are actively restoring capacity. The freight rates on the Shanghai - to - East and West US routes have declined from their high levels [2]. - The freight rates on the Shanghai - to - European routes are undergoing adjustments. The 7 - month upper - half freight rates are being corrected, and the 8 - month contract is in a game over the peak time of the freight rates. It is necessary to pay attention to Maersk's quotes in the second week of July [1][5]. - The container shipping industry is still in a year of high vessel deliveries in 2025, which may put pressure on the market [6]. 3. Summary by Relevant Catalogs I. Futures Prices - As of June 23, 2025, the total open interest of all container shipping index European line futures contracts was 95,679 lots, and the single - day trading volume was 90,549 lots. The closing prices of different contracts were as follows: EC2602 at 1372.10, EC2604 at 1209.80, EC2506 at 1883.00, EC2508 at 1875.00, EC2510 at 1370.00, and EC2512 at 1530.10 [6]. II. Spot Prices - Online quotes for different alliances on the Shanghai - to - Rotterdam route vary. For example, Maersk's price in the 26th week was 1710/2880, and in the first week of July, it was 1885/3150. Different carriers' quotes for different time periods also show differences [1]. - The SCFI and SCFIS prices for different routes are provided. On June 20, 2025, the SCFI (Shanghai - to - Europe) was 1835.00 US dollars/TEU, SCFI (Shanghai - to - West US) was 2772.00 US dollars/FEU, and SCFI (Shanghai - to - East US) was 5352.00 US dollars/FEU. On June 23, the SCFIS (Shanghai - to - Europe) was 1937.14 points, and SCFIS (Shanghai - to - West US) was 2083.46 points [6]. III. Container Ship Capacity Supply - In 2025, 128 container ships have been delivered, with a total capacity of 1.018 million TEU. As of June 20, 2025, 38 ships with a capacity of 12,000 - 16,999 TEU have been delivered, with a total capacity of 570,100 TEU, and 6 ships with a capacity of over 17,000 TEU have been delivered, with a total capacity of 142,400 TEU [6]. - The weekly average capacity of the Shanghai - to - European base port in July was 279,500 TEU, and in August, it was 271,300 TEU. There were 8 blank sailings in July, including 5 by the OA Alliance and 3 by the PA Alliance [3]. IV. Supply Chain - The conflict between Iran and Israel may affect the passage through the Strait of Hormuz. Although the direct impact on container transportation is relatively small, it is a key node for global oil trade [2][3]. - The carriers on the Sino - US routes are actively restoring capacity. The remaining capacity in the last week of June on the Shanghai - to - East and West US routes was 372,000 TEU, the average weekly capacity in May was 243,400 TEU, and the average weekly capacity in July was 350,000 TEU [2]. V. Demand and European Economy - The demand on the Sino - US routes has increased due to the reduction of Sino - US tariffs, and the freight rates have first risen and then declined [2]. - The peak time of the Shanghai - to - European route freight rates in 2025 is unclear. Historically, in most years after 2017, the freight rates on the Shanghai - to - European base port route peaked around Week 34 [5].

苯乙烯日报 | 2025-06-24 苯乙烯方面：苯乙烯主力基差473元/吨（+22元/吨）；苯乙烯非一体化生产利润273元/吨（-14元/吨），预期逐步压 缩。苯乙烯华东港口库存85000吨（+18700吨），苯乙烯华东商业库存66300吨（+21300吨），处于库存回建阶段。 苯乙烯开工率79.0%（+5.2%）。 下游硬胶方面：EPS生产利润167元/吨（+20元/吨），PS生产利润-483元/吨（+20元/吨），ABS生产利润93元/吨（+110 元/吨）。EPS开工率53.63%（-1.84%），PS开工率58.70%（+0.40%），ABS开工率63.97%（-0.11%），下游开工季节 性低位。 市场分析 主要驱动仍在于最上游成本端的原油价格波动，美国打击伊朗后，油价却有所回落，反映市场认为最激烈的预期 已兑现。纯苯方面，国产开工率已上升至高位，下游CPL及苯胺开工仍偏低，拖累纯苯需求，港口方面，后续韩国 发往中国压力仍大，纯苯港口库存本周初再度快速上升，压制纯苯加工费。苯乙烯方面，港口库存逐步进入回升 周期，且国内苯乙烯开工率进一步上升至近3年高位，工厂库存亦是累库周期。下游方面，PS及ABS ...

化工日报 | 2025-06-24 原油冲高回落，PX依然偏紧 PX方面，上上个交易日PXN250美元/吨(环比变动-11.63美元/吨）。近期中东地缘冲突导致伊朗、以色列PX装置停 车，沙特Rabigh芳烃装置重启延后, 海外PX开工下滑相对明显。月底国内几套PX装置计划检修，目前现货市场货 源仍较紧张，PX浮动价依然偏强，关注后续PTA检修和新装置投产进展，PX供需偏紧能否延续。 TA方面，TA主力合约现货基差 264 元/吨(环比变动-5元/吨），PTA现货加工费383元/吨（环比变动-30元/吨），主力 合约盘面加工费360元/吨（环比变动+18元/吨），伴随大量仓单注销主流供应商排货，现货市场流通性偏紧的情况 有所缓解，PTA自身基本面支撑有所转弱，关注伊以局势对成本的影响和需求支撑。 需求方面，聚酯开工率92.0%（环比+1.1%），内外销进入淡季，终端订单和开工呈现下滑趋势，但聚酯表现相对良 性，负荷表现坚挺，原料价格上涨后集中补库下长丝库存下降，后续价格高位震荡库存压力可能提升，继续关注 聚酯库存变化，短期长丝负荷预计还能维持；短纤库存不高，虽然也有减产消息，但实际执行力度存疑；瓶片方 面，万 ...

农产品日报 | 2025-06-24 现货整体上涨，豆粕偏强震荡 粕类观点 市场要闻与重要数据 期货方面，昨日收盘豆粕2509合约3037元/吨，较前日变动-30元/吨，幅度-0.98%；菜粕2509合约2657元/吨，较前 日变动-22元/吨，幅度-0.82%。现货方面，天津地区豆粕现货价格2940元/吨，较前日变动-30元/吨，现货基差M09-97， 较前日变动+0；江苏地区豆粕现货2860元/吨，较前日变动-40元/吨，现货基差M09-177，较前日变动-10；广东地 区豆粕现货价格2880元/吨，较前日变动跌-30元/吨，现货基差M09-157，较前日变动+0。福建地区菜粕现货价格2650 元/吨，较前日变动-20元/吨，现货基差RM09-7，较前日变动+2。 近期市场资讯，USDA表示，截至6月12日当周，24/25年度美豆周度出口净销增至53.95万吨，累计销售4913万吨， 进度97.58%；25/26年度美豆周度出口净销7.52万吨，累计销售119万吨，同比增7万吨，进度2.42%。 市场分析 整体来看，前巴西升贴水仍维持高位，进口成本的抬升支撑国内豆粕价格。此外，当前政策端中美谈判暂无新进 ...

新能源及有色金属日报 | 2025-06-24 锌锭库存尚未形成质的改变 重要数据 现货方面：LME锌现货升水为-24.65 美元/吨。SMM上海锌现货价较前一交易日下跌80元/吨至21950元/吨，SMM 上海锌现货升贴水较前一交易日下跌15元/吨至100元/吨，SMM广东锌现货价较前一交易日下跌150元/吨至21850 元/吨。SMM广东锌现货升贴水较前一交易日下跌85元/吨至0元/吨，SMM天津锌现货价较前一交易日下跌90元/吨 至21930元/吨。SMM天津锌现货升贴水较前一交易日下跌25元/吨至80元/吨。 期货方面：2025-06-23沪锌主力合约开于21955元/吨，收于21980元/吨，较前一交易日上涨75元/吨，全天交易日成 交97888手，较前一交易日减少6808手，全天交易日持仓67890手，较前一交易日减少8673手，日内价格震荡，最 高点达到22005元/吨，最低点达到21830元/吨。 库存方面：截至2025-06-23，SMM七地锌锭库存总量为7.78万吨，较上周同期减少-0.03万吨。截止2025-06-23，LME 锌库存为125900吨，较上一交易日减少325吨。 市场分析 ...

股指期权日报 股指期权市场概况 股指期权日报 | 2025-06-23 期权成交量 2025-06-20，上证50ETF期权成交量为101.12万张；沪深300ETF期权（沪市）成交量为86.40万张； 中证500ETF期权（沪市）成交量为175.57万张；深证100ETF期权成交量为4.31万张； 创业板ETF期权成交量为93.65万张；上证50股指期权成交量为2.85万张； 沪深300股指期权成交量为7.71万张；中证1000期权总成交量为22.12万张。 期权PCR 上证50ETF期权成交额PCR报0.98，环比变动为-0.18；持仓量PCR报0.92，环比变动为+0.05； 沪深300ETF期权（沪市）成交额PCR报1.15，环比变动为-0.02；持仓量PCR报0.84，环比变动为+0.02； 中证500ETF期权（沪市）成交额PCR报1.39，环比变动为+0.20；持仓量PCR报1.01，环比变动为+0.04 ； 深圳100ETF期权成交额PCR报1.21 ，环比变动为-0.25；持仓量PCR报0.98；环比变动为+0.00； 创业板ETF期权成交额PCR报1.24，环比变动为-0.09 ；持仓量P ...

流动性日报 | 2025-06-23 基本金属板块成交2117.37亿元，较上一交易日变动+13.87%；持仓金额3832.70亿元，较上一交易日变动-0.91%； 成交持仓比为73.91%。 贵金属板块成交3800.07亿元，较上一交易日变动-17.24%；持仓金额4462.04亿元，较上一交易日变动-2.09%；成交 持仓比为105.95%。 能源化工板块成交7629.60亿元，较上一交易日变动+1.68%；持仓金额4090.06亿元，较上一交易日变动+0.64%；成 交持仓比为122.52%。 农产品板块成交2958.39亿元，较上一交易日变动+1.82%；持仓金额5786.74亿元，较上一交易日变动+0.81%；成交 持仓比为44.88%。 黑色建材板块成交2180.40亿元，较上一交易日变动+22.88%；持仓金额3342.16亿元，较上一交易日变动+0.84%； 成交持仓比为67.72%。 市场流动性概况 2025-06-20，股指板块成交5056.84亿元，较上一交易日变动-11.18%；持仓金额8846.89亿元，较上一交易日变动 -10.32%；成交持仓比为56.85%。 国债板块成交252 ...

'()*+,|-./0+ 2025-06-22 !"#$%&'()*+,-./012 !"#$ !"#$ 徐闻宇 蔡劭立 ( 0755-23887993 * caishaoli@htfc.com 从业资格号：F3056198 投资咨询号：Z0015616 高聪 ( 021-60828524 * gaocong@htfc.com 从业资格号：F3063338 投资咨询号：Z0016648 %&'()*&+, -./01201121289 3 !"#$ 近两周美债收益率短端下行、长端微升，反映市场对经济前景与供需错配的双重博弈。 财政赤字高企、TGA 余额上升叠加逆回购扩张，说明财政回笼资金增加、而美联储未 同步释放流动性。衍生品市场空头对冲加剧，美联储虽维持利率不变但面临政策平衡 美债双周报 | 2025/6/22 %&'( ■ !"#$ 美债利率回顾。截止 6 月 20 日，10 年期美债收益率为 4.38% ， 10 年期美债收益率较两 周前走低 2bp。收益率曲线层面，和两周前相比，2 年期美债收益率走低了 2bp，30 年 期美债收益率走高 1 bp。近两周短债收益率下行，而长债收益率上行。 美债市场变 ...