1. Report Industry Investment Ratings - The investment rating for the pig market is neutral [3] - The investment rating for the egg market is cautiously bearish [5] 2. Core Views - In the pig market, with the expectation of increased future supply, the spot price is likely to continue to decline. Entering the seasonal consumption off - season, there is no obvious short - term boost on the demand side. Secondary fattening demand may enter the market when the price drops to around 14 yuan/kg. Policy - related factors such as state reserve purchases and sales and the "anti - involution" policy need attention, as well as supply - side slaughter changes [2] - In the egg market, the current demand remains at a normal level during the off - season. The cold - storage warehousing in northern sales areas has slowed down, and traders are cautious in purchasing. The approaching end of the plum - rain season in southern sales areas and the postponed Mid - Autumn Festival have limited impact on demand. The short - term market pattern of oversupply is difficult to change, and farmers will continue to incur losses [4] 3. Summary by Related Catalogs Pig Market Market News and Important Data - Futures: The closing price of the live hog 2509 contract yesterday was 14,285 yuan/ton, a change of - 60 yuan/ton (- 0.42%) from the previous trading day [1] - Spot: The price of external ternary live hogs in Henan was 14.60 yuan/kg, unchanged from the previous trading day; in Jiangsu, it was 15.10 yuan/kg, a change of - 0.04 yuan/kg; in Sichuan, it was 13.90 yuan/kg, a change of - 0.08 yuan/kg. The spot basis in Henan was LH09 + 315, a change of - 40; in Jiangsu, it was LH09 + 815, a change of + 20; in Sichuan, it was LH09 - 385, a change of - 220 [1] - Agricultural product wholesale prices on July 14: The "Agricultural Product Wholesale Price 200 Index" was 113.02, down 0.33 points from last Friday; the "Vegetable Basket" product wholesale price index was 113.12, down 0.38 points. The average price of pork was 20.60 yuan/kg, unchanged; beef was 63.92 yuan/kg, up 0.6%; mutton was 59.38 yuan/kg, unchanged; eggs were 6.97 yuan/kg, down 0.9%; white - striped chickens were 17.21 yuan/kg, up 1.2% [1] Market Analysis - Due to expected supply increase and the seasonal consumption off - season, the spot price may decline. Secondary fattening may enter the market when the price reaches around 14 yuan/kg. Policy factors and supply - side slaughter changes need to be monitored [2] Strategy - Neutral [3] Egg Market Market News and Important Data - Futures: The closing price of the egg 2508 contract yesterday was 3461 yuan/500 kg, a change of + 19 yuan (+ 0.55%) from the previous trading day [3] - Spot: In Liaoning, the egg spot price was 2.58 yuan/jin, a change of + 0.22; in Shandong, it was 2.85 yuan/jin, a change of + 0.25; in Hebei, it was 2.58 yuan/jin, a change of + 0.07. The spot basis in Liaoning was JD08 - 881, a change of + 201; in Shandong, it was JD08 - 611, a change of + 231; in Hebei, it was JD08 - 881, a change of + 51 [3] - Inventory: On July 14, the national production - link inventory was 0.73 days, a decrease of 0.27 days from the previous trading day; the circulation - link inventory was 0.98 days, a decrease of 0.34 days [3] Market Analysis - The current demand is weak during the off - season. Cold - storage warehousing in northern areas has slowed down, and the approaching end of the plum - rain season and the postponed Mid - Autumn Festival in southern areas have limited impact on demand. The short - term oversupply pattern will continue, and farmers will keep losing money [4] Strategy - Cautiously bearish [5]

Group 1: Report Industry Investment Rating - Oil prices will fluctuate within a range, and a medium - term short - position allocation is recommended [3] Group 2: Core Viewpoints - Saudi Arabia's recent production increase is not for market share but due to the Middle East conflict. It is to transfer supply overseas, not directly increase sales to customers. This operation is not sustainable as the conflict eases. Saudi Arabia is still restrained in production increase and aims to balance Trump's call to lower oil prices with its own interests [2] Group 3: Summary by Related Catalogs Market News and Important Data - WTI August crude oil futures fell $1.47, a nearly 2.15% decline, to $66.98 per barrel. Brent September crude oil futures dropped $1.15, over a 1.63% decline, to $69.21 per barrel [1] - Trump said the US will send more weapons to Ukraine, produce weapons independently, and have Ukraine bear the cost. If no agreement is reached in 50 days, the US will impose 100% secondary tariffs on Russia, possibly targeting countries buying Russian oil [1] - The IEA monthly report raised oil supply forecasts for this and next year. Iranian crude production and exports declined in June, while Saudi oil production soared in June, far exceeding OPEC+ quotas [1] - OPEC Secretary - General Haitham Al Ghais said OPEC and its allies are increasing oil production. Third - quarter oil demand will be "very strong", and supply - demand will be in a tight balance in the following months. The organization expects 2025 demand to increase by 1.3 million barrels per day year - on - year. However, OPEC lowered its global oil demand forecast for the next 4 years last week [1] Investment Logic - Saudi Arabia's production increase is not for market share but due to the Middle East conflict and will not be sustainable [2] Strategy - Oil prices will have a range - bound movement, and a medium - term short - position allocation is advised [3]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - BZ futures maintain a large premium, reflecting the contango structure of high - inventory pricing. The strong downstream demand for pure benzene has led to a decline in pure benzene port inventory from its high level. However, the supply pressure from South Korea's exports to China and high domestic production have kept the pure benzene processing fee in a weak consolidation. For styrene, the port inventory has further increased, and the EB basis has further declined. Domestic EB maintains high - level production, while the demand is dragged down by the low operation rates of EPS and PS [3]. Summary by Catalog 1. Pure Benzene and EB's Basis Structure, Inter - period Spread - Relevant data includes pure benzene's main basis, the spread between pure benzene spot and M2 paper goods, the spread between the first - and third - consecutive contracts of pure benzene, the trend and basis of the EB main contract, and the spread between the first - and third - consecutive contracts of styrene [8][12][17] 2. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - It involves data such as naphtha processing fee, the price difference between pure benzene FOB South Korea and naphtha CFR Japan, the production profit of non - integrated styrene plants, and the import profits of pure benzene and styrene [21][23][28] 3. Inventory and Operation Rates of Pure Benzene and Styrene - Pure benzene's East China port inventory and operation rate are presented, along with styrene's East China port inventory, commercial inventory, factory inventory, and operation rate [34][36][39] 4. Operation and Production Profits of Styrene's Downstream - Data on the operation rates and production profits of EPS, PS, and ABS are provided [45][49][50] 5. Operation and Production Profits of Pure Benzene's Downstream - Information includes the operation rates and production profits of caprolactam, phenol - acetone, aniline, adipic acid, PA6, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymer MDI [53][57][64] Strategies - Unilateral: Observe pure benzene and styrene [4] - Basis and Inter - period: For near - month BZ paper goods and far - end BZ2603 futures, conduct reverse arbitrage when the price is high [4] - Cross - variety: Shrink the EB - BZ price difference when it is high [4]

Report Industry Investment Ratings - Steel: Oscillating upwards [1][2] - Iron ore: Oscillating [3][4] - Coking coal and coke: Oscillating upwards [5][6][7] - Thermal coal: Oscillating upwards in the short - term, supply remains loose in the long - term [8] Core Views - The expectation of policy combinations persists, boosting market sentiment. The off - season demand for steel is better than expected, and the inventory accumulation is delayed. Iron ore shows a relatively loose supply - demand pattern in the long run, while coking coal and coke are in a supply - tight situation. Thermal coal prices are oscillating upwards in the short term due to increased demand in high - temperature weather, with a long - term supply - loose pattern [1][3][6][8] Summary by Relevant Catalogs Steel - **Market Analysis**: Steel futures closed stronger at the end of trading yesterday, with the main contracts of rebar and hot - rolled coil rising. Spot trading was average, with prices basically stable and spot transactions reaching 10580 tons. China's steel exports in the first half of this year were 58.147 million tons, a year - on - year increase of 9.2% [1] - **Supply - Demand and Logic**: Policy expectations persist, and exports exceed expectations, enhancing steel consumption. The off - season demand is better than expected, and inventory accumulation is delayed. Key factors to watch include basis repair, policy implementation, overseas tariffs, and hedging funds [1] - **Strategy**: Unilateral trading is expected to oscillate upwards [2] Iron Ore - **Market Analysis**: Iron ore futures prices oscillated yesterday. Spot prices of mainstream imported iron ore varieties were basically stable. The total accumulated transactions at major ports in the country were 955000 tons, a 20.43% increase from the previous day; the accumulated transactions of forward - looking spot goods were 1.69 million tons, a 16.15% increase. The global iron ore shipment decreased slightly this period, with a total shipment of 29.87 million tons. The shipment from Brazil increased significantly, while the shipment from non - mainstream regions decreased significantly. The arrival volume at 45 ports was 26.621 million tons, an increase of 1.782 million tons from the previous period [3] - **Supply - Demand and Logic**: Although the molten iron output has decreased, it remains at a relatively high level in the same period. The consumption of iron ore shows good resilience. In the short term, prices rebounded due to macro - sentiment, but in the long run, the supply - demand pattern is relatively loose. Key factors to watch include the molten iron output and inventory changes during the off - season [3] - **Strategy**: Unilateral trading is expected to oscillate [4] Coking Coal and Coke - **Market Analysis**: Coking coal and coke futures showed mixed performance yesterday, mainly oscillating. The import coal ports were closed, inventory was continuously depleted, and traders were more inclined to hold prices [5] - **Supply - Demand and Logic**: The first round of price increases for coke is gradually being implemented. Some coking plants are slightly in the red, and the supply has decreased. On the demand side, molten iron output has slightly decreased but remains at a relatively high level in the same period, and steel mills' profits are acceptable. Coke inventory has slightly increased. For coking coal, the supply has recovered, but the resumption of production is slow. On the demand side, trading is more active, and the replenishment enthusiasm of downstream enterprises has increased, leading to a decrease in coal mine inventory. Overall, the supply of coking coal and coke is tight [6] - **Strategy**: Both coking coal and coke are expected to oscillate upwards [7] Thermal Coal - **Market Analysis**: At the production sites, the procurement prices of large - scale purchasers at stations have increased, and the surrounding stations are actively transporting coal. Most coal mines with high cost - effectiveness are selling smoothly, and prices are rising steadily. With the continuous high - temperature weather, the power load has increased, and the pit - mouth coal prices continue to rise. At ports, the upstream shipping costs have increased, there is a structural shortage at ports, and the downstream rigid - demand procurement has been completed in stages. As the high - temperature range expands, coal consumption increases, and traders have positive expectations for the peak season, providing some support for market prices. For imported coal, the price of high - calorie Australian coal is inverted compared with domestic winning bids, with low liquidity. Indonesian low - calorie coal has obvious cost - effectiveness advantages, and there are many downstream tenders [8] - **Supply - Demand and Logic**: In July, some previously shut - down coal mines have resumed production, and production capacity is gradually being released. With the rising temperature, demand has strengthened. In the short term, coal prices are oscillating upwards. In the long term, the supply - loose pattern remains unchanged. Key factors to watch include the consumption and inventory replenishment of non - power coal [8]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - For the nickel market, the refined nickel market is in a supply - surplus situation, with the short - term upward momentum weakening. The recommended strategy is to wait for short - term operations and maintain a long - term strategy of selling hedges at high prices. The estimated price range is between 117,000 - 118,000 and 122,000 - 123,000 [1][2] - For the stainless steel market, the market confidence is insufficient, and the nickel - iron price is expected to be weak in the short term. The recommended strategy is similar to that of nickel, with an estimated price range between 124,000 - 125,000 and 130,000 - 131,000 [2][3] 3. Summary by Related Catalogs Nickel Variety Market Analysis - On July 14, 2025, the Shanghai Nickel main contract 2508 opened at 120,960 yuan/ton and closed at 121,100 yuan/ton, a change of - 0.07% from the previous trading day. The trading volume was 80,732 lots, and the open interest was 59,940 lots. The trading volume and open interest decreased compared to the previous day. The short - term callback demand exists, and the 117,000 level is a strong support in the medium - to - long term. The spot market prices of mainstream brands decreased, and the premium of refined nickel decreased but remained at a high level, providing support for the futures price [1] - The previous trading day's Shanghai Nickel warehouse receipt volume was 21,296 (854.0) tons, and the LME nickel inventory was 206,580 (402) tons [1] Strategy - Short - term operations are recommended to be postponed. The long - term strategy is to sell hedges at high prices. The estimated upper limit of the price range is 122,000 - 123,000, and the lower limit is 117,000 - 118,000. Unilateral trading should be range - bound, and there are no recommendations for inter - delivery, cross - variety, spot - futures, and options trading [2] Stainless Steel Variety Market Analysis - On July 14, 2025, the stainless steel main contract 2508 opened at 12,745 yuan/ton and closed at 12,715 yuan/ton. The trading volume was 92,687 lots, and the open interest was 66,494 lots. The trading volume and open interest decreased significantly compared to the previous day due to partial position shifting. The pressure levels are around 12,700 and 13,100, and the 12,400 level is a strong support in the medium - to - long term. The spot market prices in the morning were mostly flat, and increased by 50 yuan/ton in the afternoon, but the trading volume did not improve, and market confidence was still insufficient. The nickel - iron price is expected to be weak in the short term [2] Strategy - Short - term operations are recommended to be postponed. The long - term strategy is to sell hedges at high prices. The estimated upper limit of the price range is 13,000 - 13,100, and the lower limit is 12,400 - 12,500. Unilateral trading is neutral, and there are no recommendations for inter - delivery, cross - variety, spot - futures, and options trading [3]

1. Report Industry Investment Rating - PVC: Cautiously recommend short - selling hedging [4] - Caustic soda: Neutral [4] 2. Core View of the Report - The PVC market has a weak supply - demand fundamental, with expected continuous inventory accumulation and room for further compression of chlor - alkali comprehensive profit. The caustic soda market has limited continuous rebound space due to the lack of obvious positive drivers in the supply - demand fundamental, although the chlor - alkali comprehensive profit has rebounded [3][4] 3. Summary by Relevant Catalogs Market News and Important Data PVC - Futures prices and basis: The closing price of the PVC main contract was 5010 yuan/ton (+30), the East China basis was - 150 yuan/ton (-50), and the South China basis was - 100 yuan/ton (-50) [1] - Spot prices: The East China calcium carbide method was quoted at 4860 yuan/ton (-20), and the South China calcium carbide method was quoted at 4910 yuan/ton (-20) [1] - Upstream production profit: The semi - coke price was 535 yuan/ton (-40), the calcium carbide price was 2850 yuan/ton (+0), the calcium carbide profit was 132 yuan/ton (+32), the PVC calcium carbide method production gross profit was - 445 yuan/ton (+107), the PVC ethylene method production gross profit was - 621 yuan/ton (+74), and the PVC export profit was - 14.8 US dollars/ton (-0.7) [1] - PVC inventory and operation: The in - factory PVC inventory was 38.2 tons (-0.5), the social PVC inventory was 39.3 tons (+2.0), the PVC calcium carbide method operating rate was 76.93% (-3.80%), the PVC ethylene method operating rate was 70.23% (+4.77%), and the overall PVC operating rate was 75.07% (-1.43%) [1] - Downstream order situation: The pre - sales volume of production enterprises was 69.0 tons (+3.2) [1] Caustic Soda - Futures prices and basis: The closing price of the SH main contract was 2532 yuan/ton (+36), and the basis of 32% liquid caustic soda in Shandong was 93 yuan/ton (+27) [1] - Spot prices: The price of 32% liquid caustic soda in Shandong was 840 yuan/ton (+20), and the price of 50% liquid caustic soda in Shandong was 1370 yuan/ton (+40) [2] - Upstream production profit: The single - variety profit of caustic soda in Shandong was 1634 yuan/ton (+63), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) was 690.8 yuan/ton (+262.5), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) was 410.78 yuan/ton (+52.50), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) was 1368.33 yuan/ton (+44.80) [2] - Caustic soda inventory and operation: The liquid caustic soda factory inventory was 37.43 tons (-0.99), the flake caustic soda factory inventory was 2.36 tons (+0.06), and the caustic soda operating rate was 80.40% (-0.10%) [2] - Downstream caustic soda operation: The alumina operating rate was 83.28% (+1.72%), the dyeing operating rate in East China was 58.89% (-1.36%), and the viscose staple fiber operating rate was 77.80% (+2.63%) [2] Market Analysis PVC - The recent macro - environment has boosted the PVC futures price, but there is no obvious driver in the supply - demand fundamental. The supply pressure has increased due to the restart of some devices and the expected new production capacity in July. The demand is weak, with domestic demand in the off - season and weakening export orders. The cost support is weak, and the inventory is expected to continue to accumulate [3] Caustic Soda - The price of liquid chlorine in Shandong has rebounded significantly, the price of liquid caustic soda has increased, and the chlor - alkali comprehensive profit has recovered. The supply is expected to remain high, and there is still supply pressure. The demand has some positive signs but lacks obvious positive drivers, and the continuous rebound space may be limited [3] Strategy - PVC: Cautiously short - sell for hedging, and look bearish on rallies after the macro - sentiment fades [4] - Caustic soda: Adopt a neutral strategy, pay attention to the price fluctuation of liquid chlorine and the resumption progress of production capacity with reduced load [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The freight rate is fluctuating at a high level. The 8 - month contract is in a state of high - level volatility and game for delivery, with expectations of price support. The 10 - month contract is mainly for short - allocation in the off - season, and attention should be paid to the downward slope of the freight rate. The 12 - month contract still follows the off - peak and peak season pattern, but the risk lies in whether the Suez Canal will reopen [3][4]. - The strategy includes a volatile main contract for unilateral trading, and for arbitrage, it is recommended to go long on the 12 - month contract and short on the 10 - month contract, and short the 10 - month contract on rallies [7]. 3. Summary by Related Catalogs I. Futures Price - As of July 15, 2025, the total open interest of all contracts of the container shipping index for European routes was 77,426.00 lots, and the single - day trading volume was 58,106.00 lots. The closing prices of EC2602, EC2604, EC2506, EC2508, EC2510, and EC2512 contracts were 1386.10, 1218.60, 1382.20, 2027.20, 1440.70, and 1580.50 respectively [5][6]. II. Spot Price - On July 11, 2025, the SCFI (Shanghai - Europe route) price was 2099.00 US dollars/TEU, the SCFI (Shanghai - US West route) price was 2194.00 US dollars/FEU, and the SCFI (Shanghai - US East) price was 4172.00 US dollars/FEU. On July 14, the SCFIS (Shanghai - Europe) was 2421.94 points, and the SCFIS (Shanghai - US West) was 1266.59 points [6]. III. Container Ship Capacity Supply - In 2025, it is still a big year for container ship deliveries. As of July 11, 2025, 141 container ships had been delivered, with a total capacity of 1.194 million TEU. Among them, 46 ships with a capacity of 12,000 - 16,999 TEU were delivered, with a total capacity of 689,300 TEU, and 7 ships with a capacity of over 17,000 TEU were delivered, with a total capacity of 159,880 TEU [6]. IV. Supply Chain - Geopolitically, representatives of the Syrian regime and the Syrian Kurdish armed forces met and negotiated in Damascus. The Syrian regime advocates "one Syria, one army, one government" and opposes separatism [2]. - The average weekly capacity from China to European base ports in the remaining 3 weeks of July was 303,500 TEU, and the monthly average weekly capacity in August was 310,000 TEU. There were 5 blank sailings in July (4 by the OA alliance) and 2 in August (both by the OA alliance). Maersk plans to add an extra - sailing ship in WEEK34 [2]. V. Demand and European Economy - In the off - season of April and October, the freight rate is usually at a low level. In the fourth quarter, due to Western holidays, the shipping volume is high, and shipping companies adjust supply to keep freight rates high. The price in December is generally 10% higher than that in October in normal years [4].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Views - The industrial silicon market was positively affected by news disturbances. Factors such as the possible cancellation of preferential electricity prices and rumors of delayed resumption of production by large factories led to a significant rebound in the industrial silicon futures market. Short - term policy and capital sentiment have a large impact, and it is recommended to wait and see, with previous short positions needing protection [1][3]. - There have been many policy disturbances in the photovoltaic industry recently, including anti - involution, storage mergers and acquisitions, and self - disciplined production cuts. Policy implementation and the downward transmission of spot prices need to be continuously monitored. In the medium - to - long - term, it is suitable to build long positions in polysilicon at low prices [8]. 3. Summary by Related Catalogs Industrial Silicon - **Market Analysis** - On July 14, 2025, the industrial silicon futures price rose significantly. The main contract 2509 opened at 8460 yuan/ton and closed at 8695 yuan/ton, a change of 275 yuan/ton (3.27%) from the previous day's settlement. The position of the main contract 2509 was 402,890 lots, and the number of warehouse receipts on July 13 was 50,090 lots, a change of - 139 lots from the previous day [2]. - The spot price of industrial silicon increased. The price of East China oxygen - passing 553 silicon was 8900 - 9100 yuan/ton (up 150 yuan/ton); 421 silicon was 9200 - 9400 yuan/ton (up 100 yuan/ton); Xinjiang oxygen - passing 553 silicon was 8400 - 8500 yuan/ton (up 50 yuan/ton); 99 silicon was 8300 - 8400 yuan/ton (up 50 yuan/ton) [2]. - The price of organic silicon DMC was 10,600 - 11,000 yuan/ton (unchanged). Due to the continuous rise of the industrial silicon market, the cost of DMC was pushed up, and its price jumped by about 350 yuan/ton, which in turn drove up the price of 107 glue [2]. - **Strategy** - The short - term policy and capital sentiment have a large impact. It is recommended to wait and see, and previous short positions need to be protected [3]. Polysilicon - **Market Analysis** - On July 14, 2025, the main contract 2508 of polysilicon futures fluctuated widely, opening at 41,290 yuan/ton and closing at 41,765 yuan/ton, a change of 0.81% from the previous day's closing price. The position of the main contract was 78,328 lots (previous day: 85,925 lots), and the trading volume on the day was 470,329 lots [5]. - The spot price of polysilicon remained stable. The price of polysilicon re - feedstock was 32.00 - 33.00 yuan/kg; dense polysilicon was 30.00 - 32.00 yuan/kg; cauliflower - shaped polysilicon was 28.00 - 31.00 yuan/kg; granular silicon was 30.00 - 31.00 yuan/kg; N - type material was 42.00 - 49.00 yuan/kg (down 0.50 yuan/kg); N - type granular silicon was 41.00 - 46.00 yuan/kg [5]. - The inventory of polysilicon manufacturers increased slightly, and the silicon wafer inventory decreased. The latest statistics showed that the polysilicon inventory was 276,000 tons, a change of 1.40% from the previous period; the silicon wafer inventory was 18.13GW, a change of - 5.70% from the previous period. The weekly polysilicon output was 22,800 tons, a change of - 5.00% from the previous period; the silicon wafer output was 11.50GW, a change of - 3.37% from the previous period [5][6]. - The prices of silicon wafers, battery cells, and components remained mostly stable, with only minor changes in a few varieties [6]. - After domestic photovoltaic silicon wafer enterprises generally raised their quotes on the afternoon of July 9, the domestic silicon wafer market has fully carried out transactions at the new prices. Battery factories have started to purchase in large quantities. Currently, silicon material transactions have not fully started, with only a few P - type orders [7]. - **Strategy** - Short - term: pay attention to risks and be cautiously bullish. In the medium - to - long - term, it is suitable to build long positions at low prices [8].

FICC日报 | 2025-07-15 关注中国6月经济数据和美国6月CPI数据 市场分析 "反内卷"预期火热。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，第三批消费品以旧换新资金将于7月下。中国6月制造业PMI 有所回升，但主要依赖部分原材料行业回升带动，国内经济企稳基础仍需夯实。中国上半年货币政策支持实体经 济效果比较明显。2025年6月末，广义货币(M2)余额330.29万亿元，同比增长8.3%，比上月高0.4个百分点，比上年 同期高2.1个百分点。6月，中国社融增量4.2万亿元，新增人民币贷款2.24万亿元，6月，M2-M1剪刀差为3.7个百分 点，较5月的5.6个百分点缩小1.9个百分点。中国6月出口（以美元计价）同比增长5.8%，增速较前值上升1%，其 中出口增长较快的行业包括集成电路、船舶、汽车等，6月对美出口降幅收窄，对美出口金额比重占出口总额的比 重有所回升，主要是因为中美贸易缓和促进对美出口恢复；中 ...

农产品日报 | 2025-07-15 红枣重心下移，产区气温适合坐果 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7838元/吨，较前一日变动+24元/吨，幅度+0.31%。现货方面，山东栖霞80# 一 二级晚富士价格3.95元/斤，较前一日变动+0.00元/斤，现货基差AP10+62，较前一日变动-24；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+1762，较前一日变动-24。 近期市场资讯，苹果产区交易维持稳淡运行，发市场客商拿货积极性一般，电商及出口渠道要货冷清。西部部分 冷库水烂点货源面积扩大，部分持货商开始存急售心理，早熟果目前仍以大荔、运城等地晨阳、华硕、秦阳为主， 整体上量有限，对行情影响不大。山东产区仍以发市场为主，部分货源价格因质量有小幅松动。销区市场走货一 般，消暑类水果存在冲击。陕西洛川产区目前库内70#起步统货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2.0-2.5元/斤，果农80#以上统货2.8-3.5元/斤，80#一二级条纹4.0-4.5元/斤，80#一二 ...