Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View Market confidence is continuously being restored, and stock index continues to rise. In the future, on one hand, the Sino-US trade war is escalating with tariff hikes up to 125%, and external shocks remain. On the other hand, under the increasing downward pressure on external demand, the expectation of domestic favorable policies strengthens, providing some support for the stock index. Currently, positive and negative factors at home and abroad are intertwined, with pressure above and support below. Today, the trading volume of the two markets shrank significantly. As the stock index continued to rebound and filled the gap, the upward momentum of the index also weakened. It is expected to mainly fluctuate within a range. Continue to pay attention to the progress of tariff negotiations, the fluctuations of US trade policies, and domestic countermeasures [6]. 3. Summary by Relevant Catalogs Market Review Today, the stock index fluctuated strongly. Taking the CSI 300 Index as an example, it closed up 0.41%. In terms of capital flow, the trading volume of the two markets decreased by 260.802 billion yuan. All stock index futures rose with shrinking volume [4]. Important Information - The US CPI in March increased by 2.4% year-on-year, significantly down from 2.8% last month, hitting a six - month low and lower than the market forecast of 2.6%. The CPI in March unexpectedly decreased by 0.1% month - on - month, far lower than the market forecast (increase of 0.1%), with the previous value being an increase of 0.2% [5]. - European Commission President von der Leyen said that the EU agreed to suspend the counter - measures against US tariffs originally scheduled for April 15 for 90 days [5]. - The Tariff Policy Commission of the State Council announced an adjustment to the additional tariffs on imported goods originating from the US, raising it from 84% to 125% [5]. Strategy Recommendation Hold positions and wait and see [7]. Futures Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | 0.37% | 0.52% | 0.85% | 1.69% | | Trading volume | 12.9987 | 5.9083 | 10.7233 | 31.7638 | | Trading volume change compared to previous period | - 2.776 | - 1.9677 | - 2.8014 | - 5.1689 | | Open interest | 275461 | 98562 | 221477 | 354821 | | Open interest change compared to previous period | - 6171 | - 2192 | - 1713 | - 5047 | [7] Spot Market Observation | | Name | Value | | --- | --- | --- | | | Shanghai Composite Index change (%) | 0.45 | | | Shenzhen Component Index change (%) | 0.82 | | | Ratio of rising to falling stocks | 1.72 | | | Trading volume of the two markets (billion yuan) | 1348.665 | | | Trading volume change compared to previous period (billion yuan) | - 260.802 | [8]

南华期货锡风险管理报告 2025年4月11日 南华有色金属研究团队 肖宇非 投资咨询证号：Z0018441 投资咨询业务资格：证监许可【2011】1290号 锡价格波动率（日度） | 最新价格 | 近20交易日收盘最大值 | 近20交易日收盘最小值 | 当前波动率 | 当前波动率历史百分位 | | --- | --- | --- | --- | --- | | 257200 | 297590 | 254100 | 48.66% | 93.9% | source： 同花顺,南华研究 锡风险管理建议（日度） | 行为导向 | 情景分析 | 现货敞口 | 策略推荐 | 套保工具 | 买卖方向 | 套保比例 | 建议入场区间 | | --- | --- | --- | --- | --- | --- | --- | --- | | 库存管理 | 产成品库存偏高，担心价格下跌 | 多 | 做空沪锡主力期货合约 | 沪锡主力期货合约 | 卖出 | 100% | 290000附近 | | | | | 暂无 | - | - | - | - | | 原料管理 | 原料库存较低，担心价格上涨 | 空 | 做多沪锡主力期货合约 | ...

股指日报 股指期货日报 2025年4月10日 王梦颖（Z0015429）、廖臣悦 (F03120676) 投资咨询业务资格:证监许可【2011】1290号 震荡偏强 核心观点 市场回顾 2. 国务院关税税则委员会公告称，自4月10日12时01分起，原产于美国的所有进口商品的加征关税税率由 34%提高至84%。 在稳市场组合拳出台影响下，市场信心有所修复，今日股指延续上涨。展望后市，一方面中美贸易战持续升 级，继续加征50%关税，外部冲击不减，另一方面在外需下行压力增大的情况下，国内利好政策预期加强， 对股指形成一定支撑。从期指基差来看，虽然各品种基差历史分位均有不同程度提升，但仍低于中位，其中 IM平均基差历史分位低于10%，后续市场存在反复风险。当前内外利好利空交织，外部存在较大不确定性， 建议谨慎操作。继续关注关税谈判进程和美国贸易政策的反复，以及国内应对措施。 今日股指集体收涨，以沪深300指数为例，收盘上涨1.31%。从资金面来看，两市成交额回落901.37亿元。期 指均缩量上涨。 3. 欧盟27个成员国投票表决通过了对美国进口产品征收25%关税的反制措施。 策略推荐 重要资讯 4. 4月7日和8日两 ...

南华商品指数日报 2025年4月10日 南华指数小组 曹扬慧 (Z0000505) 能 搏(F03103098) 王怡琳 (F03118352) 投资咨询业务资格:证监许可【2011】1290号 南华商品指数： 王怡琳 2025-04-10 17:13:32 摘要：依照相邻交易日的收盘价计算，今日南华综合指数上涨2.66%。板块指数中，所有板块均有所上涨，其中涨 幅最大的板块是南华能化指数，涨幅为3.28%；涨幅最小的板块是南华农产品指数，涨幅为0.58%。 主题指数中， 所有主题指数均有所上涨，其中涨幅最大的主题指数是能源指数，涨幅为3.66%；涨幅最小的主题指数是油脂油料 指数，涨幅为0.38%。 商品期货单品种指数中，涨幅最大的单品种指数是20号胶，上涨5.97%，跌幅最大的商品期 货单品种指数是菜籽粕，跌幅为-2.3%。 | | | | 南华商品指数市场数据 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 指数名称 | 今收擋 | 昨收盘 | 点数 | 日曜 | 年化收益率 | 年化波动率 | Sharpe | | | Tod ...

股指日报 股指期货日报 2025年4月9日 王梦颖（Z0015429）、廖臣悦 (F03120676) 投资咨询业务资格:证监许可【2011】1290号 低开高走 市场回顾 今日股指集体收涨，以沪深300指数为例，收盘上涨0.99%。从资金面来看，两市成交额增加739.62亿元。期 指均缩量上涨。 重要资讯 3. A股掀起增持回购潮，央国企领衔。 核心观点 稳市场组合拳重磅出击，中央汇金持续加大增持ETF规模和力度，央国企领衔A股增持回购潮，有效提振市场 信心，今日A股再度偏强。虽然市场悲观情绪有所缓解，但从国内股指衍生品指标来看，各品种期指平均基差 历史分位仍偏低，尤其IM平均基差历史分位低于5%，反映出谨慎情绪尚未完全消散，后续市场或仍存在反复 1. 美国总统特朗普发表讲话称，美国将对药品征收关税。 2. 中央汇金称将持续加大增持ETF规模和力度，并首次提出类"平准基金"定位。 两市融资买入额/两市成交额 source： 同花顺,南华研究 % 两融交易额占A股交易额比重 24/03 24/06 24/09 24/12 25/03 6 8 10 12 跨品种强弱（1） source： wind,南华研究 I ...

Report Information - Report Title: Polyester Industry Risk Management Daily Report - Date: April 9, 2025 - Analysts: Dai Yifan (Investment Consulting License No.: Z0015428), Zhou Jiawei (Futures Practitioner License No.: F03133676) - Investment Consulting Business Qualification: CSRC License [2011] No. 1290 [1][2] Industry Investment Rating - Not provided in the report Core Viewpoints - Due to the expansion of concerns about the global economic downturn risk caused by the mutual imposition of tariffs between China and the US, the crude oil price has weakened significantly recently, and the macro - expectation has also turned weak. The actual effect of the reduction in ethylene glycol imports due to tariff policies is questionable. At the current valuation, the probability of domestic ethylene glycol enterprises reducing production due to poor efficiency is low. The macro - pessimistic expectation may accelerate the implementation of polyester production reduction plans. Under the expectation of balanced supply and reduced demand, the valuation of ethylene glycol is expected to be significantly pressured [4] Summary by Relevant Contents Polyester Price Range Forecast - Ethylene glycol price range (monthly): 3700 - 4300, current volatility (20 - day rolling): 24.35%, current volatility historical percentile (3 - year): 80.2% - PX price range (monthly): 5400 - 6000, current volatility (20 - day rolling): 37.80%, current volatility historical percentile (3 - year): 100.0% - PTA price range (monthly): 3800 - 4400, current volatility (20 - day rolling): 33.28%, current volatility historical percentile (3 - year): 87.2% - Bottle chip price range (monthly): 5100 - 5600, current volatility (20 - day rolling): 26.31%, current volatility historical percentile (3 - year): 87.9% [3] Polyester Hedging Strategy Inventory Management - When the finished - product inventory is high and worried about the decline in ethylene glycol price: - Short ethylene glycol futures to lock in profits and make up for production costs, with a hedging ratio of 25% and an entry range of 4100 - 4200 - Buy put options to prevent price drops and sell call options to reduce capital costs, with a hedging ratio of 50% - Buy ethylene glycol futures to lock in procurement costs in advance when worried about price increases, with a hedging ratio of 50% and an entry range of 3800 - 3900 [3] Procurement Management - When the procurement of regular inventory is low and procurement is based on order situations: - Sell put options to collect premiums and reduce procurement costs, and lock in the spot purchase price if the price drops, with a hedging ratio of 75% [3] Price and Spread Data - **Price Changes**: Brent crude oil decreased by 1.2 dollars/barrel on a daily basis and 12.9 dollars/barrel on a weekly basis. Most polyester - related products such as PX, PTA, EG, etc. also showed price declines [6] - **Spread Changes**: TA1 - 5 month spread increased by 36 yuan/ton on a daily basis and 50 yuan/ton on a weekly basis. EG1 - 5 month spread decreased by 10 yuan/ton on a daily basis and 16 yuan/ton on a weekly basis [8] Market Situation Analysis - **Positive Factors**: There are concentrated maintenance plans in April, and the supply - demand gap is clear after the US import volume is affected by tariffs - **Negative Factors**: US tariff policies impact terminal textile and clothing export demand, the US - Vietnam tariff negotiation restricts downstream product re - export trade, and ethylene glycol has a large inventory accumulation in the first quarter with high hidden inventory in factories [7] Profit and Sales Rate Data - **Profit**: POY profit increased by 70 yuan/ton on a daily basis and 394 yuan/ton on a weekly basis. Most polyester products showed profit increases - **Sales Rate**: The sales rate of polyester filament decreased by 14.3% on a daily basis and 94.8% on a weekly basis. The sales rate of polyester staple fiber increased by 8% on a daily basis and decreased by 40% on a weekly basis [8][9]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The medium - to long - term trend of precious metals may be bullish, with the monthly line remaining strong. However, the weekly and daily lines show adjustment signals, and the volatility has increased significantly. It is recommended that investors hold positions lightly and cautiously or wait and see, and then gradually build long positions after the daily - level stop - falling signal appears [6] 3. Summary by Relevant Catalogs 3.1 Market Review - On Tuesday, the precious metals market showed a pattern of strength in the domestic market and weakness in the overseas market. Although the escalation of Sino - US trade conflicts suppressed the prices of precious metals denominated in US dollars, the depreciation of the RMB on the exchange - rate side still supported the performance of domestic precious metals. The surrounding US dollar index was under pressure, the 10Y US Treasury yield rose, crude oil and Bitcoin were weak, US stocks were under pressure while European stocks rose, and the Nanhua Non - ferrous Metals Index also adjusted weakly. COMEX Gold 2506 contract closed at $2998.3 per ounce, up 0.83%; US Silver 2505 contract closed at $29.75 per ounce, up 0.49%. SHFE Gold 2506 main contract closed at 719.22 yuan per gram, up 0.37%; SHFE Silver 2506 contract closed at 7683 yuan per kilogram, up 0.26% [2] 3.2 Interest Rate Hike Expectations and Fund Holdings - According to CME's "FedWatch", the market expects a 45.2% probability that the Fed will keep interest rates unchanged on May 8, 2025, and a 54.8% probability of a 25 - basis - point rate cut. By June 19, the probability of keeping the current interest rate unchanged is 0%, the probability of a cumulative 25 - basis - point rate cut is 51%, and the probability of a cumulative 50 - basis - point rate cut is 45.9%. By July 31, the probability of keeping the current interest rate unchanged is 0%, the probability of a cumulative 25 - basis - point rate cut is 0%, the probability of a cumulative 50 - basis - point rate cut is 42.4%, and the probability of a cumulative 75 - basis - point rate cut is 46.7%. In terms of long - term funds, the SPDR Gold ETF's holdings decreased by 0.86 tons to 925.92 tons daily; the iShares Silver ETF's holdings increased by 21.22 tons to 13937.6 tons daily. In terms of inventory, SHFE silver inventory decreased by 45.8 tons to 1104.8 tons daily; as of the week ending March 28, SGX silver inventory increased by 37.2 tons weekly to 1768.4 tons [3][4] 3.3 This Week's Focus - Fed's Daly said that Fed's policy is in a very good state and is moderately restrictive. The Fed can take its time and act cautiously in policy. This week, in terms of data, the main focus is on the US March CPI data on Thursday evening. In terms of events, at 2:00 on Thursday, the Fed will release the minutes of the March monetary policy meeting; at 0:00 on Friday, 2025 FOMC voter and Chicago Fed President Goolsbee will speak at the New York Economic Club; at 17:45, ECB President Lagarde will speak at the Eurogroup's press conference; at 22:00, 2025 FOMC voter and St. Louis Fed President Mousalem will speak on the US economy and monetary policy; at 23:00, FOMC permanent voter and New York Fed President Williams will speak on the economic outlook and monetary policy. Special attention should be paid to the implementation of US tariff policies on April 9 [5] 3.4 Price and Inventory Data - **Precious Metals Futures and Spot Prices**: SHFE Gold main - continuous contract was at 719.22 yuan per gram, up 0.14%; SGX Gold TD was at 717.4 yuan per gram, up 0.58%; CME Gold main contract was at $2998.3 per ounce, down 0.02%. SHFE Silver main - continuous contract was at 7683 yuan per kilogram, up 0.87%; SGX Silver TD was at 7689 yuan per kilogram, up 1.09%; CME Silver main contract was at $29.75 per ounce, down 1.11%. SHFE - TD Gold was at 1.82 yuan per gram, up 2500%; SHFE - TD Silver was at - 6 yuan per kilogram, up 53.33%. CME gold - silver ratio was 99.6776, down 3.7% [7] - **Inventory and Holdings**: SHFE gold inventory was 15,675 kilograms, unchanged; CME gold inventory was 1401.6549 tons, down 0.02%. SHFE gold holdings were 186,814 lots, unchanged; SPDR gold holdings were 925.92 tons, down 0.09%. SHFE silver inventory was 1104.782 tons, down 3.98%; CME silver inventory was 15304.2415 tons, up 0.4%. SGX silver inventory was 1768.38 tons, up 2.15%. SHFE silver holdings were 345,267 lots, unchanged; SLV silver holdings were 13937.602178 tons, up 0.15% [13] - **Stock, Bond, and Commodity Market Overview**: The US dollar index was at 102.9585, down 0.46%; the US dollar to RMB exchange rate was 7.3936, up 0.63%. The Dow Jones Industrial Average was at 37,645.59 points, down 0.84%; WTI crude oil spot was at $59.58 per barrel, down 1.85%. LmeS copper 03 was at $8588 per ton, down 1.87%. The 10Y US Treasury yield was 4.26%, up 2.65%; the 10Y US real interest rate was 2.04%, up 4.08%; the 10 - 2Y US Treasury yield spread was 0.42%, up 27.27% [18]

股指日报 股指期货日报 2. 中国国新表示，坚定看好中国资本市场发展前景，坚决当好长期资本、耐心资本、战略资本，其旗下国新 投资有限公司增持中央企业股票、科技创新类股票及ETF，积极支持关键领域科技创新，为维护市场稳定运 行贡献力量。 3. 中国电科表示基于对我国经济长期向好的坚定信心，积极履行对资本市场承诺，已完成增持回购旗下上市 公司股票超过20亿元。 4. 央行就支持中央汇金公司稳定资本市场答记者问指出，坚定支持中央汇金公司加大力度增持股票市场指数 基金，并在必要时向中央汇金公司提供充足的再贷款支持，坚决维护资本市场平稳运行 2025年4月8日 王梦颖（Z0015429）、廖臣悦 (F03120676) 投资咨询业务资格:证监许可【2011】1290号 "国家队"入场，悲观情绪有所缓解 市场回顾 今日股指集体反弹，以沪深300指数为例，收盘上涨1.71%。从资金面来看，两市成交额增加378.44亿元。期 指方面，IF、IH缩量上涨，IC放量上涨，IM放量下跌。 重要资讯 1. 中国诚通旗下诚通金控和诚旸投资增持交易型开放式指数基金（ETF）和中央企业股票，坚决维护资本市 场平稳运行。 核心观点 在美国" ...

油料产业风险管理日报 2025/04/08 周昱宇（投资咨询证号：Z0019884） 靳晚冬（期货从业证号：F03118199） 投资咨询业务资格：证监许可【2011】1290号 油料价格区间预测 | 价格区间预测（月度） | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | | 豆粕：2800-3300 | 22.1% | 80.0% | | 菜粕：2450-2750 | 0.2979 | 0.751 | source： 南华研究 油料套保策略表 | | 收盘价 | 今日涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 豆粕01 | 3024 | 0 | 0% | | 豆粕05 | 2885 | 0 | 0% | | 豆粕09 | 3056 | 17 | 0.56% | | 菜粕01 | 2357 | -18 | -0.76% | | 菜粕05 | 2598 | 0 | 0% | | 菜粕09 | 2723 | -26 | -0.95% | | CBOT黄大豆 | 984.5 | 0 | 0% | | 离岸人民币 | 7.34 ...

苯乙烯风险管理日报 戴一帆 . 苯乙烯风险管理日报 2025-04-08 17:14:24 戴一帆（投资咨询证号：Z0015428） 黄思婕（期货从业证号：F03130744） 投资咨询业务资格：证监许可【2011】1290号 苯乙烯价格区间预测 | | 价格区间预测（月度） | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | --- | | 苯乙烯 | 7000-7600 | 28.30% | 83.8% | source： 南华研究 苯乙烯套保策略表 | 行为导 | 情景分析 | 现货敞 | 策略推荐 | 套保工具 | 买卖方 | 套保比例 | 建议入场 | | --- | --- | --- | --- | --- | --- | --- | --- | | 向 | | 口 | | | 向 | (%) | 区间 | | 理 | 下跌 | 多 | 为了防止存货跌价损失，可以根据企业的库存情况，做空苯乙烯期货来锁定 利润，弥补企业的生产成本 | EB2505 | 卖出 买入 | 25% | 7250-735 0 70-120 | | 库存管 | 产成品 ...