| | 20250514申万期货有色金属基差日报 | | | --- | --- | --- | | | 铜： 可能短期宽幅波动 | | | | 可能短期宽幅波动 | | | | 锌： | | | 摘要 | 铝： 短期内或以震荡偏强为主。 | | | | 镍： 短期内或以震荡偏强为主。 | | | 品种 | 观点 | 策略方向 | | | 铜：夜盘铜价收涨。目前精矿加工费总体低位以及低铜价，考验冶炼产量。 | | | | 根据国家统计局数据来看，国内下游需求总体稳定向好，电网带动电力投资 | 可能短期宽 | | 铜 | 高增长，家电产量延续增长，需关注出口变化，新能源渗透率提升有望巩固 汽车铜需求，地产数据降幅缩窄。铜价短期可能宽幅波动，关注美国关税谈 | 幅波动 | | | 判进展，以及美元、人民币汇率、库存和基差等变化。 | | | | 锌：夜盘锌价收涨。近期精矿加工费持续回升。由国家统计局数据来看，国 内汽车产销正增长，基建稳定增长，家电表现良好，地产数据降幅缩窄。市 | | | 锌 | 场预期今年精矿供应明显改善，冶炼供应可能恢复，前期锌价的回落已部分 | 可能短期宽 | | | 消化产量增长预期。短 ...

Report Summary - **Report Industry Investment Rating**: Not provided - **Core View of the Report**: The night - session prices of both crude oil and methanol rose. Crude oil prices were affected by US CPI data, inventory changes, and strategic reserve adjustments. Methanol is expected to be short - term bullish, with开工 load and inventory conditions influencing its price [3] Futures Market Crude Oil - The previous day's closing prices of SC near - month, SC next - month, WTI near - month, WTI next - month, Brent near - month, and Brent next - month were 479.5, 470.5, 61.96, 61.53, 66.60, and 66.10 respectively. The price changes were - 2.8, - 2.1, 0.90, 0.95, 1.61, and 1.55, with corresponding percentage changes of - 0.58%, - 0.44%, 1.47%, 1.57%, 2.48%, and 2.40% [2] - The trading volumes were 77,046, 52,260, 290,296, 223,289, 417,955, and 270,581 respectively, and the open interests were 15,073, 24,340, 200,444, 280,659, 494,806, and 422,865 respectively. The changes in open interests were - 2650, 863, - 18975, 9999, - 32629, and - 513 respectively [2] - The current spreads of SC near - month - SC next - month, SC next - month - SC next - next - month, SC near - month - WTI near - month, SC near - month - Brent near - month, WTI near - month - WTI next - month, and Brent near - month - Brent next - month were 9.0, 470.5, 33.7, 0.3, 3.10, and 0.50 respectively, with previous values of 9.7, 182.6, 43.0, 14.7, 3.46, and 0.44 respectively [2] Methanol - The previous day's closing prices of 01, 05, and 09 contracts were 2354, 2380, and 2291 respectively. The price changes were 20.0, 42.0, and 21.0, with percentage changes of 0.86%, 1.80%, and 0.93% respectively [2] - The trading volumes were 52,758, 990, and 766,446 respectively, and the open interests were 163,172, 3,319, and 764,051 respectively. The changes in open interests were 6087, - 542, and 6569 respectively [2] - The spot prices in the port (in US dollars), East China, North China, and South China were 260, 2465, 2230, and 2395 respectively, with price changes of 3, 10, 5, and 13 respectively [2] Market Commentary and Strategy Crude Oil - The night - session oil prices continued to rise. The US April CPI increased by 2.3% year - on - year, and the month - on - month data turned from - 0.1% to 0.2%, lower than the market expectation of 2.4% [3] - The API data showed that last week, US commercial crude oil inventories increased by 4.287 million barrels, gasoline inventories decreased by 1.374 million barrels, distillate inventories decreased by 3.675 million barrels, and Cushing crude oil inventories decreased by 850,000 barrels. The US strategic petroleum reserve increased by 500,000 barrels to 39.96 million barrels [3] Methanol - The night - session price of methanol rose by 2.1%. The average operating load of domestic coal (methanol) to olefin plants was 75.99%, a decrease of 2.08 percentage points compared to the previous period [3] - As of May 8, the overall operating load of domestic methanol plants was 75.65%, an increase of 1.22 percentage points compared to the previous period and 5.77 percentage points higher than the same period last year [3] - As of May 8, the coastal methanol inventory was 619,000 tons (at a historical low), an increase of 1,000 tons or 0.16% compared to April 30, and a decrease of 0.75% year - on - year. The estimated available methanol supply in the coastal area was around 212,000 tons [3] - According to incomplete statistics from Zhuochuang Information, the expected arrival volume of imported methanol ships from May 9 to May 25 is between 700,000 and 710,000 tons. Methanol is expected to be short - term bullish [3]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Gold and silver prices declined due to the fulfillment of the positive impact of temporary tariff relaxation but rebounded after the release of inflation data. The US April CPI annual rate decreased, but the month - on - month increase was 0.2%. The Sino - US Geneva economic and trade talks led to a better - than - expected reduction in tax rates. The Fed remained on hold in the May interest - rate meeting, and it's difficult for the Fed to make a clear statement in the short term. Economic data starting from May will show a more obvious stagflation trend. Geopolitical conflicts and central bank gold - buying demand continue to provide support. Gold may enter a correction phase, and silver lacks upward momentum in the short term. However, gold will still be supported in the third quarter when the US economic recession is verified [5] 3. Summary by Related Content 3.1 Futures Market - **Prices and Changes**: The current prices of沪金2506,沪金2512,沪银2506, and沪银2512 are 763.08, 769.38, 8192.00, and 8260.00 respectively, with price drops of - 2.32, - 2.26, - 27.00, and - 24.00, and declines of - 0.30%, - 0.29%, - 0.33%, and - 0.29% [2] - **Trading Volume and Open Interest**: The trading volumes of沪金2506,沪金2512,沪银2506, and沪银2512 are 112779, 27316, 445790, and 45686 respectively, and the open interests are 69033, 55794, 188738, and 122135 respectively [2] - **Spot Premium and Discount**: The spot premiums and discounts of沪金2506,沪金2512,沪银2506, and沪银2512 are 0.32, - 5.98, 22.00, and - 46.00 respectively [2] 3.2 Spot Market - **Prices and Changes**: The previous closing prices of Shanghai Gold T + D, London Gold, and London Silver were 763.4, 752.62, and 32.89 respectively. The price increases were 5.25, 2.86, and 0.32, and the increases were 0.69%, 0.38%, and 0.98% respectively [2] - **Price Spreads and Ratios**: The current values of沪金2512 - 沪金2506,沪银2512 - 沪银2506, gold/silver (spot), Shanghai Gold/London Gold, and Shanghai Silver/London Silver are 6.30, 68, 92.94, 7.31, and 7.77 respectively [2] 3.3 Inventory - **Changes**: The inventories of Shanghai Futures Exchange gold, Shanghai Futures Exchange silver, COMEX gold, and COMEX silver changed by 0, 7231.00, 153359.33, and - 1238348 respectively [2] 3.4 Related Markets - **Indices and Ratios**: The current values of the US dollar index, S&P 500 index, US Treasury yield, Brent crude oil, and US dollar - RMB exchange rate are 100.9827, 5886.55, 4.49, 66.6, and 7.1968 respectively, with changes of - 0.82%, 0.72%, 0.90%, 0.01%, and - 0.04% respectively [2] 3.5 Derivatives - **ETF and CFTC Positions**: The positions of SPDR Gold ETF, SLV Silver ETF, CFTC speculators' net position in silver, and CFTC speculators' net position in gold changed by 1.00, 1.00, 481, and - 1451 respectively [2] 3.6 News - **US - Saudi Agreement**: Saudi Arabia promised to invest $600 billion in the US, including $80 billion in high - tech companies and a nearly $142 billion arms sales agreement. The Saudi Crown Prince aims to increase the investment to $1 trillion [3] - **US Tax Bill**: The US House Ways and Means Committee announced a tax bill, planning to cut taxes by more than $4 trillion and reduce spending by at least $1.5 trillion in the next decade [3] - **US Trade Negotiations**: US Treasury Secretary downplayed the possibility of a quick trade agreement with the EU but was optimistic about agreements with Asian partners [3] - **India's Response**: India plans to impose retaliatory tariffs on the US in response to US steel and aluminum tariffs, and the Indian Commerce Minister will visit the US to discuss tariff issues [3] - **Central Bank Stances**: The Bank of Japan is determined to maintain the rate - hike stance, and the European Central Bank may cut rates again by summer [4]

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View of the Report - On Tuesday, the polyolefin market rebounded slightly. The consumption of polyolefins has temporarily peaked and declined, but due to cost fluctuations and low valuations, there was resistance to the downward trend last week. With the rebound of crude oil prices, polyolefins have also started to rebound. The previous Sino - US meeting consensus is generally positive for the commodity market, and the rebound of international crude oil prices strengthens the support for plastics. PE and PP are expected to continue to rebound in the short term to repair prices [2]. 3. Summary by Relevant Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 7125, 7337, and 7187 respectively, with price increases of 99, 55, and 97, and increases of 1.41%, 0.76%, and 1.37% respectively. The trading volumes were 53165, 808, and 455073, and the open interests were 76985, 2585, and 536999, with changes of 1499, - 670, and - 3834 respectively. The current spreads of January - May, May - September, and September - January were - 212, 150, and 62 respectively [2]. - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 7023, 7139, and 7074 respectively, with price increases of 45, 39, and 44, and increases of 0.64%, 0.55%, and 0.63% respectively. The trading volumes were 33165, 1044, and 418406, and the open interests were 43994, 3373, and 446167, with changes of 673, - 234, and - 11519 respectively. The current spreads of January - May, May - September, and September - January were - 116, 65, and 51 respectively [2]. Raw Materials and Spot Market - **Raw Materials**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and mulch film were 2450 yuan/ton, 6615 yuan/ton, 612 dollars/ton, 5600 yuan/ton, 6990 yuan/ton, and 8800 yuan/ton respectively [2]. - **Spot Market**: The current price ranges of LL in East China, North China, and South China markets were 7300 - 7700, 7250 - 7500, and 7450 - 7700 respectively. The current price ranges of PP in East China, North China, and South China markets were 7150 - 7300, 7050 - 7250, and 7150 - 7350 respectively [2]. Market News - On Tuesday (May 13), the settlement price of WTI crude oil futures for June 2025 on the New York Mercantile Exchange was $63.67 per barrel, up $1.72 or 2.78% from the previous trading day, with a trading range of $61.65 - $63.9. The settlement price of Brent crude oil futures for July 2025 on the London Intercontinental Exchange was $66.63 per barrel, up $1.67 or 2.57% from the previous trading day, with a trading range of $64.63 - $66.81 [2].

| | 1、南部半岛棕榈油压榨商协会（SPPOMA）数据显示，2025年5月1-10日马来西亚棕榈油单产增加 | | --- | --- | | | 20.2%，出油率增加0.4%，产量增加22.31%。2、据马来西亚棕榈油局MPOB，马来西亚4月棕榈油 | | | 出口为1102266吨，环比增长9.62%。马来西亚4月棕榈油产量为1685962吨，环比增长21.52%。马 | | 行业 | 来西亚4月棕榈油库存量为1865537吨，环比增长19.37%。 | | 信息 | | | | 蛋白粕：夜盘豆菜粕偏弱运行，近期美豆产区天气整体较为顺利，有助于大豆播种工作的推进。 | | | USDA公布本月供需报告，美豆产量及期末库存均低于预估，报告数据利多。并且中美双方在瑞士 | | | 进行会谈并取得实质性进展，因此美豆出口前景得到改善，美豆期价回升至贸易关税之前水平。 | | | 国内方面，中美关税取得进展国内进口美国大豆有望增加，对国内豆粕行情形成阶段性利空。近 | | | 期国内油厂开机大幅回升，供应偏紧情况得到明显缓解，豆粕供应快速增加预期较强。二季度国 | | | 内原料大豆、豆粕供应料充足，将继续施 ...

2025 年 5 月 13 日 宏观利好后逐步回归基本面 申银万国期货有限公司 研究所 联系人：马思远 从业资格号：F03141554 5 降低 地址：上海东方路 800 号 宝安大厦 7、8、10 楼 邮编：200122 传真：021 5058 8822 网址：www.sywgqh.com.cn 主要观点 原油：SC 上涨 1.08%。中美经贸高层会谈取得实质性进展，大幅降低 双边关税水平，美方取消了共计 91%的加征关税，中方相应取消了 91% 的反制关税；美方暂停实施 24%的"对等关税"，中方也相应暂停实施 24%的反制关税。国际油价盘中一度上涨 4%左右，但是有关伊朗核计 划以及俄乌冲突的谈判使得制裁最终被取消的可能性依然存在，随后 油价脱离当日高点，收盘时涨幅急剧缩窄。关注低油价给与美国制裁 委内瑞拉和伊朗的空间。 股指：股指高开低走，银行板块领涨，国防军工板块领跌，全市成交 额 1.33 万亿元，其中 IH2505 上涨 0.24%，IF2505 上涨 0.24%，IC2505 下跌 0.11%，IM2505 下跌 0.17%。资金方面，5 月 12 日融资余额增加 46.14 亿元至 1797 ...

Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core Views - The joint statement of the China-US high-level economic and trade talks was released, with both sides agreeing to significantly reduce bilateral tariff levels. The US cancelled 91% of the additional tariffs, and China cancelled 91% of the counter - tariffs. The US suspended the implementation of 24% "reciprocal tariffs", and China also suspended the implementation of 24% counter - tariffs. This eases global trade tensions and boosts market confidence [1][2][6]. - Domestically, the economy maintains steady growth and flexible policy adjustments. Overseas, major economies have differentiated monetary policies but generally focus on inflation risks. The easing of China - US economic and trade relations helps stabilize global market expectations and promotes international trade and investment [1]. - For different varieties: - **Crude oil**: Prices rose due to the progress of China - US talks but the涨幅 was later narrowed. Attention should be paid to the impact of low oil prices on US sanctions against Venezuela and Iran [2][14]. - **Gold**: With the positive news of tariff easing, gold and silver prices declined. However, geopolitical conflicts and central bank gold - buying demand still provide support [3][20]. - **Stock index**: Stimulated by positive factors, the stock index is likely to break upward. For stock index futures, a bullish attitude is recommended, and for stock index options, a long - straddle strategy can be used [4][5][11]. 3. Summary by Directory 3.1 Daily Main News Concerns - **International News**: The joint statement of the China - US high - level economic and trade talks was released, with significant tariff reductions and the establishment of a consultation mechanism [6]. - **Domestic News**: The Minister of Commerce held a round - table meeting with foreign - trade enterprises, stating that the Ministry will help enterprises overcome difficulties and promote foreign - trade development [7]. - **Industry News**: In April, China's automobile production and sales increased year - on - year, with new - energy vehicle production and sales growing by 43.8% and 44.2% respectively [8]. 3.2 Overseas Daily Earnings - The S&P 500, European STOXX 50, and other indices showed different degrees of increase or decrease. For example, the S&P 500 rose 3.26%, and London gold fell 2.73% [10]. 3.3 Morning Comments on Main Varieties - **Finance** - **Stock Index**: Affected by the positive news of China - US tariff negotiations, the stock index rebounded. It is recommended to be bullish on stock index futures and use a long - straddle strategy for stock index options [11]. - **Treasury Bonds**: Treasury bond prices generally fell. With the progress of China - US talks, market risk appetite increased, and the price of treasury bond futures declined with increased short - term volatility [12][13]. - **Energy and Chemicals** - **Crude Oil**: Prices rose due to China - US talks but the increase was later narrowed. Attention should be paid to the impact of low oil prices on US sanctions [2][14]. - **Methanol**: Methanol prices rose at night. The short - term trend is mainly bullish [15]. - **Rubber**: Rubber prices rebounded. The short - term trend is expected to continue to rise [16]. - **Polyolefins**: The polyolefin market may rebound in the short term [17]. - **Glass and Soda Ash**: Glass and soda ash futures closed up. The market is affected by inventory and supply - demand fundamentals, and the short - term trend needs to be observed [18][19]. - **Metals** - **Precious Metals**: Gold and silver prices declined due to tariff easing but still have some support [3][20]. - **Copper**: Copper prices may fluctuate widely in the short term. Attention should be paid to tariff negotiations and other factors [21]. - **Zinc**: Zinc prices may also fluctuate widely. Market expectations for supply improvement have been partially digested [22]. - **Aluminum**: The Shanghai aluminum contract may be mainly oscillating strongly in the short term [23]. - **Nickel**: Nickel prices may show an oscillating and strengthening trend in the short term [25]. - **Lithium Carbonate**: The lithium market is in a situation of weak supply and demand, and the price outlook is pessimistic [26]. - **Black Metals** - **Coking Coal and Coke**: The fundamentals of coking coal are deteriorating. Coke's second - round price increase failed, and a price cut is expected [27]. - **Iron Ore**: Iron ore demand has support in the short term but may be weak in the medium term [28]. - **Steel**: The steel market faces a situation of increasing supply and weakening demand, with short - term exports remaining stable [29]. - **Agricultural Products** - **Oils and Fats**: The short - term trend of oils and fats is strong. The supply of soybeans is expected to increase, and the palm oil inventory may rise [31]. - **Soybean and Rapeseed Meal**: The short - term trend of soybean meal is strong, and the increase in US soybean imports may have a negative impact on the domestic market [32]. - **Corn and Corn Starch**: Corn prices rose this week but may enter an oscillating phase [33]. - **Cotton**: Cotton prices rose due to macro - level positives. The short - term trend is strong [34]. - **Shipping Index** - **Container Shipping to Europe**: The market sentiment improved due to tariff easing. The short - term outlook is positive, but the main obstacle is the excess of shipping capacity [35].

Report Industry Investment Rating No relevant content provided. Core View of the Report - The easing of tariffs in the short - term is positive news, causing gold and silver prices to decline. With the release of the Sino - US Geneva economic and trade talks joint statement, the temporary tax relief and reduction exceeded market expectations, leading to a continued correction in gold and silver prices. Given that the market is in a stage of expecting a cooling of tariff conflicts and there is unlikely to be a rapid interest rate cut in the short - term, gold may enter a correction phase, and silver also lacks upward momentum. However, gold still has overall support due to the decline in confidence in US dollar assets and concerns about a US recession [5]. Summary According to Related Catalogs Futures Market - **Prices and Changes**: The current prices of Shanghai Gold 2506 and 2512 are 770.30 and 776.24 respectively, with declines of - 16.02 and - 16.32, and drops of - 2.04% and - 2.06%. The current prices of Shanghai Silver 2506 and 2512 are 8232.00 and 8295.00 respectively, with increases of 64.00 and 63.00, and rises of 0.78% and 0.77%. The trading volumes are 169801 and 29027 for Shanghai Gold 2506 and 2512, and 483540 and 24604 for Shanghai Silver 2506 and 2512 [2]. - **Positions**: The positions of Shanghai Gold 2506 and 2512 are 87624 and 53842, and those of Shanghai Silver 2506 and 2512 are 209420 and 116409 [2]. Spot Market - **Prices and Changes**: The previous closing prices of Shanghai Gold T + D, London Gold, and Shanghai Silver T + D were 785.3, 774.29, and 8150.00 respectively. The price changes were - 2.23, 4.33, and 50.00, and the percentage changes were - 0.28%, 0.56%, and 0.62% [2]. - **Price Spreads**: The current values of the spreads between Shanghai Gold 2512 and 2506, and Shanghai Silver 2512 and 2506 are 5.94 and 63 respectively, and the previous values were 6.24 and 64 [2]. Inventory - **Inventory Changes**: The current values of the Shanghai Futures Exchange's gold and silver inventories are 17,238 kg and 934,459 kg, with increases of 1,590.00 kg and 2,477.00 kg compared to the previous values. The COMEX gold and silver inventories are 39,154,147 and 503,581,350, with increases of 22,864.13 and 781250 [2]. Related Market - **Indices and Yields**: The current values of the US dollar index, S&P index, US Treasury yield, Brent crude oil, and the US dollar - RMB exchange rate are 100.4218, 5659.91, 4.37, 63.88, and 7.2402 respectively, with changes of - 0.21%, - 0.07%, 0.00%, 0.01%, and - 0.05% [2]. - **ETF and CFTC Positions**: The current positions of the SPDR Gold ETF and SLV Silver ETF are 44315 tons. The CFTC speculators' net positions in silver and gold are 33486 and 32895, with changes of 481 and - 1451 [2]. Macro News - **Trade Policies**: The US and China agreed to significantly reduce bilateral tariff levels, with the US canceling 91% of the additional tariffs and China canceling 91% of the counter - tariffs. The US suspended the implementation of 24% of the "reciprocal tariffs", and China also suspended the implementation of 24% of the counter - tariffs. The UK will reduce tariffs on US goods from 5.1% to 1.8%, while the US maintains a 10% uniform tariff on UK imports [3][5]. - **US Pharmaceutical Policy**: US President Trump signed an executive order requiring pharmaceutical manufacturers to lower drug prices, aiming for a price reduction of 59% - 90%, but analysts and legal experts believe it is difficult to implement [3]. - **Central Bank Statements**: A Fed governor said that Trump's tariff policy may push up inflation and drag down economic growth. European Central Bank officials said they need to be cautious about the next interest - rate move due to the high uncertainty of Trump's economic policies. Goldman Sachs adjusted the expected time of the Fed's next interest - rate cut to December, raised the forecast of the US economic growth rate in Q4 2025 by 0.5 percentage points to 1%, and lowered the probability of a recession in the next 12 months to 35% [3][4].

品种 国内前日期货 收盘价 （元/吨） 国内基差 （元/吨） 前日LME3月 期收盘价 (美元/吨） LME现货升贴水 （CASH-3M） （美元/吨） LME库存 （吨） LME库存日 度变化 （吨） 铜 78,590 -30 9,420 23.87 190,750 -1,025 铝 19,945 0 2,383 -5.34 401,525 -2,025 锌 22,725 415 2,617 -27.37 169,850 -475 镍 125,920 -2,730 15,548 -198.42 197,754 84 铅 16,955 -190 1,958 5.95 251,800 -1,625 锡 263,050 -1,130 31,636 15.00 2,790 85 数据来源：Wind，申银万国期货研究所 数据来源：Wind，申银万国期货研究所 国 内 市 场 基 差 L M E 现 货 升 贴 水 铜 铝 锌 镍 铅 锡 基差 -30 0 415 -2,730 -190 -1,130 -30 0 415 -2,730 -190 -1,130 -3,000 -2,000 -1,000 0 1,000 元 ...

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - The release of the joint statement on China-US economic and trade high - level talks, along with favorable policies from the State Council Information Office, and the positive outcome of the China - US tariff negotiation, are short - term positive factors for the stock market. With the current low valuation levels of major Chinese indices, there is a high cost - effectiveness for medium - and long - term funds to enter the market. It is expected that the stock index will break through upwards, so futures should be treated as bullish, and a wide - straddle buying option strategy can be used for stock index options to capture the trend after the direction is chosen [2] 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts (current month, next month, next quarter, and far - quarter) were 3885.00, 3853.00, 3786.60, and 3749.60 respectively, with increases of 45.80, 47.00, 45.00, and 44.40. The trading volumes were 31355.00, 61843.00, 13346.00, and 3543.00, and the open interest increased by 2092.00, 14106.00, 2998.00, and 1453.00 respectively. The price - to - price spreads of the CSI 300 index were 1.19, 1.23, 1.20, and 1.20 [1] - **IH Contracts**: The previous day's closing prices of IH contracts were 2703.80, 2686.60, 2653.20, and 2649.00, with increases of 20.00, 20.40, 21.20, and 22.20. The trading volumes were 13936.00, 31684.00, 5559.00, and 1311.00, and the open interest increased by 854.00, 7500.00, 1600.00, and 520.00 respectively. The price - to - price spreads of the SSE 50 index were 0.75, 0.77, 0.81, and 0.85 [1] - **IC Contracts**: The previous day's closing prices of IC contracts were 5786.00, 5688.00, 5524.60, and 5417.80, with increases of 81.20, 82.80, 69.60, and 68.20. The trading volumes were 25583.00, 52449.00, 12705.00, and 5584.00. The open interest of the current - month contract decreased by 2319.00, while the others increased by 2505.00, 1668.00, and 1743.00 respectively. The price - to - price spreads of the CSI 500 index were 1.42, 1.48, 1.28, and 1.27 [1] - **IM Contracts**: The previous day's closing prices of IM contracts were 6151.60, 6037.00, 5843.40, and 5702.20, with increases of 94.00, 93.00, 84.60, and 82.20. The trading volumes were 40716.00, 134023.00, 29274.00, and 8380.00. The open interest of the current - month contract decreased by 6527.00, while the others increased by 5031.00, 2040.00, and 1059.00 respectively. The price - to - price spreads of the CSI 1000 index were 1.55, 1.56, 1.47, and 1.46 [1] - **Inter - month Spreads**: The current inter - month spreads of IF, IH, IC, and IM were - 32.00, - 17.20, - 98.00, and - 114.60 respectively, compared to the previous values of - 31.60, - 17.40, - 97.60, and - 111.00 [1] 3.2 Stock Index Spot Market - **Major Indexes**: The previous values of the CSI 300, SSE 50, CSI 500, and CSI 1000 indexes were 3846.16, 2684.01, 5793.67, and 6082.08, with price - to - price spreads of - 0.17, 0.17, 1.26, and - 1.23 respectively. The trading volumes (in billion lots) were 119.39, 32.78, 135.82, and 189.22, and the total trading amounts (in billion yuan) were 2166.98, 603.26, 1994.27, and 2428.10 [1] - **Industry Indexes**: Among the CSI 300 industry indexes, the price - to - price spreads of energy, raw materials, industry, optional consumption, major consumption, medical and health, real estate and finance, information technology, telecommunications services, and public utilities were 0.32%, - 0.45%, - 0.17%, 0.06%, 0.27%, 0.18%, 0.37%, - 1.80%, - 0.93%, and 0.59% respectively [1] 3.3 Futures - Spot Basis - **IF Contracts**: The previous values of the basis between IF contracts (current month, next month, next quarter, and far - quarter) and the CSI 300 index were - 5.61, - 37.61, - 104.01, and - 141.01, compared to the previous two - day values of - 5.96, - 37.56, - 102.56, and - 139.36 [1] - **IH Contracts**: The previous values of the basis between IH contracts and the SSE 50 index were - 0.51, - 14.71, - 47.91, and - 51.91, compared to the previous two - day values of - 5.90, - 24.30, - 56.70, and - 59.70 [1] - **IC Contracts**: The previous values of the basis between IC contracts and the CSI 500 index were - 19.32, - 116.92, - 265.92, and - 370.92, compared to the previous two - day values of - 21.81, - 113.81, - 258.61, and - 361.01 [1] - **IM Contracts**: The previous values of the basis between IM contracts and the CSI 1000 index were - 25.88, - 136.88, - 322.48, and - 461.28, compared to the previous two - day values of - 30.48, - 139.28, - 328.08, and - 465.88 [1] 3.4 Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 3342.00, 10126.83, 6294.71, and 2011.77, with price - to - price spreads of - 0.30%, - 0.69%, - 0.62%, and - 0.87% respectively [1] - **Overseas Indexes**: The previous values of the Hang Seng Index, Nikkei 225, S&P Index, and DAX Index were 22867.74, 37503.33, 5659.91, and 23499.32, with price - to - price spreads of 0.40%, 1.56%, - 0.07%, and 0.63% respectively [1] 3.5 Macro Information - China - US economic and trade high - level talks released a joint statement. The US will cancel 91% of the additional tariffs, and China will cancel 91% of the counter - tariffs. Both sides will suspend the implementation of 24% "reciprocal tariffs" and relevant counter - measures. A mechanism will be established for further consultations [2] - The Xinhua News Agency published a commentary, stating that rational expectations should be held for the China - US economic and trade talks, and the long - term, complex, and arduous nature of eliminating differences should be recognized [2] - The Minister of Commerce, Wang Wentao, held a round - table meeting with foreign - trade enterprises, indicating that the Ministry of Commerce will coordinate domestic economic work and international economic and trade struggles to support foreign - trade enterprises [2] - The State Council Information Office released the first white paper on "China's National Security in the New Era" [2] 3.6 Industry Information - In April 2025, China's automobile production and sales were 2.619 million and 2.59 million, with year - on - year increases of 8.9% and 9.8% respectively. New - energy vehicle production and sales were 1.251 million and 1.226 million, with year - on - year increases of 43.8% and 44.2% respectively. Automobile exports were 517,000, with a year - on - year increase of 2.6%. From January to April 2025, the production and sales exceeded 10 million for the first time [2] - Since the implementation of the automobile trade - in policy in 2024, the cumulative subsidy applications have exceeded 10 million. As of May 11, 2025, the subsidy applications reached 3.225 million, with new - energy vehicles accounting for over 53% [2] - Ping An Trust plans to lower the threshold of insurance - trust products to below 1 million yuan, which would be the first in the trust industry [2]