Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The report analyzes various futures markets, including bonds, stocks, precious metals, and commodities. It suggests that investors should remain cautious in the bond market, be optimistic about the long - term performance of Chinese equity assets, and consider long - positions in gold futures. For different commodities, it provides specific trading strategies based on their supply - demand fundamentals, cost factors, and market sentiment [6][8][11]. Summary by Related Catalogs Bonds - **Market Performance**: On the previous trading day, Treasury bond futures showed a mixed performance. The 30 - year, 10 - year, 5 - year, and 2 - year Treasury bond futures had different price changes. The central bank conducted 530.8 billion yuan of reverse repurchase operations on April 30, with a net injection of 422.8 billion yuan. In April, the manufacturing PMI declined, while the non - manufacturing and composite PMIs remained in the expansion zone [5]. - **Analysis and Strategy**: The external environment is favorable for Treasury bond futures, but the current yield is relatively low. The Chinese economy shows a stable recovery trend, and there is room for domestic demand policies. Tariffs may be adjusted repeatedly, so investors are advised to remain cautious, expecting increased volatility [6][7]. Stocks - **Market Performance**: On the previous trading day, stock index futures showed mixed results. The CSI 300, SSE 50, CSI 500, and CSI 1000 stock index futures had different price changes [8]. - **Analysis and Strategy**: Although tariffs disrupt the domestic economic recovery rhythm and global recession risks increase, domestic asset valuations are low, and there is policy - hedging space. The report is optimistic about the long - term performance of Chinese equity assets and suggests considering long - positions in stock index futures [8][9]. Precious Metals - **Market Performance**: On the previous trading day, gold and silver futures prices declined. In April, the US non - farm payrolls increased, and the unemployment rate remained stable. The US GDP in the first quarter declined [10]. - **Analysis and Strategy**: The complex global trade and financial environment, potential central bank policy easing, and tariff impacts are expected to drive up gold prices. The long - term bullish trend of precious metals continues, and investors are advised to buy gold futures on dips [10][11][12]. Steel and Related Products - **Rebar and Hot - Rolled Coil**: On the previous trading day, rebar and hot - rolled coil futures showed weak oscillations. The real - estate downturn suppresses rebar demand, but the peak - season demand may provide short - term support. The valuation is low, and the price has support at the previous low. Investors can look for short - selling opportunities on rebounds and manage positions carefully [13]. - **Iron Ore**: On the previous trading day, iron ore futures oscillated. The increase in iron ore demand and the decrease in supply and inventory support the price. The valuation is relatively high among black - series products, and the price has support at the previous low. Investors can look for long - buying opportunities at low levels and set stop - losses [14][15]. - **Coking Coal and Coke**: On the previous trading day, coking coal and coke futures continued to decline. Coking coal supply is loose, and coke demand has improved slightly, but the possibility of price increases is low. The price may test the previous low again. Investors can look for short - selling opportunities on rebounds [17]. - **Ferroalloys**: On April 30, manganese - silicon and silicon - iron futures prices declined. Manganese - ore supply may be disrupted, and the supply of ferroalloys is still high while demand is weak. With the arrival of the peak season for steel demand, the supply - demand situation is improving. Investors can consider call options for manganese - silicon and exiting short - positions for silicon - iron [19][20]. Energy - **Crude Oil**: On the previous trading day, INE crude oil prices dropped significantly. The CFTC data shows changes in WTI crude oil and natural gas futures positions. The number of US oil and gas rigs decreased, and OPEC + agreed to increase oil supply in June. The report suggests waiting and seeing for crude oil futures [21][22][23]. - **Fuel Oil**: On the previous trading day, fuel oil prices followed crude oil and dropped significantly. The market structure of high - sulfur fuel oil has slightly improved. The possible relaxation of US sanctions on Russia and the expected signing of tariff agreements have different impacts on fuel oil prices. The report suggests short - selling fuel oil futures [23][24]. Rubber - **Synthetic Rubber**: On the previous trading day, synthetic rubber futures prices declined. Supply pressure persists, demand improvement is limited, and the cost has weakened. The short - term trend is expected to be weak [25][26]. - **Natural Rubber**: On the previous trading day, natural rubber futures prices showed mixed results. The expected increase in global supply and the impact of tariffs on demand are expected to keep the price in a weak oscillation [27][28]. Chemical Products - **PVC**: On the previous trading day, PVC futures prices declined. Supply pressure has eased marginally, demand is weakly recovering, and the price is expected to oscillate at the bottom [29][30]. - **Urea**: On the previous trading day, urea futures prices increased. The approaching summer fertilizer - preparation period may increase demand, but supply elasticity is high. The potential Indian tender and domestic export - policy adjustment may affect the price. Investors should pay attention to export changes [31][32]. - **PX**: On the previous trading day, PX futures prices declined. PX device maintenance has reduced the load, and downstream PTA demand has improved. The short - term crude - oil price is under pressure, and PX is expected to oscillate with the cost [33]. - **PTA**: On the previous trading day, PTA futures prices declined. The planned maintenance of PTA devices and the expected improvement in exports may provide some support, but the external crude - oil price is under pressure. The price is expected to oscillate [34]. - **Ethylene Glycol**: On the previous trading day, ethylene glycol futures prices declined. The restart of coal - based devices and high inventory limit the price rebound. The price is expected to oscillate at the bottom [35]. - **Short - Fiber**: On the previous trading day, short - fiber futures prices declined. The supply load is high, downstream demand is weak, and the price is expected to follow the cost and oscillate [36]. - **Bottle Chips**: On the previous trading day, bottle - chip futures prices increased. The raw - material price is under pressure, and the supply - demand fundamentals lack drivers. The price is expected to follow the cost and oscillate [37]. - **Soda Ash**: On the previous trading day, soda - ash futures prices declined. Device maintenance in May may cause short - term price adjustments, but the supply is still high, and the market is weak in the short term [38][39]. - **Glass**: On the previous trading day, glass futures prices declined. The production line is at a low level, inventory changes little, and demand is weak. The post - holiday market sentiment is expected to be weak [40]. - **Caustic Soda**: On the previous trading day, caustic - soda futures prices increased. The demand from the alumina and non - alumina industries is limited, but device maintenance in May may provide some drivers [41][42]. - **Paper Pulp**: On the previous trading day, paper - pulp futures prices declined. Inventory is accumulating, supply is increasing, and market trading is light. The price reflects a pessimistic outlook [43]. - **Lithium Carbonate**: On the previous trading day, lithium - carbonate futures prices declined. The supply is high, demand is weakening, and the price is expected to be weak [44][45]. Non - Ferrous Metals - **Copper**: On the previous trading day, Shanghai copper futures prices dropped significantly. Although the ICSG expects a copper supply surplus, the demand may recover after the tariff friction eases. The report suggests long - buying Shanghai copper futures [46][47]. - **Tin**: On the previous trading day, LME tin prices increased. The复产 of major mines may ease the supply shortage, but the impact of Sino - US trade on the downstream electronics market remains. The price is expected to be under pressure and oscillate weakly [48]. - **Nickel**: On the previous trading day, LME nickel prices increased. The supply of nickel ore is tightened, and the cost provides support, but the downstream acceptance of high prices is low. The demand may weaken in the off - season, and the market is expected to remain in a supply - surplus situation. Investors are advised to wait and see [49]. - **Industrial Silicon/Polysilicon**: On the previous trading day, industrial - silicon and polysilicon futures prices declined. The supply - demand imbalance persists, and the market is pessimistic about the future demand. The prices are expected to be weak [50][51]. Agricultural Products - **Soybean Oil and Soybean Meal**: On April 30, soybean - meal futures prices declined, and soybean - oil futures prices increased. The smooth progress of US soybean planting and the Brazilian soybean harvest increase supply. The demand for soybean oil and soybean meal is expected to increase slightly. The report suggests waiting and seeing for soybean - meal futures and considering call options for soybean - oil futures at the bottom [52][53]. - **Palm Oil**: Malaysian palm - oil prices declined. The inventory may increase, and the domestic import volume has changed. The report suggests considering the opportunity to expand the spread between soybean oil and palm oil [54][55][56]. - **Rapeseed Meal and Rapeseed Oil**: Canadian rapeseed prices declined. China has imposed tariffs on Canadian rapeseed products. The inventory of rapeseed, rapeseed meal, and rapeseed oil has changed. The report suggests considering long - buying rapeseed meal after a pullback [57][58]. - **Cotton**: During the holiday, the external cotton price increased. The planting progress in the US and China has been reported. The high - level tariffs between China and the US affect demand, and the domestic downstream demand is weak. The report suggests waiting and seeing [59][60][61]. - **Sugar**: During the holiday, the external raw - sugar price fluctuated slightly. Brazil is entering the production - acceleration period, and the Indian sugar production is lower than expected. The domestic sugar inventory is neutral, and the import volume is low. The report suggests waiting and seeing [62][63][64]. - **Apples**: On the previous trading day, domestic apple futures prices oscillated. The inventory is low, and the consumption is good. The new - year production is expected to increase. The report suggests waiting and seeing [66][67][68]. - **Pigs**: During the holiday, the pig price increased first and then stabilized. The supply is expected to increase after the holiday, and the demand may weaken. The price is expected to oscillate weakly first and then strengthen. The report suggests waiting and seeing [69][70][71]. - **Eggs**: During the holiday, the egg price increased slightly. The supply is expected to increase in May, and the price may decline after the Dragon Boat Festival. The report suggests holding reverse spreads [72]. - **Corn and Starch**: On April 30, corn and corn - starch futures prices increased. The US corn planting is progressing smoothly, and the Brazilian corn production is expected to increase. The domestic corn supply is under pressure in the short term, and the demand is slightly increasing. Corn - starch production and demand are weak, and the inventory is high. The report suggests waiting and seeing [73][74]. - **Logs**: On the previous trading day, log futures prices declined. The supply is affected by holidays and weather, and the demand from the real - estate sector is weak. The market has no obvious drivers, and the price is expected to be weak [75][76][77].

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The external environment is favorable for Treasury bond futures, but current Treasury bond yields are at a relatively low level. It is recommended to maintain a certain degree of caution as the Chinese economy shows a steady recovery trend and there is room for domestic demand policies to exert force [6]. - It is not advisable to be overly bearish on the Chinese equity market. After event shocks, the Chinese economy and Chinese assets will still operate according to their own laws. The long - term performance of Chinese equity assets is still optimistic, and investors should wait for long - entry opportunities [9]. - The long - term value of gold is still optimistic, and investors should wait for long - entry opportunities as the long - term upward logic remains strong [11][13]. - For steel products such as rebar and hot - rolled coils, investors can focus on short - selling opportunities on rebounds, take profits in time, and pay attention to position management [14]. - For iron ore, investors can focus on long - entry opportunities at low levels, take profits on rebounds, and stop losses if the previous low is broken, while paying attention to position management [16]. - For coking coal and coke, investors can focus on short - selling opportunities on rebounds, take profits in time, and pay attention to position management [17]. - For ferroalloys, investors can consider long - entry opportunities for out - of - the - money call options on ferromanganese silicon at low levels and short - sellers of ferrosilicon can consider exiting at the bottom range [20]. - For crude oil, it is recommended to take a short - biased operation on the main contract [22][23]. - For fuel oil, it is recommended to take a short - biased operation on the main contract [24][25]. - For synthetic rubber, it should be treated with a sideways trading mindset [26][28]. - For natural rubber, the price is expected to maintain a weak sideways trend [29][30]. - For PVC, the price is expected to maintain a bottom - sideways trend [31][33]. - For urea, the price is expected to be weak in the short term [34][35]. - For PX, it is expected to follow the cost side for sideways adjustment, and interval trading is recommended [36][37]. - For PTA, the price is expected to trade sideways in the short term, and interval trading is recommended [38]. - For ethylene glycol, the price is expected to trade sideways at the bottom in the short term, and cautious participation is recommended [39][40]. - For staple fiber, it will follow the cost side for short - term sideways adjustment, and cautious participation is recommended [41]. - For bottle chips, the price is expected to follow the cost side for sideways movement, and attention should be paid to cost price changes [42]. - For soda ash, the market will continue to be weak in the short term [45]. - For glass, the market sentiment is expected to be dominated by weakness [46]. - For caustic soda, the price of Shandong liquid caustic soda is likely to weaken slightly in the short term [48]. - For pulp, the supply is increasing rapidly, and the market is pessimistic [49][50]. - For lithium carbonate, the price is expected to be weak [51]. - For copper, the price trend is expected to be strong, and a long - biased operation on the main contract is recommended [53][54]. - For tin, the price is expected to trade sideways in the short term, and risk control is necessary [55]. - For nickel, short - term risk control is necessary, and cautious waiting and watching are recommended [56][57]. - For industrial silicon and polysilicon, the fundamentals remain weak, and a bearish outlook is maintained [58][59]. - For soybean oil and soybean meal, it is recommended to wait and watch for soybean meal, and investors can focus on out - of - the - money call options on soybean oil at the bottom support range [60][61]. - For palm oil, it is recommended to wait and watch temporarily [62][63]. - For rapeseed meal and rapeseed oil, investors can consider the opportunity to expand the spread after the soybean - rapeseed spread narrows [63][64]. - For cotton, after a rebound, short - selling of far - month contracts at high prices is recommended [65][66]. - For sugar, it is recommended to wait and watch [68][70]. - For apples, after a pullback, long - entry at low prices is recommended [72][74]. - For live pigs, after taking profits, investors should wait and watch [75][76]. - For eggs, investors can focus on reverse spread opportunities [77][78]. - For corn and corn starch, it is recommended to wait and watch temporarily [79][80]. - For logs, the market has no obvious driving force, and the spot price has a weak support for the futures price [81][83]. Summaries by Relevant Catalogs Treasury Bonds - The previous trading day saw all Treasury bond futures closing higher. The central bank conducted 340.5 billion yuan of 7 - day reverse repurchase operations, with a net investment of 120 billion yuan. The weighted average interest rate of newly issued commercial personal housing loans in Q1 2025 was 3.11% [5]. - The external environment is favorable for Treasury bond futures, but yields are low. The Chinese economy shows a steady recovery, and it is recommended to be cautious [6]. - The volatility is expected to increase, and caution should be maintained [7]. Stock Index Futures - The previous trading day saw mixed performance in stock index futures. As of the end of March, the custody balance of overseas institutions in the Chinese bond market was 4.4 trillion yuan [8][9]. - The domestic economy is stable, but tariffs disrupt the recovery rhythm. The long - term performance of Chinese equity assets is optimistic, and investors should wait for long - entry opportunities [9]. Precious Metals - The previous trading day saw gold and silver futures rising. In Q1 2025, the domestic gold ETF holdings increased by 23.47 tons, and the gold consumption decreased by 5.96% year - on - year [11]. - The long - term value of gold is optimistic, and investors should wait for long - entry opportunities as the long - term upward logic remains strong [11][13]. Rebar and Hot - Rolled Coils - The previous trading day saw rebar and hot - rolled coil futures weakly oscillating. The real - estate downturn suppresses rebar prices, but short - term peak - season demand may support prices. The valuation is low, and there may be short - selling opportunities on rebounds [14]. Iron Ore - The previous trading day saw iron ore futures oscillating. The increase in iron ore demand and the decrease in supply support the price. The valuation is high, and there may be long - entry opportunities at low levels [16]. Coking Coal and Coke - The previous trading day saw coking coal and coke futures continuing to correct. The supply of coking coal is loose, and the demand for coke is improving slightly. There may be short - selling opportunities on rebounds [17]. Ferroalloys - The previous trading day saw manganese silicon and ferrosilicon futures falling. The supply of manganese ore is disturbed, and the demand for ferroalloys is weak. There may be opportunities for out - of - the - money call options on ferromanganese silicon at low levels [19][20]. Crude Oil - The previous trading day saw INE crude oil dropping significantly. Market concerns about OPEC's production increase and other factors put pressure on the price. A short - biased operation is recommended [21][23]. Fuel Oil - The previous trading day saw fuel oil dropping significantly following crude oil. The Asian fuel oil market may strengthen, but there are still supply and demand issues. A short - biased operation is recommended [24][25]. Synthetic Rubber - The previous trading day saw synthetic rubber futures falling. The supply pressure persists, and the demand improvement is limited. It is expected to trade sideways [26][28]. Natural Rubber - The previous trading day saw natural rubber futures falling. The global supply is expected to increase, and the demand is affected by tariffs. The price is expected to be weak [29][30]. PVC - The previous trading day saw PVC futures falling. The supply pressure eases marginally, and the demand recovers weakly. The price is expected to trade sideways at the bottom [31][33]. Urea - The previous trading day saw urea futures falling. The agricultural demand will decline seasonally in May, and the supply pressure will increase. The price is expected to be weak in the short term [34][35]. PX - The previous trading day saw PX futures falling. The PX load decreases slightly, and the downstream PTA start - up rate increases. The short - term crude oil price is under pressure, and PX is expected to follow the cost side for adjustment [36][37]. PTA - The previous trading day saw PTA futures falling. The PTA load increases, and the polyester load rises slightly. The cost support is insufficient, and the price is expected to trade sideways [38]. Ethylene Glycol - The previous trading day saw ethylene glycol futures oscillating. The coal - based plants are restarting, and the inventory is high. The price is expected to trade sideways at the bottom [39][40]. Short Fiber - The previous trading day saw short - fiber futures rising. The short - fiber device load is at a relatively high level, and the downstream demand is weak. It will follow the cost side for adjustment [41]. Bottle Chips - The previous trading day saw bottle - chip futures falling. The raw material price is under pressure, and the supply and demand fundamentals lack driving force. The price is expected to follow the cost side [42]. Soda Ash - The previous trading day saw soda ash futures rising slightly. The supply remains high, and the demand is weak. The market is expected to be weak in the short term [43][45]. Glass - The previous trading day saw glass futures falling. The production line is at a low level, and the inventory changes little. The market sentiment is weak [46]. Caustic Soda - The previous trading day saw caustic soda futures falling. The production of downstream alumina is fluctuating, and the non - aluminum demand is weak. The price of Shandong liquid caustic soda is expected to weaken slightly [47][48]. Pulp - The previous trading day saw pulp futures falling. The inventory accumulates, and the supply increases rapidly. The market is pessimistic [49][50]. Lithium Carbonate - The previous trading day saw lithium carbonate futures falling. The supply is high, and the demand is weak. The price is expected to be weak [51]. Copper - The previous trading day saw Shanghai copper oscillating slightly. The spot market is stable, and the price is expected to be strong. A long - biased operation is recommended [52][54]. Tin - The previous trading day saw tin futures falling slightly. The supply is affected by various factors, and the demand is good. The price is expected to trade sideways in the short term [55]. Nickel - The previous trading day saw nickel futures falling slightly. The supply is tightened, and the cost is supported, but the demand may weaken. Short - term risk control is necessary [56][57]. Industrial Silicon/Polysilicon - The previous trading day saw industrial silicon and polysilicon futures falling significantly. The supply - demand imbalance persists, and the price is expected to be weak [58][59]. Soybean Oil and Soybean Meal - The previous trading day saw soybean oil and soybean meal futures falling. The US soybean planting rate is slightly faster, and the Brazilian soybean is in a record - high harvest. It is recommended to wait and watch for soybean meal and focus on out - of - the money call options on soybean oil at the bottom [60][61]. Palm Oil - The previous trading day saw palm oil futures falling. The Malaysian palm oil inventory may increase, and the export is growing. It is recommended to wait and watch temporarily [62][63]. Rapeseed Meal and Rapeseed Oil - The previous trading day saw rapeseed meal and rapeseed oil futures falling. China has imposed tariffs on Canadian rapeseed products. Investors can consider the opportunity to expand the spread after the soybean - rapeseed spread narrows [63][64]. Cotton - The previous trading day saw domestic cotton futures falling slightly. The US cotton planting rate is increasing, and the Chinese textile export is weak. After a rebound, short - selling of far - month contracts at high prices is recommended [65][66]. Sugar - The previous trading day saw domestic sugar futures oscillating. The Brazilian sugar is starting to be squeezed, and the Indian sugar production is lower than expected. It is recommended to wait and watch [68][70]. Apples - The previous trading day saw apple futures oscillating. The inventory is low, and the consumption is good. After a pullback, long - entry at low prices is recommended [72][74]. Live Pigs - The previous trading day saw live - pig futures falling. The supply is increasing, and the demand is weak. After taking profits, investors should wait and watch [75][76]. Eggs - The previous trading day saw egg futures rising slightly. The egg production is increasing, and the cost is high. Investors can focus on reverse spread opportunities [77][78]. Corn and Corn Starch - The previous trading day saw corn and corn starch futures rising slightly. The US corn planting rate is normal, and the domestic supply is under pressure. It is recommended to wait and watch temporarily [79][80]. Logs - The previous trading day saw log futures falling. The arrival of logs is decreasing, and the inventory is relatively stable. The market has no obvious driving force [81][83].

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The overall market is affected by factors such as tariffs, geopolitical risks, and macro - policy adjustments. Different industries show various trends, and investors are advised to adopt different strategies according to the characteristics of each industry [6][9][11] Summary by Related Catalogs Bonds - **Treasury Bonds**: On the previous trading day, most treasury bond futures closed higher. The central bank conducted 279 billion yuan of 7 - day reverse repurchase operations, with a net investment of 103 billion yuan. The external environment is favorable for treasury bond futures, but yields are relatively low. It is expected that the volatility will increase, and caution is advised [5][6][7] Stocks - **Stock Index Futures**: On the previous trading day, stock index futures fluctuated slightly. Although tariffs disrupt the domestic economic recovery rhythm and global recession risks increase, domestic asset valuations are low, and policies have hedging space. It is still optimistic about the long - term performance of Chinese equity assets, waiting for long - entry opportunities [8][9][10] Precious Metals - **Gold and Silver**: On the previous trading day, gold and silver futures prices declined. In Q1 2025, China's domestic gold ETF holdings increased. The complex global trade and financial environment and tariff disturbances are expected to drive up the gold price. It is still optimistic about the long - term value of gold, waiting for long - entry opportunities [11][12] Metals - **Steel Products (Rebar, Hot - Rolled Coil)**: On the previous trading day, rebar and hot - rolled coil futures oscillated weakly. The downward trend of the real estate industry suppresses prices, but the peak demand season may provide short - term support. The valuation is low, and there are signs of technical support. Investors can focus on short - selling opportunities on rebounds [13][14] - **Iron Ore**: On the previous trading day, iron ore futures pulled back slightly. The increase in iron ore demand and the decrease in supply and inventory support prices. The valuation is relatively high. Investors can focus on long - entry opportunities at low levels [16] - **Coking Coal and Coke**: On the previous trading day, coking coal and coke futures continued to decline. The supply of coking coal is loose, and the transaction atmosphere has weakened. The shipment of coke has improved, but the possibility of price increases is reduced. There are signs of a technical bottom. Investors can focus on short - selling opportunities on rebounds [18][19] - **Ferroalloys**: On the previous trading day, manganese silicon and silicon iron futures declined. The supply of manganese ore may be disturbed, and the demand for ferroalloys is weak. The high inventory exerts pressure. With the arrival of the peak demand season for steel, the demand for ferroalloys is expected to pick up. Investors can consider relevant option opportunities [21][22] - **Copper**: On the previous trading day, Shanghai copper rebounded after reaching the bottom. The market expects policies to stabilize the market and promote economic growth. The copper price is expected to be strong, and long - entry operations are recommended [55][56] - **Tin**: On the previous trading day, tin prices declined. The supply and demand fundamentals are affected by multiple factors, and the price is expected to oscillate. Risk control is required in the short term [57][58] - **Nickel**: On the previous trading day, nickel prices rose. The supply of ore is tightened, providing cost support, but the demand may weaken in the off - season. The price is affected by macro - pessimistic sentiment, and caution is advised in the short term [59] - **Industrial Silicon/Polysilicon**: On the previous trading day, the prices of industrial silicon and polysilicon futures declined. The supply - demand imbalance persists, and the prices are expected to be weak. Short - selling operations on rebounds can be considered [60][61] Energy - **Crude Oil**: On the previous trading day, INE crude oil oscillated upward. The geopolitical situation is complex, and the resistance of Brent crude at $70 is strong. It is recommended to wait and see [23][24][25] - **Fuel Oil**: On the previous trading day, fuel oil followed crude oil and oscillated higher. The supply of high - sulfur fuel oil is expected to be tight, but the inventory in Singapore has increased significantly. It is recommended to wait and see [26][27] Chemicals - **Synthetic Rubber**: On the previous trading day, synthetic rubber futures rose slightly. The supply pressure persists, the demand improvement is limited, and the cost is stable. It is expected to oscillate [28][29] - **Natural Rubber**: On the previous trading day, natural rubber futures declined. The global supply is expected to increase, and the demand is affected by tariffs. It is expected to be weak and oscillate [30][31][32] - **PVC**: On the previous trading day, PVC futures rose slightly. The supply pressure eases marginally, and the demand recovers weakly. It is expected to oscillate at the bottom [33][34][35] - **Urea**: On the previous trading day, urea futures rose. The agricultural demand will decline seasonally in May, and the supply pressure will increase. It is expected to be weak in the short term [36][37][38] - **PX**: On the previous trading day, PX futures rose. The PX load decreased due to maintenance, and the downstream demand improved. The short - term support from crude oil is limited. It is expected to oscillate with the cost [39] - **PTA**: On the previous trading day, PTA futures rose. The supply load increased, and the demand was affected by tariffs. The cost support was insufficient. It is expected to oscillate [40][41] - **Ethylene Glycol**: On the previous trading day, ethylene glycol futures rose. The supply load increased, the inventory was high, and the demand was affected by tariffs. It is expected to oscillate at the bottom [42] - **Short - Fiber**: On the previous trading day, short - fiber futures rose. The supply load decreased slightly, the demand was weak, and the cost support was insufficient. It is expected to oscillate with the cost [43][44] - **Bottle Chips**: On the previous trading day, bottle - chip futures rose. The cost support improved, the supply load increased, and the demand recovered. It is expected to oscillate with the cost [45] - **Soda Ash**: On the previous trading day, soda ash futures declined. The supply is high, the new orders are average, and the downstream demand is weak. It is expected to be weak in the short term [46][47][48] - **Glass**: On the previous trading day, glass futures declined. The production line is at a low level, the inventory changes little, and the demand is affected by tariffs. The market sentiment is expected to be weak [49] - **Caustic Soda**: On the previous trading day, caustic soda futures declined. The production decreased slightly, the downstream demand was weak, and the price is expected to decline slightly in the short term [50][51] - **Pulp**: On the previous trading day, pulp futures declined. The inventory increased, the downstream start - up was mixed, and the market was light. It is expected to oscillate at a relatively low level [52] - **Lithium Carbonate**: On the previous trading day, lithium carbonate futures declined. The supply is high, the demand is weak, and the inventory increases. It is expected to be weak [53][54] Agricultural Products - **Soybean Oil and Soybean Meal**: On the previous trading day, soybean oil and soybean meal futures declined. The supply of soybeans is expected to be loose, the demand for soybean oil and soybean meal is expected to increase slightly. It is recommended to wait and see for soybean meal and consider call option opportunities for soybean oil [62][63] - **Palm Oil**: On the previous trading day, palm oil futures declined. The production is expected to increase, the inventory may rise, and the export has increased. It is recommended to wait and see [64][65][66] - **Rapeseed Meal and Rapeseed Oil**: The price of Canadian rapeseed fluctuated slightly. China has imposed tariffs on Canadian rapeseed products. The inventory of rapeseed and rapeseed meal decreased, and the inventory of rapeseed oil increased. Investors can consider the opportunity to expand the spread between soybean and rapeseed products [67][68] - **Cotton**: On the previous trading day, domestic cotton futures oscillated. The planting area in Xinjiang has increased, and the weather is a key factor. The textile and clothing export is affected by tariffs. It is recommended to short - sell on rebounds in the long term [69][70][71] - **Sugar**: On the previous trading day, domestic sugar futures fluctuated. The sugar production in India is lower than expected, and Brazil is gradually starting to crush. The domestic industrial inventory is neutral, and the import volume is low. It is recommended to wait and see [73][74] - **Apple**: On the previous trading day, apple futures declined significantly. The inventory is low, the consumption is good, and the spot price is strong. It is recommended to go long on dips [75][76] - **Pig**: On the previous trading day, pig futures declined slightly. The supply is sufficient, the consumption is in the off - season, and the price is expected to decline. Attention should be paid to taking profits on short positions [77][78] - **Egg**: On the previous trading day, egg futures declined. The egg supply is expected to increase, the consumption is in the off - season, and the feed cost may rise in the long term. Attention should be paid to reverse - spread opportunities [79][80] - **Corn and Corn Starch**: On the previous trading day, corn and corn starch futures rose. The supply of corn is expected to be slightly less surplus, the demand is expected to increase, and the inventory is high. Corn starch follows the corn market. It is recommended to wait and see [81][82][83] - **Log**: On the previous trading day, log futures declined. The arrival of logs decreased, the inventory was relatively stable, and the market was light. There is no obvious driving force in the fundamentals [84][85]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The report analyzes various commodities including bonds, stocks, precious metals, and industrial and agricultural products, providing market trends, influencing factors, and investment strategies for each [5][8][10]. - Overall, the market is affected by factors such as tariffs, economic policies, and supply - demand relationships, with different commodities showing different trends and investment opportunities [6][8][22]. Summary by Commodity Bonds - Last trading day, most bond futures closed higher. The central bank conducted 159.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 91 billion yuan. The government plans to implement more active fiscal and monetary policies [5]. - Although external environment is favorable for bond futures, current bond yields are relatively low. China's economy shows a stable recovery trend, so it is recommended to be cautious [6]. - It is expected that the fluctuation range will increase, and caution should be maintained [7]. Stocks - Last trading day, stock index futures showed mixed performance. Although tariffs disrupt the domestic economic recovery rhythm and global recession risk increases, domestic asset valuations are low and policies have hedging space [8]. - It is still optimistic about the long - term performance of Chinese equity assets and suggests waiting for long - entry opportunities [9]. Precious Metals - Last trading day, gold and silver futures prices declined. The US consumer confidence index and inflation expectations have certain impacts [10]. - The complex global trade and financial environment, potential monetary policy easing, and tariff environment are expected to drive up the price of gold. It is still optimistic about the long - term value of gold, and it is recommended to take profit on previous long positions and wait for new long - entry opportunities [10][11]. Industrial Metals - **Steel Products (including rebar, hot - rolled coil)**: Last trading day, prices slightly declined. The real - estate industry's downturn suppresses demand, but the peak demand season may provide short - term support. Valuations are low, and there are signs of technical support. It is recommended to look for short - selling opportunities on rebounds [12]. - **Iron Ore**: Last trading day, prices slightly adjusted. The increase in iron ore demand and the decrease in supply and inventory support prices. Valuations are relatively high. It is recommended to look for long - entry opportunities at low levels [14]. - **Coking Coal and Coke**: Last trading day, prices slightly declined. Coking coal supply is loose, while coke demand has improved to some extent. There are signs of a technical bottom. It is recommended to look for short - selling opportunities on rebounds [16]. - **Ferroalloys**: Last trading day, prices declined. Manganese ore supply may be disrupted, and the supply - demand situation of ferroalloys is gradually improving. It is recommended to consider call options on manganese silicon and short - covering opportunities on silicon iron [18][19]. - **Copper**: Last trading day, prices rose. The cooling of tariff disputes and the possibility of a Fed rate cut in June support prices. It is expected that prices will be strong, and long - entry operations are recommended [48][49]. - **Tin**: Last trading day, prices declined. Affected by tariffs, price fluctuations have intensified. The supply side has both positive and negative factors, and demand is good. It is expected that prices will fluctuate, and risk control is needed [50][51]. - **Nickel**: Last trading day, prices declined. Affected by tariffs, the market sentiment is pessimistic. The supply side has cost support, but demand may weaken in the off - season. It is recommended to control risks and wait and see [52]. - **Industrial Silicon/Polysilicon**: Last trading day, prices declined. The supply - demand imbalance persists, and costs are expected to decrease. It is recommended to short - sell at high levels on rebounds [53][55]. Energy and Chemicals - **Crude Oil**: Last trading day, prices fluctuated upward. The increase in net long positions of speculators and the increase in the number of oil and gas rigs are noteworthy. The Sino - US negotiation and OPEC's production policy are uncertain. It is recommended to wait and see [20][23]. - **Fuel Oil**: Last trading day, prices followed crude oil and fluctuated higher. The high - sulfur fuel oil market may enter the peak demand season, and the low - sulfur fuel oil market is stable. Due to the sanctions on Russia, the supply of high - sulfur fuel oil is expected to be tight. It is recommended to wait and see [24][25]. - **Synthetic Rubber**: Last trading day, prices rose. Supply pressure persists, demand improvement is limited, and costs are stable. It is expected that prices will fluctuate [26][28]. - **Natural Rubber**: Last trading day, prices showed mixed performance. The supply is expected to increase, and demand is affected by tariffs. It is expected that prices will be weakly volatile [29][30]. - **PVC**: Last trading day, prices declined. Supply pressure eases, demand recovers weakly, and inventory removal is slow. It is expected that prices will fluctuate at the bottom [31][33]. - **Urea**: Last trading day, prices declined. Agricultural demand will weaken seasonally, and new production capacity will be released. It is expected that prices will be weakly volatile in the short term [34][35]. - **PX**: Last trading day, prices rose. PX device maintenance reduces supply, and downstream demand improves. Affected by crude oil prices, it is expected that prices will fluctuate with the cost side [36][37]. - **PTA**: Last trading day, prices rose. Supply increases, demand improvement is less than expected, and costs provide support. It is expected that prices will fluctuate with the cost side [38]. - **Ethylene Glycol**: Last trading day, prices declined. Supply increases, inventory removal is difficult, and demand is affected by tariffs. It is expected that prices will fluctuate at the bottom [39][40]. - **Short - Fiber**: Last trading day, prices rose. Supply is at a relatively high level, demand is weak, and costs provide limited support. It is expected that prices will fluctuate with the cost side [41]. - **Bottle Chips**: Last trading day, prices rose. Raw material prices recover, supply increases slightly, and demand improves. It is expected that prices will fluctuate with the cost side [42]. - **Soda Ash**: Last trading day, prices declined. Supply remains high, demand is weak, and inventory removal is slow. It is expected that the market will remain weak in the short term [43]. - **Glass**: Last trading day, prices declined. Production lines are at a low level, inventory changes little, and demand is affected by tariffs. It is expected that the market sentiment will be weak [44]. - **Caustic Soda**: Last trading day, prices declined. Some large - scale devices are under maintenance, demand from the alumina industry is limited, and the market turns weak again [45]. - **Pulp**: Last trading day, prices declined slightly. Inventory accumulates, downstream start - up rates vary, and the market is weak and volatile [46]. Agricultural Products - **Soybean Oil and Soybean Meal**: Last trading day, soybean meal prices declined, and soybean oil prices rose. Argentine weather is favorable for soybean harvesting, and domestic soybean supply is expected to be loose. It is recommended to wait and see for soybean meal and consider call options on soybean oil at the bottom [56][57]. - **Palm Oil**: Malaysian palm oil prices rose. Domestic imports increase, and inventory accumulates. It is recommended to wait and see [58][60]. - **Rapeseed Meal and Rapeseed Oil**: Canadian rapeseed prices rose. China has imposed tariffs on Canadian rapeseed products. Inventory shows different trends. It is recommended to consider the opportunity to expand the spread between soybean and rapeseed products [61][62]. - **Cotton**: Last trading day, prices fluctuated. The spring sowing of Xinjiang cotton is almost completed, and weather is a key factor. Textile exports are affected by tariffs. It is recommended to short - sell at high levels on rebounds in the long - term [63][68]. - **Sugar**: Last trading day, domestic sugar prices rose slightly, and international sugar prices rose significantly. Indian sugar production is lower than expected, and domestic supply pressure is not large. It is recommended to wait and see [70][72]. - **Apple**: Last trading day, prices rose significantly. Inventory is low, consumption is good, and spot prices are strong. It is recommended to go long at low levels after corrections [74][75]. - **Pig**: Last trading day, prices declined. Supply increases, consumption is in the off - season, and prices are expected to decline in the short term. It is recommended to take profit on previous short positions [76][78]. - **Egg**: Last trading day, prices were stable. Egg supply is expected to increase, and consumption is in the off - season. It is recommended to pay attention to reverse spread opportunities [79][80]. - **Corn and Corn Starch**: Last trading day, prices rose. Corn supply is still under pressure in the short term, but the bottom is supported. Corn starch follows the corn market. It is recommended to wait and see [81][83]. - **Log**: Last trading day, prices rose. Log prices decline, inventory is relatively neutral, and the real - estate market is in the destocking cycle. The spot market provides weak support for the futures market [84][85].

2025 年 4 月 25 日星期五 地址： 电话： 重庆市江北区金沙门路 32 号 23 层； 023-67070250 上海市浦东新区向城路 288 号 1101A； 021-61101856 1 市场有风险 投资需谨慎 | 尿素： | | 11 | | --- | --- | --- | | 对二甲苯 | PX： | 11 | | PTA： | | 12 | | 乙二醇： | | 12 | | 短纤： | | 13 | | 瓶片： | | 13 | | 纯碱： | | 13 | | 玻璃： | | 14 | | 烧碱： | | 14 | | 纸浆： | | 15 | | 碳酸锂： | | 15 | | 铜： | | 16 | | --- | --- | --- | | 锡： | | 16 | | 镍： | | 17 | | 工业硅/多晶硅： | | 17 | | 豆油、豆粕： | | 17 | | 棕榈油： | | 18 | | 菜粕、菜油： | | 19 | | 棉花： | | 19 | | 白糖： | | 20 | | 苹果： | | 21 | | 生猪： | | 22 | | 鸡蛋： | | 22 ...

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2025 年 4 月 23 日星期三 地址： 电话： 重庆市江北区金沙门路 32 号 23 层； 023-67070250 上海市浦东新区向城路 288 号 1101A； 021-61101856 1 市场有风险 投资需谨慎 | 天然橡胶： | | 10 | | --- | --- | --- | | PVC： | | 10 | | 尿素： | | 11 | | 对二甲苯 | PX： | 11 | | PTA： | | 11 | | 乙二醇： | | 12 | | 短纤： | | 12 | | 瓶片： | | 13 | | 纯碱： | | 13 | | 玻璃： | | 14 | | 烧碱： | | 14 | | 纸浆： | | 15 | | 碳酸锂： | | 15 | | 铜： | | 15 | | --- | --- | --- | | 锡： | | 16 | | 镍： | | 16 | | 工业硅/多晶硅： | | 17 | | 豆油、豆粕： | | 17 | | 棕榈油： | | 18 | | 菜粕、菜油： | | 19 | | 棉花： | | 19 | | 白糖： | | 20 | | 苹果： | | ...

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2025 年 4 月 21 日星期一 地址： 电话： 重庆市江北区金沙门路 32 号 23 层； 023-67070250 上海市浦东新区向城路 288 号 1101A； 021-61101856 1 市场有风险 投资需谨慎 | 对二甲苯 | PX： | 11 | | --- | --- | --- | | PTA： | | 12 | | 乙二醇： | | 12 | | 短纤： | | 13 | | 瓶片： | | 13 | | 纯碱： | | 14 | | 玻璃： | | 14 | | 烧碱： | | 14 | | 纸浆： | | 15 | | 碳酸锂： | | 16 | | 铜： | | 16 | | --- | --- | --- | | 锡： | | 17 | | 镍： | | 17 | | 工业硅/多晶硅： | | 17 | | 豆油、豆粕： | | 18 | | 棕榈油： | | 19 | | 菜粕、菜油： | | 19 | | 棉花： | | 20 | | 白糖： | | 21 | | 苹果： | | 22 | | 生猪： | | 22 | | 鸡蛋： | | 23 | | 玉米： | | 24 ...

重庆市江北区金沙门路 32 号 23 层； 023-67070250 上海市浦东新区向城路 288 号 1101A； 021-61101856 1 市场有风险 投资需谨慎 2025 年 4 月 18 日星期五 地址： 电话： | | | | 铜： | | 16 | | --- | --- | --- | | 锡： | | 17 | | 镍： | | 17 | | 工业硅/多晶硅： | | 17 | | 豆油、豆粕： | | 18 | | 棕榈油： | | 19 | | 菜粕、菜油： | | 19 | | 棉花： | | 19 | | 白糖： | | 21 | | 苹果： | | 22 | | 生猪： | | 22 | | 鸡蛋： | | 23 | | 玉米： | | 23 | | 原木： | | 24 | | 免责声明 | | 26 | 国债： 上一交易日，股指期货全线上涨，沪深 300 股指期货（IF）主力合约 0.90%，上证 50 股指期货（IH）主力 0.82%，中证 500 股指期货（IC）主力合约 0.47%，中证 1000 股指期货（IM）主力合约 1.06%。 当前国内经济保持平稳，但关税打乱 ...