棉纺策略日报 简要观点 ◆ 棉花：震荡运行 基本面方面，巴西种植 3 月 13 日已经结束，播种进度 99.97%，2024 年总产达到 370 万吨，2025 年预计总产达到 395 万吨，对外棉压力比 较大。国内新疆新棉播种已经结束，并未出现异常天气，今年丰产概率 增大。美棉已经进入播种期，后续 7、8 月美国天气值得关注，从整体 上，25、26 年度预期全球依然是高产年份。近期美国宏观数据显示疲 弱，美联储释放鸽派信号，叠加中美贸易战进入新的阶段，中美双方开 始进行接触，并且国务院降息降准等刺激政策落地，市场情绪有所缓和， 但由于中美贸易战不确定性仍存，以及全球经济的衰退预期上升，在消 费端存在下滑的可能性，供增需弱，对长远趋势看弱，未来的 6 月份显 得比较关键，如果中美握手言和，取消对等关税，美联储开始降息，行 情还有转机的机会，如果不能，则会一直发展不利。短期国内基本面无 变化，操作建议，依然是保持谨慎，有反弹做好套保对冲思路。（数据 来源：中国棉花信息网 TTEB） ◆ PTA：偏强震荡 本周 PTA 低位反弹，一方面是基本面成本与供需利好支撑，另一方面 宏观回暖与国内政策支持，短期 PTA 价 ...

棉纺策略日报 简要观点 ◆ 棉花：震荡运行 基本面方面，巴西种植 3 月 13 日已经结束，播种进度 99.97%，2024 年总产达到 370 万吨，2025 年预计总产达到 395 万吨，对外棉压力比 较大。国内新疆新棉播种已经结束，并未出现异常天气，今年丰产概率 增大。美棉已经进入播种期，后续 7、8 月美国天气值得关注，从整体 上，25、26 年度预期全球依然是高产年份。近期美国宏观数据显示疲 弱，美联储释放鸽派信号，叠加中美贸易战进入新的阶段，中美双方开 始进行接触，并且国务院降息降准等刺激政策落地，市场情绪有所缓和， 但由于中美贸易战不确定性仍存，以及全球经济的衰退预期上升，在消 费端存在下滑的可能性，供增需弱，对长远趋势看弱，未来的 6 月份显 得比较关键，如果中美握手言和，取消对等关税，美联储开始降息，行 情还有转机的机会，如果不能，则会一直发展不利。短期国内基本面无 变化，操作建议，依然是保持谨慎，有反弹做好套保对冲思路。（数据 来源：中国棉花信息网 TTEB） ◆ PTA：偏强震荡 产业服务总部 棉纺团队 2025-5-8 公司资质 长江期货股份有限公司交易咨询业 务资格：鄂证监期货字{2 ...

Report Industry Investment Rating - The investment rating for stock index futures is "Oscillatory operation" [2][3] - The investment rating for treasury bond futures is "Short - term optimistic" [3] Core Viewpoints Stock Index - The Fed paused rate cuts again, warning of stagflation risks and reiterating increased "uncertainty". Powell ignored Trump, saying the economy is still good and uncertainty is extremely high, and refused to act preemptively due to tariffs. The Bank of Japan unanimously agreed to "stand pat", keeping the interest rate at 0.5%. China's Foreign Ministry responded to the China - US high - level economic and trade talks. China's financial sector introduced a package of policies to stabilize the market and expectations. A major reform plan for the public fund industry was implemented, linking the interests of investors, tying fund managers' compensation to returns, and reducing fees. With multiple positive factors, attention should be paid to the stock index trend. If there is a downward trend to fill the gap, it may fill the gap before rebounding; if the overall situation is stable and favorable, the stock index may oscillate strongly [1] Treasury Bond - Currently, as the policy rate drives down the short - term money market interest rate center, the certainty of the short - to medium - term part of the curve is relatively high. After the curve steepens again, it in turn provides "protection" for the long - term end. The bond market as a whole may still be in a situation with a relatively high probability of success but limited odds. Before the fundamental situation shows a significant improvement, there is no need to be overly cautious [2] Market Review Stock Index - The main contract futures of CSI 300 rose 0.51%, the main contract futures of SSE 50 rose 0.66%, the main contract futures of CSI 500 rose 0.01%, and the main contract futures of CSI 1000 rose 0.12% [4] Treasury Bond - The 10 - year main contract fell 0.19%, the 5 - year main contract fell 0.08%, the 30 - year main contract fell 0.62%, and the 2 - year main contract fell 0.01% [6] Technical Analysis Stock Index - The KDJ indicator shows that the broader market oscillates strongly [5] Treasury Bond - The KDJ indicator shows that the T main contract oscillates strongly [7] Strategy Suggestions Stock Index - Oscillatory operation [2] Treasury Bond - Short - term optimistic [3] Data Table | Date | Futures Variety | Closing Price (yuan/piece) | Change (%) | Trading Volume (lots) | Open Interest (lots) | | --- | --- | --- | --- | --- | --- | | 2025/05/07 | CSI 300 continuous main contract | 3785.00 | 0.51 | 56105 | 141994 | | 2025/05/07 | SSE 50 continuous main contract | 2646.40 | 0.66 | 29460 | 46351 | | 2025/05/07 | CSI 500 continuous main contract | 5620.20 | 0.01 | 54572 | 100287 | | 2025/05/07 | CSI 1000 continuous main contract | 5955.20 | 0.12 | 158085 | 174521 | | 2025/05/07 | 10 - year treasury bond continuous main contract | 108.85 | - 0.19 | 85388 | 180727 | | 2025/05/07 | 5 - year treasury bond continuous main contract | 106.00 | - 0.08 | 62281 | 151057 | | 2025/05/07 | 30 - year treasury bond continuous main contract | 120.14 | - 0.62 | 115667 | 93433 | | 2025/05/07 | 2 - year treasury bond continuous main contract | 102.31 | - 0.01 | 40388 | 89974 | [9]

1. Report Industry Investment Ratings - **Macro Finance**: Index futures are expected to move in a volatile range, while treasury bonds are expected to rise steadily [1][5]. - **Black Building Materials**: Rebar is recommended for temporary observation, iron ore is expected to be weakly volatile, and coking coal and coke are expected to move in a volatile range [1][7][9]. - **Non - ferrous Metals**: Copper is recommended for cautious trading within a range, aluminum is not recommended for short - chasing, nickel is recommended for observation or short - selling on rallies, tin is recommended for range trading, gold is recommended for building positions on dips after a full price correction, and silver is recommended for range trading [1][11][17]. - **Energy and Chemicals**: PVC, caustic soda, rubber, urea, methanol, and plastic are all expected to move in a volatile range, while soda ash is recommended for observation [1][19][25]. - **Cotton Textile Industry Chain**: Cotton and cotton yarn are expected to be weakly volatile, apples are expected to move in a volatile range, and PTA is expected to be weakly volatile [1][27][28]. - **Agricultural and Livestock**: Pigs are expected to be weakly volatile, eggs are expected to be weakly trending, corn is expected to be strongly volatile, soybean meal is expected to decline in a volatile manner, and oils are expected to be weakly volatile [1][29][35]. 2. Core Views of the Report The report provides investment strategies and market outlooks for various futures products in different industries. It takes into account factors such as supply and demand, policy changes, and macro - economic conditions. For example, in the black building materials industry, the supply and demand situation of iron ore and the impact of policies on steel production are considered; in the non - ferrous metals industry, factors like global economic conditions, supply and demand fundamentals, and trade policies are analyzed. 3. Summaries by Relevant Catalogs Macro Finance - **Index Futures**: Affected by factors such as the Fed's monetary policy, geopolitical events, and domestic policies, the index futures are expected to move in a volatile range. If there is a downward trend to fill the gap, it may rebound after filling the gap; if the overall situation is stable and positive, it may be strongly volatile [5]. - **Treasury Bonds**: Although the "double - cut" policy has been implemented, the bond market investors are not fully satisfied. The short - end bonds are stronger, while the long - end bonds have a profit - taking market. The bond market is still in a situation with a relatively high winning rate but limited odds [5][6]. Black Building Materials - **Rebar**: The price is expected to move in a volatile range. The static valuation is low, but the policy and market expectations are weak. Attention should be paid to the implementation of production - restriction policies [7]. - **Iron Ore**: The supply is seasonally increasing, and the demand is also increasing, but there is an expectation of a peak and decline. Considering the high iron - water output and international trade frictions, the 09 contract is expected to be weakly volatile [7][8]. - **Coking Coal and Coke**: The coking coal market is expected to continue to be volatile in the short term, and attention should be paid to the resumption of downstream iron - water production, changes in imported coal prices, and policy expectations. The coke market is expected to maintain a volatile pattern, and attention should be paid to the recovery of finished - product demand, the balance of coking - steel profits, and policy - related production - restriction disturbances [9][10]. Non - ferrous Metals - **Copper**: The supply - side pressure is increasing, and the demand may be restricted by price increases and trade policies. The price is expected to maintain a volatile pattern after the holiday, and cautious trading within a range is recommended [11]. - **Aluminum**: The supply is increasing, and the demand is weakening. The price is expected to be weakly volatile, but the current decline is too fast, so short - chasing is not recommended [12]. - **Nickel**: The supply is in an oversupply situation, and it is expected to be weakly volatile under the influence of cost and demand factors [13][14]. - **Tin**: The supply of raw materials is tight, and the downstream semiconductor industry is expected to recover. The price is expected to be volatile, and range trading is recommended [15]. - **Gold and Silver**: Affected by factors such as the Fed's monetary policy, economic data, and trade policies, the prices are expected to be in an adjustment state, and range trading is recommended [17]. Energy and Chemicals - **PVC**: The demand is weak, and the supply is excessive. The price is expected to be weakly volatile, and attention should be paid to tariff negotiations and domestic stimulus policies [19]. - **Caustic Soda**: The supply is sufficient, and the demand increment is limited. It is expected to be weakly volatile, and attention should be paid to delivery volume, inventory, and export [20]. - **Rubber**: The demand is weak, and the supply is sufficient. It is expected to be weakly volatile in the medium term, and attention should be paid to policies, tariffs, and weather [21][22]. - **Urea**: The supply is high, and the demand is gradually released. It is expected to be strongly volatile in the short term, and range operation is recommended [22]. - **Methanol**: The supply is reduced, and the demand is stable. It is expected to be volatile in the short term, and range operation is recommended [24]. - **Plastic**: The supply pressure is large, and the demand is in the off - season. It is expected to be weakly volatile in the short term, and attention should be paid to demand, policies, and tariffs [25]. - **Soda Ash**: The supply is still high, and the downstream is not optimistic. It is expected to be weakly volatile, and short - term observation is recommended [25]. Cotton Textile Industry Chain - **Cotton**: The global supply and demand are loose, and the downstream consumption is weak. The price is expected to be weakly volatile [27]. - **Apples**: The current inventory is low, and the price is expected to be volatile at a high level, but attention should be paid to macro - risks [27]. - **PTA**: The cost is collapsing, and the terminal export orders are poor. The price is expected to be weakly volatile, and attention should be paid to the 4200 support level [28]. Agricultural and Livestock - **Pigs**: The supply is increasing and postponed, and the price is under pressure. It is expected to be weakly volatile, and short - selling on rallies is recommended after taking profits [29][30]. - **Eggs**: The demand is falling after the holiday, and the supply is accumulating. The 06 contract is expected to be volatile at a low level, and the 08 and 09 contracts are considered bearish [31][32]. - **Corn**: The short - term supply is tight, and the long - term supply and demand are tightening. It is recommended to go long on dips, and attention should be paid to substitutes [32]. - **Soybean Meal**: The short - term supply is increasing, and the price is expected to decline. The long - term cost is increasing, and the price is expected to be strong. Short - selling on rallies in the short term and long - buying on dips in the long term are recommended [33][34]. - **Oils**: The short - term is expected to be weakly volatile, and attention should be paid to support levels. Bean and rapeseed oils are expected to be stronger, and attention should be paid to the spread expansion of bean - palm and rapeseed - palm oil contracts [35][40].

黑色产业日报 周三，螺纹钢期货价格冲高回落，杭州中天螺纹钢 3220 元/吨，较前一 日上涨 10 元/吨，10 合约基差 122（-11），7 日上午国新办举行新闻 发布会，央行等多部门介绍了"一揽子金融政策支持稳市场稳预期"有 关情况，货币政策利多落地，盘面高开低走，目前市场仍在期待财政政 策发力。后市而言：估值方面，螺纹钢期货价格跌至电炉谷电成本附近， 仅仅高于长流程成本，静态估值处于偏低水平；驱动方面，政策端，预计 中美关税政策仍会反复博弈，短期国内出台大规模财政刺激政策概率较 小，产业端，现实供需尚可，但关税影响出口+需求季节性下滑，市场预 期偏弱，关注限产政策是否落地，预计价格震荡运行。(数据来源：同花 顺 iFinD，Mysteel) ◆ 铁矿石 供给方面，全球发运季节性回升，近期国内进口矿到港有所增长，港口 铁矿库存仍呈现小幅上升态势。需求方面，铁水产量大幅增长，钢厂产 能利用率提升。月末钢厂复产节奏加快，成材价格暂稳，钢厂生产积极 性提高。市场存在粗钢限产预期，但尚未见到具体政策文件出台，五千 万吨限产相较总量仍然较少，正反馈难以形成，矿价仍是弱势。基本面 铁矿属于供需均有走弱趋势，但即将进 ...

Report Summary 1. Investment Ratings No investment ratings for the industries are provided in the report. 2. Core Views - The market showed a briefly macro - positive trend due to news like China - US talks, but concerns about the economy persisted, and the Fed's hawkish stance at night also influenced the market. Overall, the market situation is complex and influenced by multiple factors including domestic policies, international trade, and economic growth expectations [2][4]. 3. Summary by Product PVC - On May 7, PVC prices rose and then fell. In the long - term, PVC faces a supply - demand imbalance with weak demand due to the real - estate downturn and export restrictions, and high supply pressure from new projects and high - profit烧碱 production. Currently, it is mainly influenced by the macro - environment, with low valuation and weak trading. Key factors to watch are tariff negotiations, domestic stimulus policies, exports, and maintenance efforts [2]. 烧碱 - On May 7, the main SH09 contract of caustic soda closed at 2513 yuan/ton (+15). The market supply is abundant, demand has not improved, and prices are trending lower. The overall situation is that supply remains sufficient, demand growth is limited, and it is expected to fluctuate weakly. Key points to monitor are Weiqiao's delivery volume, inventory reduction, alumina production start - up, exports, and maintenance scale from June to August [3]. 橡胶 - On May 7, rubber prices rose and then fell. NR in Thailand is expected to start tapping soon and is showing weakness, while RU has some support from stockpiling. If there are no major reversals in domestic policies and tariff issues, the market will be dominated by weak demand and sufficient supply, and may continue to fluctuate weakly in the medium - term. Factors to watch are tariff developments and post - tapping weather [4][6]. 尿素 - The main urea contract rose 0.96% to close at 1886 yuan/ton. Supply is at a historically high level, with a daily output of about 200,000 tons. Demand includes agricultural, industrial, and export - substitution aspects. It is expected to fluctuate strongly in the short - term, with the 09 contract operating in the 1750 - 1950 yuan/ton range. Key factors to follow are crop sowing progress, export news, and macro - policy changes [7]. 甲醇 - The main methanol contract rose 0.09% to close at 2239 yuan/ton. Supply from inland areas is decreasing due to lower device operating rates, while downstream demand is relatively stable. Inventory shows a differentiation between inland and port areas. It is expected to fluctuate in the short - term, with the operating range of 2200 - 2350 yuan/ton [8]. 塑料 - On May 7, the main plastic contract rose 0.51% to 7046 yuan/ton. In April, due to tariff policies, plastic prices dropped significantly. Supply pressure is increasing with new capacity coming online in the second quarter. Demand is entering the off - season, and the market is expected to fluctuate weakly in the short - term. Key factors to monitor are downstream demand, domestic stimulus policies, tariff negotiations, and crude oil price fluctuations [9][10].

有色金属日报 基本金属 ◆ 铜： 截至 5 月 7 日收盘，沪铜主力 06 合约上涨 0.15%至 77790 元/吨。美 国 4 月非农就业人口增长达到 17.7 万人，就业增长强劲，失业率亦保持 稳定，但制造业产出出现自 2020 年以来最严重的萎缩，中国 PMI 数据 也对关税影响有所体现。同时 4 月份发往美国的精炼铜货物超过 17 万 吨，或将超过 2001 年 11 月份大约 14.2 万吨所创历史最高，美铜承压， 带动假日海外市场一度大跌，但随后持续反弹。国内假日期间铜价整体 大幅波动，小幅下跌。基本面上，铜精矿现货市场延续低迷态势，TC 持 续探底跌破-40 美元，虽受益于副产品价格高位，精铜产出依然保持韧 性，但炼厂压力在增大。在铜产出维持高位的背景下，市场去库并未受 到明显影响，纽约大幅垒库，但国内大幅去库，LME 库存亦在减少，铜 的供需基本面仍偏紧张。供应端矿端压力延续并有加大趋势，废铜进口 可能受限。但铜价进一步上行将对需求带来抑制，而特朗普政府贸易战 对全球经济带来的拖累仍将对铜整体需求带来不利影响，或将在需求端 逐步显现，因而铜价上行空间也受到限制。节后沪铜或仍维持震荡格局， 建 ...

饲料养殖产业日报 日度观点 ◆生猪： 5 月 8 日辽宁现货 14.2-14.8 元/公斤，较上一日稳定；河南 14.5-15.3 元/ 公斤，较上一日稳定；四川 14.5-14.8 元/公斤，较上一日稳定；广东 15.4- 16 元/公斤，较上一日稳定。前期二育强势进场，二育栏舍利用率已超过一 半，部分养殖户五一前后出栏，且肥标价差倒挂以及成本提升，二次育肥进 场积极性减弱，后期供应增加。需求端，天气转热，节后猪肉消费转淡，且 猪价偏高，屠企利润仍亏损，需求增量有限，不过低位二次育肥滚动进场仍 存，整体供需博弈加剧，猪价频繁震荡整理，关注企业出栏节奏、二育进出 情况。中长期来看，能繁母猪存栏 2024 年 5-11 月缓增，生产性能提升， 在疫情平稳情况 下，4-9 月供应呈增加态势，根据仔猪数据，2024 年 11- 2025 年 2 月仔猪同比增加，二季度出栏压力仍大，叠加生猪体重偏高，而 上半年消费淡季，在供强需弱格局下， 猪价有下跌风险，关注二育介入造 成供应后移、冻品出入库以及饲料价格波动对价格的扰动；2024 年 12 月 开始，生猪产能有所去化，但行业有利润，去化幅度有限，处于均衡区间上 限， ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The PVC market is in a state of oversupply with weak demand, and is expected to be dominated by macro factors, with the price showing weak consolidation. The烧碱 market has sufficient supply and limited demand growth, and is expected to fluctuate weakly. The rubber market is expected to be dominated by weak demand and sufficient supply, and may continue to fluctuate weakly in the medium - term. The urea market is expected to fluctuate strongly in the short - term. The methanol market is expected to fluctuate in the short - term. The plastic market is in a traditional demand off - season, and its price was greatly affected by the tariff policy in April, with large supply - side pressure [1][2][3][5][6][7]. 3. Summary by Commodity PVC - On May 6, PVC fluctuated weakly. In the long - term, demand is dragged down by the real estate industry, and exports are restricted. Supply has new investment plans, with high production pressure in the second quarter. Currently, inventory reduction is okay, but the fundamental drive is limited. The price is mainly macro - led, and the valuation is low [1]. 烧碱 - On May 6, the main contract of 烧碱 closed at 2498 yuan/ton (+19). The market price in Shandong increased. As of April 30, 2025, the inventory of fixed liquid 烧碱 sample enterprises increased. Supply is sufficient, demand has not improved, and the price is low. The market is expected to fluctuate weakly, and attention should be paid to the delivery volume of Weiqiao and inventory reduction [2]. Rubber - On May 6, the rubber system fluctuated. Before the holiday, it was in a volatile state, and the external market rose slightly during the holiday. NR in Thailand is weak as the tapping is about to start, RU has some support from storage, and BR is more affected by crude oil. If there are no major changes in domestic policies and tariffs, the market is expected to be dominated by weak demand and sufficient supply [3]. Urea - The main contract of urea rose 1.95% to close at 1881 yuan/ton. Driven by export news and agricultural demand, the price is strong. The daily output is at a historical high. Agricultural demand still has a gap, industrial demand is slightly improving, and there is obvious substitution export. It is expected to fluctuate strongly in the short - term, with the 09 contract operating in the 1750 - 1950 range [5]. Methanol - Recently, some olefin plants in coastal areas have shut down as scheduled, and some in Ningxia and Shandong have external procurement needs due to internal or self - owned methanol plant maintenance. The traditional demand for methanol has limited support. The inventory of sample enterprises has been accumulating, and the port inventory is decreasing. The supply in the mainland is shrinking, and the demand in some areas may be slightly reduced. It is expected to fluctuate in the short - term [6]. Plastic - On May 6, the main contract of plastic fell 1.61% to 6987 yuan/ton. In April, affected by the tariff policy, the price dropped significantly. The supply - side has new capacity coming on stream in the second quarter, with high pressure. The demand - side is in the off - season, with the agricultural film industry having a lower start - up rate. The inventory is neutral, and the downstream's willingness to replenish inventory at low prices is low [7].

饲料养殖产业日报 日度观点 ◆生猪： 5 月 7 日辽宁现货 14.2-14.8 元/公斤，较上一日稳定；河南 14.5-15.3 元/ 公斤，较上一日跌 0.1 元/公斤；四川 14.5-14.8 元/公斤，较上一日稳定； 广东 15.4-16 元/公斤，较上一日稳定。前期二育强势进场，二育栏舍利用 率已超过一半，部分养殖户五一前后出栏，且肥标价差倒挂以及成本提升， 二次育肥进场积极性减弱，后期供应增加。需求端，天气转热，节后猪肉消 费转淡，且猪价偏高，屠企利润仍亏损，需求增量有限，不过低位二次育肥 滚动进场仍存，整体供需博弈加剧，猪价频繁震荡整理，关注企业出栏节 奏、二育进出情况。中长期来看，能繁母猪存栏 2024 年 5-11 月缓增，生 产性能提升，在疫情平稳情况 下，4-9 月供应呈增加态势，根据仔猪数据， 2024 年 11-2025 年 2 月仔猪同比增加，二季度出栏压力仍大，叠加生猪体 重偏高，而上半年消费淡季，在供强需弱格局下， 猪价有下跌风险，关注 二育介入造成供应后移、冻品出入库以及饲料价格波动对价格的扰动； 2024 年 12 月开始，生猪产能有所去化，但行业有利润，去化幅度有限， 处 ...