Report Summary 1. Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - In the week of June 13, 2025, the top - rising commodities were concentrated in energy products, while the top - falling ones were in non - ferrous metals and the building materials chain. The style rotation showed multiple configurations in Nanhua industrial products in the industrial products/agricultural products and precious metals/industrial products styles, and long on oil in the gold/oil ratio. The strength order of commodity sectors was estimated as energy > precious metals > chemicals > agricultural products > non - ferrous metals > ferrous metals [1][2]. - Overseas, at the beginning of the week, the market continued to price the easing of Sino - US trade relations, but the Middle - East geopolitical conflict flared up again. Domestically, the inflation and financial data in May were below expectations, with weak imports and strong exports [2]. 3. Summary by Directory 3.1 This Week's Commodity Market Performance - As of June 13, 2025, the top - rising domestic commodities were INE crude oil, fuel oil, low - sulfur fuel oil, etc., while the top - falling ones were soda ash, urea, zinc, etc. [6] 3.2 Sector Style Rotation - The 10 - year US Treasury yield, as a global interest - rate anchor, has a significant guiding effect on asset valuation and style rotation. For equity index styles, its real yield is consistent with the long - term trend of the ratio of the growth index to the cyclical index. For commodity sector index styles, it is also consistent with the long - term trend of the ratio of the Nanhua precious metals index to the Nanhua industrial products index [8][13]. - During the week, the cycle/growth style rotated to under - allocate growth; the industrial products/agricultural products style rotated to over - allocate Nanhua industrial products; the precious metals/industrial products style rotated to over - allocate Nanhua industrial products; and the gold/oil ratio rotated to over - allocate oil [2][13]. 3.3 Performance of Arbitrage Spread Pairs - The three arbitrage pairs with the relatively strongest performance during the week were the spread of the PP - 3*MA main contract, the spread of the L - PP main contract, and the spread of the rapeseed oil - palm oil main contract. The three with the relatively weakest performance were the copper - oil main contract ratio, the P/SC main contract ratio, and the Y/SC main contract ratio [2][14]. - Data on the latest values, weekly changes, one - year valuations, and two - year valuations of various arbitrage pairs are provided in the report [15].

周度报告——光伏玻璃 源 化 工 6 月组件厂家排产预期降幅加大，光伏玻璃消费将明显缩减，市 场惶恐情绪较重。为避免后期高库存压力，光伏玻璃厂家开始自 主降价加速出货，同时组件端也存在压价行为。 持续累库压力下，光伏玻璃供给再度下滑 [T报ab告le_日R期an：k] 2025 年 6 月 16 日 ★光伏玻璃基本面周度表现（截至 2025/6/13 当周）： 由于 6 月份光伏玻璃需求端缩水幅度较大，而同期供应端减量节 奏难以匹配，将导致市场供需差进一步加大，当前光伏玻璃厂家 库存已经处于高位，后续仍有进一步累库空间。 截至 6 月 13 日，国内光伏玻璃 2.0mm 镀膜（面板）主流价格 为 12 元/平米，环比上周持平；3.2mm 镀膜主流价格为 19 元/ 平米，环比上周下跌。主要是行业库存压力高企，厂家对未来预 期较为悲观，市场竞争加剧，部分企业低价抢单出货，从而拉低 市场平均价格。 近期光伏玻璃利润持续下滑，行业累库压力逐步加剧，部分企业 低价加速抢单出货，未来行业平均亏损程度或进一步加深。 能 上周国内光伏玻璃厂家开始出现减产及冷修行为，市场供给呈下 行趋势。本周仍有多家企业存在减产计划，预计行 ...

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - The geopolitical risk in the Middle East remains high, and the uncertainty of the situation between Iran and Israel continues, which has a significant impact on the financial and commodity markets [1][12][13]. - The majority of financial data in May fell short of expectations, with corporate debt gradually becoming short - term, and the willingness of residents to actively increase debt remaining low. There is a need to observe the sustainability of the rebound in M1 growth rate [2][23][24]. - The A - share market is affected by external geopolitical risks, and the pressure on the molecular end of stock market pricing is still large. The next stage requires observation of domestic policy changes [3][27]. - The new bio - fuel policy in the United States will significantly tighten the balance sheet of US soybean oil and increase the demand for US soybean crushing, which will have a chain reaction on the prices of palm oil, soybean oil, and rapeseed oil [4][31][32]. 3. Summary According to the Directory 3.1 Financial News and Reviews 3.1.1 Macro Strategy (Gold) - Trump hopes that Iran and Israel can reach an agreement, and the 6 - month consumer confidence index of the University of Michigan has rebounded, with inflation expectations significantly falling. However, due to the impact of oil prices, US inflation still faces upward risks. Gold prices are driven by the military conflict between Israel and Iran, and the short - term market continues to focus on the situation in the Middle East [12][13]. - Investment advice: The short - term trend of gold prices is dominated by the geopolitical conflict in the Middle East, with increased volatility, so attention should be paid to risks [14]. 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - The "Brigade of the Righteous" in Iraq warns that if the US intervenes in the conflict between Israel and Iran, it will attack US interests in the region. Trump claims that Iran and Israel "will reach an agreement" to suspend the conflict. The geopolitical risk remains high, and the US dollar index is expected to fluctuate in the short term [15][17][18]. - Investment advice: The US dollar index will fluctuate in the short term [19]. 3.1.3 Macro Strategy (US Stock Index Futures) - The consumer confidence index in June increased, and inflation expectations decreased. However, the intensification of the Middle East conflict may lead to concerns about re - inflation. If the oil price rises to $100 per barrel, the CPI in June may rebound to around 3%, increasing the difficulty of the Fed's decision - making. US stocks still face the risk of correction before the situation improves [20][21][22]. - Investment advice: Geopolitical risks increase inflation risks, and US stocks still have a risk of correction before the situation improves [22]. 3.1.4 Macro Strategy (Treasury Bond Futures) - The financial data in May fell short of expectations. The fundamentals are still favorable for the bond market, and the long - term bullish view remains unchanged. However, short - term bonds will fluctuate in the near term, and it is recommended to lay out medium - term long positions on dips [23][24][25]. - Investment advice: It is recommended to lay out medium - term long positions on dips. Pay appropriate attention to T when going long on the long - end [25]. 3.1.5 Macro Strategy (Stock Index Futures) - The A - share market is affected by external geopolitical risks, and the pressure on the molecular end of stock market pricing is still large. The next stage requires observation of domestic policy changes [3][27]. - Investment advice: It is recommended to allocate various stock index futures evenly to cope with the rotational pattern [27]. 3.2 Commodity News and Reviews 3.2.1 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - The US EPA proposed to increase the bio - fuel blending volume from 2026 to 2027, which will significantly tighten the balance sheet of US soybean oil and increase the demand for US soybean crushing. It will have a chain reaction on the prices of palm oil, soybean oil, and rapeseed oil [4][31][32]. - Investment advice: US soybean oil still has room to rise, and palm oil, soybean oil, and rapeseed oil will follow suit, but the increase in rapeseed oil is expected to be relatively weak [32]. 3.2.2 Agricultural Products (Sugar) - The net profit of Cristal Union in the 2024/25 fiscal year decreased by 62%. The supply in Europe is sufficient, and the import from Ukraine is large, resulting in low sugar prices. The expected decline in Brazilian sugar cane production in 2025 increases the uncertainty of Brazilian sugar production [33][35]. - Investment advice: Zhengzhou sugar may rebound in the short term, but the overall weak pattern is difficult to change. Attention should be paid to the arrival rhythm of imported sugar, the quotation of processed sugar, and the performance of the external market [36]. 3.2.3 Agricultural Products (Cotton) - The inventory of port cotton continues to decline, and the USDA June report has a slightly positive impact on the cotton market, but the overall supply - demand pattern is still relatively loose. The downstream textile industry is in a off - season, which drags down cotton prices [37][39][40]. - Investment advice: The cotton market may fluctuate repeatedly. A cautious and slightly optimistic view is held on the future market, and attention should be paid to macro - cotton dynamics and downstream demand changes [41]. 3.2.4 Black Metals (Rebar/Hot - Rolled Coil) - The five major varieties continue to de - stock slightly, but there is a differentiation among varieties. The demand for rebar and hot - rolled coil shows a downward trend, and the steel price is expected to fluctuate in the short term [42][44]. - Investment advice: It is recommended to adopt a rebound hedging strategy for the spot end [45]. 3.2.5 Agricultural Products (Soybean Meal) - The expected increase in the US bio - fuel blending standard will drive up the price of CBOT soybeans and domestic soybean meal futures. The supply of domestic soybean meal is expected to increase, and the spot basis will continue to be under pressure [46][48]. - Investment advice: The prices of CBOT soybeans and domestic soybean meal futures are expected to fluctuate strongly, and the spot basis of soybean meal will remain weak [48]. 3.2.6 Agricultural Products (Corn Starch) - The spread between cassava starch and corn starch has narrowed. The supply - demand situation of corn starch may be gradually improving, and the spread between cassava starch and corn starch may temporarily stabilize [49]. - Investment advice: It is recommended to wait and see due to the complex influencing factors of the CS - C spread [50]. 3.2.7 Agricultural Products (Corn) - The price of wheat has fluctuated, and the substitution advantage of wheat has slightly increased. The spot price of corn is expected to rise first and then fall, and the basis is expected to strengthen [50][51]. - Investment advice: For the 07 contract, speculative long positions are recommended to take profits opportunely. For the 09 contract, shorting is not recommended, and it is expected to fluctuate with a first - strong - then - weak trend. Attention can be paid to the opportunity of shorting the 11 and 01 contracts at high prices [51]. 3.2.8 Non - ferrous Metals (Alumina) - The national alumina inventory is 312.9 million tons, and large - scale discount transactions are gradually emerging. The market is oscillating weakly [52]. - Investment advice: It is recommended to wait and see [53]. 3.2.9 Non - ferrous Metals (Nickel) - The price of nickel is oscillating weakly at a low level. The cancellation of the price limit of downstream stainless steel has released market pessimism. The supply of nickel ore and nickel iron is in excess, and the medium - term price of nickel is expected to decline [54][55]. - Investment advice: In the short term, it is possible to sell put options on dips. In the medium term, attention can be paid to the strategy of shorting at high prices in Q3 [55]. 3.2.10 Non - ferrous Metals (Copper) - The LME warehouse in Hong Kong is expected to receive the first batch of copper next week. The escalation of the Middle East geopolitical war may suppress copper prices through the impact on the US dollar index. The domestic inventory is decreasing, and the short - term price is difficult to decline trend - wise [56][59][60]. - Investment advice: Unilaterally, it is recommended to wait and see as copper prices are expected to continue to oscillate at a high level. For arbitrage, wait for the opportunity of positive inter - period arbitrage of Shanghai copper [60]. 3.2.11 Non - ferrous Metals (Lithium Carbonate) - After the rebound, the downstream's willingness to take delivery is insufficient, and the basis of the spot market is weakening. The short - term fundamentals are difficult to improve, and the market may oscillate weakly [61][62]. - Investment advice: It is not recommended to chase short positions at the current level. Existing short positions can be held, and a strategy of shorting on rebounds is recommended [62]. 3.2.12 Non - ferrous Metals (Polysilicon) - Anhui Huasheng's polysilicon wafer technical transformation and expansion project has been accepted for environmental assessment. The spot trading volume is low, and the price of some products is declining. The supply in June is expected to be 960,000 tons, and there is a possibility of inventory reduction. The decision of leading enterprises on production reduction will have a major impact on the market [63][64][65]. - Investment advice: Before the leading enterprises reduce production, the market is bearish. A strategy of short - term shorting and long - term going long is recommended, and attention should be paid to the position management [65]. 3.2.13 Non - ferrous Metals (Industrial Silicon) - The production of industrial silicon in major producing areas has increased. The supply in Sichuan and Yunnan is expected to increase. The demand is still weak, and the spot price is difficult to rebound significantly [66][67]. - Investment advice: The futures market has rebounded. It is expected to oscillate at a low level, and it is recommended to short lightly after the rebound. Attention should be paid to changes in the supply side and the cash - flow risks of large enterprises [67]. 3.2.14 Non - ferrous Metals (Lead) - The silver pricing coefficient of lead concentrates in June has not changed. The supply of lead is expected to increase, and the demand is expected to be weak until July. The short - term rise of lead prices is temporary, and the medium - term demand may increase marginally [68][69][70]. - Investment advice: In the short term, it is recommended to wait and see and look for opportunities to buy on dips, paying attention to the pressure around 17,000 yuan. For arbitrage, it is recommended to wait and see for both inter - period and internal - external arbitrage [70]. 3.2.15 Non - ferrous Metals (Zinc) - Some zinc oxide enterprises are facing environmental inspections, resulting in production cuts. The supply of zinc is expected to increase, and the demand is expected to weaken in the medium term. The inventory is at an inflection point, and the price is expected to decline [71][72]. - Investment advice: Unilaterally, look for opportunities to short at high prices and increase positions appropriately on rebounds. For arbitrage, it is recommended to wait and see for the inter - period spread, and maintain the strategy of positive internal - external arbitrage in the medium term [72]. 3.2.16 Energy and Chemicals (Carbon Emissions) - The EU carbon price has risen slightly, affected by the geopolitical tension in the Middle East and the shutdown of a French nuclear power plant. The short - term market needs to pay attention to the development of the geopolitical situation [73][74]. - Investment advice: The EU carbon price is expected to oscillate strongly in the short term [74]. 3.2.17 Energy and Chemicals (Crude Oil) - Israel has attacked Iranian energy infrastructure, and the US oil rig count has decreased. The risk of supply in the Middle East has increased, and oil prices are expected to be easy to rise and difficult to fall in the short term [75][76][77]. - Investment advice: Oil prices are expected to be easy to rise and difficult to fall in the short term as the market has not fully priced in the geopolitical conflict risk [77]. 3.2.18 Energy and Chemicals (PTA) - The spot price of PTA has risen, but the demand is in a seasonal off - season, and the supply is expected to increase. The short - term rise is mainly due to the impact of crude oil prices. It is not recommended to chase long positions directly, and short positions can be established after the geopolitical situation eases [78][79][80]. - Investment advice: It is not recommended to chase long positions directly in the short term, and short positions can be established after the geopolitical situation eases [80]. 3.2.19 Energy and Chemicals (Bottle Chips) - The export quotes of bottle - chip factories have increased, and the market trading atmosphere has improved. However, the industry is under supply pressure, and the processing fee is under pressure. Some large factories have plans to reduce production [81][82]. - Investment advice: The processing fee is expected to fluctuate at a low level in the short term. It is possible to establish long positions for expanding the bottle - chip processing fee at low valuations [82]. 3.2.20 Energy and Chemicals (Caustic Soda) - The trading of liquid caustic soda in Shandong has remained stable. The supply is relatively stable, and there are still maintenance plans in the future. The demand is affected by the inventory of alumina and the wait - and - see attitude of non - aluminum downstream and traders [83]. - Investment advice: The 09 contract of caustic soda is affected by the overall weakness of commodities, but the large discount of the 09 contract will limit the downward space [84]. 3.2.21 Energy and Chemicals (Pulp) - The spot price of imported wood pulp has continued to decline, and the demand from downstream paper mills is weak [84]. - Investment advice: The fundamentals of pulp have changed little, and the market is expected to oscillate [86]. 3.2.22 Energy and Chemicals (PVC) - The spot price of PVC powder has risen, but the downstream purchasing enthusiasm is low, and the market trading is average [87]. - Investment advice: The fundamentals of PVC have changed little, and the market is expected to oscillate [87]. 3.2.23 Energy and Chemicals (Soda Ash) - The price of soda ash in the South China market is general, and the supply is expected to remain high in the short term. The demand from photovoltaic glass is expected to decline, and the market is bearish [88][89]. - Investment advice: In the medium - term expansion cycle, the strategy of shorting soda ash at high prices is still maintained [89]. 3.2.24 Energy and Chemicals (Float Glass) - The spot price of float glass has continued to decline, and the market demand is weak. With the arrival of the high - temperature and rainy season, the demand will decline seasonally, and the supply - demand imbalance will intensify [90][91]. - Investment advice: Before the inventory of original - sheet manufacturers is substantially reduced, the spot price of float glass still has room for downward adjustment. The short - term market may be affected by the overall risk preference, and the rebound driven by short - covering is difficult to sustain [91].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week (June 9 - June 13, 2025), the trading volume of the commodity options market was relatively stable, with the average daily trading volume at 6.04 million lots and the average daily open interest at 8.67 million lots, showing a month - on - month change of -3% and -10% respectively. Investors are advised to focus on potential market opportunities in actively traded varieties [2][7]. - This week, most underlying futures of commodity options rose, with 33 varieties closing up for the week. For market volatility, most commodity implied volatilities increased slightly. High - volatility varieties suggest attention to short - volatility opportunities, while low - volatility varieties indicate that industrial customers can consider insurance strategies. Regarding market sentiment, different varieties show varying degrees of bullish or bearish sentiment [3][13]. 3. Summary by Related Catalogs 3.1 Commodity Options Market Activity - The average daily trading volume of the commodity options market was 6.04 million lots, and the average daily open interest was 8.67 million lots, with month - on - month changes of -3% and -10% respectively. Actively traded varieties included PTA, styrene, and soda ash. Three varieties had a trading volume increase of over 100%, with styrene, LPG, and palm oil showing significant growth, while polysilicon and industrial silicon saw a sharp decline. High - open - interest varieties were soybean meal, soda ash, and glass, and varieties with rapid open - interest growth were styrene, silver, and LPG [2][7]. 3.2 This Week's Commodity Options Main Data Review - **Underlying Futures Price Changes**: 33 varieties of underlying futures of commodity options closed up this week. High - gain varieties were crude oil (+13.69%), styrene (+7.94%), and LPG (+5.95%); high - loss varieties were soda ash (-4.62%), urea (-3.43%), and caustic soda (-3.08%) [3][13]. - **Market Volatility**: Most commodity implied volatilities increased slightly. 28 varieties had a month - on - month decline in implied volatility, and 33 varieties' current implied volatility was below the historical 50% quantile. High - volatility varieties included LPG, methanol, etc., and short - volatility opportunities were recommended; low - volatility varieties included vegetable oils, glass, etc., and industrial customers were advised to consider insurance strategies [3][13]. - **Options Market Sentiment**: Varieties such as industrial silicon, rapeseed meal, soybean meal, and rubber had a high trading volume PCR at a historical level, indicating strong short - term bearish sentiment. Gold, silver, and methanol had a low trading volume PCR, showing concentrated short - term bullish sentiment. Rapeseed meal, crude oil, cotton, and rebar had a high open - interest PCR at a historical level, accumulating bearish sentiment, while caustic soda, gold, and soda ash had a low open - interest PCR, accumulating bullish sentiment [3][13]. 3.3 Main Varieties Key Data Overview The chapter mainly presents key data of main varieties, including trading volume, volatility, and options market sentiment indicators. More detailed data can be found on the Dongzheng Fanwei official website (https://www.finoview.com.cn/) [17]. - **Energy**: Key data of energy varieties such as crude oil, including trading volume, volatility, and options market sentiment indicators, were presented [18]. - **Chemicals** - **PTA**: Data on trading volume, volatility, and options market sentiment were provided [25]. - **Caustic Soda**: Similar key data for caustic soda were presented [34]. - **Glass**: Key data of glass were shown [40]. - **Soda Ash**: Key data of soda ash were provided [48]. - **Precious Metals**: Key data of precious metals such as silver, including trading volume, volatility, and options market sentiment indicators, were presented [55]. - **Ferrous Metals** - **Iron Ore**: Key data of iron ore were provided [61]. - **Silicomanganese**: Key data of silicomanganese were presented [69]. - **Non - ferrous Metals** - **Copper**: Key data of copper were provided [77]. - **Alumina**: Key data of alumina were presented [87]. - **Agricultural Products** - **Soybean Meal**: Key data of soybean meal were provided [97]. - **Palm Oil**: Key data of palm oil were presented [104]. - **Cotton**: Key data of cotton were provided [113].

1. Report Industry Investment Rating - Gold: Volatile [1] 2. Core Viewpoints of the Report - The short - term market focus has shifted to the military conflict in the Middle East. Market risk appetite has declined, and volatility has increased. Gold may maintain a relatively strong trend, but the long - short game is also intensifying [4] - Gold prices first declined and then rose, breaking through the $3400 mark. The geopolitical situation in the Middle East has heated up, increasing risk - aversion sentiment. Rising oil prices have added inflationary pressure in the US, increasing the stagflation pressure on the US fundamentals. The employment market continues to weaken, but the inflation expectations of the resident sector have declined from a high level [2] - The Fed's June interest - rate meeting is approaching, and it is expected to keep rates unchanged. The short - term fundamental data gives the Fed a time window for further observation. The market's expectation of an interest - rate cut has been postponed to September. Monetary policy lacks short - term incremental positive factors and fails to provide more upward momentum for gold [3] 3. Summary by Relevant Catalogs 3.1 Gold High - Frequency Data Weekly Changes - The internal basis (spot - futures) decreased by 4.9%, the internal - external futures price difference decreased by 120.2%, the Shanghai Futures Exchange gold inventory increased by 1.8%, and the COMEX gold inventory decreased by 0.86% [11] - The SPDR ETF holding volume increased by 0.67%, and the CFTC gold speculative net long position decreased by 0.5% [11] - The US Treasury yield decreased by 2.2%, the US dollar index decreased by 1.07%, the SOFR decreased by 0.2%, and the US 10 - year breakeven inflation rate decreased by 1.21% [11] - The S&P 500 index decreased by 0.4%, the VIX volatility index increased by 24.2%, the gold cross - market arbitrage trading decreased by 2.2%, and the US 10 - year real interest rate decreased by 3.6% [11] 3.2 Financial Market - Related Data Tracking 3.2.1 US Financial Market - The US overnight secured financing rate was 4.28%, oil prices rose 10.3%, and the US inflation expectation was 2.29% [17] - The US dollar index fell 1.01% to 98.2, the US Treasury yield was 4.4%, the S&P 500 fell 0.39%, and the VIX index rose to 20.8 [18] - The real interest rate fell to 2.11%, and the gold price rose 3.7%. The spot commodity index closed down, and the US dollar index declined [20] 3.2.2 Global Financial Market - Stocks, Bonds, Currencies, and Commodities - Most developed - country stock markets declined, with the S&P 500 falling 0.39%. Developing - country stock markets showed mixed performance, with the Shanghai Composite Index falling 0.25% [22] - US and German bonds declined, with the US - German yield spread at 1.86%. The UK Treasury yield was 4.55%, and the Japanese bond yield was 1.41% [25] - The euro rose 1.32%, the pound rose 0.31%, the yen rose 0.54%, and the Swiss franc rose 1.33%. The US dollar index fell 1.01% to 98.2, and most non - US currencies appreciated [27][30] 3.3 Gold Trading - Level Data Tracking - The gold speculative net long position slightly decreased to 129,000 lots, and the SPDR Gold ETF holding volume rose to 940 tons [33] - The RMB appreciated, and the Shanghai gold premium narrowed. Gold rose, silver rose slightly, and the gold - silver ratio rose to 94.6 [35] 3.4 Weekly Economic Calendar - Monday: China's May social retail sales and industrial added value; US June New York Fed Manufacturing Index [36] - Tuesday: Bank of Japan's June interest - rate meeting; US May retail sales and June NAHB Housing Market Index [36] - Wednesday: UK May CPI; US May new housing starts, building permits, and initial jobless claims for the week [36] - Thursday: Fed, Swiss National Bank, and Bank of England's June interest - rate meetings; US stock market closed for Juneteenth [36] - Friday: China's June LPR [36]

1. Report Industry Investment Rating - The rating for alumina is "Oscillation" [4] 2. Core View of the Report - Ore disturbances have subsided, and the supply of alumina has turned into surplus. It is recommended to adopt an oscillatory approach in the short - term and a short - selling approach at high levels in the long - term for alumina [14] 3. Summary by Relevant Catalog 3.1 Alumina Industry Chain Weekly Overview - **Raw Materials**: Domestic ore prices were temporarily stable last week. Shanxi 58/5 ore was priced at 700 yuan/ton, Henan 58/5 at 668 yuan/ton, and Guizhou 60/6 at 596 yuan/ton. Environmental inspections in Shanxi had limited impact on production. In Henan, environmental supervision restricted ore production. The rainy season in southern regions poses challenges. Imported Guinea high - grade bauxite (45/3) was stable at 75 dollars/dry ton. SMB plans to increase exports after the AXIS mine closure. Newly arrived ore was 391.3 million tons, with 332.5 million tons from Guinea and 58.8 million tons from Australia. The shipping fee from Guinea to China rose to 26 dollars/ton [11] - **Alumina**: Spot prices fell last week. The ALD northern comprehensive price was 3180 - 3280 yuan/ton, down 65 yuan/ton; the domestic weighted index was 3192.4 yuan/ton, down 109.8 yuan/ton. Imported alumina port quotes were flat. Large enterprises focused on long - term contracts. Northern market spot sales were 1.25 million tons, up 0.85 million tons, mainly in Henan at 3217 yuan/ton, down 88 yuan/ton. Overseas supply increased, pressuring prices. The domestic full cost was 2929 yuan/ton, with a real - time profit of 381 yuan/ton. Domestic capacity continued to recover, with a built - in capacity of 11292 million tons, operating capacity of 9265 million tons (up 200 million tons), and an 82% utilization rate [12] - **Demand**: Domestic and overseas demand for electrolytic aluminum remained unchanged. Domestic operating capacity was 4392.3 million tons, and overseas was 2948.8 million tons, both week - on - week flat [12] - **Inventory**: As of June 5th, national alumina inventory was 312.9 million tons, down 0.4 million tons. Long - term contract execution improved, and inventory at electrolytic aluminum plants increased steadily, while port and alumina enterprise inventory decreased [13] - **Warehouse Receipts**: SHFE alumina registered warehouse receipts were 80443 tons, down 10215 tons. With supply turning into surplus, alumina is expected to oscillate in the short - term and be short - sold at high levels in the long - term [14] 3.2 Weekly Key Event Summaries in the Industry Chain - Australia sold 3 million tons of alumina on June 13th at 366 dollars/ton FOB for an August shipment [15] - A Guangxi alumina plant reduced production due to higher costs of imported ores. It cut one production line, reducing operating capacity from 250 million tons to 200 million tons [15] - On June 13th, 0.5 million tons of spot alumina were sold in Henan Sanmenxia at 3180 yuan/ton [15] 3.3 Key Data Monitoring of the Upstream and Downstream of the Industry Chain 3.3.1 Raw Materials and Cost Side - Include data on domestic and imported bauxite prices, domestic bauxite port inventory, port shipments from major bauxite - importing countries, sea - floating inventory, domestic caustic soda and thermal coal prices, and alumina production costs in different provinces [16][18][20] 3.3.2 Alumina Price and Supply - Demand Balance - Include data on domestic and imported alumina prices, domestic electrolytic aluminum spot prices, SHFE electrolytic aluminum - alumina futures ratio, and domestic alumina weekly supply - demand balance [30][37][38] 3.3.3 Alumina Inventory and Warehouse Receipts - Include data on electrolytic aluminum plant alumina inventory, alumina plant inventory, domestic alumina yard/terminal/in - transit inventory, port inventory, total social inventory, SHFE alumina warehouse receipts and positions, and the ratio of SHFE alumina positions to warehouse receipts [40][43][45]

Report Industry Investment Rating - The rating for the stock index is "Oscillation" [4] Core View of the Report - The geopolitical risks still pose disturbances to the market. The A-share market is expected to maintain a narrow - range oscillation. To break out of the current oscillation pattern and elevate the valuation again, policy - driven fiscal expansion, intensified real - estate stabilization measures, and rapid advancement of supply - side reform are required [2][10] Summary According to the Table of Contents 1. One - Week View and Overview of Macro Key Events Next Week's View - Geopolitical risks continue to affect the market. The global stock market showed a roller - coaster trend this week, with the MSCI Global Index rising in the first four days and falling sharply on Friday. The A - share market remained in a high - level oscillation. The Sino - US talks in London earlier this week alleviated trade pressure, but the conflict between Israel and Iran on Friday increased geopolitical risks and impacted global risk assets, causing a sharp decline in the A - share market. Domestically, the economic momentum is weakening, and the abnormal valuation expansion of the A - share market is prominent [2][10] This Week's Key Events - On June 9th, China's May CPI was down 0.1% year - on - year, PPI was down 3.3% year - on - year, exports grew 4.8% year - on - year, and imports fell 3.4% year - on - year. The State Council held a special learning meeting on promoting the transformation of scientific and technological achievements, and the General Offices of the CPC Central Committee and the State Council issued a document on improving people's livelihood [11][12][13] - On June 10th, the General Offices of the CPC Central Committee and the State Council issued a document on promoting in - depth reform in Shenzhen, and the Chinese President had a phone call with the South Korean President to ensure the healthy development of Sino - South Korean relations [15][16] - On June 11th, China and the US reached a framework on implementing the consensus of the two heads of state's phone call and the Geneva talks. China will implement zero - tariff measures for 100% of tariff items for 53 African diplomatic countries [17][18] - On June 12th, China and the US agreed to further play the role of the Sino - US economic and trade consultation mechanism and maintain communication [19][20] - On June 13th, China's M2 in May increased 7.9% year - on - year, and the Chinese President will attend the Second China - Central Asia Summit [21][22] 2. One - Week Market Quotes Overview Global Stock Market Weekly Overview - From June 9th to June 13th, the global stock market denominated in US dollars declined. The MSCI Global Index fell 0.25%, with emerging markets (+0.60%) > developed markets (-0.35%) > frontier markets (-0.47%). The stock index of Taiwan, China rose 3.64%, leading the world, while the German stock market fell 1.99%, performing the worst globally [1][23] Chinese Stock Market Weekly Overview - From June 9th to June 13th, Chinese equity assets corrected. In terms of different markets, A - shares > Hong Kong stocks > Chinese concept stocks. The average daily trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1371.8 billion yuan, an increase of 171.7 billion yuan compared with last week. The A - share market was differentiated, with the Science and Technology Innovation Board and the Beijing Stock Exchange performing poorly, while the ChiNext Index rose slightly by 0.22% [1][26] Weekly Overview of GICS Primary Industries in Chinese and Foreign Stock Markets - Most global GICS primary industries declined this week. The leading industry was energy (+5.11%), and the poorly performing industry was finance (-1.80%). In the Chinese market, energy led the rise (+2.27%), and daily consumption led the decline (-3.14%) [30] Weekly Overview of China A - Share CITIC Primary Industries - Among China's A - share CITIC primary industries this week, 14 rose (23 last week) and 16 fell (7 last week). The leading industry was non - ferrous metals (+3.95%), and the industry with the largest decline was food and beverages (-4.42%) [1][31] Weekly Overview of China A - Share Styles - This week, the value style outperformed the growth style, and the market - capitalization style was biased towards mid - cap stocks [36] Overview of Stock Index Futures Basis - Relevant charts show the basis of IH, IF, IC, and IM in the past 6 months [38][40] 3. Overview of Index Valuation and Earnings Forecast Broad - Based Index Valuation - The report provides the PE, eight - year percentile, PE at the beginning of the year, PE change during the year, PB, eight - year percentile, PB at the beginning of the year, and PB change during the year of multiple broad - based indexes such as the Shanghai 50, CSI 100, etc. [43] Primary Industry Valuation - The report presents the PE, eight - year percentile, PE at the beginning of the year, PE change during the year, PB, eight - year percentile, PB at the beginning of the year, and PB change during the year of multiple primary industries such as petroleum and petrochemicals, coal, etc. [44] Equity Risk Premium of Broad - Based Indexes - The ERP of the CSI 300 decreased slightly this week, while the ERPs of the CSI 500 and CSI 1000 increased slightly [45][50] Consensus Expected Earnings Growth Rate of Broad - Based Indexes - The expected earnings growth rate of the CSI 300 in 2025 remained flat at 8.16%, and that in 2026 was lowered to 8.12%. The expected earnings growth rate of the CSI 500 in 2025 was lowered to 36.79%, and that in 2026 was raised to 16.16%. The expected earnings growth rate of the CSI 1000 in 2025 was lowered to 1.36%, and that in 2026 was raised to 19.38% [51] 4. Liquidity and Capital Flow Tracking Interest Rates and Exchange Rates - This week, the 10 - year and 1 - year bond yields declined, and the spread narrowed. The US dollar index was 98, and the offshore RMB exchange rate was 7.19 [59] Tracking of Trading - Type Funds - This week, the average daily trading volume of northbound funds increased by 18.5 billion yuan compared with last week, and the margin trading balance increased by 12.6 billion yuan compared with last week [61] Tracking of Funds Flowing in through ETFs - There are 29 on - market ETFs tracking the CSI 300, 27 tracking the CSI 500, 15 tracking the CSI 1000, and 29 tracking the CSI A500. This week, the share of ETFs tracking the CSI 300 decreased by 1.5 billion, the share of ETFs tracking the CSI 500 increased by 0.2 billion, the share of ETFs tracking the CSI 1000 increased by 0.3 billion, and the share of ETFs tracking the CSI A500 decreased by 3.9 billion [65][66][70] 5. Tracking of Domestic Macro High - Frequency Data Supply Side: Tire Operating Rate Rebounded - The tire operating rate rebounded, and relevant charts show the national blast furnace operating rate, coking enterprise operating rate, and domestic crude steel daily output [72][74][75] Consumption Side: The Transaction Volume of New Homes Declined Significantly - The transaction volume of new homes in 30 large and medium - sized cities declined significantly, and the year - on - year growth rate of passenger car wholesale sales declined. The price of crude oil rose to around $75 per barrel [81][91] Inflation Observation: Energy Prices Rose Significantly - Energy prices rose significantly, production material prices fluctuated at a low level, and agricultural product prices reached a new low for the year [93][94]

Report Industry Investment Rating - The rating for the US dollar is "oscillating" [5] Core Viewpoints of the Report - Market risk appetite has declined. Stock markets mostly fell, bond yields mostly declined, and the US Treasury yield dropped to 4.4%. The US dollar index fell, non - US currencies mostly appreciated, gold and oil prices rose, and the VIX index rebounded. The short - term market focus has shifted to geopolitical risks, and the stock market lacks upward momentum and has a correction risk. Inflation in the US is expected to face upward pressure in the second half of the year, and the Fed is expected to continue to pause rate cuts in the June meeting [1][2][9] Summary by Directory 1. Global Market Overview This Week - Market risk appetite declined. Stock markets mostly fell, bond yields mostly declined, and the US Treasury yield dropped to 4.4%. The US dollar index fell 1.01% to 98.2, non - US currencies mostly appreciated, the offshore RMB slightly declined, the euro rose 1.32%, the pound rose 0.31%, the yen rose 0.54%, the Swiss franc rose 1.33%, the Canadian dollar, Thai baht, and Brazilian real closed up, while the South African rand, South Korean won, Australian dollar, and Malaysian ringgit closed down. Gold prices rose 3.7% to $3432 per ounce, the VIX index rebounded to 20.8, the spot commodity index closed down, and Brent crude oil rose 10.3% to $75.2 per barrel [1][9] 2. Market Trading Logic and Asset Performance 2.1 Stock Market: Most Global Stock Markets Fell, and US and Chinese A - Shares Closed Down - Global stock markets mostly fell. The S&P 500 index fell 0.39%, most euro - zone stock markets closed down, emerging - market stock markets showed mixed performance, the Shanghai Composite Index fell 0.25%, the Hong Kong Hang Seng Index rose 0.42%, and the Nikkei 225 index rose 0.25%. The trade issue is in a缓和 state in the short term. The Israel - Iran conflict has shifted the market focus to geopolitical risks, increasing inflation pressure in the US and posing a stagflation risk to the economy, which is unfavorable for the stock market. The US employment market continues to weaken, and the stock market lacks upward momentum and has a correction risk. The domestic stock market fluctuated weakly, and the fundamentals do not support the stock market's continued rise [10][11][13] 2.2 Bond Market: Most Global Bond Market Yields Declined, and the US Treasury Yield Dropped to 4.4% - Most global bond yields declined, with the 10 - year US Treasury yield dropping to 4.4%, and most euro - zone countries' bond yields also declining, while emerging - market bond yields mostly rebounded. The US inflation pressure has not yet been reflected, and the Middle East conflict has increased risk - aversion sentiment, causing the US Treasury yield to decline. However, future inflation pressure will still put pressure on the bond market. The domestic bond market fluctuated without a catalyst [14][16][17] 2.3 Foreign Exchange Market: The US Dollar Index Fell 1.01%, and Non - US Currencies Mostly Appreciated - The US dollar index fell 0.14% to 98.2, non - US currencies mostly appreciated, the offshore RMB slightly declined, the euro rose 1.32%, the pound rose 0.31%, the yen rose 0.54%, the Swiss franc rose 1.33%, the Canadian dollar, Thai baht, and Brazilian real closed up, while the South African rand, South Korean won, Australian dollar, and Malaysian ringgit closed down [22][24][25] 2.4 Commodity Market: Gold Rose 3.7%, and Brent Crude Oil Rose 10.3% - Spot gold rose 3.7% to $3432 per ounce, and Brent crude oil rose 10.3% to $75.2 per barrel. The Israel - Iran conflict has increased geopolitical risks in the Middle East, boosting risk - aversion sentiment. The Fed is expected to remain on hold next week, and there is no new positive fundamental news. The rise in oil prices will further increase the stagflation risk in the US. Industrial products showed mixed performance, and the commodity spot index closed down [26][28][29] 3. Hot - Spot Tracking: Israel Attacked Iran, and Geopolitical Risks Intensified - The Israel - Iran conflict has escalated, indicating that geopolitical risks have entered a new stage. The focus is now on the US's potential policy orientation. The rapid rise in energy prices will put pressure on global market risk appetite, and in the medium term, the rising stagflation pressure is unfavorable for the US dollar. Asset prices are expected to fluctuate sharply, and safe - haven assets will strengthen [30][33][34] 4. Next Week's Important Event Reminders - There will be interest - rate meetings of the Bank of Japan, the Federal Reserve, the Swiss National Bank, and the Bank of England, and data on US retail sales in May will be released [35]

Report Industry Investment Rating - The rating for Treasury bonds is "Oscillation" [5] Core Viewpoints of the Report - The bond market is currently in a situation where the bullish trend is intermittent, and the market will experience short - term oscillations. Although the fundamental environment is still favorable for the bond market, market participants are well - aware of this, and fundamental news is unlikely to drive the bond market to strengthen further. The key for the bond market to strengthen lies in whether short - term interest rates can break downward. In the short term, due to factors such as tax periods and large amounts of maturing certificates of deposit, the short - bond market will not start immediately, and the bond market will mainly oscillate. Once the market confirms that negative disturbances are controllable and the loosening of the capital side can be sustained, the bullish market will resume [2][15] Summary by Relevant Catalogs 1. One - Week Review and Views 1.1 This Week's Trend Review: Treasury Bond Futures Continue to Strengthen - From June 9th to June 15th, Treasury bond futures continued to strengthen. On Monday, the expectation of loose liquidity continued to ferment, and Treasury bond futures generally oscillated and rose, with limited impact from Sino - US trade negotiation news on the bond market. On Tuesday, the market news was relatively calm in the morning, and Treasury bond futures oscillated within a narrow range. In the afternoon, market risk appetite suddenly declined, causing Treasury bond futures to rise, with TL performing strongly, but then market sentiment eased, and Treasury bond futures gave back their gains. On Wednesday, the market did not think that the Sino - US trade negotiation results were beyond expectations. Coupled with news that the central bank was evaluating the demand for 6 - month reverse repurchases and that inter - bank deposits would decline, Treasury bonds performed strongly, with TL leading the rise. On Thursday, the market news was calm, the capital side marginally tightened, and short - and medium - term Treasury bond futures made small adjustments. On Friday, the Israel - Iran conflict had limited positive effects on the bond market, and Treasury bond futures oscillated within a narrow range. At the end of the session, the central bank announced a 400 - billion - yuan outright reverse repurchase operation, and the May financial data was mediocre, causing the spot bond yield to decline slightly. As of the close on June 13th, the settlement prices of the main contracts of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures were 102.448 yuan, 106.150 yuan, 109.000 yuan, and 120.460 yuan respectively, changing by + 0.080 yuan, + 0.030 yuan, + 0.020 yuan, and + 0.390 yuan compared to the previous weekend [1][13] 1.2 Next Week's View: The Bond Bull Market is Intermittent, and the Market will Experience Short - Term Oscillations - This week, the liquidity expectation continued to loosen, there was still room for improvement in many economic indicators in May, and the Sino - US trade negotiations did not yield beyond - expected results. Treasury bond futures oscillated and rose, and the yield curve flattened slightly. Whether the bond market can strengthen depends on whether short - term interest rates can break downward. Looking ahead to next week, although the central bank released a positive signal through outright reverse repurchases, there are still disturbing factors such as tax periods and large amounts of maturing certificates of deposit. Against the backdrop of relatively high valuations, the short - bond market will not start immediately, and the bond market will mainly oscillate. The fundamental environment is still favorable for the bond market, but the market is well - aware of this, and fundamental news is unlikely to drive the bond market to strengthen further. Most economic data in May are expected to show weak resilience, and only some indicators may strengthen slightly with policy support. The bullish impact of fundamentals on the bond market is certain, but domestic fundamental fluctuations are low, and the market has already priced in the current economic situation. Currently, the yield curve is relatively flat. When fundamentals cannot drive long - term bonds to break through, the subsequent room for long - term bonds to strengthen mainly depends on short - term bonds. Short - term bonds have been generally weak this year. Even though the capital side has gradually loosened since April and the certificate of deposit interest rate has generally declined, the performance of short - term Treasury bonds has still been weak. The main problem with short - term bonds is their relatively high valuation. After several months of valuation adjustment, the valuation is still slightly on the high side, as there is still a slight negative carry problem. When the valuation is slightly high, for short - term bonds to strengthen, it is necessary to confirm that the future capital side can continue to loosen. Although the central bank has released a positive signal through policies such as outright reverse repurchases, there are still disturbing factors such as tax periods and large amounts of maturing certificates of deposit. The market will continuously confirm the real impact of negative factors. Only after confirming that negative disturbances are controllable and the loose monetary policy attitude can be sustained will the short - bond market start. Overall, the market will mainly oscillate next week, and the rhythm of this bond bull market may be "intermittent" [15][16] 2. Weekly Observation of Interest - Bearing Bonds 2.1 Primary Market - This week, a total of 51 interest - bearing bonds were issued, with a total issuance volume of 941.126 billion yuan and a net financing amount of 292.648 billion yuan, changing by + 326.851 billion yuan and + 17.627 billion yuan respectively compared to last week. A total of 22 local government bonds were issued, with a total issuance volume of 107.786 billion yuan and a net financing amount of 150.798 billion yuan, changing by - 18.09 billion yuan and - 93.513 billion yuan respectively compared to last week. A total of 668 certificates of deposit were issued, with a total issuance volume of 1041.37 billion yuan and a net financing amount of - 162.26 billion yuan, changing by + 455.88 billion yuan and - 81.2 billion yuan respectively compared to last week [23] 2.2 Secondary Market - Treasury bond yields declined. As of the close on June 13th, the yields to maturity of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bonds were 1.41%, 1.51%, 1.65%, and 1.85% respectively, changing by - 0.80bp, - 0.10bp, - 1.81bp, and - 3.35bp respectively compared to the close of last weekend. The 10Y - 1Y yield spread of Treasury bonds narrowed by 1.65bp to 23.01bp, the 10Y - 5Y yield spread narrowed by 1.71bp to 13.08bp, and the 30Y - 10Y yield spread narrowed by 1.54bp to 20.54bp. The yields to maturity of 1 - year, 5 - year, and 10 - year China Development Bank bonds were 1.51%, 1.60%, and 1.71% respectively, changing by - 0.93bp, - 0.86bp, and 0.47bp respectively compared to last weekend [29] 3. Treasury Bond Futures 3.1 Price, Trading Volume, and Open Interest - Treasury bond futures continued to strengthen. As of the close on June 13th, the settlement prices of the main contracts of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures were 102.448 yuan, 106.150 yuan, 109.000 yuan, and 120.460 yuan respectively, changing by + 0.080 yuan, + 0.030 yuan, + 0.020 yuan, and + 0.390 yuan compared to the previous weekend. The trading volumes of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures this week were 30,973, 51,133, 57,728, and 64,341 lots respectively, changing by - 8,537, - 7,149, - 1,632, and - 6,869 lots respectively compared to the previous weekend. The open interests of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures this week were 124,001, 173,011, 212,977, and 125,019 lots respectively, changing by + 2,885, + 6,294, + 16,960, and + 9,923 lots respectively compared to the previous weekend [37][40] 3.2 Basis and IRR - This week, the opportunity for positive arbitrage was not obvious. At the beginning of the month, the capital side further loosened, and the basis of futures generally oscillated within a narrow range. The IRR of the CTD bonds of the main contracts of each variety was around 1.8%. Currently, the certificate of deposit interest rate is slightly higher than 1.6%, so the opportunity for positive arbitrage strategies is relatively limited. In the short term, there are relatively few IRR strategies [44] 3.3 Inter - Delivery and Inter - Variety Spreads - As of the close on June 13th, the inter - delivery spreads of the 2506 - 2509 contracts of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures were - 0.112 yuan, - 0.250 yuan, - 0.195 yuan, and - 0.860 yuan respectively, changing by + 0.000 yuan, + 0.015 yuan, - 0.035 yuan, and - 0.140 yuan respectively compared to the previous weekend [47] 4. Weekly Observation of the Capital Side - This week, the central bank conducted a total of 858.2 billion yuan in reverse repurchase operations. Since 930.9 billion yuan in reverse repurchase operations matured, there was a net withdrawal of 7.27 billion yuan. On June 13th, the central bank announced that to maintain sufficient liquidity in the banking system, on June 16th, it would conduct a 400 - billion - yuan outright reverse repurchase operation with a term of 6 months (182 days) through a fixed - quantity, interest - rate tender, and multiple - price winning bid method. As of the close on June 13th, R007, DR007, SHIBOR overnight, and SHIBOR 1 - week were 1.58%, 1.50%, 1.41%, and 1.51% respectively, changing by + 3.85bp, - 1.06bp, + 0.00bp, and + 0.80bp respectively compared to the close of last weekend. This week, the average daily trading volume of inter - bank pledged repurchase was 7.95 trillion yuan, 0.45 trillion yuan more than last week (7.50 trillion yuan), and the overnight proportion was 89.39%, higher than the previous week's level (87.48%) [53][56][58] 5. Weekly Overseas Observation - The US dollar index weakened slightly, and the yield of 10Y US Treasury bonds declined. As of the close on June 13th, the US dollar index fell 1.07% to 98.1450 compared to the close of last weekend; the yield of 10Y US Treasury bonds was reported at 4.41%, down 10BP compared to the previous weekend; the yield spread between Chinese and US 10Y Treasury bonds was inverted by 276.5BP. The year - on - year CPI in the US in May was 2.4%, and the year - on - year core CPI was 2.8%, both lower than expected, indicating moderate inflation pressure. Trump once again called on the Federal Reserve to cut interest rates by 100 basis points, and the market's expectation of an interest - rate cut in September rose to 57%. The yield of US Treasury bonds declined, the US dollar weakened, and the expectation of interest - rate cuts this year remained at 2 times, with the focus on the first interest - rate cut in September [63][64] 6. Weekly Observation of High - Frequency Inflation Data - This week, industrial product prices showed mixed trends. As of the close on June 13th, the Nanhua Industrial Product Index, the Metal Index, and the Energy and Chemical Index were 3,507.97, 6,021.88, and 1,652.27 points respectively, changing by + 76.77, - 49.18, and + 68.99 points respectively compared to the previous weekend. This week, agricultural product prices all declined. As of the close on June 13th, the prices of pork, 28 key vegetables, and 7 key fruits were 20.26, 4.33, and 7.78 yuan per kilogram respectively, changing by - 0.20, - 0.02, and - 0.01 yuan per kilogram respectively compared to the previous weekend [67] 7. Investment Recommendations - It is recommended to lay out medium - term long positions on dips, moderately pay attention to the positive arbitrage opportunities of Treasury bond futures, and moderately pay attention to the strategy of steepening the yield curve [2][18][19]

周度报告—碳酸锂 主力合约完成换月，近端延续 Back 结构 | 走势叶级: | | --- | 下游消费不及预期，新增产能建设进度与企业预期有所出入。 | [T走ab势le_评R级an：k] | 碳酸锂：震荡 | 陈祎萱 CFA | 高级分析师（有色金属） | | --- | --- | --- | --- | | 报告日期： | 2025 年 6 月 15 日 | 从业资格号： | F3074710 | | [Table_Summary] | | 投资咨询号： | Z0017769 | | ★主力合约完成换月，近端延续 | Back 结构 | Tel: | 8621-63325888-2722 | | | | Email: | yixuan.chen@orientfutures.com | 主力合约行情走势图（碳酸锂） [Table_Summary] ★主力合约完成换月，近端延续 Back 结构 上周锂盐价格偏弱震荡。LC2506 收盘价环比-1.4%至 5.99 万元/ 吨，LC2507 收盘价环比-0.8%至 5.99 万元/吨；溧阳中联金碳酸 锂近月合约收盘价环比-1.3%至 6.0 万元/吨。周内 ...