金信期货日刊-20250519

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On May 16, 2025, the glass futures price hit a new low, with a decline of over 2% and a minimum of 1002 yuan/ton, and a trading volume of 1.6316 million. Multiple factors contributed to this, and the price may remain weak in the short - term and depend on various factors in the long - term [3]. - A - shares had a full - line decline after continuous upward oscillations, and there is a high probability of entering an adjustment and oscillation phase. Foreign investors are optimistic about the overweight opportunities of Chinese assets [6]. - Gold is in an adjustment phase, but the general direction is still bullish, and the most important support is the low point after Tomb - Sweeping Festival [11]. - Iron ore faces supply surplus pressure in May due to export reduction and shipping increase, and the weak reality increases the high - valuation risk. Technically, it should be viewed with a bearish and oscillating mindset [14]. - The glass futures market requires the manifestation of real - estate stimulus effects or major policy announcements for demand to increase. Technically, it should be viewed bearishly [17]. - PTA has fundamental pressure to break through the resistance level due to low PX device operating rates and weak downstream polyester demand, and shows signs of reaching a phased peak [21]. 3. Summary by Relevant Catalogs Hot Focus - On May 16, 2025, the glass futures price hit a new low. Supply has a potential contraction trend, but inventory is at a near - three - year high. Demand is weak, raw material costs have decreased, and macro - policies have not effectively supported the demand side. In the short - term, the price may remain weak, and in the long - term, it depends on multiple factors [3]. Technical Analysis - Stock Index Futures: A - shares declined after continuous upward oscillations, and there is a high probability of entering an adjustment and oscillation phase. Foreign investors are optimistic about the overweight opportunities of Chinese assets [6]. - Gold: It is in an adjustment phase, but the general direction is still bullish, and the most important support is the low point after Tomb - Sweeping Festival [11]. - Iron Ore: In May, there is supply surplus pressure due to export reduction and shipping increase, and the weak reality increases the high - valuation risk. Technically, it should be viewed with a bearish and oscillating mindset [14]. - Glass: Demand needs real - estate stimulus or major policies to increase. Technically, it should be viewed bearishly [17]. - PTA: It has fundamental pressure to break through the resistance level due to low PX device operating rates and weak downstream polyester demand, and shows signs of reaching a phased peak [21].