股指期货将震荡整理，黄金、白银、铜、氧化铝、焦煤、玻璃、纯碱期货将偏弱震荡PTA、甲醇期货将偏强震荡

Report Investment Rating No information about the industry investment rating is provided in the report. Core Viewpoints Through macro - fundamental analysis and technical analysis such as the golden section line, horizontal line, and daily moving average, the report predicts the trend of various futures on May 23, 2025. Index futures are expected to fluctuate and consolidate; ten - year and thirty - year treasury bond futures will likely have wide - range fluctuations; gold, silver, copper, aluminum, alumina, glass, soda ash, and PVC futures will likely have weak fluctuations; zinc, PTA, and methanol futures will likely have strong fluctuations; iron ore and crude oil futures will likely have wide - range fluctuations; and rebar and hot - rolled coil futures will likely fluctuate and consolidate [2][3][4]. Summary by Directory Futures Market Outlook - Index Futures: On May 23, 2025, IF2506, IH2506, IC2506, and IM2506 are expected to fluctuate and consolidate, with specific resistance and support levels provided [2][17]. - Treasury Bond Futures: The ten - year treasury bond futures contract T2509 and the thirty - year treasury bond futures contract TL2509 on May 23, 2025, are likely to have wide - range fluctuations, with corresponding resistance and support levels [2][32][36]. - Commodity Futures - Weak Fluctuation: Gold (AU2508), silver (AG2508), copper (CU2506), aluminum (AL2507), alumina (AO2509), glass (FG509), soda ash (SA509), and PVC (V2509) futures are expected to have weak fluctuations on May 23, 2025, with support and resistance levels given [2][3][4]. - Strong Fluctuation: Zinc (ZN2507), PTA (TA509), and methanol (MA509) futures are expected to have strong fluctuations on May 23, 2025, with corresponding resistance and support levels [3][4][5]. - Wide - Range Fluctuation: Iron ore (I2509) and crude oil (SC2507) futures are likely to have wide - range fluctuations on May 23, 2025, with specific support and resistance levels [4][77][88]. - Fluctuation and Consolidation: Rebar (RB2510) and hot - rolled coil (HC2510) futures are expected to fluctuate and consolidate on May 23, 2025, with resistance and support levels provided [3][69][75]. Macro News and Trading Tips - The central bank will conduct 500 billion yuan of MLF operations on May 23, 2025, with a net investment of 375 billion yuan in May, which is expected to lead to a broad - credit process [5]. - Multiple measures are being taken in China to support the construction of a science - and - technology financial system, including the development of science - and - technology insurance policies and the issuance of over 250 billion yuan of science - and - technology innovation bonds [5]. - The US Trump administration's tax - cut bill has passed the House of Representatives and is awaiting Senate review, which plans to cut taxes by over 4 trillion US dollars and increase the debt ceiling by 4 trillion US dollars [6]. - The Fed may cut interest rates in the second half of 2025 if tariffs stabilize around 10% [7]. Commodity Futures - Related Information - On May 22, 2025, international precious - metal futures generally closed lower, and international oil prices weakened. Most London base metals closed lower [9]. - OPEC+ is discussing a third consecutive production increase in July, but no final agreement has been reached [10]. - The Shanghai Futures Exchange will adjust the trading fees for alumina and natural - rubber futures contracts starting from May 26, 2025 [10]. Futures Market Analysis and Outlook - Index Futures: On May 22, 2025, the main contracts of CSI 300, SSE 50, CSI 500, and CSI 1000 index futures showed different trends, with weakening short - term rebound momentum and increasing downward pressure in general [11][12][13]. - Treasury Bond Futures: On May 22, 2025, the ten - year treasury bond futures contract T2509 had weakening short - term rebound momentum and slightly increasing downward pressure. The 30 - year main contract fell 0.04%, the 10 - year main contract rose 0.01%, the 5 - year main contract remained flat, and the 2 - year main contract remained flat [32]. - Commodity Futures: On May 22, 2025, various commodity futures showed different trends, with some having weakening short - term rebound momentum and increasing downward pressure, while others had short - term upward or downward trends [38][44][51].