广发早知道：汇总版-20250617

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The A-share market showed a trend of opening low and closing high, with TMT leading the rebound, while the consumer sector declined. The four major stock index futures contracts also rose with the index. The current index has stable support below but faces resistance above, and it is recommended to wait and see temporarily [2][3][4]. - The bond market is affected by factors such as economic data and capital conditions. Although the economic data in May is mixed, the short - end of bond futures is relatively strong. The upcoming tax period and cross - quarter capital test will affect the bond market, and it is recommended to allocate long positions on dips [6][7]. - Gold has a long - term upward trend under the background of de - dollarization, but it is affected by factors such as trade negotiations and geopolitical conflicts. It is recommended to pay attention to geopolitical situations and consider selling out - of - the - money call options on gold if the price fails to break through the previous high [10]. - The shipping index (European line) futures are expected to decline, and it is recommended to wait and see or pay attention to the 12 - 10 reverse spread opportunity [13]. - For various metals, copper is in a situation of "strong reality + weak expectation" and is expected to fluctuate; zinc is in a long - term supply - loose cycle, and it is recommended to consider shorting on rallies; tin is expected to fluctuate strongly in the short term due to tight supply, and it is recommended to short on rallies based on inventory and import data; nickel and stainless steel are expected to fluctuate within a range; lithium carbonate is expected to run weakly in the short term due to supply pressure and high inventory [18][22][25][28][30]. - For black metals, steel is affected by the Iran - Israel conflict but still has a downward trend; iron ore supply pressure will increase in the short term, and it is recommended to take a short - term bearish view; for coking coal and coke, although the futures have rebounded, the fundamentals are still weak, and it is recommended to short on rallies; silicon iron and silicon manganese are expected to fluctuate at the bottom [35][40][43][47][49][53]. - For agricultural products,粕类is expected to fluctuate, and it is recommended to be cautious about chasing up; the pig price is expected to remain volatile with limited upward and downward space; corn is expected to fluctuate at a high level with insufficient upward momentum [56][59][60]. Summary by Directory Financial Derivatives - Financial Futures Stock Index Futures - Market Conditions: On Monday, the A - share market opened low and closed high, with the Shanghai Composite Index rising 0.35%, the Shenzhen Component Index rising 0.41%, and the ChiNext Index rising 0.66%. TMT led the rebound, while the consumer sector declined. The four major stock index futures contracts also rose with the index, and the basis discount of the main contracts converged [2][3]. - News: The National Bureau of Statistics released economic data for May, showing an increase in social consumer goods retail sales and a slowdown in fixed - asset investment. Overseas, there was a new round of military strikes between Iran and Israel [3][4]. - Funding: On June 16, the A - share trading volume decreased by 250 billion yuan compared with the previous day, with a total turnover of 1.22 trillion yuan. The central bank conducted 242 billion yuan of reverse repurchase operations, with a net investment of 68.2 billion yuan [4]. - Operation Suggestion: The current basis rates of the main contracts of IF, IH, IC, and IM are - 0.10%, - 0.25%, - 0.20%, and - 0.33% respectively. It is recommended to wait and see temporarily and consider selling the July 5800 strike price put options to earn the premium [4]. Bond Futures - Market Performance: Most bond futures closed higher, with the 30 - year, 10 - year, and 2 - year main contracts rising, while the 5 - year main contract remained flat. The yields of major interest - rate bonds in the inter - bank market varied [5]. - Funding: The central bank conducted 242 billion yuan of reverse repurchase operations on June 16, with a net investment of 68.2 billion yuan. The short - term capital rate decreased, while the long - term capital rate remained stable [5][6]. - Fundamentals: In May, the added value of industrial enterprises above the designated size increased by 5.8% year - on - year, and the total retail sales of consumer goods increased by 6.4% year - on - year. The fixed - asset investment from January to May increased by 3.7% year - on - year, and the real estate investment decreased [6]. - Operation Suggestion: The economic data in May is mixed, and the short - end of bond futures is relatively strong. Considering the upcoming tax period and cross - quarter capital test, it is recommended to allocate long positions on dips and pay attention to high - frequency economic data and capital conditions [7]. Financial Derivatives - Precious Metals Gold - Market Review: International gold prices fell by 1.38% to close at $3384.54 per ounce, ending a three - day upward trend. The market's risk aversion sentiment has eased, and the prices of gold and crude oil have declined [10]. - Outlook: Gold has a long - term upward trend under the background of de - dollarization, but it is affected by factors such as trade negotiations and geopolitical conflicts. It is recommended to pay attention to geopolitical situations and consider selling out - of - the - money call options on gold if the price fails to break through the previous high [10]. Silver - Market Review: International silver prices fluctuated slightly, closing at $36.301 per ounce, up 0.03%. The industrial attributes of silver make its trend relatively independent [10]. - Outlook: The improvement of trade relations and the expansion of fiscal and monetary policies in Europe have increased the optimism of the industrial manufacturing industry, which has a certain supporting effect on silver prices. It is recommended to pay attention to the flow of speculative funds and ETFs and consider selling out - of - the - money call options [11]. Financial Derivatives - Shipping Index (European Line) - Spot Quotation: As of June 16, the quotes of major shipping companies showed different price ranges [12]. - Shipping Index: As of June 16, the SCFIS European line index rose by 4.61%, and the US - West line index rose by 27.18%. As of June 13, the SCFI composite index fell by 6.79% [12]. - Fundamentals: As of June 16, the global container shipping capacity increased by 8.3% year - on - year. The PMI data of the eurozone and the US in May showed different trends [12]. - Logic and Suggestion: The futures market fluctuated downward, and it is expected that the price of the 06 contract will decline, driving other contracts to decline. It is recommended to wait and see or pay attention to the 12 - 10 reverse spread opportunity [13]. Commodity Futures - Non - ferrous Metals Copper - Spot: As of June 16, the average price of electrolytic copper decreased, and the downstream procurement sentiment improved after the price decline, but they preferred to purchase after the contract change [14]. - Macro: The COMEX - LME premium has stagnated after rising to 10%, and there are different views on its future trend. The conflict between Iran and Israel has not had a significant impact on copper prices [15]. - Supply: The supply of copper concentrate is expected to be limited, and the production of electrolytic copper in May increased. It is expected to decline slightly in June [16]. - Demand: The operating rates of copper rod processing enterprises showed different trends, and the terminal demand has certain resilience but may face pressure in Q3 [17]. - Inventory: COMEX copper inventory increased, while domestic inventory decreased slightly [17]. - Logic and Suggestion: Copper is in a situation of "strong reality + weak expectation" and is expected to fluctuate. The main contract is expected to trade between 77,000 - 80,000 yuan [18]. Zinc - Spot: On June 16, the average price of zinc ingots decreased, and the trading was mainly among traders [18]. - Supply: The processing fees of zinc concentrate changed little, and the production of zinc concentrate in May increased. The production of refined zinc in May decreased slightly and is expected to increase in June [19][20]. - Demand: The operating rates of primary processing industries of zinc increased, but the downstream consumption is entering the off - season, and the purchasing manager index has declined [21]. - Inventory: Domestic social inventory and LME inventory decreased [21]. - Logic and Suggestion: Zinc is in a long - term supply - loose cycle. It is recommended to pay attention to the TC growth rate and downstream demand changes and consider shorting on rallies. The main contract is expected to find support between 21,000 - 21,500 yuan [22]. Tin - Spot: On June 16, the price of tin decreased slightly, and the trading was light. The downstream consumption is in the off - season [22]. - Supply: The import volume of tin ore and tin ingots in April showed different trends, and the supply of tin ore is expected to be tight [23]. - Demand and Inventory: The operating rate of solder in April increased, and the inventory of LME and SHFE decreased slightly, while the social inventory increased [23]. - Logic and Suggestion: Due to the tight supply of tin ore, tin is expected to fluctuate strongly in the short term. It is recommended to short on rallies based on inventory and import data [24]. Nickel - Spot: As of June 16, the price of electrolytic nickel decreased, and the import premium also decreased [25]. - Supply: The production of refined nickel is at a relatively high level and is expected to decline slightly in June [25]. - Demand: The demand for electroplating and alloy is relatively stable, while the demand for stainless steel and nickel sulfate is weak [25]. - Inventory: Overseas inventory remains high, and domestic social inventory has a slight downward trend [26]. - Logic and Suggestion: The nickel market is affected by macro and industrial factors, and it is expected to fluctuate within a range. The main contract is expected to trade between 118,000 - 126,000 yuan [27]. Stainless Steel - Spot: As of June 16, the price of stainless steel remained stable, and the trading was light [28]. - Raw Materials: The supply of nickel ore is still tight, and the price of nickel iron is weak, while the price of ferrochrome is relatively stable [28]. - Supply: The production of stainless steel in May decreased, and it is expected to decrease slightly in June [29]. - Inventory: Social inventory increased, and futures inventory decreased [29]. - Logic and Suggestion: The fundamentals of stainless steel are weak, and it is expected to fluctuate weakly. The main contract is expected to trade between 12,400 - 13,000 yuan [30]. Lithium Carbonate - Spot: As of June 12, the price of lithium carbonate increased slightly, and the trading in the spot market was still relatively light [30]. - Supply: The production of lithium carbonate in May decreased slightly and is expected to increase in June. The supply is still relatively high [31]. - Demand: The demand for lithium carbonate is relatively stable, but it may face pressure in the off - season [31]. - Inventory: The inventory of lithium carbonate is still at a high level, and the whole - chain inventory has been increasing in recent weeks [32]. - Logic and Suggestion: The lithium carbonate futures market fluctuated widely, and the market sentiment is still weak. It is expected to run weakly in the short term, and the main contract is expected to trade between 56,000 - 62,000 yuan [33]. Commodity Futures - Ferrous Metals Steel - Spot: The spot price of steel weakened again, and the basis showed signs of stabilizing and strengthening [35]. - Supply: The steel production declined from a high level, with a significant reduction in finished steel products [35]. - Demand: The apparent demand for five major steel products continued to decline, and it is affected by factors such as tariffs and the off - season. It is necessary to pay attention to the impact of relevant policies on demand [35]. - Inventory: The steel inventory is approaching the inflection point of accumulation, with the plate inventory increasing [36]. - Viewpoint: The conflict between Iran and Israel has a certain impact on the steel market, but it does not change the domestic supply - loose pattern. It is recommended to short on rallies or sell out - of - the - money call options [37]. Iron Ore - Spot and Futures: The price of mainstream iron ore powder increased slightly, and the 09 contract of iron ore futures fluctuated [38]. - Demand: The daily average pig iron production decreased slightly, and the steel mill profitability rate also declined [38]. - Supply: The global iron ore shipment decreased slightly, and the arrival volume decreased slightly. It is expected that the arrival volume will remain at a relatively high level in the future [39][40]. - Inventory: The port inventory increased, and the steel mill's equity ore inventory also increased [40]. - Viewpoint: The iron ore market is affected by factors such as demand and supply. In the short term, there is pressure on the iron ore price, and it is recommended to take a short - term bearish view on the 09 contract, with the price range expected to be between 720 - 670 yuan [40]. Coking Coal - Spot and Futures: The coking coal futures fluctuated upward, while the spot market was weakly stable, showing a divergence between futures and spot [43]. - Supply: The domestic coal production decreased slightly due to environmental inspections, and the import coal price continued to decline [43]. - Demand: The coking production and downstream pig iron production declined, but the demand still has certain resilience [43]. - Inventory: The coal mine inventory continued to accumulate, and the port inventory was at a historical high, while the downstream inventory was at a medium level [43]. - Strategy: The spot fundamentals have improved slightly. It is recommended to short on rallies when the price rebounds to 800 - 850 yuan for the 2509 contract and consider a strategy of going long on coking coal and short on coke [45]. Coke - Spot and Futures: The coke futures fluctuated upward, while the spot market was weakly stable, showing a divergence between futures and spot. The third - round price cut of coke has been implemented, and there is still an expectation of further price cuts [47]. - Supply: The coking production decreased due to environmental factors [47]. - Demand: The demand for coke decreased slightly, and the downstream pig iron production continued to decline [47]. - Inventory: The coke inventory decreased, with the coking plant, steel mill, and port inventories all showing a downward trend [47]. - Strategy: The spot fundamentals are still loose. It is recommended to short on rallies when the price rebounds to 1380 - 1430 yuan for the 2509 contract and consider a strategy of going long on coking coal and short on coke [47]. Silicon Iron - Spot and Futures: The spot price of silicon iron increased, and the 09 contract of silicon iron futures rose by 1.93% [48]. - Cost and Profit: The cost of silicon iron production is relatively high, and the profit is negative [48]. - Supply: The silicon iron production decreased slightly this week [49]. - Demand: The demand for silicon iron from five major steel products decreased, and the non - steel demand is also weak [49]. - Viewpoint: The silicon iron market is affected by factors such as supply, demand, and cost. It is expected to fluctuate at the bottom in the short term [49]. Manganese Silicon - Spot and Futures: The spot price of manganese silicon increased, and the 09 contract of manganese silicon futures rose by 1.97% [50]. - Cost: The cost of manganese silicon production is relatively high, and the profit is negative [50]. - Supply: The manganese silicon production increased slightly this week [51]. - Demand: The demand for manganese silicon from five major steel products decreased [52]. - Viewpoint: The manganese silicon market is affected by factors such as supply, demand, and cost. It is expected to fluctuate at the bottom in the short term [53]. Commodity Futures - Agricultural Products Meal - Spot Market: The spot price of soybean meal and rapeseed meal increased, and the trading volume also increased [54]. - Fundamentals: The US EPA proposed to increase the biofuel blending volume in 2026 and 2027, which affected the price of soybean oil. The soybean processing profit in Brazil decreased, and the EU's soybean import volume increased [54][55]. - Outlook: The current operation of US soybeans is mainly affected by policies. The new US soybean crop has a fast planting progress and a high excellent rate, which puts pressure on the price. It is expected that the domestic soybean meal and rapeseed meal will continue to fluctuate,