Report Summary 1. Report Industry Investment Rating The report does not provide an overall industry investment rating. 2. Core Viewpoints - The prices of various commodities in the black series are expected to show wide - range fluctuations. Specifically, iron ore will experience range - bound oscillations due to fluctuating expectations; rebar, hot - rolled coils, ferrosilicon, silicomanganese, coke, and coking coal will be affected by macro - sentiment or sector - wide sentiment resonance; thermal coal's demand remains to be released; and logs will undergo basis repair [2][4][6][10][14][18][22]. 3. Summary by Commodity Iron Ore - **Fundamentals**: The previous day's futures closing price was 695.5 yuan/ton, down 3.5 yuan/ton with a decline of 0.50%. Spot prices of imported and domestic ores remained unchanged. Some basis and spread values decreased slightly [4]. - **Macro and Industry News**: From January to May, national real estate development investment was 362.34 billion yuan, a year - on - year decrease of 10.7% [4]. - **Trend Intensity**: 0, indicating a neutral trend [4]. Rebar and Hot - Rolled Coils - **Fundamentals**: For rebar RB2510, the closing price was 2,986 yuan/ton, up 4 yuan/ton with a 0.13% increase; for hot - rolled coil HC2510, the closing price was 3,102 yuan/ton, up 10 yuan/ton with a 0.32% increase. Spot prices in some regions increased slightly, and some basis and spread values also changed slightly [6]. - **Macro and Industry News**: In early June 2025, key steel enterprises' average daily output of crude steel increased by 3.2% month - on - month, pig iron by 2.6% month - on - month, and steel decreased by 6.4% month - on - month. From January to May, infrastructure investment increased by 5.6% year - on - year, fixed - asset investment increased by 3.7% year - on - year, and real estate development investment decreased by 10.7% year - on - year [7][8]. - **Trend Intensity**: 0 for both, indicating a neutral trend [8]. Ferrosilicon and Silicomanganese - **Fundamentals**: Futures prices and trading volumes varied. Spot prices of ferrosilicon and silicomanganese in Inner Mongolia increased. Some basis, near - far month spread, and cross - variety spread values changed [10]. - **Macro and Industry News**: There were price quotes for different grades of ferrosilicon and silicomanganese in various regions, and a silicon - manganese plant in Inner Mongolia newly ignited a furnace, while a silicon - iron furnace in Qinghai was shut down [11][12]. - **Trend Intensity**: 0 for both, indicating a neutral trend [13]. Coke and Coking Coal - **Fundamentals**: The previous day's futures closing price of coking coal JM2509 was 790.5 yuan/ton, up 1 yuan/ton with a 0.13% increase; for coke J2509, it was 1375 yuan/ton, up 9.5 yuan/ton with a 0.70% increase. Some spot prices remained unchanged, and some basis and spread values decreased [14]. - **Price and Position Information**: There were price quotes for coking coal in northern ports and CCI metallurgical coal index changes. On June 18, in the top 20 member positions of DCE, the long positions of coking coal JM2509 decreased, and the short positions increased; for coke J2509, both long and short positions increased [14][16]. - **Trend Intensity**: 0 for both, indicating a neutral trend [16]. Thermal Coal - **Previous Day's Inner - Market Situation**: The ZC2507 contract had no trading the previous day. The opening price was 931.6 yuan/ton, the highest was 931.6 yuan/ton, the lowest was 840 yuan/ton, and the closing price was 840 yuan/ton, a decrease of 51.4 yuan/ton from the previous settlement price [19]. - **Fundamentals**: There were price quotes for imported thermal coal in southern ports and domestic thermal coal in production areas. On June 18, in the top 20 member positions of ZCE, the long and short positions of the ZC2507 contract did not change [20]. - **Trend Intensity**: 0, indicating a neutral trend [21]. Logs - **Fundamentals**: Futures closing prices, trading volumes, and open interests of different contracts showed different trends. Spot prices of various types of logs in different regions had different degrees of changes, and some basis and spread values changed significantly [22]. - **Macro and Industry News**: From January to May, national real estate development investment decreased by 10.7% year - on - year [24]. - **Trend Intensity**: 1, indicating a relatively strong trend [24].

[Table_ReportType] 镍不锈钢早报 期货研究报告 商品研究 走势评级： 镍——滚动做空 不锈钢——观望 楼家豪 从业资格证号：F3080463 投资咨询证号：Z0018424 联系电话：0571-28132615 邮箱：loujiahao@cindasc.com 信达期货有限公司 CINDAFUTURESCO.LTD 杭州市萧山区钱江世纪城天人大厦19-20楼 邮编：311200 接近支撑位 [Table_ReportDate] 报告日期： 2025 年 6 月 18 日 报告内容摘要: [Table_S 宏观&行业消息： ummary]【印尼华星镍业年产 4 万吨高冰镍项目取得进展】2025 年 6 月 14 日，分公司承建的华星镍业(印尼)有限公司年产 4 万吨金属高冰项 目在业主、监理共同见证下顺利完成 101 原料堆棚首根钢柱吊装作业，标 志着备料系统装置正式进入主体钢结构施工的全新阶段。项目位于印尼东 南苏拉维西省科拉卡县波马拉镇 IPIP 工业园。分公司承建内容包括:五个 区域:100(备料系统)、200(冶炼区域)、300(辅助工程)、500(冶炼厂给排 水系统)、600(公辅工 ...

Report Overview - The report focuses on short fiber and bottle chip futures, providing fundamental tracking, spot news, and trend strength analysis [1][2] Industry Investment Rating - Not provided in the report Core Viewpoints - Short fiber and bottle chip futures are expected to experience high - level fluctuations with increased cost volatility [1] Summary by Directory Fundamental Tracking Short Fiber - Futures prices: Short fiber 2507 was at 6594, up 4 from the previous day; 2508 was at 6510, up 30; 2509 was at 6442, up 182 [1] - Spread: PF07 - 08 was 84, up 34; PF08 - 09 was - 152, down 152; PF basis was 140, unchanged [1] - Position and volume: The position was 281488, down 4869; the volume was 366006, down 121099 [1] - Spot price and sales: The East China spot price was 6650, up 30; the sales - to - production ratio was 62%, down 72% [1] Bottle Chip - Futures prices: Bottle chip 2507 was at 6068, up 34; 2508 was at 6046, up 40; 2509 was at 5980, up 8 [1] - Spread: PR07 - 08 was 22, down 6; PR08 - 09 was 66, up 32; PR main contract basis was 70, up 22 [1] - Position and volume: The position was 41530, up 1233; the volume was 60988, down 18649 [1] - Spot price: The East China spot price was 6050, up 30; the South China spot price was 6170, down 30 [1] Spot News Short Fiber - Futures were strongly volatile. Factory quotes were stable, with discounts for negotiation. The average sales - to - production ratio was 62%. Downstream yarn prices were stable, with few orders and weak sales [1] Bottle Chip - Polyester raw material futures closed higher. Factory quotes were partially raised by about 50 yuan, and a few were slightly lowered. Market transactions were light, with 6 - 8 month orders mostly traded at 5980 - 6140 yuan/ton ex - factory [2] Trend Strength - Short fiber trend strength was - 1; bottle chip trend strength was - 1, indicating the daily - session main contract price fluctuations on the report day [2]

低硫燃料油：短线转弱，外盘现货高低硫价差 小幅收窄 2025 年 6 月 17 日 燃料油：夜盘回撤，预计短期强势暂缓 燃料油基本面数据 | | 项目 | 单位 | 昨日收盘价 | 日 涨 跌 | | 昨日结算价 | 结算价涨跌 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | FU2507 | 元/成 | 3,317 | 2. 41% | | 3.280 | 2.79% | | | | FU2508 | 元/吨 | 3.316 | 2. 79% | | 3, 278 | 2. 31% | | | | LU2507 | 元/晚 | 3.925 | 1.19% | | 3,905 | 0.77% | | | | LU2508 | 元/吨 | 3.874 | 0.77% | | 3.854 | 0.76% | | | 期货 | | | 昨日成交 | 成交变动 | | 昨日特仓 | 特色变动 | | | | FU2507 | 手 | 103.366 | (55.013) | | 39.159 | (4.350) | | | | FU250 ...

Report Industry Investment Rating No relevant content provided. Report's Core View - Iron ore is expected to fluctuate within a range due to repeated expectations [2][4]. - Rebar and hot-rolled coil are subject to wide fluctuations under the influence of macro sentiment [2][6]. - Ferrosilicon is expected to have a weak oscillation due to sector sentiment resonance [2][10]. - Silicomanganese is expected to have a weak oscillation as the quotes of mining enterprises move down [2][10]. - Coke is expected to have wide fluctuations [2][14]. - Coking coal is expected to have wide fluctuations as safety inspections become stricter [2][15]. - Steam coal is expected to have wide fluctuations as demand still needs to be released [2][19]. - Logs are expected to oscillate repeatedly [2][23]. Summary by Related Catalogs Iron Ore - **Fundamental Tracking**: The closing price of iron ore futures was 704.0 yuan/ton, down 3.0 yuan or -0.42%. The positions decreased by 12,525 hands. Among spot prices, the prices of imported and domestic ores mostly declined slightly [4]. - **Macro and Industry News**: In May, the CPI decreased by 0.1% year-on-year, and the PPI decreased by 0.4% month-on-month [4]. - **Trend Intensity**: The trend intensity of iron ore is 0, indicating a neutral outlook [4]. Rebar and Hot-Rolled Coil - **Fundamental Tracking**: The closing prices of rebar and hot-rolled coil futures declined, with decreases of -0.70% and -0.87% respectively. In terms of trading volume and positions, both showed certain changes. Spot prices generally decreased, and the basis and spreads also had corresponding fluctuations [6]. - **Macro and Industry News**: According to the weekly data of Steel Union on June 12, in terms of production, rebar decreased by 10.89 tons, hot-rolled coil decreased by 4.1 tons, and the total of five major varieties decreased by 21.53 tons. In terms of total inventory, rebar decreased by 12.4 tons, hot-rolled coil increased by 4.77 tons, and the total of five major varieties decreased by 9.25 tons. In terms of apparent demand, rebar decreased by 9.06 tons, hot-rolled coil decreased by 1.04 tons, and the total of five major varieties decreased by 14.07 tons. In May 2025, China's automobile production and sales reached 2.649 million and 2.686 million respectively, with month-on-month increases of 1.1% and 3.7%, and year-on-year increases of 11.6% and 11.2%. In May 2025, China exported 10.578 million tons of steel, a month-on-month increase of 1.1%; from January to May, the cumulative steel exports were 48.469 million tons, a year-on-year increase of 8.9%. In May, China imported 481,000 tons of steel, a month-on-month decrease of 7.9%; from January to May, the cumulative steel imports were 2.553 million tons, a year-on-year decrease of 16.1%. In late May 2025, key steel enterprises produced 23 million tons of crude steel, with an average daily output of 2.091 million tons, a daily output decrease of 4.9% month-on-month; 21.04 million tons of pig iron, with an average daily output of 1.913 million tons, a daily output decrease of 3.5% month-on-month; and 23.94 million tons of steel, with an average daily output of 2.177 million tons, a daily output increase of 2.5% month-on-month [6][7][8]. - **Trend Intensity**: The trend intensities of rebar and hot-rolled coil are both 0, indicating a neutral outlook [6]. Ferrosilicon and Silicomanganese - **Fundamental Tracking**: The closing prices of ferrosilicon and silicomanganese futures declined. Spot prices also decreased. The basis, spreads between near and far months, and cross-variety spreads all had corresponding changes [10]. - **Macro and Industry News**: On June 12, the prices of 72 and 75 ferrosilicon in different regions were reported, and the prices of some grades decreased. The price quotes of silicomanganese 6517 in the north and south were also reported. A large steel group in Hebei increased the procurement volume of silicomanganese and 75B ferrosilicon in June compared with May. Comilog announced a decrease in the quotation of Gabon blocks to China in July 2025, and United Mining (CML) also decreased its quotation to China [11]. - **Trend Intensity**: The trend intensity of ferrosilicon is 0, indicating a neutral outlook; the trend intensity of silicomanganese is -1, indicating a bearish outlook [13]. Coke and Coking Coal - **Fundamental Tracking**: The closing prices of coking coal and coke futures declined, with decreases of -2.17% and -2.03% respectively. In terms of trading volume and positions, there were certain changes. Spot prices were mostly stable, and the basis and spreads also had corresponding fluctuations [15]. - **Price and Position Situation**: The quotes of coking coal in northern ports were reported, and the CCI metallurgical coal index on June 12 was also provided. In terms of positions, on June 12, from the positions of the top 20 members of the DCE, the long positions of the coking coal JM2509 contract increased by 4,909 hands, and the short positions increased by 3,349 hands; the long positions of the coke J2509 contract decreased by 803 hands, and the short positions increased by 304 hands [15][17]. - **Trend Intensity**: The trend intensities of coke and coking coal are both -1, indicating a bearish outlook [17]. Steam Coal - **Yesterday's Domestic Market**: The steam coal ZC2507 had no trading yesterday. The previous opening price was 931.6 yuan/ton, the highest was 931.6 yuan/ton, the lowest was 840.0 yuan/ton, and the closing price was 840.0 yuan/ton, a decrease of 51.4 yuan from the previous trading day's settlement price. The trading volume was 18 lots, and the positions were 0 [20]. - **Fundamentals**: The quotes of foreign trade steam coal in southern ports and domestic steam coal production areas were reported. In terms of positions, on June 12, from the positions of the top 20 members of the Zhengzhou Commodity Exchange, the long and short positions of the steam coal ZC2507 contract both decreased by 0 hands [21]. - **Trend Intensity**: The trend intensity of steam coal is 0, indicating a neutral outlook [22]. Logs - **Fundamental Tracking**: The closing prices, trading volumes, and positions of different log futures contracts all showed certain fluctuations. The prices of log spot products also had different degrees of changes, with some showing slight decreases [25]. - **Macro and Industry News**: In May, the CPI decreased by 0.1% year-on-year, and the PPI decreased by 0.4% month-on-month [27]. - **Trend Intensity**: The trend intensity of logs is 0, indicating a neutral outlook [27].

1. Report Industry Investment Rating - Not provided in the document 2. Core Views of the Report - Short - term, both short - fiber and bottle - chip markets are in a volatile state; medium - term, they are expected to be weak. For bottle - chips, there are signs of marginal production cuts by factories, and there are concerns about export volume reduction due to rising freight rates. For short - fibers, demand is weaker than expected, and there may be concentrated production cuts if processing fees further deteriorate [2][8][10] 3. Summaries According to the Table of Contents 3.1 Bottle - Chip (PR) 3.1.1 Valuation and Profit - Absolute price has increased, with basis and monthly spreads remaining stable and volatile, and the near - end monthly spread has slightly weakened. Spot price has declined this week, and the difference between East China and South China is weak. The bottle - chip - slice spread has been at a historical low since 2024, and the short - fiber - bottle - chip spread has compressed to a level similar to last year. The bottle - chip - PVC spread is at a high level, with limited further substitution drive, while the bottle - chip's cost - performance against PP is still high [19][22][28][29] - Export profit is compressed, with polymerization cost slightly decreasing this week. Bottle - chip spot processing fees have been further compressed to a historical low [50][54] 3.1.2 Fundamental Operation - **Supply**: Since 2024, the production capacity base has been expanding, and the current effective production capacity has reached 2.168 billion tons. This week, the bottle - chip load has slightly decreased to 89.4%. Factories and social inventories are accumulating simultaneously. Some factories have started marginal production cuts, such as Sanfangxiang's expansion of maintenance involving about 1.8 million tons of production capacity, and Chenggao's 600,000 - ton production line shutting down due to a malfunction [33][55][61] - **Demand**: Downstream load has slightly declined month - on - month. In April 2025, the cumulative year - on - year growth rate of soft - drink production was 3.9%, and the cumulative year - on - year growth rate of beverage - related commodity retail sales was 0.3%. There are still many new beverage production lines to be put into operation this year. The demand for edible oil is seasonally improving, and the demand for sheet materials is average, but supermarket consumption has improved month - on - month [67][72][75] - **Export**: From January to April 2025, exports increased rapidly year - on - year. In April, the total export volume of polyester bottle - chips and slices was 688,000 tons, a year - on - year increase of 27.3%. However, actual exports were lower than order - receiving data. Freight rates have been rising rapidly recently, which may lead to a significant month - on - month decrease in exports in June and July [82][9] - **Anti - dumping**: Many countries have implemented anti - dumping measures on Chinese bottle - chips, which may affect future exports [92] 3.2 Short - Fiber (PF) 3.2.1 Valuation and Profit - PF basis has remained stable and volatile, and the futures - spot structure maintains a backwardation structure. The processing fee on the disk has been running at a low level and rebounded slightly this week [99][106] 3.2.2 Fundamental Operation - **Supply**: Short - fiber factories are operating at a high level, with the average load of direct - spinning polyester short - fiber at 92.1% and the startup rate of spinning direct - spinning polyester short - fiber at 92.2%. Some factories have started to reduce production, such as Jiangyin Sanfangxiang reducing production by 200 tons per day and Jiangsu Jiangnan reducing production by 110 tons per day [109][112] - **Demand**: The start - up rate of polyester yarn has remained stable. Yarn inventory replenishment is average, mainly consuming raw material inventory, and finished - product inventory has increased. The profit of polyester yarn is generally better than last year, especially for polyester - cotton yarn [132][134][137] - **Downstream**: The start - up rate of weaving machines has remained high and stable, with some seasonal reduction in load. The comprehensive start - up rate of江浙 texturing is 80%, the comprehensive start - up rate of江浙 looms is 68%, and the comprehensive start - up rate of江浙 printing and dyeing is 75% [145][150]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Iron ore is expected to experience weak oscillations as downstream demand has reached a temporary peak [2][4]. - Rebar and hot - rolled coil are likely to trade in a low - level range due to the anticipation of a negative feedback mechanism [2][7][8]. - Ferrosilicon is expected to have a weak oscillation as the main production areas resume operations, while silicomanganese is likely to be weak due to the pressure on port ore transactions [2][12]. - Coke is at the bottom - end of the oscillation after the second round of price cuts, and coking coal is also at the bottom - end of the oscillation [2][16]. - Thermal coal is expected to have a weak oscillation as coal mine inventories increase [2][19]. - Logs are expected to have repeated oscillations [2][22]. 3. Summary by Related Catalogs Iron Ore - **Fundamental Data**: The previous day's futures closing price was 707.0 yuan/ton, up 8.5 yuan/ton or 1.22%. The previous day's position was 716,254 lots, down 5,254 lots. Spot prices of various iron ore types increased, with the basis and spreads showing different changes [4]. - **Macro and Industry News**: From January to April, the total operating income of state - owned enterprises was 26.2755 trillion yuan, unchanged from the previous year, and the total profit was 1.34914 trillion yuan, down 1.7% year - on - year [4]. - **Trend Intensity**: - 1, indicating a weak bearish outlook [4]. Rebar and Hot - Rolled Coil - **Fundamental Data**: For rebar RB2510, the previous day's closing price was 2,964 yuan/ton, down 23 yuan/ton or 0.77%, with a trading volume of 1,333,951 lots and a position of 2,441,388 lots, up 41,409 lots. For hot - rolled coil HC2510, the previous day's closing price was 3,100 yuan/ton, down 17 yuan/ton or 0.55%, with a trading volume of 452,531 lots and a position of 1,537,114 lots, up 23,289 lots. Spot prices generally decreased, and the basis and spreads changed accordingly [8]. - **Macro and Industry News**: According to the weekly data from Shanghai Steel Union on May 29, in terms of production, rebar decreased by 5.97 tons, hot - rolled coil increased by 13.87 tons, and the total of five major varieties increased by 8.41 tons. In terms of total inventory, rebar decreased by 23.17 tons, hot - rolled coil decreased by 7.38 tons, and the total of five major varieties decreased by 32.94 tons. In terms of apparent demand, rebar increased by 1.55 tons, hot - rolled coil increased by 13.87 tons, and the total of five major varieties increased by 9.23 tons. In April 2025, China's steel exports were 10.462 million tons, basically the same as the previous month; from January to April, the cumulative steel exports were 37.891 million tons, a year - on - year increase of 8.2%. In April, the global crude steel production decreased by 0.3% year - on - year to 155.7 million tons. In mid - May 2025, key steel enterprises' average daily production of crude steel decreased by 0.3%, pig iron decreased by 0.4%, and steel increased by 1.9% [9][10]. - **Trend Intensity**: Rebar is 0 (neutral), and hot - rolled coil is 0 (neutral) [10]. Ferrosilicon and Silicomanganese - **Fundamental Data**: For ferrosilicon futures, the 2507 contract closed at 5322 yuan/ton, down 130 yuan/ton; the 2509 contract closed at 5226 yuan/ton, down 118 yuan/ton. For silicomanganese futures, the 2506 contract closed at 5492 yuan/ton, down 64 yuan/ton; the 2509 contract closed at 5530 yuan/ton, down 76 yuan/ton. Spot prices and various price differences also showed corresponding changes [12]. - **Macro and Industry News**: On May 29, the price range of 72 ferrosilicon in different regions decreased by 50 yuan/ton in some areas. South32 announced the offer prices for South African semi - carbonate lumps and Australian lumps in July 2025, with an increase in the price of South African semi - carbonate lumps compared to the previous month. A steel mill in Henan set the price of silicomanganese at 5550 yuan/ton for a purchase volume of 5000 tons [12][13]. - **Trend Intensity**: Ferrosilicon is - 1 (weak bearish), and silicomanganese is - 1 (weak bearish) [15]. Coke and Coking Coal - **Fundamental Data**: For coking coal futures JM2509, the previous day's closing price was 759 yuan/ton, down 20 yuan/ton or 2.57%, with a trading volume of 709,680 lots and a position of 540,328 lots, up 13,462 lots. For coke futures J2509, the previous day's closing price was 1332 yuan/ton, down 6.5 yuan/ton or 0.49%, with a trading volume of 28,870 lots and a position of 56,432 lots, down 1050 lots. Spot prices of coking coal and coke changed, and the basis and spreads also showed corresponding fluctuations [16]. - **Price and Position Information**: Northern port coking coal quotes are provided, and the CCI metallurgical coal index on May 29 shows price changes. On May 29, from the position of the top 20 members of the DCE, the long position of coking coal JM2509 increased by 12,175 lots, and the short position increased by 8353 lots; the long position of coke J2509 increased by 50 lots, and the short position decreased by 810 lots [16][17][18]. - **Trend Intensity**: Coke is - 1 (weak bearish), and coking coal is - 1 (weak bearish) [18]. Thermal Coal - **Previous Day's Domestic Market**: The ZC2506 contract of thermal coal had no trading the previous day. The opening price was 931.6 yuan/ton, the highest was 931.6 yuan/ton, the lowest was 840 yuan/ton, and the closing price was 840 yuan/ton, a decrease of 51.4 yuan/ton compared to the previous trading day's settlement price, with a trading volume of 18 lots and a position of 0 lots [19]. - **Fundamental Information**: Southern port quotes for foreign - traded thermal coal and domestic production area quotes for thermal coal are provided. On May 29, from the position of the top 20 members of the ZCE, the long and short positions of the ZC2506 contract both decreased by 0 lots [20]. - **Trend Intensity**: 0 (neutral) [21]. Logs - **Fundamental Tracking**: Data on closing prices, trading volumes, positions, basis, and spot prices of different log contracts and varieties are provided, along with daily and weekly price change rates [24]. - **Macro and Industry News**: From January to April, the national real estate development investment was 2.773 trillion yuan, a year - on - year decrease of 10.3%, and residential investment decreased by 9.6% [26]. - **Trend Intensity**: 0 (neutral) [26].

Group 1: Report Industry Investment Rating - The investment rating for the asphalt industry is "Range-bound" [1] Group 2: Core Viewpoints - The asphalt market shows a range - bound trend, with the trend strength at 0, indicating a neutral outlook [1][12] Group 3: Summary by Related Catalogs 1. Fundamental Tracking - **Futures Data**: For BU2506, the yesterday's closing price was 3,539 yuan/ton with a 0.20% increase, and the night - session closing price was 3,522 yuan/ton with a - 0.48% decrease. The trading volume was 24,608 lots with an increase of 2,443 lots, and the open interest was 37,984 lots with a decrease of 5,833 lots. For BU2507, the yesterday's closing price was 3,526 yuan/ton with a 0.28% increase, and the night - session closing price was 3,507 yuan/ton with a - 0.54% decrease. The trading volume was 255,407 lots with an increase of 72,717 lots, and the open interest was 145,481 lots with a decrease of 27,107 lots. The total market asphalt warehouse receipts were 86,510 lots with no change [1] - **Spread Data**: The basis (Shandong - 06) was 86 yuan/ton, a decrease of 7 yuan/ton from the previous day. The 06 - 07 inter - period spread was 13 yuan/ton, a decrease of 3 yuan/ton from the previous day [1] - **Spot Market Data**: The Shandong wholesale price was 3,625 yuan/ton with no change, and the factory - warehouse spot equivalent to the futures price was 3,717 yuan/ton, and the warehouse spot equivalent to the futures price was 3,853 yuan/ton. The Yangtze River Delta wholesale price was 3,580 yuan/ton with no change, and the factory - warehouse spot equivalent to the futures price was 3,607 yuan/ton, and the warehouse spot equivalent to the futures price was 3,663 yuan/ton. The refinery operating rate was 30.49%, an increase of 1.28% from the previous update, and the refinery inventory rate was 30.39%, an increase of 0.08% from the previous update [1] 2. Market Information - **Production**: In June 2025, the total domestic asphalt production is planned to be 2.309 million tons, a 0.4% decrease from the previous month but an 8.5% increase from the same period last year. In the week from May 20 - 26, 2025, the weekly domestic asphalt production was 462,000 tons, an 8.9% decrease from the previous week and a 3.5% decrease from the same period last year. The cumulative production from January to May was 11.961 million tons, a 3.6% increase from the same period last year [13] - **Inventory**: As of May 26, 2025, the inventory of 54 domestic asphalt sample refinery warehouses was 858,000 tons, a 2.3% decrease from May 22. The inventory of 104 domestic asphalt social warehouses was 1.877 million tons, a 0.1% increase from May 22 [13]

2025 年 5 月 22 日 商 品 研 究 花生：有所回落 尹恺宜 投资咨询从业资格号：Z0019456 yinkaiyi@gtht.com 【基本面跟踪】 花生基本面数据 | | | | | 昨日价格 | | 价格变动 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 重要现货 | 辽宁308通货 | 元/吨 | | 8,400 | | 0 | | | 价 格 | 河南白沙通货 | 元/吨 | | 8,260 | | 0 | | | | 兴城小日本 | 元/吨 | | 8,660 | | 0 | | | | 苏丹精米 | 元/吨 | | 8,375 | | 0 | | | | | 单 位 | | 昨日收盘价 | | 日涨跌% | | | | PK510 | 元/吨 | | 8,352 | | 0.53 | | | | PK511 | 元/吨 | | 8,250 | | 0.61 | | | | | 单 位 | 昨日成交 | | 成交变动 | 昨日持仓 | 持仓变动 | | 期 货 | PK510 | 手 | 56,868 | | -14,43 ...

Report Summary 1. Report Industry Investment Rating - The report does not provide an industry investment rating [1] 2. Report's Core View - The egg market is mainly in a short - term adjustment phase [1] 3. Summary by Relevant Content 3.1 Egg Futures Data - Egg 2507 contract: The closing price is 2,938 yuan/500 kilograms, with a daily decline of 1.54%. The trading volume increased by 19,679, and the open interest increased by 4,728 [1] - Egg 2509 contract: The closing price is 3,770 yuan/500 kilograms, with a daily decline of 0.48%. The trading volume increased by 4,616, and the open interest increased by 2,067 [1] 3.2 Egg Spread Data - Egg 7 - 8 spread: The latest value is - 691, compared to - 673 the previous day [1] - Egg 7 - 9 spread: The latest value is - 832, compared to - 807 the previous day [1] 3.3 Egg Spot Price Data - Liaoning spot price: The latest price is 3.20 yuan/jin, compared to 3.35 yuan/jin the previous day [1] - Hebei spot price: The latest price is 2.80 yuan/jin, compared to 2.84 yuan/jin the previous day [1] - Shanxi spot price: The latest price is 3.10 yuan/jin, compared to 3.20 yuan/jin the previous day [1] - Hubei spot price: The latest price is 3.09 yuan/jin, compared to 3.13 yuan/jin the previous day [1] 3.4 Feed and Related Price Data - Corn spot price: The latest price is 2,303 yuan/ton, the same as the previous day [1] - Soybean meal spot price: The latest price is 2,920 yuan/ton, compared to 3,020 yuan/ton the previous day [1] - Henan pig price: The latest price is 14.80 yuan/kg, compared to 14.85 yuan/kg the previous day [1] 3.5 Trend Intensity - The trend intensity is 0, indicating a neutral view. The range of trend intensity is an integer in the [-2, 2] interval, where - 2 means most bearish and 2 means most bullish [1]