Group 1: Report Summary - The report is a daily shipping container transportation report released on June 24, 2025, focusing on market trends and related factors in the shipping industry [1] Group 2: Market Conditions - Crude oil prices dropped by 7%, and the market opened high and closed low. The game in the near - term is difficult, and it is recommended to participate with a light position or wait and see [1] - On June 23, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1937.14 points, up 14.1% from the previous period; the SCFIS for the US - West route was 2083.46 points, down 28.4% from the previous period [1] - On June 20, the Shanghai Export Container Freight Index (SCFI) was 1869.59 points, down 218.65 points from the previous period. The SCFI for the European route was 1835 USD/TEU, down 0.49% from the previous period; the SCFI for the US - West route was 2772 USD/FEU, down 32.86% from the previous period [1] - The Eurozone's May manufacturing PMI was 49.4, the service PMI was 48.9, and the composite PMI was 49.5. The May Sentix investor confidence index was - 8.1 [1] - China's Caixin Manufacturing PMI in May was 48.3, down 2.1 percentage points from April, falling below the critical point for the first time since October 2024 [1] - The US May Markit manufacturing PMI was 52.3, the service PMI was 52.3, and the composite PMI was 52.1 [1] Group 3: Market Analysis and Strategies - The European route has strong macro - attributes, and the game is difficult. Some shipping companies have announced price increases, and attention should be paid to the implementation of price support. The Sino - US second - round talks have no substantial progress, and the spot market price range is set. The market is prone to fall and difficult to rise [2] - Short - term strategy: In the absence of an obvious fundamental shift, it is recommended to try short positions on rallies. For the 2508 contract, it is recommended to try short positions lightly when it rebounds above 2000, and stop losses have been recommended for long positions [2] - Arbitrage strategy: Due to the volatile international situation, it is recommended to wait and see for the time being [2] - Long - term strategy: It is recommended to take profits on rallies for each contract, and then judge the subsequent direction after waiting for the callback to stabilize [2] Group 4: Geopolitical and Other Factors - The Middle East situation continues to deteriorate. Iran plans to close the Strait of Hormuz. The US - West route freight rate has dropped rapidly, and short - selling sentiment has risen [2] - On June 23, Iran launched the 21st round of the "True Promise - 3" operation against Israel, targeting military targets and military support centers in the north - south direction of the Jordan River West Bank centered on Haifa and Tel Aviv [3] - Goldman Sachs is worried about the possible supply interruption in the Strait of Hormuz. Brent crude oil has risen 20.6% this month to $76.9 per barrel. If the oil flow through the Strait of Hormuz is reduced by half in the first month and remains 10% lower in the next 11 months, the Brent crude oil price may briefly reach a peak of $110 per barrel [3]

Report Industry Investment Rating - No information provided Core Viewpoints of the Report - Due to the ongoing Israel-Iran conflict, some liner companies have announced price increases for early July, boosting bullish sentiment, but the market has large fluctuations, so it is recommended to participate with a light position or wait and see [2][3] - The negotiation between China and the United States has no substantial progress, and the spot market price range is set. Without more positive news, the market is prone to fall rather than rise [3] - The CMA's price increase announcement and the ongoing Middle - East conflict lead to a strong oscillation in near - month contracts and a weak oscillation in far - month contracts due to many uncertainties [3] Summary According to Relevant Content Freight Index - On June 16, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1697.63 points, up 4.6% from the previous period; for the US West route, it was 2908.68 points, up 33.1% from the previous period [2] - On June 13, the Ningbo Export Container Freight Index (NCFI) composite index was 1536.84 points, down 7.94% from the previous period; the European route was 1307.92 points, up 16.4% from the previous period; the US West route was 2230.99 points, down 31.55% from the previous period [2] - On June 13, the Shanghai Export Container Freight Index (SCFI) was 2088.24 points, down 152.11 points from the previous period; the European line price was 1844 USD/TEU, up 10.62% from the previous period; the US West route was 4120 USD/FEU, down 26.51% from the previous period [2] - On June 13, the China Export Container Freight Index (CCFI) composite index was 1243.05 points, up 7.6% from the previous period; the European route was 1488.87 points, up 6.6% from the previous period; the US West route was 1094.58 points, up 5.8% from the previous period [2] Market and Policy Data - Eurozone's May manufacturing PMI was 49.4, service PMI was 48.9, and composite PMI was 49.5; the Sentix investor confidence index was - 8.1 [2] - In May, the Caixin China Manufacturing PMI was 48.3, down 2.1 percentage points from April [2] - The US May Markit manufacturing PMI was 52.3, service PMI was 52.3, and composite PMI was 52.1 [2] Contract and Strategy - On June 18, the closing price of the 2508 main contract was 2092.0, up 3.18%, with a trading volume of 75,700 lots and an open interest of 42,800 lots, a decrease of 1734 lots from the previous day [3] - Short - term strategy: The 2506 contract is based on the basis convergence logic; for the 2508 contract, it is recommended to try shorting lightly when it rebounds above 2250; for the 2510 contract, try going long below 1450 and set stop - losses [3] - Arbitrage strategy: Under the background of tariff relaxation, the 90 - day exemption will lead to a near - strong and far - weak freight rate. Temporarily focus on the positive spread structure [3] - Long - term strategy: It is recommended to take profits when each contract rises, wait for the callback to stabilize, and then judge the subsequent direction [3] - The daily trading limit for contracts from 2506 to 2604 is adjusted to 16%, and the company's margin is adjusted to 26%. The daily opening limit for all contracts from 2506 to 2604 is 100 lots [3] Geopolitical Situation - On June 17, Israeli officials announced the destruction of the central area of Iran's Natanz nuclear facility, and the US President Trump is more inclined to strike Iran's nuclear facilities [4] - The Israel - Iran conflict makes the shipping industry uneasy, and many ships are avoiding the Strait of Hormuz, which may lead to an increase in shipping costs [4]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report indicates that the SCFIS index has a small increase, the 06 contract has a large premium, spot freight rates fluctuate slightly, and the market is oscillating. Given that the European line has strong macro - attributes and the recent game is difficult, and there is no substantial progress in the Sino - US talks, the market is prone to fall and difficult to rise without more positive news. Attention should be paid to the 90 - day spot freight rate range, the feedback of terminal demand under the relaxation of tariff policies, and the final result of the ruling [1][2]. 3. Content Summary by Aspects Freight Rate Index - On June 16, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1697.63 points, up 4.6% from the previous period; for the US West route, it was 2908.68 points, up 33.1% from the previous period [1]. - On June 13, the Ningbo Export Container Freight Index (NCFI) for the European route was 1307.92 points, up 16.4% from the previous period; for the US West route, it was 2230.99 points, down 31.55% from the previous period [1]. - On June 13, the Shanghai Export Container Freight Index (SCFI) was 2088.24 points, down 152.11 points from the previous period; the SCFI price for the European line was 1844 USD/TEU, up 10.62% from the previous period; for the US West route, it was 4120 USD/FEU, down 26.51% from the previous period [1]. - On June 13, the China Export Container Freight Index (CCFI) for the comprehensive index was 1243.05 points, up 7.6% from the previous period; for the European route, it was 1488.87 points, up 6.6% from the previous period; for the US West route, it was 1094.58 points, up 5.8% from the previous period [1]. Macroeconomic Data - Eurozone's May manufacturing PMI flash was 49.4 (expected 49.3, previous 49), services PMI flash was 48.9 (expected 50.3, previous 50.1), and composite PMI flash was 49.5 (expected 50.7, previous 50.4). The May Sentix investor confidence index was - 8.1 (expected - 11.5, previous - 19.5) [1]. - China's May Caixin manufacturing PMI was 48.3, down 2.1 points from April, falling below the critical point for the first time since October 2024 [1]. - US May Markit manufacturing PMI was 52.3 (a three - month high, expected 49.9, previous 50.2), services PMI flash was 52.3 (a two - month high, expected 51, previous 50.8), and composite PMI flash was 52.1 (expected 50.3, previous 50.6) [1]. Market Situation and Strategy - Crude oil dropped significantly last night. The European line has strong macro - attributes, and the recent game is difficult. Without more positive news, the market is prone to fall and difficult to rise. Attention should be paid to the 90 - day spot freight rate range, the feedback of terminal demand under the relaxation of tariff policies, and the final result of the ruling [2]. - On June 16, the main contract 2508 closed at 2030.0, down 4.04%, with a trading volume of 65,900 lots and an open interest of 43,700 lots, a decrease of 1186 lots from the previous day [2]. - Short - term strategy: The 2506 contract is mainly based on the logic of basis convergence. For the 2508 contract, it is recommended to try short positions lightly when it rebounds above 2250, and try long positions for the 2510 contract below 1450, with stop - losses set [2]. - Arbitrage strategy: Under the background of tariff relaxation, the 90 - day exemption will lead to the near - strong and far - weak freight rate. Attention should be paid to the result of the court ruling, and the market is volatile. For now, it is mainly in a positive spread structure [2]. - Long - term strategy: It is recommended to take profits when each contract rises, and then judge the subsequent direction after waiting for the market to stabilize after a pullback [2]. - The daily trading limit for contracts 2506 - 2604 is adjusted to 16%, the company's margin for these contracts is adjusted to 26%, and the daily opening limit for all contracts from 2506 - 2604 is 100 lots [2]. Geopolitical Situation - The Middle East situation continues to escalate. Israel and Iran have launched multiple rounds of attacks on each other. Iraq supports Iran and is committed to preventing the expansion of the conflict [3].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - From June 9th to 10th, the China - US economic and trade teams held the first meeting of the China - US economic and trade consultation mechanism in London. They reached a principle agreement on measures to implement the important consensus of the phone call between the two heads of state on June 5th and consolidate the results of the Geneva economic and trade talks, and made new progress in addressing each other's economic and trade concerns. It is expected that China - US economic and trade relations will further improve. In May 2025, China's manufacturing PMI rose by 0.5 percentage points to 49.5%, and it is expected that the PMI in June may further rebound. [36] - This week, Shanghai nickel showed a volatile downward trend. The spot trading of refined nickel has improved, but it is still in a supply - surplus pattern. The market at the mine end has changed little, and the shipment from the Philippines is slow due to rainy weather. The price of nickel sulfate is weak, and salt factories are currently operating at a loss with no obvious improvement in downstream demand. The stainless - steel spot and futures markets are weak, with purchases mainly for immediate needs and steel mills being cautious in raw - material procurement. Although demand has resilience, whether it will improve in the medium - to - long term remains to be verified by further data. The expected operating range of the Shanghai nickel main contract is approximately 116,000 to 128,000 yuan/ton, and that of the stainless - steel main contract is approximately 12,300 to 13,000 yuan/ton. [36] Group 3: Summary by Report Catalog 1. Market Review - The report presents the historical price trend of nickel futures closing prices (main contract) from December 31, 2020, to April 30, 2025, in the form of a graph [8]. 2. Fundamental Analysis 2.1 Upstream - China's Nickel Ore Port Inventory - The report shows the monthly import volume of nickel ore sand and concentrates from the Philippines to China in the form of a graph [13]. 2.2 Midstream - Electrolytic Nickel Price - The report presents the historical price trend of electrolytic nickel (1, Ni99.90, domestic and imported) from a certain period in the form of a graph [16]. 2.3 Midstream - Nickel Sulfate Price - The report shows the average price trend of nickel sulfate in China in the form of a graph [18]. 2.4 Midstream - Monthly Import Volume of Ferronickel and Fubao Price of 8 - 12% Ferronickel - The report presents the monthly import volume of ferronickel into China and the Fubao price of 8 - 12% ferronickel in the form of a graph [20]. 2.5 Downstream - Stainless - Steel Price - The report shows the historical closing price trend of stainless - steel futures (continuous) in the form of a graph [22]. 2.6 Downstream - Stainless - Steel Futures Position - The report presents the historical position volume trend of stainless - steel futures in the form of a graph [24]. 2.7 Downstream - Wuxi Stainless - Steel Inventory - The report shows the inventory trend of Wuxi stainless steel and Wuxi 300 - series stainless steel in the form of a graph [26]. 2.8 Downstream - Power and Energy - Storage Battery Production - The report presents the monthly production volume of power and energy - storage batteries (ternary materials) and the total monthly production volume of power and energy - storage batteries in China in the form of a graph [29]. 2.9 Downstream - New - Energy Vehicle Production - The report shows the monthly production volume of new - energy vehicles in China in the form of a graph [31]. 3. Future Outlook - The report analyzes the impact of China - US economic and trade consultations and China's May PMI data on the market. It also analyzes the current situation of the nickel and stainless - steel industries and gives the expected operating ranges of the Shanghai nickel main contract and the stainless - steel main contract [36].

Report Investment Rating - Not provided in the given content Core View - The latest manufacturing PMI in May remained below 50, indicating the impact of tariffs on the domestic economy, but China's economic resilience is strong. Overseas, the US-EU tariff war has escalated, and there is still significant uncertainty in China-US tariff negotiations, which suppresses the A-share market. The upcoming Lujiazui Forum is expected to release financial policies, providing some support to the index. In the short term, the index faces both upward pressure and downward support, and a breakthrough requires external certainties or new domestic favorable policies. The recommended strategy is to hold positions and wait and see [6] Market Review - The stock index opened lower and closed higher today. Taking the CSI 300 index as an example, it closed up 0.31%. The trading volume of the two markets increased by 2231 million yuan. All stock index futures rose with increased volume [4] Important Information - In May, China's manufacturing PMI was 49.5%, up 0.5 percentage points from the previous month; the non-manufacturing PMI was 50.3%, down 0.1 percentage points; the composite PMI was 50.4%, up 0.2 percentage points. The new export order index and import index increased by 2.8 and 3.7 percentage points respectively, and the foreign trade situation of some US-related enterprises improved [5] - US President Trump announced raising the import steel tariff from 25% to 50% starting from June 4. The EU is in the final consultation on expanding countermeasures, and if no solution is reached, existing and additional measures will take effect on July 14 or earlier [5] - The US Trade Representative's Office extended the exemption period for the 301 investigation on China from May 31 to August 31 [5] Index Futures Data Futures Market | Index | Main Contract Intraday Change (%) | Trading Volume (10,000 lots) | Trading Volume MoM (10,000 lots) | Open Interest (10,000 lots) | Open Interest MoM (10,000 lots) | | --- | --- | --- | --- | --- | --- | | IF | 0.11 | 7.5192 | -1.3852 | 23.6192 | 0.5468 | | IH | 0.05 | 4.0069 | -0.9296 | 8.1877 | 0.1863 | | IC | 0.33 | 6.938 | -0.909 | 21.3655 | 0.6257 | | IM | 0.68 | 16.4487 | -2.3121 | 32.1122 | 0.3188 | [7] Spot Market | Indicator | Value | | --- | --- | | Shanghai Composite Index Change (%) | 0.43 | | Shenzhen Component Index Change (%) | 0.16 | | Ratio of Rising to Falling Stocks | 1.90 | | Trading Volume of the Two Markets (100 million yuan) | 11414.09 | | Trading Volume MoM (100 million yuan) | 22.31 | [7]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The economic recovery needs further consolidation, and policies are expected to be further strengthened. The PNBP policy of the Indonesian government has increased the supply cost of nickel resources, and the premium of domestic trade ore has remained stable. The Philippines plans to implement a nickel ore export ban from June 2025, and the actual progress should be monitored. Domestic smelters' costs have steadily increased, and some are facing losses, while Indonesia's nickel - iron production capacity is accelerating, and output has significantly recovered. On the demand side, stainless - steel mills' profits are compressed, and the 300 - series is shifting production to other products. The demand for new - energy vehicles continues to rise, but its impact is limited. Recently, both supply and demand are weak, with domestic inventories decreasing and overseas inventories remaining stable. Technically, there is a volume - shrinking, position - reducing rebound. It is expected to have a weak and volatile adjustment. It is recommended to wait and see or take a light short position [3] Group 3: Summary According to Related Catalogs 1. Futures Market - The closing price of the main futures contract of Shanghai nickel is 121,250 yuan/ton, up 150 yuan; the 07 - 08 contract spread is - 220 yuan/ton, up 30 yuan. The LME 3 - month nickel price is 15,510 dollars/ton, up 205 dollars. The main contract position of Shanghai nickel is 91,891 lots, down 2,963 lots. The net long position of the top 20 futures holders of Shanghai nickel is 1,027 lots, up 2,203 lots. The LME nickel inventory is 201,462 tons, up 1,152 tons. The上期所 nickel inventory is 27,075 tons, up 120 tons. The LME nickel cancelled warrants are 28,476 tons, up 570 tons. The warehouse receipt quantity of Shanghai nickel is 22,038 tons, down 19 tons [3] 2. Spot Market - The SMM1 nickel spot price is 122,850 yuan/ton, up 525 yuan; the average spot price of 1 nickel plate in Yangtze River is 122,950 yuan/ton, up 450 yuan. The CIF (bill of lading) price of Shanghai electrolytic nickel is 100 dollars/ton, unchanged; the bonded warehouse (warehouse receipt) price is 100 dollars/ton, unchanged. The average price of battery - grade nickel sulfate is 28,900 yuan/ton, up 400 yuan. The basis of the NI main contract is 1,600 yuan/ton, up 375 yuan. The LME nickel (spot/three - month) spread is - 203.04 dollars/ton, down 7.42 dollars [3] 3. Upstream Situation - The monthly import volume of nickel ore is 291.41 million tons, up 137.89 million tons. The total port inventory of nickel ore is 725.88 million tons, down 5.63 million tons. The average monthly import price of nickel ore is 78.86 dollars/ton, down 32.99 dollars. The含税 price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 dollars/wet ton, unchanged [3] 4. Industry Situation - The monthly electrolytic nickel output is 29,430 tons, up 1,120 tons. The total monthly nickel - iron output is 21,700 metal tons, down 1,100 metal tons. The monthly import volume of refined nickel and alloys is 18,746.54 tons, up 10,187.11 tons. The monthly import volume of nickel - iron is 81.69 million tons, down 19.64 million tons [3] 5. Downstream Situation - The monthly output of 300 - series stainless steel is 182.43 million tons, down 7.75 million tons. The total weekly inventory of 300 - series stainless steel is 60.62 million tons, down 2.1 million tons [3] 6. Industry News - In May, China's manufacturing PMI was 49.5%, up 0.5 percentage points; the non - manufacturing business activity index was 50.3%, down 0.1 percentage points; the composite PMI output index was 50.4%, up 0.2 percentage points. The sales volume of consumer goods trade - in this year exceeded 1 trillion yuan. As of May 31, the 5 major categories of consumer goods trade - in drove sales of 1.1 trillion yuan and issued about 175 million direct subsidies to consumers. The number of subsidy applications for automobile trade - in reached 4.12 million, and 49.863 million consumers bought 77.618 million household appliances in 12 major categories. The US May ISM manufacturing PMI was 48.5, the lowest since November 2024, with an expected 49.5 and a previous value of 48.7. The final value of the US May S&P Global manufacturing PMI was 52, with an initial value of 52.3. The Fed's Daly said she was still comfortable with the Fed's March forecast, which showed two rate cuts by the end of the year. She hopes to maintain a moderately restrictive policy rate until it is certain that the inflation rate will reach the 2% target [3]

铝类产业日报 2025/6/3 免责声明 撰写人：王福辉 从业资格证号：F03123381 投资咨询从业证书号：Z0019878 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建议， 客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明 出处为瑞 达研究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 沪铝主力合约收盘价(日,元/吨) | 19,860.00 | -210.00↓ 氧化铝期货主力合约收盘价(日,元/吨) | 2,998.00 | +36.00↑ | | | 本月-下月合约价差:沪铝(日,元/吨) | 70.00 | -25.00↓ 本月-下月合约价差:氧化铝(日,元/吨) | 64.00 | ...

不锈钢产业日报 2025-06-03 | 项目类别 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | | 期货主力合约收盘价:不锈钢(日,元/吨) 期货市场 | 12630 | -55 07-08月合约价差:不锈钢(日,元/吨) | -25 | 20 | | 期货前20名持仓:净买单量:不锈钢(日,手) | 3086 | 1004 主力合约持仓量:不锈钢(日,手) | 85193 | -5476 | | 仓单数量:不锈钢(日,吨) | 129690 | -300 | | | | 304/2B卷:切边:无锡(日,元/吨) 现货市场 | 13750 | 0 市场价:废不锈钢304:无锡(日,元/吨) | 9800 | 0 | | SS主力合约基差(日,元/吨) | 640 | 55 | | | | 电解镍产量(月,吨) 上游情况 | 29430 | 1120 镍铁产量合计(月,万金属吨) | 2.17 | -0.11 | | 进口数量:精炼镍及合金(月,吨) | 18746.54 | 10187.11 进口数量:镍铁(月,万吨) | 8 ...

报告日期：2025 年 6 月 3 日 申银万国期货研究所 首席点评：制造业 PMI 回升 国家统计局公布数据显示，5 月份，我国制造业 PMI 为 49.5%，比上月上升 0.5 个百分点。非制造业 PMI 为 50.3%，比上月下降 0.1 个百分点。综合 PMI 为 50.4%， 比上月上升 0.2 个百分点。新出口订单指数和进口指数分别为 47.5%和 47.1%， 比上月上升 2.8 和 3.7 个百分点。调查中部分涉美企业反映外贸订单加速重启， 进出口情况有所改善。美国总统特朗普在宾夕法尼亚州举行的一场集会上表示， 将把进口钢铁的关税从 25%提高至 50%，该决定从 6 月 4 日（周三）起生效。对 此，欧盟委员会发布声明称，目前正在就扩大反制措施进行最终磋商。美国 5 月 ISM 制造业 PMI 为 48.5，为 2024 年 11 月以来新低，预期 49.5，前值 48.7。美 国 5 月标普全球制造业 PMI 终值为 52，初值 52.3。标普全球称，美国 5 月销售 费用通胀达到 2022 年末以来的最高水平。 重点品种：原油、贵金属、股指 原油：周末乌克兰袭击俄罗斯推动油价上涨。美国一 ...

Report Summary 1) Report Industry Investment Rating - The investment rating for the macro and financial bond sector is "oscillating slightly bullish" [1]. 2) Core View of the Report - Chinese economic data in April showed that fixed - asset investment and consumption were slightly below expectations, while industrial production and exports were better than expected. In May, the official manufacturing PMI was below the boom - bust line for the second consecutive month. After the Sino - US Geneva economic and trade talks in May, it was conducive to the recovery of export orders to the US. Industrial product prices continued to be under pressure, and manufacturers were cautious about future demand. After the US federal appellate court's decision on May 29, treasury bond futures recovered most of the losses on Thursday, and short - term treasury bond futures may oscillate slightly bullish [3]. 3) Summary by Relevant Catalogs Market Review - Affected by the news of the reversal of the US tariff ruling, last Friday, the main contracts of treasury bond futures opened higher across the board, fluctuated horizontally at a high level after rising. As of the close, the 30 - year treasury bond futures main contract TL2509 rose 0.56%, the 10 - year T2509 rose 0.21%, the 5 - year TF2509 rose 0.14%, and the 2 - year TS2509 rose 0.04% [1]. Important Information - **Open Market**: Last Friday, the central bank conducted 291.1 billion yuan of 7 - day reverse repurchase operations, with 142.5 billion yuan of reverse repurchases maturing on the same day, achieving a net investment of 148.6 billion yuan [1]. - **Funds Market**: Last Friday, the short - term interest rates in the inter - bank funds market increased compared with the previous trading day. DR001's weighted average for the whole day was 1.48% (1.41% the previous day), and DR007's weighted average for the whole day was 1.66% (1.63% the previous day) [1]. - **Cash Bond Market**: Last Friday, the closing yields of inter - bank treasury bonds decreased compared with the previous trading day. The 2 - year treasury bond yield decreased 2.58 BP to 1.46%, the 5 - year decreased 2.63 BP to 1.56%, the 10 - year decreased 1.65 BP to 1.67%, and the 30 - year decreased 2.00 BP to 1.90% [1]. - **Other Information**: In May, the central bank carried out 700 billion yuan of outright reverse repurchase operations. In April, the US core PCE price index increased 2.5% year - on - year, the lowest since March 2021. In May, China's manufacturing PMI was 49.5%, below the boom - bust line for the second consecutive month. The US president announced to raise the import steel tariff from 25% to 50%. On June 2, it was announced that the US May ISM manufacturing PMI was 48.5, the lowest since November last year [1][3]. Market Logic - Chinese economic growth in April remained resilient. In May, the manufacturing PMI was below the boom - bust line, but the production index returned to the expansion range, and new export orders rebounded. Industrial product prices continued to be under pressure, and manufacturers were cautious about future demand. After the Sino - US Geneva economic and trade talks, there was a "rush to ship" in US - bound shipping. After the US federal appellate court's decision on May 29, treasury bond futures may oscillate slightly bullish in the short term [3]. Trading Strategy - Traders are advised to conduct band operations [3].