1. Report Industry Investment Ratings No relevant information provided. 2. Core Views of the Report - The cease - fire between Israel and Iran has led to a significant drop in oil prices and a weakening of the US dollar index, while increasing market risk appetite [2][6]. - Gold prices are under pressure due to the cease - fire and the potential for a July interest rate cut [3][17][18]. - Different commodity markets show various trends. For example, the agricultural product market has inventory changes, the black metal market has weak demand, and the energy - chemical market is affected by geopolitical factors and supply - demand relationships [4][32][56]. 3. Summaries by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Stock Index Futures) - The National Federation of Industry and Commerce Automobile Dealers Chamber of Commerce called for optimizing rebate policies and shortening the rebate settlement cycle [13]. - Vice - Premier He Lifeng attended a political consultative meeting and emphasized economic reform tasks [14]. - The Deputy Minister of Finance met with the China - US Chamber of Commerce delegation to discuss Sino - US economic and trade relations [15]. - Investment advice: Balance asset allocation [16]. 3.1.2 Macro Strategy (Gold) - Bowman supports a July interest rate cut if inflation is under control [17]. - Trump announced a phased full - scale cease - fire between Israel and Iran [17]. - Gold prices are weakening, with a risk of decline due to reduced geopolitical tensions and the potential for a rate cut [18][19]. 3.1.3 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Japanese Prime Minister Ishiba Shigeru aims to win a majority in the Senate election and ensure energy supply [20]. - A Fed official supports a July interest rate cut [20]. - Trump announced a temporary cease - fire between Israel and Iran, leading to a weakening of the US dollar index [21]. - Investment advice: Expect the US dollar index to decline in the short term [21]. 3.1.4 Macro Strategy (US Stock Index Futures) - The preliminary US S&P Global Services PMI in June was 53.1, and the manufacturing PMI was 52 [22]. - Iran's attack on a US military base was less than expected [23]. - Fed Vice - Chair Bowman hinted at a possible July interest rate cut [24]. - Investment advice: Expect US stocks to oscillate weakly [24]. 3.1.5 Macro Strategy (Treasury Bond Futures) - The central bank conducted 2205 billion yuan of 7 - day reverse repurchase operations [25]. - Yield is approaching the previous low, and institutions with floating profits may take profit. The bond market is expected to oscillate weakly at the beginning of the week and strengthen later [25]. - Investment advice: Long - position holders can continue to hold, and consider buying on dips [26]. 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Soybean Meal) - Brazil exported 903 million tons of soybeans in the first three weeks of June, with a lower daily average export volume than last year [27]. - The good - quality rate of US soybeans remained the same as the previous week [28]. - Domestic oil mills' soybean meal inventory continued to rise [29]. - Investment advice: The market lacks a basis for a sharp rise, with short - term prices oscillating. Focus on US soybean weather and Sino - US relations [29]. 3.2.2 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Malaysian palm oil production increased by 2.5% from June 1 - 20 [30]. - Palm oil and soybean oil inventories in China increased [30][31]. - The bullish sentiment in the vegetable oil market has weakened, and the increase in palm oil production may lead to inventory accumulation [31]. - Investment advice: Consider buying put options, and beware of the impact of geopolitical factors on the vegetable oil market [31]. 3.2.3 Black Metals (Steam Coal) - Port steam coal inventories are increasing, and the market has weak demand [32]. - Coal prices have slightly rebounded, and the demand for power plants has seasonally recovered [33]. - Investment advice: Pay attention to weather and port transaction conditions [33]. 3.2.4 Black Metals (Iron Ore) - From January to May, power grid project investment reached 204 billion yuan [33]. - Iron ore prices are oscillating, with weak demand in the off - season and limited price rebound [33]. - Investment advice: Expect iron ore prices to remain weak [34]. 3.2.5 Agricultural Products (Corn Starch) - The by - product market of corn starch has a complex situation, with some prices stable and others showing signs of decline [35]. - Investment advice: Observe the market, as the CS - C spread is complex [35]. 3.2.6 Agricultural Products (Corn) - Corn prices in Northeast China have risen [36]. - Investment advice: Observe old - crop contracts, and consider shorting new - crop contracts at high prices [36]. 3.2.7 Black Metals (Rebar/Hot - Rolled Coil) - Malaysia cancelled anti - dumping duties on steel from South Korea and Vietnam [36]. - Five major construction central enterprises' new contract value in the first five months exceeded 2.9 trillion yuan [37]. - Steel prices are oscillating, with weak demand in the off - season and uncertain future trends [37]. - Investment advice: Short - term steel prices will oscillate, and consider hedging on price rebounds [38]. 3.2.8 Non - Ferrous Metals (Polysilicon) - Silicon wafer prices are falling, and the polysilicon market has weak demand [39][40]. - Investment advice: Consider short - term shorting and long - term going long, and pay attention to the 08 - 09 positive spread opportunity [41]. 3.2.9 Non - Ferrous Metals (Industrial Silicon) - The number of operating 97 - high - silicon factories has decreased [42]. - Industrial silicon production is increasing, with weak demand and expected price oscillations at a low level [42]. - Investment advice: Consider shorting on price rebounds and pay attention to supply - side changes [43]. 3.2.10 Non - Ferrous Metals (Lead) - The LME0 - 3 lead is at a discount, and lead ingot inventory has decreased [44][45]. - Lead supply may decrease marginally, and demand is in the off - season [45]. - Investment advice: Observe in the short term and consider buying on dips [46]. 3.2.11 Non - Ferrous Metals (Zinc) - The LME0 - 3 zinc is at a discount, and zinc ingot inventory has decreased [47]. - Zinc prices are oscillating, with an expected oversupply in the fundamentals [47]. - Investment advice: Consider shorting at high prices, and pay attention to spread trading opportunities [48]. 3.2.12 Non - Ferrous Metals (Nickel) - An Indonesian nickel - iron plant may be acquired [49][50]. - Nickel prices are under pressure due to weak demand and expected oversupply [51]. - Investment advice: Observe in the short term and consider shorting on rallies in the medium term [51]. 3.2.13 Non - Ferrous Metals (Lithium Carbonate) - Zhuhai Guanyu received a nomination notice from Dongfeng Nissan [52]. - Lithium carbonate futures prices are under pressure, and new positions are increasing [52]. - Investment advice: Do not chase short positions, consider partial profit - taking for old short positions, and pay attention to the 9 - 11 positive spread opportunity [53]. 3.2.14 Energy - Chemicals (Liquefied Petroleum Gas) - The FOB price of Middle - East frozen LPG has increased [55]. - The market's risk premium for LPG is expected to decline [56]. - Investment advice: Expect the LPG futures price to decline [57]. 3.2.15 Energy - Chemicals (Crude Oil) - Iran agreed to a cease - fire, leading to a sharp drop in oil prices [58]. - Investment advice: Oil prices will give back the risk premium [59]. 3.2.16 Energy - Chemicals (Caustic Soda) - The caustic soda market in Shandong is weakening, with general sales [60]. - Supply is stable, and demand is weak [61][62]. - Investment advice: The downside space of the caustic soda futures is limited [63]. 3.2.17 Energy - Chemicals (Pulp) - The price of imported wood pulp has partially stopped falling and rebounded [64]. - Investment advice: The price increase of pulp futures is expected to be limited [64]. 3.2.18 Energy - Chemicals (PVC) - The PVC powder market price is fluctuating slightly [65]. - Investment advice: The impact of the Middle - East geopolitical issue on PVC prices is expected to be limited [65]. 3.2.19 Energy - Chemicals (PX) - PX prices have slightly increased, and the de - stocking pattern continues [66][67]. - Investment advice: Expect PX prices to oscillate strongly in the short term [68]. 3.2.20 Energy - Chemicals (PTA) - PTA spot prices have decreased, and the basis has weakened [69]. - PTA supply and demand are generally balanced, with a slightly positive outlook [70]. - Investment advice: Expect PTA prices to oscillate strongly in the short term [71]. 3.2.21 Energy - Chemicals (Asphalt) - Asphalt refinery inventories have decreased [72]. - Asphalt prices are affected by oil prices and demand, with an upward risk [72]. - Investment advice: Expect asphalt prices to oscillate upward [73]. 3.2.22 Energy - Chemicals (Soda Ash) - The soda ash market is in a weak oscillation [74]. - Investment advice: Consider shorting soda ash at high prices in the medium term [74]. 3.2.23 Energy - Chemicals (Float Glass) - Float glass prices in the Shahe market have slightly adjusted [75]. - With the arrival of the off - season, glass demand will decline, and prices may fall [76]. - Investment advice: The spot price of float glass may decline, and the futures price may be affected by market sentiment [76]. 3.2.24 Energy - Chemicals (Bottle Chips) - Bottle chip factory quotes are mostly stable, with some transactions [77][79]. - Bottle chip production is expected to decrease in July, alleviating supply pressure [79]. - Investment advice: Consider expanding the processing margin of bottle chips on dips and beware of raw material price fluctuations [79]. 3.2.25 Energy - Chemicals (Styrene) - Pure benzene port inventory has increased [80]. - Styrene supply is recovering, and demand is relatively stable [82]. - Investment advice: Styrene's own driving force is limited, and pay attention to the supply and demand of pure benzene and oil price fluctuations [82]. 3.2.26 Energy - Chemicals (Urea) - The agricultural sector is deploying soybean and oilseed production work [83]. - Urea prices in the domestic market are weakening, with different supply situations in different regions [84]. - Investment advice: The urea futures market may change from a rebound to a weak consolidation, affected by geopolitical and export policies [85].

中东紧张局势继续牵引市场。美国日前对伊朗境内三处核设施发动空袭，引发市场对中东能源供应可能 中断的担忧。随后，伊朗对位于卡塔尔和伊拉克的美军基地发动导弹袭击。美国总统特朗普23日证实， 伊朗当天对美国位于卡塔尔的乌代德空军基地发动导弹袭击，并表示伊朗方面提前通知了美方，袭击未 造成人员伤亡。 国际能源信息服务机构雷斯塔能源公司高级副总裁乔治•莱昂表示，此次伊朗实施的报复可能意味着局 势暂时降温，市场情绪由紧张转向观望。 转自：新华财经 美国参议院日前确认米歇尔·鲍曼担任美联储负责监管事务的副主席。她在周一表示，"若通胀压力持续 受控，我将支持在下次会议上调降政策利率，使其更接近中性水平，并维持健康的劳动力市场。与此同 时，随着政府政策、经济和金融市场的持续演变，我将继续密切关注经济状况。" 新华财经北京6月24日电 美国国债价格周一（6月23日）普遍上涨，当天原油期货价格大跌超过7%，缓 解了市场对通胀的担忧。美联储理事、负责监管的副主席鲍曼周一表示，如果通胀压力得到控制，将支 持在7月开始降息。 鲍曼是第二位在近期表态支持于7月降息的美联储官员。美联储理事沃勒曾于上周五表示，"我认为我们 有空间降息，然后我 ...

Group 1 - The State Council of China has issued regulations for internet platform companies regarding tax information reporting, aiming to enhance tax service efficiency and protect taxpayer rights [1] - The Ministry of Industry and Information Technology, along with nine other departments, has released a plan for the high-quality development of the gold industry, targeting a 5%-10% increase in gold resource volume and over 5% growth in gold and silver production by 2027 [2] - The China Insurance Asset Management Association has conducted a survey indicating that 63% of institutions plan to increase their investment in Hong Kong stocks by 2025, primarily through the Stock Connect program [2] - The National Energy Administration reported that as of May, the total installed power generation capacity in China reached 361 million kilowatts, a year-on-year increase of 18.8%, with solar power capacity growing by 56.9% [2] - Hillhouse Capital has shown interest in acquiring Starbucks' China business during a recent management roadshow [2] Group 2 - Yachuang Electronics announced plans to purchase a 37.0337% stake in Shanghai Analog for 298 million yuan to enhance its analog chip business [3] - Zhongda An announced that its controlling shareholder is planning to issue shares to specific investors, which will lead to a change in control, resulting in the stock being suspended [3] - Cambrian announced an adjustment to its share repurchase price cap to no more than 818.87 yuan per share [4] - WuXi AppTec has completed a 1 billion yuan share repurchase and plans to cancel the shares [4] - Inspur Information plans to repurchase shares worth 200 million to 300 million yuan to reduce its registered capital [4]

美国利率期货市场消化的未来两年放松货币政策的步伐快于美联储上周公布的最新预测，在美国对伊朗 发动军事打击给经济增长构成又一威胁后，这种观点得到了巩固。追踪有担保隔夜融资利率(SOFR)的 期货交易员押注，美联储在2026年降息的幅度将超过上周三其政策会议结束时公布的预测。 ...

油价暴跌。 当地时间周一（6月23日），美股三大股指集体收涨，道指涨0.89%，纳指涨0.94%，标普500指数涨0.96%。中东局势出现缓和迹象，投资者担忧情绪降温。此外， 多位美联储官员释放了降息的信号。 美股上涨 当地时间6月23日，美股三大股指集体收涨。截至收盘，道指涨374.96点，涨幅为0.89%，报42581.78点；纳指涨183.56点，涨幅为0.94%，报19630.97点；标普500指 数涨57.33点，涨幅为0.96%，报6025.17点。 标普500指数的11个板块中，可选消费板块涨1.75%，房地产板块涨1.48%，工业板块涨1.29%，金融板块涨1.21%，信息技术/科技板块涨1.01%，能源板块则跌 2.51%。 大型科技股多数上涨，特斯拉大涨超8%，创4月28日以来最大单日涨幅，总市值增加854亿美元（约合人民币6132亿人民币）。Meta涨超2%，微软、奈飞涨逾1%， 英伟达、苹果、英特尔小幅上涨；谷歌A、亚马逊小幅下跌。 热门中概股多数上涨，纳斯达克中国金龙指数涨0.85%。搜狐涨近10%，理想汽车涨近8%，新东方涨超5%，小鹏汽车、再鼎医药涨逾4%，携程网涨超3%，百胜中 ...

Market Insights - The Hong Kong Monetary Authority (HKMA) has noted the emergence of carry trade in the market, with the Hong Kong-US interest rate spread widening to 3% to 4%, pushing the Hong Kong dollar close to the weak end of its peg at 7.85 [1] - HKMA's Chief Executive emphasized the importance of stablecoins in payment applications over asset appreciation, indicating that expectations for high investment returns from stablecoins are unrealistic [1] - The Federal Reserve's Vice Chair Bowman suggested support for a potential interest rate cut as early as July if inflation continues to decline or if the labor market weakens [1] Economic Indicators - The U.S. June S&P Global Manufacturing PMI preliminary reading held steady at 52, the highest since February, exceeding market expectations [2] - The Eurozone's June composite PMI preliminary reading remained at 50.2, slightly below the expected 50.5, with the services PMI returning to the 50 mark while manufacturing PMI stayed at 49.4, marking 36 months without growth [2] - Germany's June composite PMI preliminary reading increased from 48.5 to 50.4, while France's composite PMI decreased from 49.3 to 48.5 [3] Global Market Dynamics - The Dow Jones Industrial Average rose by 0.89% to 42,581.78 points, the S&P 500 increased by 0.96% to 6,025.17 points, and the Nasdaq Composite climbed by 0.94% to 19,630.97 points [4] - U.S. crude oil futures fell by 8.95% to $67.23 per barrel, while Brent crude oil futures dropped by 8.37% to $69.16 per barrel [5] - The COMEX gold futures decreased by 0.04% to $3,384.40 per ounce, while silver futures rose by 0.09% to $36.05 per ounce [6] Regulatory Developments - The Thai Stock Exchange temporarily halved the daily price fluctuation limit for listed companies, effective until June 27 [7] - Central banks in India and Malaysia have reduced their derivative positions aimed at weakening their currencies, while South Korea's National Pension Fund has ended its five-month support for the Korean won [7]

Market Overview - US stock indices experienced fluctuations but closed higher, with the Dow Jones up 0.89%, Nasdaq up 0.94%, and S&P 500 up 0.96% [1] - The VIX index fell by 3.83% to 19.83, indicating reduced market volatility [1] - The US dollar index decreased by 0.39% to 98.38, while the yield on the 10-year Treasury bond dropped by 0.64% to 4.348% [1] - Spot gold saw a slight increase of 0.01% to $3368.98 per ounce, whereas Brent crude oil fell by 8.63% to $69.17 [1] Industry & Stocks - All sectors of the S&P 500, except for energy which fell by 2.53%, recorded gains, with real estate, industrials, utilities, communications, consumer staples, technology, materials, semiconductors, and healthcare rising by 1.46%, 1.35%, 1.27%, 1.16%, 1.14%, 1.11%, 0.62%, and 0.14% respectively [1] - Chinese concept stocks mostly rose, with notable increases in Li Auto by 7.96% and XPeng by 4.7%, while Futu fell by 1.36% [1] - Major tech stocks also saw gains, with Tesla rising by 8.23% following the launch of its Robotaxi service in Texas, while Amazon and Google experienced declines of 0.58% and 1.03% respectively [2] Key Events - Trump announced that Israel and Iran have fully agreed to a ceasefire, although no official statements have been made by either country [3] - Analysts noted that Iran's missile attack on a US base did not significantly threaten oil supply, leading to a drop in oil prices [4] - Russian President Putin is set to visit China for four days, a rare occurrence for such a lengthy foreign visit [5] - NATO Secretary-General announced that member countries agreed to allocate 5% of their GDP for military spending [7] Company Developments - Tesla has begun shipping its first Model Y vehicles from China to India, marking a significant step in its market entry strategy [8] - Li Auto is preparing to launch its first pure electric SUV, the Li i8, by late July, with production and delivery preparations in the final stages [8] - Novo Nordisk terminated its partnership with Hims & Hers due to allegations of misleading marketing practices [9]

伊朗对美报复性袭击未如预期严重，三大美股指盘中"闪跌"后走高，标普和纳指反弹至一周来高 位。 伊朗袭击卡塔尔美军基地、未提打击能源基础设施，特朗普感谢伊方"提前通知"美国、称伊回 应"非常软弱"，原油盘中跳水。 特朗普：以色列和伊朗已完全同意全面停火，将分阶段实现；伊朗官员向媒体证实接受停火。以 媒：以色列告知伊朗以方寻求"几天内"结束冲突。 特朗普喊话压低油价，美能源部长"响应"：在行动。 上周五沃勒之后又一美联储理事放鸽，鲍曼：支持最早7月降息，因劳动力市场的风险可能上升。 美国6月Markit制造业和制造业PMI保持扩张，价格指数创四年来最大涨幅。欧元区6月服务业PMI 创今年新低，制造业PMI深陷收缩，德法拖后腿。 特斯拉正式推出Robotaxi，10辆车在得州奥斯汀上路、配安全员、有限范围行驶，股价周一大涨 超8%。 德国、意大利被敦促将黄金撤出美国，"压舱底的资产要握在自己手里"。 饿了么、飞猪会师淘天、并入阿里电商中国事业群，阿里走向大消费平台。阿里云推出自动驾驶 模型训练推理加速框架，训练时间可缩短50%。 提醒：22:00 美联储主席鲍威尔出席美国众议院金融服务委员会半年度货币政策报告的听证 ...

Group 1: Market Overview - The S&P 500 index rose by 0.96%, the Nasdaq increased by 0.94%, and the Dow Jones gained 0.89% [4] - The Hang Seng Index closed up 0.67% at 23,689.13 points, with the Hang Seng Tech Index rising 1.05% [4] - A-shares saw the Shanghai Composite Index increase by 0.65%, the Shenzhen Component up by 0.43%, and the ChiNext Index up by 0.39% [5] Group 2: Commodity Prices - WTI crude oil fell by 9.11% to $67.22 per barrel, while Brent crude dropped by 8.86% to $70.33 per barrel [7] - Spot silver increased by 0.14% to $36.07 per ounce [7] Group 3: Economic Indicators - The U.S. dollar index decreased by 0.43% to 98.35 points [7] - The yield on the 10-year U.S. Treasury bond closed at 4.3490%, while the 2-year yield was at 3.8700% [3] Group 4: Sector Performance - In the Hong Kong market, the semiconductor sector led the gains, while the pharmaceutical sector showed strong rebounds [4] - In A-shares, the energy and metals sectors performed strongly, with cross-border payment stocks also seeing significant gains [5]

每经编辑｜毕陆名 美东时间周一，截至收盘，道琼斯工业平均指数比前一交易日上涨374.96点，收于42581.78点，涨幅为0.89%；标准普 尔500种股票指数上涨57.33点，收于6025.17点，涨幅为0.96%；纳斯达克综合指数上涨183.56点，收于19630.97点，涨 幅为0.94%。 大型科技股多数上涨，特斯拉大涨超8%，创4月28日以来最大单日涨幅。稳定币第一股Circle涨超9%，上市以来累涨 约750%。平价减肥药供应商Hims收跌近35%，创美国IPO以来最差单日表现。 热门中概股多数上涨，纳斯达克中国金龙指数涨0.85%。 富时A50期指连续夜盘收涨0.13%，报13392点。 周一（6月23日）纽约尾盘（周二北京时间04:59），离岸人民币（CNH）兑美元报7.1751元，较上周五纽约尾盘涨40 点，连续第三个交易日走强，日内整体交投于7.1926~7.1751元区间。 商品市场方面，周一（6月23日）纽约尾盘，WTI原油期货下跌8.98%，报67.21美元，布伦特原油下跌7.62%，报69.73 美元。 COMEX黄金期货涨0.11%，报3387.8美元/盎司；COMEX白银期货涨 ...