中国香港5月进口年率 18.9%，预期13%，前值15.80%。 ...

Core Viewpoint - The transformation of Shuanghui's chemical packaging industry, particularly in the production of PVDC (polyvinylidene chloride) casings, marks a significant advancement in China's food packaging sector, overcoming previous reliance on imported materials and establishing a leading position in the industry [1][2][3] Group 1: Industry Development - The PVDC casing film is crucial for the production of ham sausages, directly affecting product quality and safety, with stringent production standards [1] - In the 1990s, high-performance casing film technology was dominated by foreign companies, leading to high costs of up to 120,000 yuan per ton due to reliance on imports [1] - Shuanghui Group established a packaging technology research center and invested in the development of domestic production capabilities, leading to the establishment of nine production bases across China [1][2] Group 2: Technological Advancements - The company has implemented intelligent upgrades to production lines, resulting in over a 50% increase in hourly production capacity of PVDC films and significant improvements in labor efficiency [2] - Shuanghui has developed a comprehensive R&D and testing system, holding 143 valid patents, and has led the development of national standards for casing films [2] - The company has adopted solvent-free adhesive technology and is actively involved in revising national and industry standards, promoting environmentally friendly practices [2] Group 3: Market Expansion - Shuanghui's PVDC casing films and other products are now exported to over 10 countries, including Vietnam and Indonesia, with an annual export volume of 5,000 tons, enhancing international competitiveness [3] - The company's strategy of industrialization, diversification, internationalization, and digitalization has reshaped the food packaging industry, transitioning from "import substitution" to "global leadership" [3]

从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 原材料： 冯艳成 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 有色金属：于梦雪 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 晨报 煤焦 煤焦：煤产量小幅下滑 盘面震荡运行 投资咨询业务资格： 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 成 材：武秋婷 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 此外，内蒙古乌海地区环保检查力度不减，叠加当前市场态势依旧偏 弱，周边露天煤矿均自发性停产，据 Mysteel 不完全统计，目前在产露天 煤矿产能 960 万吨，约占乌海及棋盘井露天煤矿总产能 34%。 观点：近期煤矿减产叠加进口缩量，一定程度上缓解供应过剩压力， 上游煤矿累库速度放缓，短期煤焦或延续震荡走势。 后期关注/风险因素：关注钢厂高炉开工变化、进口煤通关情况。 重要声明： 本报告中的信息均来源于公开的资料，我公司 ...

Core Viewpoint - The investigation under the US Section 232 has led to significant market distortions, with the US experiencing a copper shortage due to excessive imports, prompting Goldman Sachs to raise its copper price forecasts for the second half of the year [1][2]. Group 1: Market Dynamics - Since the initiation of the US Section 232 copper import investigation, approximately 400,000 tons of copper have been imported into the US, equivalent to 6-7 months of demand, causing shortages in non-US regions [1][2]. - The available inventory at the London Metal Exchange (LME) has decreased by about 80% this year, now representing less than a day's global usage [1][2]. - The abnormal price differential between COMEX and LME copper prices is attributed to the expectation of impending import tariffs, with COMEX prices being higher [2][3]. Group 2: Price Forecasts - Goldman Sachs has revised its LME copper price forecast for the second half of 2025 from $9,140 per ton to $9,890 per ton, expecting a peak of $10,050 per ton in August [1][4][5]. - The upward revision is based on significant global inventory mismatches and resilient economic activity in China, with a projected GDP growth rate slightly above 5% for Q2 [4]. Group 3: Inventory and Supply Outlook - The US copper inventory has surged to over 100 days of consumption, compared to just 33 days at the beginning of the year, while global inventories outside the US are below 10 days [3]. - Goldman Sachs anticipates a global inventory increase of approximately 280,000 tons in the first half of 2025, with an overall slight surplus of 10,500 tons for the year, primarily driven by a projected surplus of 400,000 tons in the US market [3]. Group 4: Tariff Implications - The timing of tariff implementation is a critical variable, with Goldman Sachs maintaining an 80% probability that a 25% tariff will be imposed on US copper imports by September [7]. - If tariffs are delayed, US imports may continue into Q4, exacerbating supply tightness in non-US markets [7]. - Goldman Sachs recommends a long position on the December COMEX-LME copper arbitrage, noting that the market currently underestimates the likelihood of a 25% or even 50% tariff [7].

内容概要：我国是人口大国，庞大的人口基数决定了对粮食的基础需求量巨大，即便近几年我国人口增 长速度放缓，但人口总量仍在增加，粮食的刚需也随之上升，此外，随着国民生活水平提高，人们的饮 食结构发生变化，对肉蛋奶等畜产品的消费增加，而生产这些畜产品需要消耗大量的饲料粮，如玉米、 大豆等，这使得饲料用粮需求大幅增长，另外，粮食在工业领域的应用广泛，如用于生产酒精、淀粉、 生物燃料等，随着相关工业产业的发展，工业用粮的需求也在逐步上升，据统计，2024年我国粮食需求 量达86177万吨，同年产量仅70650万吨，因此每年均需大量进口。 上市企业：北大荒（600598）、京粮控股（000505）、中粮糖业（600737）、金龙鱼（300999）、隆平 高科（000998）、金健米业（600127） 相关企业：利达粮油科技（天津）有限公司、天津市金芦米业有限公司、天津天隆农业科技有限公司、 天津海大饲料有限公司、天津天食生物科技有限公司、天津津川饲料有限公司、天津名门动物食品有限 公司、天津傲农生物科技有限公司、天津现代天骄农业科技股份有限公司、上海双穗粮油有限公司、江 苏省农垦米业集团有限公司、吉林省松江佰顺米业有限公 ...

智通财经6月25日电，美国一周原油每日进口量增加53.1万桶。 ...

王爷说财经讯：美国石油对中国出口暴跌90%后，特朗普态度大转弯！直接喊话：希望中国从美国购买石油！ 那么为何中国不再进口美国石油？一起来看看！ 6月25日消息，当地时间6月24日，美国总统——特朗普在其社交媒体平台"TruthSocial"发文称："中国现在可以继续从伊朗购买石油。我希望他们也能从美 国大量购买石油。若能让这一切成为可能，对我来说是一大荣幸！" 值得一提的是，目前中国对美国石油采购量锐减90%。 具体数据来看，2025年3月，中国自美进口石油量降至约300万桶/月，较峰值——2900万桶暴跌近90%。 与此同时，中国转而大幅增加从加拿大、俄罗斯、中东的进口。例如，同期从加拿大进口原油飙升至730万桶/月，创历史纪录。 当然，中国不买美国石油，王爷说财经认为，主要原因就在于以下几个方面，具体来看： 第一、考虑经济成本。 毫无疑问，特朗普这个帖子展示的态度，明显和美国长期制裁伊朗的立场不相符。 随后，美国白宫官员进一步解释称，特朗普其实想要表达的是，伊朗没有真的封闭霍尔木兹海峡是顾忌到中国的利益，因为后者是伊朗石油的最大实际买 家。 众所周知，中、美经贸摩擦中，中国以削减能源采购回应美方关税，同时 ...

期货热点追踪 印度农业部长喊话：应避免进口食用油！但现实情况复杂，理想与现实的差距有多大？ 相关链接 ...

记者从日前在昆明举行的第9届中国—南亚博览会上了解到，云南省商务厅、昆明海关和泰王国驻昆明 总领事馆等单位已联合启动中老铁路南向常态化进口水产品项目。今后，来自南亚东南亚国家以及环印 度洋地区的水产品，可通过公铁联运方式直接运达昆明，再分散到中国国内市场。(新华社) ...

做据已 投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 www.itf.com.cn 400-8888-598 慎 险 | 指标 | | 6月24日 | 涨跌 | | 豆粕主力合约基差(张家港) | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 大连 | 13 | -10 | 2500 2000 | ===== 19/20 ===== 20/21 ===== 21/22 ===== 22/23 | | | | -- 23/24 | - 24/25 | | | 天津 | -87 | | 1500 1000 | | | | | | | | 43%豆粕现货基差 | 日照 张家港 | -137 -117 | -20 | -500 | | | | | | | | (对主力合约) | | | | 09/21 | 10/22 11/77 12/23 01/23 02/23 03/25 04/25 05/26 06/26 07/27 08/27 | | | | | | | | 东莞 | -157 ...