1. Report Industry Investment Rating No relevant content provided. 2. Report Core Views - **Pig**: Supply pressure is gradually being released, and futures prices are oscillating at a low level. In the short - term, there is a game between supply and demand, and pig prices are supported at a low level with intensified oscillations. In the medium - to - long - term, under the pattern of strong supply and weak demand, pig prices still face a risk of decline [4][50]. - **Egg**: Hen culling has accelerated, and the support for the futures market has strengthened. In the short - term, the Dragon Boat Festival may boost egg prices, but high supply and weather conditions will put pressure on prices. In the medium - term, the supply is expected to increase. In the long - term, the supply pressure in the fourth quarter may ease [5][74]. - **Corn**: The end of grass - roots grain sales has strengthened the support for the futures market. In the short - term, the spot price has support. In the medium - to - long - term, the supply - demand relationship is tightening, which drives prices up, but the upside space is limited due to substitutes [6][99]. 3. Summary by Variety Pig 3.1.1. Period and Spot Ends - As of May 23, the national spot price was 14.35 yuan/kg, down 0.41 yuan/kg from last week; the Henan pig price was 14.59 yuan/kg, down 0.32 yuan/kg from last week; the futures price of pig 2509 was 13,515 yuan/ton, down 145 yuan/ton from last week; the 09 - contract basis was 1,075 yuan/ton, down 175 yuan/ton from last week [4][50]. 3.1.2. Supply End - From May to November 2024, the inventory of breeding sows increased steadily, and performance improved. In the case of stable epidemics, the supply from May to September 2025 showed an increasing trend. Although the breeding profit declined and the production capacity was reduced, the overall reduction was limited. In May 2025, the planned slaughter volume of key provincial enterprises and large - scale enterprises increased month - on - month [4][50]. 3.1.3. Demand End - It is currently the off - season for consumption. With the hot weather, terminal consumption is mediocre, and the slaughtering enterprise's operating rate remains low. Although there is inventory demand before the Dragon Boat Festival, the increase in slaughter volume is limited due to the losses of slaughtering enterprises [4][50]. 3.1.4. Cost End - The weekly piglet price decreased slightly, the price of binary breeding sows was stable, and the breeding profits of self - breeding and self - raising and purchasing piglets decreased slightly [4][50]. 3.1.5. Weekly Summary - In the short - term, there is a game between supply and demand, and pig prices are supported at a low level with intensified oscillations. In the medium - to - long - term, under the pattern of strong supply and weak demand, pig prices still face a risk of decline [4][50]. 3.1.6. Strategy Suggestion - Do not chase short positions. Wait for a rebound and then go short at high levels. For the 07 contract, the pressure level is 13,700 - 13,800, and the support level is lowered to 13,000 - 13,100; for the 09 contract, the pressure level is 14,000 - 14,200, and the support level is 13,300 - 13,400. Sell out - of - the - money call options on the 09 contract after a rebound [4][50]. Egg 3.2.1. Period and Spot Ends - As of May 23, the average price in the main egg - producing areas was 2.98 yuan/jin, down 0.28 yuan/jin from last Friday; the average price in the main egg - selling areas was 2.88 yuan/jin, down 0.5 yuan/jin from last Friday. The main egg futures contract 2507 closed at 2,966 yuan/500 kg, down 15 yuan/500 kg from last Friday. The basis of the main contract was - 346 yuan/500 kg, 205 yuan/500 kg weaker than last Friday [5][74]. 3.2.2. Supply End - The newly - opened laying hens in May corresponded to the chicks supplemented in January 2025, with a large number of new layers. Some breeding enterprises chose to cull hens, and the supply pressure was slightly relieved, but the market supply was still relatively sufficient. In the long - term, the high number of chicks supplemented from February to April 2025 will lead to more newly - opened laying hens from June to August 2025 [5][74]. 3.2.3. Demand End - As the Dragon Boat Festival approaches, low egg prices may stimulate terminal demand, but high temperatures and humidity in the south are not conducive to egg storage, and the demand for driving up egg prices is relatively limited [5][74]. 3.2.4. Weekly Summary - In the short - term, the Dragon Boat Festival may boost egg prices, but high supply and weather conditions will put pressure on prices. In the medium - term, the supply is expected to increase. In the long - term, the supply pressure in the fourth quarter may ease [5][74]. 3.2.5. Strategy Suggestion - Be cautious about short - chasing the 07 contract after June. For the 08 and 09 contracts, take a bearish view and wait for a rebound to go short. Pay attention to the 3,750 - 3,800 pressure level for the 08 contract. Look for long opportunities for the 10 contract at low levels [5][74]. Corn 3.3.1. Period and Spot Ends - As of May 23, the closing price of corn at Jinzhou Port in Liaoning was 2,310 yuan/ton, down 10 yuan/ton from last Friday. The main corn futures contract 2507 closed at 2,327 yuan/ton, down 8 yuan/ton from last Friday. The main contract basis was - 17 yuan/ton, 2 yuan/ton weaker than last Friday [6][99]. 3.3.2. Supply End - As the price rises to a high level, traders' willingness to sell increases, and the market supply increases. However, grass - roots grain sales are basically over, and traders are firm in their asking prices. The current inventory in the north and south ports is in the process of depletion, which supports the spot price. In April, corn imports increased month - on - month but decreased year - on - year [6][99]. 3.3.3. Demand End - The increase in livestock and poultry inventory drives up feed demand, but the narrowing price difference between corn and wheat has led to an increase in the downstream's enthusiasm for purchasing wheat, squeezing the feed demand for corn. Deep - processing enterprises are in a loss state, with a decline in the operating rate and limited incremental demand [6][99]. 3.3.4. Weekly Summary - In the short - term, the reduction of grass - roots grain sources provides support for prices. In the medium - to - long - term, the supply - demand relationship is tightening, which drives prices up, but the upside space is limited due to substitutes [6][99]. 3.3.5. Strategy Suggestion - Take a moderately bullish view in the general direction. The 07 contract oscillates at a high level (2,300 - 2,360), and go long at the lower edge of the range. Pay attention to the 7 - 9 calendar spread arbitrage [6][99].

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core Viewpoints - The fundamental situation of industrial silicon remains weak, and for polysilicon, as it approaches the delivery month, attention should be paid to market capital trends [1]. - The trend strength of industrial silicon is -1, indicating a bearish outlook, while the trend strength of polysilicon is 0, showing a neutral stance [3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market**: For industrial silicon futures Si2507, the closing price was 7,915 yuan/ton, with a decrease of 230 yuan/ton compared to T - 5 and 805 yuan/ton compared to T - 22. The trading volume was 284,155 lots, and the open interest was 178,384 lots. For polysilicon futures PS2507, the closing price was 36,090 yuan/ton, with a decrease of 760 yuan/ton compared to T - 5 [1]. - **Basis**: The spot premium of industrial silicon (against East China Si5530) was +765 yuan/ton, and the spot premium of polysilicon (against N - type recycled feedstock) was -695 yuan/ton [1]. - **Prices**: The price of East China oxygen - blown Si5530 was 8,650 yuan/ton, and the price of Yunnan Si4210 was 10,200 yuan/ton. The price of polysilicon - N - type recycled feedstock was 36,500 yuan/ton [1]. - **Profits**: The profit of silicon plants (Xinjiang new standard 553) was -3,482 yuan/ton, and the profit of polysilicon enterprises was -5.3 yuan/kg [1]. - **Inventory**: The social inventory of industrial silicon (including warehouse receipt inventory) was 58.2 tons, and the manufacturer's inventory of polysilicon was 26.0 tons [1]. - **Raw Material Costs**: The price of silicon ore in Xinjiang was 420 yuan/ton, and the price of graphite electrodes was 11,800 yuan/ton [1]. 3.2 Macro and Industry News On May 21st, Wacker Chemie, a German chemical company, announced the official completion of the expansion project of special silicone at its Zhangjiagang production base. The new production line will gradually be put into use in the next few months to meet the growing demand for high - quality special silicone in the Chinese market. Currently, about half of Wacker's Asian sales come from China [1][3].

感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ ibaotu.com 热点聚焦 从供应端来看，国内煤矿生产持续高位运行，4月原煤产量同比增长3.8%，1 - 4月累计产量同比增长 6.6% ，山西、内蒙古和陕西等主要产煤大省产量均有不同程度增长。进口方面，虽海运煤进口利润 下降，但蒙古煤"五一"后日通过量仍维持高位，5月17日中蒙第二条跨境铁路开工，后续进口能力 还将提升，内蒙古288口岸库存高企，成交冷清，贸易商降价出货，进一步打压价格。 需求端同样表现疲软。钢铁行业作为焦煤主要消费领域，当前处于淡旺季转换阶段，上周247家钢厂 日均铁水产量环比减少0.87万吨，有见顶迹象，且在低利润背景下，钢厂采购谨慎，无集中补库需 求。而焦化厂面临钢厂连续压价，已历12轮提价，后续还有第13轮提价可能，市场情绪谨慎，采购 推迟，导致煤焦销售不畅，库存连续累积。 综合来看，除非国内煤矿大幅减产或需求端超预期反弹，否则焦煤价格仍将承压，短期内弱势格局 难改。 金信期货日刊 本刊由金信期货研究院撰 ...

| *业期现日报 | F미 【2011 1292号 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 纪元菲 | | | | | Z00T3180 | | | 现货价格及主力合约基差 | | | | | | | | 单位 | 市科 | 5月22日 | 5月21日 | 涨跌 | 涨跌幅 | | | 华东通氧S15530工业硅 | | 8650 | 8700 | -50 | -0.57% | | | 基差(通氧SI5530基准) | | 770 | 832 | -65 | -7.78% | | | 华东SI4210工业硅 | | a200 | aeoo | -100 | -1.04% | 元/吨 | | 基差(SI4210基准) | | 820 | વેડી | -115 | -12.30% | | | 新疆99硅 | | 8050 | 8100 | -20 | -0.62% | | | 基差(新疆) | | 970 | 1035 | -65 | -6.28% | | | 月间价差 | | | | | | | | 合约 | | 5月22日 | 5月 ...

Report Industry Investment Rating - The report gives a short - term cautious bullish view on the unilateral investment in ethylene glycol [3] Core View - The polyester load is stable with a slight decline, and ethylene glycol (EG) is oscillating. The price of EG is weakly adjusted, and the spot basis is continuously strengthening. The production profit of ethylene - made EG and coal - made syngas - made EG has increased. The inventory in the main ports of East China has decreased. In the short term, due to the maintenance plans of several large plants, the tightening of liquidity under the solidification of warehouse receipts, and the low arrival volume, the price has support. The demand side is supported by the high - load polyester and the recovery of US orders, but attention should be paid to the negative feedback on the demand side when raw material prices rise rapidly [1][2][3] Summary by Directory Price and Basis - The closing price of the EG main contract yesterday was 4411 yuan/ton (a change of - 3 yuan/ton from the previous trading day, a decrease of - 0.07%), the spot price of EG in the East China market was 4515 yuan/ton (a change of - 1 yuan/ton from the previous trading day, a decrease of - 0.02%), and the spot basis of EG in East China (based on the 2509 contract) was 96 yuan/ton (a month - on - month increase of 8 yuan/ton). On Thursday, the price center of EG was weakly adjusted, and the spot basis continued to strengthen [1] Production Profit and Operating Rate - The production profit of ethylene - made EG was - 22 US dollars/ton (a month - on - month increase of 1 US dollar/ton), and the production profit of coal - made syngas - made EG was 187 yuan/ton (a month - on - month increase of 6 yuan/ton) [1] International Spread - No specific data and analysis on international spreads are provided in the text other than the mention of the chart "Ethylene glycol international spread: US FOB - China CFR" [19] Downstream Sales, Production and Operating Rate - The near - end polyester load has increased at a high level, and the average monthly polyester load in May may not decrease but increase. The demand side is supported, and US orders for textile and clothing have resumed shipping [2] Inventory Data - According to the data released by CCF every Monday, the inventory of MEG in the main ports of East China was 74.3 tons (a month - on - month decrease of 0.8 tons); according to the data released by Longzhong every Thursday, the inventory of MEG in the main ports of East China was 61.2 tons (a month - on - month decrease of 5.2 tons). The actual arrival volume at the main ports last week was 64,000 tons, which was relatively low. The planned arrival volume at the main ports in East China this week is 109,000 tons, which is neutral [1]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The asphalt market has certain support with low inventory. The fundamentals of asphalt are performing well. Supply growth is limited as some refineries stop producing asphalt or switch to producing residual oil, and the overall operating rate may decline again. On the demand side, it is gradually improving seasonally, although rainfall restricts project construction in some areas and limits the growth rate. The inventory accumulation rate is lower than the seasonal average, and the downstream has a good acceptance of low prices [1]. 3) Summary by Relevant Catalogs Market Analysis - On May 22, the closing price of the main asphalt futures contract BU2507 in the afternoon session was 3,539 yuan/ton, up 16 yuan/ton or 0.45% from the previous settlement price. The open interest was 187,690 lots, a net increase of 14,254 lots, and the trading volume was 233,597 lots, a net increase of 44,922 lots [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: 3,700 - 4,086 yuan/ton in Northeast China, 3,450 - 3,800 yuan/ton in Shandong, 3,400 - 3,430 yuan/ton in South China, and 3,500 - 3,590 yuan/ton in East China. The spot price of asphalt in North China rose slightly yesterday, while prices in other regions remained stable [1]. Strategy - Unilateral: Range - bound. - Inter - delivery spread: Go long on the BU2507 - 2509 spread at low levels (positive spread trading). - Inter - commodity spread: None. - Spot - futures: None. - Options: None [2]

农产品日报（2025 年 5 月 23 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周四，玉米 7 月合约继续上行，期价经过连续四个交易日的调整行情过后，多头 资金增持，期价反弹。现货市场方面，此前受期价下跌拖累，现货报价下跌，成 交转弱。目前，东北玉米购销并不活跃，深加工玉米收购价格也有所下调，市场 | | | | 气氛降温，价格呈现略偏弱运行的态势。 昨日华北地区玉米价格窄幅调整，主 | | | | 流价格维持稳定。下游深加工企业到货量尚可，基本满足企业日常需求，企业根 | | | 玉米 | 据自身到货情况价格窄幅调整。销区市场玉米价格稳中偏弱运行。产区近期价格 | 震荡 | | | 偏弱，部分贸易商选择获利了结，市场购销稍有加快。新小麦继续上市，到厂价 | | | | 格偏低，对玉米替代性增强，下游饲料厂多执行前期订单，新签玉米量少。整体 | | | | 来看，在玉米期货市场，因担心进口玉米拍卖，政策预期偏空，玉米期价展开调 | | | | 整。技术上，玉米期价高位震荡，现货市场情绪有所分化。周初玉米 7 月合约跌 | | | | 破长期均线对价 ...

螺纹钢：螺纹钢产量环比小幅上升，而表观需求进入季节性回落阶段。虽然目前库存去化速 度尚佳，由于高炉螺纹利润较好，钢厂生产积极性较高，后期螺纹钢供需或向宽松方向发展； 热卷产量及表需均出现环比回落，而需求降幅更大，库存继续去化，绝对水平并不高。出口 仍在高位，暂时并未受到明显影响。 【盘面操作建议】 | 品种 | 核心观点 | 主要逻辑及价格区间 | | --- | --- | --- | | 螺纹钢 | 震荡偏弱 | 螺纹钢产量环比小幅上升，而表观需求进入季节性回落阶段。虽然目前库 | | | | 存去化速度尚佳，由于高炉螺纹利润较好，钢厂生产积极性较高，后期螺 | | | | 纹钢供需或向宽松方向发展。短期或呈偏弱震荡格局。【3030，3080】 | | 热卷 | 震荡偏弱 | 热卷产量及表需均出现环比回落，而需求降幅更大，库存继续去化，绝对 | | | | 水平并不高。出口仍在高位，暂时并未受到明显影响。供需层面相对平衡， | | | | 但黑色产业链整体氛围偏弱，短期或偏弱震荡。【3180，3230】 | | 铁矿石 | 逢高布空 | 基本面看，需求端铁水产量再降，后期钢企利润仍支撑铁矿需求维持高位。 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The previous day, crude oil prices retreated again, with the expectation of OPEC's continued production increase in July pressuring the market. Considering the unclear geopolitical situations in Russia-Ukraine and the Middle East, prices may fluctuate in the short term [1]. - In the short term, the fundamental contradictions in the fuel oil market are limited. After the Mediterranean ECA came into effect in May, although the demand for low-sulfur fuel oil was partially substituted, refineries also adjusted their products to reduce supply. The European market performed stronger than expected, and the tightening of arbitrage cargo volumes also supported the Asian market. However, in the medium term, low-sulfur fuel oil still faces the contradictions of demand share substitution and excess capacity. For high-sulfur fuel oil, as summer approaches, the demand from power plants in the Middle East and other regions enters a seasonal growth stage. Countries such as Saudi Arabia and Egypt are gradually increasing their fuel oil purchases. But as OPEC accelerates production increases, Middle Eastern countries like Saudi Arabia may increase their consumption of crude oil at the power generation end, and the substitution demand for fuel oil may decline year-on-year [1]. 3. Strategy Summary - High-sulfur fuel oil: Expected to fluctuate [2]. - Low-sulfur fuel oil: Expected to fluctuate [2]. - Cross-variety: No specific strategy [2]. - Cross-period: Pay attention to the opportunity of going long on the spread of FU2507 - 2509 at low prices, and the previous positive spread positions can take profits at high prices [2]. - Spot-futures: No specific strategy [2]. - Options: No specific strategy [2]. 4. Chart Information - The report includes various charts related to fuel oil, such as the spot prices, swap near-month contracts, and month spreads of Singapore high-sulfur 380 fuel oil and low-sulfur fuel oil, as well as the closing prices, trading volumes, and open interests of fuel oil FU and low-sulfur fuel oil LU futures contracts [3].

Report Information - Report Title: Soda Ash and Glass Daily Report [1] - Report Date: May 23, 2024 [2] Investment Rating - No investment rating information provided in the report. Core Viewpoints - For soda ash, although supply has decreased and demand has rebounded, there is still inventory accumulation. The futures price lacks the impetus for continuous growth, and the price will re - enter the downward channel with a potentially weak and volatile trend on the market [8][9]. - For glass, supply has significantly declined, demand is in the traditional off - season, and the demand - boosting effect of policies is limited. The price trend will be weak and volatile in the short term [10][11]. Summary by Directory 1. Soda Ash and Glass Market Review and Operation Suggestions - **Market Data on May 22**: SA509 opened at 1284 yuan/ton, closed at 1286 yuan/ton, up 7 yuan/ton or 0.54%, with a decrease of 24,595 lots in positions; SA601 closed at 1276 yuan/ton, up 1 yuan/ton or 0.07%, with an increase of 3,943 lots in positions; FG509 closed at 1018 yuan/ton, down 8 yuan/ton or 0.77%, with an increase of 64,371 lots in positions; FG601 closed at 1074 yuan/ton, down 8 yuan/ton or 0.73%, with an increase of 6,554 lots in positions [7]. - **Soda Ash Market**: The spot price of heavy - quality soda ash in Central China was 1380 - 1480 yuan/ton, and that of light - quality soda ash was 1250 - 1380 yuan/ton, remaining unchanged from the previous day. Weekly production dropped to 663,800 tons, a 2.04% week - on - week decrease; the capacity utilization rate dropped to 78.63%. The shipment volume was 699,000 tons, a 4.81% week - on - week increase. The weekly inventory of heavy - quality soda ash was 860,000 tons, with a slight reduction [8]. - **Glass Market**: Glass production has dropped significantly to the level of late February, and there is a possibility of further decline. The glass market has entered the traditional off - season, and downstream purchasing enthusiasm is difficult to improve significantly in the short term. Policy support has little effect on boosting demand, and the price will be weak and volatile [10][11]. 2. Industry News - In April 2025, China's soda ash exports were 170,600 tons, a decrease of 23,700 tons month - on - month, with an average export price of $189.13/ton. The cumulative export volume from January to April was 653,900 tons, a 112.02% increase year - on - year. Imports were 4,600 tons, an increase of 1,400 tons month - on - month, with an average import price of $216.79/ton. The cumulative import volume from January to April was 14,500 tons, a 97.58% decrease year - on - year [12]. - The market price of baking soda in Henan remained stable, with the mainstream ex - factory price of food - grade baking soda at 1180 - 1260 yuan/ton [12]. - The domestic float glass market had mixed price changes, with most prices remaining stable. In North China, prices were mostly stable with some minor increases, and the market trading atmosphere was average [12]. 3. Data Overview - The report provides multiple data charts, including the price trends of active soda ash and glass contracts, weekly soda ash production, soda ash enterprise inventory, the market price of heavy - quality soda ash in Central China, and flat glass production, with data sources from Wind and Zhuochuang Information [17][18][16].