Group 1 - The core viewpoint of the articles highlights the strong performance of bank stocks in the A-share market, with 19 out of 42 bank stocks reaching historical highs this year, representing 45.24% of the total, leading all sectors in the market [1][2] - The bank stock index has seen a cumulative increase of 12.73% year-to-date, significantly outperforming the CSI 300 index, which has declined by 2.24% during the same period [1] - The automotive sector ranks second in terms of the proportion of stocks reaching historical highs, with 19.06%, while the machinery equipment sector follows with 15.96% [1] Group 2 - The strong performance of bank stocks is attributed to three main factors: a continued loose domestic monetary policy in a low inflation environment, sustained inflow of long-term funds into high-dividend, low-volatility bank stocks, and the reform of public funds leading to increased allocation to bank stocks [2] - Current investment logic for bank stocks includes the gradual alleviation of pressure on bank interest margins due to a slowdown in loan rate declines, and the highlighted high dividend advantage of bank stocks during the interest rate downcycle [2] - Investors are advised to focus on high-quality regional small banks with strong growth potential and stable state-owned banks to capitalize on both performance recovery and high dividend opportunities [2]

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The short - term geopolitical variables are large, but the long - term trend of reducing dollar dependence globally and the dual - easing of fiscal and monetary policies remain unchanged, so the long - bull logic of gold remains unchanged. For copper, in the short - term, due to the off - season demand, the price needs to be adjusted, but in the long - term, the supply of global copper mines is tight, and there is confidence in the long - term rise of copper prices. Zinc is expected to have an oversupply situation in the long - term. Aluminum, nickel, and lithium carbonate are all under pressure due to factors such as off - season demand and supply - side pressure [1][3][7]. Summary by Related Catalogs Gold and Silver - **Core View**: Gold is in a strong shock, and silver has a strong rebound [1]. - **Market Review**: European countries cut interest rates, the geopolitical situation did not expand, gold slightly declined, and silver lacked new drivers, with a large outflow of funds [2]. - **Basic Logic**: Trump called on the Fed to cut interest rates, three European central banks cut interest rates in a row, and there are geopolitical variables. The short - term geopolitical variables are large, and the long - term gold long - bull logic remains unchanged [3]. - **Strategy Recommendation**: Gold is in the adjustment stage, pay attention to the 800 pressure for SHFE gold in the short - term, and consider long - term investment opportunities. Silver lacks new impetus, pay attention to the gap support [3]. Copper - **Core View**: Copper is under pressure [1]. - **Market Review**: SHFE copper tested the support of the lower integer mark [6]. - **Industry Logic**: Overseas copper mine supply is tight, the off - season of consumption is deepening, downstream demand is weak, but green copper demand in power and new energy vehicles is strong [6]. - **Strategy Recommendation**: In the short - term, take profit on copper long positions, and industrial customers should actively arrange short - hedging at high prices. In the long - term, be confident in the rise of copper prices. SHFE copper focuses on the range of [77800, 78800], and LME copper focuses on [9580, 9680] dollars/ton [7]. Zinc - **Core View**: Zinc is under pressure [1]. - **Market Review**: Zinc rebounded under pressure and showed a weak shock [9]. - **Industry Logic**: The supply of zinc mines is expected to be loose in 2025, the downstream demand is weak, and the inventory is accumulating [9]. - **Strategy Recommendation**: In the short - term, zinc is under pressure and tests the previous low support. In the long - term, take short positions at high prices. SHFE zinc focuses on [21700, 22000], and LME zinc focuses on [2600, 2700] dollars/ton [10]. Aluminum - **Core View**: Aluminum is under pressure [1]. - **Market Review**: Aluminum prices were under pressure, and alumina showed a relatively weak trend [11]. - **Industry Logic**: For electrolytic aluminum, overseas trade is uncertain, and the inventory is decreasing, but the demand is entering the off - season. For alumina, overseas bauxite imports are high, and the supply is relatively loose [12]. - **Strategy Recommendation**: Short - sell SHFE aluminum at high prices, and pay attention to aluminum ingot inventory changes. The main operation range is [20000 - 20800] [12]. Nickel - **Core View**: Nickel rebounds and then falls [1]. - **Market Review**: Nickel prices rebounded weakly, and stainless steel was under pressure [13]. - **Industry Logic**: The cost support of nickel mines is weakening, the supply of refined nickel is excessive, and the stainless steel industry is facing the pressure of off - season and high inventory [14]. - **Strategy Recommendation**: Short - sell nickel and stainless steel on rebounds, and pay attention to downstream consumption. The main operation range of nickel is [117000 - 122000] [14]. Lithium Carbonate - **Core View**: Lithium carbonate is under pressure [1]. - **Market Review**: The main contract LC2509 increased positions slightly and oscillated at a low level [15]. - **Industry Logic**: The supply - side pressure of lithium carbonate remains high, the production has recovered to the same - period high, the new capacity is still ramping up, and the inventory is increasing [16]. - **Strategy Recommendation**: Short - sell at high prices in the range of [59000 - 60500] [16].

6月19日，英国央行召开货币政策会议，宣布维持基准利率4.25%不变。 英国央行如期维持利率不变 英国央行此次维持利率不变的决定，与周三美联储的行动一致。受此决策影响，英国国债和英镑汇率双 双下挫。 英国央行表示，英国GDP增长似乎仍然疲软，劳动力市场继续走软。迹象表明，随着时间的推移，疲软 的边际已经打开。薪酬增长指标继续放缓，同5月份一样，委员会预计今年剩余时间将显著放缓。 【导读】紧跟美联储，英国央行宣布维持基准利率4.25%不变 交易员还预计，到2026年夏季将有两次进一步的降息，届时利率将稳定在3.5%左右。 中信证券分析师指出，英国央行将锚定美联储政策路径，年内或仅降息两次。若全球经济因关税冲突再 度承压，政策宽松空间或被迫扩大。 英国央行正面临"通胀未达标"与"经济动能减弱"的双重挑战。当前政策利率4.25%仍处于紧缩区间，为 调整留足空间。短期来看，季度性降息将成为平衡通胀与增长的首选工具；中长期而言，全球贸易摩擦 与结构性失业问题或迫使央行采取更激进宽松措施。 挪威、瑞士央行宣布降息 在英国央行决议公布之前，欧洲地区部分其他国家的央行采取了降息行动。 日前，英国国家统计局公布的数据显示，英国 ...

欧洲央行管委维勒鲁瓦：除非出现重大外部冲击，包括中东地区可能出现的军事动态，否则在未来六个 月内，如果货币政策发生调整，可能更倾向于宽松方向调整。 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The short - term view of TL2509 is oscillatory, the medium - term view is oscillatory, and the intraday view is oscillatory with a slight upward trend, with an overall oscillatory outlook due to weak macro - economic indicators and rising expectations of monetary easing [1]. - For varieties TL, T, TF, and TS, the intraday view is oscillatory with a slight upward trend, the medium - term view is oscillatory, and the overall reference view is oscillatory. In the short term, treasury bond futures will mainly oscillate and consolidate with strong downward support [5]. Group 3: Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For TL2509, the short - term, medium - term, and overall views are oscillatory, and the intraday view is oscillatory with a slight upward trend. The core logic is that macro - economic indicators are weak and the expectation of monetary easing is rising [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - Treasury bond futures oscillated narrowly yesterday. At the Lujiazui Forum, the central bank announced 8 major policies, including issuing offshore bonds, which will increase the demand for treasury bonds in the future and benefit treasury bond prices in the long - term. The latest macro - economic indicators are weakening marginally, and the market's expectation of future monetary policy easing is rising. So, treasury bond futures have strong downward support and low downward risk, and will mainly oscillate and consolidate in the short term [5].

Core Viewpoint - The Swedish central bank has lowered its benchmark interest rate by 25 basis points to 2%, the lowest level in two and a half years, in an attempt to stimulate economic growth amid weak economic indicators and high unemployment rates [1][2][3]. Group 1: Economic Conditions - The Swedish economy is experiencing weak growth, with high unemployment rates persisting [2][3]. - Inflation expectations have declined, and the central bank anticipates that inflation will remain below recent forecasts due to weakened demand [2][3]. - The central bank has revised its economic growth forecast for 2025 down from 1.9% to 1.2%, while maintaining the 2026 growth forecast at 2.4% [3]. Group 2: Monetary Policy - The central bank's decision to lower the interest rate indicates a shift in policy, moving from a previously more hawkish stance to a more dovish one [3][4]. - There is a possibility of further rate cuts later this year, with market expectations suggesting a potential additional 15 basis points cut before September and a total of 20 basis points by November [3]. - The central bank's current monetary policy aims to stabilize inflation at target levels and enhance economic activity [1][2]. Group 3: Currency and Market Reactions - The Swedish Krona has appreciated over 4% against the Euro and significantly by 16% against the US Dollar, benefiting from the weaker dollar and expectations of economic benefits from increased fiscal spending in Europe [4]. - The market anticipates that the Swedish economy will benefit from fiscal spending increases in neighboring countries, providing additional support for the Krona [4].

1. Report Industry Investment Rating - No information provided 2. Core View - Today, Treasury bond futures fluctuated and rose. The latest credit data for May shows that the financing demand of the real sector remains weak, and the policy side needs to play a role in supporting demand in the future. The market's expectation of loose monetary policy has increased, providing a solid bottom - support for Treasury bond futures with low downside risk. Considering the recent issuance of outright reverse repurchases by the central bank to inject liquidity into the market, the expectation of a decline in market interest rates has risen. The Lujiazui Forum on the 18th will issue financial policy guidelines, and the expectation of policy benefits has pushed up the price of Treasury bond futures. In general, Treasury bond futures will mainly fluctuate and consolidate in the short term, with strong bottom - support [1] 3. Summary by Related Catalogs Industry News - On June 17, the People's Bank of China conducted 197.3 billion yuan of 7 - day reverse repurchase operations at a fixed - rate and quantity - tender method, with both the bid volume and winning bid volume being 197.3 billion yuan and an operating rate of 1.40%. Data shows that there were 380.6 billion yuan of reverse repurchases and MLF maturing today, resulting in a net withdrawal of 183.3 billion yuan from the open market. On June 16, the People's Bank of China announced the issuance of central bank bills, to be tendered and issued in Hong Kong on June 18, 2025, the fourth - phase central bank bills with a term of 6 months, a fixed - rate coupon - bearing bond, with principal and interest repaid at maturity, and an issuance volume of 3 billion yuan. On June 16, the People's Bank of China conducted 400 billion yuan of outright reverse repurchase operations with a term of 6 months (182 days) [4] Related Charts - The report includes charts such as the trends of TL2509, T2509, TF2509, TS2509, the Treasury bond yield - to - maturity curve, and central bank open - market operations [5][7][10][16]

Report Investment Rating - Not provided Core View - On June 11th, the first meeting of the China-US economic and trade consultation mechanism achieved progress, which is beneficial for China-US economic and trade relations and the global economy. Domestically, the 5 - month economic data was weak, supporting the bond market, while the new round of China-US tariff negotiations reached an agreement framework, potentially raising market risk appetite. Overseas, the US labor market is resilient, and the market expects the Fed's first rate cut in September. Recently, the central bank conducted a 1 - trillion - yuan repurchase operation, releasing a loose signal. It is expected that the bond futures main contract will show a strong - side oscillation trend this week, and investors are advised to maintain a certain position [2] Summary by Relevant Catalog 1. Futures Market Data - **Futures Prices and Volumes**: On June 12th, T, TF, and TS main contract closing prices decreased by 0.04%, 0.04%, and 0.01% respectively, while the TL main contract rose 0.07%. T, TF, and TS trading volumes increased by 2312, 7861, and 4870 respectively, and the TL trading volume decreased by 1459 [2] - **Futures Spreads**: Some spreads showed upward trends, while others declined. For example, the TL2509 - 2506 spread increased by 0.07, and the T2509 - 2506 spread decreased by 0.07 [2] - **Futures Positions**: The T main contract's open interest decreased by 1321, the TF main contract remained unchanged, the TS main contract decreased by 1, and the TL main contract decreased by 181. The net short positions of T and TL decreased, while the net short position of TF decreased and that of TS decreased [2] 2. Bond Market Data - **CTD Bonds**: The net prices of several CTD bonds decreased, such as 220010.IB decreasing by 0.0028 and 2500802.IB decreasing by 0.0421 [2] - **Active Bonds**: Yields of 1 - 10 - year active bonds decreased, with the 1 - year yield dropping 0.5bp, the 3 - year yield dropping 1.25bp, etc. [2] 3. Interest Rate Data - **Short - term Interest Rates**: The silver - pledged overnight rate increased by 5.45bp, the Shibor overnight rate increased by 0.60bp, etc. Some rates decreased, like the silver - pledged 14 - day rate decreasing by 1.00bp [2] - **LPR Rates**: The 1 - year and 5 - year LPR rates remained unchanged at 3.00% and 3.5% respectively [2] 4. Open Market Operations - On June 12th, the central bank's open - market reverse repurchase operation had an issuance scale of 1193 billion yuan, a maturity scale of 1265 billion yuan, and an interest rate of 1.4% for 7 days, with a net withdrawal of 72 billion yuan [2] 5. Industry News - On June 11th, the first meeting of the China - US economic and trade consultation mechanism had in - depth communication, and a framework was reached for implementing the consensus of the two heads of state's phone call on June 5th and the Geneva talks [2] - The General Office of the Communist Party of China Central Committee and the General Office of the State Council issued an opinion on promoting the Shenzhen comprehensive reform pilot, including measures to improve the financial service system for the real economy [2] 6. Key Data to Watch - On June 12th at 20:30, focus on the US initial jobless claims for the week ending June 7th, May PPI, and core PPI. On June 13th at 22:00, focus on the US 1 - year inflation rate expectation and the Michigan consumer confidence index [3]

1. Report Industry Investment Ratings - No industry investment ratings are provided in the content. 2. Core Views of the Report - The report analyzes various futures markets including bonds, stocks, precious metals, and commodities, providing short - term and long - term investment suggestions based on market trends, supply - demand relationships, and macro - economic factors [5][8][11]. - It suggests that while the current macro - economic recovery momentum is weak, different asset classes have different investment opportunities. For example, it is optimistic about the long - term performance of Chinese equity assets and precious metals, and provides specific trading strategies for each futures product [6][9][11]. 3. Summary by Related Catalogs 3.1 Fixed - Income (Bonds) - **Market Performance**: On the previous trading day, treasury bond futures closed higher across the board, with the 30 - year, 10 - year, 5 - year, and 2 - year contracts rising by 0.23%, 0.06%, 0.07%, and 0.02% respectively [5]. - **Analysis**: The current macro - economic recovery momentum is weak, and the treasury bond yield is at a relatively low level. Although China's economy shows a stable recovery trend, considering the Sino - US trade situation, it is expected that there will be no trend - following market, and investors should remain cautious [6][7]. 3.2 Equity Index Futures - **Market Performance**: On the previous trading day, stock index futures showed mixed results. The main contracts of CSI 300, SSE 50, CSI 500, and CSI 1000 index futures rose by 0.89%, 0.79%, 0.75%, and 0.63% respectively [8][9]. - **Analysis**: The domestic economy is stable, but the recovery momentum is weak, and the market lacks confidence in corporate earnings. However, due to the low valuation of domestic assets and China's economic resilience, the long - term performance of Chinese equity assets is still optimistic, and investors can consider going long on stock index futures [9][10]. 3.3 Precious Metals - **Market Performance**: On the previous trading day, the main gold contract closed at 777.54, up 0.32%, and the night - session closed at 780.36; the main silver contract closed at 8,902, up 0.17%, and the night - session closed at 8830 [11]. - **Analysis**: The World Bank has lowered the global GDP growth forecast for 2025. Given the complex global trade and financial environment and the trend of "de - globalization" and "de - dollarization", the long - term bull market trend of precious metals is expected to continue, and investors can consider going long on gold futures [11][12]. 3.4 Base Metals and Ferrous Metals - **Steel Products (Rebar and Hot - Rolled Coil)**: On the previous trading day, rebar and hot - rolled coil futures rebounded slightly. The real - estate downturn and over - capacity are the core factors suppressing rebar prices. As the market enters the off - season, prices are at a new low for the year and may continue to decline. Hot - rolled coils may follow a similar trend. From a valuation perspective, the downside is limited. Technically, they may enter a weak - shock phase. Investors can consider short - selling on rebounds and manage their positions carefully [13]. - **Iron Ore**: On the previous trading day, iron ore futures rebounded slightly. The supply - demand balance has weakened marginally, but from a valuation perspective, it is still at a relatively high level. Technically, it has found support at previous lows. Investors can consider buying at low levels, taking profits on rebounds, and setting stop - losses if it breaks previous lows [15]. - **Coking Coal and Coke**: On the previous trading day, coking coal and coke futures rebounded slightly. The market is in a state of oversupply, with high inventory and weak demand. Technically, they may stop falling in the short - term but remain weak in the medium - term. Investors can consider short - selling on rebounds and manage their positions carefully [17]. - **Ferroalloys**: On the previous trading day, the main manganese - silicon contract fell 1.22% to 5486 yuan/ton, and the main silicon - iron contract rose 0.35% to 5184 yuan/ton. Supply is high while demand is weak, and high inventory is putting pressure on the market. In the short - term, prices are under pressure, and long - position investors should be cautious. If spot losses increase significantly, investors can consider low - value call options [19][20]. 3.5 Energy and Chemicals - **Crude Oil**: On the previous trading day, INE crude oil rose and then fell. The Sino - US negotiations in London are positive for market sentiment. The US has set a deadline for the trade agreement, and tariff frictions are in the second half. The number of US oil and gas rigs has decreased, and shale oil production has increased while on - shore conventional oil production has decreased. It is recommended to take a long - position on the main crude - oil contract [21][22][23]. - **Fuel Oil**: On the previous trading day, fuel oil oscillated downward and broke through the moving - average group. The increase in ARA fuel - oil inventory is positive for the market. As tariff frictions enter the agreement - signing stage, global trade demand is recovering, and the rebound in crude - oil prices will drive up fuel - oil prices. It is recommended to take a long - position on the main fuel - oil contract [24][25]. - **Synthetic Rubber**: On the previous trading day, the main synthetic - rubber contract fell 0.04%. Supply pressure has eased slightly, demand improvement is limited, and cost is expected to rebound, which may drive the market to stabilize. Investors can wait for the market to stabilize and then participate in the rebound [26][27]. - **Natural Rubber**: On the previous trading day, the main natural - rubber contract rose 0.83%. The market is worried about future demand, and domestic inventory has increased against the seasonal trend. Supply has been affected by rain, and demand is expected to decline slightly. Investors can pay attention to long - position opportunities after the market stabilizes [28][30]. - **PVC**: On the previous trading day, the main PVC contract rose 0.56%. The supply - demand drive is weak, and it is in the traditional off - season. The market is expected to remain in a low - level shock pattern with occasional rebounds. It is currently in a bottom - shock phase [31][33]. - **Urea**: On the previous trading day, the main urea contract fell 1.24%. Industrial demand has decreased, and agricultural demand is tepid. After the price decline, export and agricultural demand may support the market. Investors can consider taking long positions at low prices and continue to monitor policy changes and the spread between domestic and foreign markets [35][36]. - **PX**: On the previous trading day, the PX2509 main contract fell 0.37%. The supply - demand structure is tight in the short - term, and the cost is supported by crude - oil prices. However, after the PXN spread has recovered to a relatively high level, there is a downward pressure. It is recommended to trade within a range and pay attention to crude - oil price changes and macro - policy adjustments [37]. - **PTA**: On the previous trading day, the PTA2509 main contract fell 0.43%. The supply - demand structure has weakened, but inventory reduction has made it relatively resistant to decline. The cost is supported. It is expected to oscillate and adjust in the short - term, and investors can consider trading within a low - price range and pay attention to opportunities to shrink the processing fee [39]. - **Ethylene Glycol**: On the previous trading day, the main ethylene - glycol contract rose 0.4%. Supply has increased slightly, demand has decreased, and inventory has accumulated. In the short - term, there is no upward drive, and it is expected to oscillate and adjust. Investors should pay attention to port inventory and macro - policy changes [40]. - **Short - Fiber**: On the previous trading day, the short - fiber 2507 main contract rose 0.16%. Downstream demand has weakened, but the cost is supportive. As the processing fee is compressed, production may be further reduced. It is recommended to participate cautiously at low prices [42]. - **Bottle Chips**: On the previous trading day, the bottle - chips 2507 main contract fell 0.17%. The raw - material price has adjusted downward, and the supply - demand fundamentals have improved. It is expected to follow the cost trend and oscillate. Investors should pay attention to cost - price changes [43]. - **Soda Ash**: On the previous trading day, the main 2509 contract closed at 1202 yuan/ton, down 0.08%. Production is stable, and supply remains high, while downstream demand is tepid. In the short - term, the market is expected to be weakly stable with narrow price fluctuations. In the medium - to long - term, the oversupply situation is difficult to improve, and long - position investors should be cautious [44][45]. - **Glass**: On the previous trading day, the main 2509 contract closed at 998 yuan/ton, up 0.20%. The supply - demand fundamentals have no obvious drive. The market is affected by sentiment, and prices are mostly stable. In the short - term, there may be a bullish sentiment, but its sustainability is limited. Short - position investors at low levels should control their positions [46]. - **Caustic Soda**: On the previous trading day, the main 2509 contract closed at 2332 yuan/ton, up 0.21%. Some plants are under maintenance, and production capacity utilization is about 83.1%. In the long - term, new production capacity is expected to be released, and the overall supply is relatively loose. There are regional differences, and long - position investors should control their positions [47][49]. - **Pulp**: On the previous trading day, the main 2507 contract closed at 5346 yuan/ton, down 0.78%. The supply - demand situation is weak, with high inventory and no obvious improvement in downstream pulp consumption. The increase in Brazilian shipments to China in May is a negative factor. The market is waiting for a signal to break the deadlock. In June, it is the traditional off - season, and the market is expected to improve in August [50][51]. - **Lithium Carbonate**: On the previous trading day, the main lithium - carbonate contract rose 1.68% to 61680 yuan/ton. The market sentiment has improved, but the fundamentals have not changed significantly. The decline in ore prices has broken the cost support, and supply is expected to increase. Demand is weakening, and inventory remains high. Prices are difficult to reverse until large - scale ore - production capacity is cleared [52]. 3.6 Agricultural Products - **Soybean Oil and Soybean Meal**: On the previous trading day, the soybean - meal main contract rose 0.93% to 3047 yuan/ton, and the soybean - oil main contract fell 0.93% to 7694 yuan/ton. US Midwest crop weather is good, and US soybean futures fell overnight. Brazilian soybean production is at a record high, and domestic soybean supply is abundant. It is expected that the upward movement of the soybean - meal main contract will be under pressure, and investors should wait and see. For soybean oil, the cost support at the bottom is strengthening, and investors can consider low - value call options [59][60]. - **Palm Oil**: Malaysian palm - oil prices have fallen for two consecutive days. In May, production and inventory increased, and exports also increased. In China, palm - oil imports have decreased year - on - year, and inventory is at the second - lowest level in the past seven years. It is recommended to consider widening the spread between rapeseed oil and palm oil [61][62][63]. - **Rapeseed Meal and Rapeseed Oil**: Canadian rapeseed futures rose due to dry weather and improved trade prospects. In China, rapeseed - oil imports have increased year - on - year, and rapeseed - meal imports have increased in April. Rapeseed inventory is at a low level, while rapeseed - meal and rapeseed - oil inventory are at high levels. It is recommended to consider long - position opportunities after the rapeseed - meal price correction [64][65]. - **Cotton**: Domestic and foreign cotton futures oscillated. Weather is favorable for cotton growth, and Sino - US negotiations are expected to be positive. The US cotton - growing rate is 76%, and the优良率 is 49%. Global cotton production has decreased, and consumption has increased. Currently, the industry is in the off - season, and new orders are limited. It is recommended to wait and see and pay attention to Sino - US tariff policies [66][67][68]. - **Sugar**: Domestic and foreign sugar futures fell. The 2024/25 sugar - production season has ended, with an increase in production and sales. India's sugar production is expected to be high, and Brazil's production is expected to pick up. Currently, domestic inventory is low, and imports are expected to increase. It is recommended to take long positions in batches [70][71][72]. - **Apple**: Domestic apple futures oscillated. There are reports of production cuts in some regions, and the specific production data will be clear after bagging. The inventory in the main producing areas has decreased, and the price is stable. It is recommended to wait and see and pay attention to future production - survey data [72]. - **Hog**: The national average hog price rose slightly. In the north, prices rebounded, and in the south, they were stable or slightly increased. In the short - term, consumption is improving, but in the medium - term, demand is weak. It is recommended to consider long - position spreads for peak - season contracts [73][74][75]. - **Egg**: The average egg price in the main producing and selling areas fell. The cost per catty of eggs has decreased, and the breeding profit is negative. The number of laying hens in May increased year - on - year and is expected to continue to increase in June. It is recommended to hold short positions in near - month contracts [76][77]. - **Corn and Corn Starch**: The main corn contract rose 0.08% to 2374 yuan/ton, and the main corn - starch contract rose 0.26% to 2709 yuan/ton. Corn - growing weather is good, and US corn futures fell overnight. North - port and south - port corn inventories are decreasing, and the supply pressure is short - term. Corn demand is growing slightly. Corn - starch production and demand are weak, and inventory is high. It is recommended to wait and see [78][79][80]. - **Log**: The main 2507 contract closed at 765.0 yuan/ton, down 1.54%. The number of New Zealand log shipments to China in the 24th week is stable, and inventory is decreasing. The market has no obvious driving force, and the spot price is weak. The improvement in housing transactions may stimulate market sentiment in the short - term. As the 07 contract approaches the delivery month, beware of bullish - sentiment disturbances [81][82].

投资咨询业务资格：证监许可【2011】1778 号 国债期货 | 日报 2025 年 6 月 10 日 国债期货 专业研究·创造价值 国债期货维持震荡整理 核心观点 今日国债期货均继续窄幅震荡整理。消息面上，中美经贸磋商机制首 次会议在英国伦敦开始举行。目前磋商结果仍具有较强不确定性，市场情绪 以等待观望居多。由于关税前景不确定性扰动加深，国内宏观经济指标边际 走弱，货币政策适度宽松的主基调不变，加上当前市场利率隐含的降息预期 基本归零，对未来宽松政策的预期将升温，国债期货底部支撑较强。不过短 期内，货币工具的效应或不及财政工具，因此短期通过连续降息来提振需求 的可能性不高。总的来说，短期内国债期货震荡整理为主，关注 6 月 18 日 陆家嘴论坛的金融政策指引。 （仅供参考，不构成任何投资建议） 姓名：龙奥明 宝城期货投资咨询部 从业资格证号：F3035632 投资咨询证号：Z0014648 电话：0571-87006873 邮箱：longaoming@bcqhgs.com 作者声明：本人具有中国期货 业协会授予的期货从业资格证 书，期货投资咨询资格证书， 本人承诺以勤勉的职业态度， 独立、客观地出具本报告。 ...