Core Viewpoint - The report provides an overview of the performance and management of the Jianxin Energy Chemical Futures ETF for the second quarter of 2025, highlighting its investment strategy, financial indicators, and market outlook. Fund Product Overview - Fund Name: Jianxin Energy Chemical Futures ETF - Fund Code: 159981 - Fund Type: Exchange-Traded Fund (ETF) - Effective Date of Fund Contract: December 13, 2019 - Total Fund Shares at Period End: 432,536,957 shares - Investment Objective: Closely track the underlying index, minimizing tracking deviation and error [2][3]. Financial Indicators and Fund Performance - Net Value Growth Rate for the past three months: -2.70% - Net Value Growth Rate for the past six months: -6.87% - Net Value Growth Rate for the past year: -18.24% - Net Value Growth Rate for the past three years: -18.31% - Net Value Growth Rate for the past five years: 59.89% - Since the fund contract's inception, the performance has been tracked against a benchmark with a return of -2.80% [4][5][12]. Management Report - The fund manager has been diligent in managing the fund's assets, ensuring compliance with relevant laws and regulations, and maintaining fair trading practices to protect investors' interests [7][8]. - The fund's investment strategy primarily involves index replication, aiming to align with the weights of the underlying index's component futures contracts [13][14]. Market Outlook - The market sentiment has improved due to signals from the Central Financial Committee regarding the promotion of a unified national market, although the domestic economy has not fully recovered [9][12]. - The report anticipates that the underlying index will experience a primarily fluctuating trend in the third quarter, with potential short-term trading opportunities [9][12].

1. Report Industry Investment Rating - No specific industry - wide investment rating is provided in the report. 2. Report's Core View - The short - term and medium - term trends of various agricultural commodity futures are mainly in a state of oscillation, with different degrees of strength or weakness in the short - term [5][6][7]. 3. Summary by Related Catalogs 3.1. Soybean Meal (M) - **Viewpoints**: The intraday view is oscillating weakly, the medium - term view is oscillating, and the reference view is oscillating weakly [5]. - **Core Logic**: Good weather in US soybean - producing areas, rising trade concerns, a well - supplied domestic soybean market, 8 - week consecutive low - level increase in oil mill soybean meal inventory, high - level continuous soybean meal pick - up volume, and an un - reversed negative basis of soybean meal. The short - term soybean meal futures price is affected by import cost, supply pressure, and trade concerns and turns to oscillating [5]. 3.2. Palm Oil (P) - **Viewpoints**: The intraday view is oscillating strongly, the medium - term view is oscillating, and the reference view is oscillating strongly [7]. - **Core Logic**: The recent oil market is affected by the volatility of international oil prices, and market funds' attention to palm oil has increased. The palm oil market focuses on whether the Malaysian palm oil inventory can decline as expected. The phased supply - demand of Malaysian palm oil has tightened, Indian demand for importing palm oil has increased, and with the attention of funds, palm oil performs relatively strongly in the oil sector [7]. 3.3. Other Related Information - **Time Cycle Definition**: Short - term is within one week, and medium - term is from two weeks to one month (based on the previous day's night - session closing price) [6]. - **Factors Affecting Different Varieties**: For soybean meal 2509, factors include import arrival rhythm, customs clearance inspection, oil mill operation rhythm, and stocking demand; for soybean oil 2509, factors include US biofuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mill inventory; for palm 2509, factors include biodiesel attributes, Malaysian palm production and exports, Indonesian exports, main - producing countries' tariff policies, domestic arrivals and inventory, and substitution demand [6].

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Report's Core View - The short - term trend of soybean meal futures prices has turned to a volatile state under the influence of weakened support from US soybeans and domestic supply pressure [6]. - The short - term trend of palm oil futures prices is volatile and strong, and the sustainability needs to be monitored [9]. 3) Summary by Related Catalogs For Soybean Meal (M) - **Price Trends**: Intraday view is volatile and weak, medium - term view is volatile, and the reference view is volatile and weak [6]. - **Core Logic**: Good weather in US soybean production areas has strengthened the expectation of a bumper harvest, causing US soybean futures prices to run weakly. The domestic soybean market has abundant supply. Under the background of high operating rates of oil mills, the inventory of soybean meal in oil mills has rebounded for 8 consecutive weeks at a low level, and the提货 volume remains high [6]. For Palm Oil (P) - **Price Trends**: Intraday view is volatile and strong, medium - term view is volatile, and the reference view is volatile and strong [9]. - **Core Logic**: The palm oil market is concerned about whether this week's Malaysian palm report can fulfill the bullish expectation of inventory decline. The short - term supply and demand of Malaysian palm is tightening, and the international soybean - palm spread has turned in favor of palm oil exports. Driven by multiple positive expectations, market funds have actively entered the market, pushing palm oil futures prices to lead the rise in the oil and fat sector [9]. For Other Related Information - **Time Cycle Definition**: Short - term refers to within one week, and medium - term refers to two weeks to one month (based on the previous day's night - session closing price) [8]. - **Variety Strategy Factors**: For soybean meal 2509, factors include import arrival rhythm, customs clearance inspection, oil mill operating rhythm, and stocking demand; for soybean oil 2509, factors include US biofuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mill inventory; for palm 2509, factors include biodiesel attributes, Malaysian palm production and exports, Indonesian exports, tariff policies of major producing countries, domestic arrivals and inventory, and substitution demand [8].

Group 1 - The report is the Baocheng Futures' morning report on beans and oils dated July 7, 2025 [1] Group 2 - The short - term is defined as within a week, and the medium - term is from two weeks to one month, based on the previous day's night - session closing price [7] Group 3 - For the soybean meal (M) 2509 contract, the short - term view is "oscillating", the medium - term view is "bullish", the intraday view is "oscillating bullish", and the reference view is "oscillating bullish". The core logic involves import arrival rhythm, customs clearance inspection, oil mill operating rhythm, and stocking demand. With the release of imported soybean arrival pressure, domestic soybean supply is abundant. Oil mill soybean meal inventory has risen for 8 consecutive weeks. Downstream's expectation of future supply tightening supports procurement demand, and the short - term futures price may be oscillating bullish, affected by external markets and domestic supply [6][7] - For the soybean oil (Y) 2509 contract, the short - term view is "oscillating", the medium - term view is "bullish", the intraday view is "oscillating bullish", and the reference view is "oscillating bullish". The core logic includes US biofuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mill inventory. US soybean oil inventory decline and new tax bill boost demand, and the domestic market is in a balanced state between inventory pressure and cost support, with short - term prices likely to be oscillating bullish [7][8] - For the palm oil (P) 2509 contract, the short - term view is "oscillating", the medium - term view is "bullish", the intraday view is "oscillating bullish", and the reference view is "oscillating bullish". The core logic involves biodiesel attributes, Malaysian palm oil production and exports, Indonesian exports, main - producing countries' tariff policies, domestic arrivals and inventory, and substitution demand. Malaysian palm oil production decline and strong exports may lead to inventory decrease, and domestic inventory has risen for 5 consecutive weeks, with prices following the international market and short - term volatility increasing [7][9]

Core Viewpoint - Shenwan Hongyuan Securities has successfully issued products linked to the China Securities Commodity Futures Index, enhancing its diverse product offerings to meet various investor needs [1][2]. Company Summary - Shenwan Hongyuan Securities is one of the first brokerages to obtain authorization for the use of the China Securities Commodity Futures Index, having signed a licensing agreement on June 16 [1]. - The company recently launched American-style call shark fin structured income certificates linked to the index, with initial subscriptions exceeding 330 million yuan [1]. - The financial innovation headquarters of Shenwan Hongyuan aims to leverage its structured product creation advantages to mitigate downside risks while enabling clients to capitalize on rising commodity futures [2][3]. Industry Summary - The China Securities Commodity Futures Index is the first comprehensive authoritative commodity index in China, which aids in constructing a credible commodity index system and supports the integration of digital and financial technologies with the real economy [2]. - The index reflects the performance of all commodity futures traded on domestic exchanges, providing a benchmark for investors in the commodity futures market [2]. - The demand for commodity futures investment tools is increasing as the economy evolves, highlighting the strategic value of commodity futures in resource allocation and capital flow guidance [4].

策略参考 日内观点：震荡偏强 中期观点：偏强 参考观点：震荡偏强 投资咨询业务资格：证监许可【2011】1778 号 宝城期货豆类油脂早报（2025 年 7 月 1 日） 品种观点参考 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为偏弱，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为偏强。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货农产品板块 品种：豆粕（M） 核心逻辑：目前豆粕交易逻辑并未改变，来自于原料大豆进口成本的变化，令豆粕期价跟随外盘美豆波动 节奏。昨夜美国农业部公布了备受瞩目的种植面积报告和库存报告。报告显示， 6 月 1 日美国大豆库存总 量高于市场预期，给近月美豆合约带来压力。实际大豆种植面积数据对远月美豆合约偏利多。受此影响， 国内远期豆类合约获得支撑，豆粕期价止跌回稳后，反弹行情持续。 专业研究·创造价值 1 / 3 请务必阅读文末免责条款 时间周期说明：短期为一周以内、中期为两周至一月(以前一日夜盘收盘价为基准) ...

Group 1: Report Overview - The report is the Nanhua Commodity Index Daily Report on May 8, 2025, prepared by the Nanhua Index Group [2][3] Group 2: Index Performance - The Nanhua Composite Index (NHCI) closed at 2381.95, down -0.96% from the previous trading day, with an annualized return rate (ARR) of -9.82% and an annualized volatility (An.Vol) of 13.94% [4] - Among the sector indices, the Nanhua Precious Metals Index (NHPMI) had the largest decline of -1.68%, while the Nanhua Agricultural Products Index (NHAI) had the smallest decline of -0.29% [1][4] - Among the theme indices, the Energy Index (NHEI) had the largest decline of -1.63% [5] - Among the single - variety indices of commodity futures, the plywood index had the largest increase of 4.12%, and the iron ore index had the largest decline of -2.05% [1][5] Group 3: Contribution Analysis - For the Nanhua Composite Index, PTA contributed 5.99%, while silver contributed -8.30% [11] - For the Nanhua Mini - Composite Index, cotton contributed negatively, and no positive - contributing varieties were clearly shown in the provided table [11] - For the Nanhua Industrial Products Index, PTA contributed 7.22%, and natural rubber contributed -26.35% [11] Group 4: Single - Variety Index Details - In the energy and chemical sector, iron ore had a decline of -2.05%, and hot - rolled had an increase of 2.86% [18] - In the agricultural products sector, rapeseed oil had a decline of -0.33%, and palm oil had a decline of -1.94% [20] Group 5: Other Information - The calculation method of the rise - fall ratio in the report is (today's closing price - yesterday's closing price) / yesterday's closing price, and the contribution is the product of the rise - fall ratio and the weight [21] - The Nanhua Commodity Index excludes the price difference when the commodity contract is changed, reflecting the real return of investing in commodity futures [21]

南华商品指数：能化板块领涨，黑色板块下跌 王怡琳 2025-04-17 16:53:50 摘要：依照相邻交易日的收盘价计算，今日南华综合指数上涨0.85%。板块指数中，只有南华黑色指数，下 跌-0.19%，其余板块均是上涨，涨幅最大的板块是南华能化指数，涨幅为0.98%，涨幅最小的板块是南华贵金 属指数，涨幅为0.25%。 主题指数中，涨幅最大的主题指数是能源指数，上涨2.16%，涨幅最小的主题指数是 煤制化工指数，涨幅为0.26%，跌幅最大的主题指数是建材指数，跌幅为-0.35%，跌幅最小的主题指数是黑色 原材料指数，跌幅为-0.33%。 商品期货单品种指数中，涨幅最大的单品种指数是低硫燃料油，上涨3.3 2025年4月17日 南华指数小组 曹扬慧 (Z0000505) 赵 搏 (F03103098) 王怡琳 (F03118352) 投资咨询业务资格:证监许可【2011】1290号 南华商品指数市场数据 | 指数名标 | 今收擋 | 昨收盘 | 点数 | 日帰 | 年化收益率 | 年化波动率 | Sharpe | | --- | --- | --- | --- | --- | --- | --- | --- ...