行业 纸浆日报 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 日期 2025 年 5 月 27 日 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635727 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：刘悠然（纸浆） 研究员:李捷,CFA（原油燃料油） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业硅） 研究 ...

Group 1: General Information - Reported industry: Cotton [1] - Report date: May 27, 2025 [2] - Researchers: Yulan Lan, Zhenlei Lin, Haifeng Wang, Chenliang Hong, Youran Liu [3] Group 2: Market Review and Operation Suggestions - Zhengzhou cotton fluctuated weakly. The latest 328 - grade cotton price index was 14,606 yuan/ton, down 2 yuan/ton from the previous trading day. The mainstream sales basis quotes for 2024/25 Northern Xinjiang machine - picked cotton were mostly above CF09 + 1150, and those for Southern Xinjiang Kashgar machine - picked cotton were mostly above CF09 + 850 [7] - The atmosphere and prices in the pure - cotton yarn market changed little. Traders' inventories increased slightly, while spinners' inventories decreased. The all - cotton grey fabric market remained dull, with slower shipments, increased inventories, and manufacturers offering volume - based discounts [7] - Macroscopically, there were many disturbances, such as Trump threatening to impose a 50% tariff on the EU and G7 countries discussing imposing tariffs on Chinese small parcels. Overseas, the US market was closed due to a holiday. Domestically, new cotton planting was in good condition, with expected stable and increasing planting areas. The downstream finished - product inventories were not high, but the grey fabric market showed signs of weakness recently. The cotton market had limited changes, and range - bound operations were recommended [8] Group 3: Industry News - As of the week ending May 20, according to CFTC, the non - commercial long positions of CFTC US cotton futures funds were 62,669 (- 1906) contracts, decreasing for the third consecutive week, and the short positions were 91,825 (+ 9707) contracts, increasing for the second consecutive week. The total ICE positions were 235,995 (+ 11,252) contracts, increasing for the third consecutive week, and the net long ratio was - 12.4%, down 4.5 percentage points month - on - month and 12.3 percentage points year - on - year [9] - In Pakistan, new cotton planting had expanded, but water shortages in Sindh restricted the progress and threatened seedlings. Some observers expected the national cotton output to decline, estimating it to be between 7 million and 8 million bales [9] Group 4: Data Overview - The report presented various data charts, including those related to cotton price indices, futures prices, basis changes, inventories, and exchange rates, with data sources from Wind and the Research and Development Department of Jianxin Futures [17][20][23]

一、上周市场回顾 上周 A 股市场主要宽基指数走势出现分化，中小板指、沪深 300 、深证成 指指数收益靠前，收益分别为 0.62% 、 -0.18% 、 -0.46% ，科创 50 、中 证 1000 、中证 500 指数收益靠后，收益分别为 -1.47% 、 -1.29% 、 -1.10% 。 从成交额来看，上周主要宽基指数成交额均有所下降。行业方面，上周综 合、医药、汽车收益靠前，收益分别为 1.93% 、 1.92% 、 1.80% ，综合 金融、计算机、电子收益靠后，收益分别为 -4.79% 、 -3.00% 、 -2.10% 。 截至上周五，央行逆回购净投放资金 4600 亿元，逆回购到期 4860 亿元， 净公开市场投放 9460 亿元。除 10 年期外，不同期限的国债利率均有所下 行，利差扩大 4.42BP 。 上周共上报 18 只基金， 较 上上周申报数量 有所下降 。申报的产品包括 2 只 FOF ，富国国证机器人产业 ETF 、嘉实中证港股通汽车产业主题指数基 金、嘉实中证港股通创新药指数基金等。 5 月 22 日，中国证监会官网显示，核准卡塔尔控股有限责任公司（ Qatar Holdi ...

证券研究报告 | 2025年05月25日 基金周报 卡塔尔控股入资华夏基金，国有大行集体下调存款利率 核心观点 金融工程周报 上周市场回顾。上周A股市场主要宽基指数走势出现分化，中小板指、 沪深 300、深证成指指数收益靠前，收益分别为 0.62%、-0.18%、-0.46%， 科创 50、中证 1000、中证 500 指数收益靠后，收益分别为-1.47%、 -1.29%、-1.10%。 从成交额来看，上周主要宽基指数成交额均有所下降。行业方面，上周 综合、医药、汽车收益靠前，收益分别为 1.93%、1.92%、1.80%，综 合金融、计算机、电子收益靠后，收益分别为-4.79%、-3.00%、-2.10%。 截至上周五，央行逆回购净投放资金 4600 亿元，逆回购到期 4860 亿元， 净公开市场投放 9460 亿元。除 10 年期外，不同期限的国债利率均有所 下行，利差扩大 4.42BP。 上周共上报 18 只基金，较上上周申报数量有所下降。申报的产品包括 2 只 FOF，富国国证机器人产业 ETF、嘉实中证港股通汽车产业主题指数 基金、嘉实中证港股通创新药指数基金等。 5 月 22 日，中国证监会官网显 ...

Currency Movements - The US dollar has experienced a cumulative decline of 2.15% against the Japanese yen, closing at 142.57 yen on Friday, May 23 [1] - The euro has decreased by 0.37% against the Japanese yen, while the British pound has dropped by 0.28% against the yen [2] - The euro has appreciated by 1.81% against the US dollar, reaching a rate of 1.1365 [3] - The British pound has risen by 1.91% against the US dollar, with a current rate of 1.3536 [4] - The US dollar has fallen by 1.96% against the Swiss franc, now at 0.8212 [5] - Among commodity currencies, the Australian dollar has increased by 1.41% against the US dollar, while the New Zealand dollar has risen by 1.77% [5] - The US dollar has decreased by 1.70% against the Canadian dollar [5] - The Swedish krona has appreciated by 2.53% against the US dollar, the Norwegian krone by 2.70%, the Danish krone by 1.87%, and the Polish zloty by 2.04% [5]

U.S. stocks traded lower this morning, with the Nasdaq Composite falling more than 1% on Friday.The Dow traded down 0.70% to 41,566.04 while the NASDAQ fell 1.12% to 18,713.37. The S&P 500 also fell, dropping, 0.87% to 5,791.25.Check This Out: Wall Street’s Most Accurate Analysts Give Their Take On 3 Industrial Stocks Delivering High-Dividend YieldsLeading and Lagging SectorsReal estate shares fell by just 0.1% on Friday.In trading on Friday, information technology stocks dipped by 1.4%.Top HeadlineShares o ...

瑞达期货研究院 关 注 我 们 获 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场 「2025.05.23」 螺纹钢市场周报 市场情绪低迷，螺纹钢期价震荡偏弱 研究员：蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 取 更 多 资 讯 业务咨询 添加客服 「周度要点小结1」 行情回顾 3 来源：瑞达期货研究院 1. 价格及价差：截至5月23日收盘，螺纹主力合约期价3046（-36），杭州螺纹中天现货价格3180（-30）。（单 位：元/吨） 2. 产量：螺纹产量继续上调。231.48（+4.95）。（单位：万吨） 3. 需求：高温和雨水天气影响终端需求。本期表需247.13（-13.16），（同比-31.04）。（单位：万吨） 4. 库存：厂库增加，社库下滑，总库存延续下降。螺纹钢总库存604.22（-15.65），（同比-179.88）。（单位： 万吨） 5. 盈利率：钢厂盈利率59.74%，环比上周增加0.43个百分点，同比去年增加5.63个百分点。 「 周度要点小结2」 行情展望 4 来源：瑞达期货研究院 1. 宏观方面：海外，（1）国际信用评级机构穆迪 ...

Group 1: Commodity Prices - Spot gold price is at 1015.691, increasing by 4.691 or 0.46% [2] - COMEX gold price is at 3298.900, rising by 3.800 or 0.12% [2] - COMEX silver price is at 33.270, up by 0.090 or 0.27% [2] Group 2: Foreign Exchange Rates - EUR/USD is at 1.131, increasing by 0.27% [2] - GBP/USD is at 1.344, rising by 0.16% [2] - USD/JPY is at 143.786, decreasing by 0.15% [2] - AUD/USD is at 0.643, up by 0.28% [2] - USD/CHF is at 0.827, down by 0.18% [2] - NZD/USD is at 0.591, increasing by 0.25% [2] Group 3: Cryptocurrency Prices - Bitcoin (BTC) is at 111385.000, decreasing by 311.210 or 0.28% [5] - Litecoin (LTC) is at 101.100, increasing by 0.840 or 0.84% [5] - Ethereum (ETH) is at 2690.350, rising by 25.660 or 0.96% [5] - Ripple (XRP) is at 2.453, up by 0.022 or 0.91% [5] Group 4: Treasury Bond Yields - US 2-year Treasury yield is at 3.982, down by 0.017 or 0.43% [7] - US 5-year Treasury yield is at 4.084, decreasing by 0.029 or 0.71% [7] - US 10-year Treasury yield is at 4.522, down by 0.031 or 0.68% [8] - US 30-year Treasury yield is at 5.038, decreasing by 0.026 or 0.51% [8] - UK 10-year Treasury yield is at 4.750, down by 0.004 or 0.09% [8] - German 10-year Treasury yield is at 2.638, decreasing by 0.004 or 0.17% [8] - French 10-year Treasury yield is at 3.313, increasing by 0.009 or 0.27% [8] - Italian 10-year Treasury yield is at 3.644, rising by 0.011 or 0.30% [8] - Japanese 10-year Treasury yield is at 1.565, increasing by 0.004 or 0.26% [8]

美国2年期国债收益率 3.979 金十图示：2025年05月22日（周四）美盘市场行情一览 | 现货铂金 XPTUSD | 1076.060 | +0.780 | +0.07% | | --- | --- | --- | --- | | 现货钮金 XPDUSD | 1011.293 | -14.207 | -1.39% | | 黄金(COMEX) GC | 3307.700 | -8.900 | -0.27% | | 白银(COMEX) SI | 33.145 | -0.430 | -1.28% | FOREIGN EXCHANGE 欧元/美元 -0.34% 1.129 EURUSD 英镑/美元 -0.08% 1.341 GBPUSD 美元/日元 III -0.04% 143.611 USDJPY 澳元/美元 -0.34% 0.641 AUDUSD 美元/瑞郎 0.828 +0.35% USDCHF | | 纽元/美元 NZDUSD | 0.590 | | -0.59% | | --- | --- | --- | --- | --- | | . | 英镑/日元 GBPJPY | 192.565 | | -0. ...

（原标题：和讯投顾刘运：市场连阳但上升趋势明显疲软,明天大盘这么运行） 接下来下方3376一线的支撑一定要注意盯紧了。第二再来看看市场的核心数据，两市跌多涨少，个股行 情常态化是保持在超4000家下跌的状态，这样的涨跌幅比例很明显就是普跌，但是联系到今天没有跌多 少的指数，以及还能保持红色的k线散户不免是有一些五味杂陈，至此稍有疏忽就会对行情产生极大的 误判，成交量也出现了一定程度的萎缩，相比昨天同期缩量了超700亿，这是一个需要警惕的信号，如 果持续缩量下去，那就相当于是放弃了向上突破的机会。第三，盘口情绪方面，短线情绪看上去还是那 么如火如荼，但是真实的操作环境只有散户自己心里清楚，颇有一种有苦难言的无力感。趋势上大消费 方向暂时熄火了，近期活跃了这么些天，昨天盘后还出了利好，但是今天却没有得到加强，倒也没有出 现被大幅兑现的痕迹，继续观察后续表现即可。那么综合来看，今天就是银行护盘指数的局面，而银行 上涨对中小票来说就是最大的利空，所以最后总结A股今天的调整，破坏了昨天做好的技术指标，昨天 大盘日线KDJ做出了上攻姿态，但是今天低开低走，把这个指标呢走成了向下突破的姿势，那么明天A 股走势不容乐观，这是 ...