原油震荡格局何时破？ 原油市场暗流涌动，哪些关键信号需重点盯防？天然气空头持续加仓，但出现底部支撑，这是否意味着 反转契机？点击查看详细分析！ 相关链接 ...

There seems to be a very small list of stocks that are now immune to President Trump's recent trade tariff announcements. The implementations are starting to hit more industries and companies as a whole, with no certainty or clear expectations. The latest round seems to be focused on the technology sector, with a new announcement that wasn’t directed toward the peer group as a whole, but toward a specific company. Apple TodayAAPLApple$200.02 +4.75 (+2.43%) 52-Week Range$169.21▼$260.10Dividend Yield0.52%P/E ...

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我们之前给大家分析过本周的日线级别支撑位，今天市场正好触及该位置。我们预测的第一个支撑位是 3330点左右，而今天最低达到3332.49点。盘中分时图显示，在该位置获得支撑后市场开始反弹。连续 两天的缩量也表明短线反弹随时可能到来，只是节奏比我们预期的稍慢一些。 （原标题：和讯投顾刘金锁：跌跌不休何时止？） 今日市场成交量继续缩量，K线也继续创出新低。虽然今天并未出现大跌，但在昨天止跌信号的基础 上，今天的表现仍可视为一个值得期待的信号。从短线来看，KDJ指标随时可能触发反弹。然而，今天 的缩量其实是一个积极信号，说明空头并没有大举做空。 综合来看，我们建议大家在端午节之前保持相对谨慎的态度。即使指数出现反弹，理论上向上的空间也 较为有限，因此节前对指数操作仍需谨慎。个股方面，建议大家按照自己的节奏操作，风险相对可控。 但需要注意的是，当前科创板连续阴跌，部分个股也呈现出阴跌态势。对于那些前期日线连续阴跌而未 出现快速下跌的个股，可能还需要等待一次快速下跌后才能真正止跌企稳。因此，个股分化依然较为严 重。 从个股表现来看，今天市场整体表现尚可，涨跌个股基本持平。沪市上涨个股1100多家，下跌个股约 1000多 ...

Core Insights - The forum highlighted the transition of Chinese enterprises from a single-point cultural content export to a more systematic approach in internationalization, emphasizing the need for integrated capabilities across various dimensions such as supply chain, market dynamics, compliance, and overseas operations [1][2] Group 1: Challenges and Solutions - A case study of a Guangdong coffee brand illustrates the challenges faced by companies under the EU's Corporate Sustainability Due Diligence Directive (CSCCD), which necessitated a shift from traditional export models to innovative solutions like a "self-solution electronic passport" to address compliance issues [2] - The transition from "content output" to "system output" reflects the complexity of internationalization, requiring a comprehensive strategy to tackle multi-faceted challenges [2] Group 2: Systematic Support for Internationalization - To achieve systematic support for internationalization, three capabilities are essential: national-level think tank support, global resource allocation, and leading technology [2] - The Guangdong region is positioned as a pioneer with initiatives like the Guangdong-Hong Kong-Macao Greater Bay Area Cultural Content Integration Innovation Port, which aims to leverage systematic strengths to assist cultural enterprises in going global [2] Group 3: Future Vision - The future vision for systematic support in internationalization is encapsulated in the concept of "生生不息," which includes a precise industrial system to aid international development, the ability to attract orders and low-cost funding from Europe and the U.S., and the aggregation of supply chain enterprises, multi-level service institutions, and financial support organizations [3]

Core Viewpoint - The stainless steel market is experiencing weak fluctuations with stable spot prices, while inventory pressures are manageable [1][2] Raw Materials - The Philippine nickel ore market is beginning June resource procurement, but shipments are hindered by rainfall, resulting in no transactions [1][2] - In Indonesia, the domestic nickel ore price remains stable with a slight increase of $0.65-$1, while overall prices have seen a minor uptick due to tight supply during the rainy season [1][2] - Nickel iron prices are stable but under pressure from steel mills, with transaction prices around 965-970 yuan/nickel (tax included) [1][2] Supply - According to Mysteel, the estimated crude steel output from 43 domestic stainless steel mills in May is 3.4899 million tons, a 0.4% decrease month-on-month but a 5.8% increase year-on-year [1] - The production of the 300 series is 1.776 million tons, down 2.6% month-on-month but up 7.5% year-on-year [1] Inventory - Social inventory data shows a weekly decline, with a reduction in warehouse receipts [1] - As of May 23, social inventory for the 300 series in Wuxi and Foshan is 531,000 tons, down 30,800 tons week-on-week [1] - On May 26, stainless steel futures inventory is 139,121 tons, a decrease of 17,241 tons week-on-week [1] Market Dynamics - The stainless steel market remains under pressure with high costs, and the trading logic has returned to fundamentals after macroeconomic sentiments have stabilized [2] - Demand is slowly recovering, primarily driven by just-in-time inventory replenishment [2] - The overall supply surplus remains unchanged, with some steel mills reducing 300 series output while increasing 200 and 400 series production to alleviate losses [2]

Group 1 - The market showed weakness in the afternoon, failing to maintain key resistance levels, closing below 3361, indicating a short-term bearish trend [2] - The index's performance was characterized by a small K-line and a bearish trend in the ChiNext index, raising questions about the potential for a mid-term recovery [2] - Key support level to watch is 3330; maintaining this level is crucial to avoid further declines towards 3300 [2] Group 2 - Short-term technical indicators suggest that the market needs to stay above 3355 to maintain a bullish outlook, with critical levels identified between 3357 and 3332 [3] - The strong and weak dividing line for the market is at 3394, with resistance levels at 3362, 3371, and 3382, and support levels at 3336, 3324, and 3310 [3] - Mid to long-term trends indicate that the market must remain above 60-day and 250-day moving averages to sustain a bullish phase and avoid a return to a bearish market [3]

镍不锈钢产业链周报 2025/05/26 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观 点、结论和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在 不发出通知的情形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不 能依靠本报告以取代行使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许 可，任何机构或个人不得以翻版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东 亚期货"，且不得对本报告进行任何有悖原意的引用、删节和修改。本公司保留追 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The copper price may experience a short - term upward movement due to supply tightness and the relative strength of US copper, but there are risks of economic slowdown in the medium term [1]. - The aluminum price is supported by the continuous decline of inventories and is expected to oscillate at a relatively high level, with the possibility of the inter - month spread further widening [3]. - For lead, if the reduction in recycled production leads to a greater decline in scrap prices, it may weaken the cost support and deepen the downward space for lead prices [4]. - Zinc prices still face a certain downward risk in the medium term as the social inventory of zinc ingots accumulates [6]. - The tin price may decline as the supply is expected to loosen and the demand is weak [7][8]. - Nickel has a slightly improved short - term fundamental situation but remains bearish in the long run, and it is recommended to short at high prices [9]. - The lithium carbonate market is in a situation of weak supply and demand, and the futures price may run weakly [11]. - For alumina, it is recommended to lightly short at high prices as the over - capacity pattern is difficult to change [13]. - The stainless steel market is affected by cost support and supply - demand game, and it is difficult to show a trend in the short term [15]. Summary by Metal Copper - Last week, the LME copper rose 1.84% to $9614/ton, and the SHFE copper main contract closed at 78390 yuan/ton [1]. - The total inventory of the three major exchanges decreased by 20,000 tons, and the Shanghai bonded area inventory decreased by 11,000 tons [1]. - The spot import loss of copper expanded, and the Yangshan copper premium continued to decline [1]. - The SHFE copper main contract is expected to run in the range of 77,200 - 79,500 yuan/ton, and the LME copper 3M in the range of $9450 - 9750/ton [1]. Aluminum - Last week, the LME aluminum fell 0.74% to $2466/ton, and the SHFE aluminum main contract closed at 20,175 yuan/ton [3]. - The domestic aluminum ingot social inventory decreased by 24,000 tons, and the LME aluminum inventory decreased by 10,000 tons [3]. - The SHFE aluminum main contract is expected to run in the range of 20,000 - 20,400 yuan/ton, and the LME aluminum 3M in the range of $2420 - 2520/ton [3]. Lead - Last week, the SHFE lead index rose 1.07% to 16,859 yuan/ton, and the LME lead 3S rose to $1984.5/ton [4]. - The domestic social inventory of lead increased, and the LME lead inventory was 295,800 tons [4]. Zinc - Last week, the SHFE zinc index fell 0.20% to 22,213 yuan/ton, and the LME zinc 3S rose to $2695/ton [6]. - In April, China's exports of unforged zinc alloy reached 1280.23 tons, with a significant increase [6]. - The zinc concentrate port inventory continued to rise, and the zinc price has a downward risk in the medium term [6]. Tin - Last week, the tin market maintained a pattern of weak supply and demand, and the price continued to oscillate at a high level [7]. - The supply of tin ore is gradually recovering but slowly, and the demand has not increased significantly [7][8]. - The SHFE tin main contract is expected to run in the range of 260,000 - 320,000 yuan/ton, and the LME tin in the range of $34,000 - 39,000/ton [8]. Nickel - Last week, the nickel price maintained a weak oscillation [9]. - The supply of refined nickel is at a historical high, and the demand from the stainless - steel market is weak [9]. - It is recommended to short at high prices, with the SHFE nickel main contract expected to run in the range of 115,000 - 128,000 yuan/ton and the LME nickel 3M in the range of $14,500 - 16,500/ton [9]. Lithium Carbonate - On Friday, the MMLC of lithium carbonate decreased, and the futures price also declined [11]. - The market is in a situation of weak supply and demand, and the futures price may run weakly [11]. - The reference operating range of the GZCE lithium carbonate 2507 contract is 60,200 - 61,600 yuan/ton [11]. Alumina - On May 23, 2025, the alumina index fell 1.31% to 3165 yuan/ton [13]. - The spot prices in some regions increased, and the futures inventory decreased [13]. - It is recommended to lightly short at high prices, with the domestic main contract AO2509 expected to run in the range of 2850 - 3400 yuan/ton [13]. Stainless Steel - On Friday, the stainless - steel main contract closed at 12,875 yuan/ton [15]. - The spot prices in some markets remained stable, and the supply - side pressure is expected to ease [15]. - The market is affected by cost support and supply - demand game, and it is difficult to show a trend in the short term [15].

Group 1 - The core focus of the event was the demonstration of humanoid robots and their potential applications in various scenarios, including education and urban management [1][2] - The development of autonomous driving technology is highlighted as a key area where AI can reshape the automotive industry and transportation methods, emphasizing the need for collaborative data collection to overcome data silos [2] - The integration of AI in government services is being explored, with initiatives like DeepSeek and AI civil servants aimed at enhancing efficiency in public administration [2] Group 2 - The concept of a "waste-free city" is being promoted through the use of satellite remote sensing and AI technologies, indicating a shift towards smarter urban management [3] - The impact of AI on education and healthcare is discussed, with concerns about AI challenging traditional roles and the need for a shift in educational approaches to foster critical thinking and innovation [3] - The importance of addressing challenges such as data silos and computational resource allocation is emphasized for deeper integration of AI into core business functions and government operations [2][3]