金十数据6月26日讯，香港特区政府统计处今日发表的对外商品贸易统计数字显示，2025年5月份香港整 体出口和进口货值均录得按年升幅，分别上升15.5%和18.9%。特区政府发言人表示，商品出口货值继 续表现强韧，在5月按年强劲上升15.5%。展望未来，内地经济继续稳步增长，以及香港与不同市场日 益紧密的经贸联系，应会为贸易表现提供支持。 （大湾区之声） 香港5月整体出口货值按年强劲上升 ...

Group 1: Oil and Gas Market - Japan's largest gas supplier, Tokyo Gas, is negotiating a long-term liquefied natural gas procurement agreement with the United States [1] - Shell is reportedly in preliminary talks to acquire BP [3] - If OPEC deems it necessary, Russia is willing to increase oil production again [3] - Vietnam's Ministry of Industry and Trade states that the country's refinery will produce 7.7 million tons of oil products in the second half of the year [3] - Israel's Ministry of Energy has approved the resumption of operations at a natural gas field [3] - The Turpan to Zhongwei section of the West-to-East Gas Pipeline has been fully completed and put into operation [3] Group 2: Metals and Mining - Goldman Sachs predicts that copper prices could reach a peak of $10,050 per ton this year [2]

半年度报告——商品期权 商品期权再拾增长动能，寻找不确定中的 期权机会 报告日期： 2025 年 6 月 26 日 ★ 商品期权：再拾增长动能 今年以来，我国商品期权市场新品种上市节奏有所趋缓，铸 造铝合金、纯苯、丙烯、胶版印刷纸、葵花籽油、铂族金属 等品种或将成为年内主要增量。上半年商品期权成交重返增 长轨道，截至 6 月 15 日累计成交量达 5.95 亿手，同比大幅 增长 49%，增速显著高于 2024 年全年水平。从成交结构看， 贵金属和能源化工成交占比有所增长。 ★ 波动率：宏观及市场情绪抬升商品波动水平 今年上半年，整体商品市场的共振波动主要源于美国关税政 策的变化。2025 年四月，美国宣布对所有进口商品加征 10% 关税，并同步推行所谓"对等关税"政策，引发全球贸易格 局剧烈动荡。4 月 7 日清明节假期结束后的第一个交易日， 商品指数 20 日历史波动率上涨至 18.22%，单日涨幅达 9 个 百分点。随着 4 月 23 日特朗普释放关税下调信号，市场情绪 逐渐缓和，目前短期历史波动率已下降至近历史 25%分位水 平。从隐波看，能源与贵金属受宏观情绪影响波动率变化更 为剧烈。 ★ 期权策略推 ...

021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 021-60635727 期货从业资格号：F03134307 报告类型 铁矿石日评 日期 2025 年 6 月 26 日 黑色金属研究团队 研究员：翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员：聂嘉怡 研究员：冯泽仁 fengzeren@ccb.ccbfutures.com 请阅读正文后的声明 ＃summary＃ 每日报告 | | | | | | 表1：6月25日钢材、铁矿期货主力合约价格、成交及持仓情况（单位：元/吨、%、手、亿元） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | 资金流 入流出 | | RB2510 | 29 ...

好久没见！ 最近我在忙着"当嘴替"，帮身边的企业家朋友们对外"说清楚"，同时也在开发添梯"品牌内容体验"的深度内容和工具，隔空向你问好！ 今天说说电商渠道做品牌的事 我发现"蕉内"、"蕉下"这俩品牌挺有意思。可以这么说，研究透这俩品牌，就基本搞懂了电商行业未来做品牌的方向。即使不管你是不是在服装行业，这 俩品牌都值得研究和参考。 一开始我像大多数人一样，只是觉得这俩品牌很像，都是服装大类，名字雷同，产品相近，都是做电商起来的品牌，美学风格也很类似，经常让人"傻傻 分不清楚"（我怀疑他们互相之间也把对方当参照系），关键是这俩品牌在全网的影响力量级也差不多，粉丝数上竟然也难分伯仲，于是我强行这样区分 他们：蕉内有个"内"字，它是做内衣相关的。蕉下是芭蕉叶下，所以它是做防晒产品相关的。 图片源自网络 蕉下更"观察"，我就围着你的户外生活场景想办法，你不要这个我就给你做那个，天天研究怎么吸引你，你就得要。吸引你是我的"命"，其他都排在吸引 你的后头。我这是敬业。 因此，蕉内更像是从"品牌"角度入手开始做品牌：【品牌---我是谁---你是谁---你的需求是什么---我怎么满足】。蕉下更像是从"营销"角度收入开始做品 牌 ...

Core Viewpoint - The recent issuance of the "Guiding Opinions on Financial Support to Boost and Expand Consumption" marks a shift in policy focus from goods consumption to service consumption, emphasizing the cultivation of supply rather than merely stimulating demand [1] Group 1: Policy Changes - The "Opinions" outline 19 specific measures across six areas to enhance consumer capacity, cultivate demand, and improve the specialized service capabilities of financial institutions [1] - Service consumption is highlighted as a key area, mentioned 13 times in the document, while goods consumption is referenced only twice [1] Group 2: Economic Context - In May, retail sales of goods increased by 6.5% year-on-year, showing a 2.6 percentage point improvement from December of the previous year, while service sector growth was more subdued at 6.2%, down 0.3 percentage points from December [1] - Analysts suggest that the marginal effects of the old-for-new consumption policy will weaken, indicating limited growth potential for goods consumption, whereas service consumption still holds significant potential [2] Group 3: Supply-Side Focus - The "Opinions" emphasize the importance of optimizing supply alongside expanding demand, aiming for a virtuous cycle in production, distribution, and consumption [2] - Future policies may focus on increasing financing support for consumer enterprises and investing in service consumption infrastructure, including facilities for culture, sports, healthcare, and community services [3] Group 4: Consumer Confidence - The primary constraint on consumer growth is not financial access but rather macroeconomic pressures and cautious consumer sentiment regarding employment and income [4] - The "Opinions" propose measures to support employment and income growth, enhance consumer confidence, and improve financial services for small and micro enterprises [4]

Group 1: Conference Overview - The CITIC Futures 2025 Mid-Year Strategy Conference was held on June 25, 2025, in Shanghai, focusing on the theme "Riding the Wind and Breaking the Waves" [1] - The conference featured one main forum and ten sub-forums, covering macroeconomics, equity, bonds, commodities, exchange rates, asset management, OTC derivatives, and overseas markets [1] Group 2: Keynote Speeches - CITIC Futures Chairman Dou Changhong emphasized the company's commitment to high-quality industrial services and the globalization of futures business [2] - Fudan University Professor Shen Guobing discussed the impact of Trump's tariff policies on Sino-U.S. trade, highlighting the challenges of trade fragmentation, geopolitical conflicts, and climate crises [3] - Yang Delong, Chief Economist at Qianhai Kaiyuan Fund, noted that U.S. stocks are in a high valuation phase, while A-shares and Hong Kong stocks are attracting significant foreign investment [4] Group 3: Market Outlooks - CITIC Futures Vice President Zeng Ning provided an outlook on the macro and commodity markets, indicating that the real estate sector will continue to drag down commodity demand for 1-2 years [5] - The Financial Forum discussed the shift from tariff-driven to dollar-driven macro themes, with a focus on structural allocation in A-shares [6] - The Nonferrous Forum highlighted the influence of U.S. trade policies on the market, with basic metals expected to remain strong despite macro uncertainties [8] Group 4: Sector-Specific Insights - The Agricultural Forum indicated that many agricultural products are facing price declines due to high supply, with potential supply contractions in the future [9] - The Black Forum discussed the cyclical downturn in construction steel demand, while the coal and coke markets face long-term pressure [10] - The Energy Transition Forum addressed the oversupply pressures in both traditional and new energy sectors, with coal and natural gas markets expected to face challenges [11][12] Group 5: Investment Strategies - The Asset Management Forum explored the innovative use of derivatives in wealth management, emphasizing the importance of risk management tools [15] - The Chemical Forum discussed the relationship between refined oil and chemical products, with a focus on market dynamics and potential investment opportunities [14] Group 6: Conclusion - The conference successfully provided a platform for sharing insights and strategies, reinforcing CITIC Futures' commitment to compliance, integrity, professionalism, and responsibility in the industry [16]

策略参考 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 6 月 26 日） 品种观点参考 品种：豆粕（M） 日内观点：震荡偏弱 中期观点：偏强 参考观点：震荡偏弱 核心逻辑：近期地缘风险降温，美国大豆产区天气状况持续改善，美豆期价呈现明显的天气市波动特征， 美豆期价重心有所下移。国内豆类市场交易逻辑未变，跟随外盘美豆期价波动节奏，短期资金出现松动加 剧盘面波动，期价震荡偏弱运行。 品种：棕榈油(P) 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 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) 品种 短期 中期 日内 观点参考 核心逻辑概要 <点击目录链接，直达品种 策略解析> 豆粕 2509 震荡 偏 ...

Group 1: Pork Market - The average daily trading volume of pork reached 9,288 heads (712.55 tons), an increase of 2.85% compared to the previous week [1] - The average price of live pigs in Hangzhou was 16.02 yuan/kg, down 0.5%, while the average wholesale price of pork was 18.57 yuan/kg, down 0.75% [1] - Retail prices for various pork cuts decreased, with prices for pork loin at 34.92 yuan/kg (down 1.33%), pork hind leg at 28.71 yuan/kg (down 2.74%), and pork belly at 38.91 yuan/kg (down 3.85%) [1] Group 2: Vegetable Market - The average daily trading volume of vegetables was 3,415.86 tons, an increase of 10.64%, with local vegetables up 14.16% and out-of-province vegetables up 7.77% [2] - The overall average wholesale price of vegetables was 3.68 yuan/kg, down 1.08%, with significant price increases for cabbage (up 10.69%) and winter melon (up 4.76%) [2] - Notable price decreases included small bok choy at 2.12 yuan/kg (down 7.83%) and eggplant at 5.2 yuan/kg (down 6.47%) [2] Group 3: Aquatic Products Market - The total trading volume of aquatic products was 3,369.35 tons, with an average daily trading volume of 481.34 tons, up 3.83% from the previous week [3] - The overall average wholesale price of aquatic products was 41.77 yuan/kg, an increase of 3.37%, with significant price increases for grass carp (up 21.65%) and crucian carp (up 19.48%) [3] - Retail prices for aquatic products showed mixed results, with an overall average of 61.09 yuan/kg, down 1.85%, and notable decreases for pomfret (down 21.11%) and hairtail (down 19.08%) [3]

Meeting Overview - The sixth session of the 14th Supervisory Board meeting of Jiangsu Baoli International Investment Co., Ltd. was held on June 25, 2025, with all three supervisors present [1] - The meeting was conducted in accordance with the Company Law of the People's Republic of China and the company's articles of association [1] Voting Results - The meeting approved the proposal for the company to engage in commodity and foreign exchange hedging business, with a unanimous vote of 3 in favor, 0 against, and 0 abstentions [1] - The Supervisory Board believes that engaging in hedging business will help mitigate adverse impacts from price and exchange rate fluctuations on the company's operations, aligning with relevant regulations [1] Additional Proposals - A proposal for the company to purchase directors and officers liability insurance was also discussed, with all supervisors abstaining from voting, resulting in 0 votes for, 0 against, and 0 abstentions [2] - The Supervisory Board views this insurance as beneficial for enhancing the company's risk management system and protecting the rights of directors, supervisors, and senior management [2]