Group 1 - The core viewpoint of the report indicates that global asset risk appetite has collectively increased due to three favorable factors: potential resolution of US-China tariffs, the possibility of a July interest rate cut by the Federal Reserve, and the market pricing out geopolitical risks related to the Middle East [3][28][29] - The report suggests that the current asset pricing logic is influenced by three main factors: geopolitical issues (short-term impact), tariffs (medium-term impact until the end of 2025), and the shorting of the US dollar/US fiscal discipline (long-term impact until the end of 2026 or the end of the current US administration) [3][28][29] - The report notes that the market is currently in a phase where the three pricing logic factors are in a "waiting" stage, with limited upward momentum expected in the absence of significant adjustments in major equity markets [28][29] Group 2 - The report highlights that the US Senate's recent decision to remove a specific clause from a tax reform bill has alleviated some concerns regarding debt sustainability, yet long-term distrust in US fiscal discipline remains strong [29] - The report emphasizes that the current market optimism is not indicative of a new wave of growth but rather a continuation of the upward trend that began in April, following a period of extreme pessimism in global risk appetite [29] - The report advises maintaining a balanced allocation strategy across various asset classes, focusing on both offensive assets (AI, technology hardware, and large financials) and defensive assets (long-term bonds, gold, and low-volatility dividends) [5][28]

今年六月以来，中美关系出现显著回暖迹象。先是美中领导人进行了长达90分钟的通话，特朗普随后高调宣布"取得了非常积极的成果"，并欣然接受访华邀 请。紧接着，双方经贸团队在伦敦会谈，就贸易共识框架达成一致。最终，特朗普在6月26日单方面宣布"已与中国签署贸易相关协议"。这一系列事件标志 着特朗普政府的对华策略从单纯的威逼转向了更具策略性的谈判，从而有效地管控了双边关系，也为此次访华行程奠定了坚实基础。 媒体报道显示，特朗普此访有两大特殊之处： 八年之后，特朗普或将再次踏上中国土地。这一消息由《日经亚洲》等多家媒体率先报道，据称美国官员正紧锣密鼓地筹备其访华行程，时间点距离特朗普 单方面宣布中美贸易协议达成不到72小时。 此次访华，并非例行公事，其代表团构成及特殊安排已预示着特朗普绝非空手而来。 特朗普政府的对华政策，自上任伊始便充满戏剧性张力。初入白宫，他豪言百日内访华，然而一系列强硬举措却令访华计划胎死腹中，中方对此未予回应。 其后，特朗普政府步步升级，以贸易战为首的施压手段，企图迫使中国在经贸等领域做出让步，一时间中美关系剑拔弩张。但随着时间的推移，美国政府逐 渐意识到强硬路线的失效，中国不会轻易屈服，战略调 ...

丹麦指挥官在会晤美国指挥官后表示，必须采取更多措施以遏制任何俄罗斯对格陵兰岛的攻击 ...

昨日晚间公布的美国当周初请数据不及预期，美国第一季度实际GDP年化季率终值进一步下修至-0.5%，市场投资者对美 国未来经济以及美联储政策出现乐观与担忧并存情况，现货黄金市场昨日再度维持区间震荡格局，昨日市场最高至 3350.27美元/盎司，最低至3309.94美元/盎司，最终收盘于3327.76美元/盎司，本交易日亚洲早盘开盘后市场维持在小区 间震荡，目前交投于3322.00美元/盎司附近。 对于后市热点，需要继续关注贸易关税情况，同时要密切关注地缘政治的发展情况以及美联储未来货币政策的动向和美 债收益率情况。 亚洲早盘策略： 现货白银市场 小时图目前处于震荡阶段，短线15分钟图周期处于震荡阶段，震荡区间36.260-36.830，操作上可在这个区间内高抛低 吸。 若市场价格跌破36.260美元/盎司的支撑位，可择机建立空单头寸，并将下方目标价位设定为35.800-35.400美元/盎司。 若市场成功上破36.830美元/盎司的阻力位，则可果断跟进多单，上方目标价位有望触及37.200-37.600美元/盎司。（止损 为0.200美元/盎司空间） 现货黄金市场 小时图目前处于震荡阶段，短线15分钟图处于震荡 ...

1. Report Industry Investment Rating - The report does not explicitly mention an overall industry investment rating. However, it provides mid - term outlooks for individual energy and chemical products, including "oscillating weakly", "oscillating", "oscillating strongly", etc., based on the defined rating standards in the report [269]. 2. Core Viewpoints of the Report - The geopolitical factors affecting crude oil will gradually fade, and the market will focus on the US trade war and OPEC+ production plans. Crude oil is expected to remain stable, while the chemical industry may show a relatively strong oscillating pattern. Most chemical products have positive basis, and as July approaches, the convergence of futures and spot prices will support these products [1][2]. - Overall, the energy and chemical industry should be viewed through an oscillating perspective, waiting for new supply - demand drivers. 3. Summary by Relevant Catalogs 3.1 Market Views - **Crude Oil**: The rebound strength is limited, and attention should be paid to geopolitical disturbances. After the geopolitical concerns ease, the oil price will return to the supply - surplus fundamental line, and it is expected to oscillate weakly [5]. - **LPG**: The geopolitical situation has eased, and LPG is expected to oscillate weakly. The overall supply - demand pattern is still relatively loose, and the market may return to fundamental - driven [9]. - **Asphalt**: The expectation of production increase is strong, and the asphalt futures price will continue to decline following crude oil. The asphalt price is over - estimated, and the monthly spread is expected to decline with the increase in warehouse receipts [6]. - **High - Sulfur Fuel Oil**: Israel has resumed gas field production, and the fuel oil futures price may continue to decline under pressure. The supply is expected to increase while the demand decreases, and the price is likely to oscillate weakly [7]. - **Low - Sulfur Fuel Oil**: The low - sulfur fuel oil futures price will decline following crude oil. It is affected by factors such as the decline in shipping demand and the substitution of green energy, and is expected to follow the crude oil price fluctuations at a low valuation [9]. - **Methanol**: The situation between Iran and Israel has eased, and methanol is expected to oscillate. The support for the futures price from the previous geopolitical situation has weakened, and the domestic market is relatively stable [19]. - **Urea**: Relying on exports to balance the domestic supply - demand gap, urea may oscillate strongly in the short term. The supply pressure has eased slightly, and the export situation is favorable [20]. - **Ethylene Glycol (EG)**: The supply shock is gradually increasing, but the inventory level is low, and the probability of a downward trend is small. It is recommended that investors conduct short - term range operations [14]. - **PX**: The supply is tight, and attention should be paid to geopolitical developments. The fundamentals are good, and it is expected to be strong in the short term due to production - cut news [11]. - **PTA**: The supply - demand situation has weakened marginally, but the current situation is still okay, and the cost is relatively strong. It is expected to follow the cost side and show a relatively strong performance in the short term [11]. - **Short - Fiber**: The short - fiber industry is in a healthy state, and the spot processing fee has increased slightly. The processing fee has bottomed out and rebounded, and the upward movement of crude oil drives the energy and chemical market [15]. - **Bottle Chips**: The price follows the raw materials, and the production cut has started. The further compression space of the spot processing fee is limited [17]. - **PP**: The oil price oscillates, and PP will follow in the short term. The supply is expected to increase, and the demand is relatively weak [25]. - **Plastic**: The geopolitical premium has declined, and it is expected to oscillate. The supply pressure is high, and the downstream demand is weak [24]. - **Styrene**: The geopolitical situation has cooled down, and styrene has declined. The supply is returning, and the demand is weakening, but the inventory level is low [13]. - **PVC**: With low valuation and weak supply - demand, PVC is expected to oscillate. The cost center is rising, and the long - term supply - demand outlook is pessimistic [27]. - **Caustic Soda**: The dynamic cost is rising, and caustic soda will oscillate temporarily. The supply is expected to increase, and the long - term supply - demand outlook is pessimistic [27]. 3.2 Variety Data Monitoring 3.2.1 Energy and Chemical Daily Indicator Monitoring - **Inter - period Spread**: The report provides the latest values and changes of inter - period spreads for various products such as Brent, Dubai, PX, PTA, etc. For example, the M1 - M2 spread of Brent is 1.17 with a change of - 0.08 [28]. - **Basis and Warehouse Receipts**: It shows the basis, change values, and warehouse receipts of different products. For instance, the basis of asphalt is 242 with a change of 1, and the number of warehouse receipts is 98360 [29]. - **Inter - variety Spread**: The report presents the latest values and changes of inter - variety spreads, like the 1 - month PP - 3MA spread is - 246 with a change of - 21 [30].

投资咨询业务资格：证监许可【2011】1778 号 宝城期货贵金属有色早报（2025 年 6 月 27 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 黄金 | 2508 | 下跌 | 震荡 | 下跌 | 短线看弱 | 地缘冲突缓和，金价技术压力较 大 | | 铜 | 2508 | 上涨 | 上涨 | 上涨 | 短线看强 | 宏观风险偏好回升，铜价上行 | 说明： 品种：黄金（AU） 日内观点：下跌 中期观点：震荡 参考观点：短线看弱 核心逻辑：伊朗和以色列停战，短期地缘冲突缓和，市场风险偏好回升，近期原油黄金下挫明显，美 股和 A 股拉涨，金价承压。昨日铜价也上行明显，主力期价一度逼近 8 万关口，这说明了市场风险偏 好在持续回升。而金价跌至 60 日均线后出现反弹，这很大程度说明有技术支撑。此外，近期市场降 息预期升温，美元指数持续走弱，这很大程度上给予金价支撑。持续关注沪金和纽约金 60 日均线支 撑，跌破后或 ...

这一数字，不仅再次证明英伟达在AI时代的统治地位，更体现了生成式AI爆发所引发的算力革命，正重构全球半导体的商业版 图与产业逻辑。 但值得注意的是，随着AI持续升温，半导体行业面临的不仅是需求提振，更有地缘政治、关税政策、产能配置等多重结构性挑 战。 美东时间6月25日，英伟达举行年度股东大会后，资本市场再次见证了"AI之王"的强势。 当日，英伟达股价劲升4.3%，收于154.31美元，总市值攀升至约3.77万亿美元，稳居全球第一。短短一夜间，英伟达市值激增逾 万亿元，总市值超越微软，刷新历史纪录。 英伟达的制霸和焦虑 | Ranking | Company | | Top 10 Fabless Revenue | | Revenue Performance | | Top 10 Revenue Share | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 4Q24 | 1Q25 | QoQ | YoY | 4Q24 | 1Q25 | | 1 | 英伟达 (NVIDIA) | 37,798 | 42,369 | 12% | 72% | 52% ...

Group 1: Market Overview - The main nickel futures contract in Shanghai has risen for three consecutive trading days, reaching a new high since June 12, closing at 120,830 yuan/ton, up 2.33% [1] - The decrease in geopolitical risks and macroeconomic uncertainties has positively impacted the nickel market, with U.S. Treasury yields and the dollar index declining [1] - Domestic nickel prices have seen a decline, with the current spot price at 119,775 yuan/ton, down 6.02% from the end of last year [1] Group 2: Import and Supply Dynamics - In May 2025, nickel ore imports increased by 34.77% month-on-month to 3.9272 million tons, but decreased by 14.79% year-on-year [2] - The Philippines remains the primary source of nickel ore, with 3.6058 million tons imported, accounting for 91.82% of the total imports for the month [2] - The market is concerned about potential oversupply due to the removal of export restrictions on nickel ore in the Philippines, while Indonesian nickel ore remains tight in the short term [2] Group 3: Demand and Production Insights - Domestic stainless steel production is expected to decrease by 2.91% month-on-month in June, with a total output of 3.3623 million tons [3] - The demand for nickel is under pressure due to weak terminal demand and slow recovery in manufacturing orders, leading to a focus on just-in-time inventory replenishment [3] - The overall supply-demand balance remains oversupplied, with nickel prices expected to face downward pressure [3][4] Group 4: Future Outlook - Analysts suggest that the nickel market may experience a combination of supply contraction and demand substitution to address the oversupply issue [4] - The short-term outlook for nickel prices is mixed, with potential for a rebound above 120,000 yuan/ton, but also risks of volatility and downward pressure in the second half of the year [3][4] - The market is advised to monitor the impact of Indonesian policies and the development of new energy and semiconductor demands for long-term growth opportunities [4]

1. Report Industry Investment Ratings - **Macro Finance**: - A-shares: Bullish in the short term [1] - Treasury bonds: Limited upside in the short term [1] - Gold: Volatile [1] - Silver: Volatile [1] - **Non-ferrous Metals**: - Copper: Bullish in the short term [1] - Aluminum: Volatile [1] - Alumina: Volatile [1] - Nickel: Volatile, limited upside in the short term, bearish in the long term [1] - Stainless steel: Bullish in the short term, bearish in the long term [1] - Tin: Bearish in the short term, potential upside from oil price increase [1] - Industrial silicon: Bearish [1] - Polysilicon: Bearish [1] - Lithium carbonate: Bearish [1] - **Black Metals**: - Rebar: No upward momentum [1] - Hot-rolled coil: No upward momentum [1] - Iron ore: Volatile [1] - Coking coal: Bearish [1] - Coke: Bearish [1] - Glass: Bearish [1] - Soda ash: Bearish [1] - **Agricultural Products**: - Palm oil: Bearish [1] - Soybean oil: Bearish [1] - Cotton: Bearish [1] - Sugar: Potential for higher production [1] - Corn: Bullish in the medium term [1] - Pulp: Bearish [1] - Raw silk: Neutral [1] - Live pigs: Stable [1] - **Energy and Chemicals**: - Crude oil: Bearish [1] - Fuel oil: Bearish [1] - Asphalt: Bearish [1] - BR rubber: Bearish in the short term [1] - PTA: Bearish [1] - Ethylene glycol: Bearish [1] - Short fiber: Bearish [1] - Pure benzene: Volatile [1] - Styrene: Volatile [1] - PVC: Bearish [1] - Caustic soda: Volatile [1] - LPG: Bearish [1] 2. Core Views of the Report - In the short term, the A-share market has good liquidity, geopolitical conflicts have significantly eased, and overseas disturbances have weakened, so the stock index is expected to fluctuate strongly [1] - The weak economy is beneficial for bond futures, but the central bank's warning on interest rate risks restricts the upward space in the short term [1] - The improvement in market risk appetite may put short-term pressure on gold prices, but uncertainties such as geopolitics and tariffs remain high, so gold prices are expected to fluctuate [1] - The Fed's dovish remarks and the opening of the re-export window may lead to a further decline in copper inventories, so copper prices are expected to fluctuate strongly in the short term [1] - The low inventory of domestic electrolytic aluminum and the off-season demand result in volatile aluminum prices [1] - The supply of some non-ferrous metals is expected to recover, and demand shows signs of weakening, so attention should be paid to shorting opportunities at high levels [1] - The improvement in macro sentiment requires attention to tariff progress and economic data at home and abroad [1] - The supply of some agricultural products is affected by various factors, and the market shows different trends, such as the potential decline in Brazilian sugar production due to the change in the sugar-to-ethanol ratio [1] - The geopolitical situation in the Middle East has cooled down, Trump's energy policy is negative for crude oil, and the long-term supply and demand tend to be loose [1] 3. Summary by Related Catalogs Macro Finance - **A-shares**: Short-term liquidity is good, geopolitical conflicts ease, and overseas disturbances weaken, so the stock index is expected to fluctuate strongly [1] - **Treasury bonds**: The weak economy is beneficial for bond futures, but the central bank's warning on interest rate risks restricts the upward space in the short term [1] - **Gold**: Market risk appetite improves, putting short-term pressure on gold prices, but uncertainties keep prices volatile [1] - **Silver**: Silver prices are expected to fluctuate in the short term [1] Non-ferrous Metals - **Copper**: Fed's dovish remarks and re-export window may lead to lower inventories, so copper prices are expected to fluctuate strongly in the short term [1] - **Aluminum**: Low inventory and off-season demand result in volatile aluminum prices [1] - **Alumina**: Spot price decline and production increase put pressure on the futures price, but the discount limits the downside [1] - **Nickel**: High nickel ore premium and inventory increase limit the short-term upside, and long-term oversupply remains a concern [1] - **Stainless steel**: Short-term futures may rebound, but the sustainability is uncertain, and long-term supply pressure exists [1] - **Tin**: Short-term pressure from photovoltaic production cuts, potential upside from oil price increase [1] - **Industrial silicon**: Supply resumes, demand is low, and inventory pressure is huge [1] - **Polysilicon**: Downstream production declines, and supply reduction is not obvious [1] - **Lithium carbonate**: Falling ore prices and high downstream inventory lead to weak buying [1] Black Metals - **Rebar and Hot-rolled coil**: In the transition from peak to off-season, cost weakens, and supply-demand is loose, with no upward momentum [1] - **Iron ore**: Iron water may peak, and supply may increase in June, so attention should be paid to steel pressure [1] - **Coking coal and Coke**: Supply surplus exists, and the rebound space is limited [1] - **Glass**: Supply and demand are weak, and prices continue to decline [1] - **Soda ash**: Maintenance resumes, supply surplus is a concern, and demand is weak, so prices are under pressure [1] Agricultural Products - **Palm oil and Soybean oil**: After the decline of crude oil, the supply-demand is weak, and prices are expected to fall [1] - **Cotton**: Domestic cotton prices are expected to fluctuate weakly due to consumption off-season and inventory accumulation [1] - **Sugar**: Brazilian sugar production is expected to increase, and the change in the sugar-to-ethanol ratio may affect production [1] - **Corn**: Short-term price is affected by auction news, but the medium-term outlook is bullish [1] - **Pulp**: In the demand off-season, it is bearish after the positive news fades [1] - **Raw silk**: High持仓 and intense capital game lead to large fluctuations, so it is recommended to wait and see [1] - **Live pigs**: Inventory is abundant, and futures prices are stable [1] Energy and Chemicals - **Crude oil and Fuel oil**: Geopolitical cooling, Trump's energy policy, and long-term supply-demand loosening are negative factors [1] - **Asphalt**: Cost drag, potential tax refund increase, and slow demand recovery [1] - **BR rubber**: Temporary stability due to geopolitical cooling, but weak fundamentals in the short term [1] - **PTA, Ethylene glycol, and Short fiber**: Affected by the decline of crude oil and other factors, prices are bearish [1] - **Pure benzene and Styrene**: Volatile due to market sentiment and supply-demand changes [1] - **PVC**: Supply pressure increases due to the end of maintenance and the entry of new devices, so prices are bearish [1] - **Caustic soda**: Maintenance is almost over, and attention should be paid to the change in liquid chlorine [1] - **LPG**: Geopolitical relief, seasonal off-season, and inflow of low-cost foreign goods lead to downward pressure [1]

Group 1: Gold Market Analysis - The gold market is currently experiencing a weak state, with prices fluctuating around 3332, and there is potential for a rebound if the market weakens further [2][4] - Long-term, gold remains a solid asset for inflation protection and risk aversion, despite pressures from geopolitical stability and the Federal Reserve's cautious stance [2] - Technical indicators show a bearish trend, with a significant drop in prices and a critical resistance level at 3350, suggesting a continued weak outlook unless this level is breached [2][4] Group 2: Oil Market Analysis - The oil market has stabilized after two days of decline, with Brent crude oil prices rising by 1.1% to $67.89 per barrel, and WTI crude oil increasing to $65.08 [5] - The reduction in U.S. crude oil inventories by 4.23 million barrels, exceeding market expectations, indicates strong refinery demand and supports oil prices [5] - Technical analysis suggests a mixed outlook for oil, with short-term bearish trends but potential for upward movement if key resistance levels are surpassed [6]