宏源期货煤焦日报 | | | | | | | | | | | | 2025/6/12 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 焦炭盘面 | | | | | 焦煤盘面 | | | | 基美 | | | | 昨日 | | 前日 | 涨跌 | | 昨日 | 前日 | 涨跌 | | 昨日 | ■日 | 涨跌 | | 12601 | 1373.5 | 1364.5 | 9.0 | JM2601 | 793.0 | 791.5 | 15 | 101基金 | -66.4 | -57.4 | -9.0 | | 12605 | 1374.0 | 0.686T | -9.0 | JM2605 | 813.0 | 819.0 | -6.0 | 105基差 | -66.9 | -75.9 | 9.0 | | 12509 | 0'956T | 0.6FET | 7.0 | 80952WIE | 783.5 | 785.0 | -1.5 | 100 查会 | 687- | -41.9 | -7.0 | | 109-101 ...

2025年06月12日 国泰君安期货商品研究晨报 观点与策略 | 铜：库存减少，限制价格回落 | 3 | | --- | --- | | 铝：关注中美谈判进展 | 5 | | 氧化铝：偏弱运行 | 5 | | 锌：短期震荡，关注库存 | 7 | | 铅：区间震荡 | 8 | | 锡：止跌回升 | 9 | | 镍：现实支撑与弱势预期博弈，镍价震荡运行 | 11 | | 不锈钢：负反馈传导减产增加，钢价区间震荡 | 11 | | 碳酸锂：宏观预期反复，基本面仍偏弱 | 13 | | 工业硅：基本面弱势，上方空间有限 | 15 | | 多晶硅：现货弱势，盘面具下行驱动 | 15 | | 铁矿石：预期反复，区间震荡 | 17 | | 螺纹钢：宏观情绪扰动，宽幅震荡 | 18 | | 热轧卷板：宏观情绪扰动，宽幅震荡 | 18 | | 硅铁：主产地区减产仍存，宽幅震荡 | 20 | | 锰硅：海外矿企报价下移，偏弱震荡 | 20 | | 焦炭：宽幅震荡 | 22 | | 焦煤：安检趋于严格，宽幅震荡 | 22 | | 动力煤：需求仍待释放，宽幅震荡 | 24 | | 原木：震荡反复 | 25 | | 橡胶：震荡运行 | ...

2025 年 6 月 12 日 碳酸锂：宏观预期反复，基本面仍偏弱 | 邵婉嫕 投资咨询从业资格号：Z0015722 | shaowanyi@gtht.com | | --- | --- | | 刘鸿儒（联系人） 期货从业资格号：F03124172 | liuhongru@gtht.com | 【基本面跟踪】 碳酸锂基本面数据 | | | | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2507合约（收盘价） | 61,680 | 920 | 600 | 760 | -1,340 | -14,060 | | | | 2507合约（成交量） | 236,197 | 31,417 | -177,042 | -156,272 | -53,205 | 229,418 | | | | 2507合约（持仓量） | 178,235 | -16,496 | -67,415 | -115,460 | -112,068 | 143,911 | | | 盘面 | 2509合约（收 ...

张晓珍 Z0003135 | 下游聚酯产品价格及现金流 | | | | | | | | | | 上游价格 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 6月11日 6月10日 涨跌 张跌幅 单位 品种 6月11日 6月10日 涨跌 旅跌幅 | | | 单位 | | | | | | | | | | 品种 | | | | | | | | | | | | | 布伦特原油(8月) 69.77 66.87 2.90 4.3% POY150/48价格 6880 6880 0 0.0% | 美元/桶 | | | | | | | | | | | | WTI原油(7月) 68.15 64.98 3.17 4.9% FDY150/96价格 7160 7160 0 0.0% | | | | | | | | | | | | | 574 -0.3% 8120 0 0.0% | | | | | | | | | | | | | 4279 4271 8 0.2% 元/吨 92.1% 93.2% EG期货2601 直纺短纤开工率 ...

Group 1 - The core viewpoint of the articles highlights the increasing popularity of dividend-themed funds as a key investment tool for investors amid a global preference for safe-haven assets and recent interest rate cuts by the central bank [1][2] - The central bank's recent adjustment of the Loan Prime Rate (LPR) and significant reductions in deposit rates have led to a decrease in household savings, prompting a renewed interest in dividend assets and related funds [1] - The Guangfa Stable Strategy fund, managed by Yang Dong, has achieved a return of 11.16% over the past six months, significantly outperforming the benchmark index, which only rose by 2.19% during the same period [1] Group 2 - Yang Dong is recognized for pioneering fundamental quantitative strategies in fund management, combining active stock selection with quantitative models to create a stable, outperforming equity fund [2] - The "active + quantitative" strategy involves subjective analysis for identifying trends and deep dives into individual stock fundamentals, while quantitative strategies utilize style factors to uncover patterns and enhance stock selection [2] - The team led by Yang Dong includes researchers with quantitative backgrounds, contributing to the development of specific style sub-strategies that provide flexibility in the fund's portfolio [2] Group 3 - The Guangfa Stable Strategy fund's holdings reflect a distinctive "active concentration + quantitative dispersion" approach, with a focus on a few concentrated top holdings while maintaining a diversified portfolio [3] - The fund has significantly increased its exposure to Hong Kong stocks, with a notable presence of H-shares in its top holdings, which tend to offer higher dividend yields compared to A-shares [3] - In the first quarter of 2025, the fund underwent a rebalancing, introducing six new stocks across various sectors, demonstrating its broad industry coverage and flexible adjustment capabilities [4]

Core Insights - The Hong Kong IPO market has seen a strong rebound in financing this year, driven by several key factors [1] Group 1: Key Factors Driving IPO Market - Policy incentives have played a significant role in boosting the Hong Kong IPO market [1] - The resurgence of technology stocks has led to a revaluation of Chinese assets [1] - The quality of IPO candidates has improved, attracting long-term capital back to the market [1]

曹剑兰 Z0019556 | | | | 期货和现货价格 | | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 6月10日 | 666B | 张跌 | 涨跌幅 | 单位 | | 原木2507 | 771.0 | 772.0 | -1.0 | -0.13% | | | 原木2509 | 785.5 | 786.5 | -1.0 | -0.13% | | | 原木2511 | 790.5 | 790.5 | 0.0 | 0.00% | | | 7-9价差 | -14.5 | -14.5 | 0.0 | | | | 9-11价差 | -5.0 | -4.0 | -1.0 | | | | 7-11价差 | -19.5 | -18.5 | -1.0 | | | | 07合约基差 | -21.0 | -22.0 | 1.0 | | | | 09合约基差 | -35.5 | -36.5 | 1.0 | | | | 11合约基差 | -40.5 | -40.5 | 0.0 | | 元/立方米 | | 日照港3.9A小辐射松 | 720.0 | 720.0 | 0 | ...

短期以何种思路对待？ 铝合金期货， 无论是过去的沪铝，还是后来的氧化铝，和铝相关的品种始终都是市场关注的焦点所在，热议不断，想必昨天刚刚登陆期货市场的铝合金也将会如此。 由于挂牌价格相较于现货价格偏低，因此，铝合金期货在上市首日全线上涨，其中，主力合约2511的上涨幅度超过了4%。而从日内表现来看，铝合金盘 面先是冲高回落，随后转入了横盘震荡状态，那么对于交易者而言，短期以何种思路对待铝合金较为合理？其中长期又大概率会走出何种表现？ （来源：文华财经） （来源：光大期货研究所） 但从中场期来看，在废铝的全部下游当中，由于铝合金的技术壁垒相对较低，因此其生产规模相对较高、扩张速度相对较快，进而导致了一定程度的产能 过剩问题，那么在这种情况下，一旦终端消费再度转淡，铝合金盘面将大概率会在高库存压力与高卖出套保压力的共同作用下而承压运行。 技术性价格区间 由于铝合金期货刚刚上市，暂时没有足够多的可供参考的历史行情，因此，交易者在对其基于技术分析进行决策规划时，应当重点关注小级别的行情图 表，以捕捉足够多的波动细节。 （来源：文华财经） 基本面分析 铝合金期货所对应的现货品种有70%都被用在了涵盖汽车、摩托车、以及电 ...

有色早报 研究中心有色团队 2025/06/11 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2025/06/04 130 945 105791 31933 -863.51 389.51 81.0 98.0 48.48 141350 75025 2025/06/05 80 805 105791 31687 -1366.56 279.74 79.0 98.0 93.15 138000 83300 2025/06/06 75 974 107404 32278 -1323.74 19.48 41.0 65.0 69.84 132400 77800 2025/06/09 70 944 107404 34242 -1215.58 217.42 43.0 66.0 95.78 122400 67800 2025/06/10 90 1043 107404 33746 -1195.14 161.13 43.0 66.0 84.10 120400 71725 变化 20 99 ...

鸡蛋：梅雨季利空释放，等待淘鸡印证 吴昊 投资咨询从业资格号：Z0018592 wuhao8@gtht.com 【基本面跟踪】 鸡蛋基本面数据 | | 合 约 | 收盘价 | 日涨跌 （%） | 成交变动 | 持仓变动 | | --- | --- | --- | --- | --- | --- | | 期 货 | 鸡蛋2507 | 2,833 | 0.25 | -62,198 | -10,284 | | | 鸡蛋2509 | 3,655 | -0.49 | -22,386 | 5,704 | | | | | 最新日 | 前一日 | | | 价 差 | 鸡蛋7-8价差 | | -680 | -678 | | | | 鸡蛋7-9价差 | | -822 | -837 | | | | | | 最新日 | 前一日 | | | | 辽宁现货价格 | | 2.70 | 2.70 | | | | 河北现货价格 | | 2.56 | 2.58 | | | 产业链数据 | 山西现货价格 | | 2.80 | 2.80 | | | | 湖北现货价格 | | 2.96 | 2.96 | | | | | | 最新日 | 前一日 | | ...