Core Viewpoint - Domestic corn prices have shown a strong upward trend since late May, driven by reduced imports and weather concerns affecting new season yields [1][2][12] Group 1: Market Dynamics - The significant decline in imports of corn and its substitutes (wheat, barley, sorghum) has altered the domestic supply structure, shifting from a previously loose supply-demand balance to a tighter one [2][3] - From January to April, China's total grain and grain powder imports fell to 7.81 million tons, a year-on-year decrease of 68.8%, with corn imports dropping by 95.1% to only 440,000 tons [2] - The reduction in imports is attributed to changes in agricultural import policies, international trade relations, and adjustments in domestic crop planting structures [2][3] Group 2: Price Support Factors - The implementation of the minimum purchase price for wheat in Henan has provided support for corn prices, leading to increased buying and stockpiling behavior among traders [6][7] - The current high levels of pig inventory and the initiation of state pork purchases are expected to sustain long-term demand for corn [1][11] Group 3: Weather and Crop Conditions - Despite dry weather conditions in key corn-producing regions, the overall planting progress for summer grains is ahead of previous years, with corn planting continuing smoothly [8][9] - The ongoing drought has raised concerns about the quality and yield of the new corn season, particularly in areas with poor irrigation infrastructure [8][10] Group 4: Future Outlook - Market participants anticipate a gradual increase in domestic corn prices, driven by ongoing buying enthusiasm for both corn and wheat [12] - However, the potential for significant price increases may be limited due to substantial existing inventories of domestic and imported corn, as well as abundant stocks of domestic rice [12]

生猪日报 | 2025-06-19 【期价震荡调整】 【市场动态】 1、6月18日，生猪注册仓单750手； 2、LH2507合约以期现回归、交割博弈为主，远月受现货价格下跌和后续出栏量 或继续增加预期影响震荡偏弱运行； 3、主力合约（LH2509）今日减仓1467手，持仓约8万手，最高价13880元/吨， 最低价13765元/吨，收盘于13835元/吨。 【基本面分析】 1、能繁母猪存栏量看，3-12月生猪供应量有望逐月增加，但幅度有限。仔猪数 据看，2025年二三季度生猪出栏量整体震荡增加；需求端来看，上半年较下半 年相比属需求淡季，下半年属需求旺季； 另存为PDF 2、 从历史情况和现下基本面来看，肥标差或震荡调整； 3、市场多空逻辑： 空头：①养殖端降重缓慢，供应压力尚未完全释放；②后续 出栏量有望持续增加；③二三季度尚未到消费旺季，需求对猪价的支撑有限； 多头：①冻品库存仍有增加的空间，能给猪价以支撑；②现货价格韧性强，说 明供需不像空头想的那么宽松；③后续出栏虽有增量但幅度有限，且三四季度 逐渐进入生猪消费旺季。 【策略建议】 1、观点：震荡偏弱； 2、核心逻辑： 1） 从母猪、仔猪数据看，2025 ...

| 产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年6月19日 | | | | 林嘉施 | Z0020770 | | 价格及基差 | | | | | | | | 现值 | 前值 | 日 涨跌 | 日 涨跌幅 | 单位 | | SMM 1#电解销 | 119825 | 119825 | 0 | 0.00% | 元/吨 | | 1#金川镇 | 120925 | 120925 | 0 | 0.00% | 元/吨 | | 1#金川镍升贴水 | 2600 | 2600 | 0 | 0.00% | 元/吨 | | 1#进口镇 | 118825 | 118675 | 150 | 0.13% | 元/吨 | | 1#进口镍升贴水 | 500 | 350 | 150 | - | 元/肥 | | LME 0-3 | -204 | -204 | 0 | 0.12% | 美元/吨 | | 期货进口盈亏 | -3113 | -3303 | 190 | -5.75% | 元/吨 | | 沪伦比值 | 7.9 ...

Core Insights - The Federal Reserve Chairman Jerome Powell stated that the supply and demand dynamics in the labor market are keeping the unemployment rate at a reasonable level [1] Group 1 - The labor market's supply and demand relationship is a key factor in maintaining a stable unemployment rate [1]

（李敏） 本周工业硅现货价格持稳。过去一周（2025年6月12日-18日），主力合约收盘价从7455元/吨震荡 波动至7425元/吨，跌幅为0.40%。全国综合价格和各地区综合价格持稳。FOB价格受汇率和期货盘面回 调影响小幅上调。 工业硅现货价格整体持稳，近期盘面价格区间震荡波动，市场情绪有所改善，但整体市场成交清 淡，下游仍以刚需采购为主。供应端，工业硅厂家按计划生产，西南地区少量复产叠加新增产能投放产 出，产量增加。需求端，有机硅单体厂北方地区开工负荷有继续增加预期，产量将进一步增加，对工业 硅需求增加；多晶硅厂整体开工有小幅增加预期，对工业硅需求增加；铝合金厂正常生产，对工业硅需 求持稳，工业硅三大下游总需求增加。价格方面，有机硅单体厂有一定库存压力，下游需求未见明显增 长，市场成交较为清淡，厂家竞价出 货，价格下跌；多晶硅方面，硅片价格下跌导致其采购多晶硅时 压价情绪严重，同时多晶硅厂减产力度不及预期，多晶硅价格下跌。 目前工业硅供需基本面仍偏宽松，需求端有小幅增加但增量有限，供应增加对现货市场压力较大， 现货价格将继续承压，预计价格将继续维持底部区间震荡。 ...

热轧卷板产业链日报 2025/6/18 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | HC 主力合约收盘价(元/吨) | 3,102 | +9↑ HC 主力合约持仓量(手) | 1501786 | -20883↓ | | | HC 合约前20名净持仓(手) | 99,002 | -20734↓ HC10-1合约价差(元/吨) | 2 | 0.00 | | | HC 上期所仓单日报(日，吨) | 94172 | -5331↓ HC2510-RB2510合约价差(元/吨) | 116 | +4↑ | | 现货市场 | 杭州 4.75热轧板卷(元/吨) | 3,220.00 | +10.00↑ 广州 4.75热轧板卷(元/吨) | 3,170.00 | 0.00 | | | 武汉 4.75热轧板卷(元/吨) | 3,220.00 | 0.00 天津 4.75热轧板卷(元/吨) | 3,110.00 | 0.00 | | | HC主力合约基差(元/吨) | 118.00 | +1.00↑ ...

焦煤焦炭产业日报 2025/6/18 | 项目类别 | 数据指标 | 最新 | 环比 | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | | JM主力合约收盘价（日，元/吨） | 790.50 | +1.00↑ | J主力合约收盘价（日，元/吨） | 1375.00 | +9.50↑ | | 期货市场 | JM期货合约持仓量（日，手） | 700071.00 | -6625.00↓ | J期货合约持仓量（日，手） | 56080.00 | +839.00↑ | | | 焦煤前20名合约净持仓（日，手） | -47200.00 | -11166.00↓ | 焦炭前20名合约净持仓（日，手） | -1525.00 | -962.00↓ | | | JM1-9月合约价差（日，元/吨） | 25.00 | +7.50↑ | J1-9月合约价差（日，元/吨） | 28.00 | +5.50↑ | | | 焦煤仓单（日，张） | 0.00 | 0.00 | 焦炭仓单（日，张） | 90.00 | 0.00 | | | 干其毛都蒙5原煤（日，元/ ...

Group 1 - The core viewpoint of the article emphasizes the growth and development trends of the lithium battery charging and discharging integrated machine market, highlighting its significance in various applications such as communication, power, petrochemicals, and new energy vehicles [3][4][6]. Group 2 - The lithium battery charging and discharging integrated machine industry is categorized into high voltage, medium voltage, and low voltage types, each showing distinct growth trends from 2019 to 2031 [3][4]. - The market is projected to experience significant growth, with a detailed analysis of the scale and revenue trends across different product types and applications [4][6]. - The industry is influenced by various factors, including technological advancements, regulatory policies, and market demand, which are critical for its future development [4][6][7]. Group 3 - Global supply and demand dynamics for lithium battery charging and discharging integrated machines are analyzed, with forecasts extending to 2031, indicating a robust increase in production capacity and utilization rates [4][5][6]. - The Chinese market is expected to play a pivotal role, with its production capacity and output projected to account for a significant share of the global market by 2031 [5][6][12]. Group 4 - The competitive landscape of the lithium battery charging and discharging integrated machine market is characterized by several key players, with market share and revenue data provided for major manufacturers [5][6][12]. - The analysis includes a breakdown of sales revenue and market share for different regions, including North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa [5][6][12]. Group 5 - The article discusses the pricing trends of lithium battery charging and discharging integrated machines, indicating fluctuations and projections for the coming years [6][12]. - A SWOT analysis of Chinese enterprises in the industry is presented, highlighting strengths, weaknesses, opportunities, and threats that could impact their market positioning [6][12].

从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 原材料： 冯艳成 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 有色金属：于梦雪 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 晨报 煤焦 煤焦：煤矿减产低于预期 盘面延续震荡 投资咨询业务资格： 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 市场方面，据 Mysteel 调研，截止 6 月 17 日上午，据最新调研情况， 蒲县地区煤矿暂未停产，对应坑口洗煤停产产能 720 万吨，停产时间普遍 反馈在十日左右，其中一处昨日停产的坑口洗煤厂已恢复生产。另外，煤 矿虽然生产正常，但部分拉运因环保检查等原因确实有一定影响，以当前 情况来看，短期内临汾炼焦煤供应缩减小于市场预期。 成 材：武秋婷 原材料：程 鹏 上周煤矿端精煤库存 486 万吨，环比增加 5.3 万吨，增幅略有放缓； ...

2025 年 6 月 18 日 原油：或延续强势挑战 85 美元，多单持有 黄柳楠 投资咨询从业资格号：Z0015892 huangliunan021151@gtjas.com 【国际原油】 WTI7 月收涨 3.07 美元/桶，涨幅 4.28%，报 74.84 美元/桶；布伦特 8 月原油期货收涨 3.22 美 元/桶，涨幅 4.40%，报 76.45 美元/桶；SC2508 原油期货收涨 31.90 元/桶，涨幅 6.13%，报 552.50 元/桶。 请务必阅读正文之后的免责条款部分 1 研 究 所 商 品 研 究 （以上资讯来源于金十数据） 【趋势强度】 原油趋势强度：1 注：趋势强度取值范围为【-2,2】区间整数。强弱程度分类如下：弱、偏弱、中性、偏强、强， -2 表示最看空，2 表示最看多。 请务必阅读正文之后的免责条款部分 2 13. 欧佩克月报：预计明年美国页岩油产量将稳定在 905 万桶/日；5 月欧佩克+原油日产量平均为 4123 万桶，较 4 月增加了 18 万桶；下调对 2026 年美国及其他非欧佩克+产油国石油供应增长 的预测；尽管存在贸易担忧，但经济前景依然强劲（最新报告未提及以伊 ...