Core Viewpoint - The price of spot LPDDR4X products continues to rise due to the ongoing impact of manufacturers halting production of certain DDR4 and reducing LPDDR4X output, leading to a tightening supply and subsequent price increases in the market [1] Group 1: Price Trends - Recent weeks have seen a continuous upward trend in the prices of spot DDR4 chips and LPDDR4X products, driven by tight supply conditions and rising prices [1] - The price increase effect has gradually spread to finished products, with DDR4 SODIMM prices rising in the industry market last week [1] Group 2: Market Dynamics - The channel market has also experienced price increases for certain memory modules due to supply constraints [1] - However, some channel customers have reported sales below expectations, resulting in insufficient demand for procurement [1] - The demand for large-capacity SSDs in the industry remains relatively weak, leading to slight downward adjustments in prices for some channels and industry SSDs this week [1]

点击注册小程序 报告摘要 军工新材料：电解钴价格下跌 （1）本周电解钴价格23.80 万元/吨，环比-0.8%。本周电解钴和钴粉比值0.93 ，环比-0.7%；电解钴和硫酸钴 价格比值为4.86 ，环比-0.4%。（2）碳纤维本周价格83.8元/千克，环比+0%。毛利-9.28元/千克。（3）铍价格 持平。 新能源车新材料：锂辉石价格下跌 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 （1）本周Li2O 5%锂精矿中国到岸价已达到560美元/吨，环比 -20.90%。（2）本周电碳、工碳和电池级氢氧 化锂价格分别为6.45 、6.27 和6.52 万元/吨，环比 -1.3%、-1.53%和-1.1%。电碳与工碳价差为2024年11月以来 新低，或代表锂电景气度相较工业领域有所减弱。（3）本周硫酸钴价格4.78 ...

Group 1 - The core viewpoint of the article highlights a downward trend in liquor prices in major cities like Guangzhou, Shenzhen, and Dongguan as the Dragon Boat Festival approaches, with over two-thirds of products experiencing price declines [1][2][4] - In Guangzhou, the retail price of Feitian Moutai has dropped to an average of 2579.73 yuan per bottle, with some retailers offering it at around 2300 yuan, while other premium products like Wuliangye have seen a slight decrease of 18 yuan per bottle [2][3] - Shenzhen's market shows a similar trend, with over two-thirds of sampled products experiencing price drops, although some prices may be artificially inflated due to limited availability in certain channels [4][5] Group 2 - In Dongguan, nearly half of the sampled products maintained stable prices, with only 8 out of 21 products showing a decline, while the price of Luzhou Laojiao increased by 61.1 yuan to 1075.6 yuan per bottle due to replenished stock in certain channels [7][8] - The article notes that the upcoming 618 shopping festival has led to price adjustments on e-commerce platforms, with 15 out of 21 sampled premium liquors experiencing price reductions, while only one liquor saw an increase [9][10] - A comparison between the Bay Area and Southwest liquor prices reveals that the Bay Area's retail prices are significantly higher, with differences ranging from 15 to 82 yuan, attributed to higher demand for premium products in the region [11][12]

点击注册小程序 截至5月23日，白羽肉毛鸡价格为7.36元/公斤，周环比下跌0.54%，鸡苗价格2.85元/羽，周环比持平。毛 鸡方面，合同鸡供应量增加，屠宰企业有库存压力且宰杀亏损，采购社会鸡意愿减弱。鸡苗方面，供应宽 松，北方农忙在即，养殖户鸡苗补栏谨慎，部分种鸡场鸡苗订单放缓，种鸡场有挺价情绪，苗价整体维 稳。 本周玉米现货价格上涨，豆粕、小麦价格下跌 截至5月23日，玉米现货均价为2376.08元/吨，环比上涨0.05%；豆粕现货均价3028.00元/吨，环比下跌 2.82%；小麦现货均价为2464.56元/吨，环比下跌0.18%。玉米方面，目前华北小麦收割，玉米小麦价差收 窄，抑制玉米价格上涨，同时市场仍担心进口玉米拍卖、定向稻谷投放等，短期玉米价格维持震荡。豆粕 方面，现货价格跌至历史偏低水平，阿根廷产区遭遇洪水，叠加市场消息广东地区进口大豆通关时间延 长，远期低价合同成交连续放量，贸易商主动提价销售，预计豆粕价格短期存反弹动力。 天然橡胶价格下跌 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证 ...

CBOT小麦期货累涨3.52%，报5.4350美元/蒲式耳，5月20-21日走高，22-23日略微回落。 CBOT大豆期货累涨1.02%，报10.6075美元/蒲式耳，豆粕期货累涨1.44%，豆油期货累涨0.59%。 本周，彭博谷物分类指数累计上涨2.61%，周五（5月23日）纽约尾盘报31.4047点，5月20-21日持续走 高，22-23日高位震荡。 CBOT玉米期货累涨3.49%，报4.59美元/蒲式耳，5月19-22日持续走高，23日略有回落。 ...

Core Viewpoint - Fitch Ratings anticipates that European natural gas prices will continue to experience high volatility, particularly in the context of ongoing adjustments to U.S. tariff policies [1] Group 1 - European natural gas prices are expected to remain highly volatile [1] - The volatility is influenced by the adjustments in U.S. tariff policies [1]

现货黄金短线上涨8美元，现报3330美元/盎司。美元指数DXY短线下挫25点，现报99.18。美元兑日元 USD/JPY短线下跌50点，跌破143，日内跌0.71%。 ...

光大期货能化商品日报 光大期货能化商品日报（2025 年 5 月 23 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周四国际油价连续第三日收跌，WTI 7 月合约收盘下跌 0.37 美元 | | | | 至 61.2 美元/桶，跌幅 0.6%。布伦特 7 月合约收盘下跌 0.47 美元 | | | | 至 64.44 美元/桶，跌幅 0.72%。SC2507 以 456.9 元/桶收盘，下跌 | | | | 5.6 元/桶，跌幅 1.21%。欧佩克+成员国正在讨论是否在 6 月 1 日 | | | | 的会议上同意另一次超大规模的增产，这可能是该组织连续第三 | | | | 个月向市场增加额外的石油产量。代表们表示，7 月份日产量增 | | | | 加 41.1 万桶/日是正在讨论的选项之一，但尚未达成最终协议。 | | | 原油 | 作为集团领导者的沙特阿拉伯在最近一次会议上警告哈萨克斯坦 | 震荡 | | | 和伊拉克等违规成员国，若不遵守配额，沙特可能进一步增产。 | | | | 尽管哈萨克斯坦方面做出了一些弥补承诺，但该国并未采取实质 | | ...

Agricultural Products Market - The national market price of edible agricultural products decreased by 0.4% from the previous week, with the average wholesale price of 30 types of vegetables at 4.17 yuan per kilogram, down 1.7%. Notable declines include lettuce, cucumber, and green beans, which fell by 5.6%, 5.0%, and 4.8% respectively [1] - Poultry product wholesale prices saw a slight decrease, with white strip chicken and eggs dropping by 0.3% and 0.2% respectively. Meat wholesale prices overall declined, with pork at 20.71 yuan per kilogram, down 0.3%, and beef down 0.2%, while lamb prices remained stable [1] - The wholesale prices of six types of fruits showed slight fluctuations, with watermelon, banana, citrus, and apple prices decreasing by 3.1%, 1.4%, 0.5%, and 0.1% respectively, while grapes increased by 3.7% [1] - Aquatic product wholesale prices experienced a slight increase, with grass carp, silver carp, and crucian carp rising by 0.6%, 0.5%, and 0.3% respectively [1] Production Materials Market - Coal prices experienced a slight decline, with thermal coal, coking coal, and No. 2 smokeless block coal priced at 755 yuan, 971 yuan, and 1170 yuan per ton, down by 1.9%, 0.9%, and 0.6% respectively [2] - Basic chemical raw material prices showed minor fluctuations, with sulfuric acid decreasing by 0.3%, while methanol, soda ash, and polypropylene increased by 0.4%, 0.2%, and 0.2% respectively [2] - Finished oil wholesale prices showed slight volatility, with 92-octane gasoline and 95-octane gasoline both decreasing by 0.2%, while 0-octane diesel increased by 0.2% [2] - Steel prices saw a slight recovery, with hot-rolled strip steel, welded steel pipes, and ordinary medium plates priced at 3615 yuan, 3861 yuan, and 3806 yuan per ton, increasing by 0.4%, 0.2%, and 0.2% respectively [2] - Fertilizer prices overall increased, with urea rising by 0.3% and the price of compound fertilizers decreasing by 0.1% [2] - Non-ferrous metal prices were predominantly up, with aluminum and copper increasing by 2.4% and 0.7%, while zinc decreased by 0.4% [2] - Rubber prices saw a slight increase, with synthetic rubber and natural rubber rising by 2.5% and 0.5% respectively [2]

The headlines from President Trump’s Middle East trip trumpeted the deals made by many of the leading technology companies. However, investors should note that the U.S. delegation included three oil services companies' chief executive officers (CEOs). Their stocks have been beaten down this year. The bearish sentiment has increased this earnings season, driven by pessimistic outlooks based on tariff uncertainty, geopolitical uncertainty, and market volatility. However, the biggest obstacle is the price of o ...