Report Industry Investment Rating - Not provided in the content Core Viewpoints - The spot prices of mainstream radiata pine products in Shandong and Jiangsu remained flat compared to last week. European spruce and fir in the Jiangsu market are still in short supply. There is 1 ship departing from New Zealand in June, expected to arrive in China in June, with an estimated arrival volume of 1.12 million cubic meters. The total inventory of the four major ports increased slightly by 58,300 cubic meters from the previous week. The BDI index rose by 15.2% week-on-week, and the SCFI index increased by 8.1%. The US dollar index was relatively stable, with the exchange rate of the US dollar against the RMB down by 0.1% and against the New Zealand dollar down by 0.9% week-on-week [4][5]. Summary by Directory 1. Overview - Spot price: The price of 3.9m 30+ radiata pine in Shandong is 750 yuan/cubic meter, and in Jiangsu is 775 yuan/cubic meter, both unchanged from last week. The price of 3.9m 40+ radiata pine in Shandong is 810 yuan/cubic meter, and 5.9m 30+ radiata pine is 760 yuan/cubic meter, also unchanged. European spruce and fir in the Jiangsu market have low trading volume and are in short supply [4]. - Supply: As of June 1, there is 1 ship departing from New Zealand in June, with 1 going to the Chinese mainland and 0 to Taiwan, China and South Korea for lightering. It is expected that 1 ship will arrive in June and 0 in July, with an estimated arrival volume of 1.12 million cubic meters [4][7]. - Demand and inventory: As of the week of May 30, the daily average shipment volume of Lanshan Port was 22,800 cubic meters (week-on-week -2,000 cubic meters), and that of Taicang Port was 10,500 cubic meters (week-on-week -100 cubic meters). The inventory of Lanshan Port was about 125,180 cubic meters (week-on-week +2,000 cubic meters), Taicang Port was about 535,600 cubic meters (week-on-week -34,100 cubic meters), Xinminzhou was about 373,500 cubic meters (week-on-week -19,700 cubic meters), and Jiangdu Port was about 246,800 cubic meters (week-on-week +41,900 cubic meters). The total inventory of the four major ports was 2.4077 million cubic meters, a slight increase of 58,300 cubic meters from the previous week [5][11]. - Other factors: As of the week of June 8, the Baltic Dry Index (BDI) was 1,633 points, up 215 points (+15.2%) from last week. The related Handysize Shipping Index BHSI was 600 points, down 0.2% from last week. The Shanghai Containerized Freight Index (SCFI) was 2,240.35 points, up 8.1% from last week. In terms of exchange rates, the US dollar index was relatively stable. As of the end of the week, the exchange rate of the US dollar against the RMB was down 0.1% and against the New Zealand dollar was down 0.9% from last week [5]. 2. Supply - As of June 1, there is 1 ship departing from New Zealand in June, with 1 going to the Chinese mainland and 0 to Taiwan, China and South Korea for lightering. It is expected that 1 ship will arrive in June and 0 in July, with an estimated arrival volume of 1.12 million cubic meters [7]. 3. Demand and Inventory - Demand: As of the week of May 30, the daily average shipment volume of Lanshan Port was 22,800 cubic meters (week-on-week -2,000 cubic meters), and that of Taicang Port was 10,500 cubic meters (week-on-week -100 cubic meters). - Inventory: The inventory of Lanshan Port was about 125,180 cubic meters (week-on-week +2,000 cubic meters), Taicang Port was about 535,600 cubic meters (week-on-week -34,100 cubic meters), Xinminzhou was about 373,500 cubic meters (week-on-week -19,700 cubic meters), and Jiangdu Port was about 246,800 cubic meters (week-on-week +41,900 cubic meters). The total inventory of the four major ports was 2.4077 million cubic meters, a slight increase of 58,300 cubic meters from the previous week [5][11]. 4. Market Trends - As of June 6, the closing price of the main contract LG2507 was 768.5 yuan/cubic meter, up 0.3% from last week. The futures price first fell and then rose this week, and the fundamentals maintained a weak supply - demand pattern. The monthly spread tended to narrow, with the 07 - 09 monthly spread at -16 yuan/cubic meter, the 07 - 11 monthly spread at -20.5 yuan/cubic meter, and the 09 - 11 monthly spread at -4.5 yuan/cubic meter [14]. 5. Price and Spread - Spot price: The prices of various specifications of radiata pine in Shandong and Jiangsu remained unchanged from last week. For example, the price of 3.9m 30+ radiata pine in Shandong was 750 yuan/cubic meter, and in Jiangsu was 775 yuan/cubic meter, both unchanged [19]. - Regional spread: The document provides spread data between Shandong and Jiangsu for various tree species and specifications, such as the spread of 3.9m 30+ radiata pine between the two regions [19][24]. - Tree species and specification spread: It shows the spread between different tree species and specifications, such as the spread between 3.9m 30+ radiata pine and 5.9m 40+ radiata pine [43][44]. 6. Other - Freight index: The Baltic Dry Index (BDI) was 1,633 points, up 215 points (+15.2%) from last week. The Handysize Shipping Index BHSI was 600 points, down 0.2% from last week. The Shanghai Containerized Freight Index (SCFI) was 2,240.35 points, up 8.1% from last week. - Exchange rate: The US dollar index was relatively stable. As of the end of the week, the exchange rate of the US dollar against the RMB was down 0.1% and against the New Zealand dollar was down 0.9% from last week [5][56][57].

·国家外汇管理局披露，中国5月末外汇储备规模为32853亿美元，较4月末上升36亿美元。外汇局称，5月受主要经济体财政政策、货币政策和经济增长前景 等因素影响，美元指数小幅震荡，全球金融资产价格涨跌互现，汇率折算和资产价格变化等因素综合作用，当月外汇储备规模上升；我国经济持续回升向 好，经济发展质量稳步提升，为外汇储备规模保持基本稳定提供支撑。（新华财经） ·人民银行数据显示，5月末黄金储备报7383万盎司（约2296.37吨），环比增加6万盎司（约1.86吨），为连续第7个月增持黄金。（新华财经） ·2025年度长三角地区主要领导座谈会在南京举行。会议指出，要巩固经济回升向好态势，增强高质量发展动能。共同实施一批跨区域"两重"项目，加速释 放长三角投资潜力。深入实施"满意消费长三角"提升行动，持续增强消费发展动能。推动内外贸一体化发展，共建共享新型贸易基础设施，不断增强企业应 对风险挑战的底气和信心。（新华财经） ·《深圳市提振消费专项行动实施方案》已正式印发，方案提出39条具体措施，提及支持消费及文旅项目发行基础设施领域不动产投资信托基金（REITs）； 引导金融机构增加对批发零售、住宿餐饮、文化旅游、教 ...

不会对收益率走势、债券发行发表评论。 日本财务大臣加藤胜信：将把货币政策细节留给日本央行来决定。 不对美国汇率报告置评。 将继续实施合适的债券政策。 日本国债稳定发行没有问题。 ...

Price Performance - Latest price of London Gold is 3364.60, up 29.85 [1] - Latest price of London Silver is 34.35, up 0.10 [1] - Latest price of London Platinum is 1058.00, down 13.00 [1] - Latest price of London Palladium is 1005.00, up 41.00 [1] - Latest price of WTI Crude Oil is 62.85, down 0.56 [1] - Latest price of LME Copper is 9634.50, up 89.50 [1] Trading Data - Latest inventory of SHFE Silver is 1087.21, up 18.36 [2] - Latest Gold ETF holdings is 935.65, no change [2] - Latest Silver ETF holdings is 14552.37, up 135.72 [2] - Latest inventory of SGE Silver is 1396.61, no change [2] - Latest deferred fee payment direction of SGE Gold is 1, down 1.00 [2] - Latest deferred fee payment direction of SGE Silver is 2, up 1.00 [2] Other Related Data - Latest value of US Dollar Index is 98.81, down 0.47 [13] - Latest value of EUR/USD is 1.14, up 0.01 [13] - Latest value of GBP/USD is 1.36, no change [13] - Latest value of USD/JPY is 142.72, down 1.28 [13]

Group 1 - The South Korean won appreciated by 0.10% against the US dollar, closing at 1377.36 won per dollar [1]

台积电(TSM.N)CEO：受汇率影响近期毛利率下降3%。 ...

Group 1 - The article emphasizes the importance of monitoring the AH premium as a leading indicator for A-shares, with recent data showing the AH premium level dropped to a low of 131.65 on May 29, indicating a potential correlation with the peak of the Hong Kong stock market [1][2][3] - The AH premium has historically shown a relationship where its highs and lows correspond to the peaks and troughs of the Hong Kong stock market, suggesting that the recent decline may signal a market bottom [1][2] - Starting from May 30, the AH premium began to recover, indicating a potential shift in market sentiment [1][3] Group 2 - The article discusses the recent trend of the Chinese yuan's appreciation, which has positively impacted both the Hong Kong and A-share markets, but warns that this trend may be reversing [7][8] - Technical analysis suggests that the rapid appreciation of the yuan may be reaching its end, potentially leading to pressure on both A-shares and Hong Kong stocks [7][8] - The yuan's exchange rate is shown to have a vague positive correlation with A-shares and Hong Kong stocks, but the recent technical indicators suggest a possible stabilization or reversal in the yuan's appreciation [7][8]

Core Points - The GBP/USD exchange rate has risen to 1.35, reflecting a daily increase of 0.29% [1]

Core Point - The Russian ruble has strengthened against the US dollar, surpassing 79, marking its strongest level since June 2023 [1] Group 1 - The exchange rate of the Russian ruble against the US dollar has reached a significant milestone, indicating a notable appreciation [1]

Group 1 - The South Korean won appreciated by 0.11% against the US dollar, closing at 1374.74 won [1] - The won reached a daily high of 1369.35 won at 08:26 Beijing time [1]