Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View of the Report - A - share major indices closed up, with small - and medium - cap stocks outperforming large - cap blue - chips. The market is facing uncertainties due to overseas trade issues and domestic economic conditions. The domestic manufacturing PMI in May rebounded slightly but remained below the boom - bust line. The index is oscillating near the gap before the market's sharp decline on April 3rd, facing significant upward pressure. The market is in a policy vacuum period, lacking a clear short - term main line and expected to maintain an oscillating trend. It is recommended to wait and see [2]. 3. Summary by Relevant Catalogs 3.1 Futures Disk - All main and secondary contracts of IF, IH, IC, and IM showed upward trends. For example, the IF main contract (2506) rose to 3842.4, up 15.6. The spreads between different contracts also changed, with most showing an upward trend. The differences between quarterly and current - month contracts mostly decreased. For instance, IF current - quarter minus current - month was - 73.0, unchanged [2]. 3.2 Futures Positions - The net positions of the top 20 in IF and IC decreased, while that of IH increased. The net position of IM decreased. For example, the IF top 20 net position was - 29,186.00, down 347.0 [2]. 3.3 Spot Prices - The spot prices of the Shanghai - Shenzhen 300, Shanghai Composite 50, CSI 500, and CSI 1000 all rose. The basis of the corresponding main contracts also changed, with most showing an upward trend. For example, the Shanghai - Shenzhen 300 rose to 3868.74, up 16.7, and the IF main contract basis was - 26.3, up 0.9 [2]. 3.4 Market Sentiment - A - share trading volume, margin trading balance, and north - bound trading volume all increased. The proportion of rising stocks increased, while the Shibor decreased. Option prices and implied volatilities also changed. For example, A - share trading volume reached 11,774.13 billion yuan, up 135.83 billion yuan [2]. 3.5 Wind Market Strength - Weakness Analysis - All A - shares, technical, and capital aspects showed upward trends. The manufacturing PMI in May was 49.5%, up 0.5 percentage points month - on - month; the non - manufacturing PMI was 50.3%, down 0.1 percentage points; the composite PMI was 50.4%, up 0.2 percentage points. New export and import order indices increased [2]. 3.6 Industry News - The US will raise the import steel tariff from 25% to 50% starting from June 4. The US Trade Representative's Office extended the exemption period for the 301 investigation on China until August 31 [2]. 3.7 Key Focus - Important economic data and events to watch include the US May ADP employment number on June 4 at 20:15, the Canadian central bank's interest rate decision on June 4 at 21:45, etc [3].

中国香港5月标普全球制造业PMI 49，前值48.3。 ...

Group 1: Open Market Operations - The central bank conducted a 7-day reverse repurchase operation on June 3, totaling 454.5 billion yuan at a fixed rate of 1.40%, with a bid and winning amount of 454.5 billion yuan [1] - On the same day, 830 billion yuan in reverse repos matured, resulting in a net withdrawal of 375.5 billion yuan [1] Group 2: Funding Conditions - The interbank market showed a balanced but slightly loose funding condition, with the overnight weighted average rate for deposit institutions around 1.40% and non-bank institutions borrowing at approximately 1.55% [3] - The latest overnight financing rate in the U.S. was reported at 4.35% [3] Group 3: Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit in the secondary market was around 1.71% [6] Group 4: Major Interest Rate Bond Yields - The yields for various government bonds were as follows: - 1Y: 1.4625% - 2Y: 1.4800% - 3Y: 1.4875% - 5Y: 1.5450% - 7Y: 1.6300% - 10Y: 1.6770% [9] Group 5: Recent City Investment Bonds (AAA) Spread Trends - The article discusses the trends and data regarding the spreads of city investment bonds, indicating ongoing monitoring of the market [10] Group 6: National Debt Futures Closing - The closing prices for national debt futures were as follows: - 30-year main contract increased by 0.03% - 10-year main contract decreased by 0.03% - 5-year main contract decreased by 0.04% - 2-year main contract decreased by 0.04% [12] Group 7: Economic Indicators - The Caixin China Manufacturing Purchasing Managers' Index (PMI) for May recorded at 48.3, a decrease of 2.1 percentage points from April, marking the first drop below the critical point since October 2024 [13] - In May, the central bank conducted a 700 billion yuan reverse repurchase operation, with a net withdrawal of 200 billion yuan for the month [13] Group 8: Global Macro Outlook - The OECD has revised down its global GDP growth forecast for 2025 to 2.9% from 3.1%, and for the U.S. to 1.6% from 2.2% [15] Group 9: Bond Market News - Notable bond market events include: - New World Development's issuance of $3.4 billion perpetual securities - Jin Ke Co.'s restructuring plan entering the execution phase - Kunming City Investment facing two new enforcement actions involving over 220 million yuan [16]

8. 美联储-洛根：应专注于实现2%的通胀目标，而不是试图弥补过去的通胀不足、博斯蒂克：仍然认为 今年可能会有一次降息。 2. 王毅会见美国新任驻华大使庞德伟。 3. 油价上调，加满一箱油将多花2.5元。 4. 商务部等五部门组织开展2025年新能源汽车下乡活动。 5. 王文涛在法国分别会见澳大利亚贸易部长和欧盟委员会贸易和经济安全委员。 6. 李强日前签署国务院令，公布《政务数据共享条例》，自2025年8月1日起施行。 7. 全国工商联汽车经销商商会倡议：坚决抵制以"价格战"为主要形式的"内卷式"竞争行为。 国内新闻： 国际新闻： 1. 关税-①特朗普政府上调钢铝关税至50%，4日起效 ②消息人士：美国在关税谈判中向越南提出了一 份"又长又苛刻"的要求清单 ③消息人士：欧盟未收到美国要求提供 "最佳贸易报价"的信件 ④巴西总 统：若未能与美就关税达成协议，将诉诸世贸组织，或采取对等措施 ⑤印度-欧盟自贸协定加速推进 近 半议题已达成共识。 2. 荷兰首相宣布将递交辞呈。 金十数据整理：昨日今晨重要新闻汇总（6月4日） 1. 白宫称中美领导人本周将举行会谈，外交部：没有可以提供的消息。 8. 5月财新中国制造 ...

每经记者｜郑步春 每经编辑｜赵云 端午小长假后首个交易日，A股低开，但随后表现不错，各大股指均录得些许涨幅。截至收盘，上证综 指涨0.43%至3361.98点；深综指涨0.48%，创业板综指涨0.85%，科创50指数涨0.48%，北证50指数涨 1.03%。全A总成交额为11638亿元，与上周五的11643亿元大致持平。 周一美元大跌的诱因主要有三个： 一是特朗普政府又开始在关税相关政策方面胡搅蛮缠，多数市场人士相信美国这是"自损"，故美元承 压。 二是美国新公布的ISM制造业PMI数据大幅不及预期，加重市场对美国经济增长放缓的担忧。 三是摩根士丹利大举唱空美元，其预测美元会在一年内贬9%。 周二上午公布的财新5月份中国制造业采购经理人指数（PMI）为48.3，弱于4月的50.4，也弱于预期的 50.7。该数据明显与上周末公布的官方数据背离，因官方5月PMI由4月的49.0上升至49.5。其对A股的压 制也不明显，部分投资者反而对经济刺激政策加码的预期有所抬升。 预计中短期内，A股大体上仍将延续横盘震荡态势，如果短期内中美在贸易或关税等领域的谈判有大消 息，则不排除短期内波动有所加大的可能。操作方面，建议投资 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - Macro - aspect: Internationally, the US May ISM manufacturing index was 48.5, with manufacturing activity contracting for the fourth consecutive month, and sales - cost inflation reaching the highest level since late 2022. Domestically, China's manufacturing PMI in May was 49.5%, up 0.5 percentage points from the previous month, and the non - manufacturing PMI was 50.3%, down 0.1 percentage points. The economic recovery foundation needs to be consolidated, and policies are expected to be further strengthened [3]. - Fundamental aspect: The import volume of zinc ore at home and abroad has increased, zinc ore processing fees have continued to rise, and smelter profits have been further repaired. However, a zinc smelter in South China has extended its maintenance, and the import window is closed. On the demand side, it is at the end of the peak season, and downstream demand may shrink, but low zinc prices have led to increased bargain - hunting purchases, and inventories are decreasing. - Technical aspect: There is an increase in positions and a decline in price, with a strong bearish atmosphere. Zinc prices are expected to be mainly in a weak oscillation. It is recommended to wait and observe, focusing on the range of 21,800 - 22,300 [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai zinc main contract was 22,180 yuan/ton, down 45 yuan; the 07 - 08 contract spread was 240 yuan/ton, down 5 yuan. - The LME three - month zinc quotation was 2,693 dollars/ton, up 63.5 dollars. - The total position of Shanghai zinc was 238,690 lots, up 12,016 lots; the net position of the top 20 in Shanghai zinc was 1,909 lots, up 1,365 lots; the Shanghai zinc warehouse receipts were 1,675 tons, unchanged. - The SHFE inventory was 42,310 tons, down 1,763 tons; the LME inventory was 138,150 tons, down 1,000 tons [3]. 3.2现货市场 - The spot price of 0 zinc on the Shanghai Non - ferrous Metals Network was 22,790 yuan/ton, up 20 yuan; the spot price of 1 zinc in the Yangtze River Non - ferrous Metals Market was 22,440 yuan/ton, down 40 yuan. - The basis of the ZN main contract was 610 yuan/ton, up 65 yuan; the LME zinc premium (0 - 3) was - 26.08 dollars/ton, down 2.65 dollars. - The arrival price of 50% zinc concentrate in Kunming was 17,710 yuan/ton, down 80 yuan; the price of 85% - 86% crushed zinc in Shanghai was 16,300 yuan/ton, down 50 yuan [3]. 3.3上游情况 - The WBMS zinc supply - demand balance was - 124,700 tons, down 104,100 tons; the ILZSG zinc supply - demand balance was - 69,100 tons, up 10,400 tons. - The global zinc ore production was 1.0075 million tons, down 4,300 tons; the domestic refined zinc production was 576,000 tons, down 39,000 tons. - The zinc ore import volume was 455,900 tons, up 124,900 tons [3]. 3.4产业情况 - The refined zinc import volume was 35,156.02 tons, down 22,615.39 tons; the refined zinc export volume was 483.88 tons, up 266.83 tons. - The zinc social inventory was 56,800 tons, down 2,200 tons. - The production of galvanized sheets was 2.32 million tons, down 130,000 tons; the sales volume of galvanized sheets was 2.34 million tons, down 120,000 tons [3]. 3.5下游情况 - The new housing construction area was 178.3584 million square meters, up 48.3938 million square meters; the housing completion area was 156.4785 million square meters, up 25.8758 million square meters. - The automobile production was 2.604 million vehicles, down 440,600 vehicles; the air - conditioner production was 19.6788 million units, up 3.4764 million units [3]. 3.6期权市场 - The implied volatility of the at - the - money call option for zinc was 15.94%, up 0.76 percentage points; the implied volatility of the at - the - money put option for zinc was 15.94%, up 0.76 percentage points. - The 20 - day historical volatility of at - the - money zinc options was 12.27%, up 0.62 percentage points; the 60 - day historical volatility of at - the - money zinc options was 16.87%, up 0.02 percentage points [3]. 3.7行业消息 - In May, China's manufacturing PMI was 49.5%, up 0.5 percentage points; the non - manufacturing business activity index was 50.3%, down 0.1 percentage points; the composite PMI output index was 50.4%, up 0.2 percentage points. - The sales volume of consumer goods trade - in has exceeded 1 trillion yuan. As of May 31, 5 major categories of consumer goods trade - in have driven sales of 1.1 trillion yuan, with about 175 million subsidies issued. - The US May ISM manufacturing PMI was 48.5, the lowest since November 2024. The S&P Global manufacturing PMI final value was 52, with an initial value of 52.3. - Fed's Daly said she is still comfortable with the Fed's March forecast, which shows two rate cuts by the end of the year. She hopes to maintain a moderately restrictive policy rate for now [3].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View - The actual resumption progress of Myanmar's tin mines is expected to be slower than market expectations, and the Bisie mine in Congo plans to resume production in stages with supply expected to be released in late June. - In the smelting sector, Yunnan is facing raw material shortages and cost pressures, while Jiangxi's scrap recycling system is under stress with a risk of capacity exit and low operating rates. - On the demand side, downstream and end - users' purchasing sentiment has improved with price declines, but overall trading remains dull. - Technically, short - term wide - range adjustments are expected, and it is recommended to wait and see, with a reference range of 243,000 - 257,000 yuan/ton [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai Tin was 249,800 yuan/ton, down 500 yuan; the closing price of the July - August contract was down 220 yuan with a 20 - yuan increase. - LME 3 - month tin was at 30,545 US dollars/ton, up 315 US dollars. - The main contract's open interest of Shanghai Tin was 35,021 lots, up 1,517 lots. - The net position of the top 20 futures was 3,229 lots, up 831 lots. - LME tin's total inventory was 2,605 tons, down 75 tons; Shanghai Futures Exchange's tin inventory was 8,107 tons, down 338 tons; and the warehouse receipt was 7,520 tons, down 352 tons [3]. 3.2 Spot Market - The SMM 1 tin spot price was 250,400 yuan/ton, down 1,100 yuan; the Yangtze River Non - ferrous Market 1 tin spot price was 249,860 yuan/ton, down 1,180 yuan. - The basis of the Shanghai Tin main contract was 600 yuan/ton, down 600 yuan; the LME tin premium (0 - 3) was - 107 US dollars/ton, down 29 US dollars [3]. 3.3 Upstream Situation - The import volume of tin ore and concentrates was 12,100 tons, down 2,900 tons. - The average price of 40% tin concentrate was 246,300 yuan/ton, down 31,200 yuan; the average price of 60% tin concentrate was 250,300 yuan/ton, down 31,200 yuan. - The processing fees for 40% and 60% tin concentrates remained unchanged at 11,500 yuan/ton and 7,500 yuan/ton respectively [3]. 3.4 Industry Situation - The monthly output of refined tin was 14,000 tons, down 1,600 tons; the import volume of refined tin was 3,762.32 tons, up 143.24 tons [3]. 3.5 Downstream Situation - The price of 60A solder bars in Gejiu was 163,170 yuan/ton, down 460 yuan. - The cumulative output of tin - plated sheets (strips) was 1.6014 million tons, up 144,500 tons; the export volume of tin - plated sheets was 140,700 tons, down 33,900 tons [3]. 3.6 Industry News - In May, China's manufacturing PMI was 49.5%, up 0.5 percentage points; non - manufacturing PMI was 50.3%, down 0.1 percentage points; and the comprehensive PMI output index was 50.4%, up 0.2 percentage points. - The sales volume of consumer goods trade - in this year exceeded 1 trillion yuan, with 1.1 trillion yuan in sales and about 175 million subsidies issued. - The US May ISM manufacturing PMI was 48.5, the lowest since November 2024, and the S&P Global manufacturing PMI final value was 52. - Fed's Daly said she was still comfortable with the Fed's March forecast of two rate cuts by the end of the year and hoped to maintain a moderately restrictive policy rate [3].

碳酸锂产业日报 2025/6/3 | | 撰写人：王福辉 从业资格证号：F03123381 投资咨询从业证书号：Z0019878 | | | | | | --- | --- | --- | --- | --- | --- | | 项目类别 | 数据指标 最新 环比 | | 数据指标 | 最新 | 环比 | | | 主力合约收盘价（日，元/吨） | 59,940.00 | +140.00↑ 前20名净持仓（日，手） | -4,671.00 | +13561.00↑ | | 期货市场 | 主力合约持仓量（日，手） | 259,658.00 | -1351.00↓ 近远月合约价差（日，元/吨） | 80.00 | +80.00↑ | | | 广期所仓单（日，手/吨） | 33,397.00 | -60.00↓ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | 60,300.00 | -400.00↓ 工业级碳酸锂平均价（日，万元/吨） | 58,700.00 | -400.00↓ | | | Li₂CO₃主力合约基差（日，元/吨） | 360.00 | -540.00↓ | | | | 上游情况 ...

文字早评 2025/06/03 星期二 宏观金融类 股指 前一交易日沪指-0.47%，创指-0.96%，科创 50-0.94%，北证 50-0.51%，上证 50-0.45%，沪深 300-0.48%， 中证 500-0.85%，中证 1000-1.03%，中证 2000-1.75%，万得微盘-1.16%。两市合计成交 11392 亿，较上 一日-462 亿。 宏观消息面： 1、美方称中方违反中美日内瓦经贸会谈共识，中国商务部新闻发言人：中方坚决拒绝无理指责。 2、中国 5 月官方制造业 PMI 回升至 49.5，符合预期。 3、工信部：加大汽车行业"内卷式"竞争整治力度。中汽协：无序"价格战"加剧恶性竞争，挤压企 业利润空间，影响产品质量和售后服务保障。 4、特朗普宣布自周三起上调钢铝关税一倍至 50%。欧盟：表示遗憾，准备反击美国。 资金面：融资额-11.29 亿；隔夜 Shibor 利率+6.00bp 至 1.4710%，流动性较为宽松；3 年期企业债 AA- 级别利率-1.23bp 至 3.0414%，十年期国债利率-1.90bp 至 1.6762%，信用利差+0.67bp 至 137bp；美国 10 ...

铜 有色金属小组 吴坤金 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 有色金属日报 2025-6-3 五矿期货早报 | 有色金属 从业资格号：F03120988 0755-23375122 zhangsj3@wkqh.cn 王梓铧 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 刘显杰 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 上周铜价小幅冲高后回落，伦铜周跌 1.22%至 9497 美元/吨，沪铜主力合约收至 77600 元/吨，端午 假期间特朗普威胁提高钢铁和铝关税导致美铜走强，贵金属和原油价格亦上涨，伦铜上涨 1.24%。产 业层面，上周三大交易所库存环比减少 0.2 万吨，其中上期所库存增加 0.7 至 10.6 万吨，LME 库存 减少 1.5 至 15.0 万吨，COMEX 库存增加 0.5 至 16.4 万吨。上海保税区库 ...