| | | 多晶硅产业日报 2025-06-10 济环境不稳定以及国际贸易摩擦等因素，导致海外光伏市场需求也存在不确定性，进一步抑制了多晶硅需 研究员: 王福辉 期货从业资格号F03123381 期货投资咨询从业证书号Z0019878 求增长。库存方面，多晶硅库存处于高位状态。硅片企业前期采购的多晶硅尚未完全消化，导致库存积压 免责声明 ，对市场价格形成明显压制。操作中长线依旧高空为主。 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力收盘价:多晶硅(日,元/吨) | 33955 ...

Group 1: Rapeseed Oil - Spot price: The price of imported third - grade rapeseed oil in Dongguan Zhongliang, Dongguan is 9300 yuan/ton (converted as OI09 + 120), up 40 yuan/ton from the previous trading day [2] - Market analysis: Domestic rapeseed is about to be listed. Near - term imported rapeseed supply is abundant, while long - term supply is tight. Downstream demand is neutral, and short - to - medium - term inventory may remain high [2] - Reference view: The Rapeseed Oil 2509 contract may fluctuate within a range in the short term [2] Group 2: Soybean Meal - Spot price: The spot prices of soybean meal in Zhangjiagang, Tianjin, Rizhao, and Dongguan are 2840 yuan/ton, 2920 yuan/ton, 2850 yuan/ton, and 2840 yuan/ton respectively [3] - Market analysis: The US tariff policy is changeable. Sino - US leaders' phone call boosts market confidence. US soybean planting is going smoothly, and Brazil is in the peak export period. Domestic soybean supply is recovering, and the supply pressure of soybean meal is emerging. Downstream demand is weak, and inventory accumulation is slow [3] - Reference view: Currently dominated by sentiment, soybean meal may fluctuate strongly in the short term [3] Group 3: Corn - Spot price: The mainstream purchase prices of new corn in key deep - processing enterprises in Northeast China and Inner Mongolia, North China and Huanghuai are 2206 yuan/ton and 2413 yuan/ton respectively. The purchase prices in Jinzhou Port and Bayuquan Port are 2270 - 2300 yuan/ton [4] - Market analysis: The weather in the US corn - producing areas is good. The domestic corn market is in the transition period, with tight supply. Wheat may replace corn in the feed field. Downstream demand is weak [4] - Reference view: Corn futures prices will mainly fluctuate within a range in the short term. Pay attention to the new wheat listing and weather changes [4] Group 4: Copper - Spot price: The price of Shanghai 1 electrolytic copper is 78740 - 79010, with a rise of 0, and a premium of 20 - 150. The imported copper ore index is - 43.29, up 0.72 [5] - Market analysis: US non - farm data eases recession concerns and reduces the expectation of interest rate cuts. Global tariff confrontation continues. Domestic policies boost market sentiment. Raw material problems persist, and domestic copper inventory is falling [5] - Reference view: Copper prices may test the bubble node again. Wait for weak signals [5] Group 5: Lithium Carbonate - Spot price: The market prices of battery - grade lithium carbonate (99.5%) and industrial - grade lithium carbonate (99.2%) are 60800 yuan/ton and 59150 yuan/ton respectively, with a price difference of 1650 yuan/ton, remaining unchanged from the previous trading day [6] - Market analysis: The raw material end shows signs of stabilization. Supply is stable but the structure is adjusting. Demand is weak. The market may continue to fluctuate at the bottom [6] - Reference view: Conservative investors should wait and see, while aggressive investors can conduct range operations [6] Group 6: Steel - Spot price: The price of Shanghai rebar is 3090. Tangshan's operating rate is 83.56%. Social inventory is 532.76 million tons, and steel mill inventory is 200.4 million tons [7] - Market analysis: The fundamentals of steel are improving. The cost is dynamically adjusted, and inventory is low. The market is dominated by macro - policy expectations in the short term, showing a pattern of strong supply and demand [7] - Reference view: Steel is in the process of valuation repair. Adopt a long - on - dips strategy in the short term [7] Group 7: Coking Coal and Coke - Spot price: The ex - warehouse price of main coking coal in Jingtang Port is 1270 yuan/ton, unchanged. The price in Shanxi Lvliang is 1070 yuan/ton, down 30 yuan/ton (a decline of 2.73%). The flat - price of coke in Rizhao Port is 1410 yuan/ton, unchanged. Steel mill coke inventory is at a 5 - month low but up 18% year - on - year [7] - Market analysis: Some coal mines in Shanxi reduce production due to environmental protection, but imported coal remains high. Coking plant capacity utilization rate decreases, and the loss per ton of coke expands. Iron - water production decreases slightly, and steel mill inventory pressure eases [7][8] - Reference view: The main coking coal and coke contracts may fluctuate in the near term. Pay attention to steel mill inventory reduction and policy implementation [7][8] Group 8: Iron Ore - Spot price: The Platts index of iron ore is 95.65. The price of Qingdao PB (61.5%) powder is 728, and the price of Australian iron ore powder (62% Fe) is 732. The closing price of the main iron ore contract is 707, down 0.71% from the previous trading day [9] - Market analysis: Global iron ore shipments increase. Domestic demand is under seasonal pressure. Port inventory is at a high level, suppressing prices. The main contract is in a sideways consolidation phase [9] - Reference view: The Iron Ore 2509 contract may fluctuate in the short term. Pay attention to port inventory reduction speed and steel mill resumption of production. In the long term, prices may be further pressured [9] Group 9: Crude Oil - Market analysis: US non - farm data eases recession concerns. OPEC lowers global demand growth forecasts. US trade wars and geopolitical issues increase supply uncertainty. OPEC + agrees to increase production by 411,000 barrels per day in July [10] - Reference view: The WTI main contract should focus on whether it can break through the 65 - dollar/barrel level in the short term. In the long term, without major geopolitical impacts on supply, the upside of crude oil is limited [10] Group 10: Rubber - Spot price: The prices of domestic whole - latex, Thai RSS3, Vietnamese 3L standard rubber, and No. 20 rubber are 13650 yuan/ton, 19800 yuan/ton, 15000 yuan/ton, and 13850 yuan/ton respectively. The prices of raw materials in Hat Yai are as follows: RSS3 is 65.9 baht/kg, latex is 56 baht/kg, cup lump is 44.9 baht/kg, and raw rubber is 62.26 baht/kg [11] - Market analysis: The US trade war policy is changeable. The supply of rubber is loose globally, and downstream tire operating rates decline. After the negative factors are realized, there is an expectation of a weak rebound [11][12] - Reference view: Pay attention to the downstream operating rate of Shanghai rubber. Supply exceeds demand, but a weak rebound pattern may start in the short term [12] Group 11: PVC - Spot price: The mainstream price of East China 5 - type PVC is 4700 yuan/ton, unchanged. The mainstream price of ethylene - based PVC is 5000 yuan/ton, unchanged. The price difference between the two is 300 yuan/ton, unchanged [13] - Market analysis: PVC production enterprise capacity utilization rate increases. Downstream demand shows no obvious improvement. Social inventory decreases [13] - Reference view: The fundamentals remain weak, and futures prices will fluctuate at a low level [13] Group 12: Soda Ash - Spot price: The national mainstream price of heavy soda ash is 1364.63 yuan/ton, down 10.62 yuan/ton. The mainstream prices in East China, North China, and Central China are 1375 yuan/ton, 1400 yuan/ton, and 1350 yuan/ton respectively, with different changes [14] - Market analysis: The overall operating rate of soda ash increases, and production rises. Factory inventory slightly increases, and social inventory decreases. Downstream demand is average [14] - Reference view: The futures market is expected to continue to fluctuate within the bottom - range in the short term [14]

投资咨询业务资格：证监许可【2012】669号 淡季特征延续，⿊⾊低位震荡 继上周受利好传闻驱动低位反弹后，本周⿊⾊价格再度承压。临近淡 季，建材需求弱势不改，⼯业材需求也⾯临⾼位回落压⼒，市场前景 依然偏悲观。⽬前电炉和部分⾼炉已亏损，铁⽔产量拐点显现。海外 矿⼭财年末冲量，虽然是预期内动作但仍对市场情绪产⽣利空作⽤。 不过钢⼚整体盈利率持稳，减产空间暂时有限，负反馈条件尚不成 熟。综合来看，前期估值低位叠加消息炒作带来的反弹暂告⼀段落， 价格重回偏弱态势。 中信期货研究|⿊⾊建材策略⽇报 2025-06-10 ⿊⾊：淡季特征延续，⿊⾊低位震荡 继上周受利好传闻驱动低位反弹后，本周黑色价格再度承压。临近淡 季，建材需求弱势不改，工业材需求也面临高位回落压力，市场前景 依然偏悲观。目前电炉和部分高炉已亏损，铁水产量拐点显现。海外 矿山财年末冲量，虽然是预期内动作但仍对市场情绪产生利空作用。 不过钢厂整体盈利率持稳，减产空间暂时有限，负反馈条件尚不成 熟。综合来看，前期估值低位叠加消息炒作带来的反弹暂告一段落， 价格重回偏弱态势。 1、铁元素方面，海外矿山开始财年末和季末冲量，发运量有季节性 增加预期，7月上旬 ...

聚烯烃日报 | 2025-06-10 基本面维持，聚烯烃窄幅震荡 策略 单边：塑料谨慎偏空。 跨期：无。 风险 宏观经济政策，原油价格波动，新增产能投产进度。 市场分析 价格与基差方面，L主力合约收盘价为7078元/吨（+12），PP主力合约收盘价为6932元/吨（+7），LL华北现货为7090 元/吨（+0），LL华东现货为7100元/吨（+0），PP华东现货为7070元/吨（-10），LL华北基差为12元/吨（-12），LL 华东基差为22元/吨（-12）， PP华东基差为138元/吨（-17）。 上游供应方面，PE开工率为77.4%（+0.6%），PP开工率为77.0%（+1.6%）。 生产利润方面，PE油制生产利润为207.1元/吨（-80.1），PP油制生产利润为-52.9元/吨（-80.1），PDH制PP生产利润 为-164.9元/吨（+7.4）。 进出口方面，LL进口利润为-310.6元/吨（+9.4），PP进口利润为-460.1元/吨（+52.8），PP出口利润为14.6美元/吨（-1.2）。 下游需求方面，PE下游农膜开工率为12.9%（-0.1%），PE下游包装膜开工率为48.9%（+0. ...

交易咨询业务资格：证监许可【2012】1091号 2025-06-10原油早报 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 原油2507： 1.基本面：美国总统特朗普周一表示，会谈进展顺利，他从在伦敦的团队那里 "只得到了很好的报告"，当 被问及取消出口管制时，特朗普说："我们将拭目以待"；市场机构调查数据显示，5月OPEC原油产量增幅低 于目标，伊拉克进一步减产以弥补此前超额产出，而沙特阿拉伯和阿联酋的增产幅度亦低于允许范围；中 性 2.基差：6月9日，阿曼原油现货价为66.03美元/桶，卡塔尔海洋原油现货价为65.88美元/桶，基差18.89元 /桶，现货升水期货；偏多 3.库存：美国截至5月30日当周API原油库存减少330万桶，预期减少90万桶；美国至5月30日当周EIA库存减 少430.4万桶，预期减少103.5万桶；库欣地区库存至5月30日当周增加57.6万桶，前值增加7.5万桶；截止 至6月9日，上海原油期货库存为402.9万桶，不变；偏多 4.盘面：20日均线偏平，价格在均线上方；中性 5.主力持仓：截至6月3日，WTI原油主力持仓多单，多 ...

Group 1: Report Information - The report is a daily paper pulp report dated June 10, 2025 [1][2] Group 2: Investment Rating - No investment rating information is provided in the report Group 3: Core View - The paper pulp market shows that the new round of imported pulp quotes remains stable, the port de - stocking speed is still slow, the implementation effect of downstream price increase letters is average, and the shutdown of a 690,000 - ton coniferous pulp mill in Finland due to poor orders boosts the market trend, with the pulp rebounding in a wide range [8] Group 4: Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: The pre - settlement price of the 09 contract of pulp futures was 5,226 yuan/ton, and the closing price was 5,290 yuan/ton, a rise of 1.22%. For SP2601, the increase was 0.91%, and for SP2605, it was 0.19% [7] - **Spot Market**: The intended transaction price range of coniferous pulp in the Shandong wood pulp market was 5,280 - 6,750 yuan/ton, with the low - end price remaining stable compared to the previous trading day's closing price. The quotation of Shandong Yinxing was 6,150 - 6,170 yuan/ton [7] - **Supply - related Data**: Chile's Arauco announced its June quotes, with Yinxing at 740 US dollars/ton and Jinxing at 620 US dollars/ton, unchanged from the previous period. The shipment volume of coniferous pulp from 20 major pulp - producing countries in April decreased by 7.2% year - on - year, and the cumulative increase from January to April was 1.4%. China's pulp imports in May were 3.02 million tons, a month - on - month increase of 4.3% and a year - on - year increase of 6.9%. As of June 5, 2025, the weekly pulp inventory in major regions and ports decreased by 2.6% month - on - month [8] - **Downstream Market**: The downstream market has a clear demand for improved profitability, but the follow - up of terminal orders is limited, and the raw material procurement mentality is cautious [8] 2. Industry News - On June 9, in Xingning, Meizhou, Guangdong, 33 key industrial projects were signed, started, and completed in the first half of 2025, with a total planned investment of 7.087 billion yuan. After reaching production capacity, the expected annual output value is 8.857 billion yuan, and the annual tax is 376 million yuan. Among them, there are 3 packaging projects with different planned investments, trial - production times, expected annual output values, and annual taxes [9] 3. Data Overview - The report provides multiple data charts, including cross - period spreads, import floating needle pulp spot prices, pulp futures prices, pulp spot - futures spreads, needle - broadleaf spreads, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and spreads of white cardboard and whiteboard paper, copperplate paper and offset paper, and the US dollar - RMB exchange rate [14][15][17][26][28][30]

行业 纯碱、玻璃日报 日期 2024 年 6 月 10 日 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 期货从业资格号：F03134307 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业 研究员：彭婧霖（聚 ...

黑色产业日报 简要观点 ◆ 螺纹钢 周一，螺纹钢期货价格震荡运行，杭州中天螺纹钢 3120 元/吨，较前一 日下跌 10 元/吨，10 合约基差 139（-16）。基本面方面，根据钢联统 计口径，上周螺纹钢表需环比下滑，可能有端午假期影响，不过需求季 节性走弱只是时间问题，当下长流程钢厂利润尚好、短流程利润不佳， 螺纹产量连续两周下滑，上周库存去化放缓，整体而言供需相对均衡， 后期可能小幅累库。后市而言：估值方面，目前螺纹钢期货价格已经跌 至长流程成本附近，静态估值处于偏低水平；驱动方面，政策端，近期国 内出台大规模财政刺激政策概率较小，产业端，现实供需转向宽松，短 期在低估值背景下，预计价格震荡偏弱运行，观望或者短线交易为主。 (数据来源：同花顺 iFinD，Mysteel) ◆ 铁矿石 周一，铁矿石盘面震荡运行。钢厂出口生产持续和中美再度谈判对矿价 有所支持。现货方面，青岛港 PB 粉 724 元/湿吨（-6）。普氏 62%指数 95.20 美元/吨（-0.90），月均 95.82 美元/吨。PBF 基差 61 元/吨（- 2）。供给端：最新澳洲巴西铁矿发运总量 2,839.4 万吨，环+8.8。45 港 ...

Universal Health Services (UHS) FY Conference June 09, 2025 08:00 AM ET Speaker0 Alright. Good morning, everyone. I'm Jamie first this is the first session of the day. So I we're required to make disclosures in public compensation either 1% or more ownership. We're prepared to repeat the loud disclosures for press however these are available to our in our most recent reports, we Speaker1 would find a on our firm portal. Alright. So with that out of the way, we're we're kicking off today with UHS, and we hav ...

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