金属期权 2025-05-09 金属期权研究 表2：期权因子—量仓PCR 金属期权策略早报概要：（1）有色金属盘整震荡，构建做空波动率策略策略；（2）黑色系波动较大，适合构建卖 方期权组合策略；（3）贵金属多头趋势方向上高位震荡，构建牛市价差组合策略、做空波动率策略和现货避险策 略。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） | (万手) | | (万手) | | | 铜 | CU2506 | 78,140 | 560 | 0.72 | 11.67 | -1.61 | 17.97 | 0.06 | | 铝 | AL2506 | 19,570 | 90 | 0.46 | 26.76 | 0.08 | 19.27 | -0.21 | | 锌 | ZN2506 | 22,340 | 60 | 0.27 | 22.21 | 6.61 | 11.99 | 0.32 | | 铅 | PB2 ...

2025 年 5 月 9 日 棕榈油：国际油价反弹，短时提供支撑 豆油：品种间保持偏强 | | | 【基本面跟踪】 油脂基本面数据 | | | 单 位 元/吨 | 收盘价 (日盘） | 涨跌幅 | 收盘价 （夜盘） | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | | 棕榈油主力 豆油主力 | 元/吨 | 7,908 7,760 | -0.08% -0.33% | 7,952 7,832 | 0.56% 0.93% | | | 菜油主力 | 元/吨 | 9,372 | 0.40% | 9,382 | 0.11% | | 期 货 | 马棕主力 | 林吉特/吨 | 3,801 | 1.99% | 3,835 | 0.89% | | | CBOT豆油主力 | 美分/磅 | 48.40 | 2.26% | | | | | | 单 位 | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | 棕榈油主力 | 手 | 685,958 | -62,759 | 428,821 | 2,700 | | | 豆油主力 | 手 | 342,797 | -13,58 ...

行业 玉米日报 日期 2025 年 05 月 09 日 021-60635740 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 021-60635572 hongchenliang@ccb.ccbfutures.co m 期货从业资格号：F3076808 021-60635570 期货从业资格号：F03094925 农业产品研究团队 研究员：林贞磊 linzhenlei@ccb.ccbfutures.com 研究员：余兰兰 研究员：王海峰 研究员：洪辰亮 研究员：刘悠然 liuyouran@ccb.ccbfutures.com 请阅读正文后的声明 ＃summary＃ 每日报告 数据来源：wind，建信期货研究中心 玉米行情： 期货方面，8 日，玉米主力 2507 合约小幅低开后冲高回落震荡走低，尾盘收 阴，最高 2378 吨，最低 2361 吨，收盘报 2365 吨，较上一个交易日跌 0 ...

Core Insights - The value of gold as a safe-haven asset is increasingly highlighted amid global economic fluctuations [1] - The article emphasizes the importance of selecting compliant trading platforms and developing scientific investment strategies [1] Group 1: Advantages of Spot Gold Trading - Spot gold trading allows for T+0 transactions, enabling same-day buying and selling, and supports both long and short positions [2] - Key advantages include high liquidity with 24-hour global market access, leverage trading to enhance capital efficiency, and the asset's ability to retain value during economic turmoil [8] Group 2: Recommended Trading Platforms for 2025 - **Wanzhou Gold Industry**: A member of the Hong Kong Gold Exchange with a wide range of products and a robust MT5 trading system, ensuring timely data updates and secure fund management [6] - **Jinrong China**: A well-established platform with strong regulatory credentials, offering a fair and transparent trading environment suitable for investors of all experience levels [7] - **Rongsheng Gold Industry**: Known for efficient trading functions and customer support, it provides intelligent trading tools and a streamlined trading process [9] - **Aide Gold Industry**: Holds an AA category trading license and offers professional trading services backed by its parent group [11] - **Asia Pacific Gold Industry**: Focuses on risk management and compliance, providing comprehensive financial services in the spot gold trading sector [12] Group 3: Key Considerations for Choosing Trading Platforms - Regulatory credentials are crucial, as platforms regulated by authoritative bodies ensure safer operations and compliance [13] - Transparency in trading costs, including spreads and commissions, directly impacts investment returns, alongside the need for efficient order execution [13] - Platform stability is essential for a smooth trading experience, especially during market volatility, and security measures must be in place to protect user data and funds [13] - Quality customer service and access to market analysis tools can significantly enhance investor decision-making [13]

Core Viewpoint - The recent notification from the National Development and Reform Commission and the National Energy Administration emphasizes the acceleration of the electricity spot market construction in China, aiming for full coverage by 2025, which is expected to enhance the flexibility of coal power generation and improve resource allocation in peak regulation and frequency modulation [3][4]. Group 1: Market Performance - As of May 8, 2025, the China Securities National New State-Owned Enterprises Modern Energy Index (932037) increased by 0.15%, with notable gains from Huadian Heavy Industries (2.07%), Dingsheng Technology (1.77%), and Guodian NARI Technology (1.42%) [3]. - The Central State-Owned Enterprises Modern Energy ETF (561790) rose by 0.38%, marking its third consecutive increase, with the latest price at 1.05 yuan [3]. Group 2: ETF Growth and Performance - The Central State-Owned Enterprises Modern Energy ETF has seen a significant growth of 515.49 million yuan in scale over the past six months, ranking in the top third among comparable funds [4]. - The ETF's share count increased by 9 million shares in the same period, also placing it in the top third of comparable funds [4]. - As of May 7, 2025, the ETF achieved a maximum monthly return of 10.03% since its inception, with a historical one-year profit probability of 84.32% [4]. Group 3: Fee Structure and Valuation - The management fee for the Central State-Owned Enterprises Modern Energy ETF is 0.50%, and the custody fee is 0.10%, which are among the lowest in comparable funds [5]. - The index tracked by the ETF is currently valued at a historical low, with a price-to-book ratio (PB) of 1.4, below 98.08% of the time over the past year, indicating strong valuation attractiveness [5]. Group 4: Top Holdings - As of April 30, 2025, the top ten weighted stocks in the index include Yangtze Power (10.48%), Guodian NARI Technology (7.31%), and China Nuclear Power (6.30%), collectively accounting for 51.18% of the index [5].

金属期权 2025-05-08 金属期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | 金属期权策略早报概要：（1）有色金属盘整震荡，构建做空波动率策略策略；（2）黑色系波动较大，适合构建卖 方期权组合策略；（3）贵金属延续偏强走势创历史新高大幅回落后止跌回升，构建牛市价差组合策略、做空波动 率策略和现货避险策略。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） | (万手) | | (万手) | | | 铜 | CU2506 | 77,450 | -580 | -0.74 | 1 ...

2025 年 05 月 08 日 铝：价格承压 氧化铝：继续磨底 王蓉 投资咨询从业资格号：Z0002529 wangrong2@gtjt.com 铝、氧化铝基本面数据更新 | | | T | T-1 | 1-5 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | | | 沪铝主力合约收盘价 | 19465 | -320 | -565 | -1060 | -950 | | | 沪铝主力合约夜盘收盘价 | 19340 | ー | । | l | l | | | LME铝3M收盘价 | 2381 | -47 | -57 | -124 | -271 | | | 沪铝主力合约成交量 | 266742 | 128036 | 105362 | 131711 | 162672 | | | 沪铝主力合约持仓量 | 194811 | 11053 | -473 | 1037 | -6315 | | 电解铝 | LME铝3M成交量 | 12659 | 3079 | 2620 | -3457 | -11861 | | | LME注销仓单占比 | 38. 50% | ...

Core Viewpoint - The Federal Reserve has decided to maintain its current monetary policy, resulting in minimal short-term fluctuations in spot gold and the US Dollar Index (DXY) [1] Group 1 - The Federal Reserve's decision to hold steady indicates a cautious approach to monetary policy amidst economic uncertainties [1] - Spot gold prices and the DXY have shown limited volatility following the Fed's announcement, reflecting market stability in the short term [1]

免责声明 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 研 究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 | | --- | --- | --- | --- | --- | --- | --- | | | SM主力合约收盘价（日，元/吨） | 5,598.00 | +38.00↑ | SF主力合约收盘价（日，元/吨） | 5,430.00 | +32.00↑ | | | SM期货合约持仓量（日，手） | 660,341.00 | +5988.00↑ | SF期货合约持仓量（日，手） | 461,065.00 | +21684.00↑ | | 期货市场 | 锰硅前20名净持仓（日，手） | - ...

，短线参与为主。 研究员: 许方莉 期货从业资格号F3073708 期货投资咨询从业证书号Z0017638 免责声明 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。 菜籽系产业日报 2025-05-07 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):菜籽油(日,元/吨) | 9335 | 119 期货收盘价(活跃合约):菜籽粕(日,元/吨) | 2565 | 17 | | 期货市场 | 菜油月间差(9-1):(日,元/吨) 主力合约持仓量:菜油(日,手) | 139 302424 | -10 菜粕月间价差(9-1) ...