升 贴 水 、 库 存 、 E T F 持 仓 变 化 | | | | 贵金属早报 | | | 研究中心宏观团队 2025/05/15 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 价 格 表 现 | | | | | | | | | 品种 | 伦敦金 | 伦敦银 | 伦敦铂 | | 伦敦钯 | WTI原油 | LME铜 | | 最新 | 3191.95 | 32.89 | 990.00 | | 950.00 | 63.15 | 9624.50 | | 变化 | -36.00 | -0.09 | 7.00 | | -12.00 | -0.52 | 59.50 | | 品种 | 美元指数 | 欧元兑美元 | 英镑兑美元 | | 美元兑日元 | 美国10年期TIPS | | | 最新 | 101.07 | 1.12 | 1.33 | | 146.76 | - | | | 变化 | 0.08 | -0.00 | -0.00 | | -0.73 | - | | | 交 易 数 据 | | | | | | | | | 日期 | COMEX白银 库存 | 上 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - On May 14, 2025, the total positions of IF, IH, IC, and IM varieties all increased significantly, with notable position - increasing actions by certain major institutions in both long and short positions [1][8][9][15][20] 3. Summary by Related Catalogs IF - **Total Position and Main Contract Position Changes**: On May 14, the total position of the IF variety increased significantly by 25,069 hands, and the position of the main contract 2506 increased by 20,634 hands [8] - **Top Twenty Long - Position Seats Position Changes**: Among the top twenty long - position seats of the IF variety on that day, Guotai Junan Futures ranked first with a total position of 48,294 hands. CITIC Futures had the largest increase in long positions, with an intraday increase of 7,160 hands, while Zheshang Futures had the largest decrease, with an intraday decrease of 864 hands [4] - **Top Twenty Short - Position Seats Position Changes**: Among the top twenty short - position seats of the IF variety on that day, CITIC Futures ranked first with a total position of 58,416 hands. Guotai Junan Futures had the largest increase in short positions, with an intraday increase of 5,964 hands, while CICC Wealth had the largest decrease, with an intraday decrease of 81 hands [6] IH - **Total Position and Main Contract Position Changes**: On May 14, the total position of the IH variety increased significantly by 18,780 hands, and the position of the main contract 2506 increased by 13,041 hands [9] - **Top Twenty Long - Position Seats Position Changes**: Among the top twenty long - position seats of the IH variety on that day, Guotai Junan Futures ranked first with a total position of 13,168 hands. CITIC Futures had the largest increase in long positions, with an intraday increase of 3,303 hands, while Shenyin Wanguo had the largest decrease, with an intraday decrease of 18 hands [10] - **Top Twenty Short - Position Seats Position Changes**: Among the top twenty short - position seats of the IH variety on that day, Guotai Junan Futures ranked first with a total position of 15,871 hands. CITIC Futures had the largest increase in short positions, with an intraday increase of 3,407 hands, while Huatai Futures had the largest decrease, with an intraday decrease of 437 hands [11] IC - **Total Position and Main Contract Position Changes**: On May 14, the total position of the IC variety increased significantly by 15,835 hands, and the position of the main contract 2506 increased by 14,940 hands [15] - **Top Twenty Long - Position Seats Position Changes**: Among the top twenty long - position seats of the IC variety on that day, CITIC Futures ranked first with a total position of 36,297 hands. Guotai Junan Futures had the largest increase in long positions, with an intraday increase of 3,759 hands, while J.P. Morgan had the largest decrease, with an intraday decrease of 749 hands [15] - **Top Twenty Short - Position Seats Position Changes**: Among the top twenty short - position seats of the IC variety on that day, CITIC Futures ranked first with a total position of 40,268 hands. Guotai Junan Futures had the largest increase in short positions, with an intraday increase of 3,454 hands, while Shenyin Wanguo Futures had the largest decrease, with an intraday decrease of 245 hands [16] IM - **Total Position and Main Contract Position Changes**: On May 14, the total position of the IM variety increased significantly by 28,068 hands, and the position of the main contract 2506 increased by 26,417 hands [20] - **Top Twenty Long - Position Seats Position Changes**: Among the top twenty long - position seats of the IM variety on that day, Guotai Junan Futures ranked first with a total position of 50,018 hands. CITIC Futures had the largest increase in long positions, with an intraday increase of 10,407 hands, while Huatai Futures had the largest decrease, with an intraday decrease of 448 hands [21] - **Top Twenty Short - Position Seats Position Changes**: Among the top twenty short - position seats of the IM variety on that day, CITIC Futures ranked first with a total position of 67,956 hands. CITIC Futures had the largest increase in short positions, with an intraday increase of 9,918 hands, while Shenyin Wanguo Futures had the largest decrease, with an intraday decrease of 610 hands [23]

金十图示：2025年05月15日（周四）黄金ETF持仓报告 2025-04-29 +0.8614 -2.29吨 2025-04-25 -0.58吨 2025-04-24 +1.44吨 2025-04-23 2025-04-22 -11.47吨 -9 -3 0 3 -6 减仓 -12 增仓 注: ETF持仓数据于北京时间周二至周六凌晨5点30分左右更新,数据为上 一日的持仓情况。 @ JIN10.COM 金十数据 | 一个交易工具 ...

金十图示：2025年05月15日（周四）白银ETF持仓报告 注: ETF持仓数据于北京时间周二至周六凌晨5点30分左右更新,数据为上 一日的持仓情况。 @ JIN10.COM 金十数据 | 一个交易工具 2025-04-25 -4.25网 -113.16吨 2025-04-24 2025-04-23 -46.68吨 +16.97吨 2025-04-17 +36.79吨 2025-04-16 -100 -50 0 150 100 50 增仓 减仓 -150 ...

交易咨询业务资格：证监许可【2012】1091号 沪镍&不锈钢早报—2025年5月15日 大越期货投资咨询部 祝森林 从业资：F3023048 投资咨询证：Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 沪镍 每日观点 1、基本面：外盘冲高回落，继续震荡运行。产业链来看，不锈钢表现偏弱，镍铁价格继续回落，成本 线继续下降，对后市预期偏弱。同时交易所仓单仍在减少流入现货，供应或继续增强。新能源产业链数 据表现良好，对中期预期较好。从中长线来看，精炼镍过剩格局不变。短期宏观拢动较多，要多关注宏 观政策影响。偏空 2、基差：现货126075，基差845，偏多 3、库存：LME库存198432，-84，上交所仓单23549，-398，偏空 4、盘面：收盘价收于20均线以上，20均线向上，偏多 5、主力持仓：主力持仓净空，空减，偏空 6、结论：沪镍2506：震荡运行。 不锈钢 每日观点 1、基本面：现货不锈钢价格上涨，短期镍矿价 ...

今日，市场午后在金融股带动下震荡走高，创业板指领涨，沪指重回3400点上方。沪深两市全天成交额1.32万亿，较上个交易日 放量252亿。截至收盘，沪指涨0.86%，深成指涨0.64%，创业板指涨1.01%。 从板块来看，大金融股午后爆发，中国人保涨停。港口、物流股集体大涨，宁波海运等多股涨停。化工股持续活跃，中毅达等 涨停。下跌方面，光伏概念股集体调整，东方日升等跌超5%。板块方面，保险、港口、物流、化工等板块涨幅居前，光伏、贵 金属、军工电子、轨交设备等板块跌幅居前。 财经专家在接受采访时表示："重返3400点是一个积极信号"。 | 上证指数 | 深证成指 | 创业板指 | | --- | --- | --- | | -3403.95 | -10354.22 | -2083.14 | | +29.08 +0.86% | +66.14 +0.64% | +20.88 +1.01% | | | 1 | 11 | 不夸张的说，（慢）牛的"感觉"好像又回来了。 事出反常，必有"认知差"，具体是什么呢? 沪指站上3400点，大金融爆发的逻辑何在? 虽然统称大金融，但据同花顺数据，盘中指数时，表现最强的实际上是保险和证 ...

持股变动估算方法 市场上不乏表现亮眼的私募基金产品，但由于私募基金不像公募基金需要定期披露持仓， 私募产品的持仓及调仓数据难以直接获取。通过对个股披露的前十大股东和前十大流通股 东数据进行统计，我们可以间接观测私募管理人的股票持仓变动情况。 私募基金持仓行业变动 按中信一级行业划分，2025Q1电子、医药、基础化工行业中，参与统计的私募管理人进 入前十大名单的股票数量最多，具体数量分别为18、12、11。 相比于2024Q4，2025Q1私募管理人进入电子、电力设备及新能源、钢铁前十大名单的 股票数量最多，从基础化工、机械、国防军工前十大名单撤离的私募管理人最多。 私募管理人加仓/减仓个股排行 以私募管理人持仓股票数量变动占总股本的比例作为衡量依据，得到参与统计的私募基 金持股比例 增长最多 的20只股票列表。 按中信一级行业划分，电子、电力设备及新能 源、基础化工行业个股的出现频率较高。个股层面而言，国瓷材料、岱勒新材、松井股 份、飞力达、云铝股份的私募基金持股比例增长最多。 纳入统计的私募管理人持股比例 降低最多 的20只股票中，按中信一级行业划分，电 子、基础化工、医药行业个股的出现频率较高。个股层面而 ...

金属期权 2025-05-14 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 | 78,650 | 770 | 0.99 | 9.09 | -3.42 ...

注: ETF持仓数据于北京时间周二至周六凌晨5点30分左右更新,数据为上 一日的持仓情况。 @ JIN10.COM 金十数据 | 一个交易工具 金十图示：2025年05月14日（周三）白银ETF持仓报告 2025-04-24 -113.1644 -46.68吨 2025-04-23 +16.97吨 2025-04-17 +36.79吨 2025-04-16 +93.37吨 2025-04-15 -100 -50 0 50 100 150 减仓 -150 增仓 ...

| 品种 | | 主力合 约 | 总持仓点评 | 前二十席位重要变动 | | --- | --- | --- | --- | --- | | 沪深 | 300 | IF2506 | 总持仓明显下降 | 国君多空头均大幅增仓 4000 手以 上 | | 上证 | 50 | IH2506 | 总持仓下降 | 国君多空头均增仓 2500 手左右 | | 中证 | 500 | IC2506 | 持仓小幅下降 | 东证多空头均增仓一千手以上 | | 中证 | 1000 | IM2506 | 总持仓稍有下降 | 中信多空头均大幅减仓 | 股指期货持仓日度变动简评 股指期货持仓日度跟踪 投资咨询业务资格： 广发期货研究所 电 话：020-88830760 E-Mail：zhaoliang@gf.com.cn 目录： 股指期货： IF、IH、IC、IM -8,958.0 -2,241.0 680.0 -646.0 -18,822.0 -7,010.0 -4,733.0 -2,778.0 -20,000 -15,000 -10,000 -5,000 0 5,000 IF IH IC IM 主力合约持仓变动 总持仓变动 2025 ...