Group 1 - The core viewpoint of the article is that the National Development and Reform Commission and the National Energy Administration have issued a notice to accelerate the construction of the electricity spot market, emphasizing the need for compliance with national energy security supply requirements for long-term contract fulfillment by market participants [1] Group 2 - The notice states that provinces where the spot market is officially operational and undergoing continuous settlement trials must enable user-side entities to participate in market reporting, clearing, and settlement by the end of 2025 [1] - It also highlights the establishment of mechanisms that cater to the needs of new business entities, including access requirements, registration procedures, pricing methods, and settlement assessments [1] - The fulfillment ratio of long-term contracts for participants in the spot market must align with national energy security supply requirements [1]

Core Viewpoint - The notice issued by the National Development and Reform Commission and the National Energy Administration outlines the conditions under which electricity spot markets can transition to formal operation after running for over a year and passing third-party evaluations [1] Group 1: Market Transition Conditions - Electricity spot markets that have been operational for more than one year and meet the formal operation criteria as per the "Basic Rules for Electricity Spot Markets (Trial)" can proceed to formal operation [1] - The first responsible unit must select and commission a third-party organization with professional capability and experience, which has not participated in the local electricity market scheme development, to conduct the evaluation [1] - The evaluation report must be publicly disclosed in an appropriate manner [1] Group 2: Approval and Reporting Requirements - Provincial-level electricity spot markets must obtain approval from the provincial government and report to the National Development and Reform Commission and the National Energy Administration for record-keeping [1] - For regions planning to conduct continuous settlement trial operations, a third-party organization must be commissioned to verify the technical support system, and the verification report must be publicly disclosed [1] - Regions that do not pass the system verification are not allowed to transition to continuous settlement trial operations [1] Group 3: User Participation and Mechanisms - By the end of 2025, provinces with formal operation and continuous settlement trial operations must enable user-side entities to participate in the spot market for declaration, clearing, and settlement [1] - Mechanisms must be established to meet the needs of new business entities, including access requirements, registration procedures, pricing methods, and settlement assessments [1] - The long-term contract fulfillment ratio among market participants must comply with national energy security supply requirements [1]

【4 月 28 日 PVC 期货价格低位运行，现货市场稳中略涨】4 月 28 日，PVC 期货价格维持低位，V2509 报收 4989 元/吨，涨 0.28%，成交量 72 万手，环比提高 10 万手，持仓量 91 万手，环比下降 3 万手。 现货方面，华东地区电石法 PVC 五型报价在 4740 - 4860 元/吨，贸易商出货清淡，下游制品企业拿货 以刚需低价为主且存观望情绪。 成本方面，近期部分电石装置检修，五一假期临近下游企业备货积 极，电石价格触底反弹，4 月 28 日内蒙古乌海地区电石价格为 2500 元/吨，环比提高 50 元/吨。 供应 方面，上周部分 PVC 装置恢复运行，行业供应小幅回升，截至 4 月 25 日，PVC 行业周度开工率为 78.63%，环比提高 1.28 个百分点，周度产量为 45.94 万吨，环比提高 0.75 万吨，增幅 1.66%，PVC 行 业集中检修期延续，检修力度放缓。 需求方面，上周 PVC 价格再跌刺激部分投机需求，截至 4 月 25 日，PVC 生产企业周度预售订单量为 60.2 万吨，环比提高 6.02%，临近五一假期，下游制品企业放假 预期增多，截至 ...

玉米淀粉日报 2025 年 4 月 28 日 大宗商品研究所 农产品研发报告 玉米淀粉日报 第一部分 数据 | 玉米&玉米淀粉数据日报 | | | | | | | | 2025/4/28 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | C2601 | | 2295 | 13 | 0.57% | 15,867 | 67.75% | 53,441 | 6.81% | | C2505 | | 2319 | 27 | 1.16% | 126,668 | 39.08% | 213,900 | -17.91% | | C2509 | | 2380 | 25 | 1.05% | 156,221 | 115.78% | 352,675 | 7.49% | | CS2601 | | 2718 | 26 | 0.96% | 948 | 158.31% | 1,914 | 45.11% | | CS2505 | ...

许多离岸对冲基金已经通过基差交易在比特币上赚取收益，而像Ethena这样的加密项目则为小型投资者 提供了通过以太坊基差交易获得回报的机会，目前已吸引了数十亿美元的资金。虽然该基金使用的基差 交易策略风险相对较低，但历史上基差交易也曾因使用过度杠杆而导致重大失误。对此，Coinbase表 示，该基金确实会使用一定程度的杠杆，但杠杆水平将保持在较低范围内。 该基金计划通过Coinbase及"其他合格托管方"来确保基础比特币的安全。Coinbase警告投资者，虽然目 标年化回报率超过4%，但"实际表现可能有重大差异"。不过，该公司同时表示，该基金比那些"承受过 多投资和运营风险"的竞争产品更为安全。 值得一提的是，该基金的种子投资者包括总部位于阿布扎比的私人财富管理平台Aspen Digital。Aspen Digital的首席执行官Elliot Andrews表示："Coinbase是该资产类别中最值得信赖的交易对手，结合投资 者对比特币收益产品的巨大需求，我们期待将这一产品推向私人财富市场。" 该基金将采用一种在其他金融领域常见的所谓"基差交易"(basis trade)策略。在加密货币领域，这一策略 被称为" ...

宏源期货煤焦日报 | | | | | | | | | | | | 2025/4/28 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 焦炭盘面 | | | | | 焦煤盘面 | | | | 基美 | | | | 昨日 | | 前日 | 涨跌 | | 昨日 | 前日 | 涨跌 | | 昨日 | 商日 | 涨跌 | | 12601 | 1594.5 | 1607.0 | -156 | JM2601 | 1004.0 | 1004.5 | -0.5 | 101基差 | -105.5 | -118.0 | 15.5 | | J2505 | 1565.5 | 0.5651 | -26.5 | JM2505 | 889.0 | 5568 | -3.5 | 105基差 | -76.5 | -103.0 | 26.5 | | 12509 | 0.9995T | 1590.5 | -24,5 | 8055WIE | 0.956.0 | 0.956 | 0.0 | 100 查会 | -77.0 | -101.5 | 24. ...

剧，短线参与为主。 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 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 菜籽系产业日报 2025-04-28 | 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) | 9333 | -173 期货收盘价(活跃合约):菜籽粕(日,元/吨) | 2641 | -43 | | 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) | 187 321336 | 32 菜粕月间价差(9-1)(日,元/吨) -29808 主力合约持仓量:菜粕(日,手) | 242 557196 | -10 -8955 | | | 期货前20名持仓:净买单量:菜油(日,手) | 17062 | -14629 期货前20名持仓:净买单量:菜粕(日,手) | -22485 | -18944 | | | 仓单数量:菜油(日,张) | 1357 | -277 ...

Core Insights - The global economy in 2025 is expected to experience volatility due to geopolitical conflicts, anticipated interest rate cuts by the Federal Reserve, and inflationary pressures, leading to a historic high in spot gold prices. Central bank gold purchases, increased demand for safe-haven assets, and innovations in financial instruments like gold ETFs are driving gold as a core asset for investors against risks [1] Group 1: Main Channels for Domestic Gold Investment - Online trading platforms allow electronic trading with 24-hour access, supporting standard contracts like London gold and silver, with low entry thresholds suitable for various investor scales [3] - Banks offer gold-related products such as physical gold bars or paper gold, suitable for long-term holders, with attention to fee differences like buyback fees ranging from 0.5% to 1% [4] - Physical gold shops and exchanges, such as Chow Tai Fook, facilitate the buying and selling of physical gold, but come with high processing fees (30-200 yuan per gram) and potential markdowns during liquidation [5] Group 2: Core Standards for Choosing Compliant Platforms - Regulatory qualifications are essential, with platforms needing to hold AA-class member status from the Hong Kong Gold Exchange, ensuring funds are stored in third-party banks and transactions are regulated by Hong Kong law [6] - Transaction costs and transparency are critical, with a preference for platforms with low spreads (e.g., $0.34 per ounce) and no hidden fees, ensuring all costs are publicly disclosed [7] - Technical stability and tool support are necessary, with platforms supporting MT4/MT5 systems to ensure order execution speed under 0.1 seconds during extreme market conditions, along with AI strategy suggestions and financial calendars [8] Group 3: Practical Strategies for Gold Investment - Opening an account and verification involve selecting a compliant platform, completing real-name authentication, and activating the account to receive potential new customer bonuses (up to $30,000) [12] - Utilizing a demo account to familiarize with trading rules and test technical indicators (e.g., MACD, Bollinger Bands) helps avoid blind operations during real trading [13] - For real trading, short-term strategies should focus on Federal Reserve policies and geopolitical events, while long-term strategies recommend allocating 5%-15% of household assets to gold for inflation and systemic risk hedging [14][15] Group 4: Common Pitfalls and Counter Strategies - Avoiding blind chasing of price spikes is crucial, as historical data shows that gold prices often retreat after short-term surges (e.g., a 0.4% drop in Q4 2024) [16] - Distinguishing between investment and consumption is important, as gold jewelry incurs high processing fees and is not suitable for investment; standardized contracts or physical gold bars should be prioritized [16] - Ensuring platform compliance is vital to avoid unqualified platforms promising high returns, with a focus on fund safety over short-term profits [16] Conclusion - The gold market in 2025 presents both opportunities and risks. Investors should rely on compliant platforms, employ scientific strategies, and maintain strict risk controls to achieve stable value growth amidst volatility. Whether engaging in short-term trading or long-term holding, gold's role as a ultimate safe-haven asset will add certainty to asset portfolios in uncertain times [18]

行业 鸡蛋 日期 2025 年 4 月 28 日 021-60635727 wanghaifeng@ccb.ccbfutures.c om期货从业资格号：F0230741 021-60635572 hongchenliang@ccb.ccbfutures .com 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：余兰兰 研究员：林贞磊 研究员：王海峰 研究员：洪辰亮 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 每日报告 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635740 linzhenlei@ccb.ccbfutures.co m期货从业资格号：F3055047 一、行情回顾与操作建议 | 表1：行情回顾 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

黑色建材日报 | 2025-04-24 现货成交转好，钢价震荡偏强 钢材：现货成交转好，钢价震荡偏强 市场分析 昨日，螺纹钢期货主力合约收于3137元/吨，热卷主力合约收于3233元/吨。现货方面，周三钢材现货成交整体偏好， 市场投机情绪好转，盘面价格走强。 逻辑和观点：综合来看，钢材价格目前处于底部区间，基本面无明显矛盾，现货市场成交氛围较好，底部价格得 到支撑。目前建材库存处于历史低位，国内制造业用钢存在韧性，卷板供需两旺，整体去库表现较好，对钢材价 格形成支撑。后续关注现货成交情况、关税问题的最新进展以及供给侧等相关信息。 策略 单边：震荡 跨期：无 跨品种：无 期现：无 期权：无 风险 宏观政策、关税政策、成材需求情况、钢材出口、钢厂利润、成本支撑等。 铁矿：交投情绪好转，矿价震荡走强 市场分析 昨日铁矿石期货价格震荡走强，截至收盘，主力2509合约上涨2.11%。现货方面，贸易商报盘积极性上涨，市场交 投情绪活跃，铁矿石成交和远期现货环比均有所回升，昨日全国主港铁矿成交106.1万吨。 综合来看：铁矿石发运窄幅波动，内矿产量环比下降，铁矿供给压力有所缓解。铁水维持高位，铁矿石需求相对 旺盛。下游钢厂 ...