1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Views of the Report - The overall market shows a complex situation with different trends in various sectors due to factors such as trade policies, economic data, and central bank policies [2][3][4] - Precious metals: Gold is in a long - term uptrend with short - term fluctuations, while silver is currently strong. Steel market faces supply - demand imbalance, and the crude oil market has short - term support but long - term pressure [2][3][4] 3. Summary by Relevant Catalogs 3.1 Main News International News - US May non - farm payrolls added 139,000, exceeding expectations. The probability of the Fed maintaining interest rates in June is 99.9%, and the probability of a 25 - basis - point cut by July is 16.5% [5] Domestic News - Canadian Prime Minister expressed willingness to restart Canada - China relations and strengthen cooperation in various fields [6] Industry News - As of June 6, the Shanghai Export Container Freight Index increased by 167.64 points, and the China Export Container Freight Index rose by 3.3% [7] 3.2 Outer - disk Daily Earnings - S&P 500 increased by 0.09%, FTSE China A50 Futures decreased by 0.17%, and ICE Brent crude oil rose by 0.72% from June 6 to June 9 [8] 3.3 Morning Comments on Major Varieties Financial - Stock Index: Currently in a state of shock, with low implied volatility of stock index options. If there are new stimuli, it may choose a direction and increase volatility [10][11] - Treasury Bonds: Showed mixed performance. The market funds are relatively loose, and the price is supported to some extent, but it is necessary to pay attention to the progress of trade negotiations [12] Energy and Chemical - Crude Oil: SC night session fluctuated upward. Short - term support exists, but long - term pressure comes from a 1.2 - million - barrel - per - day increase in production [4][13] - Methanol: Short - term bullish, with an increase in import arrivals expected [14] - Rubber: Supply pressure is increasing, and the short - term trend is expected to be weak [15] - Polyolefins: May gradually stop falling and build a bottom, with limited driving force [16][17] - Glass/Soda Ash: Both are in a cycle of inventory digestion, and attention should be paid to the balance of supply and demand [18] Metal - Precious Metals: Gold is in shock, and silver is strong in the short term. The gold - silver ratio is being repaired [2][19] - Copper: May fluctuate in a range due to the balance of supply and demand factors [20] - Zinc: Short - term price may fluctuate widely, affected by factors such as US tariffs [21] - Aluminum: May fluctuate in the short term, with weakening demand [22][23] - Nickel: May show a shock - strong trend in the short term, with mixed supply and demand factors [24] - Lithium Carbonate: The fundamental situation has not improved substantially, and attention should be paid to low - level capital games [25] Black - Iron Ore: Has short - term support but may be weak in the later stage, affected by factors such as steel mill production and global shipments [26] - Steel: Faces a situation of weak supply and demand, with rebar weaker than hot - rolled coils in the short term [3][27] - Coking Coal/Coke: Futures prices are at a low level, and the market is uncertain. Attention should be paid to the negative feedback [28][29] Agricultural Products - Oils and Fats: The pattern of strong supply and weak demand remains, and attention should be paid to the MPOB report [30] - Protein Meal: Expected to be bullish in the short term due to improved US soybean export prospects and domestic inventory accumulation [31] - Corn/Corn Starch: The long - term supply gap may exist, and the main contract can be treated as bullish at a low level [32] - Cotton: Zhengzhou cotton is under pressure at a high level, and attention should be paid to export orders [33] Shipping Index - Container Shipping to Europe: The market is expected to fluctuate, and attention should be paid to the price increase in July and August [34][35]

行业 国债日报 日期 2025 年 6 月 9 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 | | 表1：国债期货6月6日交易数据汇总 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | TL2506 | 118.730 | 118.770 | 119.040 | 118.990 | 0.310 | 0.26 | 29 ...

Core Viewpoint - The European Central Bank Executive Isabel Schnabel indicated that trade conflicts may suppress domestic inflation, highlighting the impact of global value chains on price shocks [1] Group 1 - Trade conflicts are likely to have a dampening effect on domestic inflation rates [1] - Global value chains are exacerbating price shocks, contributing to inflationary pressures [1]

Core Viewpoint - The recent increase in international gold prices is driven by heightened risk aversion and economic concerns, with potential long-term benefits for gold and gold-related stocks [1][2]. Group 1: Market Trends - International gold prices have resumed an upward trend, with COMEX gold surpassing $3,400 per ounce and London spot gold rising by 2.5% to exceed $3,370 per ounce [1]. - The rise in gold prices is attributed to renewed risk aversion due to increased tariffs on steel and aluminum by the U.S. and retaliatory measures from the EU, alongside escalating geopolitical risks from the Russia-Ukraine conflict [1]. Group 2: Economic Indicators - Recent economic data, including the U.S. May ISM Manufacturing PMI and the final value of the S&P Global Manufacturing PMI, fell below expectations, indicating negative impacts from tariff conflicts on the economy [1]. - The weakening of the U.S. dollar is noted as a contributing factor to the rise in gold prices [1]. Group 3: Investment Opportunities - Gold stocks are highlighted as having a higher investment value compared to gold assets, with strong first-quarter earnings reports from gold mining companies exceeding market expectations [2]. - The ongoing upward movement in gold prices and the expansion of gold mining companies are expected to sustain high growth in corporate earnings [2]. - Current valuations of major gold stocks are below historical averages, suggesting potential for systemic valuation increases as gold prices rise [2]. - Investors are encouraged to focus on gold stocks and assets, seizing the historical opportunity as the gold industry transitions from "cyclical beta" to "growth alpha" [2].

Report Summary 1. Report Industry Investment Rating - No relevant content provided 2. Core View - The medium to long - term outlook for precious metals is bullish, while the short - term remains in a range - bound pattern. It is expected that there will be a period of volatility reduction and consolidation from late May to June. The report views short - term pullbacks as medium - to - long - term buying opportunities, but prices are likely to remain high and volatile in the near term [5] 3. Summary by Directory 3.1 Market Review - Last week, COMEX precious metals oscillated slightly lower overall but rose strongly on Monday. Negative factors included the postponement of the EU 50% tariff threat deadline, the rise of US stocks, bonds, and exchange rates, good 5Y US Treasury auctions, and the Fed's cautious attitude towards rate cuts. Positive factors included the restoration of tariffs by the US Court of Appeals, Trump's invitation to meet Powell, escalating tariff concerns, and the intensification of the Russia - Ukraine conflict [2] 3.2 Fund and Inventory - **Fund Holdings**: Long - term fund holdings showed that the SPDR Gold ETF increased by 7.74 tons to 930.2 tons, and the iShares Silver ETF increased by 86.25 tons to 14303.75 tons last week. Short - term fund holdings (as of May 27) indicated that gold non - commercial net long positions increased by 10203 to 174184, and silver non - commercial net long positions increased by 2970 to 53012 [3] - **Inventory**: COMEX gold inventory decreased by 0.13 tons to 1206.5 tons, and COMEX silver inventory decreased by 77.6 tons to 15427.6 tons. SHFE gold inventory remained at 17.25 tons, SHFE silver inventory increased by 106.2 tons to 1066.9 tons, and Shanghai Gold Exchange silver inventory decreased by 85.9 tons to 1396.6 tons [3] 3.3 This Week's Focus - **Data**: Pay attention to the US non - farm payrolls report on Friday night, other US employment data during the week, and US ISM manufacturing and services PMI data [3] - **Events**: Key events include speeches by Fed Chairman Powell, Bank of Japan Governor Kazuo Ueda, Chicago Fed President Austan Goolsbee, and Fed Governor Lisa Cook, as well as interest rate decisions by the Bank of Canada and the European Central Bank [3] 3.4 Price and Spread - **Precious Metal Prices**: SHFE Gold Main Contract was at 771.8 yuan/gram with a daily increase of 7.48 yuan (0.98%); CME Gold Main Contract was at 3406.4 dollars/ounce with a daily increase of 93.3 dollars (2.82%); SHFE Silver Main Contract was at 8218 yuan/kg with a daily decrease of 6 yuan (- 0.07%); CME Silver Main Contract was at 34.93 dollars/ounce with a daily increase of 1.855 dollars (5.61%) [6] - **Price Spreads**: The SHFE - TD gold spread was 3.78 yuan/gram with a daily increase of 1.95 yuan (106.56%); the SHFE - TD silver spread was 26 yuan/kg with a daily increase of 4 yuan (57.14%); the CME gold - silver ratio was 97.5208 with a daily decrease of 2.6485 (- 2.64%) [6] 3.5 Stock and Position - **Inventory**: SHFE gold inventory was 17247 kg with no change; CME gold inventory was 1192.8069 tons with a decrease of 13.6728 tons (- 1.13%); SHFE silver inventory was 1066.885 tons with an increase of 30.966 tons (2.99%); CME silver inventory was 15408.5188 tons with a decrease of 19.0654 tons (- 0.12%); SGX silver inventory was 1396.605 tons with a decrease of 85.875 tons (- 5.79%) [14] - **Position**: SHFE gold position was 181246 lots with no change; SHFE silver position was 334026 lots with no change; SPDR gold position was 933.07 tons with an increase of 2.87 tons (0.31%); SLV silver position was 14351.820036 tons with an increase of 48.0702 tons (0.34%) [14] 3.6 Stock, Bond, and Commodity Overview - **Market Indicators**: The US Dollar Index was 98.6884 with a daily decrease of 0.7524 (- 0.76%); the US Dollar against the Chinese Yuan was 7.2113 with a daily increase of 0.0488 (0.68%); the Dow Jones Industrial Average was 42270.07 points with a daily increase of 54.34 points (0.13%); WTI crude oil spot was 62.52 dollars/barrel with a daily increase of 1.73 dollars (2.85%); LmeS copper 03 was 9497 dollars/ton with a daily decrease of 70 dollars (- 0.73%) [19] - **Bond Yields**: The 10 - year US Treasury yield was 4.41% with a daily decrease of 0.02% (- 0.45%); the 10 - year US real interest rate was 2.13% with a daily increase of 0.06% (2.9%); the 10 - 2 year US Treasury yield spread was 0.52% with a daily increase of 0.01% (1.96%) [20]

Core Viewpoint - The German Finance Minister emphasizes the need to avoid provocations in the ongoing tariff conflict with the United States [1] Group 1 - The German government is focused on maintaining a constructive dialogue with the U.S. to resolve trade tensions [1] - There is a recognition of the potential economic impact of tariffs on both countries, highlighting the importance of cooperation [1] - The Finance Minister calls for a balanced approach to trade negotiations, aiming to prevent escalation of conflicts [1]

Group 1: Gold Market Dynamics - The gold market experienced significant volatility from April 16 to May 13, 2025, driven by geopolitical risks, Federal Reserve policy expectations, and the evolution of the China-U.S. tariff conflict [1][2] - In the first phase (April 16-22), gold prices surged due to heightened risk aversion, with London spot gold breaking through $3,274 per ounce [2][3] - The second phase (April 23-May 6) saw gold prices fluctuate between $3,200 and $3,500 per ounce, influenced by liquidity tightening and the Federal Reserve's decision to maintain interest rates [4][5] - In the third phase (May 7-13), a joint statement from China and the U.S. to suspend 24% of mutual tariffs led to a sharp decline in gold prices, dropping nearly $50 to $3,218 per ounce [5][6] Group 2: Trade and Economic Implications - The suspension of tariffs is expected to boost market sentiment, with potential short-term rebounds in global stock markets, particularly in U.S. technology stocks and export-oriented companies [6][7] - China's trade with the U.S. showed short-term pressure but long-term resilience, with high-tech product exports increasing by 6.4% year-on-year [7][8] - The tariff suspension may lead to a recovery in exports of machinery and electrical products, while low-value goods like steel imports will continue to be suppressed [8][9] - The trade dynamics indicate a shift towards transshipment trade and adjustments in industrial chains, with companies potentially relocating production to Southeast Asia to avoid tariffs [9][10] Group 3: Sectoral Analysis - The technology and high-end manufacturing sectors are expected to benefit from valuation recovery and demand release, while traditional manufacturing faces cost pressures and weak demand [9][10] - Long-term impacts include increased domestic counter-cyclical adjustments, with a 5.3% year-on-year increase in fixed asset investment in the manufacturing sector in Q1 2025 [10][11] - The push for domestic autonomy in supply chains is accelerating, particularly in semiconductor equipment and industrial software, driven by the tariff conflict [11][12] Group 4: Macroeconomic Overview - The macroeconomic outlook for China from mid-April to early May 2025 appears stable, although the tariff conflict continues to exert significant influence on imports and exports [12][13] - The social financing scale is projected to be between 1.47 trillion and 1.48 trillion yuan in April, supported mainly by government bond net financing and corporate bond financing [13][14] - The real estate market shows a divergence in investment and sales, with a 9.9% year-on-year decline in real estate development investment in Q1 2025, while transaction volumes in major cities increased by 14.7% in April [14][21]

首席点评：加密货币热度高涨，黄金回到主舞台 国内方面：习近平同法国总统马克龙通电话。习近平指出，支持欧盟加强战略自主，在国际事务中发挥 更重要作用。央行： 5 月 23 日开展 5000 亿元 MLF 操作，期限为 1 年期。国际方面：美国总统特朗 普：马上要去参加在弗吉尼亚州举行的加密货币晚宴。美国在加密货币、比特币等领域占据主导地位。 市场方面：股指、国债小幅回落。当前我国主要指数的估值水平仍然处于较低水平，中长期资金入市配 置的性价比仍然较高。当前地产仍未企稳，外部不利影响仍在，央行仍将保持支持性货币政策，资金面 保持宽松，对短端期债价格仍有支撑，关注后续贸易谈判进展。 重点品种：贵金属、股指、国债 贵金属： 美元价格反弹，金银价格回落。美国众议院以微弱优势通过税改法案，未来十年将增加联邦 债务约 3.8 万亿美元。有关穆迪下调美国主权评级以及特朗普减税法案推出等事件下，对美国债务问题 和经济压力的担忧发酵，本周整体上美债下跌，美元表现疲弱令金银出现反弹。关税冲击进入缓和阶 段，市场避险情绪降温。 5 月开始公布的经济数据将逐渐反馈关税冲击带来的影响，预计数据将呈现更 将明显的滞胀态势。短期内美联储难有 ...

资料显示， 金电科技的主要客户包括 Learning Resources、Educational Insights、Heathrow Scientific、hand2mind、Climentoni等。 金电科技成立于2016年，主要业务模式是为美国益智或科学玩具品牌代工产品。它英文名 K-TECH SOLUTIONS，对应主打服务是一站式ODM/OEM解决 方案。 金电科技产品示意 5月19日，总部位于中国香港的 金电科技有限公司 （ K-TECH SOLUTIONS COMPANY LIMITED，本文简称为金电科技）向 美国证券交易委员会 （SEC）提交招股说明书， 拟挂牌美国纳斯达克资本市场 ，股票代码为 "KMRK"。 截至2024年9月的半年，金电科技的营收约1241万美元，毛利润约121万美元，净利润约60万美元。最近几个半年/财年的毛利率都在10%上下。 金电科技的服务流程简图 金电科技供应链示意 从股权结构看，金电科技其实并不太需要上市融资，其股份主要由三位创始人持有，截至3月份的2023和2024财年净利润分别约为24.75万和92.85万美 元。 在文创潮看来，金 电科技申请上市，很大程度 ...

Core Viewpoint - The outlook for the German chemical industry may become clearer as early as this year if the tariff conflict does not escalate further and the federal government implements the announced growth package [1] Industry Summary - The German Chemical Industry Association (VCI) indicates that the industry's prospects are contingent on the resolution of tariff conflicts and government support measures [1]