Report Industry Investment Ratings No information provided regarding industry investment ratings. Core Views of the Report - For stock indices, it is recommended to buy IF index futures on dips and there is no recommended arbitrage strategy. The risk - preference of the stock market has gradually recovered, and one can also choose the right time to go long on IC or IM futures related to "new - quality productivity" [3][4]. - For treasury bonds, in the short term, the bond market will fluctuate mainly. In the long - term, the interest rate is expected to decline, and it is advisable to enter the market on dips [6]. - For precious metals, it is recommended to hold long positions in gold and wait for significant price corrections to go long. For silver, it is advisable to wait and see [8]. - For non - ferrous metals, different metals have different trends. Copper may rise in the short - term, aluminum is expected to fluctuate at a high level, zinc has a potential downward risk, lead may decline further, nickel is recommended to be shorted on rallies, tin's price center may move down, lithium carbonate may run weakly, alumina is recommended to be shorted on rallies, and stainless steel is expected to continue the weak - oscillating pattern [10][11][12][15][16][17][19][20]. - For black building materials, steel has an over - supply pattern, and iron ore price may oscillate weakly. Glass and soda ash are expected to be weak, and for manganese silicon and ferrosilicon, it is advisable to wait and see. Industrial silicon may decline further [23][24][25][27][31]. - For energy chemicals, rubber is recommended to be operated with a neutral or short - biased mindset. Crude oil is in the range of short - selling on rallies. Methanol, urea, PVC are expected to decline, and ethylene glycol, PTA, and PX are in the raw material de - stocking logic. Polyethylene and polypropylene are expected to oscillate [37][39][40][41][42][43][45][46][47][49]. - For agricultural products, for live pigs, it is recommended to sell on rallies. For eggs, it is recommended to sell on rallies for near - month contracts. For soybean and rapeseed meal, it is advisable to pay attention to different factors at different price levels. For oils and fats, they are expected to oscillate. For sugar, the price may decline, and for cotton, it is expected to oscillate in the short - term [51][52][54][57][58][59]. Summary by Relevant Catalogs Stock Indices - The previous trading day saw the Shanghai Composite Index down 0.05%, the ChiNext Index down 0.80%, etc. The two - market trading volume decreased by 145.6 billion yuan compared to the previous day. There were multiple macro news, and the margin trading balance decreased by 7.529 billion yuan [2]. - The P/E ratios, P/B ratios, dividend yields, and futures basis ratios of different indices were provided. It is recommended to go long on IH or IF futures related to the economy on dips and also consider going long on IC or IM futures related to "new - quality productivity" [3]. - The unilateral strategy is to buy IF index futures on dips, and there is no recommended arbitrage strategy [4]. Treasury Bonds - On Monday, the main contracts of TL, T, TF, and TS had different price changes. There were news about tariff delay and Moody's maintaining China's sovereign credit rating. The central bank conducted a net injection of 24.7 billion yuan [5][6]. - The 5 - month LPR cut was in line with expectations. The short - term bond market will fluctuate mainly, and the long - term interest rate is expected to decline. It is advisable to enter on dips [6]. Precious Metals - Shanghai gold fell 0.23%, and Shanghai silver rose 0.29%. COMEX gold rose 0.18%, and COMEX silver fell 0.16%. The US 10 - year Treasury yield was 4.51%, and the US dollar index was 98.95 [7]. - The Japanese central bank's annual meeting is expected to increase the expectation of further interest rate hikes. The gold price remains strong, and the net long positions of COMEX gold and silver management funds increased. It is recommended to hold long positions in gold and wait and see for silver [7][8]. Non - Ferrous Metals - **Copper**: LME was closed, and the SHFE copper price oscillated. The social inventory decreased slightly, and the spot was in short supply. The copper price may rise in the short - term and is affected by trade negotiations in the medium - term [10]. - **Aluminum**: LME was closed, and the SHFE aluminum price oscillated. The domestic inventory continued to decline. The aluminum price is expected to oscillate at a high level [11]. - **Zinc**: The Shanghai zinc index fell 0.16%. The zinc ore is expected to be in surplus, and the zinc price has a potential downward risk [12]. - **Lead**: The Shanghai lead index fell 0.39%. The recycled lead production decreased, and the lead price may decline further [13][14]. - **Nickel**: The nickel price oscillated. The supply is high, and the demand is weak. It is recommended to short on rallies [15]. - **Tin**: The tin price rebounded slightly. The supply and demand are both weak, and the price center may move down [16]. - **Lithium Carbonate**: The price fell. The supply is high, and the demand is weak. The price may run weakly [17]. - **Alumina**: The index fell 3.44%. The spot price in some regions rose. It is recommended to short on rallies [19]. - **Stainless Steel**: The price fell slightly. The terminal demand is weak, and the cost provides support. It is expected to continue the weak - oscillating pattern [20]. Black Building Materials - **Steel**: The rebar and hot - rolled coil futures prices fell. The supply is high, and the demand is weak. The over - supply pattern is difficult to change [22][23]. - **Iron Ore**: The futures price fell 1.60%. The supply is slightly reduced, and the demand is weakening. The price may oscillate weakly [24]. - **Glass and Soda Ash**: Glass spot price fell, and the inventory decreased slightly. Soda ash supply decreased due to maintenance, and the demand is expected to decline. Both are expected to be weak [25][26]. - **Manganese Silicon and Ferrosilicon**: Manganese silicon price fell 0.87%, and ferrosilicon price fell 0.11%. The demand is weakening, and it is advisable to wait and see [27][28]. - **Industrial Silicon**: The price fell 3.85%. The supply is in surplus, and the demand is insufficient. The price may decline further [31][32]. Energy Chemicals - **Rubber**: The EU launched an anti - dumping investigation, and the price broke through the support level. It is recommended to operate with a neutral or short - biased mindset [35][37]. - **Crude Oil**: WTI rose 1.56%, Brent fell 0.34%, and INE rose 1.76%. The oil price is in the range of short - selling on rallies [38][39]. - **Methanol**: The 09 - contract price rose 2 yuan/ton. The supply pressure is increasing, and the demand is improving. It is recommended to short on rallies [40]. - **Urea**: The 09 - contract price fell 11 yuan/ton. The supply is high, and the demand is weak. It is advisable to wait and see [41]. - **PVC**: The 09 - contract price rose 11 yuan. The supply is expected to increase, and the demand is weak. It is expected to be weakly oscillating [42]. - **Ethylene Glycol**: The 09 - contract price fell 10 yuan. The supply is decreasing, and the demand is high. The inventory is decreasing [43][44]. - **PTA**: The 09 - contract price rose 8 yuan. The supply is in the maintenance season, and the demand is improving. The processing fee is supported [45]. - **Para - Xylene**: The 09 - contract price rose 22 yuan. It is in the maintenance season, and the demand is improving. It is expected to oscillate [46]. - **Polyethylene PE**: The price fell. The supply may be under pressure, and the demand is in the off - season. It is expected to oscillate [47][48]. - **Polypropylene PP**: The price fell. The supply has no new capacity in May, and the demand is in the off - season. It is expected to oscillate weakly [49]. Agricultural Products - **Live Pigs**: The price rose in some regions. The short - term price is weak, and it is recommended to sell on rallies [51]. - **Eggs**: The price mostly rose. The supply is increasing, and the demand is slightly improving. It is recommended to sell on rallies for near - month contracts [52]. - **Soybean and Rapeseed Meal**: The domestic futures price oscillated strongly. The supply pressure is increasing, and the cost is easy to rise. It is advisable to pay attention to different factors at different price levels [53][54]. - **Oils and Fats**: The Malaysian palm oil production and export data changed. The domestic inventory is high. It is expected to oscillate [55][57]. - **Sugar**: The futures price was weakly oscillating. The international supply may increase, and the domestic price may decline [58]. - **Cotton**: The futures price fell. The downstream opening rate decreased slightly, and the inventory decreased. It is expected to oscillate in the short - term [59].

1. Report Industry Investment Ratings - For industrial silicon: Unilateral - Sell on rallies; Inter - period - None; Cross - variety - None; Options - None [3][4] - For polysilicon: Unilateral - Neutral; Inter - period - None; Cross - variety - None; Futures - spot - None; Options - None [8] 2. Core Views - The overall fundamentals of industrial silicon are weak, with potential supply increases from the resumption of production in the northwest and southwest, lackluster consumption, and declining exports [3] - The fundamentals of polysilicon are also weak. With the increase in the number of warehouse receipts, the delivery game is weakening, and the market is expected to run weakly [8] 3. Summary by Related Catalogs Industrial Silicon Market Analysis - On May 20, 2025, the industrial silicon futures price was weakly volatile. The main contract 2505 opened at 8080 yuan/ton and closed at 7910 yuan/ton, down 205 yuan/ton (-2.53%) from the previous settlement. The position of the main contract 2505 was 64706 lots, and the total number of warehouse receipts was 66249 lots, an increase of 152 lots from the previous day [1] - The spot price of industrial silicon was stable. The price of East China oxygen - permeable 553 silicon was 8700 - 8900 (-150) yuan/ton; 421 silicon was 9400 - 10000 (-150) yuan/ton. Silicon prices in some regions such as Kunming, Huangpu Port, Tianjin, Xinjiang, Sichuan, Shanghai, and the northwest continued to decline [1] - In April 2025, the export volume of industrial silicon was 60,500 tons, a 2% increase month - on - month and a 9% decrease year - on - year. From January to April 2025, the cumulative export volume was 216,700 tons, a 7% decrease year - on - year. In April 2025, the import volume of metallic silicon in China was 500 tons, a 70% decrease month - on - month and an 83% decrease year - on - year. From January to April 2025, the cumulative import volume was 5200 tons, a 43% decrease year - on - year [1] Consumption End - The quotation of organic silicon DMC was 11300 - 11600 (0) yuan/ton. In the organic silicon market, the prices of raw rubber and D4 showed different trends. The demand for raw rubber downstream increased rapidly, and the transaction was good, while the overall transaction of D4 was average due to weak demand for room - temperature rubber, and the high - end price declined slightly [2] Polysilicon Market Analysis - On May 20, 2025, the main contract 2507 of polysilicon futures fell, opening at 36020 yuan/ton and closing at 35625 yuan/ton, a 0.99% decrease from the previous trading day. The position of the main contract reached 70536 (63062 in the previous trading day) lots, and the trading volume was 165519 lots [5] - The spot price of polysilicon was stable. The price of polysilicon re - feedstock was 33.00 - 35.00 (-1.00) yuan/kg; dense polysilicon was 32.00 - 34.00 (-1.00) yuan/kg; cauliflower - shaped polysilicon was 30.00 - 32.00 (0.00) yuan/kg; granular silicon was 32.00 - 34.00 (-0.50) yuan/kg, and N - type silicon was 36.00 - 39.00 (-0.50) yuan/kg, N - type granular silicon was 33.00 - 35.00 (-1.00) yuan/kg [5] - The inventory of polysilicon manufacturers decreased, and the inventory of silicon wafers increased. The latest polysilicon inventory was 25000 tons, a 2.27% decrease month - on - month, and the silicon wafer inventory was 19.44GW, a 7.22% increase month - on - month. The weekly output of polysilicon was 21400 tons, unchanged month - on - month, and the output of silicon wafers was 12.42GW, a 0.50% increase month - on - month [6] - For silicon wafers, the price of domestic N - type 18Xmm silicon wafers was 0.94 (0.00) yuan/piece, N - type 210mm was 1.28 (0.00) yuan/piece, and N - type 210R silicon wafers was 1.08 (0.00) yuan/piece [6] - For battery cells, the price of high - efficiency PERC182 battery cells was 0.29 (0.00) yuan/W; PERC210 battery cells was about 0.28 (0.00) yuan/W; Topcon M10 battery cells was about 0.26 (0.00) yuan/W; Topcon G12 battery cells was 0.28 (0.00) yuan/W; Topcon 210RN battery cells was 0.26 (0.00) yuan/W. HJT210 half - cell battery was 0.37 (0.00) yuan/W [6] - For components, the mainstream transaction price of PERC182mm was 0.67 - 0.74 (0.00) yuan/W, PERC210mm was 0.69 - 0.73 (0.00) yuan/W, N - type 182mm was 0.69 - 0.69 (0.00) yuan/W, and N - type 210mm was 0.69 - 0.70 (0.00) yuan/W [7]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The sentiment in the bond market has shifted from "bullish but not buying" to a stage where some bulls are "wavering." The short - term trading themes are broad - based monetary policy and the fundamentals. The 10 - year Treasury bond is oscillating around 1.65% - 1.70%, and the bond market is likely to be range - bound in the short term. The impact of positive events on the bond market is rapid this year. The proportion of capital gain demand in the comprehensive return has been continuously increasing, so the duration should be maintained, and leverage can be appropriately increased if the funding rate declines [2]. - From the perspective of market sentiment, the bond market has changed from "bullish but not buying" to a stage where some bulls are "wavering." This week, some bulls have turned neutral, the number of institutions with bearish views has increased by one, and the sentiment index has declined [3]. - The fundamentals and broad - based monetary policy are the "battlefields" for the bulls and bears among the sellers. As of May 19, the number of fixed - income sellers with bullish views has decreased to 10, the number of those with bearish views has increased to 3, and the number of those with neutral views has risen to 17 [3]. - Among the buyers, those with neutral views also account for more than half, and the proportion of institutions with bullish views has decreased. The overall view of fixed - income buyers is neutral - bullish. Currently, there are 10 bullish, 16 neutral, and 3 bearish institutions [3]. - In the Treasury bond futures market, the positive arbitrage space for the TS contract has decreased, and it may still be in a premium state. One can consider participating in the game of the TS contract rising [6]. Summary According to Relevant Catalogs 1. Seller and Buyer Markets 1.1 Seller Market Sentiment Index and Interest - rate Bonds - The seller sentiment index has decreased compared to last week. The weighted index this week is 0.18 (neutral - bullish, down 0.10 from last week), and the unweighted index is 0.28 (down 0.14 from last week). Currently, institutions generally hold a neutral - bullish view, with 10 bullish, 17 neutral, and 3 bearish. 33% of institutions are bullish, with keywords such as the long - term trend of Sino - US decoupling despite tariff fluctuations, a possible LPR cut this week, and the expected continuation of monetary easing; 57% are neutral, with keywords such as high macro - environment uncertainty, waiting for a new market trigger after the double - cut and tariff easing, and the bond market may have a narrow - range oscillation; 10% are bearish, with keywords such as the exhaustion of the double - cut benefits, the lack of support for the bond market reflected by the non - rising funding rate, and the central bank may take measures to maintain the bank's net interest margin and push up the long - term bond yield after the tariff cut [13]. 1.2 Buyer Market Sentiment Index and Interest - rate Bonds - The buyer sentiment index has decreased compared to last week. This week's sentiment index is 0.18 (neutral - bullish, down 0.22 from last week). Currently, institutions generally hold a neutral - bullish view, with 10 bullish, 16 neutral, and 3 bearish. 35% of institutions are bullish, with keywords such as continuous loosening of the funding side, the economy still needing policy support, and the reduction of funding costs; 55% are neutral, with keywords such as fluctuations in Sino - US economic and trade expectations, frequent policy disturbances, unclear fundamental expectations, differentiated interest - rate trends, limited adjustment space but repeated directions; 10% are bearish, with keywords such as the marginal weakening of easing expectations, the enhanced expectation of economic fundamental repair, frequent funding disturbances, and increased long - end supply pressure [14]. 1.3 Credit Bonds - Market hot topics include policies to promote science - and - technology innovation bonds and implicit debt accountability. Multiple departments have introduced policies to promote the construction of science - and - technology innovation bonds, and it is expected that future issuance increments will be for financial institutions and private enterprises, covering more science - and - technology innovation fields. The Ministry of Finance has emphasized local government implicit debt governance again, and the issuance supervision of urban investment bonds has become stricter, with risks being relatively controllable in the short term [18]. 1.4 Convertible Bonds - This week, institutions generally hold a neutral - bullish view, with 2 bullish and 6 neutral. 25% of institutions are bullish, with keywords such as the positive impact of the double - cut and the end of the earnings disclosure period, the increased risk appetite in the convertible bond market, and the strong equity market becoming an important support for convertible bonds; 75% are neutral, with keywords such as the current high valuation of convertible bonds, low cost - effectiveness, a possible range - bound oscillation pattern, and the need for incremental funds or overall underlying stock repair for a stronger market [20]. 2. Treasury Bond Futures Tracking 2.1 Futures Trading - In terms of futures prices, except for the increase in the TS contract price, the prices of other futures contracts have decreased. As of May 16, the prices of the Treasury TS/TF/T/TL contracts are 102.38 yuan, 105.72 yuan, 108.48 yuan, and 118.91 yuan respectively, with changes of +0.04 yuan, - 0.38 yuan, - 0.58 yuan, and - 1.46 yuan compared to last Friday. - In terms of Treasury bond futures open interest, except for the increase in the TS contract open interest, the open interest of other futures contracts has decreased. As of May 16, the open interest of the TS/TF/T/TL futures contracts is 84,000 lots, 79,000 lots, 100,000 lots, and 50,000 lots respectively, with changes of +702 lots, - 64,061 lots, - 76,980 lots, and - 31,940 lots compared to last Friday. - The trading volume of Treasury bond futures has increased across the board. As of May 16, from a 5 - day moving average perspective, the trading volumes of the TS/TF/T/TL futures contracts are 132.9 billion yuan, 98.5 billion yuan, 131.1 billion yuan, and 155.6 billion yuan respectively, with increases of 40.2 billion yuan, 25.9 billion yuan, 44.7 billion yuan, and 39.9 billion yuan compared to last Friday. - The trading volume - to - open - interest ratio of Treasury bond futures has increased across the board. As of May 16, from a 5 - day moving average perspective, the trading volume - to - open - interest ratios of the TS/TF/T/TL futures contracts are 1.01, 0.98, 1.03, and 2.58 respectively, with increases of 0.49, 0.49, 0.56, and 1.33 compared to last Friday [24][25]. 2.2 Spot Bond Trading - The turnover rate of 30 - year Treasury bonds has decreased. On May 16, the turnover rate was 2.32%, down 0.10 percentage points from last week and 0.41 percentage points from Monday, with a weekly average turnover rate of 3.33%. The turnover rate of interest - rate bonds has decreased. On May 16, the turnover rate was 0.89%, down 0.05 percentage points from last week and 0.22 percentage points from Monday. The turnover rate of 10 - year China Development Bank bonds has increased. On May 16, the turnover rate was 5.81%, up 0.17 percentage points from last week but down 1.54 percentage points from Monday [35][36]. 2.3 Basis Trading - In terms of basis trends in the past week, the basis of the TF main contract has narrowed, while the basis of other main contracts has widened. As of May 16, the basis (CTD) of the TS/TF/T/TL main contracts is - 0.07 yuan, +0.05 yuan, +0.11 yuan, and +0.17 yuan respectively, with changes of - 0.03 yuan, +0.10 yuan, +0.17 yuan, and +0.05 yuan compared to last Friday. - In terms of net basis, the net basis of the TS main contract has widened, while the net basis of other main contracts has narrowed. As of May 16, the net basis (CTD) of the TS/TF/T/TL main contracts is - 0.05 yuan, +0.03 yuan, +0.02 yuan, and +0.03 yuan respectively, with changes of - 0.06 yuan, +0.12 yuan, +0.08 yuan, and +0.09 yuan compared to last Friday. - In terms of IRR, the IRR of the TS contract has increased, while the IRR of other main contracts has decreased. As of May 16, the IRR (CTD) of the TS/TF/T/TL main contracts is 1.79%, 1.32%, 1.46%, and 1.39% respectively, with changes of +0.35%, - 1.02%, - 0.66%, and - 0.56% compared to last Friday. The TS main contract's basis is negative this week, and the weekly average IRR is 1.65%, at a relatively high level. Since the funding side is generally in a stage of loosening this week, with the weekly average DR007 at 1.54%, one can pay attention to the positive arbitrage strategy of the TS contract [41][44][45]. 2.4 Inter - delivery Spread and Inter - product Spread - In terms of inter - delivery spread, the spread of the T contract has widened, while the spreads of other main futures contracts have narrowed. As of May 16, the near - month minus far - month spreads of the TS/TF/T/TL contracts are - 0.11 yuan, - 0.20 yuan, - 0.17 yuan, and - 0.34 yuan respectively, with changes of +0.09 yuan, +0.14 yuan, - 0.00 yuan, and +0.19 yuan compared to last Friday. - In terms of inter - product spread, the spreads of the 2*TS - TF and 4*TS - T contracts have widened, while the spreads of other main futures contracts have narrowed. As of May 16, the values of 2*TS - TF, 2*TF - T, 4*TS - T, and 3*T - TL are 99.04 yuan, 102.93 yuan, 301.01 yuan, and 206.50 yuan respectively, with changes of +0.43 yuan, - 0.25 yuan, +0.62 yuan, and - 0.29 yuan compared to last Friday. Currently, the downward space for long - term interest rates is limited. If the central bank takes measures to ease liquidity, there may be downward opportunities for the medium - and short - term. There is considerable room for gaming in short - term Treasury bond futures, and it is recommended to continue to pay attention to the strategy of going long on the short - end and short on the long - end to steepen the yield curve [51][52].

Group 1 - The core viewpoint indicates that the bond futures market is experiencing a rise, with the 30-year main contract increasing by 0.24%, while interbank major interest rate bond yields are rebounding [1] - The recent reserve requirement ratio (RRR) cut has taken effect, stabilizing liquidity rather than further easing, primarily due to the central bank's continuous net withdrawal and a higher government bond payment volume, which offset some of the RRR cut effects [1] - In the short term, attention should be paid to marginal changes in the funding environment; if the funding environment tightens, long-term yields may continue to fluctuate [1] Group 2 - The central bank has indicated that there will be future reductions in deposit rates and the Loan Prime Rate (LPR), which may lead to a further decline in yields [1] - For the year, the 10-year government bond yield is expected to fluctuate between 1.4% and 1.9%, with a core fluctuation range of 1.5% to 1.7%. The downward opportunities in the bond market are linked to interest rate cut expectations and declining funding costs [1] - The政金债券ETF (511520) has seen a net inflow of over 1.5 billion in the past 10 days, with a total scale of approximately 46.2 billion, making it the largest bond ETF in the market and suitable for clients looking to adjust duration easily [1][2]

宏观情绪好转，工业硅期货减仓上涨 新能源及有色金属日报 | 2025-05-15 工业硅： 市场分析 2025-05-14，工业硅期货价格反弹上涨，主力合约2506开于8305元/吨，最后收于8490元/吨，较前一日结算变化（225） 元/吨，变化（2.72）%。截止收盘，2505主力合约持仓146525手，2025-05-15仓单总数为66531手，较前一日变化 37手。 供应端：工业硅现货价格持稳。据SMM数据，昨日华东通氧553#硅在9000-9200（0）元/吨；421#硅在9700-10300 （0）元/吨，新疆通氧553价格8200-8400（0）元/吨，99硅价格在8200-8400（0）元/吨。天津、西北、上海地区暂 稳。昆明、黄埔港、新疆、四川地区硅价个别硅价持续走低。97硅今日价格同样暂稳。 消费端：据SMM统计，有机硅DMC报价11300-11600（0）元/吨。SMM报道，有机硅成本压力较大，但关税问题 缓解后，对有机硅终端产品出口利好较大，有机硅消费或好转，关注后续下游采购原料意愿。 整体来看，工业硅持续下跌后，由于宏观情绪好转，前期空单资金有获利离场，导致盘面减仓上行。基本面方面， ...

【政策面】 5月7日新闻发布会上公布降准降息，其中降准符合预期，预期5月虽然债券供给上升，但是在央行对冲 下资金面有望维持平稳，中上旬资金利率或有季节性下行，偏利好债市；降息落地时点超预期，短期继 续出台降息政策概率有所下降，对债市影响偏短期利多出尽，由于前期长债利率已经下行较多隐含了降 息预期，因此政策落地带来交易盘止盈或为影响昨日长债利率上行的主要原因。此外昨日虽然降准降息 落地，但是资金利率下行幅度有限，也较大程度上导致短债利率下行幅度较小，曲线平坦，也约束长债 交易空间。 【资金面】 在政策落地后，债市仍将聚焦资金面、基本面、关税谈判进展几大主线，首先需要关注资金利率走势， 目前预计上旬仍有望回落，如果能够出现明显下行那么短债利率有望下行，并进一步打开长债利率下行 空间。后续还需关注5月基本面变化和中美谈判进展，考虑到贸易战对外需压力或继续显现，期债短期 震荡后中期预期仍将偏强。单边策略上仍建议回调后做多，关注资金面走势。期现策略上可关注T、 TF、TS合约的正套策略。曲线策略上建议参与做陡。 央行公告称，5月7日以固定利率、数量招标方式开展了1955亿元7天期逆回购操作，操作利率1.50%， 投标量 ...