Group 1: Investment Ratings - No specific industry investment rating is provided in the report. Group 2: Core Views - For the IH2509 variety, the short - term view is "oscillation", the medium - term view is "upward", and the intraday view is "oscillation with a stronger bias", with the overall view being "oscillation with a stronger bias" due to strong support from positive policy expectations [1]. - For IF, IH, IC, and IM varieties, the intraday view is "oscillation with a stronger bias", the medium - term view is "upward", and the reference view is "oscillation with a stronger bias". In the short term, the stock index will mainly oscillate within a range, and continuous attention should be paid to the realization of positive policy expectations [4]. Group 3: Summary by Related Content Variety View Reference - Financial Futures Stock Index Sector - For the IH2509 variety, short - term is defined as within a week, medium - term is from two weeks to one month. The short - term is "oscillation", medium - term is "upward", intraday is "oscillation with a stronger bias", and the overall view is "oscillation with a stronger bias". The core logic is that positive policy expectations provide strong support [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - Last Friday, each stock index oscillated and sorted, showing a trend of rising first and then falling. The total market turnover of the stock market was 1454.5 billion yuan, an increase of 121 billion yuan compared with the previous day. Due to the considerable increase in each stock index since late June, the upward momentum of the stock index has slowed down. From a macro and policy perspective, the endogenous growth momentum of domestic demand is insufficient, and external demand is vulnerable to the impact of tariff factors. More positive policies to stabilize economic demand and market expectations are needed in the second half of the year, which is the main logic for this round of stock index rebound. Attention should be paid to the policy guidance of the Politburo meeting in July. In the short term, the liquidity at the beginning of the month is relatively loose, and the fading of overseas geopolitical factors and the easing of tariff factors have also boosted the risk appetite of the stock market [4].

Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Core View of the Report - The supply and demand of hot-rolled coils have changed little, with stable production in plate mills. The weekly output of hot-rolled coils increased by 0.90 million tons, remaining stable at a high level, and the supply pressure has not eased. Meanwhile, the demand for hot-rolled coils is weakly stable, with the weekly apparent demand decreasing slightly by 1.88 million tons. The high-frequency transactions have increased under the stimulation of speculative demand, and the cold-rolled production of major downstream industries remains at a high level, which alleviates the industrial contradiction and supports the demand for hot-rolled coils. The fundamentals have not improved, and the inventory continues to accumulate. However, due to the renewed fermentation of policy-friendly expectations, the price of hot-rolled coils will maintain a relatively strong operation in the short term, but beware of the trading logic switching to the industrial side [7] Group 3: Summary by Relevant Catalogs Supply - The weekly output of hot-rolled coils is 328.14 million tons, a week-on-week increase of 0.90 million tons, and an increase of 0.90 million tons from the end of last month. Compared with the same period, it increased by 1.85 million tons. The blast furnace capacity utilization rate is 90.29%, a week-on-week decrease of 0.54 percentage points, and a decrease of 0.54 percentage points from the end of last month. Compared with the same period, it increased by 1.21 percentage points [2] Demand - The apparent demand for hot-rolled coils is 324.37 million tons, a week-on-week decrease of 1.88 million tons, and a decrease of 1.88 million tons from the end of last month. Compared with the same period, it increased by 6.67 million tons. The weekly output of cold-rolled coils is 88.23 million tons, a week-on-week increase of 0.17 million tons, and an increase of 0.17 million tons from the end of last month. Compared with the same period, it increased by 2.71 million tons [2] Inventory - The total inventory of hot-rolled coils is 344.93 million tons, a week-on-week increase of 3.77 million tons, and an increase of 3.77 million tons from the end of last month. Compared with the same period, it decreased by 76.46 million tons. The in-plant inventory is 78.32 million tons, a week-on-week increase of 0.10 million tons, and an increase of 0.10 million tons from the end of last month. Compared with the same period, it decreased by 12.03 million tons. The social inventory is 266.61 million tons, a week-on-week increase of 3.67 million tons, and an increase of 3.67 million tons from the end of last month. Compared with the same period, it decreased by 64.43 million tons [2]

投资咨询业务资格：证监许可【2011】1778 号 宝城期货螺纹钢早报（2025 年 7 月 4 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 政策利好预期发酵，市场情绪偏暖，钢材期价延续震荡走高，而螺纹钢供需格局变化不大，建 筑钢厂生产积极，周产量持续增加，供应压力已升至高位。与此同时，螺纹需求平稳运行，投机需 求放量刺激下高频需求指标有所回升，但依旧是同期低位，且淡季改善空间存疑。总之，螺纹钢供 需两端均有所回升，基本面延续季节性弱势，淡季钢价易承压，相对利好则是库存低位，现实矛盾 不大，且近期政策利好发酵，市场情绪偏暖，支撑钢价短期偏强运行，关注政策兑现情况。 （仅供参考，不构成任何投资建议） | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 螺纹 2510 | 震荡 偏强 | 震荡 | 震荡 偏弱 | 关注 MA5 一线支撑 | 预期现实博弈，钢价震荡走高 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， ...

投资咨询业务资格：证监许可【2011】1778 号 宝城期货铁矿石早报（2025 年 7 月 4 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 铁矿 2509 | 震荡 偏强 | 震荡 | 震荡 偏强 | 关注 MA5 一线支撑 | 乐观情绪未退，矿价偏强运行 | ◼ 行情驱动逻辑 铁矿石供需格局有所走弱，钢厂临检增多，矿石终端消耗开始回落，但仍位于相对高位，给予矿 价支撑。同时，财年末冲量结束，矿商发运如期回落，而港口到货也环比减量，海外矿石供应迎来收 缩，相应的内矿生产相对积极，矿石供应有所收缩，关注后续降幅情况。目前来看，政策利好预期发 酵，乐观情绪未退，支撑矿价短期维持偏强运行态势，但矿石供需格局走弱，上行高度谨慎乐观，关 注成材表现情况。 （仅供参考，不构成任何投资建议） 专业研究·创造价值 1 / 2 请务必阅读文末免责条款 观点参考 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格， ...

投资咨询业务资格：证监许可【2011】1778 号 宝城期货铁矿石早报（2025 年 7 月 3 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 铁矿 2509 | 震荡 偏强 | 震荡 | 震荡 偏强 | 关注 MA5 一线支撑 | 市场情绪偏暖，矿价偏强运行 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 观点参考 观点参考 公司地址：浙江省杭州市求是路 8 号公元大厦南裙 1-5 楼。 咨询热线：400 618 1199 获 取 每 日 期 货 观 点 推 送 扫码关注宝城期货官方微信·期货咨询尽在掌握 服 务 国 家 走 向 世 界 知行合一 专 业 敬 业 诚 信 至 上 合 规 经 ...

投资咨询业务资格：证监许可【2011】1778 号 宝城期货股指期货早报（2025 年 6 月 26 日） ◼ 品种观点参考—金融期货股指板块 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | IH2509 | 震荡 | 上涨 | 震荡偏强 | 震荡偏强 | 政策端利好预期构成较强支撑 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—金融期货股指板块 品种：IF、IH、IC、IM 日内观点：震荡偏强 中期观点：上涨 参考观点：震荡偏强 核心逻辑：昨日各股指均单边大幅上涨，午后快速拉涨。股市全市场成交额 16394 亿元，较上日放量 1915 亿元。板块题材上，大金融、军工、半导体板块领涨。受 ...

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The short - term trend of the stock index is mainly range - bound, with an upward mid - term trend and a slightly stronger intraday trend. The policy - side positive expectations provide strong support, but the short - term policy driving force is insufficient [1][5] Group 3: Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2509, the short - term view is "oscillation", the mid - term view is "rise", the intraday view is "oscillation with a slight upward bias", and the reference view is "range - bound oscillation". The core logic is that the positive policy expectations provide strong support [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include IF, IH, IC, and IM. The intraday view is "oscillation with a slight upward bias", the mid - term view is "rise", and the reference view is "range - bound oscillation". The core logic is that the domestic macro - economic indicators have weakened marginally recently, and the weak performance of credit and inflation data indicates that there is still downward pressure on domestic demand. More policies to support demand are needed, so the expectation of policy benefits has increased. However, there is no clear policy signal in the short term, and the incremental policy signals are expected to come out after the Politburo meeting in July. Although the market sentiment has recovered, the short - term policy driving force is insufficient. Attention should be paid to the overseas uncertainties such as the Middle East situation and the Sino - US tariff war [5]

宝城期货股指期货早报（2025 年 6 月 23 日） ◼ 品种观点参考—金融期货股指板块 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | IH2509 | 震荡 | 上涨 | 震荡偏强 | 区间震荡 | 政策端利好预期构成较强支撑 | 备注： 投资咨询业务资格：证监许可【2011】1778 号 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—金融期货股指板块 品种：IF、IH、IC、IM 日内观点：震荡偏强 中期观点：上涨 参考观点：区间震荡 核心逻辑：上周五各股指走势震荡分化，其中 IH 与 IF 震荡小幅收涨，IC 与 IM 震荡小幅收跌。消息 面，央行公布 6 月 LPR 报价，与上月持平，符 ...

投资咨询业务资格：证监许可【2011】1778 号 宝城期货股指期货早报（2025 年 6 月 20 日） ◼ 品种观点参考—金融期货股指板块 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | IH2509 | 震荡 | 上涨 | 震荡偏强 | 区间震荡 | 政策端利好预期构成较强支撑 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 专业研究·创造价值 1/2 请务必阅读文末免责条款 ◼ 主要品种价格行情驱动逻辑—金融期货股指板块 品种：IF、IH、IC、IM 日内观点：震荡偏强 中期观点：上涨 参考观点：区间震荡 核心逻辑：昨日各股指均震荡回调。消息面，美国下场概率上升，中东地缘危机升级的风险上升，避 险情绪抑制股市风 ...

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Report's Core View - The short - term view of the stock index is range - bound, with the medium - term view being upward and the intraday view being oscillating strongly. Policy - side positive expectations provide strong support, but the upward momentum of the stock index is insufficient due to concerns about weakening macro - demand [1][5] Group 3: Summary by Related Catalogs Variety View Reference - Financial Futures Stock Index Sector - For IH2506, the short - term view is oscillating, the medium - term view is upward, and the intraday view is oscillating strongly. The reference view is range - bound, and the core logic is that policy - side positive expectations form strong support [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For IF, IH, IC, and IM, the intraday view is oscillating strongly, and the medium - term view is upward. The reference view is range - bound. The core logic is that the stock indexes closed slightly up in oscillation yesterday. The Middle - East geopolitical crisis continues but with reduced escalation risk, and market risk - aversion has declined. May's social financing, credit, and consumption data show that government bonds are the main contributor to social financing, but the real - sector's financing demand is weak, so policy - side support is still needed. The stock index has sufficient downward support. Attention should be paid to the financial policy guidance of the Lujiazui Forum on June 18th. Market sentiment is restricted by concerns about weakening macro - demand, and the upward momentum of the stock index is insufficient [5]