2025 年 5 月 28 日 燃料油：日盘跌势延续，短期偏弱震荡 低硫燃料油：夜盘大幅下跌，外盘现货高低硫 价差走强 梁可方 投资咨询从业资格号：Z0019111 liangkefang@gtht.com 【基本面跟踪】 燃料油基本面数据 | | 项目 | 单位 | 昨日收盘价 | | 日 涨跌 | 昨日结算价 | 夜盘涨跌 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | FU2507 | 元/吨 | 2.972 | | -2. 14% | 2.982 | 0. 34% | | | | FU2508 | 元/吨 | 2.982 | | -0.53% | 2.886 | -3.22% | | | | LU2507 | 元/吨 | 3.512 | | -0. 51% | 3.505 | -0. 20% | | | | LU2508 | 元/吨 | 3.505 | | -0. 14% | 3, 439 | -1.88% | | | | | | 昨日成交 | | 成交变动 | 昨日特仓 | 持仓变动 | | | 期货 | FU2507 ...

2025年05月28日 国泰君安期货商品研究晨报-能源化工 观点与策略 | 对二甲苯：多PX空PTA | 2 | | --- | --- | | PTA：长丝检修落地，多PX空PTA | 2 | | MEG：单边逢高空，多PTA空MEG | 2 | | 橡胶：震荡偏弱 | 4 | | 合成橡胶：弱势运行 | 6 | | 沥青：区间震荡，出货转淡 | 8 | | LLDPE：偏弱运行 | 10 | | PP：价格小跌，成交一般 | 12 | | 烧碱：后期仍有压力 | 13 | | 纸浆：震荡运行 | 15 | | 玻璃：原片价格平稳 | 17 | | 甲醇：弱势运行 | 18 | | 尿素：内需偏弱，出口支撑，震荡运行 | 20 | | 苯乙烯：短期震荡 | 22 | | 纯碱：现货市场变化不大 | 24 | | LPG：民用气继续企稳，盘面支撑走强 | 25 | | PVC：偏弱运行 | 28 | | 燃料油：日盘跌势延续，短期偏弱震荡 | 30 | | 低硫燃料油：夜盘大幅下跌，外盘现货高低硫价差走强 | 30 | | 集运指数（欧线）：高位震荡，10-12反套持有 | 31 | | 短纤：短期震荡市 | ...

投资咨询业务资格：证监许可【2011】1778 号 宝城期货国债期货早报（2025 年 5 月 27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 | | --- | --- | --- | --- | --- | --- | | TL2509 | 震荡 | 震荡 | 震荡偏弱 | 区间震荡 | 短期继续降息可能性较低 | 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。 日内观点：震荡偏弱 中期观点：震荡 参考观点：区间震荡 核心逻辑：昨日各国债期货均延续震荡走势，全天窄幅整理。中长期来看，政策面适度宽松，目前的 国债价格基本没有隐含的降息预期，国债期货底部具备较强支撑。另外由于国内政策面效果需要等待 经济指标验证，当前国内实体部门的信贷需求偏弱，而海外美联储货币政策鹰派对汇率端有所抑制， 短期内国内继续降息的可能性较低，国债期货上行空间受限。总的来说，预计短期内国债期货保持震 荡整理为主。 （仅供参考，不构成任何投资建议 ...

交易咨询业务资格：证监许可【2012】1091号 棉花早报——2025年5月27日 大越期货投资咨询部 王明伟 从业资格证号：F0283029 投资咨询证号： Z0010442 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。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 棉花： 1、基本面：中美谈判取得进展，互降关税。USDA5月报：25/26年度产量下降，消费增 加，期末库存不变。海关：4月纺织品服装出口241.9亿美元，同比增1.5%。4月份我国 棉花进口6万吨，同比减少82.2%；棉纱进口12万吨，同比减少1.4%。农村部4月24/25 年度：产量616万吨，进口150万吨，消费760万吨，期末库存831万吨。中性。 2、基差：现货3128b全国均价14606，基差1221（09合约），升水期货；偏多。 3、库存：中国农业部24/25年度4月预计期末库存831万吨；偏空。 4、盘 ...

2025 年 05 月 27 日 锌：炼厂扰动上行，但持续性或有限 锌趋势强度：0 注：趋势强度取值范围为【-2,2】区间整数。强弱程度分类如下：弱、偏弱、中性、偏强、强，-2 表示 最看空，2 表示最看多。 国 泰 君 安 期 货 研 究 莫骁雄 投资咨询从业资格号：Z0019413 moxiaoxiong@gtht.com 【基本面跟踪】 | | 昨日值 | 较前日变动/涨跌幅 | | 昨日值 | 较前日变动/涨跌幅 | | --- | --- | --- | --- | --- | --- | | 沪锌主力收盘价 | 22185 | -0.14% | 伦锌 3M 电子盘收 | 2712.5 | 0.30% | | （元/吨） | | | 盘（美元/吨） | | | | 沪锌主力成交量 | 142739 | 15550 | 伦锌成交量（手） | 8813 | 488 | | （手） | | | | | | | 沪锌主力持仓量 | 118520 | 4451 | 伦锌持仓量（手） | 212114 | -866 | | （手） | | | | | | | 上海 0# 锌升贴水 | 195 | 0 | LME ...

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The report focuses on the egg market, waiting for the verification of hen culling after the Dragon Boat Festival, but no clear core view is explicitly stated [1]. 3. Summary by Relevant Catalog 3.1 Fundamental Tracking - **Futures Data**: The closing price of egg2507 is 2,943 yuan/500 kilograms, with a daily decline of 1.01%, and trading volume increased by 37,677, while open interest increased by 6,344. The closing price of egg2509 is 3,766 yuan/500 kilograms, with a daily increase of 0.11%, trading volume decreased by 1,509, and open interest increased by 1,842 [1]. - **Spread Data**: The egg 7 - 8 spread is -637 (previous day: -611), and the egg 7 - 9 spread is -823 (previous day: -796) [1]. - **Spot Price Data**: The latest spot prices in Liaoning, Hebei, Shanxi, and Hubei are 2.95 yuan/jin, 2.64 yuan/jin, 3.00 yuan/jin, and 2.96 yuan/jin respectively. The latest corn and soybean meal spot prices are 2,316 yuan/ton and 2,940 yuan/ton respectively, and the latest Henan live - pig price is 14.45 yuan/kg [1]. 3.2 Trend Intensity - The trend intensity is 0, indicating a neutral view, with a value range of [-2, 2], where -2 is the most bearish and 2 is the most bullish [1].

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View of the Report - The report indicates that both coke and coking coal are in a bottom - oscillating state. Coke is in a bottom - oscillating state, and coking coal is also in a bottom - oscillating state with the environmental protection supervision team stationed [1][2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: The closing price of JM2509 was 799.5 yuan/ton, down 2 yuan/ton (-0.25%); the closing price of J2509 was 1375 yuan/ton, down 8 yuan/ton (-0.58%). The trading volume of JM2509 was 592,256 lots, with a position of 519,485 lots and a decrease of 2,392 lots; the trading volume of J2509 was 21,477 lots, with a position of 55,716 lots [2]. - **Spot Prices**: For coking coal, the prices of some varieties remained unchanged, while the peak - view converted to RMB increased by 41 yuan/ton. For coke, the price of Hebei quasi - dry quenched coke remained unchanged, the price of Shanxi quasi - first - grade coke to the factory remained unchanged, and the Rizhao Port quasi - first - grade price index decreased by 30 yuan/ton [2]. - **Basis and Spreads**: The basis of JM2509 and J2509 showed different changes. The spread between JM2509 - JM2601 increased by 5.5 yuan/ton, and the spread between J2509 - J2601 increased by 8.0 yuan/ton [2]. 3.2 Price and Position Situation - **Northern Port Coking Coal Quotes**: The warehouse - pick - up price of Shanxi main coking coal at Jingtang Port was 1,350 yuan/ton, and the warehouse - pick - up prices of Australian main coking coal at Qingdao Port, Lianyungang Port, Rizhao Port, and Tianjin Port were 1,305 yuan/ton, 1,305 yuan/ton, 1,190 yuan/ton, and 1,295 yuan/ton respectively [2]. - **May 26th Fenwei CCI Metallurgical Coal Index**: The price of S1.3 G75 main coking coal (Shanxi coal) in Jiexiu was 1,030 yuan/ton; the price of S1.3 G75 main coking coal (Meng 5) in Shaheyi was 925 yuan/ton, down 10 yuan/ton; the price of S1.3 G75 main coking coal (Meng 3) in Shaheyi was 957 yuan/ton, down 21 yuan/ton [3]. - **Position Situation**: On May 26th, from the position situation of the top 20 members of the Dalian Commodity Exchange, the long positions of the coking coal JM2509 contract increased by 5,096 lots, and the short positions decreased by 7,463 lots; the long positions of the coke J2509 contract increased by 100 lots, and the short positions increased by 185 lots [4]. 3.3 Trend Intensity - The trend intensity of coke was 0, and the trend intensity of coking coal was 0 [4].

Group 1 - The article discusses the ongoing battle between bullish and bearish sentiments in the gold market, highlighting the volatility and the need for timely strategies to capitalize on market reversals [1] - It invites participants to join a futures trading group without any entry barriers, emphasizing the opportunity for technical training and additional benefits [1] - The focus is on how to effectively navigate the fluctuating market conditions to seize potential trading opportunities [1]

在投资的世界里，高收益往往伴随着高风险，期货市场更是如此。它宛如一片波涛汹涌的海洋，看似充 满机遇，实则暗礁密布，稍有不慎，就可能被巨浪吞噬。今天，我们要讲述的这几个案例，主人公们来 自不同背景，有着良好的工作和优渥的生活，他们皆因涉足期货市场而遭遇了人生的重大转折。有人为 躲债隐身当保安，有人请人作法求转运，有人外逃多年终被遣返，有人锒铛入狱。这些真实的经历，为 我们敲响了警钟，投资需谨慎，盲目跟风与冲动决策，很可能让我们陷入万劫不复的深渊。 更加确定！很少止损！收益可观！ 用【期货贸易】思路而作的波段交易策略，全品种覆盖，操作频率可高可低，适合所有投资者。直播授 课，免费参与！ 另有开户福利：手续费交易所+0或+1分，非节假日交易所保证金！ 限符合要求的客户 01 炒期货亏损400多万 局长为躲债隐身当保安 王某曾担任郴州市农机局党组成员、副局长一职。在职期间，他竟连续旷工长达146天，造成了极为不 良的影响。 据王某交代，他自认为履历丰富，曾在经济管理部门和政策研究部门工作过，还担任过乡镇和街道 的"一把手"，自诩对经济工作颇为在行。在朋友的介绍下，他踏上了投资办企业的道路，从此过上了亦 官亦商的生活。 ...

兴业期货日度策略：2025.05.22 重点策略推荐及操作建议： 商品期货方面：氧化铝、黄金偏强，工业硅跌势未止。 联系电话：021-80220262 操作上： 1.矿端扰动或继续发酵，短期多头情绪偏强，氧化铝 AO2509 前多持有； 2.美元资产走弱，沪金 AU2508 前多持有； 3.供应端持续过剩，工业硅持有卖出 SI2507-C-9000 看涨期权头寸。 品种基本面分析及行情研判： | 品种 | 观点及操作建议 | 方向研判 | 分析师 | 联系人 | | --- | --- | --- | --- | --- | | 股指 | 下行风险持续减弱，上行仍待量能累积 | 震荡 | | | | | 周三 A 股延续震荡收涨，创业板、红利风格走强，沪深两市成 | | | | | | 交额维持在 1.21 万亿元左右。从行业来看，煤炭、有色金属板块 | | | | | | 领涨，金融、电子、纺服行业跌幅居前。股指期货方面，IF、IH、 | | 投资咨询部 | | | | IC 震荡偏强，IM 小幅收跌，各期指基差小幅走阔，IC、IM 延续深 | | 张舒绮 | 联系人：房紫薇 | | | 度贴水。 | | ...