当前，不少商品的包装"层层套盒"。全国人大环境与资源保护委员会调查结果显示，我国包装废弃物约 占城市家庭生活垃圾的10%以上，其体积构成家庭生活垃圾的30%以上；每年包装废弃物总量达1.5亿 吨，其中70%以上是过度包装造成的。 从消费者角度看，过度包装无疑是一种额外的经济负担。中消协发布的《商品过度包装问题研究和消费 者感知调查报告》显示，51.4%的消费者对过度包装问题反映较为突出。 近日，中国消费者协会联合中国包装联合会、中国循环经济协会等7家协会共同发出"反对商品过度包 装，推动绿色文明消费"的倡议，引发关注。 消费者也应做绿色消费的践行者，树立勤俭节约的消费观念，摒弃盲目追求奢华包装的心理。同时，自 觉抵制购买过度包装的商品，通过实际行动向市场传递绿色消费信号，促使企业调整生产和包装策略。 （文章来源：经济日报） 此次7家协会联合倡议，犹如一场及时雨，为推动问题解决提供了指引。生产经营者必须严格遵守相关 法律法规以及《限制商品过度包装要求食品和化妆品》《限制快递过度包装要求》等强制性国家标准。 企业应当优化包装设计，减少包装层数，合理控制包装成本在商品总价中的占比，确保包装既能满足保 护商品、便于运 ...

Group 1: Report Information - Report Title: Cotton and Cotton Yarn Daily Report [2] - Report Date: June 23, 2024 [2] - Researcher: Liu Qiannan [2] Group 2: Market Information Futures Market - CF01 contract closed at 13,500, down 15; trading volume was 35,530 lots, an increase of 5,786 lots; open interest was 154,498 lots, an increase of 58 lots [3] - CF05 contract closed at 13,470, down 25; trading volume was 1,183 lots, an increase of 332 lots; open interest was 5,608 lots, an increase of 492 lots [3] - CF09 contract closed at 13,465, down 30; trading volume was 184,987 lots, an increase of 38,955 lots; open interest was 515,356 lots, a decrease of 9,626 lots [3] - CY01 contract closed at 19,770, unchanged; trading volume was 0 lots; open interest was 37 lots, unchanged [3] - CY05 contract closed at 18,550, unchanged; trading volume was 0 lots; open interest was 0 lots [3] - CY09 contract closed at 19,700, down 35; trading volume was 5,219 lots, a decrease of 931 lots; open interest was 21,159 lots, a decrease of 498 lots [3] Spot Market - CCIndex3128B was 14,894 yuan/ton, up 3 yuan; CY IndexC32S was 20,300 yuan/ton, down 770 yuan [3] - Cot A was 77.55 cents/pound, unchanged; FCY IndexC33S was 21,892 yuan/ton, up 6 yuan [3] - (FC Index):M: arrival price was 75.82 cents/pound, unchanged; Indian S - 6 was 54,000 yuan/ton, unchanged [3] - Polyester staple fiber was 7,450 yuan/ton, up 70 yuan; pure polyester yarn T32S was 11,250 yuan/ton, unchanged [3] - Viscose staple fiber was 12,600 yuan/ton, unchanged; viscose yarn R30S was 17,250 yuan/ton, unchanged [3] Spread - Cotton inter - period spreads: 1 - 5 spread was 30, up 10; 5 - 9 spread was 5, up 5; 9 - 1 spread was - 35, down 15 [3] - Cotton yarn inter - period spreads: 1 - 5 spread was 1,220, unchanged; 5 - 9 spread was - 1,150, up 35; 9 - 1 spread was - 70, down 35 [3] - Cross - variety spreads: CY01 - CF01 was 6,270, up 15; CY05 - CF05 was 5,080, up 25; CY09 - CF09 was 6,235, down 5 [3] - Domestic - foreign spreads: 1% tariff domestic - foreign cotton spread was 1,154, up 15; sliding - scale tariff domestic - foreign cotton spread was 444, up 15; domestic - foreign yarn spread was - 1,592, down 776 [3] Group 3: Market News and Views Cotton Market News - As of the week ending June 12, 2024/25 US upland cotton weekly signing was 18,900 tons, a weekly increase of 38%, a 23% decrease from the four - week average, and a 56% year - on - year decrease; 2025/26 US upland cotton weekly signing was 62,300 tons, a 146% year - on - year increase [6] - 2024/25 US upland cotton weekly shipments were 46,400 tons, a 13% week - on - week decrease, a 24% decrease from the four - week average, and a 3% year - on - year increase [6] - According to CONAB's June 2024/25 production forecast, Brazil's cotton production is expected to be 3.913 million tons, an increase of 8,000 tons from the previous month [6] - Cotton spot trading was mostly sluggish, with strong market wait - and - see sentiment, and the overall basis remained stable. Downstream acceptance of high basis was not high [7] Trading Logic - Uncertainties in Sino - US trade relations and China's trade policies with other countries bring uncertainties to cotton trends. Currently, China's commercial cotton inventory is at a low level. If the de - stocking rate remains the same, the market may trade on the tight supply of cotton before the new cotton is listed, and cotton prices may fluctuate slightly stronger [8] - Recent international changes are significant. Rising crude oil prices may drive up the prices of all commodities. Iran's Parliamentary National Security and Foreign Policy Commission member Kousari said that the Iranian Parliament has concluded that the Strait of Hormuz should be closed, but the final decision lies with the Iranian Supreme National Security Council [8] Trading Strategies - Unilateral: US cotton is expected to fluctuate slightly stronger, and Zhengzhou cotton is expected to fluctuate strongly in the short term [9] - Arbitrage: Wait and see [9] - Options: Wait and see [9] Cotton Yarn Industry News - The all - cotton fabric market remained sluggish. Weaving mills reported little change in recent orders, mainly small and scattered orders. Overall, production was cut, and the operating rate was low. The transaction price of grey cloth was negotiated according to order volume. Most weaving mills focused on optimizing cash flow [9] - The pure - cotton yarn market remained sluggish. Spinning mills' prices remained stable, and their willingness to reduce prices for sales decreased significantly. The phenomenon of production restrictions and shutdowns among inland spinning mills increased significantly, and the operating rate continued to decline [9] Group 4: Options Option Data - On June 23, 2025, the closing price of CF509C13400.CZC was 222.00, down 23.2%; the closing price of CF509P12600.CZC was 24.00, down 31.4%; the closing price of CF509P12200.CZC was 16.00, up 14.3% [11] - The 120 - day HV of cotton was 10.2915, with slightly lower volatility than the previous day. The implied volatility of CF509 - C - 13400 was 9%, CF509 - P - 12600 was 12.3%, and CF509 - P - 12200 was 15.4% [11] Option Strategies - The PCR of the main contract of Zhengzhou cotton was 0.9702, and the volume PCR of the main contract was 0.6577. The trading volumes of both call and put options increased today [12] - Option strategy: Wait and see [13] Group 5: Related Attachments - Figures include 1% tariff domestic - foreign cotton price spread, cotton January basis, cotton May basis, cotton September basis, CY05 - CF05 spread, CY01 - CF01 spread, CF9 - 1 spread, and CF5 - 9 spread [14][21][26]

-1000 -500 0 500 1000 1500 日期 01-14 01-28 02-11 02-25 03-10 03-24 04-07 04-21 05-05 05-19 06-02 06-16 06-30 07-14 07-28 08-11 08-25 09-08 09-22 10-06 10-20 11-03 11-17 12-01 12-15 12-29 2025 2024 2023 2022 2021 螺纹--基差 | | 黑色产业数据每日监测（6.23） | | --- | --- | | 品种 | 主力合约收盘价 涨跌 涨跌幅 现货价格 基差 | | 螺纹 | 2995 1 0.03% 3070 75 | | 热卷 | 3112 -5 -0.16% 3190 78 | | 铁矿 | 706 3.5 0.50% 713 7 | | 焦煤 | 807 10 1.25% 880 73 | | 焦炭 | 1385 -3 -0.22% 1245 -140 | | | 市场概况 | | | 今日黑色系商品期货整体企稳涨跌不一。螺纹收于2995元/吨，上涨0.03%； | | | 热卷主力合约收于311 ...

2025 年 06 月 23 日 工业生产仍有韧性 宏观研究团队 ——宏观经济专题 何宁（分析师） 郭晓彬（联系人） hening@kysec.cn 证书编号：S0790522110002 guoxiaobin@kysec.cn 证书编号：S0790123070017 供需：工业生产仍强，消费需求分化 1.建筑开工：水泥出库保持历史低位。最近两周（6 月 8 日至 6 月 21 日），石油沥 青装置开工率、水泥发运率季节性位置处于历史中位，磨机运转率处于历史低位。 基建、房建项目水泥出库量保持历史同期低位，资金方面，建筑工地资金到位率 同比低于 2024 年同期。 2.工业生产端，整体仍有韧性。最近两周，工业开工整体景气度仍处于历史中高 位。化工链开工率整体处于历史同期中高位，汽车钢胎开工率有所回落但保持历 史中高位，焦化企业开工率表现略弱。 3.需求端，建筑需求偏弱，汽车、家电需求波动运行。最近两周，建筑需求弱于 历史同期，螺纹钢、线材、建材表观需求低于历史同期。汽车销售同比波动运行， 中国轻纺城成交量处于同期历史低位，义乌小商品价格指数有所回升，618 影响 下，多数家电线上销售额高于 2024 年同期， ...

Group 1: Market Overview - The Hang Seng Index rose by 0.67% to 23689.13 points, with the Hang Seng Technology Index increasing by 1.05% to 5187.01 points, and the Hang Seng China Enterprises Index up by 0.82% to 8597.36 points, indicating a positive market sentiment [1][2] - The total market turnover was HKD 1985.91 billion, showing a decrease compared to the previous trading day, while southbound funds recorded a net inflow of HKD 78.95 billion [1] Group 2: Pharmaceutical Sector - The pharmaceutical sector saw most stocks rise, with Tongyuan Kang Pharmaceutical-B increasing by 14.35% and BeiGene rising by 6.12% [3] - Citic Securities highlighted China's pharmaceutical industry advantages, including population and domestic demand, manufacturing and supply chain strengths, and rapid innovation capabilities [3] Group 3: Pop Mart - Pop Mart's stock rebounded, closing at HKD 244.80 per share, up 2.17% [4] - JPMorgan maintained an "overweight" rating on Pop Mart, citing its strong IP products and global expansion potential, with overseas sales expected to grow by 214% year-on-year by 2025 [4] Group 4: Semiconductor Sector - Semiconductor stocks experienced gains, with Hua Hong Semiconductor up by 3.97% and SMIC up by 4.18% [5] - Tianfeng Securities reported that Hua Hong Semiconductor's capacity utilization reached 102.7% in Q1, with strong demand expected in Q2 and Q3 [6] Group 5: Lao Pu Gold - Lao Pu Gold saw a significant rebound, rising by 6.81% to HKD 878.00 per share, with a year-to-date increase exceeding 200% [7] - Goldman Sachs projected strong sales and rapid store expansion for Lao Pu Gold, forecasting net profits of RMB 4.706 billion, RMB 6.56 billion, and RMB 7.925 billion for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 219%, 39%, and 21% [9]

2025 年 6 月 23 日 政策的不确定扰动全球菜系需求 ---2025 年菜系期货半年度行情展望 傅博 投资咨询从业资格号：Z0016727 fubo2@gtht.com 报告导读： 我们的观点：国际菜籽 2025/26 年度新作上市后的定价预计比 2024/25 年度的旧作定价要低。国内菜油和菜粕预计三 季度降库，四季度理论上供应将有所改善。建议三季度关注菜油、菜粕的正套的机会，四季度菜系商品目前看可能在 油脂油料板块中偏空配。 我们的逻辑： 国际菜籽供需：预计 25/26 年度全球菜籽和葵籽产量将明显回升，但是主要出口国：加拿大、澳大利亚、俄罗斯和乌 克兰 25/26 年度菜籽的有效供应（期初库存+产量）的同比增幅可能不大，所以在 6-8 月份，在加拿大和俄乌的菜籽 未定产的情况下，国际菜籽价格仍将偏强。由于欧盟菜籽和葵籽产量大幅回升、中国对加拿大菜系商品的进口政策的 不确定性、以及美国生物柴油政策的不确定性，使得 2025 年下半年全球菜系商品的国际贸易需求并不乐观，所以， 在欧盟、俄乌和加拿大新作菜籽陆续上市后，国际菜系商品或面临较大的供应压力。 中国菜系商品供需：受中加经贸关系的不确定性和新增 ...

Report Industry Investment Rating No relevant content provided. Core Views - Glass shows a weak rebound due to the warming of commodity sentiment, but the medium - term demand contraction and industrial deflation persist, and the short - term fundamentals are still weak with no obvious driving force [1][4] - The overall logic of soda ash is a supply - demand surplus pattern, and a medium - to long - term bearish view is recommended, although it is sensitive to policy and cost changes [1][6] Summary by Relevant Catalogs Glass Supply - The weekly start - up rate of the float glass industry is 75.34%, a week - on - week decrease of 0.08 percentage points; the capacity utilization rate is 77.7%, a week - on - week increase of 0.22 percentage points [3] - One production line was cold - repaired this week, with a capacity of 700 tons per day. The daily output is 15.54 tons, a week - on - week decrease of 0.16%; the weekly output is 109.35 tons, a month - on - month increase of 0.21% and a year - on - year decrease of 7.88% [3] Demand - In the off - season, the shipment in various regions is mainly for rigid demand, and the speculative purchasing demand is relatively weak [3] Inventory - The total inventory of national float glass sample enterprises increased by 202,000 heavy boxes or 0.29% week - on - week to 69.887 million heavy boxes, reaching an 8.5 - month high, with a year - on - year increase of 16.82%. The inventory days are 30.8 days, the same as the previous period [3] Cost and Profit - The costs of glass made from petroleum coke, coal, and natural gas are 1,138, 1,020, and 1,466 yuan per ton respectively, with week - on - week changes of - 20, - 6, and - 7 yuan per ton [3] - The production profits are - 108.5, 83.7, and - 195.1 yuan per ton respectively, with week - on - week changes of + 20, + 3, and - 12.3 yuan per ton [3] View and Strategy - The glass shows a weak repair market. The short - term fundamentals are weak, and there is no obvious driving force. Although the valuation is relatively low, considering the uncertainty of the off - season and limited positive driving forces, attention should be paid to the 1,045 pressure level [4] Soda Ash Supply - The comprehensive capacity utilization rate of soda ash this week is 86.57%, a week - on - week increase of 1.68%. The domestic soda ash output is 754,700 tons, a week - on - week increase of 14,600 tons or 1.97% [5] Demand - The sales - to - production ratio this week is 94.65%, a week - on - week increase of 2.61%, but less than 100%. The downstream demand is average, mainly for on - demand procurement [5] - There is no new investment or cold - repair of production lines in photovoltaic glass, and the downstream orders are few. The performance of float glass is mediocre, with most processing plants having scattered orders [5] Inventory - The total inventory of domestic soda ash manufacturers is 1.7267 million tons, a week - on - week increase of 40,400 tons or 2.40%. Among them, the light soda ash inventory is 812,600 tons, a week - on - week increase of 1,300 tons; the heavy soda ash inventory is 914,100 tons, a week - on - week increase of 39,100 tons [5] Cost and Profit - The ammonia - soda production cost is 1,259 yuan per ton, a week - on - week decrease of 47 yuan per ton. The combined - soda production cost is 1,591 yuan per ton (calculated at a ratio of 75% - 80%, it is 1,193 - 1,272 yuan per ton), with no week - on - week change [5] - The profit of the ammonia - soda method is 25.2 yuan per ton, a week - on - week increase of 4.5 yuan per ton; the profit of the combined - soda method is 99.5 yuan per ton, a week - on - week decrease of 40 yuan per ton [5] View and Strategy - Soda ash shows a relatively poor performance. With the increase in supply and decrease in demand, the inventory of soda ash manufacturers has increased for three consecutive weeks, and the market is worried about over - supply. A medium - to long - term bearish view is recommended, and attention should be paid to the 10 - day moving average pressure [6]

【导读】超级大牛股老铺黄金大涨，高盛预测称2025年净利增幅超200% 中国基金报记者 格林 6月23日，恒生指数收涨0.67%，报23689.13点；恒生科技指数收涨1.05%，报5187.01 点；恒生国企指数收涨0.82%，8597.36点。全日市场成交额为1985.91亿港元，较前一交 易日有所缩小，南向资金净买入额为78.95亿港元。 | | CONSULE (LE . INSTANT) | | | DAMME HIJA M INDIAN OFFICIAL TO SHATAL (GIANNARY | | | MARKAN AND | | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | 年初至今 序号 | | 1 | HSCI | 恒生综合指数 | 3526.79 | 24.86 | 0.71% | 1441.09亿 | 18.22% 1 | | 2 | મંટા | 恒生指数 | 23689.13 | 158.65 | 0.67% | 1985.91亿 | 18.09% 2 ...

Core Viewpoint - The article highlights the impact of the Federal Reserve's hawkish stance on gold prices and the ongoing geopolitical conflicts, suggesting a complex environment for commodity trading [1] Group 1 - The Federal Reserve's hawkish perspective is suppressing gold prices, indicating a bearish trend in the precious metals market [1] - Ongoing geopolitical conflicts continue to create uncertainty in the market, affecting investor sentiment and commodity prices [1] - The article invites participants to join a zero-cost training camp focused on commodity trading strategies, emphasizing the importance of being proactive in seizing market opportunities [1]

埃及农业部声明：埃及正在研究战略商品的新来源。 ...