Core Viewpoint - Intel's stock price surged by 7.2% to $23.59, despite a general market decline, raising confusion among analysts due to the lack of substantial positive news driving this increase [1][3]. Group 1: Stock Performance - The semiconductor sector has seen a rotation of funds, which may have contributed to Intel's stock price increase [4]. - Over the past month, semiconductor stocks in the Russell 3000 index averaged a return of approximately 10%, while Intel's stock rose about 15% in the same period, despite a 31% decline over the past 12 months [4][6]. Group 2: Analyst Insights - Citigroup analyst Christopher Danely raised the target price for Intel but maintained a "hold" rating, indicating that the price increase was not directly linked to this adjustment [3]. - Only 6% of analysts currently rate Intel as a "buy," significantly lower than the average 63% "buy" rating for semiconductor stocks in the Russell 3000 index, reflecting a cautious long-term outlook for Intel [6]. Group 3: Short Selling Dynamics - Short covering may have played a role in the stock's rise, as short sellers borrow and sell stocks hoping to repurchase them at lower prices [6]. - Intel's short interest is approximately 3%, making it a relatively popular short target, with a total short value of about $3 billion, the highest among semiconductor stocks [6].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - Overnight, US soybeans closed slightly higher, and the Dalian soybean meal futures may fluctuate. The spot price of soybeans is stable, and the futures price fluctuates [1]. - On July 3, 2025, CBOT soybean futures closed slightly higher due to short - covering and position adjustment before the US Independence Day long - weekend. However, the gains were limited by good US weather and sufficient global supply [3]. 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: - DCE soybean 2509 closed at 4141 yuan/ton during the day session, up 4 yuan (+0.10%), and 4153 yuan/ton at night, up 5 yuan (+0.12%) [1]. - DCE soybean meal 2509 closed at 2958 yuan/ton during the day session, up 11 yuan (+0.37%), and 2971 yuan/ton at night, up 11 yuan (+0.37%) [1]. - CBOT soybean 11 closed at 1048.25 cents/bushel, up 0.5 cents (+0.05%) [1]. - CBOT soybean meal 12 closed at 292.4 dollars/short - ton, up 1.7 dollars (+0.58%) [1]. - **Spot Prices**: - In Shandong, the price of 43% soybean meal is 2870 - 2900 yuan/ton, with a change of - 10 or +20 yuan compared to the previous day. The spot basis is M2509 - 50/-30, remaining unchanged [1]. - In East China, the price is 2850 - 2900 yuan/ton, up 10 or 20 yuan compared to the previous day [1]. - In South China, the price is 2860 - 2970 yuan/ton, up 10 - 20 yuan compared to the previous day [1]. - **Main Industry Data**: - The trading volume of soybean meal was 16.2 million tons per day on the previous trading day, compared with 44.85 million tons per day two trading days ago [1]. - The inventory of soybean meal was 64.21 million tons per week on the previous trading day, compared with 47.12 million tons per week two trading days ago [1]. 3.2 Macro and Industry News - On July 3, 2025, CBOT soybean futures rose slightly due to short - covering and position adjustment before the US Independence Day long - weekend. But the gains were limited by good US weather and sufficient global supply. Trump was to speak in Iowa, and market rumors about his speech led to a sharp rise in soybean prices on Wednesday. The overall weather in US soybean - producing areas is good, and the Brazilian soybean harvest is expected to be good. The US Midwest will have mild weather and scattered showers in the next two weeks, which is beneficial for crop growth. The US Department of Agriculture reported that private exporters sold 22.6 million tons of US soybeans to unknown destinations for shipment in the 2024/25 season [3]. 3.3 Trend Intensity - The trend intensity of soybean meal is 0, and that of soybeans is 0, only referring to the price fluctuation of the main contract in the day session on the report day [3].

Group 1 - The technical outlook for CBOT soybeans remains weak, with a possibility of breaking below the two-month low [1] - CBOT corn has short-term support, and any changes could trigger short covering [1]

豆粕生猪：等待报告指引 连粕减仓上行 宋歌 songge@jsfco.com 期货从业资格号：F03112006 投资咨询从业证书号：Z0018625 表 1：豆粕生猪期货日度数据监测 | | 美白朗兴 JIDGHI FILTURE | | | 粕 类 生 猪 每 日 数 据 追 踪 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 截至 | 单位 | マ日 | 昨日 | 涨跌 | 涨跌幅 | | 期間 | DCE豆粕: 01 | 6月30日 | 元/吨 | 2999 | 2987 | 12.00 | 0.40% | | | DCE豆粕: 05 | 6月30日 | 元/吨 | 2713 | 2707 | 6.00 | 0.22% | | | DCE豆粕: 09 | 6月30日 | 元/吨 | 2961 | 2946 | 15.00 | 0.51% | | | CZCE菜籽粕: 01 | 6月30日 | 元/吨 | 2301 | 2290 | 11.00 | 0.48% | | | CZCE菜籽粕: 05 | 6月30日 | 元 ...

2025 年 06 月 30 日 商 品 研 究 豆粕：反弹震荡，规避 USDA 报告风险 豆一：现货稳定，盘面反弹震荡 吴光静 投资咨询从业资格号：Z0011992 wuguangjing@gtht.com 【基本面跟踪】 豆粕/豆一基本面数据 周五，芝加哥期货交易所（CBOT）大豆期货收盘上涨，主要受到空头回补和美元走弱的支持。交易商调整 仓位，他们的注意力转向下周一美国农业部公布的种植面积、季度库存和作物进展周报。一位分析师称， 大豆市场经过大幅抛售后涌现了一些空头回补。本周大豆市场已经消化了相当一部分的利空情绪。由于投 资者预计美国今年可能进一步降息，美元进一步走弱，也支撑了大宗商品市场。美国农业部发布的单日出 口销售报告显示，私人出口商报告向墨西哥销售 119,746 吨大豆，在 2025/26 年度交货。然而，美国和 全球供应前景良好仍然抑制了价格。气象预报显示，未来几天美国中西部天气温暖多雨，有助于大豆作物 生长。（汇易网） | | | 收盘价 （日盘） | 涨 跌 | 收盘价 （夜盘） 涨 跌 | | --- | --- | --- | --- | --- | | | DCE豆一2509 （元 ...

Group 1 - Kratos Defense and Security Solutions Inc announced a sale of $500 million in stock, leading to a 2.6% decline in shares to $41.25 [1] - The stock has fallen from a recent high of $46.52 on June 23, marking a 19-year peak, while year-to-date performance shows a 49.5% increase [1] - Stifel maintained a "buy" rating, indicating confidence in Kratos' potential for growth through incremental investments [1] Group 2 - Options trading for Kratos stock has increased significantly, with 4,893 calls and 1,839 puts exchanged, tripling the average volume [2] - The most popular options are the July 42.50 call and the July 40 put, with new positions being opened for both [2] Group 3 - Short interest in Kratos stock is at 6.4% of its available float, indicating a notable level of bearish sentiment [3] - It would take more than three days for short sellers to cover their positions based on the average trading pace of Kratos [3]

Group 1: Currency Market Overview - The Euro is consolidating near the weekly high above 1.1600 against the US Dollar [1] - The British Pound is stabilizing around 1.3600 amid the latest rally [1] - The Japanese Yen continues its strong rebound from the lowest point since May 13, supported by ongoing buying pressure [1] - The Australian Dollar is recovering towards 0.6500 due to improved global risk sentiment [1] - The New Zealand Dollar has risen over 1%, rebounding approximately 2.5% from Monday's low [1] - The US Dollar is weakening against the Canadian Dollar [1] Group 2: US Economic Indicators - Trump has called for the Federal Reserve to lower interest rates by at least 2 to 3 percentage points [2] - Fed officials Bowman and Goolsbee have indicated support for a rate cut in July if inflation pressures are controlled [2] Group 3: Eurozone Economic Data - Germany's June manufacturing PMI reached a 34-month high, with services and composite PMIs also hitting 3-month highs [3] - France's June manufacturing PMI fell to a 4-month low, with services and composite PMIs at 2-month lows [3] - The German Industrial Association forecasts a 0.3% contraction in the German economy by 2025, revised from a previous estimate of 0.1% contraction [3] - ECB officials have suggested potential rate cuts despite oil market volatility, with Lagarde noting a generally weak economic outlook [3] Group 4: Japanese Economic Outlook - Japan's PMI supports the Bank of Japan's potential rate hike in October [4] - Japanese officials support a revised bond issuance plan [5] - The Prime Minister aims to increase Japan's GDP from 400 trillion yen to 1000 trillion yen by 2040, targeting a real wage growth rate of 1% or more [5] Group 5: Technical Analysis - The GBP/USD maintains strong momentum, having broken the significant resistance level at 1.3520, with targets at 1.3600 and 1.3655 [6] - The USD/JPY has broken below the 100-hour moving average support, testing the critical support range of 145.40-145.00 [6] - The US Dollar Index remains below key moving averages, indicating a bearish trend, but a short-term breakout above the 50-day moving average could trigger a short-covering rally [6]

Group 1 - Five Below Inc's stock is currently down 1.2% to $124.92 following disappointing retail sales data for May, but it has a 22.9% gain over the past nine months and recently reached a 52-week high of $137.30 on June 5, with a support level at $120 [1] - The stock's recent peak coincides with low implied volatility, indicated by a Schaeffer's Volatility Index (SVI) of 46%, which is in the 14th percentile of its annual range; historically, after similar occurrences, the stock has risen 67% of the time one month later, averaging a 5% increase [2] - Short interest in Five Below has decreased by 31.3% in the most recent reporting period, although it still represents 6.2% of the stock's available float, suggesting potential for further upward movement if short sellers continue to exit [3] Group 2 - The equity's Schaeffer's Volatility Scorecard (SVS) is high at 95 out of 100, indicating that the stock has historically exceeded volatility expectations, which may benefit options buyers looking to capitalize on future price movements [4]

原油出现大量空头回补，同时也有投机性买盘入场，交易员仍将保持高度警惕，并寻求对冲下周"跳空风险"。 周五早盘风云突变。随着以色列当地时间凌晨对伊朗发动空袭，市场的平静被瞬间打破。市场人士认为，此次袭击意味着地缘局势取代经贸政策再次成为市 场的主要影响因素。 据记者了解，高盛交易台信息显示，随着袭击行动的确认，交易量迅速飙升。WTI原油期货价格在几分钟内就飙升了4%，三日累计涨幅达15%，VIX期货大 涨近13%。当前亚洲市场的交易量是过去10天同期平均值的8至10倍。 就市场来看，避险情绪刺激黄金周五早盘突破3400美元整数关口，此前数周的盘整行情或被打破，多头有望重新接管走势。由于市场担心伊朗可能采取封锁 霍尔木兹海峡在内的报复措施（全球20%的原油贸易由此经过），WTI原油期货一度上涨12%突破77美元/桶，油价有望就此突破过去三年的下行趋势。日元 和瑞郎等避险货币不同程度走强。与此同时，美国三大指数期货盘后时间跌幅都在1.5%左右，亚太股市开盘普遍下跌，澳元重挫1%。截至北京时间6月13日 14:20，WTI原油期货价格暂时回落至72美元附近。 历史也显示，1973年仅5%的供应中断就导致油价上涨四倍， ...

Core Viewpoint - Wall Street is experiencing one of the largest short squeezes in recent years, which may continue in the coming weeks [1] Group 1: Market Dynamics - Goldman Sachs' data shows that the "most shorted stocks" index has surged 42% from its April low, with a 16% increase in the past month and a 10.8% rise in the last five trading days [1][3] - Recent macroeconomic data has shown unexpected resilience, with the ISM manufacturing index and non-farm payroll data exceeding expectations [3] - The interest rate environment is becoming more accommodative, with the 30-year U.S. Treasury yield stabilizing below 5% [3] - Hedge funds have adjusted their positions, with total leverage rising to the 100th percentile over the past five years, and net leverage increasing by 1.6 percentage points to the 68th percentile [3] - Systematic funds (CTAs) have net bought approximately $30 billion in U.S. stocks over the past month, indicating strong short-covering pressure [3] Group 2: Historical Context and Future Outlook - Historical data suggests a positive outlook, with small-cap stocks potentially becoming a focal point as short-selling levels reach extreme highs [4] - Despite potential turning points ahead, the most shorted stocks have not yet entered extreme short-squeeze territory, indicating further upside potential [6] - When Goldman Sachs' most shorted index rises over 15% in two weeks, the market tends to maintain a stable upward trend [6] - Technical analysis suggests that the outlook following this short squeeze may remain optimistic, with the Russell 2000 index being an exception in CTA strategy demand [6] Group 3: Investment Sentiment - Overall risk appetite has returned, although the total leverage of hedge funds has reached a historical high at the 99th percentile [8] - The sentiment in the market has shifted from caution to enthusiasm, with hedge fund investment strategies becoming more aggressive [10] - Upcoming catalysts, such as the CPI data release, may impact market trends, but current technical indicators and institutional positioning support the continuation of this short-term rally [10]