Report Industry Investment Rating No relevant content provided. Core Views of the Report - **Bean Meal**: The US soybean market is experiencing a decline due to favorable weather conditions in the US soybean - growing regions, which have raised expectations of a bumper harvest. In the domestic market, bean meal has rebounded, influenced by the US soybean market and technical adjustments. However, the increase in imported soybeans in June and weak spot prices are suppressing the market. It is expected to trade in the range of 2920 - 2980 [8]. - **Soybeans**: The US soybean market is under pressure from good planting weather, and the domestic soybean market is in a weak oscillation. The increase in imported soybeans and the expectation of a new - season domestic soybean harvest are suppressing the market. The domestic soybean market is expected to be affected by the US - China tariff negotiations and the arrival of imported soybeans. The soybean A2509 is expected to trade in the range of 4040 - 4140 [10]. Summary by Directory 1. Daily Tips - **Bean Meal**: The market is neutral, with a negative basis, an increase in inventory, a downward - trending price below the 20 - day moving average, an increase in long positions by the main players but capital outflows, and is expected to trade in a range [8]. - **Soybeans**: The market is neutral, with a positive basis, a decrease in inventory, a downward - trending price below the 20 - day moving average, an increase in short positions by the main players and capital inflows, and is expected to trade in a range [10]. 2. Recent News - The progress of the US - China tariff negotiations is short - term positive for US soybeans. The US soybean market is expected to oscillate above the 1000 - point mark, waiting for further information on US soybean planting and the arrival of imported soybeans [12]. - The arrival of imported soybeans in China reached a high in June. The domestic soybean and bean meal inventories have increased since May. The bean market has declined due to the fall in the US soybean market [12]. - The decline in domestic pig - farming profits has led to low expectations for pig replenishment. The demand for bean meal has weakened since May, but tight supply supports the post - holiday price. The bean meal market is in a weak oscillation [12]. - The low inventory of domestic oil - mill bean meal supports short - term prices. The bean meal market is expected to oscillate, waiting for the confirmation of South American soybean production and the progress of the US - China tariff negotiations [12]. 3. Long and Short Concerns - **Bean Meal**: Bullish factors include slow customs clearance of imported soybeans, low domestic oil - mill bean meal inventory, and uncertain weather in the US soybean - growing regions. Bearish factors include a high volume of imported soybeans in June and a bumper harvest in South America [13]. - **Soybeans**: Bullish factors are the cost support of imported soybeans and the expected increase in domestic soybean demand. Bearish factors are the expected bumper harvest in Brazil and the expected increase in new - season domestic soybean production [14]. 4. Fundamental Data - **Global Soybean Supply - Demand Balance**: From 2015 - 2024, the harvest area, production, and total supply of soybeans have generally increased, while the inventory - to - consumption ratio has also shown an upward trend [30]. - **Domestic Soybean Supply - Demand Balance**: From 2015 - 2024, the harvest area, production, and import volume of domestic soybeans have changed, and the inventory - to - consumption ratio has fluctuated [31]. 5. Position Data - **Bean Meal Futures**: The main players have increased their long positions, but there is capital outflow [8]. - **Soybean Futures**: The main players have increased their short positions, and there is capital inflow [10]. Other Information - **Market Transactions**: The bean meal futures market has returned to an oscillation, with the spot market relatively weak and a high - level spot discount. The bean - rapeseed meal spot price difference has shown small fluctuations, and the 2509 contract spread has remained oscillating [22][27]. - **Inventory and Production**: The soybean crushing volume of oil mills has remained high, and the bean meal production in June has increased year - on - year. The inventory of oil - mill soybeans and bean meal has continued to rise, and the unexecuted contracts of oil mills have increased significantly [24][44][46]. - **Import and Cost**: The arrival of imported soybeans has been postponed to June, with an overall increase. The import cost of Brazilian soybeans and the import soybean futures profit have shown small fluctuations [43][50]. - **Livestock Market**: The inventory of pigs and sows has increased slightly year - on - year but decreased slightly month - on - month. The pig price has rebounded recently, while the piglet price has remained weak. The proportion of large pigs has decreased, and the cost of secondary fattening of pigs has increased slightly. The domestic pig - farming profit has rebounded from a low level [52][54][56][58].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The U.S. soybean market is affected by Trump's tariff war and technical adjustments, waiting for the follow - up of China - U.S. tariff negotiations and the growth weather in U.S. soybean - producing areas. The domestic soybean meal market may return to a range - bound pattern due to factors such as increased imports of soybeans and weak spot prices [8]. - The domestic soybean market is affected by factors like increased imports of Brazilian soybeans and the expected increase in domestic soybean production, and is also in a weak and volatile state [10]. Summary According to the Table of Contents 1. Daily Hints No relevant information provided. 2. Recent News - The progress of China - U.S. tariff negotiations is short - term positive for U.S. soybeans. The U.S. soybean market is expected to fluctuate above the 1000 - point mark, waiting for further guidance on U.S. soybean planting and growth, imports of soybeans, and China - U.S. tariff negotiations [12]. - The volume of imported soybeans arriving in China reached a high in June. After May Day, domestic soybean and soybean meal inventories at oil mills rebounded from low levels, and the soybean market declined due to the fall of U.S. soybeans [12]. - The reduction in domestic pig - farming profits led to low expectations for pig replenishment. The demand for soybean meal weakened after May Day, but tight supply supported post - festival prices. With the weakening pressure of the China - U.S. tariff war, soybean meal entered a short - term weak and volatile pattern [12]. - Low soybean meal inventories at domestic oil mills supported short - term price expectations. The possibility of weather speculation in U.S. soybean - producing areas and uncertainties in the China - U.S. tariff war made soybean meal maintain short - term volatility, waiting for the clear output of South American soybeans and the follow - up of the China - U.S. tariff war [12]. 3. Long and Short Concerns Soybean Meal - **Likely to Rise**: Slow customs clearance of imported soybeans, low domestic soybean meal inventories at oil mills, and uncertainties in U.S. soybean - producing area weather [13]. - **Likely to Fall**: High volume of imported soybeans arriving in June, the end of the Brazilian soybean harvest, and the continuous expectation of a bumper South American soybean harvest [13]. Soybeans - **Likely to Rise**: Support from the cost of imported soybeans and the expected increase in domestic soybean demand [14]. - **Likely to Fall**: The continuous expectation of a bumper Brazilian soybean harvest and China's increased procurement of Brazilian soybeans, and the expected increase in domestic soybean production [14]. 4. Fundamental Data - **Soybean Meal**: The spot price in East China is 2790, with a basis of - 164, indicating a discount to futures. The inventory of soybean meal at oil mills is 822,400 tons, a 18.91% increase from last week and a 34.32% decrease from the same period last year [8]. - **Soybeans**: The spot price is 4200, with a basis of 95, indicating a premium to futures. The inventory of soybeans at oil mills is 6.364 million tons, a 4.43% decrease from last week and an 11.28% increase from the same period last year [10]. 5. Position Data - **Soybean Meal**: The long positions of the main contract increased, and funds flowed in [8]. - **Soybeans**: The short positions of the main contract increased, and funds flowed in [10]. Other Information - The import volume of soybeans arriving in China reached a high in June, and the inventory of soybeans and soybean meal at oil mills continued to rise. The unexecuted contracts of oil mills continued to decline, and the demand for forward stocking weakened [44][45][47]. - The cost of importing Brazilian soybeans increased slightly, and the profit of imported soybeans on the disk fluctuated slightly [51]. - The inventory of live pigs and sows increased slightly year - on - year but decreased slightly month - on - month. The price of live pigs rebounded recently, while the price of piglets remained weak. The proportion of large pigs in China decreased, and the cost of secondary fattening of live pigs increased slightly. The domestic pig - farming profit rebounded from a low level [53][55][57][59].

Report Industry Investment Rating - Not provided in the given content Core Views - **For Soybean Meal**: The US soybean market is experiencing a decline due to favorable growing weather and high expectations of a bumper harvest. In the domestic market, soybean meal prices initially dropped and then rebounded, influenced by the US soybean market and technical adjustments. With an increase in imported soybeans in June and weak spot prices, the market is expected to enter a range - bound pattern. The M2509 contract is expected to oscillate between 2900 and 2960 [8]. - **For Soybeans**: The US soybean market is in a downward trend due to good growing conditions and high - yield expectations. In the domestic market, soybeans are trading in a narrow range, affected by the increase in imported soybeans and the expectation of a new - season domestic soybean harvest. The A2509 contract is expected to fluctuate between 4040 and 4140 [10]. Summary by Directory 1. Daily Tips - Not provided in the given content 2. Recent News - The progress of China - US tariff negotiations is short - term positive for US soybeans. However, the good planting weather in the US has led to a relatively strong performance in the US soybean market, which is expected to oscillate above the 1000 - point mark. Future trends depend on soybean planting and growth conditions, imported soybean arrivals, and the follow - up of China - US tariff negotiations. - The arrival of imported soybeans in China reached a high in June. After May Day, domestic soybean inventories and oil - mill soybean meal inventories have rebounded from low levels. Recently, the soybean and soybean meal markets have declined due to the fall in the US soybean market. - The decrease in domestic pig - farming profits has led to low expectations for pig replenishment. The demand for soybean meal has weakened after May Day, but tight supply supports post - holiday price expectations. With the weakening pressure of the China - US tariff war, soybean meal has entered a short - term weak - oscillation pattern. - Low oil - mill soybean meal inventories support short - term price expectations. The possibility of weather speculation in the US soybean - producing areas and uncertainties in the China - US tariff war mean that soybean meal will maintain an oscillatory pattern in the short term, awaiting further clarity on South American soybean yields and the follow - up of the China - US tariff war [12]. 3. Bullish and Bearish Factors - **Soybean Meal Bullish Factors**: Slow customs clearance of imported soybeans, low domestic oil - mill soybean meal inventories, and uncertainties in the US soybean - producing area weather [13]. - **Soybean Meal Bearish Factors**: The total arrival of imported soybeans in China reached a high in June, and the continued expectation of a bumper South American soybean harvest after the end of the Brazilian soybean harvest [13]. - **Soybean Bullish Factors**: The cost of imported soybeans supports the bottom of the domestic soybean market, and the expected increase in domestic soybean demand supports price expectations [14]. - **Soybean Bearish Factors**: The continued expectation of a bumper Brazilian soybean harvest and China's increased procurement of Brazilian soybeans, as well as the expected increase in new - season domestic soybean production, suppress price expectations [14]. 4. Fundamental Data - **Soybean Meal**: Spot price in East China is 2780, with a basis of - 167, indicating a discount to futures. Oil - mill soybean meal inventory is 82.24 million tons, a 18.91% increase from last week and a 34.32% decrease compared to the same period last year [8]. - **Soybeans**: Spot price is 4200, with a basis of 89, indicating a premium to futures. Oil - mill soybean inventory is 636.4 million tons, a 4.43% decrease from last week and an 11.28% increase compared to the same period last year [10]. - **Trading Data**: From June 30 to July 9, the trading volume and average price of soybean meal and rapeseed meal showed certain fluctuations, and the average price difference between soybean meal and rapeseed meal also changed [15]. - **Global and Domestic Supply - Demand Balance Sheets**: Provide historical data on global and domestic soybean supply - demand balance, including harvest area, initial inventory, production, total supply, total consumption, ending inventory, and inventory - to - consumption ratio [31][32]. - **Sowing and Harvesting Progress**: Include the sowing and harvesting progress of soybeans in the US, Brazil, and Argentina in 2023 - 2025 [33][34][38] 5. Position Data - **Soybean Meal**: The main long positions have decreased, but capital has flowed in [8]. - **Soybeans**: The main short positions have increased, and capital has flowed out [10].

＃summary＃ 行业 国债日报 日期 2025 年 7 月 9 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 宏观金融团队 请阅读正文后的声明 每日报告 | | 表1：国债期货7月8日交易数据汇总 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | TL2509 | 121.190 | 121.070 | 120.920 | 120.860 | -0.270 | -0.22 | ...

Core Viewpoint - The current anti-involution policies are expected to strengthen the trend of "reducing capital expenditure," leading to a more certain and sustained supply-demand turning point starting in mid-2026 [1][4]. Group 1: Anti-Involution Policies - The anti-involution policies are reminiscent of the supply-side reforms from 2016-2017, which can be broken down into three core elements: "reducing capacity," "reducing output," and demand-side stimulation [2]. - "Reducing capital expenditure" is an inevitable trend, with the current growth rate of capital expenditure in the midstream manufacturing sector reaching a new low since 2012 [3]. - The impact of "reducing capacity" will manifest in three ways: delayed effects from reduced capital expenditure, abandonment of existing projects, and guiding the survival of the fittest among existing enterprises [3][4]. Group 2: Supply-Demand Dynamics - The most significant impact of the current anti-involution is that by mid-2026, the growth rate of fixed asset formation in midstream manufacturing will be lower than the nominal GDP growth rate, enhancing the visibility of the supply-demand turning point [4]. - The current low capacity utilization and weak internal investment willingness among enterprises suggest further room for decline in capital expenditure growth [4]. Group 3: Market Outlook - The improvement in the supply-demand dynamics in midstream manufacturing and the easing of the anti-involution narrative are seen as crucial components for a bull market expected in 2026-2027 [8]. - The recent breakthrough of the Shanghai Composite Index has become an investment narrative, enhancing risk appetite, although the current fundamental expectations and profit accumulation are not yet at bull market levels [8][9]. - The focus on high-dividend stocks, including bank shares, is deemed a long-term correct strategy, but short-term dynamics indicate that this trend may not be sustainable [10]. Group 4: Sector Performance - The sectors currently showing significant profit expansion include banking, steel, and electricity equipment, while sectors like defense and non-ferrous metals are experiencing contraction [14]. - The short-term market focus is on sectors such as steel, building materials, and electrical equipment, with expectations of improved profitability in various manufacturing sub-sectors by Q4 2025 [11]. Group 5: Investment Strategy - The investment strategy should consider the anticipated structural changes in the market, with a focus on sectors that will benefit from the anti-involution policies and the expected recovery in profitability [11][14]. - The Hong Kong stock market is expected to perform well in the potential bull market, driven by factors such as concentrated IPOs and early dividends [11].

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The overall market shows a complex situation with different trends in various sectors. In the macro - aspect, the economic and policy environment has an impact on different industries. The stock market is in an upward trend with strong bulls, but there are also uncertainties in the market expectations. In the commodity market, different products have different supply - demand relationships and price trends [19][21]. 3. Summary According to Relevant Catalogs 3.1 Macro Indicators - On July 4, 2025, compared with July 3, the Dow Jones Industrial Index rose 0.774% to 44828.53, the Nasdaq Index rose 1.020% to 20601.10, the S&P 500 rose 0.834% to 6279.35, and the Hang Seng Index fell 0.625% to 24069.94. SHIBOR overnight fell 3.663% to 1.32, the US dollar index fell 0.087% to 97.03, and the US dollar against the RMB (CFETS) remained unchanged at 7.16 [2]. - For commodities, COMEX gold fell 0.971% to 3336.00, COMEX silver rose 0.680% to 37.04, LME copper fell 0.584% to 9951.50, etc. [2]. 3.2 Macro News - The Ministry of Commerce has no information on the report of the US President's potential visit with a business delegation, and hopes the US and China can promote healthy and stable development of economic and trade relations [7]. - The US has revoked the requirement for three major chip - design software suppliers to apply for government permission for their business in China [7]. - The State Council will replicate 77 pilot measures of the Shanghai Free - Trade Zone, with 34 measures extended to other free - trade zones and 43 to the whole country [7]. - The US House of Representatives passed Trump's "big and beautiful" tax and spending bill, which will increase the federal debt ceiling by $5 trillion and may increase the budget deficit by $3.4 trillion in the next decade [8]. - China and the EU held the 13th high - level strategic dialogue, and China will ensure normal demand for rare - earth exports from European enterprises [8]. - In June, the Caixin China Services PMI was 50.6, down 0.5 percentage points from May, and the Composite PMI output index rebounded 1.7 percentage points to 51.3 [8]. - From January to May, China's service trade volume was 32543.6 billion yuan, a year - on - year increase of 7.7%, with exports growing 15.1% and imports growing 2.7% [9]. - The Ministry of Industry and Information Technology will address the low - price and disorderly competition in the photovoltaic industry [9]. 3.3 Morning Meeting Views on Main Varieties 3.3.1 Agricultural Products - Peanut market is in a situation of weak supply and demand, with prices in a narrow - range adjustment. It is recommended to take a short - selling approach [11]. - For oils and fats, on June 26, the total trading volume of soybean oil and palm oil decreased by 57% compared with the previous trading day. About 12% of US soybean - planting areas were affected by drought in the week of June 24, and the palm oil export volume from June 1 - 25 in Malaysia increased [11]. - On July 3, the sugar futures main contract closed at 5767 yuan/ton. The domestic sugar market has good sales data, but international sugar prices are weak. It is recommended to go long with caution [11]. - On July 3, the corn futures main contract closed at 2363 yuan/ton, slightly down. The supply - demand situation is complex, and it is recommended to wait and see [11]. - The price of live pigs is stable with a slight upward trend. The supply is stable and the demand is improving. The futures main contract is strong [13]. - The price of eggs is stable. The short - term supply exceeds demand, but there are positive expectations in the medium - term. It is recommended to try to go long [13]. 3.3.2 Energy and Chemicals - For caustic soda, the market sentiment has improved, and it is necessary to pay attention to the pressure at 2400 - 2500 yuan/ton [13]. - The price of urea fluctuates slightly. Supply is expected to decrease in July, and demand is increasing. The futures price may continue to fluctuate [13]. 3.3.3 Industrial Metals - For copper and aluminum, the market macro - sentiment is positive, and a long - position thinking can be adopted after breaking through the pressure level [15]. - For alumina, the cost is expected to decrease slightly, and it is necessary to pay attention to the pressure at the May high [15]. - For steel products, the steel price is firm in the short - term, but the upward trend may slow down [15]. - For ferroalloys, the price rebound may release supply pressure in the long - term. A short - term long and long - term short strategy is recommended [15]. - For coking coal and coke, the coking coal market fluctuates, and coke has a price - increase expectation, but the raw - material support is weakening [15]. - For lithium carbonate, it is recommended to wait and see. If it breaks through the previous high, a small - position long position can be considered [17]. 3.3.4 Option Finance - The stock market is in an upward trend. The main indexes have reached new highs, and the technology and pharmaceutical sectors are performing well. It is recommended to pay attention to the low - buying opportunities of IF, IM, and IC, and adjust positions according to market sentiment [19][21]. - For options, different options have different volume and position changes, and trend investors should focus on defense, while volatility investors can hold long - straddle positions [22].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The overall market shows a complex situation with different trends in various sectors. In the financial futures and options market, both stock index futures and treasury bond futures are expected to be strong in the short and medium - term. In the commodity futures and options market, different metals and energy materials, as well as agricultural products, have their own unique supply - demand and price trends [1][2][4]. Summary by Category Financial Futures and Options Stock Index Futures (IF, IH, IC, IM) - **Day - to - day view**: Oscillate with a slight upward bias [1] - **Medium - term view**: Bullish [1] - **Reference strategy**: Hold short MO2507 - P - 5800 out - of - the - money put options and IM2507 long positions [1] - **Core logic**: Positive sentiment in the equity market due to Sino - US communication and policy support, and the potential rise of the science and technology sector [1] Treasury Bond Futures (TS, TF, T, TL) - **Day - to - day view**: Oscillate with a slight upward bias [2] - **Medium - term view**: Bullish [2] - **Reference strategy**: Hold T2509 or TL2509 long positions [3] - **Core logic**: Weak domestic fundamentals strengthen policy expectations, and the central bank's continued net investment affects the capital market [3] Commodity Futures and Options Metal and New Energy Materials - **Copper** - **Day - to - day view**: Price range from 79,200 to 81,000 [4] - **Medium - term view**: Price range from 60,000 to 90,000 [4] - **Reference strategy**: Adopt an oscillating and slightly upward trading idea, buy call options [4] - **Core logic**: The "Big and Beautiful" bill in the US, supply shortages, and changes in international demand and inventory levels affect copper prices [4] - **Industrial Silicon** - **Day - to - day view**: Run with a slight upward bias, price range from 8,000 to 8,100 [5] - **Medium - term view**: Face downward pressure, price range from 7,000 to 9,000 [5] - **Reference strategy**: Hold short SI2508 - C - 9000 until expiration, short futures on rallies [5] - **Core logic**: Decreased supply and demand, and high inventory levels [5] - **Polysilicon** - **Day - to - day view**: Run with a slight upward bias, price range from 33,000 to 35,000 [7] - **Medium - term view**: Trade at a low level, price range from 28,000 to 38,000 [7] - **Reference strategy**: Hold short PS2508 - C - 45000 until expiration [7] - **Core logic**: Decreased supply and demand, and high inventory levels [7] - **Aluminum** - **Day - to - day view**: Run with a slight upward bias, price range from 20,400 to 20,700 [9] - **Medium - term view**: Trade at a high level, price range from 19,200 to 21,000 [9] - **Reference strategy**: Sell AL2508 - P - 19300 [9] - **Core logic**: Limited supply increase, low inventory, good performance in the automotive market, and the overall rise of non - ferrous metals [9] - **Lithium Carbonate** - **Day - to - day view**: Run with a slight upward bias, price range from 63,000 to 65,000 [11] - **Medium - term view**: Cost support weakens, prices decline steadily, price range from 56,000 to 68,000 [11] - **Reference strategy**: Short futures on rallies, sell LC2508 - C - 83000 [11] - **Core logic**: Low spot prices, large supply, and high inventory levels [11] Black and Building Materials - **Rebar and Hot - Rolled Coil** - **Day - to - day view**: Downward pressure weakens [14] - **Medium - term view**: Stop falling and stabilize [14] - **Reference strategy**: Exit the strategy of selling call options and buying put options on RB2510, sell out - of - the - money put options on rebar RB2510 [14] - **Core logic**: Potential relief of raw material inventory pressure and changes in supply and demand [14] Livestock, Poultry, and Soft Commodities - **Hogs** - **Day - to - day view**: Run with a slight upward bias [17] - **Medium - term view**: Rebound temporarily and then maintain a weak trend [17] - **Reference strategy**: Short on rallies [17] - **Core logic**: Changes in supply and demand, with supply remaining abundant and demand weak [17] - **Sugar** - **Day - to - day view**: Oscillate weakly [19] - **Medium - term view**: Rise first and then fall [19] - **Reference strategy**: Short on rallies [19] - **Core logic**: Global supply surplus expectations and domestic supply - demand and import situations [19] - **Protein Meal** - **Day - to - day view**: Soybean meal 2509 oscillates in the range of [2,900, 3,000] [22] - **Medium - term view**: Soybean meal 2509 builds a bottom in the range of [2,900, 3,100] [22] - **Reference strategy**: Sell out - of - the - money put options on soybean meal 2508 - P - 2850 [22] - **Core logic**: Uncertainty in the weather of US soybean and Canadian rapeseed growing areas, and changes in international and domestic soybean and rapeseed markets [22] Energy and Chemicals - **Liquefied Petroleum Gas (LPG)** - **Day - to - day view**: Oscillate within a range [25] - **Medium - term view**: Face downward pressure [25] - **Reference strategy**: Hold short out - of - the - money call options on PG2508 [25] - **Core logic**: Changes in supply, demand, and cost factors [25] - **PVC** - **Day - to - day view**: Oscillate with a slight upward bias [28] - **Medium - term view**: Limited upside potential [28] - **Reference strategy**: Continue to hold the strategy of selling out - of - the - money call options on PVC [28] - **Core logic**: Changes in cost, supply, demand, and inventory levels [28]

交易咨询业务资格：证监许可【2012】1091号 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 每日提示 2 近期要闻 3 多空关注 4 基本面数据 豆粕早报 2025-06-30 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 5 持仓数据 ✸豆粕观点和策略 1.基本面：美豆震荡回升，美元走弱和空头回补，美豆短期千点关口上方震荡等待中美关税 谈判后续和美国大豆产区生长天气进一步指引。国内豆粕探底回升，美豆带动和技术性 震荡整理，6月进口大豆到港增多和现货价格弱势压制盘面反弹高度，短期回归区间震荡 格局。中性 2.基差：现货2800（华东），基差-146，贴水期货。偏空 3.库存：油厂豆粕库存50.89万吨，上周41万吨，环比增加24.12%，去年同期96.77万吨，同 比减少47.41%。偏多 4.盘面：价格在20日均线下方但方向向上。中性 5.主力持仓： ...

量大面广的中小微企业，是中国经济韧性的重要支撑。 第二十届中国国际中小企业博览会6月27~30日在广州举行。工业和信息化部部长李乐成在开幕致辞中表 示，要加力优化中小企业公平竞争环境，推动建设开放型世界经济，通过消除制度性壁垒、完善市场准入 规则、加强知识产权保护等措施，让中小企业在开放的国际市场中平等获取资源、技术与信息，公平参与 竞争。 李乐成强调，要着力强化中小企业专精特新发展。出台有利政策，支持中小企业聚焦主业、精耕细作，实 现高端化、数字化、绿色化、国际化发展，不断增强创新能力和核心竞争力。引导优质资源向中小企业聚 集，建设更多中小企业特色产业集群。 6月是2025年全国中小企业服务月。当前，从中央到地方正积极部署，围绕市场拓展、融资促进、数字化 转型、技术赋能等多个领域推出系列暖企惠企举措，开展针对性的服务活动，通过精准有力的政策助力中 小企业强信心、稳预期。 2025.06. 29 本文字数：2240，阅读时长大约4分钟 作者 | 第一财经 祝嫣然 中小企业相关指标稳中向好 工信部、国家统计局发布的最新数据显示，今年前5个月，我国中小企业经济运行总体平稳，主要经济指 标保持增长。 前5个月，我国 ...

工业和信息化部部长李乐成强调，要着力强化中小企业专精特新发展。出台有利政策，支持中小企业聚焦 主业、精耕细作，实现高端化、数字化、绿色化、国际化发展。 量大面广的中小微企业，是中国经济韧性的重要支撑。 第二十届中国国际中小企业博览会6月27~30日在广州举行。工业和信息化部部长李乐成在开幕致辞中表 示，要加力优化中小企业公平竞争环境，推动建设开放型世界经济，通过消除制度性壁垒、完善市场准入 规则、加强知识产权保护等措施，让中小企业在开放的国际市场中平等获取资源、技术与信息，公平参与 竞争。 李乐成强调，要着力强化中小企业专精特新发展。出台有利政策，支持中小企业聚焦主业、精耕细作，实 现高端化、数字化、绿色化、国际化发展，不断增强创新能力和核心竞争力。引导优质资源向中小企业聚 集，建设更多中小企业特色产业集群。 6月是2025年全国中小企业服务月。当前，从中央到地方正积极部署，围绕市场拓展、融资促进、数字化 转型、技术赋能等多个领域推出系列暖企惠企举措，开展针对性的服务活动，通过精准有力的政策助力中 小企业强信心、稳预期。 中小企业相关指标稳中向好 工信部、国家统计局发布的最新数据显示，今年前5个月，我国中小企 ...