| | | | | 操作评级 | 2025年06月12日 | | --- | --- | --- | | 显一 | ☆☆☆ | 杨蕊霞 农产品组长 | | | | F0285733 Z0011333 | | 豆粕 | ☆☆☆ | 吴小明 首席分析师 | | 豆油 | ☆☆☆ | F3078401 Z0015853 | | 棕櫚油 | ななな | 董甜甜 高级分析师 | | 薬粕 | ★☆☆ | F0302203 Z0012037 | | 薬油 | ★☆☆ | 宋腾 高级分析师 | | 玉米 | ななな | F03135787 Z0021166 | | 生猪 | ななな | | | 鸡蛋 | な☆☆ | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【豆一】 国产大豆主力合约今日仍然移仓,价格反弹。今日中储粮油脂竞价采购国产大豆全部流拍,采购顶价为 4300~4350元/吨。企业贸易量竞价销售也全部流拍，竞价底价为4350元/吨。国产大豆价格跟进口大豆和谷物价 格均走强。进口大豆方面欧洲气象中心的集合预报显示,从最新的6月份报告来看显示出大豆生长期的关键 ...

Market Overview - The market is currently experiencing a narrow range of fluctuations around the 3400-point level, with a tendency to stabilize before potentially moving upward [1] - The financial sector, particularly banks and insurance companies, is contributing to market stability, with insurance stocks showing significant early gains [3] Sector Performance - Gold stocks are rising due to recent fluctuations in the spot market and geopolitical factors, but their potential for further growth is limited [2] - The beauty and personal care sector is undergoing a shift, with some stocks showing strong performance while others lag behind [2] - The metal materials sector is performing well, with both year-on-year and month-on-month growth in PPI data, indicating strong sustainability [2] - The cultural and media sector is experiencing short-term speculative trading driven by holiday sentiments, but its long-term sustainability is uncertain without new product launches [2] Financial Sector Insights - The banking sector is showing a stable performance with some companies benefiting from major shareholder buybacks, while the overall trend remains flat [3] - The brokerage sector is gaining attention but has not yet seen significant price increases; further upward movement may depend on the brokerage's ability to drive market momentum [3] - Long-term focus should remain on financials, insurance, and major operators, with a strategy of sector rotation based on industry cycles [3]

Core Viewpoint - The emergence of "suspension warning" announcements by listed companies is seen as a new regulatory measure to curb irrational speculation and protect the rights of small investors [1][2][4]. Group 1: Suspension Warning Announcements - Multiple companies have recently issued announcements containing "suspension warning" content, indicating a growing trend in the market [1]. - Filinger, a representative case, issued a risk warning on June 7 after its stock price surged by 32.97% over four consecutive trading days, stating it would apply for a suspension if significant anomalies continued [1]. - As of now, at least seven companies, including Filinger and ST Zhuolang, have issued such warnings, often linked to high-risk situations [1][2]. Group 2: Regulatory Response and Market Impact - The introduction of "suspension warning" content is believed to be related to new regulatory requirements, as companies are mandated to follow a fixed template for trading risk announcements [2]. - The mechanism aims to strengthen the control over stock price speculation and deter investors from engaging in manipulative trading practices [4]. - The effectiveness of this mechanism is evident, as seen in the case of Zhongyida, where a significant price surge halted immediately after the announcement of a risk warning [5]. Group 3: Future Considerations - There are suggestions for "suspension warning" announcements to become a regular type of announcement, shifting from "post-event punishment" to "pre-event warning" [6]. - The complexity of the market raises concerns about balancing effective risk warnings with the need to protect investors' trading rights, indicating a need for ongoing exploration and refinement of this mechanism [6].

Core Viewpoint - *ST亚振 has announced a stock trading risk warning and will conduct a review of its stock trading situation, leading to a temporary suspension of trading for up to three trading days starting June 12, 2025 [1] Group 1: Stock Performance and Market Reaction - On June 10 and June 11, *ST亚振's stock hit the daily limit up, with a growth rate of 5.03% on both days [2] - The stock's closing price from May 6 to June 11 showed a cumulative increase of 100%, significantly deviating from the market index by 107.83% [2] - The company's latest rolling P/E ratio is negative, while its P/B ratio is 13.88, which is substantially higher than the industry average P/E of 16.00 and P/B of 1.89, indicating potential irrational market speculation [2] Group 2: Financial Performance - For the fiscal year 2024, *ST亚振 reported total revenue of 202.40 million yuan, with a net loss attributable to shareholders of 116.96 million yuan [3] - The first quarter of 2025 showed a revenue of 40.68 million yuan and a net loss of 21.31 million yuan [3] - The company has been placed under delisting risk warning since May 6, 2025, due to its negative net profit and revenue below 300 million yuan [3] Group 3: Shareholder Changes and Acquisition Offer - The controlling shareholder has changed from Shanghai亚振投资 to 吴涛, who has initiated a partial tender offer to acquire 21% of the company's shares at a price of 5.68 yuan per share [4] - The recent closing price of the stock was 12.95 yuan per share, significantly higher than the tender offer price, indicating a potential undervaluation in the market [4] Group 4: Company Self-Assessment - The company has conducted a self-assessment and found no significant changes in its business operations or any major events that could impact its stock price [5] - There have been no reported insider trading activities among key stakeholders [5]

Core Viewpoint - The emergence of "suspension warning" announcements among listed companies in the A-share market indicates a growing concern over trading risks, particularly in the context of significant stock price fluctuations and potential regulatory scrutiny [1][2][6]. Group 1: Company Announcements - Multiple listed companies, including Filinger, *ST Yazhen, *ST Suwu, Zhongyida, *ST Jinguang, *ST Xintong, and *ST Zhuolang, have issued announcements containing "suspension warning" content [2]. - Filinger's announcement highlighted a cumulative stock price increase of 32.97% over four consecutive trading days, prompting a warning about potential trading risks and the possibility of applying for a suspension for further investigation [1][2]. - The trend of issuing "suspension warning" announcements began with *ST Zhuolang on December 11, 2024, which indicated that further significant trading anomalies could lead to a suspension request [3]. Group 2: Regulatory Context - The increase in "suspension warning" announcements is attributed to new regulatory requirements and the need for companies to protect the rights of small investors amid significant stock price movements [1][7]. - A market expert noted that the traditional disclosure format has not changed significantly, allowing for potential exploitation by traders who manipulate stock prices until regulatory mechanisms are triggered [7]. - The introduction of "suspension warning" announcements is seen as a proactive measure to enhance control over stock price speculation and deter investors from engaging in irrational trading behaviors [7][8]. Group 3: Market Impact - The mechanism of "suspension warning" has shown a significant effect on curbing speculative trading, as evidenced by Zhongyida's stock price surge of 312.90% before the announcement, which halted the upward trend immediately after the warning was issued [8]. - The market expert suggested that "suspension warning" announcements could become a regular type of disclosure, shifting the focus from post-event penalties to preemptive alerts, allowing investors time to reconsider their decisions [8]. - However, the complexity of the market remains a challenge, as investors may have mixed feelings about suspension measures, particularly when sudden suspensions prevent timely selling and expose them to potential losses [8].

| SDIC FUTURES | 操作评级 | 2025年06月11日 | | --- | --- | --- | | 豆一 | | 杨蕊霞 农产品组长 | | | な女女 | F0285733 Z0011333 | | 豆粕 | な女女 | 吴小明 首席分析师 | | 豆油 | な☆☆ | | | 棕櫚油 | な女女 | F3078401 Z0015853 | | | | 董甜甜 高级分析师 | | 菜粕 | ★☆☆ | | | | | F0302203 Z0012037 | | 菜油 | ★☆☆ | | | | | 宋腾 高级分析师 | | 玉米 | な女女 | F03135787 Z0021166 | | 生猪 | ★☆☆ | | | 鸡蛋 | ★☆☆ | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【豆一】 国产大豆仍在进行移仓,价格在横盘调整。河南省首批最低收购价托市小麦收购库点正式启动运行,政策端给 粮价托底。东北东部降水量偏大的问题。进口大豆方面中期会受天气驱动，天气会成为影响价格的主要因素, 今年美国大豆平衡表同比偏紧，所以今年要密切 ...

存款5万送Labubu，网友吵翻了！隐藏款炒至2万元，收益率远超黄金，河南新首富换人 "塑料茅台"Labubu凭啥赚疯了？ 据九派新闻报道，6月9日，在社交平台上，一则 "义乌市场Labubu一夜之间全部下架" 的帖 子引发关注。该帖称，由于当地部门正在"严打"高仿版Labubu，商家将陈列下架。 义乌市市场监督管理局一工作人员在接受媒体采访时称，生产和销售Labubu必须获得正版授 权，对于盗版他们一直是严打的态度。"如果涉及的案量较大，还可能移送公安处理。"她补 充，对于任何已知的盗版生产线索，欢迎提供给市场监督管理局。 来 源 | 2 1财经客户端综合自财联社、红星资本局、九派新闻、公开资料 本期编辑 刘雪莹 21君荐读 6月10日，在永乐2025春季拍卖会上，一款显示为初代藏品级薄荷色的 Labubu 最终以 108万 元的价格完成竞拍。 据了解，此次拍卖出现在全球首场初代藏品级LABUBU艺术专场。该款 Labubu 尺寸为高 131cm，材质为PVC，颜色为薄荷色，在备注栏标注了 "全球唯一一只" 。除此之外， 一款全 球限量15版棕色 Labubu 以82万元成交。 据红星资本局报道，本场拍卖是 ...

油料产业风险管理日报 2025/06/10 边舒扬（投资咨询证号：Z0012647） 靳晚冬（期货从业证号：F03118199） 投资咨询业务资格：证监许可【2011】1290号 油料价格区间预测 | 价格区间预测（月度） | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | | 豆粕：2800-3300 | 10.8% | 10.4% | | 菜粕：2450-2750 | 0.1746 | 0.309 | source： 南华研究,同花顺 油料套保策略表 | 行为导向 | 情景分析 | 现货敞 | 策略推荐 | 套保工 | 买卖方 | 套保比例 | 建议入场 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 口 | | 具 | 向 | （%） | 区间 | | 贸易商库存 | 蛋白库存偏高，担心粕类价格下跌 | 多 | 为了防止存货叠加损失，可以根据在企业库存情况，做空豆粕期货来锁定利 | M250 | 卖出 | 25% | 3300-34 | | 管理 | | | 润，弥补企业的生产成本 ...

莱系今日小幅上扬，莱粕略强于菜油。菜系市场主要关注加拿大莱籽产区天气与中加贸易关系。萨斯喀彻温省 油菜优良率为57%，差于过往两年的同期水平。阿尔伯塔省受限于春季以来降雨有限,土壤湿度呈现下滑趋势, 情况与2022年、2023年较为类似，参考历史上这两年的情况来看,6月份的降雨会对墒情大有益处,关注6月份 的降雨情况。中美双方在伦敦举行的中美经贸磋商机制首次会议备受关注，乐观预期提振了国内外油籽、油箱 期价。综合来看，国内菜系期价短期存在支撑，策略上仍以短多为主。 本报告版权属于国投期货有限公司 不可作为投资依据，转载请注明出处 | | | | SDIC FUTURES | | 2025年06月10日 | | --- | --- | --- | | | 操作评级 | | | 豆一 | 女女女 | 杨蕊霞 农产品组长 | | | | F0285733 Z0011333 | | 豆粕 | な女女 | 吴小明 首席分析师 | | 豆油 | な女女 | F3078401 Z0015853 | | 棕榈油 | ななな | | | | | 董甜甜 高级分析师 | | 菜粕 | ★☆☆ | F0302203 Z001203 ...

油料产业风险管理日报 2025/06/09 边舒扬（投资咨询证号：Z0012647） 靳晚冬（期货从业证号：F03118199） 投资咨询业务资格：证监许可【2011】1290号 油料价格区间预测 | 价格区间预测（月度） | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | | 豆粕：2800-3300 | 11.1% | 11.5% | | 菜粕：2450-2750 | 0.1765 | 0.3218 | source： 南华研究,同花顺 油料套保策略表 | 行为导向 | 情景分析 | 现货敞 | 策略推荐 | 套保工 | 买卖方 | 套保比例 | 建议入场 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 口 | | 具 | 向 | （%） | 区间 | | 贸易商库存 | 蛋白库存偏高，担心粕类价格下跌 | 多 | 为了防止存货叠加损失，可以根据在企业库存情况，做空豆粕期货来锁定利 | M250 | 卖出 | 25% | 3300-34 | | 管理 | | | 润，弥补企业的生产成 ...