交易咨询业务资格：证监许可【2012】1091号 沪镍&不锈钢早报—2025年5月8日 沪镍 每日观点 6、结论：沪镍2506：震荡偏弱运行。 1、基本面：外盘有所回落，5日均线暂有支撑。短期受印尼政策扰动和成本支撑，长期供应过剩和高库 存依旧，镍价下有支撑，上有压力，维持区间震荡格局。下游不锈钢表现偏弱，交易所仓单不断流入现 货，供应压力增强。偏空 2、基差：现货125650，基差1200，偏多 3、库存：LME库存199782，-300，上交所仓单23709，-416，偏空 4、盘面：收盘价收于20均线以上，20均线向下，中性 5、主力持仓：主力持仓净空，空减，偏空 大越期货投资咨询部 祝森林 从业资：F3023048 投资咨询证：Z0013626 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。 不锈钢 每日观点 1、基本面：现货不锈钢价格上涨，短期镍矿价格仍坚挺，矿山挺价，镍铁价格继续回落，成本线继续下 移，不锈钢交易所仓单持续流 ...

Summary of Tianqi Lithium's Conference Call Company Overview - **Company**: Tianqi Lithium - **Industry**: Lithium Industry Key Points and Arguments Financial Performance - In Q1 2025, the company achieved a net profit attributable to shareholders of 104 million yuan, a year-on-year increase of 102.68% [3] - The operating cash flow reached 952 million yuan, indicating robust cash flow performance [3] - The company's net profit after deducting non-recurring items was 44.42 million yuan [2][3] Factors Contributing to Performance Improvement - The improvement in performance is attributed to optimized supply chain management and a shortened lithium ore pricing cycle, which mitigated the impact of pricing mechanism mismatches [2][4] - The cost of chemical-grade lithium concentrate has approached the latest procurement prices due to new lithium spodumene purchases and inventory digestion [2][4] - The production capacity ramp-up and technological upgrades at self-owned factories contributed to a year-on-year increase in lithium compounds and derivatives production and sales [2][5] SQM Investment Impact - The tax dispute resolution with SQM has been confirmed for the 2024 fiscal year, with a positive impact on Tianqi's profits due to increased investment returns from SQM [2][6] Procurement and Pricing Strategy - The current procurement price for lithium ore from Talison is approximately 700 to 750 yuan, based on a weighted average of data from four pricing agencies [2][7] - Despite recent declines in lithium ore prices, Talison's cost advantages remain significant, with cash costs showing little change [2][8] Inventory and Sales Strategy - The average inventory cost has decreased to around 700 to 800 yuan, aligning with current market procurement prices [2][9] - The company employs a long-term sales strategy, maintaining good relationships with downstream customers and adjusting pricing based on market conditions [2][13][14] Industry Challenges and Opportunities - The lithium industry is facing challenges due to lower prices, but domestic production remains stable, with Talison maintaining cost advantages [2][21] - The decline in lithium prices may accelerate market clearing, benefiting cost-advantaged companies [2][22] Future Production Expectations - Overall production is expected to increase steadily, with new projects anticipated to ramp up significantly by 2026 [2][18] - The first phase of the Kwinana project has seen some production improvements, but overall capacity utilization has not yet met expectations [2][19] Strategic Focus - The company continues to focus on strengthening upstream resources while maintaining a balanced approach across upstream, midstream, and downstream operations [2][31][33] - There is an emphasis on enhancing downstream strategies due to perceived weaknesses in that area over the past few years [2][33] Market Outlook - The company remains focused on long-term demand and industry growth, despite short-term price fluctuations influenced by external factors [2][34] - The company is prepared for potential futures trading but is waiting for favorable market conditions to proceed [2][24] Additional Notes - The company has no immediate plans for production maintenance during the Spring Festival, but regular safety inspections are conducted annually [2][35]

Report Overview - Report Title: Corn Starch Daily Report - Report Date: May 7, 2025 - Report Author: Liu Dayong 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - Corn: The planting progress of US corn is accelerating, and the price is in a bottom - shock pattern with strong support. China has imposed additional tariffs on US corn and sorghum, and the import profit of foreign corn remains low. The spot price of corn in the north is stable, while that in the northeast and north China is rising. The supply is low, and the demand from the breeding industry is weak. It is expected that the corn price will continue to rise in the short - term, with a narrow - range shock in May. In the long - term, policy - related grain auctions may occur after the price difference between corn and wheat narrows [5][8]. - Starch: The number of trucks arriving at Shandong deep - processing plants has decreased, and the price of corn in Shandong is relatively strong. The inventory of corn starch has increased this week. The price of starch mainly depends on the price of corn and downstream stocking. Due to weak demand, starch enterprises are in a long - term loss state and many have shut down. It is expected that the short - term 07 starch contract will be in a strong - shock pattern [9]. 3. Summary by Directory 3.1 Data 3.1.1 Futures盘面 | Futures Contract | Closing Price | Change | Change Rate | Volume | Volume Change Rate | Open Interest | Open Interest Change Rate | | --- | --- | --- | --- | --- | --- | --- | --- | | C2601 | 2283 | -5 | -0.22% | 29,298 | 74.98% | 61,948 | 11.91% | | C2505 | 2332 | 7 | 0.30% | 4,027 | -63.16% | 26,574 | -37.00% | | C2509 | 2379 | 0 | 0.00% | 163,043 | 35.20% | 387,970 | 5.88% | | CS2601 | 2720 | 1 | 0.04% | 1,505 | 212.24% | 3,278 | 30.44% | | CS2505 | 2715 | 26 | 0.96% | 2,660 | -77.59% | 20,776 | -21.54% | | CS2509 | 2811 | 7 | 0.25% | 10,192 | 54.80% | 34,491 | 7.23% | [3] 3.1.2 Spot and Basis - **Corn**: The spot prices in different regions have different changes. For example, the price in Zhucheng Xingmao and Shouguang has increased by 20 yuan, and the price in Guangdong Port has increased by 10 yuan. The basis varies in different regions, ranging from - 289 to 105 [3]. - **Starch**: The price of Yufeng and Hengren Industry and Trade has increased by 20 and 40 yuan respectively. The basis also shows different values in different regions, from - 15 to 235 [3]. 3.1.3 Spreads - **Corn Inter - period Spreads**: For example, C01 - C05 is - 49 with a change of - 12, C05 - C09 is - 47 with a change of 7 [3]. - **Starch Inter - period Spreads**: CS01 - CS05 is 5 with a change of - 25, CS05 - CS09 is - 96 with a change of 19 [3]. - **Cross - variety Spreads**: CS09 - C09 is 432 with a change of 7, CS01 - C01 is 437 with a change of 6 [3]. 3.2 Market Judgment 3.2.1 Corn - The planting progress of US corn is accelerating, and the price is in a bottom - shock pattern with strong support. China has imposed additional tariffs on US corn and sorghum, and the import profit of foreign corn remains low. The price of Brazilian corn in July is 2098 yuan. The spot price in the north is stable, while that in the northeast and north China is rising. The supply is low, and the demand from the breeding industry is weak. It is expected that the corn price will continue to rise in the short - term, with a narrow - range shock in May. In the long - term, policy - related grain auctions may occur after the price difference between corn and wheat narrows [5][8]. 3.2.2 Starch - The number of trucks arriving at Shandong deep - processing plants has decreased, and the price of corn in Shandong is relatively strong. The inventory of corn starch has increased this week, with the factory inventory at 143.6 million tons, an increase of 6.0 million tons from last week, a monthly increase of 3.5%, and a year - on - year increase of 17.43%. The price of starch mainly depends on the price of corn and downstream stocking. Due to weak demand, starch enterprises are in a long - term loss state and many have shut down. It is expected that the short - term 07 starch contract will be in a strong - shock pattern [9]. 3.3 Trading Strategies - **Unilateral**: The 07 corn contract in China will have a narrow - range shock. It is recommended to wait and see, and consider short - term long positions on pullbacks [11]. - **Arbitrage**: Hold the position of buying spot and shorting 07 corn. Wait and see for now on widening the spread between 07 corn and starch at low levels [14]. 3.4 Corn Options - Option Strategy: Enterprises with spot can sell corn call options and hold the position [16]. - Option Contract Data: For example, on May 7, 2025, the C2509 - P - 2380.DCE option has an underlying price of 2379, a closing price of 50.00, and an IV of - 8.5 [16]. 3.5 Related Attachments - The attachments include multiple charts showing the spot price of corn in different regions, the basis of corn 09 contract, the 9 - 1 spread of corn and corn starch, the basis of corn starch 09 contract, and the spread between corn starch and corn 09 contract [18][21][23].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views - The urea market shows an upward trend today, with potential risks due to uncertain export news. The short - term trend of copper is mainly range - bound, affected by macro uncertainties and strong fundamentals. The short - term trend of rebar is expected to be volatile, and the hot - rolled coil market faces supply and demand pressure. The soybean meal 09 contract is expected to rebound [3][10][11][13][16] - The lithium carbonate market is in a weak state in the short term, with an oversupply pattern and a tendency of weak range - bound oscillation [5] 3. Summary by Variety Urea - Price movement: Opened slightly higher and trended upward during the day. Factory prices continued to rise and started a limited - order receiving mode [3] - Supply: Some upstream factories had minor maintenance and production cuts after the holiday, and daily production decreased slightly. Future maintenance plans are expected to cause narrow fluctuations [3] - Demand: Agricultural fertilizer preparation is cautious, and high - price transactions at factories are average. Industrial demand is not yet a rigid need. The operating rate of compound fertilizer factories has declined for eight consecutive weeks [3] - Inventory: Inventory turned to destocking this week, providing some support to the futures price [3] Carbonate Lithium - Price movement: After six consecutive days of decline, it opened lower and hit a new low, with an afternoon narrow - range oscillation. The closing price was 64,615.93 yuan/ton, a 1.6% drop [4] - Supply: Some upstream salt plants stopped production or had maintenance. The supply - demand imbalance pressure has been slightly relieved, but the production capacity of shutdown enterprises has not been cleared [5] - Demand: Affected by the macro - environment, downstream demand is uncertain. If an agreement on electric vehicles is reached between China and Europe, demand is expected to improve [5] - Inventory: From April to May, the Chinese market still had inventory accumulation, and the inventory pressure remains [5] Copper - Price movement: Opened high and then rose during the day [10] - Supply: Multiple smelters have maintenance plans in May, with an expected impact on electrolytic copper output of 21,000 tons. The market still anticipates a tight supply [10] - Demand: The downstream operating rate is rising. In April, the operating rate of cable enterprises reached 86.3%, and orders in May are expected to increase by 8 - 10% month - on - month [10] - Market situation: Macroeconomic uncertainties and the expectation of US economic stagflation suppress the upside, but the fundamentals are still strong [10] Rebar - Price movement: The main contract RB2510 closed at 3,098 yuan, a 0.19% increase from the previous trading day, showing a slight upward oscillation [11] - Supply: Some steel mills have maintenance, but there is no centralized production control. Output is still slightly increasing [11] - Demand: Post - holiday restocking drove the apparent demand to a new high [11] - Inventory: Total inventory of five major steel products decreased by 870,000 tons, and rebar inventory decreased by 583,000 tons [12] Hot - Rolled Coil - Price movement: The main contract HC2510 closed at 3,217 yuan, a 0.34% increase, with frequent price fluctuations [13] - Supply: Plate steel mills resumed production, and output increased by 18,000 tons. However, the profit per ton is shrinking, and the room for further production increase is limited [13] - Demand: Weekly apparent demand increased slightly, but external demand is weak due to frequent anti - dumping investigations overseas [13] - Inventory: Total inventory decreased by 134,000 tons, with a slower destocking speed than rebar [13] Soybean Meal - Price movement: The main 09 contract opened low and oscillated, with a closing decline of - 0.03% [14] - International situation: The US soybean planting season has good weather and fast progress. Brazil may expand its soybean planting area in the 2025/26 season [14] - Domestic situation: Since late April, imported Brazilian soybeans have arrived at ports, and the inventory of soybean and soybean meal in oil mills has slightly increased [16] - Outlook: The 09 contract is expected to rebound, and cautious operation is recommended [16] Overall Futures Market - As of the close on May 7, most domestic futures main contracts rose. Low - sulfur fuel oil (LU), PX, and asphalt rose nearly 3%, while polysilicon fell more than 3% [7] - In terms of funds, the CSI 1000 2506 had an inflow of 4.138 billion yuan, while rebar 2510 had an outflow of 3.772 billion yuan [7]

格林大华期货研究院 证监许可【2011】1288 号 2025 年 5 月 7 日星期三 Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 联系方式：15000295386 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 昨日夜盘甲醇主力合约 2509 价格上涨 8 元/吨至 2245 元/吨，华东主流地区甲醇现 货价格下跌 23 元/吨至 2420 元/吨。多头持仓增加 23407 手至 42.2 万手，空头持仓 | | --- | --- | --- | --- | | | | | 增加 42118 手至 49.67 万手。 【重要资讯】 1、供应方面，国内甲醇开工率 89.97%，环比上涨 5.77%。海外甲醇开工率 75.67%， 环比下降 1.18%。 2、库存方面，中国甲醇港口库存总量在 53.74 万吨，环比增加 7.42 万吨。其中， | | | | | 华东地区累库，库存增加 5.44 万吨；华南地区累库，库存增加 1.98 万吨。中国甲 | | | | | 醇样本生产企业库存 28.34 万吨，较上期减少 2.65 万吨。 3、需 ...

Report Industry Investment Rating - No relevant content provided Core Viewpoints - For methanol, due to low shipments from Iran and insufficient time for the 05 contract, inventory is expected to decline to seasonal lows by the end of April. There is a risk of continued low shipments from Iran. Assuming normal imports and the shutdown of Shenghong in May, inventory will accumulate, but the low inventory at the end of April will still influence trading. An unexpected supply gap in the 05 contract could keep inventory low, providing a safety margin for long positions [2] - For polyethylene, the inventory of the two major oil companies is neutral year - on - year. Upstream and coal - chemical industries have accumulated inventory during holidays. Downstream inventory of raw materials and finished products is neutral. Overall inventory is neutral. The 05 basis is +300 in North and East China. External markets in Europe, America, and Southeast Asia are stable. Import profit is around -400 with no further increase for now. Non - standard HD injection prices are stable, other spreads are volatile, and LD is weakening. Domestic linear production has increased month - on - month in February. Attention should be paid to US quotes and the commissioning of new plants in 2025 [6] - For polypropylene, upstream and mid - stream inventories have accumulated during holidays. In terms of valuation, the basis is +10, non - standard spreads are neutral, and import profit is around -500. There are no reports of large - scale export transactions. Non - standard spreads are neutral. European and American markets are stable. PDH profit is around -600, propylene prices are volatile, and powder production is stable. Drawing production is neutral. With few known future maintenance plans, supply is expected to increase slightly month - on - month. Downstream orders are average, and raw material inventory is neutral while finished product inventory is slightly high. Under the background of over - capacity, the 05 contract is expected to face pressure, which can be relieved by increased exports or monthly maintenance of 2 million - ton PDH plants [6] - For PVC, the basis has strengthened to 05 - 120, and the factory - pick - up basis is -280. Downstream开工 is seasonal, and there is a strong willingness to hold goods at low prices. Mid - and upstream inventories are continuously decreasing. With concentrated spring maintenance, the开工 rate is expected to reach 75% temporarily. In the second quarter, attention should be paid to the scale of spring maintenance after profit compression. Export orders are acceptable. In April, attention should be paid to the Politburo meeting. Coal prices are stable, the cost of semi - coke is weak, and calcium carbide may not expand profits with PVC maintenance. The counter - offer for caustic soda exports is FOB400. Attention should be paid to whether subsequent export orders can support high - priced caustic soda. The comprehensive profit of PVC is -300. Currently, static inventory is at a high level, downstream performance is average, and the macro - environment is neutral. Attention should be paid to exports, coal prices, commercial housing sales, terminal orders, and开工 [10] Summary by Product Methanol - From April 24 to April 30, the price of thermal coal futures remained at 801. The price of Jiangsu spot increased by 3 to 2453, and the price of South China spot decreased by 10 to 2415. The price of Lunan converted to the futures price decreased by 25 to 2650. The import profit decreased by 3 to 258, and the main contract basis increased by 30 to 170. The profit of the MTO on the futures盘面 increased by 30 to -812 [2] Polyethylene - From April 24 to April 30, the price of Northeast Asian ethylene remained at 790. The price of North China LL remained unchanged at 7320, and the price of East China LL decreased by 35 to 7490. The price of East China LD decreased by 25 to 9125, and the price of East China HD increased by 100 to 7750. The import profit remained at -33, and the main futures price decreased by 39 to 7083. The basis remained at 210, and the inventory of the two major oil companies increased by 1 to 67 [6] Polypropylene - From April 24 to April 30, the price of Shandong propylene decreased by 30 to 6420, and the price of Northeast Asian propylene remained at 780. The price of East China PP decreased by 25 to 7155, and the price of North China PP increased by 8 to 7253. The price of Shandong powder decreased by 30 to 7020. The export profit remained at 18, and the main futures price decreased by 51 to 7041. The basis remained at 80, and the inventory of the two major oil companies increased by 1 to 67. The number of warehouse receipts decreased by 163 to 4433 [6] PVC - From April 24 to April 30, the price of Northwest calcium carbide remained at 2500, and the price of Shandong caustic soda decreased by 5 to 792. The price of calcium carbide - based PVC in East China decreased by 20 to 4800. The export profit remained at 565, and the comprehensive profit in the Northwest remained at 356, while the comprehensive profit in North China remained at -244. The basis (high - end delivery product) remained at -180 [9][10]

纽约黄金期货实盘成交量 纽约最活跃黄金期货合约北京时间5月6日09:01--09:02一分钟内买卖盘面瞬间成交1367手，交易合约总 价值4.59亿美元（其中做多资金***亿美元，做空资金***亿美元），具体参考"数据库-纽约黄金期货实 盘成交量"。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002548 证券简称：金新农（维权） 公告编号：2025-039 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 重要内容提示： 1. 董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2. 公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3. 第一季度报告是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ （二） 非经常性损益项目和金额 √适用 □不适用 单位：元 ■ 其他符合非经常性损益定义的损益项目的具体情况 □适用 √不适用 公司不存在其他符合非经常性损益定义的损益项目的具体情况。 将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》中列举的非经常性损益项目界 定为经常性损益项目的情况说明 □适用 √不适用 公司不存在将《公开发行证券的公司信息披 ...

| | | | | 尿素早评20250429:需求阶段性放缓 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 日慶 | | | 单位 | 4月28日 | 4月25日 | 变化值 (绝对值) | 变化值 (相对值) | | UR01 UR05 山东 期现价格 | 尿素期货价格 (收盘价) | | 元/吨 元/吨 | 1742.00 1788.00 1790.00 | 1725.00 1766.00 1800.00 | 17.00 22.00 -10.00 | 0.99% 1.25% -0.56% 0.59% | | | | | 元/吨 | | | | | | UR09 | | | 元/吨 | 1781.00 | 1757.00 | 24.00 | 1.37% | | 山西 | | | | 1700.00 | | 10.00 | | | | | | 元/吨 | | 1690.00 | | | | 河南 | 国内现货价格 | | 元/吨 | 1800.00 | 1800.00 | 0.00 | 0.00% | | 河北 | (小顆粒) | | ...

Report Industry Investment Rating - Not mentioned in the report Core Viewpoints - The U.S. corn market is in a weak oscillation. China has imposed additional tariffs on U.S. corn and sorghum, resulting in low import profits. The domestic corn spot price is expected to rise in the short - term due to factors such as reduced imports, low supply, and potential feed enterprise stocking. The starch market is also relatively strong, but the long - term demand is weak. The report provides trading strategies for both corn and starch [5][8][9] Summary by Directory Data - **Futures Market**: On April 28, 2025, most corn and corn starch futures contracts showed price increases. For example, C2601 closed at 2295, up 13 (0.57%); CS2601 closed at 2718, up 26 (0.96%). The trading volume and open interest of some contracts also had significant changes, such as the trading volume of C2509 increasing by 115.78% [3] - **Spot and Basis**: Corn spot prices in northern ports and Northeast China are rising, with the northern port flat - price around 2260 yuan. Starch spot prices are relatively stable, with some regions showing strength. The basis of corn and starch varies by region [3][8][9] - **Spreads**: In the corn and starch markets, different spread values and their changes are presented. For example, the C01 - C05 spread is - 24, down 14; the CS01 - CS05 spread is 29, up 8 [3] Market Judgment - **Corn**: The U.S. corn market is weak. China's tariff policy on U.S. corn affects imports. Domestic corn supply is low, and the demand from the breeding industry is weak. However, due to factors such as reduced imports and potential feed enterprise stocking, the corn spot price is expected to rise in the short - term. The 07 corn contract continues to rise, and the premium of the futures over the spot is expanding [5][8] - **Starch**: The number of trucks arriving at Shandong deep - processing plants has decreased, and the corn in Shandong is relatively strong. The starch inventory has decreased this week. The starch price is mainly affected by the corn price and downstream stocking. In the long - term, the demand for starch is weak, and enterprises may be in a loss state. The 07 starch contract continues to rise, and it is expected to be in a strong oscillation in the short - term [9] Trading Strategies - **Unilateral**: Domestic 07 corn will oscillate narrowly. It is recommended to wait and see, with a short - long idea on pullbacks [11] - **Arbitrage**: Hold the strategy of buying the spot and shorting 07 corn. Expand the spread between 07 corn and starch when it is low, and currently wait and see [13] Corn Options - Option Strategy: Enterprises with spot positions can sell corn call options [15] Relevant Attachments - The report provides multiple charts, including those showing the spot prices of corn in different regions, the basis of corn and starch contracts, and the spreads between different contracts, which visually display the price trends and relationships in the corn and starch markets [17][22][26]