Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View The overall situation of natural rubber is neutral, with market sentiment dominating and short - term trading recommended. The supply is increasing, foreign spot is strong, domestic inventory is rising, and tire operating rate is at a high level. There are both positive and negative factors in the market [6]. 3. Summary by Directory 3.1 Daily Tips - The fundamentals of natural rubber are neutral, with supply increasing, foreign spot being strong, domestic inventory rising, and tire operating rate at a high level [6]. - The basis is - 145 (spot price is 13950), indicating a bearish signal [6]. - The inventory of the Shanghai Futures Exchange decreased week - on - week and year - on - year, while the inventory in Qingdao increased week - on - week and year - on - year, showing a neutral situation [6]. - The price is above the 20 - day moving average and the 20 - day moving average is upward, which is a bullish signal [6]. - The main positions are net short, and the short positions are decreasing, indicating a bearish signal [6]. 3.2 Fundamental Data - **Supply and Demand**: Supply is increasing, and downstream consumption is at a high level. The raw material price is strong, and the spot price is resistant to decline [6][8]. - **Inventory**: The inventory of the exchange has changed little recently, and the inventory in Qingdao has also changed little recently [16][19]. - **Import**: The import volume has a seasonal decline [22]. - **Downstream Consumption**: Automobile production and sales have a seasonal decline, while tire production is at a record high for the same period, and tire industry exports have a seasonal increase [25][28][31]. 3.3 Basis - The basis widened on July 1st [37]. 3.4 Spot Price - The spot price of 2023 whole latex (not for delivery) decreased on July 1st [10]. 3.5 Multi - Empty Factors - **Likely Factors**: Downstream consumption is at a high level, raw material prices are strong, and spot prices are resistant to decline [8]. - **Negative Factors**: Supply is increasing, and the external environment is bearish [8].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - For LLDPE and PP, the market is expected to be volatile today. The main factors include the cease - fire in the Middle East leading to a decline in crude oil prices, the off - season for demand, weak downstream demand, and the pressure of new capacity, while the industrial inventory is neutral [4][7]. 3. Summary by Related Content LLDPE Overview - **Fundamentals**: In May, the official PMI was 49.5%, up 0.5 from April, and the Caixin PMI was 48.3%, down 2.1 from April. On June 24, the US announced a cease - fire agreement between Iran and Israel, causing crude oil prices to fall. The demand for agricultural films is in the off - season, and the downstream demand for packaging films is weak. The current spot price of LLDPE delivery products is 7300 (-20), with overall bearish fundamentals [4]. - **Basis**: The basis of the LLDPE 2509 contract is 51, and the premium - discount ratio is 0.7%, which is bullish [4]. - **Inventory**: The comprehensive PE inventory is 50.5 million tons (-5.0), neutral [4]. - **Disk**: The 20 - day moving average of the LLDPE main contract is upward, and the closing price is above the 20 - day line, which is bullish [4]. - **Main Position**: The net position of the LLDPE main contract is short, and short positions are increasing, which is bearish [4]. - **Expectation**: The LLDPE main contract is volatile. With the cease - fire in the Middle East, falling crude oil prices, off - season demand, weak downstream demand, and new capacity pressure, the inventory is neutral. It is expected to be volatile today [4]. - **Leverage Factors**: Bullish factor is cost support; bearish factors are new capacity release and weak demand. The main logic is the game between cost and demand and tariff policies [6]. PP Overview - **Fundamentals**: Similar to LLDPE, in May, the official PMI was 49.5%, up 0.5 from April, and the Caixin PMI was 48.3%, down 2.1 from April. After the cease - fire in the Middle East, crude oil prices fell. It is the off - season for downstream demand, and the demand for pipes and plastic weaving is weak. The current spot price of PP delivery products is 7250 (-0), with overall bearish fundamentals [7]. - **Basis**: The basis of the PP 2509 contract is 206, and the premium - discount ratio is 2.9%, which is bullish [7]. - **Inventory**: The comprehensive PP inventory is 58.5 million tons (-2.3), neutral [7]. - **Disk**: The 20 - day moving average of the PP main contract is upward, and the closing price is above the 20 - day line, which is bullish [7]. - **Main Position**: The net position of the PP main contract is short, and short positions are increasing, which is bearish [7]. - **Expectation**: The PP main contract is volatile. With the cease - fire in the Middle East, falling crude oil prices, weak downstream demand for pipes and plastic weaving, and neutral inventory, it is expected to be volatile today [7]. - **Leverage Factors**: Bullish factor is cost support; bearish factor is weak demand. The main logic is the game between cost and demand and tariff policies [9]. Supply - Demand Balance Sheets - **Polyethylene**: From 2018 to 2024, the production capacity, output, net import volume, apparent consumption, and other indicators of polyethylene have changed. The production capacity growth rate in 2025E is expected to be 20.5% [15]. - **Polypropylene**: From 2018 to 2024, the production capacity, output, net import volume, apparent consumption, etc. of polypropylene have changed. The production capacity growth rate in 2025E is expected to be 11.0% [17].

Group 1: Report Core Data - The prices of South China LPG, East China LPG, Shandong LPG, Propane CFR South China, Propane CIF Japan, MB Propane Spot, CP Forecast Contract Price, Shandong Ether Rear Carbon Four, Shandong Alkylated Oil, Paper Import Profit, and Main Contract Basis on July 1, 2025, are 4690, 4582, 4600, 580, 530, 72, 556, 5120, 7850, -86, and 482 respectively [1] - The daily changes of these data are -10, -18, 20, 10, 6, -2, -3, 110, 0, -91, and 4 respectively [1] Group 2: Market Conditions Summary - The weekly view shows that the market is mainly stabilizing. The PG futures price has weakened, with a small change in the monthly spread (the latest 08 - 09 spread is 100). The arbitrage window from the US to the Far East is closed. The cheapest deliverable is East China civil LPG at 4582 [1] - The PP price has weakened, FEI and CP prices are basically the same, and the PDH production profit has deteriorated. The civil LPG price first rose and then fell. The overall supply is relatively large, and high - price products are resisted by downstream customers. The PG futures price has fallen sharply, the basis has strengthened to 345, and the monthly spread has changed little [1] - The external market price has weakened significantly, the oil - gas ratio has first decreased and then increased. The internal - external price difference has dropped significantly, the PG - CP has weakened to -4 (-33), and the FEI - CP has weakened significantly. The import price has dropped significantly [1] - The PDH spot production profit has improved, the paper - based production profit has increased, the alkylated oil profit has increased significantly, the MTBE gas separation etherification profit is basically flat, and the isomerization etherification profit has increased [1] Group 3: Fundamental Analysis - The port inventory has increased due to more arrivals, the factory inventory has increased slightly with regional differentiation (East China's inventory has decreased, while South China and Shandong's have increased), and the external sales have increased [1] - The PDH operating rate has increased to 70.54% (+4.33 pct), the alkylation operating rate is 46.02% (-1.84 pct), and the MTBE output is basically flat. The number of registered warehouse receipts is 8358 lots (+0) [1] Group 4: Market Forecast - Next week, it is expected that the PDH and alkylation operating rates will increase slightly, the combustion demand will remain weak, low prices will stimulate sales, and the subsequent prices will generally be stable [1]

大宗商品研究所 农产品研发报告 玉米淀粉日报 2025 年 7 月 1 日 玉米淀粉日报 第一部分 数据 2025/7/1 收盘价 涨跌 涨跌幅 成交量 增减幅 持仓量 增减幅 2280 4 0.18% 13,931 -30.94% 115,285 0.96% 2304 0 0.00% 2,522 -41.03% 18,817 2.24% 2383 5 0.21% 426,304 -12.30% 942,750 -2.86% 2678 5 0.19% 2,056 213.41% 5,028 10.14% 2698 7 0.26% 52 -30.77% 221 6.25% 2743 10 0.36% 107,836 -11.75% 156,387 -0.32% 青冈 嘉吉生化 诸城兴贸 寿光 锦州港 南通港 广东港口 2300 2090 2550 2490 2400 2510 2470 10 0 -12 -40 10 0 0 -83 -293 167 107 17 127 87 龙凤 中粮 嘉吉 玉峰 金玉米 诸城兴贸 恒仁工贸 2800 2850 2850 3020 2950 2980 2960 0 50 0 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The impact of the latest USDA report on the soybean market is neutral, with short - term CBOT soybean futures expected to maintain a bottom - oscillating trend. Domestic soybean meal futures show a pattern of near - term weakness and long - term strength, and the spot price of soybean meal will remain in a bottom - oscillating pattern in the short term. [18][19] - For the pig market, short - term supply decreases, supporting a short - term rebound in pig futures prices. However, due to increased medium - term supply expectations and weak demand, the increase in spot prices is limited, and the overall trend is expected to be oscillating. [20] 3. Summary by Related Catalogs 3.1 Market Overview - DCE soybean meal main contract 2509 closed flat, with coastal mainstream oil mills' quotes up 10 - 30 yuan/ton in some areas. DCE live pig main contract 2509 decreased by 5 yuan/ton. The national average ex - factory price of outer three - yuan live pigs rose by 0.19 yuan/kg. Overnight CBOT US soybean main contract rose 0.22%. [2] 3.2 Weather in Main Producing Areas - There will be rainfall in some parts of the US Midwest in the next few days, which may help improve crop growth. Warm and humid weather can benefit crop growth in many areas, but some regions may not want more rain, while drier areas may welcome precipitation. [3][4] 3.3 Macroeconomic and Industry News - The USDA adjusted the 2025 US soybean planting area to 83.38 million acres, lower than previous estimates, and the soybean inventory on June 1 was 1.008 billion bushels, higher than expected. [5] - On July 1, the import cost of US, Brazilian, and Argentine soybeans decreased by 14 yuan. [5] - On June 30, the national main oil mills' soybean meal transactions decreased, and the overall oil mill startup rate decreased by 1.28%. [5] - As of the week ending June 27, 2025, the US soybean crushing profit decreased by 8% week - on - week. [6] - The US soybean's excellent - good rate is 66%, lower than expected; the emergence rate is 94%; the flowering rate is 17%; and the pod - setting rate is 3%. [6] - As of June 27, 2025, coastal oil mills' rapeseed inventory increased, rapeseed oil inventory decreased, and unexecuted contracts decreased. [6] - It is estimated that the national main oil mills' soybean crushing volume in June and July will reach about 10 million tons. [7] - In the 26th week of 2025, the national main oil mills' soybean and soybean meal inventories increased, unexecuted contracts decreased, and the apparent consumption of soybean meal decreased slightly. [7] - Since the beginning of this year, pig prices have been stable with a downward trend. It is expected that pig prices will remain stable and fluctuate within a narrow range in the second half of the year. [8] - The Caixin China Manufacturing PMI in June was 50.4, up 2.1 percentage points from May. [8] 3.4 Data Charts - The report provides charts on the prices of soybean meal in Zhangjiagang and DCE soybean meal futures, soybean meal basis, rapeseed meal prices in Nantong and CZCE rapeseed meal futures, rapeseed meal basis, live pig prices in Henan and DCE live pig futures, live pig basis, Chinese soybean inventory, and Chinese soybean meal inventory. [11][12][14][17] 3.5 Analysis and Strategies - For soybean meal, the USDA report has a neutral impact. CBOT soybean futures will maintain a bottom - oscillating trend in the short term. Domestic soybean meal futures are in a pattern of near - term weakness and long - term strength, and the spot price will remain at the bottom in the short term. [18][19] - For live pigs, short - term supply decreases, supporting a short - term rebound in futures prices. However, due to increased medium - term supply expectations and weak demand, the increase in spot prices is limited, and the overall trend is oscillating. [20]

Group 1 - The core viewpoint of the article indicates that domestic aluminum inventory has slightly increased, leading to a relatively stable aluminum price despite a decrease in short positions as the delivery month approaches [1] - As of the latest data, domestic aluminum ingot inventory reached 468,000 tons, an increase of 5,000 tons compared to the previous week, while aluminum rod inventory also rose by 5,000 tons to 148,000 tons [1] - The Shanghai aluminum main contract closed at 20,590 yuan/ton, with a trading range expected between 20,300 and 20,800 yuan/ton in the short term [1] Group 2 - The Shanghai lead index rose by 0.46% to 17,204 yuan/ton, with total open interest at 82,400 contracts [1] - LME lead inventory stands at 273,400 tons, with a cancellation stock of 70,700 tons, indicating a strong market for lead despite weak domestic consumption [1] - The overall supply of primary lead remains high while recycled lead supply is tight, leading to a recovery in lead-acid battery prices and improved purchasing from downstream sectors [1]

Report Summary 1) Report Industry Investment Rating - Not provided 2) Core Viewpoints - The cheapest deliverable is Shandong civil gas at 4580. PP prices fluctuate, FEI and CP prices decline, CP discount remains unchanged, PDH production profit improves, and FEI production cost is higher than CP. The PG futures market weakens, the monthly spread changes little, and the 08 - 09 spread is 95. The US - Far East arbitrage window closes [1]. - Civil gas prices rise first and then fall. Geopolitical tensions at the beginning of the week lead to a bullish market, but overall supply is abundant, high prices are resisted by downstream, and the easing of the Middle - East situation causes a sharp drop in oil prices, pressuring the market later in the week. The PG futures market falls sharply, the basis strengthens to 345, and the monthly spread changes little. External market prices weaken significantly, and the oil - gas ratio first suppresses and then rises. The internal - external price difference drops significantly, PG - CP weakens to - 4 (-33), FEI - CP weakens significantly, and the US - Asia arbitrage window closes. Import prices drop significantly, AFEI propane discount drops slightly, and CP propane - butane discount drops significantly. PDH spot production profit improves, paper - based production profit rises, FEI is lower than CP; alkylation oil profit rises significantly; MTBE gas - fractionation etherification profit is basically flat, isomerization etherification profit increases; FEI - MOPJ moves up [1]. - Fundamentally, increased arrivals lead to port inventory accumulation; factory inventory accumulates slightly with regional differentiation, East China destocks, and South China and Shandong accumulate inventory; external sales increase; PDH operating rate rises to 70.54% (+4.33 pct), alkylation operating rate is 46.02% (-1.84 pct), and MTBE production remains basically flat. The number of registered warrants is 8358 lots (+0). Next week, PDH and alkylation operating rates are expected to rise slightly, combustion demand remains weak, low prices stimulate sales, and subsequent prices will generally stabilize [1]. 3) Summaries by Related Catalogs Price Data - From June 24 - 30, 2025, prices of South China LPG, Shandong LPG, Shandong ether - post C4, and other related products change. For example, South China LPG prices range from 4710 - 4755, Shandong LPG prices range from 4599 - 4667 [1]. Market Conditions - Futures market: The PG futures market weakens, and the monthly spread changes little [1]. - External market: FEI and CP prices decline, and the US - Far East and US - Asia arbitrage windows close [1]. - Spot market: Civil gas prices show a trend of rising first and then falling [1]. Profit and Cost - PDH production profit improves, and FEI production cost is higher than CP. PDH spot production profit improves, and paper - based production profit rises [1]. Inventory and Production - Port inventory accumulates due to increased arrivals, factory inventory accumulates slightly with regional differentiation. PDH operating rate rises to 70.54% (+4.33 pct), and alkylation operating rate is 46.02% (-1.84 pct) [1].

Report Industry Investment Rating - The investment rating for the industry is neutral [3] Core Viewpoints - In the pure benzene market, the pressure of South Korea's shipments to China remains high, domestic production starts to decline from a high level, and the demand for pure benzene increases after the destocking of downstream CPL inventory. However, the inventory of pure benzene continues to accumulate, and the port inventory pressure is still at a relatively high level compared to the same period. In the styrene market, the port inventory is in a continuous accumulation cycle, and the EB basis drops rapidly after the paper cargo delivery. The domestic EB operating rate is at a high level, and the factory inventory continues to rise. The operating rates of downstream PS and ABS are still low [2] Summary by Directory EB& Pure Phenyl Difference Structure and Related Spreads - The report presents multiple figures related to EB and pure phenyl difference structures and related spreads, including EB main contract trends and basis, EB main contract basis, the spread between the first and third contracts of styrene, the production profit of non - integrated styrene plants, the spot - M2 paper cargo spread of East China pure benzene, the spread between pure benzene CFR China and naphtha, the spread between pure benzene FOB US Gulf and FOB South Korea, and the immediate import profit of Chinese pure benzene [6][9][10] EB& Pure Benzene Operating Rate and Inventory - The report shows figures about the operating rates and inventories of EB and pure benzene, such as the East China port inventory of pure benzene, the operating rate of pure benzene, the East China port inventory of styrene, the operating rate of styrene, the East China commercial inventory of styrene, and the factory inventory of styrene [24][26][29] Downstream Operating Rate and Production Profit - The report provides information on the operating rates and production profits of downstream products, including the operating rate and production profit of EPS, the operating rate and production profit of PS, and the operating rate and production profit of ABS [38][43][47] Production Profit of Pure Benzene Downstream - The report includes figures on the production profits of pure benzene downstream products, such as the production profit of caprolactam, the production profit of phenol - acetone, the production profit of aniline, the production profit of adipic acid, the production profit of PA6 regular spinning bright, the production profit of nylon filament, the production profit of bisphenol A, the production profit of PC, the production profit of epoxy resin E - 51, the production profit of pure MDI, and the production profit of polymer MDI [54][56][60]

Group 1: Oil and Fat Industry Investment Rating Not provided Core View - Palm oil: With concerns about month - end inventory growth, the Malaysian crude palm oil futures may face downward pressure to seek support around 3,800 ringgit. In China, Dalian palm oil futures may seek support at the annual line of 8,200 yuan [2]. - Soybean oil: Weak crude oil reduces the attractiveness of soybean oil as a biodiesel raw material. Abundant rainfall in US soybean - growing areas and high - yield expectations put pressure on CBOT soybeans and soy oil. In China, downstream demand is weak, and soybean oil inventory is expected to increase [2]. Summary by Directory - **Price Changes**: From June 27 to June 30, the spot price of Jiangsu first - grade soybean oil decreased by 50 yuan to 8,240 yuan, a decline of 0.60%; the futures price of Y2509 decreased by 18 yuan to 7,984 yuan, a decline of 0.22%. The spot price of Guangdong 24 - degree palm oil decreased by 100 yuan to 8,400 yuan, a decline of 1.18%; the futures price of P2509 decreased by 46 yuan to 8,330 yuan, a decline of 0.55%. The spot price of Jiangsu fourth - grade rapeseed oil decreased by 70 yuan, a decline of 0.73%; the futures price of 01509 decreased by 51 yuan to 9,415 yuan, a decline of 0.54% [2]. - **Basis and Spread**: The basis of Y2509 decreased by 32 yuan to 256 yuan, a decline of 11.11%; the basis of P2509 decreased by 54 yuan to 70 yuan, a decline of 43.55%; the basis of 01509 decreased by 19 yuan, a decline of 10.33%. The soybean - palm oil spot spread increased by 50 yuan to - 160 yuan, an increase of 23.81%; the 2509 spread increased by 28 yuan to - 346 yuan, an increase of 7.49% [2]. Group 2: Sugar Industry Investment Rating Not provided Core View - The increase in the ethanol blending ratio in Brazilian gasoline supports a slight rebound in raw sugar prices, but the global supply surplus limits the rebound height, and raw sugar is expected to remain in a bottom - oscillating pattern. In China, the market sentiment has improved, and the bullish sentiment may last for some time. Considering the expected increase in imports, the domestic supply - demand situation will gradually ease, and a bearish view is maintained after the rebound [5]. Summary by Directory - **Price Changes**: From the previous value, the futures price of sugar 2601 increased by 28 yuan to 5,628 yuan, an increase of 0.50%; the futures price of sugar 2509 increased by 15 yuan to 5,807 yuan, an increase of 0.26%. The price of ICE raw sugar decreased by 0.50 cents to 16.19 cents per pound, a decline of 3.00% [5]. - **Industry Situation**: The cumulative national sugar production reached 1,116.21 tons, an increase of 119.89 tons or 12.03% year - on - year; the cumulative national sugar sales reached 811.38 tons, an increase of 152.10 tons or 23.07% year - on - year. The national industrial sugar inventory decreased by 32.21 tons to 304.83 tons, a decline of 9.56% [5]. Group 3: Cotton Industry Investment Rating Not provided Core View The contradiction of tight old - crop cotton inventory in the upstream supply cannot be resolved in the short term, but the long - term supply is expected to be sufficient. The downstream industry continues to weaken, with increasing finished - product inventory. The driving force for cotton price increases is insufficient, and the cotton price is expected to remain in a range - bound pattern [6]. Summary by Directory - **Price Changes**: From the previous value, the futures price of cotton 2509 decreased by 20 yuan to 13,740 yuan, a decline of 0.15%; the futures price of cotton 2601 decreased by 5 yuan to 13,760 yuan, a decline of 0.04%. The price of ICE US cotton decreased by 1.28 cents to 68.04 cents per pound, a decline of 1.85% [6]. - **Industry Situation**: The industrial cotton inventory decreased by 1.10 tons to 93.01 tons, a decline of 1.2%; the cotton import volume decreased by 2.00 tons to 4.00 tons, a decline of 33.3%. The yarn inventory days increased by 1.52 days to 23.86 days, an increase of 6.8%; the grey - fabric inventory days increased by 2.57 days to 35.46 days, an increase of 7.8% [6]. Group 4: Egg Industry Investment Rating Not provided Core View The national egg supply is sufficient, the demand is average, and downstream purchasers are cautious. Egg prices are expected to remain stable first, decline slightly in the short term, and then stabilize [8]. Summary by Directory - **Price Changes**: The futures price of the egg 09 contract increased by 16 yuan to 3,689 yuan per 500 kg, an increase of 0.44%; the futures price of the egg 07 contract increased by 18 yuan to 2,821 yuan per 500 kg, an increase of 0.64%. The egg - producing area price decreased by 0.14 yuan to 2.78 yuan per catty, a decline of 4.90% [7]. - **Related Indicators**: The price of egg - laying chicken chicks remained at 4.00 yuan per chick; the price of culled chickens increased by 0.18 yuan to 4.62 yuan per catty, an increase of 4.05%. The egg - feed ratio decreased by 0.09 to 2.24, a decline of 3.86% [7]. Group 5: Meal Industry Investment Rating Not provided Core View The US soybean planting area report had a neutral impact. The technical support for US soybeans has strengthened, and the Brazilian soybean market is boosted by the rising basis of August and September shipments. In China, the inventory of soybeans and soybean meal is rising, the basis is stable, and the supply is expected to be high. The soybean meal trend is not yet clear, and there may be opportunities to go long at low prices [11]. Summary by Directory - **Price Changes**: The spot price of Jiangsu soybean meal increased by 20 yuan to 2,840 yuan, an increase of 0.71%; the futures price of M2509 increased by 15 yuan to 2,961 yuan, an increase of 0.51%. The spot price of Jiangsu rapeseed meal increased by 40 yuan to 2,470 yuan, an increase of 1.65%; the futures price of RM2509 increased by 13 yuan to 2,572 yuan, an increase of 0.51% [11]. - **Spread and Ratio**: The soybean meal 09 - 01 spread increased by 3 yuan to - 38 yuan, an increase of 7.32%; the rapeseed meal 09 - 01 spread increased by 2 yuan to 271 yuan, an increase of 0.74%. The oil - meal ratio of the spot decreased by 0.038 to 2.90, a decline of 1.30%; the oil - meal ratio of the main contract decreased by 0.020 to 2.70, a decline of 0.73% [11]. Group 6: Corn and Corn Starch Industry Investment Rating Not provided Core View The corn supply is tight, and the spot price is rising steadily. In the Northeast, the remaining grain is scarce, and traders are reluctant to sell. In North China, the corn arrival volume is low, and deep - processing enterprises are raising prices to purchase. Downstream demand is weak, but the wheat - corn price difference is shrinking, which limits the increase in corn prices. In the long term, the tight supply and increasing consumption support the upward movement of corn prices. A large - scale increase in imports is expected. The corn auction starts on July 1, and the overall trend is bullish [13][15]. Summary by Directory - **Price Changes**: The futures price of corn 2509 decreased by 6 yuan to 2,378 yuan, a decline of 0.25%; the futures price of corn starch 2509 decreased by 10 yuan to 2,733 yuan, a decline of 0.36% [13]. - **Industry Situation**: The number of vehicles remaining in the morning at Shandong deep - processing enterprises increased by 65 to 216, an increase of 43.05%. The corn starch inventory increased by 948 to 23,822, an increase of 4.14% [13]. Group 7: Pig Industry Investment Rating Not provided Core View The spot price of pigs is still in a volatile structure. The enthusiasm of secondary fattening has declined, and the slaughter procurement difficulty has slightly increased. The current breeding profit is declining, and the market capacity expansion is cautious. The market expects a potential upward trend in July and August, but there may be a risk of price decline for the 09 contract near the delivery date if the inventory is postponed [16][17]. Summary by Directory - **Price Changes**: The futures price of live pigs 2507 increased by 225 yuan to 13,850 yuan, an increase of 1.65%; the futures price of live pigs 2509 decreased by 135 yuan to 13,870 yuan, a decline of 0.96% [16]. - **Industry Situation**: The daily slaughter volume of sample points decreased by 376 to 140,739, a decline of 0.27%. The self - breeding profit per head increased by 30.9 yuan to 50 yuan, an increase of 159.02%; the profit of purchasing piglets for breeding increased by 55.1 yuan to - 132 yuan, an increase of 29.49% [16].

1. Report Industry Investment Rating - There is no information about the industry investment rating in the provided reports. 2. Core Views - The reports present the latest data on various futures, including stock index futures, Treasury bond futures, precious metal futures, and shipping futures, along with their price changes, spreads, and related economic indicators. These data can help investors understand the market trends and make investment decisions [1][2][6][9]. 3. Summary by Related Catalogs Stock Index Futures - **Price Changes**: The latest prices of IF, IH, IC, and IM contracts show different degrees of change compared to the previous day, with some spreads increasing and some decreasing [1]. - **Historical Percentiles**: The historical 1 - year and full - history percentiles of various spreads are provided, which can help investors evaluate the current spread levels [1]. Treasury Bond Futures - **Basis and Spreads**: The basis of TS, TF, T, and TL contracts and their inter - period spreads and cross - variety spreads are presented, along with their changes compared to the previous trading day and the percentiles since listing [2]. Precious Metal Futures - **Domestic and Foreign Prices**: The domestic and foreign futures closing prices, spot prices, basis, and price ratios of gold and silver are given, as well as the changes in interest rates and exchange rates [6]. - **Inventory and Position**: The inventory and position data of domestic and foreign precious metal futures are provided, including the changes in inventory and position compared to the previous period [6]. Shipping Futures - **Freight Rates**: The Shanghai - Europe future 6 - week freight rates, settlement price indices, and Shanghai export container freight rates are presented, along with their changes and percentage changes [9]. - **Futures Prices and Basis**: The futures prices of different contracts and the basis of the main contract are given, as well as their changes compared to the previous period [9]. - **Fundamentals**: The data on global container shipping capacity supply, port on - time rates, port berthing conditions, monthly export amounts, and overseas economic indicators are provided [9]. Data and Information - **Overseas Data**: The economic indicators and financial events of the eurozone and the United States, such as PMI, CPI, and job vacancies, are presented [12]. - **Domestic Data**: The economic indicators and financial events in China, including PMI, port inventories, and product sales rates, are provided [12].