Report Industry Investment Ratings - **Coking Coal**: The overall investment rating for coking coal is neutral. The sub - ratings are: neutral for the core view, neutral - bearish for the spot market, neutral for the warehouse receipt cost, neutral - bullish for the supply, neutral for the demand, neutral for the basis, and neutral - bullish for the inventory [3]. - **Coke**: The overall investment rating for coke is neutral. The sub - ratings are: neutral for the core view, neutral for the spot market, neutral - bearish for the warehouse receipt cost, neutral for the supply, neutral for the demand, neutral for the profit, and neutral for the inventory [4]. Core Views - **Coking Coal**: The coking coal market maintains a tight balance between supply and demand, but the fundamentals are clearly weakening. The spot market has weakened, with some pit - mouth prices decreasing. The supply side has seen a reduction in the impact of over - production checks, but some mines are still shut down due to working - face changes, keeping production at a low level. Mongolian coal has recovered to normal customs - clearance levels. The demand side shows that downstream buyers resist high prices, mainly pulling goods from previous orders with few new orders. The short - term price still has room for a correction [3]. - **Coke**: Six rounds of price increases for coke have been implemented, and the seventh round is still under negotiation. After the six - round increase, coke enterprises have overall made profits, and the coking operation rate remains relatively high, but some areas will implement production restrictions before the parade, with a limited expected impact. The demand side shows that the average daily hot - metal output of 247 steel mills is 240.7 tons, a week - on - week increase of 0.3 tons, and steel mills have good profits. Currently, steel mills generally have enough coke, but top - charged coke is in short supply. Overall, the coke supply - demand relationship is tight, mainly following the fluctuations of raw coal [4]. Summaries According to Related Catalogs Coking Coal Spot Market - The spot sentiment has significantly weakened due to the previous rapid price increase. Currently, there are more price cuts in auctions, and the auction failure rate has increased. Most pit - mouth quotes remain stable, with some prices decreasing by less than 50 yuan/ton. The price of low - sulfur prime coking coal in Anze, Shanxi, has dropped to 1480 (- 20) yuan/ton [3][8]. - Mongolian coal at the port is in short supply, and the price has declined following the futures market. The current port transaction price of Mongolian No. 5 raw coal is around 1000 yuan/ton [14]. Warehouse Receipt Cost - The current lowest Mongolian coal warehouse receipt is around 1110 yuan/ton, with a slight premium on the 01 futures contract [31]. Supply - The coal - mine capacity utilization rate has declined, dropping to 85.37% last week, a week - on - week decrease of 0.42%. The Shanxi capacity utilization rate has decreased to 88.27%, a week - on - week decrease of 0.49%. After the over - production self - check stage ended on August 15, the impact of over - production checks has decreased in the short term, but some mines are shut down due to working - face changes. Mongolian coal customs - clearance has increased, but the overall supply remains tight [3][53]. Demand - Downstream buyers have a low acceptance of high - priced coal and mainly pull goods from previous orders [3]. Basis - The futures market has a slight premium [3]. Inventory - The upstream inventory is still low, but the inventory reduction has slowed down, and downstream enterprises have a weak willingness to replenish inventory [3]. Coke Spot Market - Six rounds of price increases for coke were implemented last week, with an increase of 50 - 55 yuan/ton. The seventh - round price increase has been proposed but is still under negotiation. The quasi - first - grade coke price at Rizhao Port is 1470 yuan/ton, a week - on - week decrease of 10 yuan/ton [4][104]. Warehouse Receipt Cost - After the six - round price increase, the wet - quenching warehouse receipt cost for coke is 1575 yuan/ton [109]. Supply - Coke enterprises have made profits. Some coke enterprises in certain areas have received production - restriction notices, but since their operation rates were not high originally, the impact is limited [4]. Demand - The average daily hot - metal output of 247 steel mills is 240.7 tons, a week - on - week increase of 0.3 tons. The blast - furnace operation rate of 247 steel mills is 83.59%, a week - on - week decrease of 0.16%. Steel mills have good profits, and the hot - metal output is expected to remain stable this week, with production restrictions expected during the parade week [4][119]. Profit - Coke enterprises generally made profits after the six - round price increase, but it is difficult to implement the seventh - round increase [4]. Inventory - Steel mills increased their inventory replenishment previously, but the inventory structure is unbalanced, mainly lacking top - charged coke [4]. Historical Data on Supply - Demand Balance Coking Coal - From 2024 - 2025, the production, import, consumption, and inventory of coking coal have shown certain fluctuations. For example, in 2025, the production decreased in some months, and the import volume also changed. The total consumption had a certain growth trend, and the inventory fluctuated accordingly [155]. Coke - From 2025, the production, import, export, consumption, and inventory of coke have also changed. The production showed a slight increase in some months and a decrease in others. The consumption also had corresponding fluctuations, and the inventory gradually increased [157].

Report Industry Investment Ratings - Copper: ★☆☆ [1] - Aluminum: ★☆★ [1] - Alumina: ★☆☆ [1] - Cast Aluminum Alloy: Not clearly rated [1] - Zinc: ☆☆☆ [1] - Nickel and Stainless Steel: ★☆☆ (implied from context) [1] - Tin: ★★★ (implied from context) [1] - Lithium Carbonate: ★☆☆ [1] - Industrial Silicon: ☆☆☆ [1] - Polysilicon: ☆☆☆ [1] Core Views - The prices of various non - ferrous metals are affected by different factors such as supply - demand relationships, macroeconomic data, and policy expectations. Each metal has its own short - term and medium - term trends and investment suggestions [2][3][4] Summary by Metal Copper - Friday saw Shanghai copper oscillating with a positive line, supported by medium - term moving averages. The spot copper price dropped to 79,180 yuan. The market is concerned about US retail sales and industrial output data. It is believed that there is significant resistance above the copper price, and short positions at high levels should be held [2] Aluminum & Alumina & Aluminum Alloy - Shanghai aluminum rebounded slightly today, with the East China spot at par. The social inventory of aluminum ingots increased slightly by 0.1 million tons, while that of aluminum rods decreased by 0.9 million tons. The start - up of downstream leading enterprises stabilized. The peak of off - season inventory accumulation for aluminum ingots may occur in August, and the inventory is likely to remain low this year. Shanghai aluminum will mainly oscillate in the short term, with resistance at 21,000 yuan. Cast aluminum alloy fluctuates with Shanghai aluminum. The supply of scrap aluminum is tight, and the profit of the aluminum alloy industry is poor but has certain resilience. The spot - AL cross - variety spread may gradually narrow. The operating capacity of alumina is at a historical high, and both industry inventory and SHFE warehouse receipts are rising. As supply surplus becomes more apparent, the spot index in various regions is falling, and there is adjustment pressure on the alumina futures [3] Zinc - LME zinc inventory continued to decline to 77,500 tons, with the 0 - 3 month spread close to par. The low inventory in the outer market supports the price. Short - position funds are continuously reducing their positions, and LME zinc is expected to oscillate strongly. The import window remains closed, and the outer market is pulling up the inner market. The domestic Shanghai zinc has fully priced in the weak reality and weak expectations, and the term structure has flattened. There is a lack of resonance between macro sentiment and fundamentals, and short - term directional signals are insufficient. The supply of mines at home and abroad continues to increase, and there is still room to short mine profits on the futures. The idea of short - allocating on rebounds in the medium term remains unchanged, waiting for short - selling opportunities above 23,500 yuan/ton [4] Aluminum (Second entry) - LME aluminum inventory is at a high level, and the outer market is dominated by surplus, oscillating weakly. The import window remains closed. As the delivery approaches, the SMM social inventory of aluminum has increased to 71,700 tons. Recently, the futures - spot spread has narrowed, and the profit from delivering to the warehouse is insufficient. The subsequent domestic lead ingot inventory may become invisible, and the growth space of the visible social inventory in the future is expected to be limited. The aluminum price is oscillating at a low level, and there is reluctance to sell recycled aluminum. The SMM precision price is inverted by 25 yuan/ton. There is limited downward space for lead. Downstream purchasing on dips has improved, but the terminal consumption has not recovered. There is potential demand in the data center UPS power and energy storage sectors. It is advisable to hold long positions near 16,600 yuan/ton. At the same time, there are still 10 days until the expiration of near - month options, and opportunities in the last - trading - day options can be considered [6] Nickel and Stainless Steel - Shanghai nickel rebounded, and the market trading was active. The domestic anti - dumping theme is coming to an end, and nickel with relatively poor fundamentals will return to its fundamentals. The premium for Jinchuan nickel is 2350 yuan, the premium for imported nickel is 350 yuan, and the premium for electrowon nickel is 50 yuan. The price of high - nickel ferro - nickel is 921 yuan per nickel point, and the upstream price support has weakened recently. In terms of inventory, the ferro - nickel inventory remains basically unchanged at 33,000 tons, the pure nickel inventory has decreased by 1000 tons to 39,000 tons, and the stainless steel inventory has decreased by 1000 tons to 966,000 tons, but the overall inventory level is still high. Pay attention to signs of the end of de - stocking. Shanghai nickel is in a rebound and should be regarded as oscillating [7] Tin - Shanghai tin recovered part of its decline and closed above the MA40 daily average line. A small amount of LME tin inventory flowed in this week, and its persistence should be tracked. In the domestic market, pay attention to the maintenance and production plans of large factories. It is believed that there is room to reduce the high social inventory in the domestic market. Today, the spot tin is reported at 266,000 yuan, and there is still a real - time premium of 700 yuan on the last trading day. Short - term long positions at low levels should be held based on the MA60 daily average line [8] Lithium Carbonate - Lithium carbonate strengthened at the end of the session, and the market trading was active. The delivery problem in September restricts the upward space. The spot price is reported at 83,000 yuan. Downstream inquiry activities are active, and the spot market transaction has improved. The total market inventory has slightly declined to 142,000 tons, the smelter inventory has decreased by 3000 tons to 52,000 tons, the downstream inventory has increased by 3000 tons to 46,000 tons, and the trader inventory has decreased by 1000 tons to 44,000 tons. The transfer of cargo rights is obvious, and downstream enterprises are increasing their replenishment efforts as the price回调. The latest quotation of Australian ore is nearly 1000 US dollars. The futures price fluctuates greatly, and risk management should be noted [9] Industrial Silicon - The industrial silicon futures closed slightly higher, turning positive at the end of the session due to the sentiment transmission from polysilicon. On the spot side, the price of Xinjiang 421 silicon remained stable at 9050 yuan/ton (SMM), down 100 yuan/ton. Under the background of increased production by large factories in Xinjiang and in Sichuan and Yunnan, there is still pressure from high - level hedging on the futures. However, SMM expects the polysilicon production schedule to exceed 130,000 tons, with a clear marginal increase in demand. Coupled with the expectation of photovoltaic policies, the support below the futures is strong, and it will mainly oscillate in the short term [10] Polysilicon - The polysilicon futures increased significantly in position and rose. The expectation of a photovoltaic conference next week is rising, and the sentiment of policy benefits is fermenting again. At the same time, some terminals have begun to accept the component price of 0.68 yuan/W. However, it should be noted that under the expectation of a structural decline in terminal demand in September, the component price and price will still be under pressure. In the polysilicon segment, the production in August is expected to increase significantly to 130,000 tons, and the high - inventory pattern still restricts the upward space of its price. In operation, short - term news related to the photovoltaic conference has a significant impact on sentiment. The current futures is close to the previous high. Long positions can consider partial profit - taking, and at the same time, pay attention to position control and the performance at the resistance level of 53,000 yuan/ton [11]

Core Viewpoint - Lithium carbonate futures have rebounded after a brief correction, with a weekly increase of 11.02% as of August 8, closing at 76,960 yuan/ton [2][3]. Price Movement - The main contract for lithium carbonate (LC2511) closed at 76,960 yuan/ton, reflecting a weekly increase of 11.02% [2]. - Weekly production of lithium carbonate increased by over 13% to 19,600 tons as of August 7, while weekly inventory only rose by 692 tons, indicating stable downstream demand [4]. Supply and Demand Dynamics - Concerns about potential production halts at a major mine in Jiangxi are influencing market sentiment, with expectations leaning towards a production cut [4][5]. - The market is currently in a relatively balanced supply-demand phase, with some marginal improvements in fundamentals as demand expectations improve [4]. - Despite the price recovery, supply remains high, and the elasticity of supply is still significant, suggesting limited room for further price increases even if production halts occur [5][6]. Future Outlook - Analysts suggest that if the current operating rates for mica-derived lithium remain stable, there will be no substantial impact on supply-demand dynamics, although supply shortage concerns may persist [6]. - The potential for overseas supply to increase could exert downward pressure on lithium carbonate prices if related policies do not create sustained constraints [6]. - Investors are advised to approach market fluctuations with caution, as excessive speculation on supply disruptions may pose risks [6].

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - OPEC+ plans to increase oil production by 548,000 barrels per day this month, and there are expectations for another 548,000 barrels per day increase in September, which may lead to an oversupply and downward pressure on oil prices. The US tariff agreements may improve market risk appetite, but the potential secondary tariffs on countries buying Russian oil could cause price fluctuations [4]. - PX is in a tight - balance situation with low inventory and high operating rates. With only one potential new device planned at the end of 2025 and high uncertainty, PXN has support due to new PTA device demand [4]. - A 3.2 - million - ton PTA device in East China has one line put into production, and multiple devices are under maintenance. The short - term polyester load is strong, but in the long run, there is an oversupply, and prices are expected to fluctuate with the cost [4]. - Rising coal prices support the cost of ethylene glycol. Port inventory is decreasing, and the supply - demand is tight. However, there is an expected increase in imports in August, and short - term prices are expected to be strong [4]. - The average weekly capacity utilization rate of the Chinese polyester industry is 85.82%, down 0.60% week - on - week. Downstream demand is weak, and the industry is in an oversupply situation. The demand for textile raw materials is expected to recover in mid - to late August [26]. 3. Summary by Related Catalogs Crude Oil - OPEC+ is set to increase production by 548,000 barrels per day this month, and there are expectations for the same increase in September, which may lead to oversupply and downward price pressure. The US tariff agreements may improve market risk appetite, but the claim of secondary tariffs on countries buying Russian oil could cause price fluctuations [4]. PX - Current PX inventory is low, and the operating rate is high, maintaining a tight - balance situation. In 2025, only one 3 - million - ton device of Yulong Petrochemical is expected to be put into operation at the end of the year, with a capacity growth rate of about 5%. The domestic PX output in the first half of 2025 was 18.3 billion tons, a year - on - year increase of 2.7%. The annual supply in 2025 is expected to be about 47.8 billion tons, with a growth rate of about 3%. The domestic weekly average PX capacity utilization rate is 82.35%, down 0.56% week - on - week, and the Asian weekly average is 71.98%, down 0.03% week - on - week. The PX - naphtha spread is around $265 per ton. The downstream PTA is still in an expansion cycle, and the supply - demand gap supports PX prices [4][8]. PTA - A 3.2 - million - ton PTA device in East China has one line put into production recently, and multiple devices are under concentrated maintenance. The downstream polyester is in the off - season, and the processing fee is 204 yuan per ton, remaining flat compared to last week and at a low point this year. With new device production, the oversupply situation will intensify, and the processing fee may be compressed. The weekly average PTA capacity utilization rate is 79.67%, down 1.09% week - on - week. The spot market price is 4,750 yuan per ton, and the mainstream spot basis is 09, - 13 [4][14]. MEG - The market price of ethylene glycol this week is 4,485 yuan per ton, down 2.05% week - on - week. The total domestic ethylene glycol capacity utilization rate is 60.67%, up 1.47% week - on - week, and the coal - based capacity utilization rate is 63.87%, up 3.88% week - on - week. The gross profit has risen to 103.33 yuan per ton, up 15.42 yuan per ton week - on - week. The inventory in East China ports is 427,200 tons, down 47,800 tons week - on - week, at a historical low. Due to the delay of imported goods caused by typhoons, imports are expected to increase. Affected by coal prices, the overall price is expected to be strong [19]. Polyester Industry - The average weekly capacity utilization rate of the Chinese polyester industry is 85.82%, down 0.60% week - on - week. Downstream demand is weak, and there is inventory accumulation due to high - level operation. The effectiveness of potential production cuts needs further observation. The demand for long - and short - fiber textile raw materials is expected to recover in mid - to late August [26].

1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report - **PVC and Caustic Soda**: The caustic soda market has limited supply - demand contradictions, with high - profit incentives for high production. There is a good price upward expectation in the peak season. It is recommended to take profit on previous long positions and wait and see. The PVC market has a weak supply - demand situation, with inventory accumulation pressure. It is advisable to wait and see due to policy and information fluctuations [23]. - **Urea**: The core driver of the urea futures market is the change in demand, especially the weakening of agricultural demand. The supply - side surplus pressure and high inventory also affect the market. The new round of Indian tender provides short - term benefits, but the suspension of small - particle bulk exports suppresses market sentiment [27]. - **Polyester Industry Chain**: In July, the PX supply - demand is expected to be tight, and it is recommended to operate PX09 in the 6600 - 6900 range. The PTA supply - demand is expected to be weak, and it is recommended to operate TA in the 4600 - 4800 range. The short - term supply - demand of ethylene glycol is expected to improve, and it is recommended to sell put options EG2509 - P - 4300 at low prices. The short - fiber market has a weak supply - demand situation, and it is recommended to operate PFO9 in the 6300 - 6500 range. The bottle - chip supply - demand has an improvement expectation, and it is recommended to pay attention to the opportunity to expand the processing fee in the 350 - 600 yuan/ton range [30]. - **Methanol**: Inland methanol prices fluctuate slightly. The port basis strengthens, and there is an expectation of inventory accumulation from July to August, with weak prices [34]. - **Pure Benzene and Styrene**: The pure benzene supply - demand is generally good, but the rebound space is limited. The styrene supply - demand is expected to be weak, and it is recommended to operate EB09 in the 7100 - 7500 range [37]. - **Polyolefins**: The supply and demand of PP and PE contract synchronously, with inventory accumulation and weak demand. It is recommended to look for short - selling opportunities for PP and buy PE within a range [41]. - **Crude Oil**: Oil prices are in a stalemate between bulls and bears. Diesel shortages support prices, but factors such as sanctions, tariffs, and supply increases limit the upward space. The support ranges for WTI, Brent, and SC are [65, 66], [67, 68], and [504, 514] respectively [44]. 3. Summaries by Related Catalogs PVC and Caustic Soda - **Prices**: For PVC, the prices of various futures contracts and spot markets have small fluctuations. For caustic soda, the prices of some products are stable, and the export price and profit of some products have changed [19][20]. - **Supply**: The caustic soda industry's operating rate has increased, while the PVC total operating rate has decreased slightly. The profits of different production methods of PVC have changed [21]. - **Demand**: The operating rates of some downstream industries of caustic soda and PVC have changed, and the PVC pre - sales volume has increased slightly [22][23]. - **Inventory**: The inventory of caustic soda and PVC has changed, with some increasing and some decreasing [23]. Urea - **Prices**: The prices of urea futures contracts, spot markets, and related products have changed, and the basis and spread have also changed [27]. - **Supply**: The daily and weekly production of urea has changed slightly, and the number of maintenance losses has increased [27]. - **Demand**: The agricultural demand for urea is weak, and the industrial demand is restricted by high temperatures [27]. - **Inventory**: The factory and port inventories of urea have changed, with the factory inventory decreasing and the port inventory increasing [27]. Polyester Industry Chain - **Prices**: The prices of various products in the polyester industry chain, including crude oil, PX, PTA, and polyester products, have changed, and the spreads and processing fees have also changed [30]. - **Supply**: The operating rates of PX, PTA, MEG, and polyester products have changed [30]. - **Demand**: The demand for polyester products is weak, and the downstream industries' operating rates have changed [30]. Methanol - **Prices**: The prices of methanol futures contracts and spot markets have changed, and the basis and spread have also changed [34]. - **Inventory**: The enterprise, port, and social inventories of methanol have changed [34]. - **Operating Rates**: The operating rates of upstream and downstream enterprises of methanol have changed [34]. Pure Benzene and Styrene - **Prices**: The prices of pure benzene, styrene, and related products have changed, and the spreads and import profits have also changed [37]. - **Inventory**: The inventories of pure benzene and styrene in Jiangsu ports have changed [37]. - **Operating Rates**: The operating rates of the pure benzene and styrene industries and their downstream industries have changed [37]. Polyolefins - **Prices**: The prices of LLDPE and PP futures contracts and spot markets have changed, and the basis and spread have also changed [41]. - **Inventory**: The enterprise and social inventories of PE and PP have changed [41]. - **Operating Rates**: The operating rates of PE and PP production and downstream industries have changed [41]. Crude Oil - **Prices**: The prices of crude oil futures contracts and refined oil products have changed, and the spreads and crack spreads have also changed [44]. - **Market Factors**: Diesel shortages support oil prices, but sanctions, tariffs, and supply increases affect the market [44].

Core Insights - The U.S. soybean oil market is undergoing significant changes due to a surge in biofuel demand and a sharp decline in export volumes, leading to a tight supply-demand situation in the soybean oil market [1] Group 1: Market Dynamics - The demand for biofuels has increased dramatically, impacting the soybean oil market [1] - Export volumes of soybean oil have decreased significantly, contributing to the tightening of the market [1] Group 2: Price Fluctuations - The current supply-demand imbalance raises questions about future price movements in the soybean oil market [1]

1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Report's Core View - The steel market in 2025 differs significantly from 2023. Current demand support is weakening, and future demand may be over - drawn. Although short - term fundamentals have limited pressure, the upward space of the steel futures market is restricted [3]. - The iron ore market is in a state of high supply and demand, slightly weakening at the margin. Considering the approaching off - season, the current state is acceptable. Prices may fluctuate, and macro - changes need attention [23][24]. - The coking coal market has short - term upward potential in the futures market, but the spot market remains under pressure. The probability of coking plants raising prices is low [40]. - The ferroalloy market has a weak long - term trend. Although the negative factors of high inventory and high supply are weakening, cost reduction expectations and the off - season demand may lead to a weak operation [57]. - The soda ash market is in a long - term oversupply situation. Production is expected to remain high, and demand is weak. The futures price may continue to decline [69][70]. - The glass market's supply may increase, and the cumulative apparent demand has declined. The futures price has limited support and lacks obvious driving factors [98]. 3. Summary by Related Catalogs Steel - **Price Data**: On June 23, 2025, the closing prices of steel futures contracts such as rebar and hot - rolled coil showed minor fluctuations compared to June 20. The basis of rebar and hot - rolled coil decreased, and the spread between rebar and hot - rolled coil remained relatively stable [4][9]. - **Market Analysis**: The current steel market has limited short - term fundamental pressure, but the upward space of the futures market is restricted due to factors such as the approaching off - season and potential over - drawn future demand [3]. Iron Ore - **Price Data**: On June 23, 2025, the closing prices of iron ore futures contracts increased slightly compared to June 20, while the basis decreased. The prices of iron ore varieties in Rizhao also showed minor changes [25]. - **Market Analysis**: The iron ore market is in a state of high supply and demand, slightly weakening at the margin. With the approaching off - season, prices may fluctuate, and macro - changes need attention [23][24]. Coking Coal and Coke - **Price Data**: On June 23, 2025, the coking coal and coke futures prices, basis, and spreads showed different degrees of change compared to June 20. The coking profit decreased slightly [41]. - **Market Analysis**: The coking coal market has short - term upward potential in the futures market, but the spot market remains under pressure. The probability of coking plants raising prices is low [40]. Ferroalloy - **Price Data**: On June 23, 2025, the ferroalloy (silicon - iron and silicon - manganese) futures prices, basis, and spreads showed different degrees of change compared to June 20. The spot prices of silicon - iron and silicon - manganese also changed [59][60]. - **Market Analysis**: The ferroalloy market has a weak long - term trend. Although the negative factors of high inventory and high supply are weakening, cost reduction expectations and the off - season demand may lead to a weak operation [57]. Soda Ash - **Price Data**: On June 23, 2025, the soda ash futures prices and spreads showed minor changes compared to June 20. The spot prices of heavy and light soda ash in different regions also changed [71][72]. - **Market Analysis**: The soda ash market is in a long - term oversupply situation. Production is expected to remain high, and demand is weak. The futures price may continue to decline [69][70]. Glass - **Price Data**: On June 23, 2025, the glass futures prices and spreads showed different degrees of change compared to June 20. The daily sales - to - production ratios in different regions also changed [99][101]. - **Market Analysis**: The glass market's supply may increase, and the cumulative apparent demand has declined. The futures price has limited support and lacks obvious driving factors [98].

| 产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年6月19日 | | | | 林嘉施 | Z0020770 | | 价格及基差 | | | | | | | | 现值 | 前值 | 日 涨跌 | 日 涨跌幅 | 单位 | | SMM 1#电解销 | 119825 | 119825 | 0 | 0.00% | 元/吨 | | 1#金川镇 | 120925 | 120925 | 0 | 0.00% | 元/吨 | | 1#金川镍升贴水 | 2600 | 2600 | 0 | 0.00% | 元/吨 | | 1#进口镇 | 118825 | 118675 | 150 | 0.13% | 元/吨 | | 1#进口镍升贴水 | 500 | 350 | 150 | - | 元/肥 | | LME 0-3 | -204 | -204 | 0 | 0.12% | 美元/吨 | | 期货进口盈亏 | -3113 | -3303 | 190 | -5.75% | 元/吨 | | 沪伦比值 | 7.9 ...

知识图强, 求实奉献, 客户至上, 合作共赢 | 产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年6月5日 | | | | 林嘉施 | Z0020770 | | 价格及基差 | | | | | | | | 现值 | 前值 | 日涨跌 | 日涨跌幅 | 单位 | | SMM 1#电解键 | 123425 | 122850 | 575 | 0.47% | 76/11/2 | | 1#金川镇 | 124575 | 124050 | ર્સ્ટ | 0.42% | 元/肥 | | 1#金川镇升贴水 | 2500 | 2550 | -50 | -1.96% | 元/吨 | | 1#进口镇 | 122425 | 121800 | 625 | 0.51% | 元/吨 | | 1#进口镇升贴水 | 350 | 300 | 50 | - | 元/吨 | | LME 0-3 | -201 | -203 | 2 | -1.21% | 美元/吨 | | 期货进口盈亏 | -4760 | -3669 | ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Pay attention to price fluctuations in the agricultural and black upstream sectors, and technological development in the agricultural midstream [1]. - Keep an eye on the promotion of elderly - care service - related products [1]. 3. Summary by Related Catalogs 3.1 Mid - level Event Overview - **Production Industry**: Sichuan has drafted measures to promote the high - quality development of animal husbandry, including supporting leading livestock enterprises and promoting the transformation and upgrading of pig slaughtering [1]. - **Service Industry**: As of April, there were 216,000 types of age - friendly products in the market, with 28,700 new varieties, especially in assistive walking products and daily - life aids [1]. 3.2 Industry Overview - **Upstream**: The prices of natural rubber, eggs, and glass have declined [1][2]. - **Midstream**: The PTA and asphalt开工率 have increased, while the PX开工率 has decreased [3]. - **Downstream**: The sales of first - tier city commercial housing have declined seasonally, and the number of international and domestic flights has decreased cyclically [3]. - **Market Pricing**: The credit spread of the pharmaceutical and biological industry has slightly declined [4]. 3.3 Industry Credit Spread Tracking - The credit spreads of multiple industries, such as agriculture, forestry, animal husbandry and fishery, mining, and chemical industry, have changed. For example, the credit spread of the agriculture, forestry, animal husbandry and fishery industry decreased from 62.07 last week to 58.65 this week [50]. 3.4 Key Industry Price Index Tracking - Various industries' price indicators have different trends. For example, the spot price of corn decreased by 0.25% year - on - year, and the spot price of natural rubber decreased by 4.07% year - on - year [51].