南华期货锡风险管理日报 2025年7月1日 南华有色金属研究团队 肖宇非 投资咨询证号：Z0018441 投资咨询业务资格：证监许可【2011】1290号 锡价格波动率（日度） | 最新收盘价 | 价格区间预测（月度） | 当前波动率 | 当前波动率历史百分位 | | --- | --- | --- | --- | | 268110 | 245000-263000 | 15.18% | 28.8% | source： 同花顺,南华研究 锡风险管理建议（日度） | 行为导向 | 情景分析 | 现货敞口 | 策略推荐 | 套保工具 | 买卖方向 | 套保比例 | 建议入场区间 | | --- | --- | --- | --- | --- | --- | --- | --- | | 库存管理 | 产成品库存偏高，担心价格下跌 | 多 | 做空沪锡主力期货合约 | 沪锡主力期货合约 | 卖出 | 100% | 290000附近 | | | | | 卖出看涨期权 | SN2508C275000 | 卖出 | 25% | 波动率合适时 | | 原料管理 | 原料库存较低，担心价格上涨 | 空 | 做多沪锡主力期货合约 ...

日经平均股指盘中重返4万点（东京都中央区，6月27日上午） 海外投资者已连续12周净买入日本股。美国总统特朗普在26日虽然没有提及具体内容，但表示已签署了 与中国有关贸易的协议。白宫发言人勒维特也就7月9日即将到期的美方"对等关税"加征部分的宽限期表 示："期限并不重要"…… 在6月27日上午的东京股市中，日经平均股指连续第4个交易日上涨，最终收于40215.36点，较前一交易 日上涨630.78点（涨幅1.6%）。日经平均指数在盘中触及4万点以上，是自1月27日以来首次。受全球股 市上涨带动，海外资金流入日本股市。由于市场对美国关税政策和中东局势的警惕进一步减弱，投资者 情绪转为乐观。 在6月27日的东京股市开盘，日经平均股指连续第4个交易日上涨，一度突破具有心理意义的4万点关 口。日经平均股指在盘中触及4万点以上，是自1月27日以来的首次。受全球股市上涨的推动，日本股市 也吸引了海外资金流入。由于市场对美国关税政策和中东局势的警惕情绪减弱，投资者情绪转为积极。 版权声明：日本经济新闻社版权所有，未经授权不得转载或部分复制，违者必究。 日经中文网 https://cn.nikkei.com 视频号推荐内容： ...

| 项目 | 中国大宗商品 | 能源价格 化工价格 | | 黑色价格 | 有色价格 | | 矿产价格 农产品价格 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 价格指数 | 指数 | 指数 | 指数 | 指数 | 指数 | 指数 | | 单位 | 点 | 点 | 点 | 点 | 点 | 点 | 点 | | 25.05 | 110.3 | 96.3 | 102.8 | 78.7 | 127.7 | 75.6 | 98.2 | | 25.04 | 109. 9 | 98. 4 | 102. 4 | 79. 3 | 126. 5 | 77.2 | 97.7 | | 月涨跌 | 0.4 | -2.1 | 0.5 | -0.6 | 1.2 | -1.7 | 0.5 | | 月环比 | 0. 3% | -2. 1% | 0. 5% | -0.8% | 0. 9% | -2. 2% | 0. 5% | | 24.05 | 118.9 | 113.2 | 119.1 | 88.8 | 134.7 | 82.4 | 96.4 | | 年同比 | -7.2% | ...

合肥雪祺电气股份有限公司 投资者关系活动记录表 | 编号：2025-004 | | --- | | | 特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 ☐业绩说明会 | | 投资者关系活动类别 | ☐新闻发布会 ☐路演活动 | | | 现场参观 | | | ☐其他（请文字说明其他活动内容） | | | 中信证券：霍商贤 华西证券：喇睿萌 | | 参与单位名称及人员姓名 | 浙商证券：芦家宁 | | | 信达证券：罗岸阳 | | | 国盛证券：徐程颖 | | 时间 | 2025年5月22日 14:00-16:00 | | 地点 | 公司会议室 | | | 董事、副总经理、财务负责人：徐园生 | | 上市公司接待人员姓名 | 董事会秘书：刘杰 | | | 证券事务代表：陈玉玉 | | | 投资者提出的问题及公司回复如下： | | 投资者关系活动主要内容介 | 1、请公司介绍一下2024年度和2025年第一季度业绩情况？ | | 绍 | 答：尊敬的投资者，您好！公司2024年营业收入为194,580.41万 | | | 元，归属于上市公司股东的净利润为10,207.85万元，20 ...

投资咨询业务资格：证监许可【2011】1778 号 宝城期货贵金属有色早报（2025 年 5 月 22 日） ◼ 品种观点参考 主要品种价格行情驱动逻辑—商品期货 品种：黄金（AU） 日内观点：震荡偏弱 中期观点：震荡 参考观点：观望 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 黄金 | 2508 | 震荡 | 震荡 | 震荡 | 观望 | 中美关系趋于缓和，利空金价；地 | | | | | | 偏弱 | | 缘政治频繁利多金价 | | 镍 | 2506 | 下跌 | 震荡 | 震荡 偏弱 | 观望 | 上游强势，下游弱势，镍趋于震荡 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 核心逻辑：中短线 ...

行业报告 | 行业研究周报 金属与材料 证券研究报告 宏观情绪回暖，看好基本金属向上修复 基本金属：关税政策缓和，宏观情绪回暖，铜铝价格向上修复。1）铜：本周铜价震荡，沪铜收于 77670 元/吨。宏观层面，中美贸易摩擦缓和，叠加美国通胀降温，4月 CPI 同比上涨2.3%，加大美联储降息概率， 整个宏观面上交易情绪回暖，提振铜价上行。基本面上，铜精矿现货 TC 继续回落，再度创历史新低，但下 跌速度放缓，本周随着铜价上行，国内再生铜供应紧张局面缓和，成交量有明显改善，但再生铜进口端仍 呈现下滑趋势。整体来看，5月部分铜材加工率环比4 月有所下滑，但好于去年同期，当前库存水平较低， 但需求已有走弱迹象，进人 5 月中下旬需求转为淡季，库存将由去库转为累库，对铜价的支撑作用减弱， 当前宏微观共振支撑短期铜价保持高位震荡运行。2）铝：本周铝价回升，沪铝收于 20190 元/吨，重新站 上 2 万大关。国内外宏观情绪大幅好转叠加中国铝锭社会库存持续降库，以及氧化铝价格上涨，现货铝价 上行。供应方面：本周山东地区电解铝企业继续向云南地区转移产能，广西地区电解铝企业有所复产。综 合来说，本周电解铝行业理论开工产能较上周 ...

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1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - The iron ore market currently shows a situation of increasing supply and demand, with a relatively healthy fundamental situation, which provides support for iron ore prices. After the Sino - US Geneva talks, the tariff policy has been eased, and with the revision of downstream demand expectations, the iron ore price is expected to rebound in the near future [10][11]. 3. Summary by Relevant Catalogs 3.1 Market Review - On May 12, the main 2509 contract of iron ore futures fluctuated upwards, rising 3.16% to close at 718.5 yuan/ton. The prices of other steel futures also showed varying degrees of increase, such as RB2510 rising 1.52%, HC2510 rising 1.51%, and SS2507 rising 1.29% [5][7]. - In terms of positions, the long - short position changes of different contracts varied. For the I2509 contract, the top 20 long positions increased by 18,164 hands, and the top 20 short positions increased by 5,325 hands, with a long - short difference of 12,839 hands and a deviation of 2.84% [8]. 3.2 Spot Market and Technical Analysis - In the spot market on May 12, the main iron ore outer - disk quotes increased by $2.5 per ton compared with the previous trading day, and the prices of main - grade iron ore at Qingdao Port were raised by 15 yuan/ton compared with the previous trading day. Technically, the daily KDJ and MACD indicators of the iron ore 2509 contract showed golden crosses [9]. 3.3 Market Outlook - **Supply**: Last week, the shipments from Brazil decreased, while those from Australia increased slightly. The total shipments from 19 ports decreased month - on - month, and the arrivals at 45 ports also decreased slightly. However, the overall level was still moderately high. The shipments in the past four weeks increased by 1.68% compared with the previous four weeks, and it is expected that the arrivals will remain at a moderately high level in the near future, with a loose iron ore supply [10][11]. - **Demand**: Last week, the daily average pig iron output increased again, reaching a new high of 2.4564 million tons since late October 2023. Steel mills maintained strong production, providing strong support for the actual demand for iron ore [11]. - **Inventory**: The available days of steel mill inventory remained at 22 days, and the port inventory decreased slightly. As the arrivals remain at a high level, it is expected that the inventory will increase in the near future, but the increase space is limited [11]. 3.4 Industry News - On May 12, Rio Tinto signed a final joint - venture agreement with Japan's Sumitomo Metal Mining for the Winu copper - gold project in Western Australia. Sumitomo will pay up to $430.4 million to acquire a 30% stake in the project [12]. - According to data from the China Association of Automobile Manufacturers, in April, the export of traditional fuel vehicles was 317,000 units, a month - on - month decrease of 9.3% and a year - on - year decrease of 18.7%. The export of new energy vehicles was 200,000 units, a month - on - month increase of 27% and a year - on - year increase of 76%. From January to April, the export of traditional fuel vehicles was 1.295 million units, a year - on - year decrease of 7.9%, and the export of new energy vehicles was 642,000 units, a year - on - year increase of 52.6% [12]. - The Sino - US Geneva economic and trade talks jointly stated that both sides will take measures to adjust tariffs. The US will modify the ad - valorem tariffs on Chinese goods, and China will make corresponding adjustments to the tariffs on US goods. Both sides will also cancel some additional tariffs and take measures to suspend or cancel non - tariff counter - measures. They will establish a mechanism to continue consultations on economic and trade relations [12][13]. 3.5 Data Overview - The report presents multiple data charts related to the iron ore and steel industry, including the prices of main iron ore varieties at Qingdao Port, the price differences between high - grade and low - grade ores and PB powder, shipments from Brazil and Australia, arrivals at 45 ports, domestic mine capacity utilization, port iron ore trading volume, steel mill inventory available days, port inventory and dredging volume, and various production and consumption data of steel products [20][22][24].