1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views of the Report - Different futures products show diverse market trends and investment outlooks. Some products are expected to have bullish long - term trends, while others may face short - term adjustments or remain in a range - bound state. Overall, investors need to make decisions based on the specific fundamentals and market conditions of each product [5][9][11]. 3. Summary by Product Bonds - **Market Performance**: On the previous trading day, Treasury bond futures closed higher across the board. The 30 - year, 10 - year, 5 - year, and 2 - year main contracts rose by 0.23%, 0.03%, 0.07%, and 0.03% respectively [5]. - **Macro - economic Data**: From January to July, the national general public budget revenue was 13.5839 trillion yuan, a year - on - year increase of 0.1%. The national tax revenue was 11.0933 trillion yuan, a year - on - year decrease of 0.3%, and non - tax revenue was 2.4906 trillion yuan, a year - on - year increase of 2%. Stamp duty was 255.9 billion yuan, a year - on - year increase of 20.7%, among which securities trading stamp duty was 93.6 billion yuan, a year - on - year increase of 62.5% [5]. - **Outlook**: It is expected that Treasury bond futures will have no trend - based market and investors should remain cautious [6][7]. Stock Index Futures - **Market Performance**: On the previous trading day, stock index futures showed mixed results. The main contracts of CSI 300, SSE 50, CSI 500, and CSI 1000 stock index futures fell by 0.50%, 1.19%, 0.13%, and 0.03% respectively [8][9]. - **Outlook**: Although the domestic economic recovery momentum is weak and corporate profit growth is at a low level, due to the low valuation of domestic assets and the resilience of the Chinese economy, the long - term performance of Chinese equity assets is still optimistic, and existing long positions can be held [9][10]. Precious Metals - **Market Performance**: On the previous trading day, the closing price of the gold main contract was 775.06, a decline of 0.33%, and the night - session closing price was 772.61. The closing price of the silver main contract was 9,187, a decline of 0.77%, and the night - session closing price was 9061 [11]. - **Outlook**: The long - term bullish trend of precious metals is expected to continue. Consider going long on gold futures [11][12]. Steel and Related Products - **Rebar and Hot - Rolled Coil**: On the previous trading day, rebar and hot - rolled coil futures fell slightly. Policy changes are currently the main factor affecting the market, and the price of finished products follows the price of coking coal. In the medium term, the price will return to the industrial supply - demand logic. The downward trend of the real estate industry and over - capacity are the core factors suppressing rebar prices. Investors can pay attention to buying opportunities during pullbacks and manage positions carefully [13]. - **Iron Ore**: On the previous trading day, iron ore futures pulled back slightly. Policy is the main factor affecting the market, and the iron ore price follows the coking coal price. The short - term supply - demand pattern is strong, but it may weaken in the medium term. Investors can pay attention to buying opportunities during pullbacks and manage positions carefully [15]. - **Coking Coal and Coke**: On the previous trading day, coking coal and coke futures continued to decline. The current price still has bullish support due to policy - related supply reductions. In the short term, they may continue to adjust, and investors can pay attention to buying opportunities during pullbacks and manage positions carefully [17]. - **Ferroalloys**: On the previous trading day, the main contracts of manganese silicon and silicon iron fell. The short - term demand has a slight increase, but the supply is still excessive. After a decline, investors can consider long positions when the spot market falls into a loss - making range [19][20]. Energy Products - **Crude Oil**: On the previous trading day, INE crude oil oscillated downward, hitting a new low. Trump's arrangement of a tri - party meeting and CFTC data showing a net short position indicate that the crude oil price may be weak. The main contract should be put on hold for now [21][22][24]. - **Fuel Oil**: On the previous trading day, fuel oil oscillated downward. The Asian fuel oil spot market has sufficient supply, and the market shows mixed signals of improvement. The main contract strategy is to narrow the spread between high - and low - sulfur fuel oils [25][26]. Rubber Products - **Synthetic Rubber**: On the previous trading day, the main contract of synthetic rubber rose. Losses have led to reduced supply, and the macro - sentiment is positive. Wait for the market to stabilize and then participate in the rebound [27][28]. - **Natural Rubber**: On the previous trading day, the main contracts of natural rubber and 20 - grade rubber rose. The macro - market sentiment has improved, and there are supply - side disturbances. Consider going long after a pullback [29][30]. Chemical Products - **PVC**: On the previous trading day, the main contract of PVC fell. The oversupply situation continues, but the downward space may be limited, and it will continue to oscillate at the bottom [31][32]. - **Urea**: On the previous trading day, the main contract of urea rose. The market expects relaxed export restrictions to India. In the short term, it will oscillate, and in the medium term, it should be treated bullishly [33][34]. - **PX**: On the previous trading day, the main contract of PX rose. In the short term, the supply - demand situation has weakened, and the cost and demand support are insufficient. It may oscillate and adjust. Consider range - bound operations [35]. - **PTA**: On the previous trading day, the main contract of PTA rose. In the short term, the processing fee is under pressure, supply may decrease, demand improves slightly, and the cost support is weak. It may oscillate and be sorted out. Consider range - bound participation [36][37]. - **Ethylene Glycol**: On the previous trading day, the main contract of ethylene glycol rose. In the short term, the supply increase may suppress the market, but overseas device maintenance may reduce imports. Consider range - bound participation and pay attention to port inventory and import changes [38]. - **Short - Fiber**: On the previous trading day, the main contract of short - fiber rose. In the short term, the supply remains at a relatively high level, demand improves, and the supply - demand contradiction is not significant. It may follow the cost to oscillate [39][40]. - **Bottle Chips**: On the previous trading day, the main contract of bottle chips rose. Raw material prices oscillate, and there are more device overhauls. The market is supported, but the main logic lies in the cost end, and it is expected to follow the cost to oscillate [41]. - **Soda Ash**: On the previous trading day, the main contract of soda ash fell. The supply is increasing, and downstream demand is stable. It is expected to oscillate lightly and stably in the short term. Pay attention to controlling positions [42][43]. - **Glass**: On the previous trading day, the main contract of glass fell. The production line is stable, inventory reduction has slowed down, and downstream demand is weak. In the short term, go short at high levels, and pay attention to controlling positions [44]. - **Caustic Soda**: On the previous trading day, the main contract of caustic soda fell. Supply fluctuates little, and demand is under pressure. The price is expected to be weak in the short term [45][46]. - **Pulp**: On the previous trading day, the main contract of pulp fell. Supply contraction expectations dominate, but demand improvement is uncertain. The high inventory and macro - sentiment are in a game. [47][48] - **Lithium Carbonate**: On the previous trading day, the main contract of lithium carbonate fell. The trading logic has shifted to policy - related and mining - license events. The supply - demand surplus pattern remains, and investors should operate with a light position and control risks [49]. Non - Ferrous Metals - **Copper**: On the previous trading day, Shanghai copper oscillated slightly. The import window is open, and downstream consumption is average. There is a shortage of copper concentrate, and factors such as the Fed's interest - rate cut expectation and smooth Sino - US trade negotiations support copper prices. Consider going long on the main contract [51][52][53]. - **Tin**: On the previous trading day, Shanghai tin oscillated. The supply is tight, and consumption is weak. It is expected to oscillate [54]. - **Nickel**: On the previous trading day, Shanghai nickel fell. The market is in an oversupply pattern, and it is expected to oscillate [55][56]. Agricultural Products - **Soybean Oil and Soybean Meal**: On the previous trading day, soybean meal rose, and soybean oil fell. The domestic soybean supply is relatively loose, and the cost support is enhanced. Consider exiting long positions at high levels and then looking for long - position opportunities at support levels [57][58]. - **Palm Oil**: Malaysian palm oil prices have fluctuations. The export volume has increased, and the domestic inventory is high. Consider holding long positions with a light position [59][60]. - **Rapeseed Meal and Rapeseed Oil**: Canadian rapeseed prices fell. China's import sources may change, and the inventory of related products is at a high level. Consider reducing and holding long positions [61][63]. - **Cotton**: Domestic and foreign cotton prices show different trends. The US cotton supply - demand report is bullish, but the domestic textile export is under pressure. It is expected that the price will be strong in the short term [64][66]. - **Sugar**: Domestic and foreign sugar production and import data show different situations. It is recommended to wait and see [67][68]. - **Apples**: Apple futures fell slightly. The expected reduction in production has been falsified, and the market is expected to produce a small increase. It is recommended to wait and see [70][71][72]. - **Hogs**: The national average price of hogs rose slightly. The supply is increasing, and demand is weak in the short term. Consider an inverse spread strategy [73][75][76]. - **Eggs**: The average price of eggs remained stable. The supply is increasing, and consumption is not as expected. It is recommended to wait and see [77][78]. - **Corn and Starch**: Corn and corn starch futures fell. The short - term supply - demand tends to balance, but the new - season corn has a strong production expectation. It is recommended to wait and see, and corn starch follows the corn market [79][80]. - **Logs**: On the previous trading day, the main contract of logs fell. The spot market has improved, and the demand is slightly better than the arrival volume. It is expected to oscillate at a high level [81][84].

Report Industry Investment Rating No relevant content provided. Report's Core View - The report analyzes various futures markets, including bonds, stocks, precious metals, and commodities, and provides investment suggestions based on market trends and fundamental analysis [5][7][9]. Summary by Relevant Catalogs Treasury Bonds - Last trading day, most treasury bond futures closed higher, with the 30 - year, 10 - year, and 5 - year contracts rising, and the 2 - year contract unchanged [5]. - The central bank conducted 160.7 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 122.5 billion yuan on the day [5]. - S&P maintained China's sovereign credit rating and outlook. China's macro - policies will continue to support the economy [5]. - China's exports and imports in July increased year - on - year. The macro - economic recovery momentum needs strengthening, and treasury bond futures are expected to have no trend and require caution [6]. Stock Index Futures - Last trading day, stock index futures showed mixed performance. Although the domestic economic recovery momentum is weak, considering the low valuation of domestic assets and China's economic resilience, the long - term performance of Chinese equity assets is optimistic, and long positions in stock index futures are considered [7]. Precious Metals - Last trading day, gold and silver futures rose. China's gold reserves increased for the 9th consecutive month in July. Due to the complex global trade and financial environment, the "de - globalization" and "de - dollarization" trends, and the possible Fed rate cut, the long - term bull market of precious metals is expected to continue, and long positions in gold futures are considered [9]. Steel Products (Rebar, Hot - Rolled Coil) - Last trading day, rebar and hot - rolled coil futures fluctuated. Policy changes currently dominate the market, and prices may return to the industrial supply - demand logic in the medium term. The downward trend of the real estate industry suppresses rebar prices, while potential steel industry policies may be positive. Investors can pay attention to buying opportunities on dips and manage positions [11]. Iron Ore - Last trading day, iron ore futures fluctuated. Policy affects the market, and iron ore prices follow coking coal. The short - term supply - demand pattern is strong, but may weaken in the medium term. Technically, it is supported, and investors can pay attention to buying opportunities on dips and manage positions [13]. Coking Coal and Coke - Last trading day, coking coal and coke futures rose. After previous fluctuations, they are returning to the industrial supply - demand logic. A coal production inspection policy has affected supply, and they may continue to be strong. Investors can pay attention to buying opportunities on dips and manage positions [15]. Ferroalloys - Last trading day, manganese silicon and silicon iron futures fell. Manganese ore supply has fluctuations, and ferroalloy production is rising while demand is weak, with high inventory. After a decline, investors can consider long positions at low levels [17]. Crude Oil - Last trading day, INE crude oil declined due to the progress of US - Russia negotiations. OPEC+ increased production, and the market is waiting for the September meeting. The US non - farm data was poor, and geopolitical risks decreased. The main contract is recommended to be on the sidelines [20][21]. Fuel Oil - Last trading day, fuel oil declined, blocked by the 5 - day moving average. Singapore's high - sulfur fuel oil inventory is high, and Asian supply is abundant. The market expects more fuel oil arrivals, and the main contract is recommended to short the spread between high - and low - sulfur fuel oil [23]. Synthetic Rubber - Last trading day, synthetic rubber rose. Raw material prices recovered, and the industry's capacity utilization increased. Wait for the market to stabilize and then participate in the rebound [25]. Natural Rubber - Last trading day, natural rubber rose. Supply disturbances slowed down, and the market corrected. The decline space is limited, and long positions can be considered on dips [27]. PVC - Last trading day, PVC rose. The supply - demand imbalance persists, but the downward space is limited, and it will continue to fluctuate at the bottom [30]. Urea - Last trading day, urea fell. In the short term, it will fluctuate with the spot, and in the medium term, it is considered bullish [34]. PX - Last trading day, PX fluctuated. The supply - demand balance is tight in the short term, and the cost support from crude oil weakens. It may fluctuate, and interval trading is considered [37]. PTA - Last trading day, PTA fell. Supply changes little, demand may weaken, and the cost support from crude oil weakens. However, due to the pressure on processing fees and increased production cuts by large manufacturers, the downside is supported, and interval trading is considered [38]. Ethylene Glycol - Last trading day, ethylene glycol fell. The overall supply is high, but overseas maintenance may reduce imports, and inventory is decreasing. Interval trading is considered, focusing on port inventory and imports [40]. Short - Fiber - Last trading day, short - fiber fell. Supply is high, demand has improved, and it may follow cost fluctuations [41]. Bottle Chips - Last trading day, bottle chips fell. Raw material prices fluctuate, device maintenance increases, and inventory is stable. The market is expected to follow cost fluctuations [44]. Soda Ash - Last trading day, soda ash fell. Production increased this week, and inventory rose. The downstream demand is weak, and the market is expected to be stable in the short term [45]. Glass - Last trading day, glass fell. The number of production lines is stable, and inventory is increasing. The destocking speed slows down, and the downstream demand is weak [46]. Caustic Soda - Last trading day, caustic soda fell. Production increased after previous maintenance, and inventory rose. The demand for aluminum products provides some support, and the market is returning to the fundamental logic [47]. Pulp - Last trading day, pulp rose. High port inventory and international shipping suppress the market. The demand for household paper is weak, and the supply - demand balance is weak [49]. Lithium Carbonate - Last trading day, lithium carbonate rose. The supply is uncertain due to mining license issues. The supply - demand pattern remains unchanged, with high production and consumption improving, but high inventory. It is recommended to observe and control risks [50]. Copper - Last trading day, Shanghai copper rose. The copper concentrate is in short supply, and the domestic smelting cost has no room to decline. The Chinese stimulus policy is not satisfactory, but the Fed rate - cut expectation supports the price. The main contract is recommended to be on the sidelines [53]. Tin - Last trading day, Shanghai tin rose. The supply of tin ore is tight, and the production may increase in the fourth quarter. The overall supply is still short, and the price is expected to fluctuate [55]. Nickel - Last trading day, Shanghai nickel fell. The price of nickel ore is weakening, and the supply of refined nickel is in surplus. The price is expected to fluctuate [57]. Soybean Oil and Soybean Meal - Last trading day, soybean meal and soybean oil rose. The low price stimulates demand, and the soybean crushing volume is high. The inventory of soybean meal and soybean oil is rising. Consider long positions in soybean meal after adjustment and exiting long positions in soybean oil at high levels [58]. Palm Oil - Malaysian palm oil prices fell due to concerns about inventory and production increases and weak export demand. Consider long positions in palm oil [60]. Rapeseed Meal and Rapeseed Oil - Canadian rapeseed prices rebounded. China's imports of rapeseed decreased in June, while imports of rapeseed oil and rapeseed meal increased. Consider long positions in rapeseed products [62]. Cotton - Last trading day, domestic cotton fluctuated, and overseas cotton fell. The global and domestic cotton supply is expected to be loose, and the demand is weak. Short positions are recommended after a rebound [64]. Sugar - Last trading day, domestic sugar fluctuated weakly, and overseas sugar fell due to crude oil. The sugar production in India and Brazil is expected to increase. China's sugar imports increased in June. It is recommended to observe [67]. Apples - Last trading day, apple futures fluctuated. The expected apple production in the new season will increase slightly. Short positions are recommended after a rebound [69]. Pigs - Yesterday, the national average pig price fell. The supply is increasing, and the demand is weak in the summer. Consider reverse - spread strategies [72]. Eggs - Last trading day, the egg price was stable in the main production areas and fell in the main sales areas. The production cost is high, and the profit is low. The egg supply is expected to increase in August. Consider reverse - spread strategies [75]. Corn and Corn Starch - Last trading day, corn and corn starch rose. The domestic corn supply - demand is approaching balance, and the consumption is recovering. The new - season corn is expected to be abundant, and the price has pressure. Consider call options for old - crop contracts. Corn starch follows corn [77]. Logs - Last trading day, logs rose. The import of New Zealand logs is expected to increase, and the price is rising. The demand from downstream factories is increasing, and the short - term market sentiment is bullish [80].

Core Viewpoint - Suzhou Su Test Experiment Group Co., Ltd. (referred to as Su Test) reported a steady growth in its performance for the first half of 2025, with revenue reaching 991 million yuan and net profit at 117 million yuan, driven primarily by the significant growth in integrated circuit verification and analysis services, which increased by 21.01% [1][2]. Revenue and Profit Growth - For the first half of 2025, Su Test achieved operating revenue of 991 million yuan, representing a year-on-year increase of 8.09%, while the net profit attributable to shareholders rose to 117 million yuan, marking a 14.18% increase [3]. - The revenue breakdown by business segments shows: - Testing equipment business revenue of 310 million yuan, up 6.32% - Environmental and reliability testing services revenue of 487 million yuan, up 5.75% - Integrated circuit verification and analysis services revenue of 155 million yuan, up 21.01%, making it the fastest-growing segment [3]. Strategic Focus and Development - The company emphasizes a strategy of "focusing on core business, dual-wheel drive, and integration of manufacturing and services," which has led to steady performance improvement through enhanced technology research and market expansion [3]. - In the testing equipment segment, Su Test is focusing on high-end equipment development, particularly in thermal vacuum, low-pressure, and hydraulic categories, while also enhancing technical reserves for emerging industries such as new energy and commercial aerospace [4]. - The environmental and reliability testing services are expanding capabilities in space environment testing and online detection for aviation, alongside deepening collaborations with universities for technology transfer [4]. - The integrated circuit verification and analysis services have seen significant developments, including the completion of the Shenzhen laboratory expansion and the establishment of an automotive electronics reliability verification center, enhancing service capabilities in the Guangdong-Hong Kong-Macao Greater Bay Area [4].

Report Industry Investment Ratings No relevant information provided. Core Views - The report is generally cautious about the trend of the bond market, optimistic about the long - term performance of Chinese equity assets, and bullish on the long - term trend of precious metals. It also provides specific trading strategies for various futures products based on their fundamentals and market conditions [6][8][10]. Summary by Category Bonds - The previous trading day saw a full - line decline in bond futures. The macro - economic recovery momentum needs to be strengthened, and the bond yield is at a relatively low level. It is expected that there will be no trend - based market, and investors should remain cautious [5][6][7]. Stock Index Futures - Although the domestic economic recovery momentum is weak, domestic asset valuations are low, and the Chinese economy has sufficient resilience. The report is optimistic about the long - term performance of Chinese equity assets and suggests considering going long on stock index futures [8][9]. Precious Metals - Given the complex global trade and financial environment, the "de - globalization" and "de - dollarization" trends, and central banks' gold - buying behavior, the long - term bull market trend of precious metals is expected to continue. It is recommended to consider going long on gold futures [10][11]. Steel and Iron Products - **Thread and Hot - Rolled Coils**: The expectation of supply contraction has pushed up prices, but the downward trend in the real estate industry and over - capacity limit price rebounds. It is advisable to wait for the rebound to end and then consider short - selling opportunities [12]. - **Iron Ore**: Policy expectations have boosted prices, but the supply - demand pattern has weakened marginally, and the price is highly valued. Investors can focus on low - level buying opportunities [14]. - **Coking Coal and Coke**: The expectation of supply contraction has pushed up prices, but the over - capacity situation remains. Short - term long - positions and mid - term short - positions can be considered [15]. - **Ferroalloys**: The short - term demand has peaked, and the supply is in excess. If the spot losses continue to expand, investors can consider low - level out - of - the - money call options [17][18]. Energy Products - **Crude Oil**: The decline in US active rig counts and summer oil demand support prices, but tariff frictions and price caps on Russia restrict price increases. It is recommended to focus on short - selling opportunities for the main contract [19][20][21]. - **Fuel Oil**: The market has sufficient supply, and trade frictions are negative for prices. The main contract can be considered for short - selling [22][23][24]. Rubber Products - **Synthetic Rubber**: The raw material cost has decreased, and the supply - demand is short - term loose. Wait for the market to stabilize before participating in the rebound [25][26]. - **Natural Rubber**: It is expected to maintain a relatively strong oscillation. Consider mid - term long - positions [27][29]. Chemical Products - **PVC**: The oversupply situation continues, but the downward space is limited, and it may enter a bottom - oscillation stage [30][33]. - **Urea**: The short - term market fluctuates slightly, and it can be treated as bullish in the medium - term [34][35]. - **PX**: The short - term supply - demand balance is tight, but the cost support is insufficient. It is advisable to participate cautiously and pay attention to crude oil price changes [36]. - **PTA**: The short - term supply - demand fundamentals are expected to weaken, and it may oscillate under pressure. Interval trading is recommended [37]. - **Ethylene Glycol**: The short - term supply - demand has weakened, but the low - level inventory provides support. Interval trading is the main strategy [38][39]. - **Short - Fiber**: The short - term fundamentals lack drive, and it may follow cost fluctuations. Be cautious about the repair space of processing margins [40]. - **Bottle Chips**: The raw material price oscillates, and the device maintenance increases. The market is expected to follow the cost oscillation [41][42]. - **Soda Ash**: The long - term oversupply situation is difficult to change, and the downstream demand is weak. The market oscillates with weak stability [43]. - **Glass**: The actual supply - demand contradiction is not prominent. Driven by the energy sector, it is expected to rebound in the short - term [44][45]. - **Caustic Soda**: The overall supply - demand is relatively loose, with obvious regional differences. The short - term price may oscillate strongly, but the overall positive support is limited [46][47][49]. - **Paper Pulp**: The supply has an expansion tendency, and the demand is weak. The pulp price is expected to oscillate [50][51]. Non - Ferrous Metals - **Copper**: The US tariff increase on copper has led to price fluctuations, and the short - term trend is uncertain [54]. - **Tin**: The supply is tight, and the demand is good. The price is expected to oscillate strongly [55]. - **Nickel**: The consumption expectation is improving, but the actual consumption is not optimistic. The price is expected to oscillate [56]. Agricultural Products - **Soybean Oil and Soybean Meal**: The domestic soybean supply is abundant, and the cost provides support. Consider long - positions for soybean meal after adjustment and call options for soybean oil after a decline [57][58]. - **Palm Oil**: The Malaysian palm oil inventory is higher than expected, and the domestic inventory is accumulating. Consider widening the spread between rapeseed oil and palm oil [59][60]. - **Rapeseed Meal and Rapeseed Oil**: The Canadian crop weather has improved, and the price rebound is limited. Consider long - positions on the oil - meal ratio [61][62]. - **Cotton**: The global supply - demand is expected to be loose, and the July supply - demand report is negative. It is recommended to short at high prices [63][64][65]. - **Sugar**: The Brazilian production increase expectation has been adjusted downward, and the domestic supply - demand contradiction is not sharp. It is advisable to wait and see [66][67]. - **Apples**: The production reduction expectation has been falsified, and it is recommended to short at high prices [69][70]. - **Pigs**: The short - term price may be stable with a narrow adjustment, and it is advisable to short at high prices after observing the weight - reduction in the south [71][72][73]. - **Eggs**: The supply is expected to increase in July, and it is recommended to hold short - positions [75][76][77]. - **Corn and Starch**: The domestic corn supply - demand is approaching balance, and the starch market follows the corn trend. It is advisable to wait and see [78][79][80]. - **Logs**: It is expected to oscillate and adjust before the first delivery [82][83].

Report Industry Investment Ratings No relevant content provided. Core Views - For bonds, it's expected that there will be no trend - like market, and caution is advised [6][7]. - For stock indices, the long - term performance of Chinese equity assets is promising, and going long on stock index futures is recommended [9][10]. - For precious metals, the long - term bullish trend is expected to continue, and going long on gold futures is considered [11][12]. - For steel products (including rebar, hot - rolled coils), investors can focus on shorting opportunities during rebounds, and light - position participation is suggested [14][15]. - For iron ore, investors can look for buying opportunities at low levels, and light - position participation is recommended [16][17]. - For coking coal and coke, investors can focus on shorting opportunities during rebounds, and light - position participation is advised [19][20]. - For ferroalloys, the overall price is under pressure in the short term, and bulls should be cautious. Low - value call options can be considered if spot losses increase significantly [21]. - For crude oil, it is expected to oscillate at a low level, and the main contract should be put on hold for now [23][24]. - For fuel oil, the price is expected to gradually bottom out in the short term. The main contract should be put on hold for now, and long - position opportunities can be sought after the decline eases [26][27]. - For synthetic rubber, wait for the price to stabilize and then participate in the rebound [28][29]. - For natural rubber, pay attention to long - position opportunities after the price stabilizes [30][32]. - For PVC, the price is expected to oscillate at the bottom [33][35]. - For urea, it will oscillate in the short term and is expected to be bullish in the medium term [36][38]. - For PX, it will oscillate and adjust in the short term, and participation should be cautious [39]. - For PTA, it will oscillate and adjust in the short term, and light - position participation is recommended [40][42]. - For ethylene glycol, the supply - demand situation weakens in the short term, but there is support at a low level. The space below should be treated with caution [43]. - For short - fiber, follow the cost side with light - position participation and look for opportunities to widen the processing margin [44]. - For bottle - grade chips, it is expected to oscillate following the cost side. Participation should be cautious, and opportunities to widen the processing margin should be noted [46]. - For soda ash, there may be a short - term rebound, but excessive long - position chasing is not advisable [47]. - For glass, there is a short - term bullish sentiment, but its sustainability is expected to be limited. Short - position holders at a low level should control their positions, and excessive long - position chasing is not recommended [49]. - For caustic soda, the supply - demand is generally loose, and the bullish sentiment due to the meeting's spirit is expected to have limited sustainability [50][51]. - For pulp, the paper price is expected to be weak and stalemate in the near future, and changes in raw material pulp prices and downstream demand should be observed [52]. - For lithium carbonate, the supply - demand surplus situation remains unchanged, and investors should not chase high prices [54]. - For copper, the price is expected to be strong, and the main contract should be put on hold for now [55][56]. - For tin, the price is expected to oscillate and be strong [57]. - For nickel, the price is expected to oscillate [58]. - For soybean oil and soybean meal, for soybean meal, look for long - position opportunities in the low - support range after adjustment; for soybean oil, consider call options in the support range after the fall [59][60]. - For palm oil, consider the opportunity to widen the rapeseed - palm oil spread [61][62]. - For rapeseed meal and rapeseed oil, consider the opportunity to go long on the oil - meal ratio [63][64]. - For cotton, the global supply - demand is expected to remain loose, and it is advisable to wait and see [65][67]. - For sugar, the situation is neutral after short - term basis repair, and it is advisable to wait and see [68][70]. - For apples, pay attention to third - party research data on production as the expected reduction is less than previously thought [71][72]. - For live pigs, the demand support is weak in the summer off - season. Pay attention to the weight - reducing degree in the south and consider waiting and seeing [74][75]. - For eggs, consider short - position and rebound attempts as the supply is expected to increase year - on - year in June [76][78]. - For corn and starch, the domestic corn supply - demand is approaching balance. It's advisable to wait and see, and corn starch will follow the corn market [79][81]. - For logs, it is expected to oscillate and adjust before the first delivery [83][84]. Summaries by Directory Bonds - The previous trading day saw most bond futures closing higher, with a net withdrawal of 452.1 billion yuan in the open market [5]. - Macroeconomic data is stable, but the recovery momentum is weak. The bond yield is relatively low, and there is room for domestic demand policies. Caution is advised due to uncertainties in Sino - US trade agreements [6]. - It's expected that there will be no trend - like market [7]. Stock Indices - The previous trading day saw mixed results for stock index futures. Although the domestic economic recovery momentum is weak and market confidence in corporate profits is lacking, Chinese equity assets are still favored in the long - run, and going long on stock index futures is recommended [8][9][10]. Precious Metals - The previous trading day saw gold and silver futures rising. Due to the complex global trade and financial environment and the trends of "de - globalization" and "de - dollarization", the long - term bullish trend of precious metals is expected to continue, and going long on gold futures is considered [11][12]. Steel Products (Rebar, Hot - Rolled Coils) - The previous trading day saw rebar and hot - rolled coil futures rebounding. An important meeting triggered expectations of supply contraction, but the real - estate downturn and over - capacity still suppress prices. From a valuation perspective, the downside space is limited. Technically, there may be a short - term rebound. Investors can focus on shorting opportunities during rebounds [13][14][15]. Iron Ore - The previous trading day saw iron ore futures rebounding. The iron ore supply - demand situation has weakened marginally, and its price valuation is relatively high. Technically, it was supported at the previous low. Investors can look for buying opportunities at low levels [16][17]. Coking Coal and Coke - The previous trading day saw coking coal and coke futures rising significantly. An important meeting triggered expectations of supply contraction. However, in reality, the coal mine operating rate is rising, and steel mills' demand for coke is weak. Technically, the short - term trend is uncertain. Investors can focus on shorting opportunities during rebounds [18][19][20]. Ferroalloys - The previous trading day saw manganese - silicon and silicon - iron futures rising. The supply of ferroalloys is expected to be in surplus in the short term, and the price is under pressure. If spot losses increase significantly, low - value call options can be considered [21]. Crude Oil - The previous trading day saw INE crude oil rising. Fund managers reduced their net long positions, and US energy companies continued to cut the number of oil and gas rigs. OPEC+ may continue to increase production. It is expected to oscillate at a low level, and the main contract should be put on hold for now [22][23][24]. Fuel Oil - The previous trading day saw fuel oil rising and the decline easing. The delivery time is still unstable. The supply of fuel oil is sufficient, and inventories in some regions have increased. In the short term, the price is expected to gradually bottom out. The main contract should be put on hold for now, and long - position opportunities can be sought after the decline eases [25][26][27]. Synthetic Rubber - The previous trading day saw synthetic rubber futures falling. The supply pressure has alleviated slightly, and the demand improvement is limited. The cost is expected to rebound, driving the price to stabilize and rebound. Wait for the price to stabilize and then participate in the rebound [28][29]. Natural Rubber - The previous trading day saw natural rubber futures falling. Overseas imports may decrease seasonally, and raw material output in the producing areas is expected to increase. The price is expected to fluctuate widely. Pay attention to long - position opportunities after the price stabilizes [30][32]. PVC - The previous trading day saw PVC futures rising. The production is expected to continue to decline, the demand shows no sign of improvement, and the cost support is strengthening. The price is expected to oscillate at the bottom [33][35]. Urea - The previous trading day saw urea futures showing no change. The agricultural demand is coming to an end, and the industrial demand is mediocre. Pay attention to the export situation. It will oscillate in the short term and is expected to be bullish in the medium term [36][38]. PX - The previous trading day saw PX futures falling. The supply - demand situation has improved slightly month - on - month, and the balance remains tight, but the cost support is insufficient. It will oscillate and adjust in the short term, and participation should be cautious [39]. PTA - The previous trading day saw PTA futures falling. The supply - demand fundamentals have little contradiction, but the cost support from crude oil is insufficient. It will oscillate and adjust in the short term, and light - position participation is recommended [40][42]. Ethylene Glycol - The previous trading day saw ethylene glycol futures falling. The supply - demand situation weakens in the short term, but the inventory has decreased significantly to a low level, providing support. The space below should be treated with caution [43]. Short - Fiber - The previous trading day saw short - fiber futures falling. The downstream demand and cost side have both weakened. The low inventory of factories can suppress some of the decline. Follow the cost side with light - position participation and look for opportunities to widen the processing margin [44]. Bottle - Grade Chips - The previous trading day saw bottle - grade chips futures falling. The raw material price is weak, but the number of device overhauls has increased, and the inventory has decreased, providing support. It is expected to oscillate following the cost side. Participation should be cautious, and opportunities to widen the processing margin should be noted [46]. Soda Ash - The previous trading day saw soda ash futures falling slightly. The supply is expected to exceed demand in the medium - to - long - term, and the inventory is sufficient. The short - term rebound is mainly due to a meeting, but its sustainability is limited. Excessive long - position chasing is not advisable [47]. Glass - The previous trading day saw glass futures rising. The actual supply - demand has no obvious drive. The short - term bullish sentiment is due to a meeting, but its sustainability is limited. Short - position holders at a low level should control their positions, and excessive long - position chasing is not recommended [48][49]. Caustic Soda - The previous trading day saw caustic soda futures rising slightly. The supply - demand is generally loose, and the region - based difference is obvious. The bullish sentiment due to the meeting's spirit is expected to have limited sustainability [50][51]. Pulp - The previous trading day saw pulp futures rising. The downstream demand is weak, and the supply pressure is increasing. The pulp price is expected to fluctuate and adjust. The paper price is expected to be weak and stalemate in the near future, and changes in raw material pulp prices and downstream demand should be observed [52]. Lithium Carbonate - The previous trading day saw lithium carbonate futures rising. A meeting triggered expectations of supply - side reform, but the supply - demand surplus situation remains unchanged. The price is difficult to reverse before the large - scale clearance of mining capacity. Investors should not chase high prices [54]. Copper - The previous trading day saw Shanghai copper rising and then falling. The price is expected to be strong in the second half of the year due to expected stimulus policies in China, the shortage of copper concentrates, and uncertain copper tariffs. The main contract should be put on hold for now [55][56]. Tin - The previous trading day saw Shanghai tin oscillating. The tin ore supply is tight, and the consumption is good. The inventory is decreasing. The price is expected to oscillate and be strong [57]. Nickel - The previous trading day saw Shanghai nickel rising. The cost support has weakened, the downstream consumption is not optimistic, and the refined nickel is in surplus. The price is expected to oscillate [58]. Soybean Oil and Soybean Meal - The previous trading day saw soybean oil and soybean meal futures rising. The soybean crushing volume has recovered to a high level, and inventories are increasing. The demand for edible oil and feed is expected to increase slightly. For soybean meal, look for long - position opportunities in the low - support range after adjustment; for soybean oil, consider call options in the support range after the fall [59][60]. Palm Oil - The previous trading day saw Malaysian palm oil rising. The inventory in June is expected to decrease, and the export volume has increased. The domestic inventory is at a relatively high level. Consider the opportunity to widen the rapeseed - palm oil spread [61][62]. Rapeseed Meal and Rapeseed Oil - The previous trading day saw rapeseed meal and rapeseed oil futures adjusting. The import of rapeseed oil and rapeseed meal has decreased. The crop growth is good, but the soil moisture is in short supply. Consider the opportunity to go long on the oil - meal ratio [63][64]. Cotton - The previous trading day saw domestic cotton futures oscillating at a high level, and overseas cotton futures falling. The global cotton supply - demand is expected to remain loose. The domestic cotton planting area has increased, and the seedlings are growing well. The industrial off - season is in progress, and there is no obvious new driving factor. It is advisable to wait and see [65][67]. Sugar - The previous trading day saw domestic sugar futures oscillating and overseas sugar futures rising significantly. The Brazilian sugar production is expected to increase, but the supply may decrease due to the increase in ethanol production. The domestic inventory is low, and the import will gradually increase. The supply - demand contradiction is not sharp. It is advisable to wait and see [68][70]. Apples - The previous trading day saw apple futures oscillating. The apple production reduction is less than expected, and some areas may have a restorative increase. Pay attention to third - party research data on production [71][72]. Live Pigs - The previous trading day saw live pig futures rising. The group - farm slaughter volume has decreased at the end and beginning of the month. The demand support is weak in the summer off - season. Pay attention to the weight - reducing degree in the south and consider waiting and seeing [74][75]. Eggs - The previous trading day saw egg futures rising. The egg supply in June is expected to increase year - on - year. It is the consumption off - season, and the temperature is rising. Consider short - position and rebound attempts [76][78]. Corn and Starch - The previous trading day saw corn and corn starch futures falling. The domestic corn supply - demand is approaching balance, and the inventory pressure has decreased. The import may increase in the future. It's advisable to wait and see, and corn starch will follow the corn market [79][81]. Logs - The previous trading day saw log futures rising. The number of incoming ships of New Zealand logs has increased, and the cost has changed. The inventory is basically stable. The demand is affected by the project fund availability. It is expected to oscillate and adjust before the first delivery [83][84].

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - For Treasury bonds, it's expected that there will be no trend - based market, and caution is advised [6][7]. - Regarding stock index futures, the long - term performance of Chinese equity assets is optimistic, and considering going long on stock index futures is recommended [8][9]. - For precious metals, the long - term bull market trend is expected to continue, and considering going long on gold futures is suggested [10][11]. - In the case of steel products (including rebar and hot - rolled coil), investors can focus on opportunities to go short on rebounds, with timely profit - taking and proper position management [13]. - For iron ore, investors can look for opportunities to go long at low positions, with timely profit - taking on rebounds and stop - loss if the previous low is broken [15]. - For coking coal and coke, investors can focus on opportunities to go short on rebounds, with timely profit - taking and proper position management [18]. - For ferroalloys, the short - term demand has reached its peak, and the supply is still high. It's advisable to be cautious for long positions. If the spot losses increase significantly, consider low - value call options [20][21]. - For crude oil, it's expected to oscillate at a low level, and investors can focus on going long opportunities for the main contract [23][24]. - For fuel oil, it's expected to gradually bottom out in the short term. After the decline eases, look for opportunities to go long. Currently, the main contract is recommended to be on the sidelines [25][26]. - For synthetic rubber, wait for it to stabilize and then participate in the rebound [27][28]. - For natural rubber, pay attention to opportunities to go long after it stabilizes [29][30]. - For PVC, it's expected to oscillate and consolidate temporarily [31][32]. - For urea, it's expected to oscillate in the short term and be bullish in the medium term [33][34]. - For PX, it will oscillate and adjust in the short term. Be cautious when participating and pay attention to changes in crude oil prices and the Middle - East situation [35]. - For PTA, it may oscillate and adjust in the short term. Participate with a light position and control risks [36][37]. - For ethylene glycol, be cautious about the downside space. Pay attention to port inventory and import changes [38]. - For short - fiber, follow the cost side and participate with a light position. Look for opportunities to widen the processing margin at low levels [39][40]. - For bottle - grade chips, it's expected to oscillate following the cost side. Be cautious when participating and pay attention to opportunities to widen the processing margin at low levels [41]. - For soda ash, it's expected to adjust weakly in the short term, and it's not advisable to chase short - term rebounds excessively [42][43]. - For glass, although there may be short - term bullish sentiment, its sustainability is limited. Short - position holders at low levels should control their positions, and it's not advisable to chase short - term rebounds excessively [44]. - For caustic soda, the overall supply - demand is still relatively loose, and regional differences are obvious. Previous long - position holders should control their positions [45][46]. - For pulp, the market is under pressure due to high inventory and weak downstream demand [47]. - For lithium carbonate, the supply - demand surplus situation remains unchanged, and the price is difficult to reverse before large - scale elimination of mine - end capacity. Pay attention to warehouse receipts [48]. - For copper, the expectation of increased stimulus policies in China in the second half of the year is expected to support copper prices, and consider going long on the main contract of Shanghai copper [49][50]. - For tin, it's expected to oscillate strongly [51]. - For nickel, it's expected to oscillate [52]. - For soybean oil and soybean meal, consider long - position opportunities for soybean meal at low - support intervals and call - option opportunities for soybean oil after its decline [53][54]. - For palm oil, consider opportunities to widen the spread between rapeseed oil and palm oil [55][56]. - For rapeseed meal and rapeseed oil, consider opportunities to go long on the oil - meal ratio [57][58]. - For cotton, consider opportunities to go long on the oil - meal ratio [59][60]. - For sugar, it's advisable to wait and see [61][64]. - For apples, pay attention to third - party research data on production as the estimated reduction in production is less than expected [65][66]. - For live pigs, pay attention to the supply - side volume increase. Consider taking profits on long - spreads for peak - season contracts [66][67]. - For eggs, consider short - selling on rebounds [68][70]. - For corn and corn starch, it's advisable to wait and see for corn, and corn starch follows the corn market [71][73]. - For logs, beware of short - term corrections as the market sentiment is stimulated in the short term, but the premium on the futures is relatively sufficient [75][76]. Summary by Relevant Catalogs Treasury Bonds - The previous trading day saw most treasury bond futures close higher. The 30 - year main contract rose 0.28%, the 10 - year main contract rose 0.10%, the 5 - year main contract rose 0.06%, and the 2 - year main contract fell 0.01% [5]. - The central bank conducted 131 billion yuan of 7 - day reverse repurchase operations on July 1st, with a net withdrawal of 275.5 billion yuan [5]. - The Caixin China Manufacturing PMI in June was 50.4, up 2.1 percentage points from May. Supply and demand both rebounded to some extent [6]. Stock Index Futures - The previous trading day saw mixed performance in stock index futures. The CSI 300 stock index futures (IF) main contract fell 0.03%, the SSE 50 stock index futures (IH) main contract rose 0.08%, the CSI 500 stock index futures (IC) main contract rose 0.01%, and the CSI 1000 stock index futures (IM) main contract fell 0.36% [8]. Precious Metals - The previous trading day, the gold main contract closed at 776.1 with a 1.11% increase, and the silver main contract closed at 8,810 with a 0.55% increase [10]. Steel Products (Rebar and Hot - Rolled Coil) - The previous trading day, rebar and hot - rolled coil futures showed weak oscillations. The latest price of Tangshan billet was 2,900 yuan/ton, Shanghai rebar was 2,990 - 3,090 yuan/ton, and Shanghai hot - rolled coil was 3,170 - 3,190 yuan/ton [12][13]. - The downward trend in the real estate industry and over - capacity are the core factors suppressing rebar prices. The market is in the off - season, and prices are at a low level with limited downward space [13]. Iron Ore - The previous trading day, iron ore futures had a slight correction. PB powder port spot price was 700 yuan/ton, and Super Special powder was 592 yuan/ton [15]. - The supply - demand pattern has weakened marginally, and the price valuation is relatively high among black - series products [15]. Coking Coal and Coke - The previous trading day, coking coal and coke futures dropped significantly. The tightening of environmental inspections in major coal - producing areas previously pushed up coking coal prices, but the rebound may be near the end [17][18]. Ferroalloys - The previous trading day, the manganese - silicon main contract fell 0.95% to 5,624 yuan/ton, and the silicon - iron main contract fell 2.04% to 5,270 yuan/ton [20]. - The supply of manganese ore from Gabon decreased, and the supply of Australian ore increased. The demand for ferroalloys is weak, and the supply is still high [20]. Crude Oil - The previous trading day, INE crude oil bottomed out and rebounded, with a slowing decline. The number of US oil and gas rigs decreased to the lowest level since October 2021 [22]. - OPEC+ may continue to increase production, and crude oil is expected to oscillate at a low level [22][23]. Fuel Oil - The previous trading day, fuel oil oscillated downward. The fuel oil inventory in Fujairah exceeded 10 million barrels, and the supply is sufficient [25]. Synthetic Rubber - The previous trading day, the synthetic rubber main contract fell 0.09%. The supply pressure eased slightly, and demand improvement was limited [27]. Natural Rubber - The previous trading day, the natural rubber main contract rose 0.61%, and the 20 - grade rubber main contract rose 1.15%. The price may continue to oscillate widely [29]. PVC - The previous trading day, the PVC main contract fell 2.09%. Production is expected to decline, demand shows no sign of improvement, and cost support is strengthening [31]. Urea - The previous trading day, the urea main contract rose 0.35%. Agricultural demand is ending, and industrial demand is tepid. Pay attention to the export situation [33]. PX - The previous trading day, the PX2509 main contract fell 0.47%. The supply - demand balance is tight, but cost support is insufficient [35]. PTA - The previous trading day, the PTA2509 main contract fell 0.5%. Some production facilities are under maintenance, demand has declined, and cost support is weak [36][37]. Ethylene Glycol - The previous trading day, the ethylene glycol main contract rose 0.02%. The overall operating load decreased, inventory decreased significantly, and demand is weak [38]. Short - Fiber - The previous trading day, the short - fiber 2508 main contract rose 0.7%. Supply is high, demand is weak, and cost drivers are insufficient [39][40]. Bottle - Grade Chips - The previous trading day, the bottle - grade chips 2509 main contract fell 0.4%. Raw material prices are weak, but production facility maintenance has increased [41]. Soda Ash - The previous trading day, the soda ash 2509 main contract closed at 1,161 yuan/ton, down 0.68%. Production decreased slightly, and inventory increased [42]. Glass - The previous trading day, the glass 2509 main contract closed at 990 yuan/ton, up 0.20%. There is no obvious driving force in the supply - demand fundamentals [44]. Caustic Soda - The previous trading day, the caustic soda 2509 main contract closed at 2,365 yuan/ton, up 2.07%. Production increased slightly, and inventory rose [45]. Pulp - The previous trading day, the pulp 2509 main contract closed at 5,022 yuan/ton, down 0.44%. The market showed a dual decline in futures and spot prices [47]. Lithium Carbonate - The previous trading day, the lithium carbonate main contract closed at 62,780 yuan/ton, up 0.16%. Supply remains high, and demand has improved slightly [48]. Copper - The previous trading day, Shanghai copper oscillated upward. The spot price of 1 electrolytic copper was 79,860 - 80,120 yuan/ton [49]. Tin - The previous trading day, Shanghai tin oscillated, rising 0.32% to 268,200 yuan/ton. The supply of tin ore is tight [51]. Nickel - The previous trading day, Shanghai nickel rose 0.05% to 120,450 yuan/ton. The cost support has weakened, and consumption is not optimistic [52]. Soybean Oil and Soybean Meal - The previous trading day, the soybean meal main contract rose 0.10% to 2,961 yuan/ton, and the soybean oil main contract fell 0.03% to 7,972 yuan/ton [53]. Palm Oil - The previous trading day, Malaysian palm oil continued to decline. Indonesia's palm oil exports in May increased by 53% year - on - year [55]. Rapeseed Meal and Rapeseed Oil - In May 2025, China's rapeseed oil imports were 111,100 tons, down 38.9% month - on - month, and rapeseed meal imports were 194,600 tons, down 34.8% month - on - month [57]. Cotton - Similar to rapeseed meal and rapeseed oil, in May 2025, China's rapeseed oil and rapeseed meal imports decreased [59]. Sugar - The previous trading day, domestic Zhengzhou sugar fell slightly, and overnight, ICE raw sugar fell 3% [61]. Apples - The previous trading day, domestic apple futures oscillated. The estimated reduction in apple production is less than expected [65]. Live Pigs - The previous trading day, the national average price of live pigs was 15.08 yuan/kg, up 0.19 yuan. Group - farm slaughter volume decreased at the beginning of the month [66]. Eggs - The previous trading day, the average price of eggs in the main production areas was 2.65 yuan/jin, down 0.02 yuan, and in the main sales areas was 2.96 yuan/jin, down 0.01 yuan [68]. Corn and Corn Starch - The previous trading day, the corn main contract rose 0.29% to 2,383 yuan/ton, and the corn starch main contract rose 0.44% to 2,743 yuan/ton [71]. Logs - The previous trading day, the main 2509 contract of logs closed at 787.0 yuan/ton, down 0.69%. Overseas export willingness has decreased, and domestic inventory is decreasing [74][75].

Group 1: Report Industry Investment Ratings - No industry investment ratings are provided in the report. Group 2: Core Views of the Report - For bonds, expect no trend - driven market and maintain caution [5]. - For stocks, be optimistic about the long - term performance of Chinese equity assets and consider going long on stock index futures [7]. - For precious metals, the long - term bullish trend is expected to continue, and consider going long on gold futures [8]. - For steel products like rebar and hot - rolled coils, prices may continue to decline, and consider short - selling on rebounds [10]. - For iron ore, look for buying opportunities at low levels and set stop - loss [12]. - For coking coal and coke, consider short - selling on rebounds [14]. - For ferroalloys, the supply may exceed demand in the short term, and bulls should be cautious [16]. - For crude oil, prices are expected to rise in the short term [19]. - For fuel oil, consider going long on the main contract [22]. - For synthetic rubber, wait for the market to stabilize and then participate in the rebound [23]. - For natural rubber, look for long - buying opportunities after the market stabilizes [26]. - For PVC, the mid - term low - level oscillation pattern remains unchanged [27]. - For urea, take a bullish view in the short term [30]. - For PX, consider cautious operations at low levels and pay attention to crude oil and the Middle - East situation [31]. - For PTA, consider going long at low levels and focus on the Middle - East situation [33]. - For ethylene glycol, take a cautiously bullish view and monitor port inventory and imports [34]. - For staple fiber, consider short - term long - buying at low levels and expanding processing margins [36]. - For bottle chips, consider cautious participation at low levels and expanding processing margins [37]. - For soda ash, the long - term oversupply situation persists, and avoid over - chasing short - term rebounds [39]. - For glass, the market sentiment is weak, and avoid over - chasing short - term rebounds [40]. - For caustic soda, the overall supply - demand is loose, and long - position holders should control their positions [42]. - For pulp, the market is under pressure, and the domestic chemical pulp market shows a weak upward trend [43]. - For lithium carbonate, the supply - demand surplus persists, and prices are hard to reverse [46]. - For copper, consider going long on the main contract [48]. - For tin, prices are expected to oscillate [48]. - For nickel, prices are expected to oscillate [49]. - For soybean oil and soybean meal, be cautious about soybean meal and consider exiting long positions on rallies for soybean oil [51]. - For palm oil, consider expanding the spread between rapeseed oil and palm oil [53]. - For rapeseed meal and rapeseed oil, consider going long on the oil - meal ratio [55]. - For cotton, adopt a wait - and - see strategy [58]. - For sugar, consider batch - buying [61]. - For apples, adopt a wait - and - see strategy [63]. - For live pigs, consider positive spreads for peak - season contracts [65]. - For eggs, adopt a wait - and - see strategy [66]. - For corn and starch, the corn market has support but faces pressure, and starch follows the corn market; adopt a wait - and - see strategy [68]. - For logs, beware of long - position sentiment disturbances [71]. Group 3: Summaries by Related Catalogs Bonds - The previous trading day saw most bond futures close down. The central bank conducted reverse - repurchase operations, resulting in a net investment. The macro - economic recovery momentum needs strengthening, and the bond yield is at a relatively low level. It is recommended to be cautious [5]. Stocks - Stock index futures showed mixed performance. The Shanghai Stock Exchange introduced an ESG action plan. Despite weak recovery momentum and tariff uncertainties, Chinese equity assets are still favored in the long run, and going long on stock index futures is considered [6][7]. Precious Metals - Gold and silver futures declined. Most central banks are expected to increase gold reserves, and the long - term bullish trend is expected to continue. Going long on gold futures is considered [8]. Rebar and Hot - Rolled Coils - Futures prices showed weak oscillations. The real - estate downturn and over - capacity are suppressing prices. The market is in the off - season, and prices may continue to fall. Hot - rolled coils may follow the same trend [10]. Iron Ore - Futures prices showed weak oscillations. The decline in iron - water production and the increase in imports have weakened the supply - demand pattern. The price is at a relatively high valuation. Buying at low levels and setting stop - loss are recommended [12]. Coking Coal and Coke - Futures prices showed mixed performance. The market is in an oversupply situation. Coke production is decreasing, and prices may continue to decline. Short - selling on rebounds is considered [14]. Ferroalloys - Manganese and silicon ferroalloys rose slightly. Manganese ore shipments increased, and port inventory rebounded. Steel production declined, and ferroalloy supply may exceed demand in the short term [16]. Crude Oil - INE crude oil rose. Fund managers increased net long positions, and the number of oil and gas rigs decreased. Due to geopolitical risks, prices are expected to rise in the short term [18][19]. Fuel Oil - Fuel oil prices rose strongly following crude oil. Affected by the Middle - East conflict, the market is uncertain. Going long on the main contract is considered [20][22]. Synthetic Rubber - The main contract rose. Supply pressure eased slightly, and the cost is expected to rebound, driving the market to stabilize and rebound. Wait for the market to stabilize and then participate [23]. Natural Rubber - Futures prices rose slightly. Supply was affected by rain, and demand was weak. After the market stabilizes, look for long - buying opportunities [24][26]. PVC - The main contract rose. Supply increased, demand was weak, and it is in the off - season. The mid - term low - level oscillation pattern remains unchanged [27]. Urea - The main contract declined slightly. Supply is stable, and demand is supported by agricultural needs and overseas supply tightening. A short - term bullish view is taken [28][30]. PX - The main contract rose. Supply decreased slightly, and the cost was supported by rising crude oil prices. Prices may rise but with limited upside. Cautious operations at low levels are recommended [31]. PTA - The main contract rose. Supply decreased, demand increased, and the cost was supported by crude oil. Consider going long at low levels [32][33]. Ethylene Glycol - The main contract rose. Supply was affected by the Middle - East conflict, and inventory decreased slightly. Take a cautiously bullish view and monitor imports [34]. Staple Fiber - The main contract rose. Supply decreased, demand weakened, and the cost was supported. Consider short - term long - buying at low levels and expanding processing margins [35][36]. Bottle Chips - The main contract rose. The cost was supported, supply decreased due to maintenance, and demand improved. Consider cautious participation at low levels and expanding processing margins [37]. Soda Ash - The main contract rose. Supply increased slightly, demand was weak, and inventory increased. The long - term oversupply situation persists, and avoid over - chasing short - term rebounds [38][39]. Glass - The main contract rose. There is no obvious supply - demand driver. The market sentiment is weak, and avoid over - chasing short - term rebounds [40]. Caustic Soda - The main contract declined slightly. Supply may increase, demand is weak, and the overall supply - demand is loose. Long - position holders should control their positions [41][42]. Pulp - The main contract rose. Downstream product production declined, and demand was weak. The domestic chemical pulp market showed a weak upward trend [43]. Lithium Carbonate - The main contract declined slightly. Supply remains high, demand slows down, and the supply - demand surplus persists. Prices are hard to reverse [46]. Copper - Shanghai copper declined. Affected by the Middle - East situation and the Fed's decision, prices oscillated. Although there are some positive factors, the market is cautious. Consider going long on the main contract [47]. Tin - Shanghai tin oscillated. The supply from mines is tight, and consumption is good. The price is expected to oscillate between the tight supply and the loose expectation [48]. Nickel - Shanghai nickel declined slightly. The cost support weakened, demand was weak, and the market was in an oversupply situation. Prices are expected to oscillate [49]. Soybean Oil and Soybean Meal - Futures prices rose. Soybean crushing increased, and inventory accumulated. Brazilian soybeans had a bumper harvest, and the cost increased. Be cautious about soybean meal and consider exiting long positions on rallies for soybean oil [50][51]. Palm Oil - Malaysian palm oil was nearly flat. Exports increased, but demand from major markets was weak. Consider expanding the spread between rapeseed oil and palm oil [52][53]. Rapeseed Meal and Rapeseed Oil - Canadian rapeseed planting may decrease. Domestic imports increased, and inventory accumulated. Consider going long on the oil - meal ratio [54][55]. Cotton - Domestic cotton oscillated. Global supply - demand is expected to be loose, but oil prices may support cotton. The domestic industry is in the off - season. Adopt a wait - and - see strategy [56][58]. Sugar - Domestic sugar oscillated at a low level. Brazilian production is expected to increase, and the conflict in the Middle - East may affect supply. Domestic inventory is low. Consider batch - buying [58][61]. Apples - Apple futures oscillated. The final output will be clear after bagging. Adopt a wait - and - see strategy [62][63]. Live Pigs - The price declined slightly. Group - farm sales are increasing, and demand is weak after the holiday. Consider positive spreads for peak - season contracts [63][65]. Eggs - The price rose. Egg production is expected to increase, and it is the off - season. Adopt a wait - and - see strategy [66]. Corn and Starch - Corn and starch futures rose slightly. Supply and demand are approaching balance, but there is pressure on the upside. Starch follows the corn market. Adopt a wait - and - see strategy [67][68]. Logs - The main contract was flat. The number of incoming ships increased, and inventory changed. The market has no obvious driver. Beware of long - position sentiment disturbances [69][71].

1. Report Industry Investment Ratings - No industry investment ratings are provided in the content. 2. Core Views of the Report - The report analyzes various futures markets including bonds, stocks, precious metals, and commodities, providing short - term and long - term investment suggestions based on market trends, supply - demand relationships, and macro - economic factors [5][8][11]. - It suggests that while the current macro - economic recovery momentum is weak, different asset classes have different investment opportunities. For example, it is optimistic about the long - term performance of Chinese equity assets and precious metals, and provides specific trading strategies for each futures product [6][9][11]. 3. Summary by Related Catalogs 3.1 Fixed - Income (Bonds) - **Market Performance**: On the previous trading day, treasury bond futures closed higher across the board, with the 30 - year, 10 - year, 5 - year, and 2 - year contracts rising by 0.23%, 0.06%, 0.07%, and 0.02% respectively [5]. - **Analysis**: The current macro - economic recovery momentum is weak, and the treasury bond yield is at a relatively low level. Although China's economy shows a stable recovery trend, considering the Sino - US trade situation, it is expected that there will be no trend - following market, and investors should remain cautious [6][7]. 3.2 Equity Index Futures - **Market Performance**: On the previous trading day, stock index futures showed mixed results. The main contracts of CSI 300, SSE 50, CSI 500, and CSI 1000 index futures rose by 0.89%, 0.79%, 0.75%, and 0.63% respectively [8][9]. - **Analysis**: The domestic economy is stable, but the recovery momentum is weak, and the market lacks confidence in corporate earnings. However, due to the low valuation of domestic assets and China's economic resilience, the long - term performance of Chinese equity assets is still optimistic, and investors can consider going long on stock index futures [9][10]. 3.3 Precious Metals - **Market Performance**: On the previous trading day, the main gold contract closed at 777.54, up 0.32%, and the night - session closed at 780.36; the main silver contract closed at 8,902, up 0.17%, and the night - session closed at 8830 [11]. - **Analysis**: The World Bank has lowered the global GDP growth forecast for 2025. Given the complex global trade and financial environment and the trend of "de - globalization" and "de - dollarization", the long - term bull market trend of precious metals is expected to continue, and investors can consider going long on gold futures [11][12]. 3.4 Base Metals and Ferrous Metals - **Steel Products (Rebar and Hot - Rolled Coil)**: On the previous trading day, rebar and hot - rolled coil futures rebounded slightly. The real - estate downturn and over - capacity are the core factors suppressing rebar prices. As the market enters the off - season, prices are at a new low for the year and may continue to decline. Hot - rolled coils may follow a similar trend. From a valuation perspective, the downside is limited. Technically, they may enter a weak - shock phase. Investors can consider short - selling on rebounds and manage their positions carefully [13]. - **Iron Ore**: On the previous trading day, iron ore futures rebounded slightly. The supply - demand balance has weakened marginally, but from a valuation perspective, it is still at a relatively high level. Technically, it has found support at previous lows. Investors can consider buying at low levels, taking profits on rebounds, and setting stop - losses if it breaks previous lows [15]. - **Coking Coal and Coke**: On the previous trading day, coking coal and coke futures rebounded slightly. The market is in a state of oversupply, with high inventory and weak demand. Technically, they may stop falling in the short - term but remain weak in the medium - term. Investors can consider short - selling on rebounds and manage their positions carefully [17]. - **Ferroalloys**: On the previous trading day, the main manganese - silicon contract fell 1.22% to 5486 yuan/ton, and the main silicon - iron contract rose 0.35% to 5184 yuan/ton. Supply is high while demand is weak, and high inventory is putting pressure on the market. In the short - term, prices are under pressure, and long - position investors should be cautious. If spot losses increase significantly, investors can consider low - value call options [19][20]. 3.5 Energy and Chemicals - **Crude Oil**: On the previous trading day, INE crude oil rose and then fell. The Sino - US negotiations in London are positive for market sentiment. The US has set a deadline for the trade agreement, and tariff frictions are in the second half. The number of US oil and gas rigs has decreased, and shale oil production has increased while on - shore conventional oil production has decreased. It is recommended to take a long - position on the main crude - oil contract [21][22][23]. - **Fuel Oil**: On the previous trading day, fuel oil oscillated downward and broke through the moving - average group. The increase in ARA fuel - oil inventory is positive for the market. As tariff frictions enter the agreement - signing stage, global trade demand is recovering, and the rebound in crude - oil prices will drive up fuel - oil prices. It is recommended to take a long - position on the main fuel - oil contract [24][25]. - **Synthetic Rubber**: On the previous trading day, the main synthetic - rubber contract fell 0.04%. Supply pressure has eased slightly, demand improvement is limited, and cost is expected to rebound, which may drive the market to stabilize. Investors can wait for the market to stabilize and then participate in the rebound [26][27]. - **Natural Rubber**: On the previous trading day, the main natural - rubber contract rose 0.83%. The market is worried about future demand, and domestic inventory has increased against the seasonal trend. Supply has been affected by rain, and demand is expected to decline slightly. Investors can pay attention to long - position opportunities after the market stabilizes [28][30]. - **PVC**: On the previous trading day, the main PVC contract rose 0.56%. The supply - demand drive is weak, and it is in the traditional off - season. The market is expected to remain in a low - level shock pattern with occasional rebounds. It is currently in a bottom - shock phase [31][33]. - **Urea**: On the previous trading day, the main urea contract fell 1.24%. Industrial demand has decreased, and agricultural demand is tepid. After the price decline, export and agricultural demand may support the market. Investors can consider taking long positions at low prices and continue to monitor policy changes and the spread between domestic and foreign markets [35][36]. - **PX**: On the previous trading day, the PX2509 main contract fell 0.37%. The supply - demand structure is tight in the short - term, and the cost is supported by crude - oil prices. However, after the PXN spread has recovered to a relatively high level, there is a downward pressure. It is recommended to trade within a range and pay attention to crude - oil price changes and macro - policy adjustments [37]. - **PTA**: On the previous trading day, the PTA2509 main contract fell 0.43%. The supply - demand structure has weakened, but inventory reduction has made it relatively resistant to decline. The cost is supported. It is expected to oscillate and adjust in the short - term, and investors can consider trading within a low - price range and pay attention to opportunities to shrink the processing fee [39]. - **Ethylene Glycol**: On the previous trading day, the main ethylene - glycol contract rose 0.4%. Supply has increased slightly, demand has decreased, and inventory has accumulated. In the short - term, there is no upward drive, and it is expected to oscillate and adjust. Investors should pay attention to port inventory and macro - policy changes [40]. - **Short - Fiber**: On the previous trading day, the short - fiber 2507 main contract rose 0.16%. Downstream demand has weakened, but the cost is supportive. As the processing fee is compressed, production may be further reduced. It is recommended to participate cautiously at low prices [42]. - **Bottle Chips**: On the previous trading day, the bottle - chips 2507 main contract fell 0.17%. The raw - material price has adjusted downward, and the supply - demand fundamentals have improved. It is expected to follow the cost trend and oscillate. Investors should pay attention to cost - price changes [43]. - **Soda Ash**: On the previous trading day, the main 2509 contract closed at 1202 yuan/ton, down 0.08%. Production is stable, and supply remains high, while downstream demand is tepid. In the short - term, the market is expected to be weakly stable with narrow price fluctuations. In the medium - to long - term, the oversupply situation is difficult to improve, and long - position investors should be cautious [44][45]. - **Glass**: On the previous trading day, the main 2509 contract closed at 998 yuan/ton, up 0.20%. The supply - demand fundamentals have no obvious drive. The market is affected by sentiment, and prices are mostly stable. In the short - term, there may be a bullish sentiment, but its sustainability is limited. Short - position investors at low levels should control their positions [46]. - **Caustic Soda**: On the previous trading day, the main 2509 contract closed at 2332 yuan/ton, up 0.21%. Some plants are under maintenance, and production capacity utilization is about 83.1%. In the long - term, new production capacity is expected to be released, and the overall supply is relatively loose. There are regional differences, and long - position investors should control their positions [47][49]. - **Pulp**: On the previous trading day, the main 2507 contract closed at 5346 yuan/ton, down 0.78%. The supply - demand situation is weak, with high inventory and no obvious improvement in downstream pulp consumption. The increase in Brazilian shipments to China in May is a negative factor. The market is waiting for a signal to break the deadlock. In June, it is the traditional off - season, and the market is expected to improve in August [50][51]. - **Lithium Carbonate**: On the previous trading day, the main lithium - carbonate contract rose 1.68% to 61680 yuan/ton. The market sentiment has improved, but the fundamentals have not changed significantly. The decline in ore prices has broken the cost support, and supply is expected to increase. Demand is weakening, and inventory remains high. Prices are difficult to reverse until large - scale ore - production capacity is cleared [52]. 3.6 Agricultural Products - **Soybean Oil and Soybean Meal**: On the previous trading day, the soybean - meal main contract rose 0.93% to 3047 yuan/ton, and the soybean - oil main contract fell 0.93% to 7694 yuan/ton. US Midwest crop weather is good, and US soybean futures fell overnight. Brazilian soybean production is at a record high, and domestic soybean supply is abundant. It is expected that the upward movement of the soybean - meal main contract will be under pressure, and investors should wait and see. For soybean oil, the cost support at the bottom is strengthening, and investors can consider low - value call options [59][60]. - **Palm Oil**: Malaysian palm - oil prices have fallen for two consecutive days. In May, production and inventory increased, and exports also increased. In China, palm - oil imports have decreased year - on - year, and inventory is at the second - lowest level in the past seven years. It is recommended to consider widening the spread between rapeseed oil and palm oil [61][62][63]. - **Rapeseed Meal and Rapeseed Oil**: Canadian rapeseed futures rose due to dry weather and improved trade prospects. In China, rapeseed - oil imports have increased year - on - year, and rapeseed - meal imports have increased in April. Rapeseed inventory is at a low level, while rapeseed - meal and rapeseed - oil inventory are at high levels. It is recommended to consider long - position opportunities after the rapeseed - meal price correction [64][65]. - **Cotton**: Domestic and foreign cotton futures oscillated. Weather is favorable for cotton growth, and Sino - US negotiations are expected to be positive. The US cotton - growing rate is 76%, and the优良率 is 49%. Global cotton production has decreased, and consumption has increased. Currently, the industry is in the off - season, and new orders are limited. It is recommended to wait and see and pay attention to Sino - US tariff policies [66][67][68]. - **Sugar**: Domestic and foreign sugar futures fell. The 2024/25 sugar - production season has ended, with an increase in production and sales. India's sugar production is expected to be high, and Brazil's production is expected to pick up. Currently, domestic inventory is low, and imports are expected to increase. It is recommended to take long positions in batches [70][71][72]. - **Apple**: Domestic apple futures oscillated. There are reports of production cuts in some regions, and the specific production data will be clear after bagging. The inventory in the main producing areas has decreased, and the price is stable. It is recommended to wait and see and pay attention to future production - survey data [72]. - **Hog**: The national average hog price rose slightly. In the north, prices rebounded, and in the south, they were stable or slightly increased. In the short - term, consumption is improving, but in the medium - term, demand is weak. It is recommended to consider long - position spreads for peak - season contracts [73][74][75]. - **Egg**: The average egg price in the main producing and selling areas fell. The cost per catty of eggs has decreased, and the breeding profit is negative. The number of laying hens in May increased year - on - year and is expected to continue to increase in June. It is recommended to hold short positions in near - month contracts [76][77]. - **Corn and Corn Starch**: The main corn contract rose 0.08% to 2374 yuan/ton, and the main corn - starch contract rose 0.26% to 2709 yuan/ton. Corn - growing weather is good, and US corn futures fell overnight. North - port and south - port corn inventories are decreasing, and the supply pressure is short - term. Corn demand is growing slightly. Corn - starch production and demand are weak, and inventory is high. It is recommended to wait and see [78][79][80]. - **Log**: The main 2507 contract closed at 765.0 yuan/ton, down 1.54%. The number of New Zealand log shipments to China in the 24th week is stable, and inventory is decreasing. The market has no obvious driving force, and the spot price is weak. The improvement in housing transactions may stimulate market sentiment in the short - term. As the 07 contract approaches the delivery month, beware of bullish - sentiment disturbances [81][82].

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The macro - economic recovery momentum needs to be strengthened, and the monetary policy is expected to remain loose. Different investment strategies are recommended for various commodities based on their market conditions [6][9][11]. 3. Summary by Commodity 3.1 Fixed - Income and Equities - **Treasury Bonds**: The previous trading day saw a differentiated closing of treasury bond futures. The current macro - economic recovery momentum is weak, and the treasury bond yield is at a relatively low level. It is expected that there will be no trend - based market, and investors should remain cautious [5][6][7]. - **Stock Index Futures**: The previous trading day, stock index futures showed mixed performance. Although the domestic economic recovery momentum is not strong, the long - term performance of Chinese equity assets is still promising, and investors can consider going long on stock index futures [8][9][10]. 3.2 Precious Metals - **Precious Metals**: The previous trading day, gold and silver futures had different performances. Due to the complex global trade and financial environment and the trends of "de - globalization" and "de - dollarization", the long - term bull market trend of precious metals is expected to continue, and investors can consider going long on gold futures [11][12]. 3.3 Base Metals and Ferrous Metals - **Rebar and Hot - Rolled Coils**: The previous trading day, rebar and hot - rolled coil futures showed weak oscillations. The real - estate industry's downturn has led to a decline in rebar demand, and the market is in a slack season. Investors can focus on short - selling opportunities on rebounds and pay attention to position management [13][14]. - **Iron Ore**: The previous trading day, iron ore futures had a slight correction. The supply - demand pattern of the iron ore market has weakened marginally. Investors can focus on buying opportunities at low levels and set stop - loss points [16]. - **Coking Coal and Coke**: The previous trading day, coking coal and coke futures showed weak oscillations. The market is in a supply - surplus pattern, and investors can focus on short - selling opportunities on rebounds [18][19]. - **Ferroalloys**: The previous trading day, manganese silicon and silicon iron futures had small increases. The short - term demand for ferroalloys may peak, and the market is in a supply - surplus situation. If the spot losses increase significantly, investors can consider low - value call options [21][22]. - **Copper**: The previous trading day, Shanghai copper showed a strong upward trend. The upcoming Sino - US trade negotiations are positive for market sentiment, and investors can consider going long on Shanghai copper futures [56][57]. - **Tin**: The previous trading day, Shanghai tin showed an oscillating trend. The current shortage pattern in the real - world and the expectation of a loose supply are in a game, and it is expected that the upward pressure on tin prices is relatively large, with a bearish oscillating view [58][59]. - **Nickel**: The previous trading day, Shanghai nickel declined. The cost support is strong, but the downstream demand is weak, and it is expected that the price will run weakly [60]. 3.4 Energy and Chemicals - **Crude Oil**: The previous trading day, INE crude oil opened high and moved higher. The upcoming Sino - US trade negotiations are positive for market sentiment, and the OPEC's pressure on oil prices is expected to have passed the most severe stage. Investors can consider a long - position operation on the crude oil main contract [23][25][26]. - **Fuel Oil**: The previous trading day, fuel oil oscillated downward. The increase in Singapore's fuel oil inventory has put pressure on prices, but the rise in crude oil prices may drive fuel oil prices up. Investors can consider a long - position operation on the fuel oil main contract [27][28][29]. - **Synthetic Rubber**: The previous trading day, synthetic rubber showed a small increase. The supply pressure continues, and the demand improvement is limited. Wait for the market to stabilize and then participate in the rebound [30][31]. - **Natural Rubber**: The previous trading day, natural rubber futures had different performances. The market has concerns about future demand, and the inventory has increased against the season. Wait for the market to stabilize and then look for long - position opportunities [32][33][34]. - **PVC**: The previous trading day, PVC showed a small increase. The supply - demand drive is not strong, and it is in a traditional off - season. It is expected to be in a bottom - oscillating pattern [35][37]. - **Urea**: The previous trading day, urea declined. The short - term cost has decreased, and the agricultural demand has not been released. In the second half of the year, exports and agricultural demand may drive the price up, and investors can consider going long at low levels [38][39][40]. - **Para - Xylene (PX)**: The previous trading day, PX futures declined. The short - term supply - demand structure is tight, but the PXN spread has a downward trend. It is recommended to trade with an oscillating mindset and pay attention to cost and policy changes [41]. - **PTA**: The previous trading day, PTA futures declined. The short - term supply - demand structure has weakened, but the cost has support. It is expected to oscillate and adjust, and investors can consider trading in a low - level range [42][43]. - **Ethylene Glycol**: The previous trading day, ethylene glycol futures declined. The short - term supply - demand has weakened, but the inventory has decreased significantly. It is expected to oscillate and adjust, and investors should pay attention to port inventory and policy changes [44]. - **Short - Fiber**: The previous trading day, short - fiber futures declined slightly. The downstream demand has weakened, but the cost has support. It is expected to oscillate and adjust following the cost, and investors can consider participating cautiously at low levels [45][46][47]. - **Bottle Chips**: The previous trading day, bottle - chip futures declined. The raw material price has corrected, and the supply - demand fundamentals have improved. It is expected to oscillate following the cost, and investors should pay attention to cost price changes [48]. - **Soda Ash**: The previous trading day, soda ash futures declined. The supply is expected to increase slightly, and the long - term supply - demand pattern is oversupplied. The short - term rebound may not be sustainable, and investors should not chase the rise excessively [49]. - **Glass**: The previous trading day, glass futures increased. The actual supply - demand fundamentals have no obvious drive, and the market sentiment is weak. The short - term rebound may not be sustainable, and short - position investors should control their positions [50]. - **Caustic Soda**: The previous trading day, caustic soda futures declined. The overall supply - demand is relatively loose, with obvious regional differences. Long - position investors should control their positions [51][52]. - **Pulp**: The previous trading day, pulp futures increased. The market is in a supply - demand weak pattern, and the inventory is high. The real turnaround may occur in August [53]. - **Lithium Carbonate**: The previous trading day, lithium carbonate futures declined slightly. The supply - demand pattern is oversupplied, and the price is difficult to reverse before the large - scale clearance of mine capacity [54][55]. 3.5 Agricultural Products - **Soybean Oil and Soybean Meal**: The previous trading day, soybean meal and soybean oil futures increased. The U.S. soybean growing weather is good, and the supply is expected to be loose. It is recommended to wait and see for soybean meal, and investors can consider low - value call options for soybean oil [61][62]. - **Palm Oil**: The Malaysian palm oil inventory is expected to increase, and the domestic palm oil inventory is at a relatively low level in the past seven years. Investors can consider the opportunity to widen the rapeseed - palm oil spread [63][64]. - **Rapeseed Meal and Rapeseed Oil**: The Canadian rapeseed market lacks clear trading guidance. The domestic rapeseed and rapeseed oil inventories have different trends. Investors can consider long - position opportunities after the correction of rapeseed meal [65][66]. - **Cotton**: The previous trading day, domestic and foreign cotton futures increased slightly. The industry is in a traditional off - season, and new orders are limited. Investors should pay attention to Sino - US tariff policies and wait and see [67][68][69]. - **Sugar**: The previous trading day, domestic and foreign sugar futures had different performances. The domestic sugar inventory is low, and the import volume will gradually increase. It is recommended to go long in batches [70][71][72]. - **Apples**: The previous trading day, apple futures declined significantly. The new - year domestic apple production has high uncertainty. Investors can focus on long - position opportunities after the correction [73][74]. - **Hogs**: The previous trading day, hog futures declined slightly. The short - term price may decline, but the contract is at a discount. Investors can consider positive - spread opportunities for peak - season contracts [74][75]. - **Eggs**: The previous trading day, egg futures declined. The egg supply is expected to increase in June, and it is recommended to go short at high levels [76][79]. - **Corn and Corn Starch**: The previous trading day, corn and corn - starch futures increased. The domestic corn supply - demand is approaching balance, but the short - term supply pressure still exists. Corn starch follows the corn market, and it is recommended to wait and see [80][81][82]. - **Logs**: The previous trading day, log futures increased. The fundamental situation has no obvious drive, and the housing transaction improvement may stimulate market sentiment in the short term. Investors should be wary of long - position sentiment disturbances [83][85].

Report Industry Investment Ratings No relevant content provided. Core Views - The macro - economic recovery momentum needs strengthening, and the monetary policy is expected to remain loose. For various commodities, different trends and investment suggestions are presented based on their respective fundamentals and market conditions [6]. Summary by Commodity Treasury Bonds - Last trading day, treasury bond futures closed up across the board. The macro - economic recovery momentum is weak, and the yield is at a relatively low level. It is expected that there will be no trend - based market, and caution is advised [5][6][7]. Stock Index Futures - Last trading day, stock index futures showed mixed performance. The domestic economy is stable, but the recovery momentum is weak. However, due to low asset valuations and China's economic resilience, the long - term performance of Chinese equity assets is optimistic, and long positions in stock index futures are considered [8][9][10]. Precious Metals - Last trading day, gold and silver futures had different performances. Given the complex global trade and financial environment, the long - term bull market trend of precious metals is expected to continue, and long positions in gold futures are considered [11][12]. Rebar and Hot - Rolled Coils - Last trading day, rebar and hot - rolled coil futures rose and then fell. The real - estate downturn suppresses rebar demand, and it is in the off - season. The price is at a low level, and there may be short - term weak oscillations. Short positions on rebounds are recommended [13][14]. Iron Ore - Last trading day, iron ore futures rebounded slightly. The supply - demand pattern has weakened marginally, but it found support at the previous low. Long positions at low levels are recommended [16]. Coking Coal and Coke - Last trading day, coking coal and coke futures rebounded. The market is in a supply - surplus situation, and short positions on rebounds are recommended [18][19]. Ferroalloys - Last trading day, manganese silicon and silicon iron futures rose. The short - term demand may peak, and the supply is excessive. Long positions need caution, and low - value call options can be considered [21][22]. Crude Oil - Last trading day, INE crude oil opened high and closed low. With upcoming Sino - US trade negotiations and the expected weakening of OPEC's pressure on oil prices, the oil price is expected to strengthen, and long positions are considered [23][24][25]. Fuel Oil - Last trading day, fuel oil opened high and closed low. Rising crude oil prices may drive up fuel oil prices, and long positions are considered [26][27][28]. Synthetic Rubber - Last trading day, synthetic rubber futures rose. Supply pressure persists, and demand improvement is limited. Wait for stabilization and then participate in rebounds [29][30]. Natural Rubber - Last trading day, natural rubber futures rose. There are concerns about demand and high inventory. Wait for the market to stabilize and then consider long positions [31][32][33]. PVC - Last trading day, PVC futures rose. The short - term fundamentals change little, and it mainly follows the macro - sentiment. It is in a bottom - oscillating state [34][36]. Urea - Last trading day, urea futures fell. Short - term cost decline and delayed agricultural demand lead to adjustments, but exports and future agricultural demand may drive the price up. Long positions at low levels can be considered [37][38][39]. PX - Last trading day, PX futures rose. Short - term crude oil prices oscillate, and the supply - demand structure is tight. It should be treated with an oscillating mindset, and interval operations are recommended [40]. PTA - Last trading day, PTA futures rose. The supply - demand structure weakens, but inventory reduction and cost support exist. Interval operations at low levels are recommended [41][42]. Ethylene Glycol - Last trading day, ethylene glycol futures fell. The supply - demand situation weakens, but inventory reduction increases short - term games. It is expected to oscillate, and attention should be paid to inventory and policies [43]. Short - Fiber - Last trading day, short - fiber futures rose. Downstream demand weakens, but cost support exists. Follow the cost - end oscillations and consider long positions at low levels [44]. Bottle Chips - Last trading day, bottle - chip futures rose. Raw material prices decline, and the supply - demand fundamentals improve. Follow the cost - end oscillations and participate cautiously [45]. Soda Ash - Last trading day, soda ash futures rose. The long - term supply exceeds demand, and the short - term rebound may not be sustainable. Avoid excessive long positions [46]. Glass - Last trading day, glass futures rose. The actual supply - demand contradiction is not prominent, and the short - term rebound may not last. Control short - position risks [47][48]. Caustic Soda - Last trading day, caustic soda futures rose. The overall supply - demand is loose, with regional differences. Long - position holders should control risks [49][50]. Pulp - Last trading day, pulp futures fell. The market is in a supply - demand stalemate in the off - season, and a turnaround may occur in August [51]. Lithium Carbonate - Last trading day, lithium carbonate futures rose. The supply - demand surplus persists, and the price is difficult to reverse without large - scale capacity clearance [52][53]. Copper - Last trading day, Shanghai copper futures rose. Sino - US trade negotiations are beneficial, and the basis for price increase exists. Long positions are considered [54][55]. Tin - Similar to lithium carbonate, the supply - demand surplus exists, and the price is difficult to reverse without large - scale capacity clearance [56][57]. Nickel - Last trading day, Shanghai nickel futures rose. The cost support weakens, and the demand is weak. The price is expected to decline [58]. Soybean Oil and Soybean Meal - Last trading day, soybean oil and soybean meal futures rose. The supply of soybeans is expected to be loose, and the upward pressure on soybean meal is high. For soybean oil, consider low - value call options [59][60][61]. Palm Oil - Malaysian palm oil prices rose. The inventory is increasing, and opportunities to widen the spread between rapeseed oil and palm oil can be considered [62][63]. Rapeseed Meal and Rapeseed Oil - Canadian rapeseed prices rose. Consider long positions in rapeseed meal after corrections [64][65][66]. Cotton - Last trading day, domestic cotton futures rose. The industry is in the off - season, and attention should be paid to Sino - US trade negotiations and USDA reports. Adopt a wait - and - see approach [67][68][69]. Sugar - Last trading day, domestic sugar futures rose. Overseas production is expected to increase, while domestic inventory is low. Consider long positions in batches [70][72][73]. Apples - Last trading day, apple futures oscillated. The new - year production is uncertain. Consider long positions after corrections [74][75]. Live Pigs - Last trading day, live - pig futures fell. Group - farm sales are increasing, and consider long - spread opportunities in peak - season contracts [76][77]. Eggs - Last trading day, egg futures fell. The supply is increasing, and short positions at high levels are considered [78][79]. Corn and Corn Starch - Last trading day, corn futures rose, and corn - starch futures fell. The domestic corn supply - demand is approaching balance, and a wait - and - see approach is recommended [80][81][82]. Logs - Last trading day, log futures rose. The fundamentals have no obvious drivers, and beware of long - position sentiment disturbances [83][84][85].