1. Report Industry Investment Rating Not provided in the given content. 2. Core Viewpoints of the Report - In the non - ferrous and precious metals sector, copper, aluminum, lead, polysilicon, and aluminum alloy are bullish; tin, alumina, and gold are bearish; and zinc, nickel, etc. are range - bound. In the black and shipping sector, the black series is in a full - scale shock, while European line container shipping is independently bullish. In the energy and chemical sector, LPG and 20 - gauge rubber are strongly bullish, some are bullish, and others are mainly in shock. In the agricultural products sector, palm oil, sugar, and jujubes are bullish, soybean meal is mainly in shock, and the corn series is bearish [1][2][3][4]. 3. Summaries Based on Relevant Catalogs 3.1 Non - ferrous and Precious Metals Sector - **Technical Indicator Signal Summary**: Copper, aluminum, lead, polysilicon, and aluminum alloy show bullish signals; tin, alumina, and gold show bearish signals; and the rest are mainly in shock [10][11]. - **Weekly Pivot Analysis**: Bullish varieties are above the pivot point, and short - term long positions can be arranged if the support is not broken. Bearish varieties are under pressure at the pivot point, and short - term short positions can be considered when rebounding to the resistance with volume. Volatile varieties need to be vigilant against breakthrough risks [15][18]. 3.2 Black and Shipping Sector - **Technical Indicator Signal Summary**: The black sector is mainly in shock, and the shipping sector shows bullish signals [22][23]. - **Weekly Pivot Analysis**: The black series is in a full - scale shock, and European line container shipping is independently bullish. Coal and coke varieties need to be vigilant against wide - range fluctuations, and the shock pattern may be broken if the boundary is broken [30]. 3.3 Energy and Chemical Sector - **Technical Indicator Signal Summary**: 20 - gauge rubber, synthetic rubber, and caustic soda show bullish signals, and the rest are mainly in shock [34][35]. - **Weekly Pivot Analysis**: LPG and 20 - gauge rubber are strongly bullish. Bullish varieties are dominant above the pivot point, and the chemical sector is in shock. Soda ash is in wide - range shock and can be operated in the short - term range [42]. 3.4 Agricultural Products Sector - **Technical Indicator Signal Summary**: Palm oil, sugar, and jujubes show bullish signals, soybean meal is mainly in shock, and corn and corn starch show bearish signals [46][47][49]. - **Weekly Pivot Analysis**: Palm oil, sugar, and jujubes are bullish. The bean and oil varieties are generally in shock, and the corn series is mainly bearish [55].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report Core View - On August 14, 2025, the palm oil futures price dropped, with a closing price of 9368 yuan and a decline of 1.04%. If supply continues to increase and demand fails to improve effectively, the palm oil futures price may face continued pressure [3]. - For stock index futures, due to the high - level bearish candlestick, the short - term market will enter a high - level consolidation phase [6]. - The July non - farm payroll data in the US was significantly lower than expected, and the data for May and June were significantly revised downwards, increasing the probability of a September interest rate cut, which is positive for gold. Currently, the weekly adjustment is relatively sufficient, and it is in a short - term small - range consolidation [10]. - For iron ore, the overall fundamentals are strongly supported, and it shows a resonance upward trend. Technically, it closed with a large bearish candlestick today and should be treated as a high - level wide - range consolidation [14][15]. - For glass, the supply - demand situation has slightly improved, and the main driving force for the recent market is the improvement of the domestic economic recovery expectation. Technically, the lower support is effective, and a low - buying strategy is recommended [18][19]. - For alumina, it has continuous themes and high capital enthusiasm, with high long - term volatility in futures. After EGA condemned Guinea's government for revoking GAC's mining license, a low - buying strategy is recommended [22]. 3. Summary by Related Catalogs Palm Oil Futures - On August 14, 2025, the palm oil futures closed at 9368 yuan, down 1.04%. The reasons for the decline are complex. On the supply side, Malaysia is in a seasonal production - increasing cycle, and Reuters expects the July inventory to reach a nearly two - year high, with the production - increasing expectation still in place in August. Indonesia's biodiesel and export policy adjustments bring uncertainty to international supply. On the demand side, domestic terminal consumption is weak, the spot basis in Chinese ports is continuously weakening despite low inventory, EU imports are down year - on - year, and India's high imports in June cannot change the overall weak demand. In addition, the weak price of soybean oil intensifies competition from substitutes, and technically, the daily line is near the over - bought area, with insufficient short - term upward momentum [3]. Stock Index Futures - Multiple institutions interpreted policies such as fiscal subsidies for personal consumer loans, and the National Data Bureau stated that China's total computing power ranks second in the world. Due to the high - level bearish candlestick, the short - term market will enter a high - level consolidation phase. Today, the three major A - share indices rose first and then fell, and the Shanghai Composite Index failed to break through 3700 points, ending an 8 - day winning streak with a small bullish candlestick with an upper shadow [6][7]. Gold - The July non - farm payroll data in the US was significantly lower than expected, and the data for May and June were significantly revised downwards, increasing the probability of a September interest rate cut, which is positive for gold. Currently, the weekly adjustment is relatively sufficient, and it is in a short - term small - range consolidation [10]. Iron Ore - With the improvement of steel mills' profitability, the molten iron output remains at a high level, and the overall fundamentals are strongly supported. In addition, the anti - involution sentiment in the black industry chain has led to a relatively healthy state, showing a resonance upward trend. Technically, it closed with a large bearish candlestick today and should be treated as a high - level wide - range consolidation [14][15]. Glass - The supply - demand situation has slightly improved, but the recovery of terminal deep - processing orders is still weak. The main driving force for the recent market is the improvement and continuous strengthening of the domestic economic recovery expectation. Technically, the lower support is effective, and a low - buying strategy is recommended [18][19]. Alumina - As a "mineral with stories", alumina has continuous themes and high capital enthusiasm, with high long - term volatility in futures. After EGA condemned Guinea's government for revoking GAC's mining license, a low - buying strategy is recommended [22].

Report Industry Investment Rating The report does not provide an overall industry investment rating. Instead, it offers specific ratings for different sectors and varieties within the futures market, including "strongly bullish," "bullish," "sideways," "bearish," and "strongly bearish" [11][23][34][44]. Core Viewpoints The report analyzes the futures market from a technical perspective, providing signals and trends for various sectors and varieties. It suggests different trading strategies based on the volatility and trends of each variety, emphasizing the importance of risk management and trading with pivot points [1][2][3][4]. Summary by Directory 1. Non-ferrous and Precious Metals Sector - **Technical Indicator Signal Summary**: Carbonate lithium and cast aluminum alloy show bullish signals, while lead, tin, nickel, alumina, and stainless steel show bearish signals. The rest are sideways [10][11]. - **Weekly Pivot Analysis**: High-volatility varieties like carbonate lithium have upward potential but are volatile; alumina faces downward pressure. Industrial silicon and polysilicon are suitable for range trading. Medium-volatility varieties are generally bearish, and low-volatility varieties like copper, aluminum, and gold suggest conservative strategies [15][18]. 2. Black and Shipping Sector - **Technical Indicator Signal Summary**: Hot-rolled coil, iron ore, rebar, coking coal, ferromanganese, and ferrosilicon show bearish signals, with rebar, coking coal, ferromanganese, and ferrosilicon being strongly bearish. The rest are sideways [22][23][24]. - **Weekly Pivot Analysis**: High-volatility varieties such as coking coal, ferromanganese, and ferrosilicon face downward risks. Coke is highly volatile but trendless. Medium-volatility varieties are under pressure, and low-volatility varieties like European container shipping are expected to be stable [29]. 3. Energy and Chemical Sector - **Technical Indicator Signal Summary**: Asphalt shows a bearish signal, and the rest are sideways. In the chemical sector, soda ash, caustic soda, and urea are sideways, while glass and methanol are bearish [33][34]. - **Weekly Pivot Analysis**: High-volatility varieties like glass and PVC face significant downward pressure, while natural rubber has opportunities but is volatile. Medium-volatility varieties are generally bearish, and low-volatility varieties suggest a wait-and-see approach [40]. 4. Agricultural Products Sector - **Technical Indicator Signal Summary**: Rapeseed oil, live pigs, soybean No. 2, palm oil, rapeseed meal, apples, and jujubes show bullish signals, while sugar and soybean No. 1 show bearish signals [43][44]. - **Weekly Pivot Analysis**: High-volatility varieties like apples have significant upward potential but are volatile, while rapeseed has no trend and is suitable for range trading. Medium-volatility bullish varieties have upward momentum, while bearish varieties like soybean No. 1 and sugar are under pressure. Oscillating varieties suggest a wait-and-see or range-trading approach [55].

Report Industry Investment Rating No specific industry investment ratings were provided in the report. Core Views - The bullish trends in the Shanghai aluminum, zinc, nickel, and alumina futures markets have ended and turned into a volatile state, with alumina showing a bearish signal and industrial silicon showing a strong bearish signal. The Shanghai copper CU2509 is mainly volatile with a risk of further decline. The Shanghai lead PB2509 is at risk of falling to the bottom [1][10][14]. - The overall technical rating of the black sector is stable, with rebar turning bearish. Coking coal and coke are in an adjustment period after a sharp rise last week, showing a bearish signal next week. The coking coal JM2601 is at risk of a short - term decline [2][26][30]. - In the energy - chemical sector, asphalt is bullish, crude oil and fuel oil are volatile, and low - sulfur fuel oil and LPG are bearish. The glass, caustic soda, and soda ash in the chemical sector are mainly volatile, and the glass FG509 is at risk of a short - term decline [3][35][39]. - In the agricultural products sector, soybean oil is strongly bullish, and soybean No.2, soybean meal, rapeseed oil, red dates, and logs are cautiously bullish. Sugar and live pigs are bearish, and the sugar SR509 is at risk of a short - term decline [4][44][51]. Summary by Directory 1. Non - ferrous Metals Sector 1.1 Non - ferrous Metals Sector Technical Indicator Signal Summary - The bullish trends in the Shanghai aluminum, zinc, nickel, and alumina futures markets have ended and turned into a volatile state, with alumina turning bearish and industrial silicon showing a strong bearish signal. The Shanghai copper CU2509 is mainly volatile with a risk of further decline, and the Shanghai lead PB2509 is at risk of falling to the bottom [10][11][14]. 1.2 Non - ferrous Metals Sector Weekly Pivot Analysis - Tin, lithium carbonate, and nickel have the largest fluctuation space, especially lithium carbonate S2 has a 7.4% jump compared to S3, so short - term fluctuation risks need to be noted. The pivot points of copper, aluminum, and zinc are concentrated, and there is strong resistance in the R2 - R3 of international copper. Alumina, lead, and stainless steel have the weakest fluctuations. Polysilicon/industrial silicon shows non - continuous price jumps, and tin and lithium carbonate have significant breakthrough opportunities, so position management is necessary [23]. 2. Black and Shipping Sector 2.1 Black and Shipping Sector Technical Indicator Signal Summary - The overall signal indicator rating of the black sector is relatively stable. Rebar has turned into a bearish signal. Coking coal and coke were mainly in a volatile adjustment this week after a sharp rise last week, and the technical indicator signal is bearish next week [26][27]. 2.2 Black and Shipping Sector Weekly Pivot Analysis - Iron ore and European line container shipping had the smallest fluctuations this week. Coking coal and coke showed a stepped jump. Manganese silicon/silicon iron had the highest absolute price and dense resistance levels. The technical structure of hot - rolled coils is similar to that of rebar but at a higher price level. The resistance interval from the pivot point to R1 of wire rods jumped by 152 yuan. The R3 resistance of coke is close to the R2 of coking coal, and the prices of the two are strongly correlated. Overall, manganese silicon, silicon iron, and coke have greater breakthrough potential, while iron ore and European line container shipping have limited fluctuation space [33]. 3. Energy - Chemical Sector 3.1 Energy - Chemical Sector Technical Indicator Signal Summary - In the energy - chemical sector, except for asphalt showing a bullish technical indicator signal, crude oil and fuel oil have turned volatile, and low - sulfur fuel oil and LPG have turned bearish. The chemical sector is mainly divided into volatile and bearish parts, with glass, caustic soda, and soda ash being mainly volatile [35][36]. 3.2 Energy - Chemical Sector Weekly Pivot Analysis - Crude oil had low volatility this week. The support and resistance intervals of soda ash, glass, and urea are narrow. Para - xylene, plastics, and styrene have high prices and significant fluctuations. PVC shows a jump - up structure. Natural rubber and 20 - grade rubber have dense resistance levels [40][42]. 4. Agricultural Products Sector 4.1 Agricultural Products Sector Technical Indicator Signal Summary - According to the technical indicator signal summary, soybean oil, soybean No.2, soybean meal, rapeseed oil, red dates, and logs in the agricultural products sector show bullish signals, among which soybean oil shows a strong bullish signal, and the others are cautiously bullish signals. Sugar and live pigs show bearish technical indicator signals [44][46]. 4.2 Agricultural Products Sector Weekly Pivot Analysis - The live pig has the most dramatic fluctuations in the support and resistance intervals (the S3 - R3 span is 2264 yuan). There are short - term interval operation opportunities in the volatile market, but position management needs to be cautious. The technical structures of soybean varieties are dense (the R3 - S3 of soybean meal is only 297 yuan), and the interval operation space is small. Corn and its by - products have the weakest fluctuations, so position management is necessary [52].

Group 1 - The overall market sentiment is neutral, with a balance of buy and sell signals across various moving averages [2][5]. - The 5-day simple moving average (MA5) is at 25017.4, indicating a sell signal, while the 50-day (MA50) and 100-day (MA100) moving averages show buy signals at 24840.0 and 24647.5 respectively [4][5]. - Technical indicators such as RSI(14) at 31 suggest a neutral position, while the Stochastic Oscillator indicates overbought conditions at 99.256 [6]. Group 2 - The Average True Range (ATR) is at 61.3214, indicating low volatility in the market [6]. - The Commodity Channel Index (CCI) is at -73.2270, suggesting a bearish trend [6]. - The market is experiencing a mixed sentiment with equal buy and sell recommendations, leading to an overall neutral summary [5].

半年度报告——风险管理 基于期货技术分析 重点品种半年度风险管理指引 ★有色板块：警惕大趋势下趋势短线反转风险 有色板块需警惕趋势中短线反转。沪铝在上涨回调时适合技 术指标追踪，可用止损或买入看跌期权对冲。沪锌技术指标 对反弹转跌更有效，多头慎设止损或买入看涨期权替代。沪 铜关键风险：1)有效跌破 S1 支撑可能下探 S3，短期注意止盈， 长期持有的空头仓位应当谨慎对待；2)价格上探 R1 但量能不 足恐假突破，多单止盈或配合期权空头套保。 ★黑色板块：实施差异化管理 上游双焦采用短线箱体操作，长期持有需结合基本面。铁矿 石基本面趋势下箱体操作可宽松至 S3 至 R3，但反弹遇阻（R1 至 R2）需谨慎；双焦破位风险高，阻力可下移至新枢轴 R1。 重点品种螺纹钢需警惕空头回补反弹及假突破（量能不足上 探 R2 至 R3），多头套保可于 R2 至 R3 止盈或买入看涨期权； 现货企业可在 S1-R1 区间运用期权领口策略对冲风险。 ★农产品板块：高波动短线操作，低波动需结合基本面 高波品种棕榈油等可配合期权短线操作，警惕突发风险；中 低波品种需基本面配合，在枢轴 R1-S1 谨慎操作；玉米等低 波品种震荡上涨时 ...

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The iron ore market is expected to be weak with the increase in Australian and Brazilian iron ore shipments and arrivals, the reversal of the decline in domestic port inventories, the continuous decline in blast furnace operating rates and daily hot metal production, and the weakening of iron ore demand. The I2509 contract is recommended to consider a strategy of short - selling on rebounds [10]. - Given the continued decline in hot metal production, the reversal of the decline in iron ore port inventories, and the potential increase in inventory pressure during the consumption off - season, it is suggested to buy put options [55]. 3. Summary by Directory 3.1. Weekly Highlights - **Price**: As of June 13, the closing price of the iron ore main contract was 703 (-4.5) yuan/ton, and the price of Mac fines at Qingdao Port was 760 (-10) yuan/dry ton [8]. - **Shipment**: From June 2 - 8, 2025, the total global iron ore shipments were 3510.4 tons, a week - on - week increase of 79.4 tons. The total shipments from Australia and Brazil were 2919.4 tons, a week - on - week increase of 50.6 tons [8]. - **Arrival**: From June 2 - 8, 2025, the total arrivals at 47 Chinese ports were 2673.9 tons, a week - on - week increase of 76.5 tons; at 45 ports, it was 2609.3 tons, a week - on - week increase of 72.8 tons; at the six northern ports, it was 1383.6 tons, a week - on - week decrease of 157.2 tons [8]. - **Demand**: The daily average hot metal production was 241.61 tons, a week - on - week decrease of 0.19 tons, and a year - on - year increase of 2.30 tons [8]. - **Inventory**: As of June 13, 2025, the inventory of imported iron ore at 47 ports was 14503.14 tons, a week - on - week increase of 102.83 tons. The inventory of 247 steel mills was 8798.68 tons, a week - on - week increase of 108.5 tons [7][8]. - **Profitability**: The profitability rate of steel mills was 58.44%, a decrease of 0.43 percentage points from last week and an increase of 8.66 percentage points from last year [7]. 3.2. Futures and Spot Market - **Futures Price**: The I2509 contract was weak this week, and its performance was weaker than that of the I2601 contract. On the 13th, the spread was 30.5 yuan/ton, a week - on - week decrease of 5.5 yuan/ton [16]. - **Warehouse Receipt and Net Position**: On June 13, the number of iron ore warehouse receipts at the Dalian Commodity Exchange was 2700, a week - on - week increase of 800. The net short position of the top 20 holders of the ore futures contract was 30252, an increase of 6809 from the previous week [23]. - **Spot Price**: On June 13, the price of 61% Australian Mac fines at Qingdao Port was 760 yuan/dry ton, a week - on - week decrease of 10 yuan/dry ton. This week, the spot price of iron ore was weaker than the futures price. On the 13th, the basis was 57 yuan/ton, a week - on - week decrease of 13 yuan/ton [29]. 3.3. Industry Situation - **Arrival Volume**: From June 2 - 8, 2025, the total arrivals at 47 Chinese ports increased [33]. - **Port Inventory**: This week, the total inventory of imported iron ore at 47 ports was 14503.14 tons, a week - on - week increase of 102.83 tons. The total inventory of imported iron ore in steel mills was 8798.68 tons, a week - on - week increase of 108.50 tons [36]. - **Inventory Availability**: As of June 12, the average inventory availability days of imported iron ore for large and medium - sized domestic steel mills was 21 days, a week - on - week increase of 2 days [39]. - **Import Volume and Capacity Utilization**: In May, China imported 9813.1 tons of iron ore and concentrates, a decrease of 500.7 tons from the previous month, a month - on - month decrease of 4.9%. From January - May, the cumulative import was 48640.9 tons, a year - on - year decrease of 5.2%. As of June 13, the capacity utilization rate of 266 mines was 61.32%, a week - on - week increase of 0.03% [42]. - **Domestic Production**: In April 2025, China's iron ore production was 8469.6 tons, a year - on - year decrease of 4.9%. From January - April, the cumulative production was 32859.6 tons, a year - on - year decrease of 12.2%. The iron concentrate production of 433 iron mines was 2301.5 tons, a month - on - month decrease of 57.2 tons, a decrease of 2.4% [46]. 3.4. Downstream Situation - **Crude Steel Production**: In April, China's crude steel production was 8602 tons, the same as the previous year. From January - April, the cumulative production was 34535 tons, a year - on - year increase of 0.4% [49]. - **Steel Export and Import**: In May 2025, China exported 1057.8 tons of steel, an increase of 11.6 tons from the previous month, a month - on - month increase of 1.1%. From January - May, the cumulative export was 4846.9 tons, a year - on - year increase of 8.9%. In May, China imported 48.1 tons of steel, a decrease of 4.1 tons from the previous month, a month - on - month decrease of 7.9%. From January - May, the cumulative import was 255.3 tons, a year - on - year decrease of 16.1% [49]. - **Blast Furnace Operating Rate and Hot Metal Production**: On June 13, the blast furnace operating rate of 247 steel mills was 83.41%, a decrease of 0.15 percentage points from last week and an increase of 1.36 percentage points from last year. The daily average hot metal production was 241.61 tons, a week - on - week decrease of 0.19 tons and a year - on - year increase of 2.30 tons [52]. 3.5. Options Market - Given the continued decline in hot metal production and the reversal of the decline in iron ore port inventories, it is recommended to buy put options [55].

1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report - The previous trading day saw Shanghai Zinc experiencing a volatile downward trend, closing with a negative candlestick, accompanied by shrinking trading volume. In terms of positions, long - positions decreased while short - positions increased, indicating a bearish trend. Technically, the price closed below the 20 - day moving average, weakening the support of the moving average. Short - term indicators suggest a weakening trend, while trend indicators show that the long - side strength is gradually gaining the upper hand. It is predicted that Shanghai Zinc ZN2507 will oscillate weakly [2][21]. 3. Summary by Relevant Catalogs 3.1 Fundamentals - In March 2025, global zinc plate production was 1.0874 million tons, consumption was 1.1335 million tons, resulting in a supply shortage of 46,000 tons. From January to March, global zinc plate production was 3.2831 million tons, consumption was 3.3848 million tons, with a supply shortage of 101,600 tons. In March, global zinc ore production was 1.0078 million tons, and from January to March, it was 2.9611 million tons [2]. 3.2 Basis - The spot price of zinc was 22,910 yuan/ton, with a basis of +700 yuan/ton [2]. 3.3 Inventory - On May 28, LME zinc inventory decreased by 7,700 tons to 143,450 tons compared to the previous day, and the SHFE zinc inventory warrants remained unchanged at 1,774 tons [2]. 3.4 Futures Exchange Zinc Futures Quotes (May 28) - The total trading volume was 249,396 lots, with a total trading value of 2.78421384 billion yuan, and the total open interest was 229,140 lots, an increase of 4,544 lots [3]. 3.5 Domestic Main Spot Market Quotes (May 28) - Zinc concentrate price was 17,670 yuan/ton, up 70 yuan/ton; zinc ingot in Shanghai was 22,910 yuan/ton, up 80 yuan/ton; galvanized sheet in China was 3,954 yuan/ton, down 7 yuan/ton; galvanized pipe in China was 4,337 yuan/ton, down 18 yuan/ton; zinc alloy in Ningbo was 23,380 yuan/ton, up 100 yuan/ton; zinc powder in Changsha was 27,770 yuan/ton, up 80 yuan/ton; zinc oxide in Taizhou was 21,050 yuan/ton, unchanged; and secondary zinc oxide in Linzhou was 7,831 yuan/ton, unchanged [4]. 3.6 National Main Market Zinc Ingot Inventory Statistics (April 30 - May 26, 2025) - Compared with last Thursday, the total inventory decreased by 31,000 tons; compared with last Monday, it decreased by 72,000 tons [5]. 3.7 Futures Exchange Zinc Warrant Report (May 28) - The total zinc warrants were 1,774 tons, with no change [6]. 3.8 LME Zinc Inventory Distribution and Statistics (May 28) - The total inventory was 143,450 tons, a decrease of 7,700 tons compared to the previous day [8]. 3.9 National Main City Zinc Concentrate Price Summary (May 28) - No detailed price information provided in the report. 3.10 National Market Zinc Ingot Smelter Price Quotes (May 28) - The prices of 0 zinc ingots from different manufacturers all increased by 100 yuan/ton [13]. 3.11 Domestic Refined Zinc Production in April 2025 - The planned production in April was 454,800 tons, the actual production was 450,400 tons, with a month - on - month increase of 2.18%, a year - on - year decrease of 0.20%, and a 0.97% shortfall compared to the plan. The capacity utilization rate was 83.15%, and the planned production in May was 444,100 tons [15]. 3.12 Zinc Concentrate Processing Fee Quotes (May 28) - Processing fees varied by region, with domestic regions mainly in the range of 3,200 - 3,800 yuan/metal ton, and the import processing fee for 48% grade was 30 - 50 dollars/kiloton [17]. 3.13 Shanghai Futures Exchange Member Zinc Trading and Position Ranking Table (May 28) - For the zn2507 contract, the total trading volume was 240,403 lots, a decrease of 225,028 lots compared to the previous day; the total long - position was 78,709 lots, a decrease of 410 lots; and the total short - position was 79,987 lots, an increase of 5,481 lots [19].

Group 1 - The overall market sentiment is strongly bearish, with a consensus of "strong sell" across various indicators [2][5][7] - The moving averages indicate a consistent "sell" signal, with MA5 at 23363.2, MA10 at 23397.4, and MA20 at 23471.9 [4][5] - Technical indicators such as RSI(14) at 35.290 and MACD(12,26) at -69.700 further support the bearish outlook [5][6] Group 2 - The support and resistance levels are identified, with key support at 23116.6 and resistance at 23488.6 [7] - The market is experiencing low volatility as indicated by ATR(14) at 91.3214, while the ADX(14) shows a neutral trend at 17.864 [5][6] - The overall buy/sell ratio is heavily skewed towards selling, with 7 sell signals and no buy signals recorded [2][7]

金十图示：2025年05月12日（周一）香港恒生指数期货技术面一览（日图） | WilliamsR 10 | | | | -1.644 | | 期求 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1698.6480 | BullBear(13) | | | | | 买入 | | | 买入:8 总结:强力买入 N | 卖出:0 | | 中性:3 | | | | | | III CHILL | | | << | | | | | | 名称 枢轴点 | S3 | S2 | SI | | R1 | R2 | R3 | | 经前 22752.2 | 22300.4 | 22448.7 | 22603.9 | | 22907.4 | 23055.7 | 23210.9 | | 要波纳契 22564.6 22752.2 Fibonace | 22448.7 | | 22636.3 | | 22868.1 | 22939.8 | 23055.7 | | 注:S是支撑位、R是阻力位 | | | | | | | | | | | | | | | And Card Ca ...