1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Global fuel oil production showed a monthly decline, mainly due to the decrease in production in the Middle East, such as Saudi Arabia and Iran [7]. - The Singapore bunker market may have signs of marginal recovery in bunker sales in April, with the Bunker - FOB spread strengthening, while China's high - sulfur imports continued to decline in April, and the demand for secondary raw materials was significantly weak year - on - year [7]. - Global fuel oil prices rebounded from the bottom during the month, with low - sulfur fuel oil performing better than high - sulfur in terms of price and spread. High - sulfur and low - sulfur crack spreads are currently in a high - level volatile trend, and the paper - cargo month spreads in various regions have strengthened month - on - month [7]. - The trading focus in the subsequent market will be on the supply side. Although the shipping volumes from the Middle East and Russia reached a growth bottleneck in April, the refinery operations are expected to increase in May as the Northern Hemisphere enters the peak oil consumption season, which may lead to an increase in high - sulfur fuel oil output, especially from Russian refineries with low operating rates [7]. - For low - sulfur fuel oil, refinery maintenance in Brazil and Indonesia in April is expected to end in May, and the low - sulfur exports from these two regions are expected to resume. Meanwhile, the downstream unit maintenance of Nigerian refineries will lead to an increase in low - sulfur component exports to Africa. Considering the recovery of exports from Brazil and Indonesia and the competition pressure between low - sulfur and high - sulfur in the bunker market, the pattern of the Asia - Pacific low - sulfur market may not have a significant upward drive in May [7]. - Based on the improvement in the supply - demand pattern, long - position strategies based on the supply - demand situation may present trading opportunities, and crack spreads and month spreads may still have an upward trend in the future. The rebound trend of the high - low sulfur spread that emerged in mid - April may weaken in May [7]. 3. Summary by Relevant Catalogs 3.1 Global Fuel Oil Spot Prices and Spreads - **Price and Spread Fluctuations**: The FOB prices of 3.5% and 0.5% fuel oil in Singapore increased by 3.77% and 4.77% respectively; the FOB prices of 3.5% and 0.5% fuel oil in Fujairah increased by 1.11% and 3.84% respectively; the FOB prices of 3.5% fuel oil in Northwest Europe increased by 3.18%, and the CIF prices increased by 3.10%. The crack spreads of high - sulfur fuel oil in Singapore, Northwest Europe, and Fujairah increased by 142.61%, 49.68%, and 101.82% respectively, while the crack spreads of low - sulfur fuel oil in the US Gulf decreased by 20.85% [9][10][12]. - **Regional Price Trends**: The report presents the historical price trends of fuel oil in Asia - Pacific, the Middle East, Northwest Europe, the Mediterranean, the United States, and other regions through charts [13][19][25][31]. - **Feedstock Market Prices**: The FOB prices of 0.5% - 0.6% VGO in Northwest Europe increased by 2.04%, and the FOB prices of 2.0% VGO increased by 2.76%. The CIF prices of 0.8% VGO in the Mediterranean increased by 3.42%, and the CIF prices of 2.0% VGO increased by 4.16% [11]. - **Bunker Prices in Asia - Pacific Ports**: The bunker prices of 380 and 0.5% fuel oil in major Asian ports such as Singapore, Fujairah, and Zhoushan showed varying degrees of increase [11]. - **Arbitrage and Grade Spreads**: The Singapore high - low sulfur spread, viscosity spread, and regional arbitrage margins are presented through charts, showing their historical trends [57]. - **Spot Premiums and Discounts**: The report shows the historical trends of spot premiums and discounts in Asia - Pacific and the Middle East, such as the Singapore 380CST transaction premium and discount [59]. - **Crack Spreads in Major Markets**: The crack spreads of high - sulfur and low - sulfur fuel oil in major global markets, including Asia - Pacific, the Middle East, Europe, and the United States, are presented through charts, showing their historical trends [66][72]. - **Fuel Oil Swap Market Term Structure**: The term structures of high - sulfur and low - sulfur fuel oil swaps in Singapore and Northwest Europe are presented through charts [78]. 3.2 Global Main Region Fuel Oil Supply Situation - **Refinery Operations in Northeast Asia**: The capacity utilization rates of independent and state - owned refineries in China, as well as the refinery operating rates in Japan and South Korea, are presented through charts, showing their historical trends [86]. - **Refinery Operations in the Middle East, South Asia, and Latin America**: The refinery operating rates in Saudi Arabia, Iran, the UAE, Mexico, Brazil, and India are presented through charts, showing their historical trends [94]. - **Refinery Operations in Europe and the United States**: The refinery operating rates in France, Germany, Russia, and the United States are presented through charts, showing their historical trends [97]. - **Global Refinery Maintenance Situation**: The maintenance volumes of CDU, hydrocracking, FCC, and coking units globally are presented through charts, showing their historical trends [99].

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The external environment is favorable for Treasury bond futures, but considering the current relatively low Treasury bond yields, China's economic recovery trend, and the possibility of tariff adjustments, it is recommended to remain cautious [6]. - Despite the impact of tariffs on the domestic economic recovery rhythm and the increase in global recession risks, the long - term performance of Chinese equity assets is still optimistic, and it is advisable to consider going long on stock index futures [9]. - The long - term bullish trend of precious metals continues, and it is recommended to go long on gold futures on dips [12]. - For steel products such as rebar and hot - rolled coils, investors can focus on short - selling opportunities on rebounds, and for iron ore, they can focus on buying opportunities at low levels [14][17]. - For coking coal and coke, investors can focus on short - selling opportunities on rebounds [19]. - For ferroalloys, consider opportunities in out - of - the - money call options for manganese silicon and short - covering opportunities for ferrosilicon [22]. - Consider going long on the main contracts of crude oil and fuel oil [25][27]. - Synthetic rubber and natural rubber are expected to be in a weak and volatile state, PVC is expected to be in a bottom - oscillating state, and urea requires attention to export changes [28][29][34]. - For PX, PTA, and other chemical products, consider range - bound operations [38][39]. - For ethylene glycol, short - term bottom - oscillating is expected, and cautious participation is recommended [41]. - For short - fiber and bottle - chip, they are expected to follow the cost side and oscillate, and cautious participation is recommended [42][43]. - For soda ash, short - term disk adjustments may occur, and short - sellers at low levels should adjust their positions [46]. - For glass, the post - holiday market sentiment is expected to be weak [47]. - For caustic soda, pay attention to enterprise inventory and delivery volume data changes [48]. - For pulp, the market is in a weak pattern [51]. - Lithium carbonate is expected to be in a weak operation [52]. - Consider going long on the main contract of Shanghai copper, and have a bearish and oscillating view on tin [56][57]. - Nickel is expected to remain in a supply - surplus pattern, and industrial silicon and polysilicon are expected to continue to decline in price [58][59]. - For soybean oil and soybean meal, adopt a wait - and - see attitude for soybean meal and consider out - of - the - money call options for soybean oil at the bottom [61]. - Consider the opportunity to widen the soybean oil - palm oil spread, and consider buying opportunities for rapeseed meal after a pullback [63][65]. - For cotton, sugar, apples, and other agricultural products, a wait - and - see attitude is recommended [67][71][74]. - For live pigs, consider waiting and seeing, and for eggs, consider reverse - spread opportunities [77][79]. - For corn and corn starch, a wait - and - see attitude is recommended [81]. - For logs, the market is in a weak state with no obvious driving force [84]. 3. Summary by Related Catalogs Treasury Bonds - On the previous trading day, most Treasury bond futures closed down. The central bank conducted 405 billion yuan of reverse repurchase operations on May 6, with a net withdrawal of 682 billion yuan. The Caixin China Services PMI in April was 50.7, and the comprehensive PMI output index declined, indicating a slowdown in the expansion of domestic enterprise production and operation activities [5]. - The external environment is favorable for Treasury bond futures, but considering various factors, it is recommended to remain cautious, and the volatility is expected to increase [6][7]. Stock Index Futures - On the previous trading day, stock index futures showed mixed performance. The market is worried about the decline in corporate profit growth due to tariffs, but domestic asset valuations are low, and policies have hedging space. The long - term performance of Chinese equity assets is still optimistic, and it is advisable to consider going long on stock index futures [8][9][10]. Precious Metals - On the previous trading day, gold and silver futures rose. The complex global trade and financial environment, the increase in the risk of global recession due to tariffs, and the possible passive easing of monetary policies are expected to drive up the price of gold. It is recommended to go long on gold futures on dips [11][12][13]. Rebar and Hot - Rolled Coils - On the previous trading day, rebar and hot - rolled coil futures showed weak oscillations. The downward trend of the real estate industry suppresses the price of rebar, but the peak - season demand may provide short - term support. The valuation of steel prices is low, and investors can focus on short - selling opportunities on rebounds [14]. Iron Ore - On the previous trading day, iron ore futures oscillated. The increase in iron ore demand and the decrease in supply and inventory support the price. The valuation of iron ore is relatively high, and investors can focus on buying opportunities at low levels [16][17]. Coking Coal and Coke - On the previous trading day, coking coal and coke futures fell sharply. The supply of coking coal is loose, and the trading atmosphere has weakened. The shipment of coke has improved, but the possibility of further price increases is low. The futures may continue to decline, and investors can focus on short - selling opportunities on rebounds [19]. Ferroalloys - On the previous trading day, manganese silicon and ferrosilicon futures fell. The supply of ferroalloys is still high, and the demand is weak. The supply of manganese ore may be disturbed. Consider opportunities in out - of - the - money call options for manganese silicon and short - covering opportunities for ferrosilicon [21][22]. Crude Oil - On the previous trading day, INE crude oil fell sharply due to OPEC's plan to increase production by 411,000 barrels per day in June. The increase in production may lead to price fluctuations, but factors such as Sino - US talks are favorable for crude oil. Consider going long on the main contract [23][24][25]. Fuel Oil - On the previous trading day, fuel oil followed crude oil and fell sharply. The reduction in Singapore's inventory may support the price, and the relaxation of US sanctions on Russia may be negative for high - sulfur fuel oil. Consider going long on the main contract [26][27]. Synthetic Rubber - On the previous trading day, synthetic rubber rose. The supply pressure continues, the demand improvement is limited, and the cost side rebounds. It is expected to oscillate weakly [28][29]. Natural Rubber - On the previous trading day, natural rubber futures rose. The global supply is expected to increase, and the demand is affected by tariffs. It is expected to oscillate weakly [29][30]. PVC - On the previous trading day, PVC futures fell. The supply pressure eases marginally, the demand recovers weakly, and the price is expected to oscillate at the bottom [31][34]. Urea - On the previous trading day, urea futures rose. The approach of the summer corn fertilizer preparation period and potential Indian tenders may affect the price. Pay attention to export policy changes [35][36]. PX - On the previous trading day, PX futures fell. PX devices are under centralized maintenance, and the downstream demand has improved. It is expected to follow the cost side and oscillate, and range - bound operations are recommended [37][38]. PTA - On the previous trading day, PTA futures fell. The supply is affected by device maintenance, the demand is affected by tariffs, and the cost side is under pressure. It is expected to oscillate, and range - bound operations are recommended [39]. Ethylene Glycol - On the previous trading day, ethylene glycol futures fell. The supply is expected to increase, the inventory is high, and the demand is weak. It is expected to oscillate at the bottom, and cautious participation is recommended [40][41]. Short - Fiber - On the previous trading day, short - fiber futures fell. The supply is at a relatively high level, the demand is weak, and it is expected to follow the cost side and oscillate. Cautious participation is recommended [42]. Bottle - Chip - On the previous trading day, bottle - chip futures fell. The cost support is insufficient, the supply is increasing, and the demand is gradually recovering. It is expected to follow the cost side and oscillate [43]. Soda Ash - On the previous trading day, soda ash futures fell. In May, device maintenance will be concentrated, which may lead to short - term disk adjustments. The supply is high, and the inventory is stable [44][46]. Glass - On the previous trading day, glass futures fell. The production line is at a low level, the demand is weak, and the post - holiday market sentiment is expected to be weak [47]. Caustic Soda - On the previous trading day, caustic soda futures rose. Some devices will enter the maintenance period in May, and the demand is limited. Pay attention to enterprise inventory and delivery volume data changes [48][49]. Pulp - On the previous trading day, pulp futures fell. The inventory is accumulating, the supply is increasing, and the market is in a weak pattern [50][51]. Lithium Carbonate - On the previous trading day, lithium carbonate futures fell. The supply is high, the demand is weak, and it is expected to be in a weak operation [52]. Copper - On the previous trading day, Shanghai copper oscillated upward. Although the ICSG expects a supply surplus of refined copper, Sino - US talks may boost demand. Consider going long on the main contract [53][55][56]. Tin - On the previous trading day, Shanghai tin rose. The supply shortage may ease with the resumption of mines, and the downstream demand is affected by Sino - US trade. A bearish and oscillating view is taken [57]. Nickel - On the previous trading day, Shanghai nickel fell. The cost support is strong, but the demand may weaken in the off - season. It is expected to remain in a supply - surplus pattern [58]. Industrial Silicon and Polysilicon - On the previous trading day, industrial silicon and polysilicon futures continued to decline. The demand in the industrial chain is weak, the supply decline is limited, and the price is expected to continue to be under pressure [59]. Soybean Oil and Soybean Meal - On the previous trading day, soybean oil and soybean meal futures fell. The supply of soybeans is expected to be loose, the demand for soybean oil and soybean meal is expected to increase slightly. Adopt a wait - and - see attitude for soybean meal and consider out - of - the money call options for soybean oil at the bottom [60][61]. Palm Oil - Malaysian palm oil prices fell. The market is concerned about the May production outlook, and the inventory may increase. Consider the opportunity to widen the soybean oil - palm oil spread [62][63]. Rapeseed Meal and Rapeseed Oil - Canadian rapeseed prices fell. The import of rapeseed in the EU has increased, and China has imposed tariffs on Canadian rapeseed products. Consider buying opportunities for rapeseed meal after a pullback [64][65]. Cotton - The domestic cotton market showed a volatile trend. The planting area in China has increased, and the demand is affected by tariffs. A wait - and - see attitude is recommended [66][67][68]. Sugar - The domestic sugar market showed a volatile trend. Brazil is entering the production acceleration period, and the sugar production in India is lower than expected. The domestic inventory is neutral, and a wait - and - see attitude is recommended [69][71][72]. Apples - The domestic apple futures showed a sharp rise and then a fall. The cold - storage inventory is low, and the new - year production increase is expected. A wait - and - see attitude is recommended [73][74][75]. Live Pigs - The price of live pigs showed a slight decline. The supply may increase after the holiday, and the demand will enter a short - term off - season. Consider waiting and seeing [76][77]. Eggs - The price of eggs fell. The supply is expected to increase in May, and the pre - holiday stocking may provide support. Consider reverse - spread opportunities [78][79]. Corn and Corn Starch - Corn futures closed flat, and corn starch futures rose. The supply of corn is expected to be in a surplus state, and the demand is weak. A wait - and - see attitude is recommended [80][81]. Logs - On the previous trading day, log futures rose. The supply is affected by holidays and weather, and the demand is weak. The market is in a weak state with no obvious driving force [82][83][84].