Group 1: Investment Ratings - There is no information about the industry investment rating in the provided reports. Group 2: Core Views - The short - term trend of soybean oil 2509 contract may be consolidation [1] - The short - term trend of soybean meal may be range - bound due to multiple factors [2] - The short - term corn futures price will range - bound, with a range - trading approach [3] - For copper, maintain a tactical defense and focus on the monthly K - line pattern [4] - The lithium carbonate 2505 contract may be weakly volatile, and short - selling on rallies is advisable [5][6] - For steel, consider a low - level long - buying approach as macro negatives are digested [7] - Coking coal and coke may have a weak rebound with limited space [8] - The short - term trend of iron ore 2505 is mainly oscillatory [9] - For WTI crude oil, pay attention to the rebound near the support level of 430 - 450 yuan/barrel for INE crude oil [10] - For rubber, pay attention to the downstream start - up situation, with support near 14000 yuan/ton [11] - The PVC futures price may be in low - level oscillation [12] - The soda ash futures may have a short - term weak - oscillatory trend [13] Group 3: Summary by Commodity Soybean Oil - **Spot Information**: The price of first - grade soybean oil in Rizhao Jiji is 8000 yuan/ton, down 20 yuan/ton from the previous trading day [1] - **Market Analysis**: It is in the US soybean sowing and South American soybean harvesting and exporting season. South American new crops are likely to have a good harvest. The medium - term supply and demand of soybean oil may be neutral, and the inventory may be stable [1] Soybean Meal - **Spot Information**: The spot prices of 43 soybean meal in Zhangjiagang, Tianjin, Rizhao, and Dongguan are 3300 yuan/ton, 3720 yuan/ton, 3440 yuan/ton, and 3220 yuan/ton respectively [2] - **Market Analysis**: Sino - US tariff policies cause market panic. Brazilian soybean harvesting is nearly finished. US soybean exports are pessimistically expected. Domestic soybean meal supply is tight, and downstream demand has a slight boost [2] Corn - **Spot Information**: The mainstream purchase prices of new corn in different regions are provided, such as 2090 yuan/ton in Northeast China and Inner Mongolia, and 2300 yuan/ton in North China and Huanghuai [3] - **Market Analysis**: US tariff increases raise import costs, and domestic supply pressure eases. Downstream demand is expected to increase, but there are still some suppressing factors [3] Copper - **Spot Information**: The price of Shanghai 1 electrolytic copper is 75720 - 76120 yuan, down 275 yuan [4] - **Market Analysis**: The global market is affected by tariffs, and the Fed's actions are uncertain. Domestically, policies boost market sentiment. The copper market is in a state of resonance between reality and expectation [4] Lithium Carbonate - **Spot Information**: The market prices of battery - grade and industrial - grade lithium carbonate are 70750 yuan/ton and 69350 yuan/ton respectively, with a price difference of 1400 yuan/ton [5] - **Market Analysis**: The cost of lithium concentrate is expected to decline. Supply is increasing but at a slower pace. Demand has improved but lacks upward momentum. Inventory is accumulating [5][6] Steel - **Spot Information**: The price of Shanghai rebar is 3170 yuan, the Tangshan start - up rate is 83.13%, and social and steel mill inventories are 590.95 million tons and 207.12 million tons respectively [7] - **Market Analysis**: The steel fundamentals are improving, with a low - valuation. Cost is rising, and inventory is decreasing. The market is driven by macro policies and fundamentals [7] Coking Coal and Coke - **Spot Information**: The price of main coking coal (Meng 5) is 1200 yuan/ton, and the price at Rizhao Port is 1330 yuan/ton [8] - **Market Analysis**: Supply is relatively loose, demand is weak, inventory is slightly increasing, and profit is approaching the break - even point [8] Iron Ore - **Spot Information**: The Platts index of iron ore is 99.95, and the prices of Qingdao PB (61.5) powder and Australian powder ore are provided [9] - **Market Analysis**: Supply and demand factors are mixed. US tariff policies suppress the upward space [9] Crude Oil - **Spot Information**: There is no specific spot price information provided, but the impact of tariff policies on the market is mentioned [10] - **Market Analysis**: The impact of "equivalent tariffs" is weakening. OPEC is increasing production, but demand may be affected by trade wars [10] Rubber - **Spot Information**: There is no specific spot price information provided, but the impact of US tariffs on the rubber market is mentioned [11] - **Market Analysis**: The rubber market is affected by tariffs. The supply is abundant, and demand may be suppressed [11] PVC - **Spot Information**: The mainstream prices of East China 5 - type PVC and ethylene - based PVC are 4820 yuan/ton and 5050 yuan/ton respectively [12] - **Market Analysis**: Supply is decreasing, demand is weak, and inventory is decreasing. The futures price may be in low - level oscillation [12] Soda Ash - **Spot Information**: The national mainstream price of heavy soda ash is 1447.81 yuan/ton [13] - **Market Analysis**: Supply is at a high level, inventory is slightly decreasing, and demand is average. The futures price may be weakly oscillatory [13]

Group 1: Soybean Oil - Spot market: The price of first - grade soybean oil at Rizhao Cargill is 8020 yuan/ton, down 20 yuan/ton from the previous trading day [1] - Market analysis: It's the US soybean sowing and South American soybean harvesting and export season. South American new - crop soybean is likely to have a bumper harvest. Mid - term supply and downstream demand of soybean oil may remain neutral, and mid - term inventory may be stable [1] - Reference view: The soybean oil 2509 contract may face short - term consolidation [1] Group 2: Soybean Meal - Spot information: The spot prices of 43 soybean meal in Zhangjiagang, Tianjin, Rizhao, and Dongguan are 3300 yuan/ton (220), 3720 yuan/ton (260), 3440 yuan/ton (220), and 3220 yuan/ton (220) respectively [2] - Market analysis: Sino - US tariff policies cause market panic. Brazilian soybean harvesting is nearly finished. US soybean export outlook is pessimistic. Domestic soybean meal supply is tight recently, and downstream demand has a slight boost [2] - Reference view: Due to multiple factors, soybean meal may fluctuate in a short - term range [2] Group 3: Corn - Spot information: The average purchase price of new corn in key deep - processing enterprises in Northeast China and Inner Mongolia is 2090 yuan/ton, and in North China and Huanghuai is 2300 yuan/ton [3] - Market analysis: US tariff hikes increase corn import costs. Domestic supply pressure eases, and downstream demand may rise, but there are still some suppressing factors [3] - Reference view: Corn futures prices will fluctuate in a short - term range [3] Group 4: Electrolytic Copper - Spot information: The price of Shanghai 1 electrolytic copper is 74430 - 74670, down 555, with a premium of - 30 to + 20 [4] - Market analysis: Global "irrational" tariff shocks cause overseas market fluctuations. Domestic policies boost market sentiment. Copper raw material issues remain, and the market is in a state of game between reality and expectation [4] - Reference view: Maintain a tactical defense and focus on the monthly K - line pattern [4] Group 5: Lithium Carbonate - Spot information: The market price of battery - grade lithium carbonate (99.5%) is 70750 yuan/ton, and that of industrial - grade lithium carbonate (99.2%) is 69350 yuan/ton [5] - Market analysis: The cost of lithium concentrate is expected to decline. Supply is increasing but at a slower pace, and demand has improved but not enough to drive prices up [5][6] - Reference view: The lithium carbonate 2505 contract may fluctuate weakly, and short - selling on rallies is recommended [6] Group 6: Steel - Spot information: The price of Shanghai rebar is 3170, Tangshan's operating rate is 83.13%, social inventory is 590.95 million tons, and steel mill inventory is 207.12 million tons [7] - Market analysis: The steel fundamentals are improving. Cost is rising, and inventory is decreasing. The market is driven by short - term macro - policy expectations and shows a pattern of strong supply and demand [7] - Reference view: Treat steel with a long - on - dips strategy as macro - negatives are digested [7] Group 7: Coking Coal and Coke - Spot information: The price of Mongolian 5 coking coal is 1200 yuan/ton, and the price of quasi - first - grade metallurgical coke at Rizhao Port is 1330 yuan/ton [8] - Market analysis: Supply is loose, demand is weak, inventory is slightly increasing, and profit is approaching the break - even point [8] - Reference view: Coking coal and coke may have a weak rebound with limited space [8] Group 8: Iron Ore - Spot information: The Platts iron ore index is 99.45, the price of Qingdao PB (61.5) powder is 766, and the price of Australian iron ore with 62% Fe is 768 [9] - Market analysis: Supply and demand factors are mixed. US tariff policies suppress the upward space of iron ore prices [9] - Reference view: The iron ore 2505 contract will fluctuate in the short - term, and investors should be cautious [9] Group 9: Crude Oil - Market analysis: The impact of "reciprocal tariffs" is weakening. OPEC plans to increase production, but trade wars and geopolitical issues may drag down demand in the second quarter [10] - Reference view: Pay attention to the rebound of INE crude oil futures near the support level of 430 - 450 yuan/ton [10] Group 10: Rubber - Market analysis: US tariffs affect Chinese tire and automobile exports. Rubber supply is loose globally, and demand may be suppressed [11] - Reference view: Pay attention to the downstream operating rate of Shanghai rubber, and there is support near 14000 yuan/ton for the main contract [11] Group 11: PVC - Spot information: The mainstream price of East China 5 - type PVC is 4820 yuan/ton, down 20 yuan/ton [12] - Market analysis: PVC production enterprise operating rate decreased last week. Demand from downstream enterprises is still mainly for rigid needs. Inventory decreased [12] - Reference view: PVC futures prices may fluctuate at a low level as the macro - sentiment improves slightly [12] Group 12: Soda Ash - Spot information: The national mainstream price of heavy soda ash is 1448.44 yuan/ton, unchanged [13] - Market analysis: Soda ash supply is at a high level, inventory decreased slightly, and demand is general [13] - Reference view: The soda ash futures market may fluctuate weakly in the short - term after the contract change [13]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - Tariff issues continue to disrupt the market, being the main trading logic. Most non - US countries aim to negotiate agreements with the US. After the US delays imposing reciprocal tariffs, other countries also delay counter - measures [1]. - The market is in a high - level oscillation, lacking unilateral investment opportunities. The impact of tariffs on the real economy is gradually emerging, and risk appetite is difficult to improve significantly [2][21]. - The price trends of various commodities are affected by factors such as supply - demand relationships, policies, and weather, showing different characteristics of oscillation, strength, or weakness. 3. Summary by Relevant Catalogs 3.1 Financial News and Reviews 3.1.1 Macro Strategy (Gold) - Tariff issues continue to disrupt the market. Gold oscillated and closed higher, showing strength. The market is concerned about future Sino - US negotiation space. The actual trade has been affected, and economic downward pressure is increasing. Market sentiment is bullish, but attention should be paid to increased volatility [12]. - Investment advice: Short - term market volatility increases, so pay attention to risks [12]. 3.1.2 Macro Strategy (Treasury Bond Futures) - The central bank conducted 164.5 billion yuan of 7 - day reverse repurchase operations. The market is in high - level oscillation, lacking unilateral investment opportunities. Attention can be paid to the positive arbitrage opportunities of short - term varieties [13]. - Investment advice: Pay attention to the positive arbitrage opportunities of short - term varieties [14]. 3.1.3 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Multiple events such as the US considering tax increases on the rich, investigating key minerals, and the slow progress of US - EU trade negotiations have occurred. The difficulty of trade negotiations persists, and the market should have a long - term expectation for tariff negotiations [15][18]. - Investment advice: The US dollar index will rebound in the short term [19]. 3.1.4 Macro Strategy (US Stock Index Futures) - New York state's manufacturing has contracted for two consecutive months, and Canada will conditionally exempt some counter - measures against US - imported cars. The EU expects US tariffs to remain unchanged. The impact of tariffs on the real economy is emerging, and the stock index is expected to oscillate weakly [20][21]. - Investment advice: Although US stocks have temporarily stabilized, they have not completely reversed their weak performance [21]. 3.2 Commodity News and Reviews 3.2.1 Agricultural Products (Soybean Meal) - The NOPA's March soybean crushing volume was lower than expected, and ANEC raised Brazil's April soybean export forecast. Domestic soybean import costs have decreased. The spot market has mixed price changes, and the basis contract is the main form of trading [22][24]. - Investment advice: The futures price is expected to oscillate. Pay attention to Brazil's export quotes, US soybean growing area weather, and Sino - US relations. The spot and basis of soybean meal will be under pressure [24]. 3.2.2 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - The export tariff of Malaysian crude palm oil in May remains at 10%, and the reference price is lowered. The export of Malaysian palm oil from April 1 - 15 increased. The oil market oscillated. Rapeseed oil was affected by rumors, palm oil was supported by exports, and soybean oil was affected by the expectation of high soybean arrivals [25][26]. - Investment advice: It is advisable to long - allocate distant - month soybean oil. The price of palm oil will be weak until its cost - performance is fully restored [27]. 3.2.3 Agricultural Products (Sugar) - Guangxi issued a drought risk warning for sugarcane. Brazil's sugar exports in the first two weeks of April decreased year - on - year. The sugar mill's high - price sales support the futures market, but it is in the off - season, and the downstream acceptance of high prices is low. The international market may be under pressure, and the import volume is expected to increase [30][33]. - Investment advice: Zhengzhou sugar is expected to oscillate weakly in Q2 2025, and attention should be paid to the origin weather and Brazil's crushing production [33]. 3.2.4 Agricultural Products (Corn Starch) - Starch enterprises' losses remain unchanged. The raw material cost is high, and the downstream demand is weak. The futures price difference is affected by complex factors, and the loss may lead to a reduction in production. The substitution of wheat may affect the regional price difference [34][35]. - Investment advice: The futures price difference of corn starch has complex influencing factors and is expected to have small fluctuations [36]. 3.2.5 Agricultural Products (Corn) - The spot price of corn is stable. The import of grains is decreasing, and the inventory reduction in Northeast China is accelerating. The drought in North China wheat may affect the market [37]. - Investment advice: Before the May delivery, pay attention to inventory reduction in Northeast China and North China wheat production. Otherwise, the second - round upward repair of old - crop corn may be driven by the tightening of inventory after the May delivery [37]. 3.2.6 Black Metals (Rebar/Hot - Rolled Coil) - In early April, the daily output of key steel enterprises' crude steel increased, and the inventory increased. The steel price oscillated, and the market driver is not obvious. The market is waiting for policy signals and the impact of administrative crude steel production cuts [38][40]. - Investment advice: Be cautious about steel price rebounds, operate with light positions, and use spot for rebound hedging [41]. 3.2.7 Non - ferrous Metals (Copper) - In March 2025, the production of domestic cathode copper increased. The US copper industry called for export restrictions instead of tariff policies. The global economic downturn concerns and domestic supply - demand conditions may suppress copper prices [42][44]. - Investment advice: In the short term, copper prices are expected to oscillate widely. It is advisable to conduct band operations unilaterally and remain on the sidelines for arbitrage [44]. 3.2.8 Non - ferrous Metals (Polysilicon) - The polysilicon production plan is expected to increase, but the high inventory and weak demand may put pressure on the spot price. The number of registered warehouse receipts is limited [46]. - Investment advice: Pay attention to the opportunities of going long on PS2506 at low prices and shorting PS2511 at high prices unilaterally. Hold the PS2506 - PS2511 positive arbitrage [46]. 3.2.9 Non - ferrous Metals (Industrial Silicon) - The demand for industrial silicon raw materials is weak, and the price of silica has decreased regionally. The supply is loose, and the demand is mainly for rigid needs. The market is affected by factors such as factory production reduction and policy [47]. - Investment advice: The price of industrial silicon is expected to oscillate between 9000 - 10500 yuan/ton. Pay attention to shorting opportunities after the price rebounds [49]. 3.2.10 Non - ferrous Metals (Lithium Carbonate) - The discovery of high - grade tin - tantalum mineralization in a project may affect the market sentiment. The short - term supply reduction may help the price stabilize, but the long - term external demand is uncertain due to the tariff war [50][51]. - Investment advice: Short - term lithium prices may stabilize, and short positions can consider taking profits. In the medium - long term, pay attention to shorting opportunities on rebounds [51]. 3.2.11 Non - ferrous Metals (Nickel) - The LME will add two nickel delivery warehouses in Hong Kong. The macro - market and supply - demand factors affect nickel prices. The current nickel price may be oversold, and there are opportunities for upward repair [52][53]. - Investment advice: Pay attention to long - buying opportunities at low prices, manage positions well, and find short - matching varieties to hedge risks [53]. 3.2.12 Non - ferrous Metals (Lead) - The lead price oscillated, following macro - news. The supply of primary lead decreased, and the raw material of recycled lead was in short supply. The import window of crude lead opened, and the inventory decreased slightly [54][55]. - Investment advice: In the short term, wait and see. Hold previous long positions and wait for buying opportunities on pullbacks. Hold the internal - external reverse arbitrage [55]. 3.2.13 Non - ferrous Metals (Zinc) - The LME approved four LME - approved warehousing facilities in Hong Kong. The zinc price oscillated downward, and the inventory may turn from decreasing to increasing. In the short term, zinc prices will oscillate widely, and in the medium term, it is advisable to short on rebounds [56][58]. - Investment advice: Unilaterally, pay attention to shorting opportunities on medium - term rebounds near the moving average. For arbitrage, remain on the sidelines for inter - period and hold the internal - external positive arbitrage in the medium term [58]. 3.2.14 Energy Chemicals (Crude Oil) - The API crude oil inventory increased, and the IEA lowered the global oil demand growth forecast. The oil price oscillated, and the market is pessimistic about the demand outlook [59][60]. - Investment advice: The short - term crude oil price will maintain an oscillating pattern [61]. 3.2.15 Energy Chemicals (PTA) - The PTA spot price decreased, and the basis strengthened slightly. The terminal demand is affected by tariffs, and the supply - side inventory decreased due to maintenance. In the short term, it may rebound slightly, but in the long term, it is bearish [62][63]. - Investment advice: The rebound height of the PTA industry chain is limited, and it is bearish in the medium - long term [64]. 3.2.16 Energy Chemicals (Urea) - The urea market prices in Shandong and Henan decreased slightly. The supply is stable, and the demand is for rigid needs. The future supply may increase, and the demand is restricted by the downstream's acceptance of high - price复合肥 [65][66]. - Investment advice: The urea price will oscillate weakly. Pay attention to the demand in traditional and new delivery areas [66]. 3.2.17 Energy Chemicals (Styrene) - The trading volume of Shandong styrene decreased. The styrene price oscillated weakly, and the supply - demand pattern is relatively better than that of pure benzene. However, the demand after May is still under pressure [67][68]. - Investment advice: Consider taking profits on the strategy of expanding the styrene - pure benzene price difference. The styrene price is expected to be under pressure [68]. 3.2.18 Energy Chemicals (Caustic Soda) - The price of liquid caustic soda in Shandong increased steadily. The supply increased, and the demand improved. The price may have bottomed out, but there is still macro - uncertainty [69]. - Investment advice: Temporarily wait and see [70]. 3.2.19 Energy Chemicals (Pulp) - The price of imported wood pulp was mainly stable, with some local price drops. The pulp price is affected by the macro - environment [71]. - Investment advice: Wait and see [73]. 3.2.20 Energy Chemicals (PVC) - The spot price of PVC powder decreased slightly, and the trading was poor. The market is affected by tariffs and domestic stimulus policies [74]. - Investment advice: Pay attention to the impact of tariffs on demand and the scale and type of domestic stimulus policies [74]. 3.2.21 Energy Chemicals (Bottle Chips) - The export quotes of bottle chip factories decreased locally. The bottle chip market is affected by raw materials and tariffs. The supply and demand both increase, and the processing fee is expected to oscillate at a low level [75][76]. - Investment advice: The processing fee of bottle chips will oscillate in a low - level range [76]. 3.2.22 Energy Chemicals (Carbon Emissions) - In 2025, the national carbon emission trading market work started. Three industries will be included in the carbon market, and the carbon emission price is expected to be under pressure [77]. - Investment advice: The CEA price will be under pressure [78]. 3.2.23 Energy Chemicals (Soda Ash) - The price of soda ash in the southwest market oscillated at a low level. The supply is at a high level, and the demand is weak [79]. - Investment advice: The soda ash futures price is expected to be under pressure, and it is advisable to short on rebounds in the medium term [79]. 3.2.24 Energy Chemicals (Float Glass) - The price of float glass in the Shahe market was stable. The glass price decreased, and the demand in different regions is different [80]. - Investment advice: In the short term, the near - month contract will be under pressure. Consider going long on distant - month contracts on large pullbacks, but the rebound space is not optimistic [81][82]. 3.2.25 Shipping Index (Container Freight Rate) - MSC is expected to become the world's largest terminal operator. The spot index is lower than expected, and the market is worried about the excess capacity on the US line [83]. - Investment advice: The excess capacity on the US line may suppress the upward space of the market. The European line will be weak in the short term. Pay attention to low - buying opportunities due to sentiment over - selling [83].

Report Summary 1. Report Industry Investment Rating No industry investment ratings are provided in the reports. 2. Core Views - **Soybean Oil**: The Y2509 contract of soybean oil may face short - term consolidation [1]. - **Soybean Meal**: Due to multiple factors, soybean meal may experience short - term range - bound fluctuations [2]. - **Corn**: In the short term, the corn futures price will be range - bound, and an interval operation strategy is recommended [3]. - **Copper**: Maintain a tactical defense and focus on the monthly K - line pattern [4]. - **Lithium Carbonate**: The 2505 contract of lithium carbonate may show a weak - side oscillatory trend, and short positions can be taken on rallies [5][6]. - **Steel**: With the gradual digestion of macro - negative factors, a strategy of buying on dips at low levels is recommended for steel [7]. - **Coking Coal and Coke**: Due to ample supply, coking coal and coke may have a limited - space, weak - side oscillatory rebound at low levels [8]. - **Iron Ore**: The iron ore 2505 contract will be range - bound in the short term, and traders are advised to be cautious [9]. - **Crude Oil**: After the sharp decline of the WTI main contract, pay attention to the rebound near the support level of 430 - 450 yuan/ton for the INE crude oil main contract [10]. - **Rubber**: Pay attention to the downstream operating rate of Shanghai rubber, and there is support around 14,000 yuan/ton for the main contract [11]. - **PVC**: With a slight improvement in macro - sentiment, the futures price may oscillate at a low level [12]. - **Soda Ash**: The futures market is expected to show a short - term weak - side oscillatory trend [13]. 3. Summary by Commodity Soybean Oil - **Spot Information**: The price of first - grade soybean oil at Zhangjiagang Donghai Grain and Oil is 8,320 yuan/ton, up 30 yuan/ton from the previous trading day [1]. - **Market Analysis**: During the current period, it is the U.S. soybean sowing season and the South American soybean harvesting and exporting season. South American new - crop soybeans are likely to have a bumper harvest. The medium - term supply and demand of soybean oil may remain neutral, and the medium - term inventory may be stable [1]. Soybean Meal - **Spot Information**: The spot prices of 43% soybean meal in different regions are: Zhangjiagang 3,300 yuan/ton, Tianjin 3,720 yuan/ton, Rizhao 3,440 yuan/ton, and Dongguan 3,220 yuan/ton [2]. - **Market Analysis**: The Sino - U.S. tariff policy has caused market panic. Brazilian soybean harvesting is nearly complete, and the export outlook for U.S. soybeans is pessimistic. The supply of domestic soybean meal is still tight, and Brazilian soybeans are expected to arrive in mid - to late April. The downstream inventory is low, and the trading volume has increased slightly [2]. Corn - **Spot Information**: The mainstream purchase prices of new corn in different regions are provided, such as 2,090 yuan/ton in Northeast China and Inner Mongolia, and 2,290 yuan/ton in North China and the Huanghuai region [3]. - **Market Analysis**: U.S. tariff hikes have increased the cost of corn imports. The U.S. corn market is oscillating strongly. In China, the supply pressure has eased, and the demand is expected to increase. However, there are still potential suppressing factors [3]. Copper - **Spot Information**: The price of Shanghai 1 electrolytic copper is 74,430 - 74,670 yuan, down 555 yuan, with a discount of 30 - a premium of 20 [4]. - **Market Analysis**: Global "irrational" tariffs have caused turmoil in overseas capital markets. The Fed's stance reflects uncertainty. Domestically, policies are boosting market sentiment. The raw material supply problem has not been resolved, and the copper price is in a state of resonance [4]. Lithium Carbonate - **Spot Information**: The market price of battery - grade lithium carbonate (99.5%) is 70,750 yuan/ton (+250), and that of industrial - grade lithium carbonate (99.2%) is 69,350 yuan/ton (+250) [5]. - **Market Analysis**: The forward price of spodumene concentrate is decreasing. Supply is increasing, and demand has improved but is still insufficient to drive up prices. The inventory is increasing, and the price has declined synchronously [5][6]. Steel - **Spot Information**: The price of Shanghai rebar is 3,170 yuan, the Tangshan operating rate is 83.13%, the social inventory is 5.9095 million tons, and the steel mill inventory is 2.0712 million tons [7]. - **Market Analysis**: The fundamentals of steel are improving, and the contango structure is weakening. The cost is rising, and the inventory is decreasing. The market is affected by both macro - policy expectations and fundamentals [7]. Coking Coal and Coke - **Spot Information**: The price of main coking coal (Meng 5) is 1,200 yuan/ton, and the price of quasi - first - grade metallurgical coke at Rizhao Port is 1,330 yuan/ton. The port inventory of imported coking coal is 3.4756 million tons, and the port inventory of coke is 2.1713 million tons [8]. - **Market Analysis**: Supply is ample, demand is weak, inventory is slightly increasing, and the profit is approaching the break - even point [8]. Iron Ore - **Spot Information**: The Platts iron ore index is 98.35, the price of Qingdao PB (61.5%) powder is 765 yuan, and the price of Australian powder ore (62% Fe) is 764 yuan [9]. - **Market Analysis**: Supply and demand factors are intertwined. The supply has decreased slightly, and the demand is mixed. The U.S. tariff policy has restricted the upward movement of prices [9]. Crude Oil - **Spot Information**: Not provided in the report. - **Market Analysis**: The impact of U.S. "reciprocal tariffs" is fading. OPEC is increasing production, but global demand is under pressure due to trade wars and geopolitical uncertainties [10]. Rubber - **Spot Information**: Not provided in the report. - **Market Analysis**: U.S. tariffs have hit China's tire and automobile exports. The global supply and demand of rubber are both loose, and the demand may be severely restricted [11]. PVC - **Spot Information**: The mainstream price of East China 5 - type PVC is 4,840 yuan/ton, a 20 - yuan increase; the mainstream price of ethylene - based PVC is 5,080 yuan/ton, unchanged [12]. - **Market Analysis**: The production start - up rate has decreased. Demand remains weak, and the inventory has decreased. The futures price may oscillate at a low level [12]. Soda Ash - **Spot Information**: The national mainstream price of heavy soda ash is 1,446.88 yuan/ton, a 3.12 - yuan decrease [13]. - **Market Analysis**: Supply is at a high level, inventory is slightly decreasing, and demand is mediocre. The futures market is under pressure [13].

Report Industry Investment Rating No information provided in the content. Core Viewpoints - The report analyzes the market conditions of various financial products including stock indices, bonds, precious metals, non - ferrous metals, black building materials, energy chemicals, and agricultural products. It suggests different trading strategies based on the market trends, policy changes, and supply - demand relationships of each product. For example, in the stock index market, it recommends buying IM index futures when the impact of the tariff storm weakens; in the copper market, it expects the price to be strong in the short term due to supply - demand factors and policy changes [2][4][10]. Summary by Categories Stock Indices - **Market Performance**: The previous trading day saw the Shanghai Composite Index up 0.45%, the ChiNext Index up 1.36%, the STAR 50 up 2.07%, etc. The total trading volume of the two markets was 1348.7 billion yuan, a decrease of 260.8 billion yuan from the previous day [2]. - **Macro News**: China's social financing increment in March was 5.89 trillion yuan, and new RMB loans were 3.64 trillion yuan. The US announced tariff exemptions for some products but may re - review and impose tariffs on electronics. The US Treasury bond sell - off continued, and the yield exceeded 4.5% on Friday [2]. - **Funding and Valuation**: The margin trading balance increased by 2.755 billion yuan. The overnight Shibor rate decreased by 13.40bp to 1.6070%. The P/E ratios of CSI 300, CSI 500, etc. were 12.09, 27.48 respectively [3]. - **Trading Strategy**: It is recommended to buy IM index futures on dips after the impact of the tariff storm weakens. Unilateral trading suggests buying IM index long positions, and no arbitrage strategy is recommended [4]. Bonds - **Market Performance**: On Friday, the main contracts of TL, T, TF, and TS all declined, with TL down 0.36%, T down 0.14%, TF down 0.13%, and TS down 0.07% [5]. - **News**: At the end of March, the year - on - year growth rate of social financing scale was 8.4%, and the RMB loan balance increased by 7.4% year - on - year. The US CPI in March increased by 2.4% year - on - year [5][6]. - **Strategy**: The US tariff policy may lead to a more active domestic monetary policy. It is expected that the interest rate will maintain a downward trend in the medium term, but there may be short - term fluctuations. It is necessary to pay attention to policy risks and take profit opportunities [6]. Precious Metals - **Market Performance**: Shanghai gold rose 1.46% to 763.70 yuan/gram, and Shanghai silver rose 2.79% to 8153.00 yuan/kg. COMEX gold fell 0.24%, and COMEX silver rose 0.20% [7]. - **Market Outlook**: The Fed's hawkish monetary policy may pose a potential risk to the gold price. The current gold price has entered an accelerated upward phase, and there may be a price correction after the positive factors are exhausted [7]. - **Strategy**: It is recommended to hold existing long positions in gold and silver. The reference operating range for the main Shanghai gold contract is 748 - 780 yuan/gram, and for the main Shanghai silver contract is 7804 - 8545 yuan/kg [8]. Non - Ferrous Metals - **Copper**: Last week, copper prices rebounded after a sharp decline. The inventory of the three major exchanges decreased by 34,000 tons. The short - term copper price is expected to be strong due to supply - demand factors and policy changes. The reference operating range for the domestic Shanghai copper main contract is 73,000 - 78,000 yuan/ton, and for LME copper 3M is 8900 - 9500 US dollars/ton [10]. - **Aluminum**: Aluminum prices rebounded after a decline. The domestic inventory decreased, and the short - term price is expected to continue to rebound. The reference operating range for the domestic main contract is 19,200 - 20,200 yuan/ton, and for LME aluminum 3M is 2350 - 2480 US dollars/ton [11]. - **Zinc**: The zinc price fell on Friday. The zinc market is expected to be bearish in the medium term. Due to the large impact of macro events, it is recommended to reduce positions [12]. - **Lead**: The lead price rose slightly on Friday. The lead market is affected by macro uncertainties and supply - demand factors. It is expected to maintain high - volatility and low - level fluctuations, and it is recommended to reduce positions [13]. - **Nickel**: Nickel prices recovered from a low level last week. The short - term price is expected to fluctuate around 120,000 yuan/ton. The reference operating range for the Shanghai nickel main contract is 115,000 - 125,000 yuan/ton, and for LME nickel 3M is 14,500 - 15,500 US dollars/ton [14]. - **Tin**: Tin prices fell sharply last week. The supply is expected to be low, and the demand is expected to weaken. The short - term price is expected to be volatile at a high level. The reference operating range for the Shanghai tin main contract is 250,000 - 270,000 yuan/ton, and for LME tin 3M is 29,000 - 33,000 US dollars/ton [15]. - **Lithium Carbonate**: The spot price of lithium carbonate was stable on Friday, and the contract price was weak. The short - term price is expected to fluctuate at the bottom. The reference operating range for the main contract of the Guangzhou Futures Exchange is 69,300 - 71,000 yuan/ton [16]. - **Alumina**: The alumina index rose on April 11. The supply is still in excess, and it is recommended to wait and see. The reference operating range for the domestic main contract AO2505 is 2650 - 2950 yuan/ton [17]. - **Stainless Steel**: The stainless steel main contract rose slightly on Friday. The supply exceeds demand, and the price is expected to be volatile. [18] Black Building Materials - **Steel**: The prices of rebar and hot - rolled coil declined on the previous trading day. The short - term price of steel products is expected to be weak and volatile due to trade frictions and supply - demand factors [20][21]. - **Iron Ore**: The iron ore main contract rose slightly on Friday. The supply is stable, and the demand is under pressure. The short - term price is expected to be weak, and it is necessary to control positions [22]. - **Glass and Soda Ash**: The glass price declined slightly, and the soda ash price was stable. The glass inventory decreased, and the soda ash inventory was under pressure. It is recommended to wait and see for both [23][24]. - **Manganese Silicon and Ferrosilicon**: The prices of manganese silicon and ferrosilicon were volatile last week. The supply is relatively strong, and the demand is weak. It is recommended to wait and see [25][26]. - **Industrial Silicon**: The price of industrial silicon continued to decline on April 11. The supply is in excess, and the demand is weak. It is recommended to wait and see or use short - term trading strategies [30][31]. Energy Chemicals - **Rubber**: The global financial market rebounded, and the rubber market was affected by macro factors. The supply and demand of rubber were in a state of contradiction. It is recommended to operate conservatively, shorten the decision - making and holding periods, and reduce positions [34][38]. - **Crude Oil**: As of Friday, WTI crude oil futures rose 2.08%, Brent crude oil futures rose 1.88%, and INE crude oil futures fell 1.50%. It is recommended to take profit on dips and wait for the inflection point [39][41]. - **Methanol**: The methanol price was affected by macro factors. The supply is expected to increase in the future, and it is recommended to short on rallies [42]. - **Urea**: The urea price is expected to be supported by supply - demand factors. It is recommended to buy on dips and use positive arbitrage strategies for the inter - month spread [43]. - **Styrene**: The styrene price rebounded in the short term. It is recommended to close short positions. In the long term, it is recommended to short on rallies [44]. - **PVC**: The PVC price declined slightly. The short - term fundamentals are supported, but the medium - term outlook is weak. [46] - **Ethylene Glycol**: The ethylene glycol price rose slightly. The supply is expected to decrease, and the demand is affected by tariffs. It is recommended to wait and see [47]. - **PTA**: The PTA price rose slightly. The supply is in the maintenance season, and the demand is affected by tariffs. It is recommended to wait and see [48]. - **Para - Xylene**: The PX price fell slightly. The PX market is in the maintenance season, and the inventory is expected to decrease. It is recommended to wait and see [49]. - **Polyethylene (PE)**: The price of PE is expected to decline in the medium - term due to increased supply and decreased demand [50]. - **Polypropylene (PP)**: The price of PP is expected to be volatile and bearish in April due to supply and demand factors [51]. Agricultural Products - **Hogs**: The domestic hog price rose over the weekend. The short - term price is expected to be stable with a slight increase in some areas. It is recommended to short on rallies [53]. - **Eggs**: The domestic egg price was stable over the weekend with a slight increase in some areas. The short - term sentiment is positive, but the medium - term outlook is bearish. It is recommended to wait for short - selling signals [54]. - **Soybean and Rapeseed Meal**: The price of soybean meal is expected to rise in the short term and then decline. The medium - term price is expected to be range - bound. It is recommended to use a buy - on - dips strategy [55][56]. - **Oils and Fats**: The palm oil price was affected by production, export, and crude oil prices. It is recommended to pay attention to the supply - demand situation in the producing areas. The medium - term outlook for oils and fats may be supported if the macro situation stabilizes [57][59]. - **Sugar**: The Zhengzhou sugar futures price fell slightly on Friday. The short - term sugar price may be volatile, and the medium - term price is affected by weather conditions [60][61]. - **Cotton**: The Zhengzhou cotton futures price was volatile on Friday. The short - term price is affected by tariffs, and the medium - term price depends on downstream consumption. The possibility of a price decline is relatively high [62][63].

Group 1: Report Industry Investment Rating - The rating for unilateral trading is neutral, and for arbitrage, it is inter - period positive spread [5] Group 2: Core Viewpoints - On the supply side, the TC has maintained an upward trend so far, but the future upward space and amplitude are limited. Currently, due to the relationship between TC and price, smelting enthusiasm is high, and supply will continue to increase, which will limit the upside of zinc prices. Consumption is relatively strong, the export market has not been affected by tariffs, and the year - on - year export growth rate is relatively fast. After the absolute price decline, the downstream's enthusiasm for point - price procurement is high, social inventory has significantly declined, and the spot premium has risen rapidly. Low inventory provides favorable support for zinc prices, and zinc prices will maintain a range - bound trend [2] Group 3: Summary by Relevant Catalogs Market Analysis - As of April 10, 2025, the LME zinc price decreased by - 3.69% to $2647/ton compared with last week, and the SHFE zinc main contract decreased by - 1.94% to 22,705 yuan/ton. The LME zinc spot premium (0 - 3) changed from - $11.53/ton last week to - $15.80/ton [3] - As of the week of April 11, the weekly processing fee for domestic zinc concentrates in SMM remained stable at 3400 yuan/metal ton compared with last week, and the weekly processing fee for imported zinc concentrates remained stable at $35/ton. Some local areas saw a slight increase, while the rest remained stable. Due to the decline in zinc prices, the future upward space for TC is limited. The domestic smelter output in March was 547,000 tons, 1000 tons more than expected, and the expected output in April is 568,000 tons [3] - In terms of consumption, the operating rate of galvanizing enterprises increased by 0.55% to 60.3% compared with last week, the operating rate of die - casting zinc alloy enterprises decreased by - 3.37% to 54.1%, and the operating rate of zinc oxide enterprises increased by 0.57% to 60.65% [3] - As of April 10, 2025, the total inventory of zinc ingots in SMM's seven locations was 102,100 tons, a decrease of - 7000 tons compared with the same period last week; the warrant inventory decreased by 6568 tons to 6980 tons compared with the same period last week; the LME zinc inventory decreased by 11,550 tons to 121,800 tons compared with last week. The decline in the absolute price last week stimulated downstream point - price procurement, and social inventory significantly declined [4] Strategy - Unilateral: Neutral. Arbitrage: Inter - period positive spread [5]

Core Viewpoint - Minshan Environmental Technology Co., Ltd. has met the conditions for issuance, listing, and information disclosure as per the announcement from the Beijing Stock Exchange [1] Group 1: Business Performance - The company reported revenues of 2.599 billion, 2.939 billion, and 2.895 billion from 2022 to 2024, with net profits of 46.14 million, 61.25 million, and 72.99 million respectively [4] - For the first quarter of 2025, the company expects revenue between 790 million to 810 million, representing a year-on-year growth of 23.19% to 26.31% [4] Group 2: Risks and Challenges - The company faces risks related to the non-payment of social security and housing funds for some employees as of the end of the reporting period [2] - The company operates in a heavily regulated non-ferrous metal smelting industry, which is subject to macro-control policies that could adversely affect operations [2] - Environmental production restrictions may impact operations during periods of poor air quality, with a 30% production limit on certain products [2] - The company has a relatively underdeveloped hazardous waste recovery network, which may hinder its operational advantages [3] - As of the end of the reporting period, the company had assets worth 385.74 million under mortgage or pledge, accounting for 26.54% of total assets, posing a risk to normal operations if debts are not repaid [3] Group 3: IPO and Fundraising - The company plans to raise 295 million through an IPO, with the issuance of up to 70 million shares or 80.5 million shares if the overallotment option is fully exercised [5]

每经记者 刘志远 每经编辑 杨夏 | | 有色金属 | 内蒙古自治区 | | --- | --- | --- | | | 石油石化 | 北京市 | | 环境违法违规 | 医药生物 | 江苏省 | | | 电子 | 福建省 | | | 环保 | 江西省 | | | 食品饮料 | 浙江省 | | | 煤炭 | 陕西省 | 一周绿鉴：北方稀土控股公司超标排放大气污染物被罚 在企业管理能力、财务状况、行业竞争等因素之外，环境风险日渐成为上市公司重要的经营风险之一。环境风险关乎企业发展，也关乎企业形象。 环境风险榜涉及上市公司分布情况（4月第2周） | | 有色金属 | 内蒙古自治区 | | --- | --- | --- | | | 石油石化 | 北京市 | | 环境违法违规 | 医药生物 | 江苏省 | | | 电子 | 福建省 | | | 环保 | 江西省 | | | 食品饮料 | 浙江省 | | | 煤炭 | 陕西省 | 本期数据显示，生态环境领域违法违规等风险信息共关联到9家上市公司。其中，4家属于国资控制的企业。 《每日经济新闻》记者梳理发现，9家上市公司背后有125.48万户的股东，投资标的登上环境风险榜 ...

Report Summary 1. Investment Ratings No investment ratings for the industries are provided in the reports. 2. Core Views - **Soybean Oil**: The Y2509 contract of soybean oil may face consolidation in the short - term [1]. - **Soybean Meal**: Due to large emotional fluctuations, soybean meal may fluctuate strongly in the short - term [2]. - **Corn**: The short - term corn futures price will fluctuate within a range, and an interval operation strategy is recommended [3]. - **Copper**: After a sharp decline to release risks, copper prices need a rest, and tactical defense should be carried out at an appropriate time [4]. - **Lithium Carbonate**: The 2505 contract of lithium carbonate may fluctuate weakly, and short positions can be opened on rallies [5][6]. - **Steel**: The market sentiment is pessimistic, and steel prices will fluctuate at a low level [7]. - **Coking Coal and Coke**: With sufficient supply, coking coal and coke will have a weak rebound at a low level, but the upward space is limited [8]. - **Iron Ore**: The 2505 contract of iron ore will mainly fluctuate weakly in the short - term, and traders are advised to be cautious [9]. - **Crude Oil**: After a sharp decline in the WTI main contract after the holiday, pay attention to the rebound near the support level of 430 - 450 yuan/barrel of the INE crude oil main contract [10]. - **Rubber**: Pay attention to the downstream operating rate of Shanghai rubber, and rubber will mainly fluctuate weakly [12]. - **PVC**: Due to weak macro - sentiment, the futures price may fluctuate at a low level [13][14]. - **Soda Ash**: The 05 contract of soda ash continued to decline yesterday, and the futures price is expected to fluctuate weakly in the short - term [15]. 3. Summary by Commodity Soybean Oil - **Spot Market**: The price of first - grade soybean oil at Zhangjiagang Donghai Grain and Oil is 8,230 yuan/ton, down 40 yuan/ton from the previous trading day [1]. - **Market Analysis**: During the current period, it is the sowing season of US soybeans and the harvesting and export season of South American soybeans. The harvest of Brazilian soybeans is almost completed. The new South American soybean crop is likely to have a bumper harvest. In the medium - term, the new supply and downstream demand of soybean oil may remain neutral, and the medium - term inventory may be sorted out [1]. Soybean Meal - **Spot Information**: The spot prices of 43% soybean meal in different regions are: Zhangjiagang 3,140 yuan/ton (+40), Tianjin 3,340 yuan/ton (+70), Rizhao 3,300 yuan/ton (+100), and Dongguan 3,050 yuan/ton (+40) [2]. - **Market Analysis**: The Sino - US tariff policy has caused market panic. The harvest of Brazilian soybeans is nearly finished, and the export of US soybeans is still pessimistically expected. The arrival of imported soybeans is increasing, and the terminal breeding demand is average. The inventory of oil mills' soybean meal remains neutral. Due to the additional high - tariff imposition during the Tomb - Sweeping Festival, the short - term sentiment of soybean meal is strong [2]. Corn - **Spot Information**: The mainstream purchase prices of new corn in key deep - processing enterprises in the three northeastern provinces and Inner Mongolia are 2,088 yuan/ton; in key enterprises in North China and the Huang - Huai region, it is 2,293 yuan/ton; the purchase price at Jinzhou Port (15% moisture, bulk density 680 - 720) is 2,140 - 2,160 yuan/ton; and at Bayuquan Port (bulk density 680 - 730, 15% moisture) is 2,140 - 2,160 yuan/ton [3]. - **Market Analysis**: The US corn planting area in 2025 is expected to reach 95.326 million acres, a 12 - year high. The domestic farmers have sold nearly 90% of their grain, and the import of corn and substitute grains has decreased significantly. The downstream pig production capacity is recovering, and the overall supply - demand pattern is improving. However, there are still potential suppressing factors such as policy - grain rotation and wheat substitution [3]. Copper - **Spot Information**: The price of Shanghai 1 electrolytic copper is 73,820 - 75,400 yuan/ton, down 4,540 yuan/ton, with a premium of 100 - 200 yuan/ton. The imported copper ore index is - 26.4, down 2.26 [4]. - **Market Analysis**: The global "irrational" tariff shock has caused great fluctuations in overseas capital markets. The domestic policies are continuously strengthening, which is conducive to the recovery of market sentiment. The raw material shock is still extreme, and the copper price is in a stage of resonance [4]. Lithium Carbonate - **Spot Information**: The market price of battery - grade lithium carbonate (99.5%) is 70,500 yuan/ton (-1,400), and that of industrial - grade lithium carbonate (99.2%) is 79,100 yuan/ton (-1,400). The price difference between the two is 1,400 yuan/ton, unchanged from the previous trading day [5]. - **Market Analysis**: The forward price of lithium spodumene concentrate has been lowered. The weekly operating rate is increasing, but the growth rate is slowing down. The demand has improved but is still insufficient to drive the price up. The inventory has been continuously accumulating [5]. Steel - **Spot Information**: The price of Shanghai rebar is 3,170 yuan/ton, the Tangshan operating rate is 83.13%, the social inventory is 5.9095 million tons, and the steel mill inventory of rebar is 2.0712 million tons [7]. - **Market Analysis**: The fundamentals of steel have gradually improved, and the contango structure has weakened. The cost center of steel is rising, and the inventory is decreasing. The short - term macro - policy expectations dominate the market, and the supply and demand are both strong [7]. Coking Coal and Coke - **Spot Information**: The price of main coking coal (clean coal, Mongolia 5) is 1,200 yuan/ton; the price of quasi - first - grade metallurgical coke at Rizhao Port is 1,330 yuan/ton; the port inventory of imported coking coal is 3.4756 million tons; and the port inventory of coke is 2.1713 million tons [8]. - **Market Analysis**: The supply is relatively loose, the demand is still sluggish, the inventory of independent coking enterprises is slightly increasing, and the average profit per ton of coke is approaching the break - even point [8]. Iron Ore - **Spot Information**: The Platts Iron Ore Index is 95.65, the price of Qingdao PB (61.5%) powder is 735 yuan/ton, and the price of Australian iron ore powder (62% Fe) is 749 yuan/ton [9]. - **Market Analysis**: The supply of iron ore is increasing, and the global port inventory has reached a new high since 2023. The demand is weak, and the market is worried about the contraction of long - process steelmaking demand. However, the weakening of the US dollar index provides some support [9]. Crude Oil - **Market Analysis**: The US has postponed the collection of "reciprocal tariffs" on some countries for 90 days and reduced tariffs on some countries to 10%, while maintaining a 129% tariff on China. OPEC+ decided to increase production in May, and the US PMI data in February contracted. The trade war and the Russia - Ukraine conflict have increased uncertainties, and the demand in the second quarter may be severely affected [10]. Rubber - **Spot Information**: The spot prices of rubber are: domestic whole latex 16,600 yuan/ton, Thai RSS3 21,600 yuan/ton, Vietnamese 3L standard rubber 17,750 yuan/ton, and 20 - grade rubber 16,350 yuan/ton [11]. - **Market Analysis**: The US "reciprocal tariff" has a great impact on China's tire and automobile exports. The global supply and demand of rubber are both loose, and the market is concerned about the import volume and inventory changes of rubber in China [12]. PVC - **Spot Information**: The mainstream spot price of East China 5 - type PVC is 4,750 yuan/ton, down 50 yuan/ton month - on - month; the mainstream price of ethylene - based PVC is 5,080 yuan/ton, down 20 yuan/ton month - on - month; the price difference between the two is 330 yuan/ton, up 30 yuan/ton month - on - month [13]. - **Market Analysis**: The operating rate of PVC production enterprises has increased. The domestic downstream demand has not improved significantly. The social inventory has decreased due to various factors. The futures price has fallen due to macro - tariff factors, and the fundamentals have not improved significantly [13]. Soda Ash - **Spot Information**: The national mainstream price of heavy soda ash is 1,462.38 yuan/ton, unchanged month - on - month. The mainstream prices in East China, North China, and Central China are 1,525 yuan/ton, 1,575 yuan/ton, and 1,450 yuan/ton respectively, all unchanged month - on - month [15]. - **Market Analysis**: The operating rate of soda ash has increased, and the production has increased. The manufacturer's inventory has accumulated, and the social inventory has decreased slightly. The demand is average, and the downstream is resistant to high - priced goods. The global tariff disturbance still exists, and the short - term futures price is under pressure [15].

2025 年 4 月 10 日星期四 地址： 电话： 重庆市江北区金沙门路 32 号 23 层； 023-67070250 上海市浦东新区向城路 288 号 1101A； 021-61101856 1 市场有风险 投资需谨慎 | 铜： | | 17 | | --- | --- | --- | | 锡： | | 18 | | 镍： | | 18 | | 工业硅/多晶硅： | | 18 | | 豆油、豆粕： | | 19 | | 棕榈油： | | 20 | | 菜粕、菜油： | | 20 | | 棉花： | | 21 | | 白糖： | | 22 | | 苹果： | | 23 | | 生猪： | | 23 | | 鸡蛋： | | 24 | | 玉米： | | 25 | | 原木： | | 25 | | 免责声明 | | 27 | 4 市场有风险 投资需谨慎 益率处在相对低位；抛开关税影响，中国经济呈现平稳复苏态势，内需政策有发力空 间，建议保持一定的谨慎。 国债： 上一交易日，国债期货收盘全线上涨，30 年期主力合约涨 0.16%报 120.33 元，10 年期主力合约涨 0.09%报 109.045 元，5 年 ...