Group 1 - The company completed its share repurchase plans for 2023 and 2024, repurchasing a total of 34,165,685 shares at an average price of 7.63 CNY per share, using a total of 19,721.07 million CNY [1][2] - The repurchased shares will be used for employee stock incentives and to reduce the company's registered capital, with up to 10 million shares allocated for stock incentives [1][2] - The company has established a dedicated securities account for the repurchased shares, which will be canceled on June 16, 2025, resulting in a reduction of total shares from 1,391,045,207 to 1,356,879,522 [2][4] Group 2 - The repurchase execution was in accordance with the approved plans, with no discrepancies noted between the actual execution and the disclosed repurchase plans [2] - The company held board meetings and a shareholder meeting to approve the cancellation of the repurchased shares and the reduction of registered capital [2] - As of June 13, 2025, the total shares in the dedicated account will be 44,165,685, with 34,165,685 shares set for cancellation [2][4]

Core Viewpoint - The article highlights the impact of escalating tensions in the Middle East on global markets, leading to declines in U.S. stock indices and significant increases in gold and oil prices due to heightened risk aversion and supply concerns [1][3][11]. Group 1: U.S. Stock Market Performance - All three major U.S. stock indices fell, with the Dow Jones down 1.58%, Nasdaq down 1.08%, and S&P 500 down 0.97% [3]. - The "fear index," or the S&P 500 volatility index, surged above 20, reaching its highest level since late May [3]. - The technology sector, represented by the seven major tech companies, also experienced declines, with the index down 0.86% and notable drops in stocks like Apple and Nvidia, which fell over 1% [6]. Group 2: Energy and Commodity Markets - International gold prices rose significantly, with COMEX gold futures increasing by 1.69% to $3459.8 per ounce, and London gold spot prices up 1.23% to $3427.71 per ounce [11][12]. - Oil prices surged due to concerns over potential disruptions in Middle Eastern oil supply, with NYMEX WTI crude oil futures rising by 6.67% to $72.58 per barrel and ICE Brent crude oil futures up 6.52% to $73.88 per barrel [11][12]. - Energy stocks saw a collective increase, with Houston energy stocks rising over 100% and U.S. energy stocks up over 62% [7].

Group 1 - The 2025 China International Service Trade Fair (CIFTIS) is promoting engineering consulting, construction services, and environmental services at the ongoing China-Africa Economic and Trade Expo in Changsha [1] - The theme for the 2025 CIFTIS is "Digital Intelligence Navigation, Service Trade Renewal," focusing on the digital and intelligent era [1] - Major industry leaders such as Beijing Construction Group and China Petroleum are confirmed to participate, showcasing smart living solutions and green development initiatives [1][2] Group 2 - Beijing Construction Group has a history of over 70 years and has been involved in significant projects like the Tiananmen Square architectural complex and Daxing Airport [2] - The company aims to transform from a "city builder" to a "lifestyle provider" at the 2025 CIFTIS, enhancing the "Beijing Intelligent Manufacturing" brand [2] - The event serves as a platform for enterprises to establish deep cooperation, promoting high-quality development in service trade [2]

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - Geopolitical risks in the Middle East are rising rapidly, with Trump indicating that Israel may attack Iran, which will lead to a short - term weakening of the US dollar index and a strong rise in gold prices [2][3][16][20]. - The US economic data shows signs of weakness, such as the initial jobless claims and May PPI being weaker than expected, which affects the performance of various financial and commodity markets [15][16][23][24]. - Different commodity markets have different trends. For example, the soybean meal in the agricultural product market is relatively strong but is expected to fluctuate around 3000; the sugar market is expected to be weak due to the expected increase in Brazilian sugar production; the coal price in the black metal market may experience a second dip; and the silicon material market in the non - ferrous metal market is facing price decline risks [30][36][39][50]. 3. Summary by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - Trump said that Israel's attack on Iran is "very likely", and the US economic data is weak. The initial jobless claims and May PPI are weaker than expected. Gold prices are expected to be strong with increased volatility [14][15][16]. 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Trump's statement that Israel may attack Iran accelerates the rise of geopolitical risks, and the US dollar index is expected to continue to weaken in the short term [19][20]. 3.1.3 Macro Strategy (US Stock Index Futures) - The US imposes tariffs on steel - made household appliances, and the unemployment benefit application data is weak. The US stock market is still in a volatile situation, and it is not recommended to chase high [22][23][25]. 3.1.4 Macro Strategy (Treasury Bond Futures) - The central bank conducts 1193 billion yuan of 7 - day reverse repurchase operations. The long - term bonds lack the driving force to break through directly. The market is expected to be volatile in the near future, and investors should seize the opportunity to buy on dips [26][27]. 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Soybean Meal) - CONAB and the Buenos Aires Grain Exchange raise the soybean production forecasts of Brazil and Argentina respectively. The domestic soybean meal is stronger than the external market but is expected to fluctuate around 3000 [28][29][30]. 3.2.2 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - The Trump administration is expected to propose a biodiesel quota lower than 5.25 billion gallons. Investors holding long positions are advised to exit [31][33]. 3.2.3 Agricultural Products (Sugar) - The market expects an increase in sugar production in the central - southern region of Brazil in the second half of May. The domestic sugar market is expected to be weak, and the Zhengzhou sugar futures are expected to be weak with fluctuations [36][37]. 3.2.4 Black Metals (Steam Coal) - The steam coal price in the northern port market is temporarily stable, but it may experience a second dip due to factors such as weak power consumption demand [38][39]. 3.2.5 Black Metals (Iron Ore) - Roy Hill and Atlas Iron plan to merge. The iron ore price is expected to decline slightly with the weakening of terminal demand, but the decline will be gentle [40]. 3.2.6 Agricultural Products (Pigs) - The short - to medium - term pig price may be pessimistic, but the supply pressure may ease in the third to fourth quarter. It is recommended to wait and see [42][43]. 3.2.7 Black Metals (Rebar/Hot - Rolled Coil) - The inventory of five major steel products has decreased, but the performance of building materials and coils is differentiated. The steel price is expected to be weak with fluctuations [44]. 3.2.8 Agricultural Products (Corn Starch) - The consumption of corn by deep - processing enterprises has decreased, and the supply - demand situation may gradually improve. The CS07 - C07 is expected to be in low - level fluctuation [46]. 3.2.9 Agricultural Products (Corn) - The corn inventory of major processing enterprises has decreased, and the corn inventory is tightening. The 09 contract is expected to be strong first and then weak, with fluctuations [47][48]. 3.2.10 Non - Ferrous Metals (Polysilicon) - The price of N - type silicon wafers has slightly decreased. The spot market is bearish in the short term, but the price decline may stimulate silicon material manufacturers to cut production. A short - term short and long - term long strategy is considered [49][50][51]. 3.2.11 Non - Ferrous Metals (Industrial Silicon) - Some silicon plants in Sichuan have resumed production, and the demand is still weak. The disk price is expected to be in low - level fluctuation, and shorting on rebounds can be considered [53]. 3.2.12 Non - Ferrous Metals (Nickel) - The LME nickel inventory has increased. The short - term fundamental support exists, and it is recommended to wait and see. Options can be used to replace futures positions, and shorting on rebounds can be considered in the medium term [54][55]. 3.2.13 Non - Ferrous Metals (Lithium Carbonate) - The inventory pressure in June has been significantly relieved. It is recommended to pay attention to shorting opportunities on rebounds [58]. 3.2.14 Non - Ferrous Metals (Lead) - The lead price has oscillated upwards, and the supply is expected to decrease. It is recommended to wait and see in the short term and pay attention to medium - term long - buying opportunities [59][60]. 3.2.15 Non - Ferrous Metals (Zinc) - The zinc price has fluctuated widely, and the supply - demand pattern is expected to be strong in supply and weak in demand. It is recommended to short on rebounds and pay attention to the arrival situation in Shanghai [63][64]. 3.2.16 Energy Chemicals (Liquefied Petroleum Gas) - The domestic LPG commodity volume has increased, and the inventory has decreased. The spot price has limited upward momentum, and the disk is expected to be weak with fluctuations [66][67]. 3.2.17 Energy Chemicals (Carbon Emissions) - The National Energy Administration organizes hydrogen energy pilot projects. The CEA is expected to be volatile in the short term [68][70]. 3.2.18 Energy Chemicals (Natural Gas) - The US natural gas inventory has increased. It is recommended to wait and see [71][72]. 3.2.19 Energy Chemicals (PTA) - The demand for PTA is in the off - season, and the supply has increased. The short - term price faces pressure, and long - term long positions can be considered on dips [73][74]. 3.2.20 Energy Chemicals (Caustic Soda) - The price of caustic soda in Shandong is stable. The 09 contract of caustic soda is affected by the overall weakness of commodities, but the large discount on the disk will limit the downward space [75][77]. 3.2.21 Energy Chemicals (Pulp) - The price of imported wood pulp has continued to decline. The disk is expected to be volatile [78][79]. 3.2.22 Energy Chemicals (PVC) - The spot price of PVC has slightly increased, and the disk is expected to be volatile [80][81]. 3.2.23 Energy Chemicals (Urea) - The pre - sales of urea production enterprises have decreased. The urea price is expected to be weak in the long term, and attention can be paid to the possibility of policy relaxation [80][82]. 3.2.24 Energy Chemicals (Bottle Chips) - The supply pressure of bottle chips is large, and the processing fee is under pressure. It is recommended to build long positions on dips to expand the processing fee [85]. 3.2.25 Energy Chemicals (Soda Ash) - The soda ash price has declined significantly, and the market is in weak and stable adjustment. It is recommended to short on rebounds in the medium term [86]. 3.2.26 Energy Chemicals (Float Glass) - The float glass price has slightly decreased. The demand will decline seasonally, and the price is expected to be weak [87][88].

Report Industry Investment Ratings No relevant information provided. Core Views of the Report - The overall market shows a complex trend with different performances in various sectors. In the stock index futures market, the major financial sector leads the upward movement, and the stock index rebounds comprehensively. In the bond market, the short - term uncertainty of treasury bond futures weakens, and the trend is relatively strong. In the precious metals market, gold rises due to factors such as lower - than - expected US inflation and Middle - East geopolitical tensions. In the commodity futures market, different metals and agricultural products have their own supply - demand and price trends [2][5][8]. Summary by Directory Financial Derivatives - Financial Futures Stock Index Futures - **Market Situation**: On Wednesday, major indices opened higher and closed higher. The Shanghai Composite Index rose 0.52% to 3402.32 points. The four major stock index futures contracts also rose, with IF2506 and IH2506 rising 0.89% and 0.79% respectively, and IC2506 and IM2506 rising 0.75% and 0.83% respectively. The large - financial sector strengthened, and the basic metals, insurance, and automobile sectors led the gains, while the daily chemical, port, and pharmaceutical sectors declined [2][3]. - **News**: In domestic news, the Sino - US economic and trade consultation mechanism's first meeting made progress. Overseas, the latest US inflation data remained moderate, with the May CPI rising 2.4% year - on - year and 0.1% month - on - month [3]. - **Operation Suggestion**: The index has stable support below but faces pressure to break through above. It is recommended to sell put options on the CSI 1000 index with an exercise price around 5800 in July to collect option premiums [4]. Treasury Bond Futures - **Market Performance**: Treasury bond futures closed up across the board. The 30 - year, 10 - year, 5 - year, and 2 - year main contracts rose 0.23%, 0.06%, 0.07%, and 0.02% respectively. The yields of major interest - rate bonds in the inter - bank market declined [5]. - **Funding**: The central bank conducted 1640 billion yuan of 7 - day reverse repurchase operations on June 11, with an operating rate of 1.40%. The net withdrawal on the day was 509 billion yuan. The short - term inter - bank market interest rate was slightly affected, and the long - term capital interest rate was slightly higher [5][6]. - **Policy**: The Sino - US economic and trade consultation mechanism's first meeting reached a framework consensus. - **Operation Suggestion**: The short - term uncertainty of treasury bond futures weakens. If there are no sudden changes in trade negotiations this week, the treasury bond futures may continue to fluctuate strongly. In the medium - to - long - term, pay attention to the capital situation in mid - to - late June. Unilateral strategy: appropriately allocate long positions on dips. For the spot - futures strategy, pay attention to the TS2509 contract's positive arbitrage strategy. For the curve strategy, there is more room to steepen the curve in the medium - term [6][7]. Financial Derivatives - Precious Metals - **Market Review**: US inflation growth was lower than expected, and Trump continued to call on the Fed to cut interest rates. The Middle - East situation heated up, driving up the price of gold. The international gold price rose 0.97% to $3355.005 per ounce, while the international silver price showed a different trend, closing at $36.215 per ounce with a 0.85% increase [9][11]. - **Outlook**: In the context of de - dollarization, the long - term upward trend of gold remains unchanged. Currently, trade negotiations and geopolitical conflicts disturb the market. Gold is expected to fluctuate within the range of $3200 - $3400 per ounce in the short - term. It is recommended to continuously sell out - of - the - money gold option straddles to earn time value. For silver, pay attention to the flow of speculative funds [11]. Financial Derivatives - Container Shipping Index (European Line) - **Spot Quotes**: As of June 11, the spot quotes of major shipping companies showed different ranges. The SCFIS European line index rose 0.5% as of June 2, and the SCFI composite index rose 30.68% as of May 30 [13]. - **Fundamentals**: As of June 10, the global container shipping capacity increased by 8.4% year - on - year. The demand in the eurozone and the US showed certain trends in the manufacturing and service sectors [14]. - **Logic**: The futures market fluctuated. The 90 - day tariff freeze period will be extended, which is beneficial to the 08 contract. If shipping companies raise spot prices, the 08 contract may rise. - **Operation Suggestion**: Consider buying the main contract on dips, with the price expected to fluctuate between 1900 - 2200 [14]. Commodity Futures - Non - Ferrous Metals Copper - **Spot**: As of June 11, the average price of SMM electrolytic copper and SMM Guangdong electrolytic copper increased, but the spot trading weakened due to high prices [15]. - **Macro**: The spread between COMEX and LME widened again, and the US continued to replenish copper stocks, which boosted copper prices [15]. - **Supply**: The supply of copper concentrate is expected to be restricted, and the production of refined copper in May increased. It is expected to decrease slightly in June [16]. - **Demand**: The processing and terminal demand of copper showed different trends. The short - term domestic demand has resilience, but the "rush - to - export" demand may lead to pressure on the demand side in Q3 [17]. - **Inventory**: COMEX inventory continued to increase, while domestic inventory decreased slightly [17]. - **Logic**: The combination of "strong reality + weak expectation" makes the copper price fluctuate in the short - term. - **Operation Suggestion**: The main contract is expected to fluctuate between 77000 - 80000 [18]. Zinc - **Spot**: On June 11, the average price of SMM 0 zinc ingots increased, but the spot trading was mediocre [18]. - **Supply**: The supply of zinc ore is expected to be loose, and the production of refined zinc in May decreased slightly and is expected to increase in June [19][20]. - **Demand**: The initial consumption of zinc showed a slight recovery, but the terminal demand was expected to be weak after the peak season [21]. - **Inventory**: Domestic social inventory increased, while LME inventory decreased slightly [22]. - **Logic**: In the medium - to - long - term, zinc is in a supply - loose cycle. The zinc price may maintain a high - level shock or decline. - **Operation Suggestion**: The main contract is expected to fluctuate between 21000 - 23000 [22]. Tin - **Spot**: On June 11, the price of SMM 1 tin increased, and the spot premium remained unchanged. The actual trading was light [23]. - **Supply**: The supply recovery progress was slow, and the supply of tin ore was tight. The ban on tin ore transportation in Thailand may affect the domestic supply [23][25]. - **Demand and Inventory**: The solder开工 rate increased slightly in April, but the demand is expected to be weak in the future. The inventory decreased [24]. - **Logic**: The slow supply recovery and improved macro - sentiment drive up the tin price, but the demand is expected to be weak. - **Operation Suggestion**: Adopt a short - selling strategy after the sentiment stabilizes [25]. Nickel - **Spot**: As of June 11, the average price of SMM1 electrolytic nickel decreased slightly, while the average price of imported nickel increased slightly [26]. - **Supply**: The production of refined nickel is at a relatively high level, and the monthly production is expected to decline slightly [26]. - **Demand**: The demand for electroplating and alloys is relatively stable, but the demand for stainless steel and nickel sulfate is weak [26]. - **Inventory**: Overseas inventory remained high, while domestic social inventory decreased slightly [27]. - **Logic**: The macro - situation is temporarily stable, and the cost support of refined nickel is slightly loose. The medium - term supply is loose, and the short - term market lacks driving force. - **Operation Suggestion**: The main contract is expected to fluctuate between 118000 - 126000 [28]. Stainless Steel - **Spot**: As of June 11, the price of 304 cold - rolled stainless steel increased slightly, and the basis decreased [29]. - **Raw Materials**: The supply of nickel ore was still tight, the price of nickel iron was weak and stable, and the price of chrome iron was weak [29][30]. - **Supply**: The production of stainless steel in June is expected to be slightly higher than that in May, and the overall supply is in an oversupply pattern [30]. - **Inventory**: Social inventory decreased, and the futures inventory decreased [30]. - **Logic**: The stainless steel market is affected by the cost and demand. The short - term supply - demand contradiction still exists, and the market is expected to fluctuate weakly. - **Operation Suggestion**: The main contract is expected to fluctuate between 12400 - 13000 [31]. Lithium Carbonate - **Spot**: As of June 11, the price of battery - grade lithium carbonate increased slightly, while the price of lithium hydroxide decreased slightly [31]. - **Supply**: The supply of lithium carbonate is still at a relatively high level, and the supply pressure is still obvious [32]. - **Demand**: The demand for lithium carbonate is relatively stable, but the downstream is entering the off - season, and the demand may face pressure [32]. - **Inventory**: The overall inventory of lithium carbonate increased last week, with the upstream and trading inventory increasing and the downstream inventory decreasing [33]. - **Logic**: The futures price of lithium carbonate rose due to market sentiment, but the fundamentals have not changed significantly. The short - term market still has pressure. - **Operation Suggestion**: Observe the performance around 62,000 yuan first [34][35]. Commodity Futures - Black Metals Steel - **Spot**: The spot price of steel was stable with a slight increase, and the basis weakened [36]. - **Supply**: The steel production decreased slightly from the high level, and the production of hot - rolled coils increased [36]. - **Demand**: The apparent demand for steel decreased, affected by the off - season and tariffs [37]. - **Inventory**: The steel inventory was approaching the inflection point of accumulation, and the hot - rolled coil inventory increased [38]. - **Cost and Profit**: The cost support of steel was weak, and the profit of different steel products varied [39]. - **View**: The steel price rebounded recently, but the overall demand is expected to be weak. Consider short - selling on rebounds [40]. Iron Ore - **Spot**: The price of mainstream iron ore powder decreased slightly [41]. - **Futures**: The iron ore futures price decreased slightly [41]. - **Basis**: The basis of PB powder was 57 yuan per ton [41]. - **Demand**: The daily average pig iron production decreased slightly, and the blast furnace operating rate decreased [41]. - **Supply**: The global iron ore shipment increased, and the arrival volume at Chinese ports increased [41][42]. - **Inventory**: The port inventory of iron ore decreased, and the steel mill inventory decreased [42]. - **View**: The short - term iron ore price is expected to fluctuate weakly, and the medium - to - long - term is bearish [42]. Coking Coal - **Futures and Spot**: The coking coal futures price fluctuated strongly, while the spot price was weak [43][45]. - **Supply**: The domestic coal mine production decreased slightly, and the Mongolian coal price decline slowed down [45]. - **Demand**: The coking plant operating rate decreased slightly, and the downstream demand still had some resilience [44][46]. - **Inventory**: The coal mine inventory increased, and the downstream inventory was at a medium level [44][46]. - **View**: The coking coal futures price is expected to rebound, but the spot fundamentals are lagging. Adopt an interval operation strategy [45][46]. Coke - **Futures and Spot**: The coke futures price fluctuated strongly, while the spot price was weak [47][48]. - **Supply**: The production of coke decreased slightly, affected by environmental protection [48]. - **Demand**: The demand for coke decreased slightly, and the blast furnace operating rate continued to decline [48]. - **Inventory**: The coking plant inventory increased, the port inventory decreased, and the steel mill inventory decreased [48]. - **View**: The coke futures price is expected to rebound, but the spot fundamentals are still loose. Adopt an interval operation strategy [48]. Ferrosilicon - **Spot**: The price of ferrosilicon in the main production areas was stable [49]. - **Futures**: The ferrosilicon futures price was stable [49]. - **Cost and Profit**: The cost of ferrosilicon was difficult to stabilize, and the profit was negative [49][50]. - **Supply**: The production of ferrosilicon increased, mainly due to the resumption of production in Ningxia [50]. - **Demand**: The demand for ferrosilicon in steelmaking was expected to decline slightly in June, and the non - steel demand was weak [50]. - **View**: The supply - demand contradiction of ferrosilicon increased, and the price is expected to follow the coal price [50]. Manganese Silicon - **Spot**: The price of manganese silicon in the main production areas was stable [51]. - **Futures**: The manganese silicon futures price decreased slightly [51]. - **Cost**: The cost of manganese silicon was relatively high, and the profit was negative [51]. - **Supply**: The production of manganese silicon increased slightly, and the supply pressure still existed [52]. - **Demand**: The demand for manganese silicon in steelmaking decreased slightly, and the overall demand was relatively stable [53][54]. - **View**: The supply pressure of manganese silicon still exists, and the price is expected to follow the coal price [55]. Commodity Futures - Agricultural Products Meal - **Spot Market**: The price of domestic soybean meal increased slightly, and the trading volume increased significantly. The price of rapeseed meal increased slightly, and the trading volume was 4200 tons [56]. - **Fundamentals**: The US may have heavy rainfall, which may affect soybean production. Brazil's soybean production and export are expected to be high [56][57]. - **Market Outlook**: The Sino - US trade negotiation may ease the market sentiment, and the domestic soybean meal price is expected to fluctuate strongly, but be cautious about chasing the rise [57]. Live Pigs - **Spot Situation**: The spot price of live pigs fluctuated slightly, with different trends in different regions [58][59]. - **Market Data**: The profit of live pig breeding varied by scale, and the secondary fattening sales ratio decreased [59]. - **Market Outlook**: The live pig market supply - demand situation improved slightly, but the demand was weak due to hot weather. The market is expected to fluctuate [59]. Corn - **Spot Price**: The price of corn in the northeast and north - central regions increased slightly, and the port price also increased [60]. - **Fundamentals**: The inventory of corn in Guangdong Port decreased, and the inventory in the northern four ports decreased [60][61]. - **Market Outlook**: The price of corn is expected to fluctuate at a high level, affected by the supply - demand situation and the wheat price [61]. Sugar - **Market Analysis**: The global sugar supply is expected to be loose, and the international sugar price is expected to fluctuate weakly. The domestic sugar price is supported by high sales and low inventory, and is expected to fluctuate at a low level [62].

1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views of the Report - The latest US May CPI was lower than expected, with the core CPI's month - on - month growth rate significantly decreasing, leading to a short - term slowdown in inflation pressure and the US dollar index remaining volatile [1][14][17][19]. - Affected by the rapid progress of Sino - US negotiations, the risk appetite of the stock market has risen again. In the future, the strength of China's domestic economic recovery will gradually play a more important role in pricing. Attention should be paid to the rhythm of incremental policies [2][28]. - The market does not think the result of Sino - US trade negotiations is beyond expectations. Coupled with the news that the central bank is evaluating the demand for 6 - month reverse repurchase, treasury bond futures are relatively strong [3]. - Steel prices are oscillating. Although the current fundamental contradictions are not significant, the rainy season in East China has significantly suppressed the demand for building materials, and concerns about weakening external demand are difficult to reverse, so there is limited room for price rebound [4][40]. - After the stabilization of the futures market last week, the price of FMB ore has rebounded slightly recently. It remains to be seen whether the ore price can stabilize at $600 [5][65]. - The EIA commercial crude oil inventory has decreased significantly. Tensions in the Middle East have led to market concerns and a sharp increase in oil prices [6][70]. 3. Summaries According to Relevant Catalogs 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - The US budget deficit in May was $316 billion, a reduction compared to May 2024. The total customs duties in May reached a record $23 billion, almost four times that of May 2024. The budget expenditure in May was at a record high for that month [13]. - The US May CPI was lower than market expectations. Gold prices fluctuated and closed higher, mainly driven by geopolitical risks. The market's concerns about the Fed's monetary policy have weakened, and it is expected that the interest rate will remain unchanged in the June meeting. Gold has not broken out of the volatile range, and the market's long - short game has increased. Short - term gold prices are still in a volatile range with increased market fluctuations [14][15]. 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - The US government's fiscal deficit in May further expanded. Although the deficit in May 2025 decreased by 9% compared to May 2024, the annual deficit increased by 14% year - on - year [16]. - The US May CPI was lower than expected, with the core CPI's month - on - month growth rate significantly decreasing, indicating a short - term slowdown in inflation pressure. The US dollar index will remain volatile in the short term [17][19][20]. 3.1.3 Macro Strategy (US Stock Index Futures) - Tensions in the Middle East have sharply escalated. The US has ordered the partial evacuation of embassy staff in Iraq and allowed military families to leave the Middle East [21]. - The US May CPI has been lower than expected for four consecutive months. The CPI growth rate was lower than expected, and the market's expectation of interest rate cuts has increased. However, the slow progress of US - EU negotiations and the deterioration of the Middle East situation have led to a decline in US stocks. US stocks have not broken out of the volatile market, and it is not recommended to chase the high [22][24][25]. 3.1.4 Macro Strategy (Stock Index Futures) - China will implement zero - tariff policies on 100% of tariff items for 53 African countries with diplomatic relations [26]. - Sino - US negotiations have reached a framework on the Geneva Consensus. Affected by the rapid progress of Sino - US negotiations, the risk appetite of the stock market has risen again. It is recommended to allocate various stock indices evenly to cope with the rapidly rotating market [28][29]. 3.1.5 Macro Strategy (Treasury Bond Futures) - The central bank conducted 164 billion yuan of 7 - day reverse repurchase operations on June 11, with a net withdrawal of 50.9 billion yuan [30]. - Sino - US negotiations have basically reached a framework on implementing the Geneva Consensus. The market has strengthened due to the logic of disappointing Sino - US trade negotiations and weak domestic economic data. It is recommended to actively seize the opportunity to buy bonds and accumulate long positions [31]. 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Soybean Meal) - The USDA will release its export sales report on Thursday. The market expects that the net increase in US soybean export sales for the current year as of June 5 will be between 1 - 5 million tons, and for the 25/26 year, it will be between 0 - 2 million tons [32]. - On June 11, the transaction volume of soybean meal was large. The import of Brazilian soybeans has decreased in cost, and domestic funds have shown a clear trend of buying soybean meal and selling soybean oil. The futures price is expected to remain volatile. Attention should be paid to Sino - US relations, the weather in US soybean - producing areas, and the USDA monthly supply - demand report [33][35][36]. 3.2.2 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - The production of Malaysian palm oil from June 1 - 10 decreased by 17.24% month - on - month. The palm oil market adjusted yesterday, with palm oil leading the decline. It is believed that palm oil is in the bottom - building stage, and long positions can be considered [37]. 3.2.3 Black Metals (Rebar/Hot - Rolled Coil) - From January to May, China's automobile sales reached 12.748 million vehicles, with a year - on - year increase of 10.9%. The steel price continues to oscillate, and there is limited room for price rebound. It is recommended to use the spot end for hedging on price rebounds [38][40]. 3.2.4 Agricultural Products (Cotton) - As of early June, over 90% of Australia's new cotton has been harvested, and the total output is expected to be 5.4 million bales. As of June 7, the sowing progress of US new cotton is still behind. The external market is expected to remain weakly volatile at a low level in the short term. Domestically, the textile off - season atmosphere is strong, and the market is expected to be cautiously optimistic [41][43][44]. 3.2.5 Black Metals (Steam Coal) - On June 11, the price of steam coal in the northern ports remained stable. The coal price has temporarily stabilized, but there is a risk of a second bottom - hitting in summer. Attention should be paid to the growth rate of thermal power consumption and the substitution of new energy [45]. 3.2.6 Black Metals (Iron Ore) - Many automobile enterprises have promised to pay within 60 days. The overall market sentiment has eased, and the iron ore futures price has rebounded slightly. The fundamentals are seasonally weak, and the market is expected to remain volatile. An oscillating market mindset is recommended [46]. 3.2.7 Agricultural Products (Pigs) - In May, the sales volume and revenue of some pig - raising enterprises decreased year - on - year. In the short to medium term, the price may be at its most pessimistic from the end of the second quarter to the beginning of the third quarter. In the long term, the industry bottom may be approaching. It is recommended to wait and see [47][48][49]. 3.2.8 Agricultural Products (Corn Starch) - The starch production start - up rate has decreased, and inventory has been reduced. The supply - demand structure is improving. CS07 - C07 is expected to remain volatile at a low level, and CS09 - C09 is expected to recover, but there are uncertainties in regional price differences [50][51]. 3.2.9 Agricultural Products (Corn) - The inventory in the northern ports continues to decline rapidly, and the spot price of corn has strengthened. The 09 contract is expected to be strong first and then weak, with an oscillating trend. It is recommended to hold the 07 long - positions with low costs and wait and see, and not to transfer the long - positions to the 09 contract [52][53]. 3.2.10 Non - Ferrous Metals (Polysilicon) - The photovoltaic industry is undergoing three major changes. In June, the fundamentals are bearish for the futures market. Whether leading enterprises can jointly cut production to support prices will have a significant impact on the fundamentals. A short - term short and long - term long strategy is recommended, with the catalyst/risk being the production - cut actions of leading enterprises [54][55][56]. 3.2.11 Non - Ferrous Metals (Industrial Silicon) - In May, China's automobile production and sales increased year - on - year. In June, some silicon plants in Sichuan have resumed production, while most in Yunnan are still observing. The demand is not significantly improved. The futures price is expected to be volatile at a low level, and short - selling on price rebounds can be considered [57][58]. 3.2.12 Non - Ferrous Metals (Lead) - On June 10, the LME 0 - 3 lead was at a discount of $27.55 per ton. The demand for lead has bottomed out and shows no improvement, while supply disruptions are the main factor. It is recommended to wait and see in the short term and gradually pay attention to mid - line low - buying opportunities [59][60]. 3.2.13 Non - Ferrous Metals (Zinc) - On June 10, the LME 0 - 3 zinc was at a discount of $33.05 per ton. The zinc price has oscillated upwards, mainly due to improved macro - sentiment. In June, the supply of zinc ingots is expected to peak, and the pattern of strong supply and weak demand will gradually emerge. Short - selling on price rebounds is recommended [61][62]. 3.2.14 Non - Ferrous Metals (Nickel) - The Philippines has removed the ban on nickel ore exports from its mining fiscal system bill. The LME has reduced inventory, and SHFE has increased warehouse receipts. The nickel price is expected to be volatile at a low level. It is recommended to wait and see on the single - side of the futures market and consider selling put options on price dips [63]. 3.2.15 Non - Ferrous Metals (Lithium Carbonate) - Zimbabwe will ban the export of lithium concentrate in 2027. The inventory accumulation pressure in June has been significantly relieved, and the market may be in a tight balance or slight de - stocking state. It is recommended to pay attention to short - selling opportunities on price rebounds [64][65]. 3.2.16 Energy and Chemicals (Liquefied Petroleum Gas) - The spot price in East China is stable, and the US C3 inventory has increased. The domestic futures price is expected to be supported by the strengthening of oil prices [66][67]. 3.2.17 Energy and Chemicals (Crude Oil) - The US has authorized the voluntary evacuation of military families from the Middle East. The EIA commercial crude oil inventory has decreased significantly. Oil prices have risen significantly due to Middle East tensions, and short - term price fluctuations are expected to increase [68][70][71]. 3.2.18 Energy and Chemicals (Caustic Soda) - On June 11, the price of liquid caustic soda in Shandong was partially adjusted downwards. The supply is stable, and the demand is average. The decline of the 09 contract is limited due to good supply - demand and excessive discount [72][74]. 3.2.19 Energy and Chemicals (Pulp) - The price of imported wood pulp in the spot market has mostly declined. The futures price is expected to be volatile, as the fundamental changes are limited and the macro - sentiment has temporarily stopped improving [75][76]. 3.2.20 Energy and Chemicals (PVC) - The spot price of PVC powder in the domestic market is oscillating. The futures price is also expected to be volatile, as the fundamental changes are limited and the macro - sentiment has temporarily stopped improving [77]. 3.2.21 Energy and Chemicals (Styrene) - On June 11, the inventory of pure benzene in East China ports increased. The styrene futures price is oscillating upwards. It is recommended to pay attention to the potential compression of intermediate - link profits after the return of downstream plants and the potential impact of new production capacity in the medium term [78][80]. 3.2.22 Energy and Chemicals (Bottle Chips) - The export quotes of bottle - chip factories are mostly stable, with some local decreases. The industry is facing high supply pressure and low processing fees. It is recommended to consider taking long positions in bottle - chip processing fees on price dips [81][83]. 3.2.23 Energy and Chemicals (Soda Ash) - On June 11, the soda ash market in Shahe was average, and the futures price was oscillating. The supply is at a high level, and the demand is weak. It is recommended to short - sell on price rebounds in the medium term [84]. 3.2.24 Energy and Chemicals (Float Glass) - On June 11, the price of float glass in Shahe was mostly stable. The futures price is slightly oscillating, and the fundamental driving force is weak. With the arrival of the high - temperature and rainy season, the demand for glass will decline seasonally, and the supply - demand imbalance will intensify. The spot price may continue to decline [85][86].

1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - **Macroeconomic Outlook**: China's economy shows a mixed trend with some indicators stable and others indicating weak recovery. Global economic growth is expected to slow, and trade disputes and policy uncertainties remain challenges. [21] - **Commodity Market**: The casting aluminum alloy futures had a positive debut. Metal production and inventory levels vary, and energy - related policies and supply - demand dynamics affect the energy market. Agricultural products have different supply - demand situations. [2][4] - **Financial Market**: The bond market is expected to have a volatile trend, with potential opportunities in credit bonds. The stock market shows different trends in A - shares and Hong Kong stocks, and institutional investors have different stances. The foreign exchange market has fluctuations in exchange rates. [23][34] 3. Summary by Directory 3.1 Macroeconomic Data - GDP in Q1 2025 grew at a 5.4% year - on - year rate, the same as the previous quarter and slightly higher than the same period last year. The manufacturing PMI in May 2025 was 49.5%, up from the previous month but the same as the same period last year. The non - manufacturing PMI was 50.3%, down from the previous month and the same period last year. [1] - In April 2025, social financing scale increment decreased significantly compared to the previous month and the same period last year. M0, M1, and M2 showed different growth rates year - on - year. [1] - In May 2025, CPI was - 0.1% year - on - year, the same as the previous month but lower than the same period last year. PPI was - 3.3% year - on - year, lower than the previous month and the same period last year. [1] 3.2 Commodity Investment Reference 3.2.1 Comprehensive - On June 10, all contracts of casting aluminum alloy futures closed higher, with the main AD2511 contract rising 4.49% to 19,190 yuan/ton. [2] - The first - day meeting of the China - US economic and trade consultation mechanism continued on June 10. [2] - On June 10, 43 domestic commodity varieties had positive basis, and 18 had negative basis. [2] - Policies were introduced to promote the high - quality development of the real economy in Shenzhen and improve people's livelihood. [2][3] 3.2.2 Metal - In April, Chile's copper production increased 20.5% year - on - year to 114,600 tons. [4] - On June 9, copper, tin, zinc, lead, aluminum, and nickel inventories decreased, while cobalt and aluminum alloy inventories remained stable. [4][5] - As of June 10, the gold持仓 of the world's largest gold ETF decreased by 0.03% from the previous trading day. [5] 3.2.3 Coal, Coke, Steel, and Minerals - The China Iron and Steel Association called on the steel and automotive industries to break the "involution". [6] - Zimbabwe plans to ban the export of lithium concentrate from 2027. [7] 3.2.4 Energy and Chemicals - The National Energy Administration will carry out hydrogen energy pilot projects. [8] - Saudi Arabia's crude oil supply to China in July will decrease slightly but remain strong. [8] - The EU plans to impose new sanctions on Russia regarding the Nord Stream pipeline and oil price cap. [8] - Russia extended the ban on selling oil to buyers who comply with the price cap. [9] - EIA adjusted the average price forecasts of WTI and Brent crude oil for this year and next year. [9] 3.2.5 Agricultural Products - On June 11, 10,000 tons of central reserve frozen pork will be purchased through bidding. [12] - India is expected to increase sugar exports in the 2025/26 season. [12] - South Korea's egg prices reached a four - year high in May, and prices are expected to rise in June and August. [12] 3.3 Financial News Compilation 3.3.1 Open Market - On June 10, the central bank conducted 198.6 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 255.9 billion yuan. [13] 3.3.2 Important News - The China - US economic and trade consultation mechanism meeting continued on June 10. [15] - Policies were introduced to deepen reforms in Shenzhen and improve people's livelihood. [15] - The National Development and Reform Commission held a symposium with science - and - technology - based private enterprises. [16] - New policy - based financial instruments are expected to drive trillions of yuan in investment. [16] - As of June 10, the new issuance scale of land reserve special bonds this year reached 108.348 billion yuan. [16] - Many bond funds are "restricting purchases". [17] - The asset - securitization market has developed significantly this year. [17] - Newly issued savings bonds on June 10 had lower interest rates but were still popular. [18] - As of June 10, the issuance scale of commercial banks' "Tier 2 and Perpetual Bonds" this year reached 770.16 billion yuan. [18] - The restructuring plan of Red Star Macalline was approved. [18] - New green and innovative medium - term notes and science - and - technology innovation bonds were successfully issued. [19][20] - Some local governments are strengthening debt and financial supervision. [20][21] - The World Bank and Fitch adjusted their global economic and sovereign rating outlooks. [21] - Japan may adjust its government bond purchase policy. [21] - Some bond - related companies had negative events, and some companies' credit ratings were adjusted. [22] 3.3.3 Bond Market Summary - The bond market showed slight fluctuations, with an optimistic atmosphere. [23] - Some bonds had price increases and decreases in the exchange - traded bond market. [23] - The convertible bond market had mixed performance. [24] - Most money market interest rates showed different trends. [25] - European and US bond yields had different trends due to various factors. [26][27] 3.3.4 Foreign Exchange Market - The on - shore and offshore RMB exchange rates against the US dollar had different changes. [29] - The US dollar index rose slightly, and non - US currencies had mixed performance. [29] 3.3.5 Research Report Highlights - Different investment institutions have different views on the bond market, including the continuation of volatility, potential for interest rate decline, and the attractiveness of credit bonds. [30] - Regarding the stock market, some institutions are optimistic about Chinese stocks, especially technology stocks. [36] 3.4 Stock Market News - A - share indices declined in the afternoon, with TMT sectors adjusting and some sectors rising. [34] - Hong Kong stock indices also declined, with different sector performances. [35] - Hundred - billion private equity funds have increased their positions in A - shares, indicating an optimistic outlook. [35] - UBS maintains a "neutral" stance on Chinese stocks and an "attractive" rating on Chinese technology stocks. [36] - More than 60% of active equity funds have recovered from losses, and there may be opportunities in technology stocks. [36]

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