报 告 正 文 PMI 表现如何？ 5 月全国制造业 PMI 录得 49.5% ，升至近五年同期中位数附近，较上月上行 0.5 个百分点。 主要分项较上月多有回升，其中 供给相对需求增幅更大，外需相对内需改善更明显 ；大企业升至线上运行， 原材料价格和产成品价格稳中略降。本月制造业 PMI 上行主要来自于 供需两端的同步改善 ，而生产回暖是其 回升的最大动力， 主因中美贸易摩擦阶段性缓和 ，带动外需回暖，新出口订单低位反弹，而抢出口同步带动 生产改善 。 此外，有三点值得关注 ： 一是 从行业来看， 新动能市场需求增长较为突出 。装备制造业和高技术制造业的 新订单指数均在 52% 以上；消费品制造业需求也稳定上升，新出口订单指数上升超过 6 个百分点至扩张区间 。二是价格指数降幅显著收窄 。原材料价格和产成品价格仅较上月小幅下降 0.1 个百分点，环比降幅均较上 月明显收窄 。三是供大于求局面仍然存在 ，新订单和生产指数差距有所扩大，后续仍待稳增长政策加码提振 内需 。 制造业 PMI 线下回升 。本月全国制造业 PMI 录得 49.5% ，较上月上行 0.5 个百分点。主要分项多有回升， 生产升至线上，新订 ...

5月份制造业采购经理指数回升 非制造业商务活动指数延续扩张 (一)企业生产加快。生产指数为50.7%，比上月上升0.9个百分点，升至临界点以上，制造业生产活动有 所加快。新订单指数为49.8%，比上月上升0.6个百分点。从行业看，农副食品加工、专用设备、铁路船 舶航空航天设备等行业生产指数和新订单指数均高于54.0%，供需两端较快增长；纺织、化学纤维及橡 胶塑料制品、黑色金属冶炼及压延加工、有色金属冶炼及压延加工等行业两个指数均低于临界点，产需 释放不足。 (二)大型企业PMI升至临界点以上。大型企业PMI为50.7%，比上月上升1.5个百分点，重返扩张区间， 其生产指数和新订单指数分别为51.5%和52.5%，比上月上升1.7和3.0个百分点；中型企业PMI为 47.5%，比上月下降1.3个百分点，景气水平回落；小型企业PMI为49.3%，比上月上升0.6个百分点，景 气水平有所改善。 (三)高技术制造业延续扩张。从重点行业看，高技术制造业PMI为50.9%，连续4个月保持在扩张区间， 延续较好发展态势；装备制造业和消费品行业PMI分别为51.2%和50.2%，比上月上升1.6和0.8个百分 点，景气水平均 ...

2025年5月31日国家统计局服务业调查中心和中国物流与采购联合会发布了中国采购经理指数。对此， 国家统计局服务业调查中心高级统计师赵庆河进行了解读。 （四）进出口指数均有回升。新出口订单指数和进口指数分别为47.5%和47.1%，比上月上升2.8和3.7个 百分点。调查中部分涉美企业反映外贸订单加速重启，进出口情况有所改善。 （五）市场预期改善。生产经营活动预期指数为52.5%，比上月上升0.4个百分点，制造业企业对近期市 场发展信心总体保持稳定。其中，农副食品加工、食品及酒饮料精制茶、汽车、铁路船舶航空航天设备 等行业生产经营活动预期指数均持续位于56.0%以上较高景气区间，相关企业对行业发展更为乐观。 二、非制造业商务活动指数延续扩张 5月份，非制造业商务活动指数为50.3%，比上月略降0.1个百分点，仍高于临界点，非制造业总体延续 扩张态势。 5月份，制造业采购经理指数为49.5%，比上月上升0.5个百分点；非制造业商务活动指数为50.3%，比上 月下降0.1个百分点；综合PMI产出指数为50.4%，比上月上升0.2个百分点，我国经济总体产出保持扩 张。 一、制造业采购经理指数回升 5月份，制造业PM ...

1. Report Industry Investment Ratings - Steel: Weak consolidation [1] - Iron ore: Oscillating weakly [1] - Coking coal: Oscillating weakly [1] - Coke: Oscillating weakly [1] - Manganese silicon: Weakly running [1] - Ferrosilicon: Weakly running [3] 2. Core Views of the Report - The terminal demand for steel is gradually weakening, and the market is pessimistic about the supply - demand situation in the upcoming consumption off - season. The short - term steel futures market is expected to be in weak consolidation. The iron ore market has a complex situation of supply and demand, and the price is expected to oscillate weakly. The coking coal and coke markets are affected by factors such as supply, demand, and price cuts, and are expected to oscillate weakly in the short term. The manganese silicon and ferrosilicon markets are affected by factors such as cost, demand, and production, and are expected to run weakly in the short term [1][3] 3. Summary by Relevant Catalogs 3.1 Research Views - **Steel**: The rebar futures rebounded slightly, with the 2510 contract closing at 2978 yuan/ton, up 0.47%. The spot price rose steadily, and the trading volume increased. The national rebar production decreased, the inventory decline expanded, and the apparent demand rebounded slightly. However, the terminal demand is gradually weakening, and the short - term is expected to be in weak consolidation [1] - **Iron ore**: The main contract i2509 of iron ore futures rebounded, closing at 707 yuan/ton. The port spot price rose. The global shipment volume decreased slightly, the blast furnace start - up rate increased, but the molten iron output decreased. The inventory of imported iron ore in 47 ports and steel mills decreased. The price is expected to oscillate weakly [1] - **Coking coal**: The coking coal futures fell, with the 2509 contract closing at 759 yuan/ton, down 2.57%. The spot price in some areas decreased. The supply is loose, the downstream procurement is postponed, and the trading is light. The price is expected to oscillate weakly in the short term [1] - **Coke**: The coke futures fell, with the 2509 contract closing at 1332 yuan/ton, down 0.49%. The spot price in the port market decreased. The second round of price cuts was implemented, the demand is weakening, and the inventory of some coking enterprises is overstocked. The price is expected to oscillate weakly [1] - **Manganese silicon**: The manganese silicon futures oscillated weakly, with the main contract closing at 5530 yuan/ton, down 1.5%. The market price decreased in some areas. The cost support is weak, the terminal demand is weak, and the production is expected to increase in Inner Mongolia. It is expected to run weakly in the short term [1][3] - **Ferrosilicon**: The ferrosilicon futures oscillated weakly, with the main contract closing at 5322 yuan/ton, down 2.28%. The production in the main producing areas is decreasing, but it has no obvious support for the price. The terminal demand is weak, and the inventory has increased slightly. It is expected to run weakly in the short term [3] 3.2 Daily Data Monitoring - **Contract spreads**: The contract spreads of various varieties have different changes, such as the 10 - 1 month spread of rebar being - 7.0, up 7.0 [4] - **Basis**: The basis of various varieties also shows different trends, for example, the basis of the 10 - contract of rebar is 142.0, up 6.0 [4] - **Spot prices**: The spot prices of various varieties have different degrees of increase or decrease, like the Shanghai rebar spot price rising 20 yuan/ton to 3120 yuan/ton [4] - **Profits and spreads**: The profits and spreads of various varieties have changed, such as the rebar disk profit being 102.5, up 3.2 [4] 3.3 Chart Analysis - **Main contract prices**: There are price trend charts of main contracts for steel, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2020 to 2025 [6][9][14][17] - **Main contract basis**: There are basis trend charts of main contracts for steel, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [19][20][23][25] - **Inter - period contract spreads**: There are spread trend charts of inter - period contracts for steel, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [27][31][33][35][36][39] - **Inter - variety contract spreads**: There are spread trend charts of inter - variety contracts such as the coil - rebar spread, rebar - iron ore ratio, etc. [41][42][43][45] - **Rebar profits**: There are profit trend charts of rebar including disk profit, long - process profit, and short - process profit from 2020 to 2025 [46][47][49][50] 3.4 Black Research Team Members Introduction - Qiu Yuecheng: Current Assistant Director of Everbright Futures Research Institute and Director of Black Research, with nearly 20 years of experience in the steel industry [52] - Zhang Xiaojin: Current Director of Resource Product Research at Everbright Futures Research Institute, with rich experience in the field of resource products [52] - Liu Xi: Current Black Researcher at Everbright Futures Research Institute, good at fundamental supply - demand analysis based on industrial chain data [52] - Zhang Chunjie: Current Black Researcher at Everbright Futures Research Institute, with experience in investment trading strategies and spot - futures operations [53]

投资咨询业务资格：证监许可【2011】1778 号 运筹帷幄 决胜千里 宝城期货品种套利数据日报（2025 年 5 月 29 日） 一、动力煤 | 商品 | | | 动力煤（元/吨） | | | --- | --- | --- | --- | --- | | 日期 | 基差 | 5月-1月 | 9月-1月 | 9月-5月 | | 2025/05/28 | -190.4 | 0.0 | 0.0 | 0.0 | | 2025/05/27 | -190.4 | 0.0 | 0.0 | 0.0 | | 2025/05/26 | -190.4 | 0.0 | 0.0 | 0.0 | | 2025/05/23 | -190.4 | 0.0 | 0.0 | 0.0 | | 2025/05/22 | -190.4 | 0.0 | 0.0 | 0.0 | -250 -200 -150 -100 -50 0 50 100 150 450 500 550 600 650 700 750 800 850 900 950 动力煤基差 基差（右） 动力煤现货价:秦皇岛 期货结算价(活跃合约) :动力煤 www.bcqhgs.com 1 ...

| | | | SDIC FUTURES | 操作评级 | 2025年05月28日 | | --- | --- | --- | | 螺纹 | ★☆☆ | 曹颖 首席分析师 | | 热卷 | ★☆☆ | F3003925 Z0012043 | | 铁矿 | ★☆☆ | 何建辉 高级分析师 | | 焦炭 | ★☆☆ | F0242190 Z0000586 | | 焦煤 | ★☆☆ | | | 鐵硅 | ★☆☆ | 韩惊 高级分析师 | | 硅铁 | ★☆☆ | F03086835 Z0016553 | | | | 李啸尘 高级分析师 | | | | F3054140 Z0016022 | | | | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【钢材】 今日盘面惯性下挫。淡季来临螺纹表需环比下滑，产量有所上升，库存继续下降，节奏有所放缓。热卷供需均有所回落，库存 继续下降，节奏有所放缓。铁水产量逐步回落，整体仍处于相对高位，供应压力依然较大，负反馈预期仍反复发酵。从下游行 业看，基建改善幅度有限，制造业景气度放缓，地产销售复苏缺乏持续性，新开工、施工继续 ...

Core Viewpoint - The legal opinion letter confirms that the 2024 annual general meeting of Shandong Jinling Mining Co., Ltd. was convened and conducted in compliance with relevant laws and regulations, ensuring the legitimacy of the meeting and its resolutions [2][6][13]. Group 1: Meeting Procedures - The annual general meeting was convened based on a resolution from the fifth meeting of the tenth board of directors held on March 27, 2025 [3]. - Notifications regarding the meeting were published on May 7 and May 16, 2025, in various financial newspapers and online platforms, detailing the meeting's agenda, date, and voting procedures [4][5]. - The meeting was held in a physical location with provisions for online voting, ensuring accessibility for shareholders [5]. Group 2: Qualifications of Participants - The meeting was convened by the board of directors, whose qualifications were verified to be in accordance with legal and regulatory requirements [6]. - A total of 147 participants, including shareholders and their proxies, attended the meeting, representing 355,643,836 shares, which is 59.7379% of the total voting shares [8]. Group 3: Resolutions and Voting Results - The meeting reviewed several resolutions, all of which were approved, including proposals related to equity and debt [7]. - The voting process combined both on-site and online methods, with results announced immediately after the voting concluded [8]. - The resolutions received overwhelming support, with 355,469,736 shares voting in favor, representing a significant majority of the votes cast [9][10].

胎色金属数据目报 | 2025/05/28 | | 国贸期货出品 ITG 国贸期货 | | --- | --- | --- | | 投资咨询业务资格:证监许可[2012] 31号 | | | | 黑色金属研究中心 | 执业证号 | 投资咨询证号 | | 张宝慧 | F0286636 | Z0010820 | | 黄志鸿 | F3051824 | Z0015761 | | 节子勖 | F03094002 | Z0020036 | | | 远月合约收盘价 (元/吨) | RB2601 | HC2601 | 12601 | J2601 | JM2601 | 7000 6000 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 5月27日 | 2998. 00 | 3120.00 | 664. 00 | 1388.00 | 815.00 | 5000 | | | 涨跌值 | -33.00 | -41.00 | -11.50 | -10.00 | -2. 50 | 4000 | | | 涨跌幅(%) | -1.09 | -1. 30 | -1. 70 | - ...

日度报告——综合晨报 美国 5 月消费者信心指数上升，4 月份规上工 企利润增速 3% [T报ab告le_日R期an：k] 2025-05-28 宏观策略（黄金） 美国佛州签署法案承认金银为法定货币 金价回调超过 1%一度跌破 3000 美金关口，市场风险偏好回升， 受到欧盟与美国谈判进展的推动，特朗普此前威胁对欧盟加征 50%关税，主要还是通过极限施压方式达成协议。 宏观策略（美国股指期货） 美国 5 月消费者信心指数升至 98.0 综 欧美关税谈判压力缓和，软数据边际改善，市场风险偏好提升， 三大股指大幅上涨。 合 宏观策略（股指期货） 晨 前 4 月规上工企利润同比增 1.4% 报 4 月份规上工企利润单月增速回升至 3%，拆分看，量价双弱， 利润率改善支撑利润增速。营收增速则回落至 2.6%表明抢出口 对需求拉动不及预期。 有色金属（铜） IEA 警告全球精炼铜需求料在 2050 年之前大幅增加 | 杨云兰 | 高级分析师 （农产品） | | --- | --- | | [Table_Analyser] 从业资格号： | F03107631 | | 投资咨询号： | Z0021468 | | Tel： ...

-200 0 200 400 600 800 1000 日期 01-13 01-26 02-08 02-21 03-05 03-18 03-31 04-13 04-26 05-09 05-22 06-04 06-17 06-30 07-13 07-26 08-08 08-21 09-03 09-16 09-29 10-12 10-25 11-07 11-20 12-03 12-16 12-29 2025 2024 2023 2022 2021 铁矿石--基差 -1000 -500 0 500 1000 1500 日期 01-13 01-26 02-08 02-21 03-05 03-18 03-31 04-13 04-26 05-09 05-22 06-04 06-17 06-30 07-13 07-26 08-08 08-21 09-03 09-16 09-29 10-12 10-25 11-07 11-20 12-03 12-16 12-29 2025 2024 2023 2022 2021 焦煤--基差 -1000 -500 0 500 1000 1500 日期 01-15 01-30 02-14 02 ...