Core Insights - The event in Caserta province, Italy, aimed to boost agricultural cooperation between Italy and China, focusing on the export of high-quality food products to the Chinese market [1][2][3] - Italian agricultural producers express a strong desire to enter the Chinese market, highlighting the growing demand for high-quality food among Chinese consumers [2][3] Group 1: Event Overview - The 2025 Italy Food and Feed Export to China Seminar and the 8th China International Import Expo Promotion Day was held in Caserta, emphasizing the importance of the Chinese market for Italian agricultural products [1] - The event attracted government officials, agricultural experts, and business representatives from both countries, facilitating discussions on export pathways to China [1] Group 2: Market Demand and Opportunities - There is a notable increase in demand for high-quality food products in China, with Italian specialties like mozzarella cheese and San Marzano tomatoes being highlighted as potential exports [1][2] - Italian small and medium-sized enterprises (SMEs) are eager to find platforms and bridges to export their products to China, indicating a strong interest in participating in trade events like the China International Import Expo [2][3] Group 3: Future Prospects - The Italian Food and Feed Export Promotion Association plans to develop specific exhibition strategies based on enterprise needs, aiming to connect Italian businesses with Chinese buyers [3] - The ongoing collaboration between Italy and China in agricultural trade is expected to expand, with more Italian flavors likely to enter Chinese households in the future [3]

Report Summary 1. Overnight Night - Market Trends - Domestic futures: Most domestic futures rose. SC crude oil rose 6.13%, PX and PTA rose over 3%, short - fiber, LPG, methanol, fuel oil, low - sulfur fuel oil, and bottle chips rose over 2%. Coking coal and iron ore fell slightly [2] - International crude oil: US crude oil rose 4.97% to $73.74 per barrel, Brent crude rose 4.96% to $76.86 per barrel [3] - International precious metals: COMEX gold fell 0.32% to $3406.50 per ounce, COMEX silver rose 2.01% to $37.18 per ounce [4] - London base metals: Most London base metals fell. LME copper fell 0.34% to $9670 per ton, LME lead fell 1.57% to $1976 per ton [5] - International agricultural products: International agricultural products were mixed. US soybeans rose 0.40%, US corn fell 0.92%, US soybean oil fell 0.76%, US soybean meal rose 0.53%, and US wheat rose 2.33% [6] 2. Important News Macro News - Geopolitical: Trump denied Macron's statement about his return to Washington. Israel wants to destroy Iran's nuclear program. Iran attacked Israeli intelligence agencies. Russia attacked Kiev with drones and missiles [9][10] - US economy: US retail sales in May fell more than expected due to weak auto sales. Retail sales fell 0.9% in May after a 0.1% decline in April [12][13] Energy and Chemical Futures - Oil market: IEA predicts oil demand will peak in 2029 and supply will be sufficient by 2030. Russia's Novak said OPEC+ may change its production - increase decision. The EU plans to ban long - term LNG services to Russian customers from 2026 [15][16] Metal Futures - Gold: Citi expects gold to fall below $3000 per ounce in the next few quarters. 95% of central banks surveyed by the World Gold Council think global central banks will increase gold reserves in the next 12 months [18][20] Black - Series Futures - Iron ore: On June 17, China's 47 - port iron ore inventory decreased by 24.99 tons. Australian and Brazilian port inventories also declined [22] Agricultural Futures - Soybeans and related products: As of June 13, domestic soybean and bean - meal inventories changed. Some US states may have less soybean planting due to rain. India cut edible - oil tariffs. EU's imports of agricultural products changed. Brazil's June soybean export forecast was adjusted [24][26][27] 3. Financial Markets Stocks - A - shares: On Tuesday, A - shares had a narrow range. The Shanghai Composite Index fell 0.04%, Shenzhen Component Index fell 0.12%, and ChiNext Index fell 0.36%. The trading volume was 1.24 trillion yuan [29] - Hong Kong stocks: The Hang Seng Index fell 0.34%. South - bound capital had net purchases of HK$63 billion. Many companies had IPO - related news [31][32] - US stocks: US stocks fell. The Dow fell 0.7%, S&P 500 fell 0.84%, and Nasdaq fell 0.91% [42] - European stocks: European stocks fell due to geopolitical risks and economic concerns [42] Commodities - Oil: Oil prices rose. US API crude inventory decreased more than expected. IEA predicts a supply surplus in 2025 [44][46] - Precious metals: Gold fell 0.32%, silver rose 2.01%. Central banks are likely to increase gold reserves [44][46] - Base metals: Most base metals fell, affected by Fed policy and demand [44] Bonds - Domestic bonds: Domestic bonds were strong. Short - term bonds performed better. Bond funds' investment heat increased [47] - US bonds: US bond yields fell due to geopolitical risks and expected Fed rate cuts [48] - EU bonds: EU bond yields rose due to increased bond supply expectations [50] Foreign Exchange - RMB: On Tuesday, the on - shore RMB against the US dollar fell. The US dollar index rose due to its safe - haven property [51]

Core Viewpoint - The article discusses the tax benefits available to companies engaged in agricultural activities, particularly those using the "company + farmer" model, and outlines the specific conditions under which these benefits can be claimed [4][6]. Group 1: Company + Farmer Model - Companies utilizing the "company + farmer" model for livestock and poultry farming can enjoy corporate income tax reductions as they bear most operational risks and responsibilities despite not directly engaging in farming [4]. Group 2: Tax Exemptions in Agriculture - Income derived from the breeding of new crop varieties and the cultivation and planting of timber is exempt from corporate income tax, covering activities from breeding to the sale of seeds and seedlings [5]. - Income from the handling of livestock and poultry waste is also eligible for tax benefits, categorized under livestock and poultry farming [6]. Group 3: Agricultural Product Processing - The scope of initial processing of agricultural products is defined by specific regulations, allowing companies to benefit from tax exemptions when they engage in activities such as replanting or breeding purchased agricultural products without significantly increasing their value [6]. - Direct sales of purchased agricultural products do not qualify for tax exemptions under agricultural project policies [6]. Group 4: Accounting and Reporting Requirements - Companies involved in different tax policy projects must maintain separate accounting records for each project to accurately calculate tax bases and benefits [7]. - The process for claiming tax benefits involves self-assessment and reporting, with relevant documentation retained for review [7].

河南，正成为中亚国家许多州长访华的重要一站。 5月下旬，乌兹别克斯坦两个州的负责人先后来到河南。5月20日，时值6月1日中乌互免签证协定生效之 际，乌兹别克斯坦中国旅游年推介会郑州站活动举行，吉扎克州副州长沙库鲁拉耶夫·萨尔多现场向中 国游客发出热情邀请。5月29日，中国河南省—乌兹别克斯坦花剌子模州企业对接洽谈会在郑州举办， 花剌子模州州长拉西莫夫、副州长达夫列托夫现场推介该州发展优势，解读投资政策。 无独有偶。去年，哈萨克斯坦江布尔州州长卡拉舒克耶夫、图尔克斯坦州州长萨特巴尔德、阿拉木图州 州长苏尔丹加济耶夫先后率政商代表团访问河南。 河南与中亚远隔山川，缘何成为州长们对华合作的优先选项？ "基于我们之间有如此之多的相似之处。"卡拉舒克耶夫向记者道出了答案，"河南是中国重要的农业大 省和矿业大省。江布尔州的蔗糖产量全国第一，洋葱和大蒜产量占全国80%，还拥有哈萨克斯坦最丰富 的矿产资源。我们之间的合作前景非常广阔。" 农业和矿业，是州长们最关注的领域，也是河南考察之行的必选项。苏尔丹加济耶夫一行深入考察中粮 （郑州）粮油工业有限公司、三全食品、花花牛乳业等企业；卡拉舒克耶夫一行特地到访长葛、杞县、 巩义等 ...

Core Viewpoint - The article discusses the current state and future outlook of corn and soybean production in China, particularly focusing on the supply changes and market price trends due to trade disruptions and local agricultural conditions [2]. Research Background - The article emphasizes the need to understand the supply changes of corn and soybeans during their growing season, as they are staple crops in China. It highlights the importance of assessing planting areas, cost changes, and inventory levels among traders and processing enterprises to predict future market prices [2]. Survey Overview - A survey was conducted in Heilongjiang Province involving over 17 participants from various sectors, including spot trading and private equity, to gather insights on the planting and growth conditions of corn and soybeans [5]. Key Findings from the Survey - The processing capacity of a major soybean processing enterprise is 1,000 tons per day, with an annual processing volume of approximately 300,000 tons. The yield from one unit of soybeans is about 80%-80.5% soybean meal and 16%-16.5% soybean oil, with a loss of 3%-4% due to impurities [7]. - Current soybean prices are around 4,100 CNY per ton, with expectations that prices will remain stable in the third quarter. The planting area for soybeans is expected to increase slightly due to supportive policies, despite low profitability [8][10]. - In the Suifenhe area, the average yield for soybeans last year was 360-370 jin per mu, while corn was 1,600-1,700 jin per mu. This year, planting costs have decreased due to lower land rents, with a significant drop in rental prices observed [9]. Market Outlook - The processing enterprise anticipates that soybean prices will fluctuate around 4,100 CNY per ton in the third quarter, with cautious operational plans due to uncertain demand [8]. - The expected opening price for new season soybeans is around 2.05 CNY per jin, but demand may not be sufficient to sustain high prices [10]. - The survey indicates that corn prices may rise due to supply tightening, while soybean prices may follow a high-open, low-close trend similar to last year [10]. Regional Insights - In the Beidahuang area, the planting area for soybeans remains stable, with a focus on high-protein varieties. The average yield for soybeans is reported at 450 jin per mu, with corn yields at 1,800 jin per mu [14][15]. - The planting area for soybeans has increased by 10% in some regions, while corn has decreased by 10%. The overall planting conditions are favorable, with expectations of good yields if weather conditions improve [25][27]. Conclusion - The article concludes that while there are uncertainties regarding soybean prices due to high planting areas and low demand, corn prices are expected to rise due to reduced planting areas and tight inventories. The opening prices for new season soybeans are projected to be around 1.8-1.9 CNY per jin, while corn may reach 0.8-0.85 CNY per jin [27].

宣言承诺，构建物流、商贸、产业协同发展的现代化体系，全面提升中非经贸株洲陆港的服务能力。加强物流体 系升级，建设"通道+枢纽+网络"的现代物流运行体系，打造贯通中国内陆、联通非洲大陆的物流主通道。加强商 贸体系创新，推动中非货品双向流通，形成中非优品贸易生态圈。加强产业体系融合，将中非经贸株洲陆港建成 具有全球优势的中非合作枢纽与产业聚集高地。 6月13日，在湖南省株洲市举办的2025中非经贸株洲陆港合作交流活动上，发布了2025中非经贸株洲陆港合作宣 言。 宣言指出，株洲市作为中国内陆地区重要铁路运输交通枢纽，经过三年多来的努力，已经率先建立中国内陆直通 非洲大陆的货物运输大通道，为中非经贸深化发展奠定重要基础。推动基础设施联通、经济贸易畅通、产业发展 融通，致力打造中非经贸株洲陆港，是服务和融入中非共建"一带一路"、助力中非经贸深度合作先行区建设、构 建中非命运共同体的重大举措。 宣言坚信，中非经贸株洲陆港作为"一带一路"对非合作新支点，必将有力推动中非双方更高水平开放，有力服务 中非经贸深度融合，让更多"中国制造"更便捷地走进非洲市场，让更多"非洲好物"更高效地惠及中国消费者，实 现双向赋能、互利共赢。 ...

Group 1 - The core viewpoint of the article highlights the introduction of a transparent loan cost disclosure initiative in Heilongjiang Province, aimed at improving financing transparency for enterprises [1][2] - Huaxin Agricultural Technology Co., Ltd. is the first company in the province to benefit from this initiative, securing a working capital loan of 3 million yuan [1] - The "Loan Clarity Paper" serves as a detailed account of financing costs, ensuring that financial consumers are informed and promoting a reduction in financing costs for small and medium-sized enterprises [1] Group 2 - The People's Bank of China in Heilongjiang Province has developed a pilot program for transparent loan cost disclosure, focusing on cities such as Mudanjiang, Jixi, Suihua, and Daxing'anling [2] - The pilot program emphasizes key points such as policy transmission, precise calculation, and cost transparency, aiming to create a replicable model for financial institutions across the province [2] - The initiative is designed to lower overall financing costs for enterprises, thereby providing strong financial support for high-quality economic development [2]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The A-share market showed a trend of opening low and closing high, with TMT leading the rebound, while the consumer sector declined. The four major stock index futures contracts also rose with the index. The current index has stable support below but faces resistance above, and it is recommended to wait and see temporarily [2][3][4]. - The bond market is affected by factors such as economic data and capital conditions. Although the economic data in May is mixed, the short - end of bond futures is relatively strong. The upcoming tax period and cross - quarter capital test will affect the bond market, and it is recommended to allocate long positions on dips [6][7]. - Gold has a long - term upward trend under the background of de - dollarization, but it is affected by factors such as trade negotiations and geopolitical conflicts. It is recommended to pay attention to geopolitical situations and consider selling out - of - the - money call options on gold if the price fails to break through the previous high [10]. - The shipping index (European line) futures are expected to decline, and it is recommended to wait and see or pay attention to the 12 - 10 reverse spread opportunity [13]. - For various metals, copper is in a situation of "strong reality + weak expectation" and is expected to fluctuate; zinc is in a long - term supply - loose cycle, and it is recommended to consider shorting on rallies; tin is expected to fluctuate strongly in the short term due to tight supply, and it is recommended to short on rallies based on inventory and import data; nickel and stainless steel are expected to fluctuate within a range; lithium carbonate is expected to run weakly in the short term due to supply pressure and high inventory [18][22][25][28][30]. - For black metals, steel is affected by the Iran - Israel conflict but still has a downward trend; iron ore supply pressure will increase in the short term, and it is recommended to take a short - term bearish view; for coking coal and coke, although the futures have rebounded, the fundamentals are still weak, and it is recommended to short on rallies; silicon iron and silicon manganese are expected to fluctuate at the bottom [35][40][43][47][49][53]. - For agricultural products,粕类is expected to fluctuate, and it is recommended to be cautious about chasing up; the pig price is expected to remain volatile with limited upward and downward space; corn is expected to fluctuate at a high level with insufficient upward momentum [56][59][60]. Summary by Directory Financial Derivatives - Financial Futures Stock Index Futures - **Market Conditions**: On Monday, the A - share market opened low and closed high, with the Shanghai Composite Index rising 0.35%, the Shenzhen Component Index rising 0.41%, and the ChiNext Index rising 0.66%. TMT led the rebound, while the consumer sector declined. The four major stock index futures contracts also rose with the index, and the basis discount of the main contracts converged [2][3]. - **News**: The National Bureau of Statistics released economic data for May, showing an increase in social consumer goods retail sales and a slowdown in fixed - asset investment. Overseas, there was a new round of military strikes between Iran and Israel [3][4]. - **Funding**: On June 16, the A - share trading volume decreased by 250 billion yuan compared with the previous day, with a total turnover of 1.22 trillion yuan. The central bank conducted 242 billion yuan of reverse repurchase operations, with a net investment of 68.2 billion yuan [4]. - **Operation Suggestion**: The current basis rates of the main contracts of IF, IH, IC, and IM are - 0.10%, - 0.25%, - 0.20%, and - 0.33% respectively. It is recommended to wait and see temporarily and consider selling the July 5800 strike price put options to earn the premium [4]. Bond Futures - **Market Performance**: Most bond futures closed higher, with the 30 - year, 10 - year, and 2 - year main contracts rising, while the 5 - year main contract remained flat. The yields of major interest - rate bonds in the inter - bank market varied [5]. - **Funding**: The central bank conducted 242 billion yuan of reverse repurchase operations on June 16, with a net investment of 68.2 billion yuan. The short - term capital rate decreased, while the long - term capital rate remained stable [5][6]. - **Fundamentals**: In May, the added value of industrial enterprises above the designated size increased by 5.8% year - on - year, and the total retail sales of consumer goods increased by 6.4% year - on - year. The fixed - asset investment from January to May increased by 3.7% year - on - year, and the real estate investment decreased [6]. - **Operation Suggestion**: The economic data in May is mixed, and the short - end of bond futures is relatively strong. Considering the upcoming tax period and cross - quarter capital test, it is recommended to allocate long positions on dips and pay attention to high - frequency economic data and capital conditions [7]. Financial Derivatives - Precious Metals Gold - **Market Review**: International gold prices fell by 1.38% to close at $3384.54 per ounce, ending a three - day upward trend. The market's risk aversion sentiment has eased, and the prices of gold and crude oil have declined [10]. - **Outlook**: Gold has a long - term upward trend under the background of de - dollarization, but it is affected by factors such as trade negotiations and geopolitical conflicts. It is recommended to pay attention to geopolitical situations and consider selling out - of - the - money call options on gold if the price fails to break through the previous high [10]. Silver - **Market Review**: International silver prices fluctuated slightly, closing at $36.301 per ounce, up 0.03%. The industrial attributes of silver make its trend relatively independent [10]. - **Outlook**: The improvement of trade relations and the expansion of fiscal and monetary policies in Europe have increased the optimism of the industrial manufacturing industry, which has a certain supporting effect on silver prices. It is recommended to pay attention to the flow of speculative funds and ETFs and consider selling out - of - the - money call options [11]. Financial Derivatives - Shipping Index (European Line) - **Spot Quotation**: As of June 16, the quotes of major shipping companies showed different price ranges [12]. - **Shipping Index**: As of June 16, the SCFIS European line index rose by 4.61%, and the US - West line index rose by 27.18%. As of June 13, the SCFI composite index fell by 6.79% [12]. - **Fundamentals**: As of June 16, the global container shipping capacity increased by 8.3% year - on - year. The PMI data of the eurozone and the US in May showed different trends [12]. - **Logic and Suggestion**: The futures market fluctuated downward, and it is expected that the price of the 06 contract will decline, driving other contracts to decline. It is recommended to wait and see or pay attention to the 12 - 10 reverse spread opportunity [13]. Commodity Futures - Non - ferrous Metals Copper - **Spot**: As of June 16, the average price of electrolytic copper decreased, and the downstream procurement sentiment improved after the price decline, but they preferred to purchase after the contract change [14]. - **Macro**: The COMEX - LME premium has stagnated after rising to 10%, and there are different views on its future trend. The conflict between Iran and Israel has not had a significant impact on copper prices [15]. - **Supply**: The supply of copper concentrate is expected to be limited, and the production of electrolytic copper in May increased. It is expected to decline slightly in June [16]. - **Demand**: The operating rates of copper rod processing enterprises showed different trends, and the terminal demand has certain resilience but may face pressure in Q3 [17]. - **Inventory**: COMEX copper inventory increased, while domestic inventory decreased slightly [17]. - **Logic and Suggestion**: Copper is in a situation of "strong reality + weak expectation" and is expected to fluctuate. The main contract is expected to trade between 77,000 - 80,000 yuan [18]. Zinc - **Spot**: On June 16, the average price of zinc ingots decreased, and the trading was mainly among traders [18]. - **Supply**: The processing fees of zinc concentrate changed little, and the production of zinc concentrate in May increased. The production of refined zinc in May decreased slightly and is expected to increase in June [19][20]. - **Demand**: The operating rates of primary processing industries of zinc increased, but the downstream consumption is entering the off - season, and the purchasing manager index has declined [21]. - **Inventory**: Domestic social inventory and LME inventory decreased [21]. - **Logic and Suggestion**: Zinc is in a long - term supply - loose cycle. It is recommended to pay attention to the TC growth rate and downstream demand changes and consider shorting on rallies. The main contract is expected to find support between 21,000 - 21,500 yuan [22]. Tin - **Spot**: On June 16, the price of tin decreased slightly, and the trading was light. The downstream consumption is in the off - season [22]. - **Supply**: The import volume of tin ore and tin ingots in April showed different trends, and the supply of tin ore is expected to be tight [23]. - **Demand and Inventory**: The operating rate of solder in April increased, and the inventory of LME and SHFE decreased slightly, while the social inventory increased [23]. - **Logic and Suggestion**: Due to the tight supply of tin ore, tin is expected to fluctuate strongly in the short term. It is recommended to short on rallies based on inventory and import data [24]. Nickel - **Spot**: As of June 16, the price of electrolytic nickel decreased, and the import premium also decreased [25]. - **Supply**: The production of refined nickel is at a relatively high level and is expected to decline slightly in June [25]. - **Demand**: The demand for electroplating and alloy is relatively stable, while the demand for stainless steel and nickel sulfate is weak [25]. - **Inventory**: Overseas inventory remains high, and domestic social inventory has a slight downward trend [26]. - **Logic and Suggestion**: The nickel market is affected by macro and industrial factors, and it is expected to fluctuate within a range. The main contract is expected to trade between 118,000 - 126,000 yuan [27]. Stainless Steel - **Spot**: As of June 16, the price of stainless steel remained stable, and the trading was light [28]. - **Raw Materials**: The supply of nickel ore is still tight, and the price of nickel iron is weak, while the price of ferrochrome is relatively stable [28]. - **Supply**: The production of stainless steel in May decreased, and it is expected to decrease slightly in June [29]. - **Inventory**: Social inventory increased, and futures inventory decreased [29]. - **Logic and Suggestion**: The fundamentals of stainless steel are weak, and it is expected to fluctuate weakly. The main contract is expected to trade between 12,400 - 13,000 yuan [30]. Lithium Carbonate - **Spot**: As of June 12, the price of lithium carbonate increased slightly, and the trading in the spot market was still relatively light [30]. - **Supply**: The production of lithium carbonate in May decreased slightly and is expected to increase in June. The supply is still relatively high [31]. - **Demand**: The demand for lithium carbonate is relatively stable, but it may face pressure in the off - season [31]. - **Inventory**: The inventory of lithium carbonate is still at a high level, and the whole - chain inventory has been increasing in recent weeks [32]. - **Logic and Suggestion**: The lithium carbonate futures market fluctuated widely, and the market sentiment is still weak. It is expected to run weakly in the short term, and the main contract is expected to trade between 56,000 - 62,000 yuan [33]. Commodity Futures - Ferrous Metals Steel - **Spot**: The spot price of steel weakened again, and the basis showed signs of stabilizing and strengthening [35]. - **Supply**: The steel production declined from a high level, with a significant reduction in finished steel products [35]. - **Demand**: The apparent demand for five major steel products continued to decline, and it is affected by factors such as tariffs and the off - season. It is necessary to pay attention to the impact of relevant policies on demand [35]. - **Inventory**: The steel inventory is approaching the inflection point of accumulation, with the plate inventory increasing [36]. - **Viewpoint**: The conflict between Iran and Israel has a certain impact on the steel market, but it does not change the domestic supply - loose pattern. It is recommended to short on rallies or sell out - of - the - money call options [37]. Iron Ore - **Spot and Futures**: The price of mainstream iron ore powder increased slightly, and the 09 contract of iron ore futures fluctuated [38]. - **Demand**: The daily average pig iron production decreased slightly, and the steel mill profitability rate also declined [38]. - **Supply**: The global iron ore shipment decreased slightly, and the arrival volume decreased slightly. It is expected that the arrival volume will remain at a relatively high level in the future [39][40]. - **Inventory**: The port inventory increased, and the steel mill's equity ore inventory also increased [40]. - **Viewpoint**: The iron ore market is affected by factors such as demand and supply. In the short term, there is pressure on the iron ore price, and it is recommended to take a short - term bearish view on the 09 contract, with the price range expected to be between 720 - 670 yuan [40]. Coking Coal - **Spot and Futures**: The coking coal futures fluctuated upward, while the spot market was weakly stable, showing a divergence between futures and spot [43]. - **Supply**: The domestic coal production decreased slightly due to environmental inspections, and the import coal price continued to decline [43]. - **Demand**: The coking production and downstream pig iron production declined, but the demand still has certain resilience [43]. - **Inventory**: The coal mine inventory continued to accumulate, and the port inventory was at a historical high, while the downstream inventory was at a medium level [43]. - **Strategy**: The spot fundamentals have improved slightly. It is recommended to short on rallies when the price rebounds to 800 - 850 yuan for the 2509 contract and consider a strategy of going long on coking coal and short on coke [45]. Coke - **Spot and Futures**: The coke futures fluctuated upward, while the spot market was weakly stable, showing a divergence between futures and spot. The third - round price cut of coke has been implemented, and there is still an expectation of further price cuts [47]. - **Supply**: The coking production decreased due to environmental factors [47]. - **Demand**: The demand for coke decreased slightly, and the downstream pig iron production continued to decline [47]. - **Inventory**: The coke inventory decreased, with the coking plant, steel mill, and port inventories all showing a downward trend [47]. - **Strategy**: The spot fundamentals are still loose. It is recommended to short on rallies when the price rebounds to 1380 - 1430 yuan for the 2509 contract and consider a strategy of going long on coking coal and short on coke [47]. Silicon Iron - **Spot and Futures**: The spot price of silicon iron increased, and the 09 contract of silicon iron futures rose by 1.93% [48]. - **Cost and Profit**: The cost of silicon iron production is relatively high, and the profit is negative [48]. - **Supply**: The silicon iron production decreased slightly this week [49]. - **Demand**: The demand for silicon iron from five major steel products decreased, and the non - steel demand is also weak [49]. - **Viewpoint**: The silicon iron market is affected by factors such as supply, demand, and cost. It is expected to fluctuate at the bottom in the short term [49]. Manganese Silicon - **Spot and Futures**: The spot price of manganese silicon increased, and the 09 contract of manganese silicon futures rose by 1.97% [50]. - **Cost**: The cost of manganese silicon production is relatively high, and the profit is negative [50]. - **Supply**: The manganese silicon production increased slightly this week [51]. - **Demand**: The demand for manganese silicon from five major steel products decreased [52]. - **Viewpoint**: The manganese silicon market is affected by factors such as supply, demand, and cost. It is expected to fluctuate at the bottom in the short term [53]. Commodity Futures - Agricultural Products Meal - **Spot Market**: The spot price of soybean meal and rapeseed meal increased, and the trading volume also increased [54]. - **Fundamentals**: The US EPA proposed to increase the biofuel blending volume in 2026 and 2027, which affected the price of soybean oil. The soybean processing profit in Brazil decreased, and the EU's soybean import volume increased [54][55]. - **Outlook**: The current operation of US soybeans is mainly affected by policies. The new US soybean crop has a fast planting progress and a high excellent rate, which puts pressure on the price. It is expected that the domestic soybean meal and rapeseed meal will continue to fluctuate,

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The global financial market is experiencing significant fluctuations due to geopolitical conflicts, supply - demand imbalances, and macro - policy adjustments. Geopolitical risks, especially the Israel - Iran conflict, are affecting the energy market, while macro - economic data and policy expectations are influencing various asset classes such as commodities, bonds, and foreign exchange [3][9][15]. - Different sectors show diverse trends. For example, the agricultural sector has mixed performance, the metal market has both rising and falling prices, and the energy market is under pressure from both supply - side disruptions and demand - side forecasts [2][4][6]. 3. Summary by Category Overnight Night - Market Trends - In the domestic futures market, some contracts like rapeseed oil, 20 - number rubber, and coking coal rose over 1%, while low - sulfur fuel oil, styrene, etc. had significant declines [2]. - Internationally, oil prices weakened, with the U.S. oil main contract down 2.06% at $71.48 per barrel and Brent crude down 1.68% at $72.98 per barrel [3]. - International precious metal futures had mixed results, with COMEX gold down 1.40% and COMEX silver up 0.04% [4]. - London base metals mostly rose, with LME zinc up 1.41% and LME lead up 0.80% [5]. - International agricultural products also showed mixed trends, with U.S. soybeans up 0.02%, U.S. corn down 2.31%, etc. [6] Important Information Macro - Information - The Shanghai Export Container Settlement Freight Index (European route) increased by 4.6% as of June 16, 2025 [9]. - In May, the added value of large - scale industries increased by 5.8% year - on - year and 0.61% month - on - month, and 6.3% from January to May [9]. - In May, the housing prices of commercial residential buildings in large and medium - sized cities declined month - on - month, but the year - on - year decline narrowed [9]. - Israel attacked Iranian military headquarters on June 16, and Iran signaled a willingness to end hostilities and resume nuclear negotiations [10][11]. - The U.S. "Nimitz" aircraft carrier changed its route towards the Middle East [13]. Energy and Chemical Futures - As of June 16, the inventory of styrene in Jiangsu ports decreased, and there is an expectation of further de - stocking [15]. - Citi analysts expect Brent crude to trade around $70 - 80 per barrel in the near term but maintain a long - term forecast of $60 - 65 per barrel [15]. - OPEC maintained its global crude oil demand growth forecasts for 2025 and 2026, and OPEC + increased production in May [15]. - Israel's largest refinery operator shut down all facilities due to an attack [16]. Metal Futures - In May 2025, the production and sales of pickups increased year - on - year [20]. - UBS recommends buying on dips and is optimistic about global stocks, defense, and gold, expecting the gold price to reach $3,500 per ounce by the end of 2025 [21]. Black - Series Futures - From June 9 - 15, 2025, the global iron ore shipment volume decreased, with different trends in Australia and Brazil [23]. - The CML Ghana manganese mine is operating normally, and the manganese ore market is in a price - consolidation state [23]. - The arrival volume of iron ore at Chinese ports decreased from June 9 - 15, 2025 [23]. - From January to May, the real estate development investment, construction area, new construction area, and completion area all declined year - on - year [24]. Agricultural Futures - Recently, the inventory of imported soybeans in domestic oil mills increased, and the crushing volume is expected to rise [28]. - Malaysia's palm oil export volume increased from June 1 - 15, while the production decreased [29][30]. - In Brazil, the sugarcane crushing volume and sugar production in the central - southern region increased in the second half of May [31]. - As of June 16, the inventory of imported soybeans at Chinese ports decreased [32]. - The U.S. soybean export inspection volume decreased in the week ending June 12 [32]. - In May 2025, the U.S. soybean crushing volume and豆油 inventory changed compared to market expectations [33][35]. - In the second week of June 2025, Brazil's soybean and sugar shipments had different trends compared to last year [35]. - As of June 14, Brazil's soybean harvest rate reached 100% [36]. - As of June 15, the U.S. soybean's good - rate and sowing rate were lower than expected [36]. Financial Market Commodities - International oil prices weakened, and Western Oil expects prices to fall if the Israel - Iran conflict remains unchanged [3][41]. - International precious metal futures had mixed results, and investors are seeking safe - haven assets due to geopolitical risks [4]. - London base metals mostly rose, and their prices are affected by macro - economic expectations and demand [5]. - OPEC maintained its crude oil demand growth forecasts, and OPEC + increased production in May [41]. - Some shipping companies suspended services for Middle - East routes, raising concerns about energy exports [41]. - The price of lithium carbonate futures dropped, affecting the downstream market, and lithium enterprises are focusing on overseas markets [42]. Bonds - The domestic bond market was mostly volatile on Monday, with some bond yields rising and falling, and the central bank conducted reverse - repurchase operations [43]. - The Israeli - Iranian conflict may have a long - term impact on the 10 - year U.S. Treasury bonds, and U.S. bond yields rose [43][46]. - The Japanese central bank is expected to maintain the benchmark interest rate and may slow down the pace of reducing bond purchases [46]. - European bond yields generally fell as traders increased bets on currency easing by the European Central Bank [46]. Foreign Exchange - The on - shore RMB against the U.S. dollar rose slightly on Monday, while the central parity rate was depreciated [47]. - The RMB exchange - rate index set new lows in different currency baskets in the week ending June 13 [47]. - The South Korean won's trend will continue to be affected by the RMB [47]. - The U.S. dollar index rose slightly, and non - U.S. currencies mostly rose [48]. Upcoming Events - There are important economic data releases such as Spain's Q1 labor cost, Germany's June ZEW economic sentiment index, etc. [52]. - There are also significant events including China's central - bank open - market operations, Japan's central - bank monetary - policy press conference, and IEA's monthly oil - market report [54].

Core Insights - The event held in Guangzhou on June 15 focused on the integration of the Guizhou prickly pear industry to enhance consumption upgrades and promote product sales to the Guangdong-Hong Kong-Macao Greater Bay Area [1][2] - The collaboration between Guizhou and Guangzhou aims to extend the prickly pear industry chain and significantly increase product added value through consumption assistance and industrial cooperation [1] Group 1 - The event featured discussions on prickly pear deep processing technology upgrades, brand empowerment, and market expansion [1] - A total of 26 Guizhou prickly pear companies engaged in negotiations with over 150 buyers from across the country [1] - The exhibition showcased a full range of prickly pear products, including traditional juices and innovative items like prickly pear masks and probiotics [1] Group 2 - Strategic signing ceremonies took place, with companies like Guizhou Shiliwang Biotechnology Co., Ltd. and Guizhou Yangtai Biotechnology Co., Ltd. entering into agreements covering product research, processing, and sales [2] - The Guizhou Provincial Industrial and Information Technology Department encouraged distributors to visit Guizhou to explore investment opportunities [2] - The Vice Mayor of Liupanshui City promoted the advantages and potential of the local prickly pear industry during the event [2]