Report Industry Investment Rating - Unilateral: Neutral [4] - Arbitrage: Neutral [4] Core View - The short - term direction of zinc price fluctuations is difficult to judge. Overseas geopolitical conflicts have changed, causing the zinc futures price to rise. The consumption side may face challenges in May, and there is a possibility of a month - on - month weakening in consumption after May. Attention should be paid to inventory changes [1][3]. Summary by Related Content Important Data - Spot market: In the Guangdong region, inventory has been continuously declining, and due to shortages of individual brands, the spot premium has slightly increased. In the East China region, the procurement enthusiasm has declined due to the replenishment of imported zinc ingots in the early stage. In the North China region, procurement is mainly for rigid demand, and the overall spot market premium and discount remain stable. In the overseas mining end, the output in the first quarter was lower than expected, but it does not change the expectation of zinc ingot surplus. Although the upside space of TC is limited, smelting still has profits at the current TC price, and the smelting enthusiasm remains, with supply pressure still existing. The inventory of imported mines in China is sufficient, and there are no conditions for a short - term TC reduction. The consumption side may face a test in May, and there is a possibility of a month - on - month weakening in consumption after May [1][3]. - Futures: On May 20, 2025, the main SHFE zinc contract opened at 22,415 yuan/ton and closed at 22,435 yuan/ton, a decrease of 30 yuan/ton from the previous trading day. The trading volume throughout the trading day was 94,706 lots, a decrease of 31,390 lots from the previous trading day. The position throughout the trading day was 76,630 lots, a decrease of 8,930 lots from the previous trading day. The intraday price fluctuated, with a maximum of 22,490 yuan/ton and a minimum of 22,360 yuan/ton [1]. - Inventory: As of May 19, 2025, the total inventory of SMM's seven - region zinc ingots was 83,800 tons, a decrease of 1,700 tons from the same period last week. As of May 20, 2025, the LME zinc inventory was 156,725 tons, a decrease of 4,075 tons from the previous trading day [2].

广发早知道-汇总版 广发期货研究所 电 话：020-88830760 E-Mail：zhaoliang@gf.com.cn 目录： 金融衍生品： 金融期货： 股指期货、国债期货 贵金属： 黄金、白银 集运指数 商品期货： 有色金属： 铜、锌、镍、不锈钢、锡、碳酸锂 黑色金属： 钢材、铁矿石、焦煤、焦炭、铁合金 农产品： 油脂、粕类、玉米、生猪、白糖、棉花、鸡蛋、花生、红枣、苹果 能源化工： 原油、PTA、乙二醇、苯乙烯、短纤、尿素、瓶片、烧碱、PVC、LLDPE、 PP 特殊商品： 橡胶、玻璃纯碱、工业硅、多晶硅 2025 年 5 月 21 日星期三 投资咨询业务资格： 证监许可【2011】1292 号 组长联系信息： 张晓珍（投资咨询资格：Z0003135） 电话：020- 88818009 邮箱：zhangxiaozhen@gf.com.cn 刘珂（投资咨询资格：Z0016336） 电话：020-88818026 邮箱：qhliuke@gf.com.cn 叶倩宁（投资咨询资格：Z0016628） 电话：020- 88818017 邮箱：yeqianning@gf.com.cn 周敏波（投资咨询资格：Z00 ...

Core Viewpoint - The article emphasizes the need for "anti-involution" measures in various industries due to increasing competition and supply-demand imbalances, particularly in the context of government policies aimed at fostering a more sustainable and efficient market environment [1][2][20]. Group 1: Reasons for Emphasizing "Anti-Involution" - The industrial sector in China is facing significant supply-demand imbalances, highlighted by a decline in capacity utilization and persistent negative growth in the Producer Price Index (PPI), which has been negative for 31 consecutive months as of April 2025 [2][8]. - Capacity utilization rates have dropped from 77.7% in Q3 2021 to 75.1% in Q1 2025, indicating underutilization of resources [2][8]. - Local governments are increasingly competing for investment, leading to "involution" in certain sectors, characterized by concentrated efforts in similar industries, aggressive policy competition, and a lack of sustainable project management mechanisms [2][14]. Group 2: Industries with Potential "Involution" Competition - The focus of the "anti-involution" policy is on four key industries: photovoltaic, e-commerce, automotive, and steel, with measures including industry regulations, anti-monopoly enforcement, and capacity adjustments [3][22]. - Based on data indicators, industries such as black metal smelting, electrical machinery, and non-metallic products are identified as having a high degree of "involution" competition due to low capacity utilization and negative PPI growth [4][24]. - Other industries potentially affected include coal mining, automotive manufacturing, chemical raw materials, and pharmaceutical manufacturing, which exhibit similar characteristics of "involution" [4][47]. Group 3: New Aspects of the Current "Anti-Involution" Measures - The current round of "anti-involution" emphasizes industry self-discipline and market mechanisms, contrasting with previous supply-side reforms that focused primarily on traditional heavy industries [5][49]. - There is a stronger emphasis on regional collaboration and technological upgrades, aiming to create a differentiated and complementary industrial development structure while promoting high-quality growth [6][49]. - The government aims to eliminate outdated capacity and improve inefficient production through targeted policies that leverage digital and green technologies [6][49].

Report Industry Investment Rating No relevant content provided Core View of the Report - The current demand for industrial silicon has not improved, and the inventory has not been effectively digested. In the short term, the silicon price will continue to fluctuate weakly [2] Summary by Related Catalogs Market Conditions - Yesterday, the overall weak situation of industrial silicon spot prices remained unchanged. Downstream buyers mostly purchased on demand, and there was no new demand. Currently, the price of East China oxygenated 553 silicon is between 8,700 - 9,100 yuan/ton, and that of East China 421 silicon is between 9,600 - 10,100 yuan/ton. On the futures side, the closing price of the main contract si2507 of industrial silicon futures yesterday was 8,130, a decrease of 1.87%. The intraday trading volume was 16,616 lots, with a total of 155,000 lots and a turnover of 8.519 billion yuan [1] Supply Side - Recently, the prices of silica and silicon coal in the raw material segment have weakened, reducing the production cost of manufacturers. With the approaching of the wet season and the resumption of production of previously shut - down manufacturers, the output may increase slightly. Traders are inquiring about goods, and spot - futures traders are actively quoting. Some low - priced goods have had small - volume transactions. The production in the Gansu production area is relatively stable, and the output of 97 - silicon continues to remain low. The short - term start - up is difficult to improve. The operating rate of medium - frequency furnaces is low, and the prices are still at a low level, making it difficult for manufacturers to resume production [1] Demand Side - The polysilicon market continues to operate weakly. Currently, the terminal demand is significantly weak, and downstream procurement is becoming more cautious. The weekly trading volume remains flat, and the market stalemate remains unchanged. The price of organic silicon is temporarily stable. After some large monomer manufacturers made a tentative price increase before the festival, they sold goods with a small discount, and the number of inquiries has increased. The price of aluminum alloy ingots fluctuates. Large manufacturers have slightly reduced their inventories, and enterprises with low inventories are more willing to hold prices, making the market circulation slightly looser [1] Inventory - On May 19, the industrial silicon warehouse receipt inventory was 66,097 lots, a single - day decrease of 287 lots. The total inventory of industrial silicon remains at a high level [1]

广发早知道-汇总版 广发期货研究所 有色金属： 铜、锌、镍、不锈钢、锡、碳酸锂 黑色金属： 钢材、铁矿石、焦煤、焦炭、铁合金 农产品： 油脂、粕类、玉米、生猪、白糖、棉花、鸡蛋、花生、红枣、苹果 电 话：020-88830760 E-Mail：zhaoliang@gf.com.cn 目录： 金融衍生品： 金融期货： 股指期货、国债期货 贵金属： 黄金、白银 集运指数 商品期货： 能源化工： 原油、PTA、乙二醇、苯乙烯、短纤、尿素、瓶片、烧碱、PVC、LLDPE、 PP 特殊商品： 橡胶、玻璃纯碱、工业硅、多晶硅 2025 年 5 月 20 日星期二 投资咨询业务资格： 证监许可【2011】1292 号 组长联系信息： 张晓珍（投资咨询资格：Z0003135） 电话：020- 88818009 邮箱：zhangxiaozhen@gf.com.cn 刘珂（投资咨询资格：Z0016336） 电话：020-88818026 邮箱：qhliuke@gf.com.cn 叶倩宁（投资咨询资格：Z0016628） 电话：020- 88818017 邮箱：yeqianning@gf.com.cn 周敏波（投资咨询资格：Z00 ...

Core Viewpoint - Guangyang Co., Ltd. (光洋股份) is planning to acquire 100% equity of Ningbo Yinqiu Technology Co., Ltd. (银球科技) through a combination of issuing shares and cash payment, which constitutes a major asset restructuring but does not qualify as a restructuring listing [1][6]. Group 1: Transaction Details - The transaction is still in the planning stage, and the company has applied for a trading suspension starting May 19, 2025, to ensure fair information disclosure and protect investor interests [5]. - Guangyang Co., Ltd. has signed a preliminary investment intention agreement with the sellers, including Hu Yongpeng and others, to finalize the terms of the asset purchase [6][8]. Group 2: Financial Performance - In 2024, Guangyang Co., Ltd. reported a revenue of 2.31 billion yuan, a year-on-year increase of 26.7%, and a net profit of 51.01 million yuan, marking a turnaround from losses [8]. - For Q1 2025, the company achieved a revenue of 606 million yuan, up 6.33% year-on-year, with a net profit of 25.44 million yuan, reflecting a growth of 6.67% [8].

1. Investment Rating The provided text does not mention the industry investment rating. 2. Core Views - The A - share market is in a shrinking - volume oscillation at the upper pressure level. The futures of stock index, bonds, and precious metals have different trends affected by factors such as policies, economic data, and geopolitical situations. In the commodity market, different metals and agricultural products also show various trends based on supply - demand relationships, cost factors, and external policies [2][3][5][7] - The market sentiment of different varieties is affected by multiple factors, including domestic and foreign policies, economic data, and geopolitical situations. For example, the reduction of tariffs has a certain impact on the market, and the inflation and consumption data in the United States affect the expectations of the Fed's monetary policy [3][8][9] 3. Summary by Directory Financial Derivatives Financial Futures - **Stock Index Futures**: The index is at the upper pressure level and enters a shrinking - volume oscillation. The A - share market declined on May 15, with the Shanghai Composite Index down 0.68%. The four major stock index futures contracts all declined, and the basis was in a state of backwardation. The current index has stable support below and large pressure to break through above. It is recommended to sell put options at the support level to earn premiums or go long on the September IM contract at low prices and sell call options with an exercise price of 6400 in September for a covered call strategy [2][3][4] - **Treasury Bond Futures**: After the reserve requirement ratio cut, the capital market is stable. Most treasury bond futures closed higher, but the yields of major interest - rate bonds in the inter - bank market rose. The capital market is affected by the supply of government bonds and remains stable. The short - term treasury bond futures may oscillate. It is recommended to wait and see, focusing on the capital market and economic data [5][6] Precious Metals - The weak inflation and consumption data in the United States boost the expectation of interest - rate cuts. Precious metals showed a V - shaped rebound after a sharp decline. Gold has long - term upward drivers, and the demand of global central banks and financial institutions for gold still supports the price. In the short term, the Fed's cautious attitude towards interest - rate cuts and the improvement of market expectations limit the upward space of gold prices. Silver follows the trend of gold, and its price is supported at $32. It is recommended to hold short - value gold call options [9][10] Container Shipping Index (European Line) - The futures market has released the upward sentiment caused by the tariff war. The subsequent market may adjust. It is necessary to pay close attention to the price changes in the spot market. It is expected to show an oscillating upward trend. It is recommended to consider the 6 - 10 and 8 - 10 positive spreads [12] Commodity Futures Non - ferrous Metals - **Copper**: The spot trading is average. The "strong reality" of copper needs to be observed for its sustainability. The short - term price may oscillate. It is recommended to refer to the range of 77500 - 79500 [12][17] - **Zinc**: The easing of tariffs and mine disturbances boost the price, but the spot trading is average. The short - term price may oscillate. It is recommended to refer to the range of 21500 - 23500 [17][21] - **Tin**: The improvement of macro - sentiment drives the rebound of tin prices. It is recommended to try shorting in the range of 265000 - 270000, paying attention to the recovery rhythm of raw materials on the supply side [21][24] - **Nickel**: The macro - sentiment is improved, but the medium - term supply is still loose. The short - term macro situation is uncertain, and the fundamentals change little. It is expected to oscillate. It is recommended to refer to the range of 122000 - 128000 [25][27] - **Stainless Steel**: The macro - situation is improved, but the supply - demand contradiction still exists. It is expected to oscillate. It is recommended to refer to the range of 12600 - 13200 [28][30] - **Lithium Carbonate**: The short - term macro situation is improved, but the fundamentals are still weak. It is expected to run weakly in the short term. It is recommended to go short on rebounds, referring to the range of 62000 - 66000 [30][33] Black Metals - **Steel**: The spot price is stable, and the macro - level is favorable. The apparent demand is repaired, and the inventory is decreasing. The export order is improving after the tariff reduction. It is recommended to pay attention to the pressure range of the October contract for rebar (3200 - 3250) and hot - rolled coil (3300 - 3400) [35][36] - **Iron Ore**: The hot - metal output is at a high level and declining, and the port inventory is slightly decreasing. It is expected to oscillate in the short term, paying attention to the terminal demand and overseas mine shipments [37][40] - **Coke**: The mainstream steel mills have proposed to reduce the coke price. The supply is increasing, and the demand is slightly decreasing. It is recommended to hold the strategy of going long on hot - rolled coil and short on coke and pay attention to the signal of the coke price bottoming out [41][42] - **Coking Coal**: The market auction is weak again, and the inventory is at a high level. It is recommended to hold the strategy of going long on hot - rolled coil and short on coking coal and pay attention to the signal of the coal price bottoming out [43][45] - **Silicon Iron**: The production reduction range will expand, and the supply - demand relationship will improve marginally. It is expected that the price will stabilize and rebound [46][48] - **Manganese Silicon**: The production and demand are both decreasing, and the cost is stable. It is expected that the price will oscillate, stabilize, and rebound [49][52] Agricultural Products - **Meal**: The price of soybean meal in the domestic spot market has decreased. The uncertainty of the US bio - diesel obligation blending volume target drags down the price of US soybeans. The domestic supply is expected to continue to recover. It is recommended to pay attention to the performance of soybean meal around 2900 [53][56] - **Pigs**: The spot price is oscillating weakly. The supply of large - scale pig farms has limited room for weight reduction. It is necessary to pay attention to the performance of the second - fattening pigs' slaughter [57] - **Corn**: The spot price is stable, and the market is oscillating. The short - term market is stable, and the long - term trend is strong. It is recommended to go long on dips [58][60] - **Sugar**: The international raw sugar price is oscillating weakly, and the domestic sugar price follows. The Brazilian sugar production in the 25/26 season is expected to be abundant. The domestic sugar supply is expected to be loose, and the price is expected to oscillate in the range of 5800 - 5950 [61]

新能源及有色金属日报 | 2025-05-16 锌锭现货升水大幅度走低 重要数据 现货方面：LME锌现货升水为-22.27 美元/吨。SMM上海锌现货价较前一交易日上涨60元/吨至22900元/吨，SMM 上海锌现货升贴水较前一交易日下跌20元/吨至225元/吨，SMM广东锌现货价较前一交易日下跌10元/吨至22880元/ 吨。SMM广东锌现货升贴水较前一交易日下跌90元/吨至205元/吨，SMM天津锌现货价较前一交易日上涨60元/吨 至22900元/吨。SMM天津锌现货升贴水较前一交易日下跌20元/吨至225元/吨。 期货方面：2025-05-15沪锌主力合约开于22885元/吨，收于22590元/吨，较前一交易日上涨70元/吨，全天交易日成 交152385手，较前一交易日减少66723手，全天交易日持仓99050手，较前一交易日减少5891手，日内价格震荡， 最高点达到22915元/吨，最低点达到22545元/吨。 库存方面：截至2025-05-15，SMM七地锌锭库存总量为8.63万吨，较上周同期增加0.3万吨。截止2025-05-15，LME 锌库存为165175吨，较上一交易日减少1875吨。 市场 ...

宏观策略（股指期货） 最高法、证监会：依法对编传"小作文"追究刑事责任 城市更新行动方案出炉，未来国内托举经济的路径逐渐明朗， 固定资产投资在经济中的占比仍将保持较高水平。对股市而言， 需关注 PPI 的边际变化，来决定企业利润率的弹性。 宏观策略（黄金） 日度报告——综合晨报 鲍威尔对长期利率上升提出警告 [T报ab告le_日R期an：k] 2025-05-16 农产品（玉米） 饲料企业库存天数微增 鲍威尔表示需要重新考虑围绕就业不足和平均通胀率战略措辞 综 合 金价剧烈波动先跌后涨最终收涨，内盘持仓小幅减少，在关税 和地缘军事冲突缓解的情况下，资金开始流出黄金，短期金价 仍处于调整过程中，尚未完全企稳，同时波动加大。 晨 宏观策略（外汇期货(美元指数)） 报 关税谈判进展缓慢 欧盟据悉正在准备与美国的新贸易提案 美联储准备修改自己的政策框架，这意味着未来新的政策思路 发生巨大改变，美元指数短期震荡。 黑色金属（螺纹钢/热轧卷板） 乘联分会：5 月 1-11 日全国乘用车市场零售 57.4 万辆 本周钢联五大品种库存再度下降，冷轧则延续小幅累库，制造 业终端边际转弱并未扭转。基本面矛盾不大，加之关税缓和， ...

Meeting and Attendance - The supervisory board meeting was convened and conducted in accordance with the Company Law and relevant regulations, ensuring the legality and validity of the meeting [1] - Three supervisors were supposed to attend, with all three present or represented by proxy [1] Proposal Review Proposal for Credit Line from Rural Credit Cooperative - The company plans to apply for a credit line of RMB 20 million from the Kunming Wuhua District Rural Credit Cooperative for a term of one year, aimed at supplementing working capital [1] - The subsidiary, Jinning Lihengda Technology Co., Ltd., will provide an unlimited joint liability guarantee without charging any fees [1] Proposal for Credit Line from Industrial and Commercial Bank of China - The company intends to apply for a credit line of RMB 90 million from the Industrial and Commercial Bank of China, with a three-year term, also to support working capital [2] - The guarantee will be secured by the subsidiary's property and several patents, with the actual controller providing a full joint liability guarantee at no cost [2] Proposal for Subsidiary's Credit Line - The wholly-owned subsidiary plans to apply for a credit line of RMB 20 million from the Industrial and Commercial Bank of China, with a three-year term [3] - The main guarantee will be the subsidiary's property, with the company and its actual controller providing full joint liability guarantees at no cost [3][4] Authorization - The board of directors authorized the legal representative or designated agent to handle related procedures and sign relevant documents within the approved credit limits for all proposals [2][3][4]