1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The Sino - US trade relationship shows signs of further easing, which is short - term positive for the market. However, domestic deflation pressure still exists, and imports and exports are weak under tariff impacts. The economic fundamentals are under pressure, limiting the upside space of the broader market. The market is in a policy vacuum period with limited incremental funds, making it difficult for large - cap blue - chip stocks to perform strongly. Small and medium - cap technology stocks with low valuations are expected to rise in the short term. For strategies, it is recommended to wait and see on the long - short single - side trades and try the arbitrage strategy of going long IC/IM and short IF/IH [2] 3. Summary by Related Catalogs 3.1 Futures Disk - IF main contract (2506) is at 3867.8, up 14.0; IF next main contract (2509) is at 3802.4, up 21.4. IH main contract (2506) is at 2676.6, up 3.8; IH next main contract (2509) is at 2641.4, up 6.0. IC main contract (2506) is at 5766.4, up 45.8; IC next main contract (2509) is at 5584.6, up 54.2. IM main contract (2506) is at 6167.8, up 73.6; IM next main contract (2509) is at 5912.6, up 77.2 [2] - IF - IH current - month contract spread is 1191.2, up 9.4; IC - IF current - month contract spread is 1898.6, up 28.6. IM - IC current - month contract spread is 401.4, up 26.6; IC - IH current - month contract spread is 3089.8, up 38.0. IM - IF current - month contract spread is 2300.0, up 55.2; IM - IH current - month contract spread is 3491.2, up 64.6 [2] - IF quarterly - current month is - 65.4, up 6.6; IF next - quarter - current month is - 97.8, up 11.6. IH quarterly - current month is - 35.2, up 2.0; IH next - quarter - current month is - 34, up 4.2. IC quarterly - current month is - 181.8, up 8.4; IC next - quarter - current month is - 306, up 11.6. IM quarterly - current month is - 255.2, up 4.2; IM next - quarter - current month is - 432.6, up 6.6 [2] 3.2 Futures Position - IF top 20 net position is - 28,228.00, up 443.0; IH top 20 net position is - 12,105.00, down 123.0. IC top 20 net position is - 7,964.00, down 1837.0; IM top 20 net position is - 29,143.00, up 174.0 [2] 3.3 Spot Price - CSI 300 is at 3885.25, up 11.3; IF main contract basis is - 17.4, up 1.1. SSE 50 is at 2686.83, down 2.0; IH main contract basis is - 10.2, up 5.0. CSI 500 is at 5805.65, up 43.6; IC main contract basis is - 39.3, down 2.6. CSI 1000 is at 6218.96, up 66.1; IM main contract basis is - 51.2, up 1.5 [2] 3.4 Market Sentiment - A - share trading volume (daily, billion yuan) is 13,126.55, up 1354.42; margin trading balance (previous trading day, billion yuan) is 18,085.96, down 30.84. North - bound trading volume (previous trading day, billion yuan) is 1249.86, down 171.83; reverse repurchase (maturity, operation volume, billion yuan) is 0.0, up 1738.0 [2] - Main funds (yesterday, today, billion yuan) are + 3.93, down 265.05. MLF data is not provided. The proportion of rising stocks (daily, %) is 76.13, up 28.09; Shibor (daily, %) is 1.378, down 0.033 [2] - IO at - the - money call option closing price (2506) is 23.00, up 1.60; IO at - the - money call option implied volatility (%) is 12.06, down 0.43. IO at - the - money put option closing price (2506) is 52.40, down 10.20; IO at - the - money put option implied volatility (%) is 11.92, down 0.05 [2] - CSI 300 index 20 - day volatility (%) is 9.24, up 0.02; trading volume PCR (%) (6.6) is 54.89, down 2.38; position PCR (%) (6.6) is 67.17, down 0.13 [2] 3.5 Wind Market Strength - Weakness Analysis - All A - shares score is 7.30, up 2.50; technical aspect score is 7.60, up 2.80; capital aspect score is 7.00, up 2.20 [2] 3.6 Industry News - In May, China's CPI decreased by 0.1% year - on - year (same as the previous value) and 0.2% month - on - month (previous value was a 0.1% increase). PPI decreased by 3.3% year - on - year (previous value was a 2.7% decrease) and 0.4% month - on - month (same as the previous value) [2] - In the first five months of 2025, China's total goods trade import and export value was 17.94 trillion yuan, a 2.5% year - on - year increase. Exports were 10.67 trillion yuan, a 7.2% year - on - year increase; imports were 7.27 trillion yuan, a 3.8% year - on - year decrease. In May, the total goods trade import and export value was 3.81 trillion yuan, a 2.7% year - on - year increase. Exports were 2.28 trillion yuan, a 6.3% year - on - year increase; imports were 1.53 trillion yuan, a 2.1% year - on - year decrease [2] - A - share major indices generally closed higher. The three major indices opened and rose in the morning and maintained high levels in the afternoon. The Shanghai Composite Index once reached 3400 points. Small and medium - cap stocks outperformed large - cap blue - chip stocks. The Shanghai Composite Index rose 0.43%, the Shenzhen Component Index rose 0.65%, and the ChiNext Index rose 1.07%. Trading volume in the Shanghai and Shenzhen stock markets increased. Most industry sectors rose, with the pharmaceutical and biological sector strengthening significantly, and only the food and beverage sector falling against the market [2] 3.7 Key Data to Watch - China's May financial data is to be determined on 6/11 at 20:30. US May CPI and core CPI will be released on 6/11 at 20:30. US May PPI, core PPI and the number of initial jobless claims for the week ending June 7 will be released on 6/12 at 20:30 [3]

| | | | | 2025年6月9日中证1000指数期货全合约持仓数据一览 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 名次 会员名称 成交量(双边) | | 增减 | 会员 | 持买单 | 增减 | 会员 | 持卖单 | 壇减 | | J | 中信期货 | 61,691 | 16.377 | 国泰君安 | 42.551 | 508 | 中信期货 57,200 | | 1,806 | | 2 | 国泰君安 | 52,959 | 9,493 | 中信期货 | 40,190 | 1,029 | 国泰君安 | 42,314 | 1,383 | | 3 | 海通期货 | 20,903 | 2.836 | 海通期货 | 15.255 | 1.958 | 海通期货 | 19,899 | 1.789 | | 4 | 东证期货 | 15,350 | 2,565 | 东证期货 | 12,699 | 271 | を泰期货 | 15.151 | -337 | | 5 | 中泰期货 | 11.841 | 3,239 | ...

文章来源:新浪期货 | | 名次 会员名称 成交量(双边) | | 增减 | 会员 | 持买单 | 增减 | 会员 | 持卖单 | 增减 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ਹ | 中信期货 | 72,057 | 24,618 | 中信期货 | 11,142 | 10 | 中信期货 | 15,115 | 2,187 | | 2 | 国泰君安 | 57,202 | 11,472 | 国泰君安 | 7,564 | -2,790 | 国泰君安 | 12,380 | 3,948 | | 3 | 东证期货 | 46,690 | 17,576 | 东证期货 | 5,586 | 544 | 东证期货 | 7,818 | 2,904 | | 4 | 花拳期货 | 35,494 | 11,894 | 光大期货 | 5,174 | 952 | 永安期货 | 6,997 | 1,786 | | 5 | 中泰期货 | 22,139 | 1,365 | 一德期货 | 5,130 | 1,380 | 华泰期货 | 4,563 | 2,421 ...

COMEX黄金期货收跌1.31%，报3331美元/盎司，本周累计上涨0.54%。COMEX白银期货收涨0.91%， 报33331美元/盎司，本周累计上涨9.24%。 ...

Group 1 - The China Securities Regulatory Commission (CSRC) has requested Nanhua Futures (603093.SH) to provide supplementary explanations regarding its overseas business operations and compliance status, as well as the regulatory procedures for using the raised funds to supplement the capital of its overseas subsidiaries [1][2] - Nanhua Futures has submitted its application to the Hong Kong Stock Exchange for a main board listing, with CITIC Securities acting as its sole sponsor [1] - According to a report by Frost & Sullivan, Nanhua Futures ranks 8th among all futures companies in China by total revenue in 2023, and it ranks 1st among all non-financial institution-related futures companies [2] Group 2 - The CSRC has asked for clarification on whether the company's and its subsidiaries' business scope involves areas covered by the "Negative List of Foreign Investment Access (2024 Edition)" and whether they comply with foreign investment access policies before and after the listing [2] - The company is focused on providing comprehensive and customized derivatives and risk management services to industrial clients, financial institutions, and individual investors, while also aiming to offer diversified wealth management services to both domestic and overseas investors [2] - Nanhua Futures ranks 1st among all futures companies in China in terms of overseas revenue for 2023 [2]

Report Industry Investment Rating - The report recommends a “Firm Hold” rating for the bond futures market [1] Core Viewpoint - The bullish sentiment in the bond futures market is strengthening, and it is recommended to hold positions firmly. The early release of the outright reverse repurchase by the central bank can effectively boost market expectations of monetary easing and confidence in monetary policy. The clear signal of liquidity support from the central bank can support the medium - term upward trend [1][3] Summary by Related Catalogs 1. Disk Review - Bond futures opened higher in the morning and remained strong throughout the day, closing up across the board. The long - end contracts showed more significant catch - up gains than the short - end ones. In the cash bond market, the long - end interest rates declined slightly during the session, but the decline widened around 3 p.m. possibly due to the fermentation of market sentiment [1] 2. Intraday News - On June 5, local time, a U.S. judge blocked Trump's ban on international students at Harvard University from entering the U.S. Harvard filed a lawsuit against the Trump administration's decision [2] 3. Market Judgment - The speculation about the China - U.S. phone call on Thursday evening has settled. The content of the call was far from the rumors. The market's reaction to China - U.S. negotiation news has been weak recently. More importantly, the central bank's early announcement of the outright reverse repurchase can boost market expectations of monetary easing. The central bank's support for liquidity through various means gives a clear signal of protecting liquidity. The trading idea of restarting bond purchases can be compared to the previous interest - rate cut trading. Although the net injection of the outright reverse repurchase and MLF reduces the possibility of restarting bond purchases in the short term, the expectation will be postponed rather than falsified, and the consistent easing expectation can support the medium - term upward trend [3] 4. Data Overview - **Contract Prices and Changes**: On June 6, 2025, compared with June 5, 2025, TS2509 rose 0.014 to 102.448, TF2509 rose 0.065 to 106.125, T2509 rose 0.165 to 108.9, and TL2509 rose 0.36 to 119.72 [4] - **Contract Positions and Changes**: TS contract positions increased by 104 to 121,727, TF contract positions increased by 958 to 169,870, T contract positions increased by 9,149 to 203,694, and TL contract positions increased by 3,512 to 117,782 [4] - **Basis and Changes**: TS basis (CTD) rose 0.0065 to - 0.0721, TF basis (CTD) rose 0.0151 to - 0.0084, T basis (CTD) rose 0.0442 to - 0.0138, and TL basis (CTD) rose 0.0726 to 0.6076 [4] - **Trading Volume and Changes**: TS main contract trading volume decreased by 14,127 to 34,876, TF main contract trading volume decreased by 24,020 to 49,178, T main contract trading volume decreased by 10,218 to 54,263, and TL main contract trading volume increased by 3,627 to 70,269 [4] - **Funding Rates and Changes**: DR001 decreased 0.0013 to 1.412, DR007 decreased 0.004 to 1.5509, and DR014 increased 0.0056 to 1.5892 [4] - **Funding Trading Volume and Changes**: DR001 trading volume increased by 2662.79 billion to 26201.6365 billion, DR007 trading volume decreased by 249.2774 billion to 854.1969 billion, and DR014 trading volume increased by 23.235 billion to 159.745 billion [4]

聚酯产业风险管理日报：乙烷风波再起，近端几无影响 2025/06/06 戴一帆（投资咨询证号：Z0015428） 周嘉伟（期货从业证号：F03133676） 投资咨询业务资格：证监许可【2011】1290号 聚酯价格区间预测 | | 价格区间预测（月度） | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | --- | | 乙二醇 | 4150-4650 | 18.68% | 42.7% | | PX | 6300-6900 | 25.89% | 81.1% | | PTA | 4400-4900 | 24.52% | 73.7% | | 瓶片 | 5700-6250 | 19.62% | 64.1% | source： 南华研究,同花顺 聚酯套保策略表 | 行为导 | 情景分析 | 现货敞 | 策略推荐 | 套保工具 买卖方 | | 套保比例 | 建议入场 | | --- | --- | --- | --- | --- | --- | --- | --- | | 向 | | 口 | | | 向 | （%） | 区间 | | 库存管 | 产成品库存偏高，担 ...

智通财经6月6日电，证监会核准中央汇金投资有限责任公司成为长城国瑞证券有限公司、东兴证券股份 有限公司、信达证券股份有限公司、东兴基金管理有限公司、信达澳亚基金管理有限公司、长城期货股 份有限公司、东兴期货有限责任公司、信达期货有限公司实际控制人。 ...

南华期货沥青风险管理日报 2025年6月6日 凌川惠（投资咨询证号：Z0019531） 投资咨询业务资格：证监许可【2011】1290号 沥青价格区间 | 品种 | 价格区间预测（月度） | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | --- | | 沥青主力合约 | 3400-3600 | 15.97% | 17.58% | source： wind,南华研究,同花顺 沥青风险管理策略建议 | 行为导向 | 情景分析 | 现货敞口 | 策略推荐 | 套保工具 买卖方向 套保比例（%） 建议入场区间 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 库存管理 | 产成品库存偏高，担心沥青价 | 多 | 为了防止存货叠加损失，可以根据企业的库存情况，做 | bu2509 | 卖出 | 25% | 3500-3600 | | | 格下跌 | | 空沥青期货来锁定利润，弥补企业的生产成本 | | | | | | 采购管理 | 采购常备库存偏低，希望根据 | 空 | 为了防止沥青价格上涨而 ...

8 新浪期货 根据交易所数据，截至6月06日收盘主力合约30年期国债期货2509,涨跌+0.35%,成交量7.03万手，持仓数据显示前20席位 呈现净空，差额头寸为4496手。 30年期国债期货期货全合约总计成交7.43万手，比上一日新增3509手。全合约前20席位多头持仓9.35万手，比上一日增加2048手。 全合约前20席位空头持仓10.11万手，比上一日增加3465手。 根据合并数据显示，多头前三席位为中信期货，总持仓22092、国泰君安，总持仓13410、东证期货，总持仓11796；空头前三席位 为东证期货，总持仓12911、中信期货，总持仓12309、银河期货，总持仓11153； 主力合约前20席位中，多头增仓前三名分别是：东证期货、持仓11096、增仓1300，中信期货、持仓19576、增仓718，国泰君安、 持仓10501、增仓462；多头减仓前三名分别是：宏源期货、持仓1565、减仓-529，平安期货、持仓4951、减仓-339，国金期货、 持仓2525、减仓-317； 主力合约前20席位中，空头增仓前三名分别是：国金期货、持仓4114、增仓1198，宝城期货、持仓4523、增仓852，申银万 ...