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黑色金属日报-20250723
Guo Tou Qi Huo· 2025-07-23 11:47
Report Industry Investment Ratings - **Steel (including rebar and hot-rolled coil)**: ★☆☆ for rebar, ★☆★ for hot-rolled coil [1] - **Iron Ore**: ☆☆☆ [1] - **Coke**: ★☆☆ [1] - **Coking Coal**: ★☆☆ [1] - **Silicon Manganese**: ★☆☆ [1] - **Silicon Iron**: ★☆☆ [1] Core Views - The overall situation of the black metal market is complex, with different trends in each sub - sector. The "anti - involution" concept dominates the market, and the market is affected by factors such as supply - demand, policies, and macro - level expectations. Attention should be paid to policy changes on both supply and demand sides [2][3] Summary by Related Catalogs Steel - Rebar: In the off - season, demand is weak, production continues to decline, and inventory accumulates slightly at a low level. Hot - rolled coil demand has resilience, production continues to fall, and inventory drops slightly. Iron - water production rises and remains high, and the market's negative feedback pressure is low under the low - inventory pattern. Domestic demand is weak, and exports are relatively high. The market is affected by "anti - involution" and shows volatile fluctuations. Attention should be paid to policy changes [2] Iron Ore - The supply side has increased global shipments compared to the previous period and is stronger than the same period last year. Domestic arrivals have declined from a high level, and port inventories are stable with no obvious short - term inventory accumulation pressure. The demand side has high iron - water production in the short term as steel mills have high profit ratios and low motivation for active production cuts. The market sentiment is improved by macro - level factors, but the current price is high, and there is a risk of increased price fluctuations [3] Coke - The price is volatile during the day. The second round of price increases for coking has been proposed, and coking profits are meager. Coking daily production has increased slightly after a continuous decline. Overall inventory has decreased slightly, and traders' purchasing willingness has increased. The supply of carbon elements is abundant, and the downstream iron - water level remains high in the off - season. The "anti - involution" has limited impact, and the futures price is at a premium, with a possible short - term upward trend [4] Coking Coal - The price hit the daily limit at the end of the day. Affected by policy documents, the futures price has risen significantly. The production of coking coal mines has slightly decreased, the spot auction market has improved, and the transaction price has continued to rise. The terminal inventory has increased, and the total inventory has decreased month - on - month. The production - end inventory has continued to decline significantly, and inventory reduction is likely to continue in the short term. The "anti - involution" impact is gradually emerging, and the futures price is at a premium, with a possible short - term upward trend [6] Silicon Manganese - The price has declined during the day. Due to previous continuous production cuts, the inventory level has decreased, and the weekly production recovery rate is slow. The spot manganese ore price has risen following the futures price. Affected by "anti - involution", the market has increased expectations for demand - side policies, and the price follows the rebar trend with a relatively small increase [7] Silicon Iron - The price has declined during the day. Iron - water production has risen above 242. Export demand remains at about 30,000 tons, with a small marginal impact. The production of magnesium metal has decreased slightly month - on - month, and the secondary demand has decreased marginally. Overall demand is acceptable. Supply has increased slightly, market transactions are average, and the on - balance - sheet inventory has declined. Affected by "anti - involution", the price follows the rebar trend but has relatively weak upward momentum [8]
长沙进出口1367.6亿元,占全省52.1%
Chang Sha Wan Bao· 2025-07-23 02:42
Core Insights - Hunan Province's total import and export value reached 262.48 billion yuan in the first half of 2025, with exports at 160.3 billion yuan and imports at 102.18 billion yuan, indicating a stable and improving trade environment despite global economic challenges [1] - In June 2025, Hunan's import and export value was 51.18 billion yuan, showing a year-on-year growth of 14.5%, with exports growing by 14.3% and imports by 14.9% [1] Export Structure and Performance - The export structure of Hunan has improved, with electromechanical products accounting for 55.9% of total exports at 89.61 billion yuan, and high-tech product exports increasing by 23.8% [2] - Exports of high-end equipment, including heavy machinery and aerospace products, grew by 31.2%, while green low-carbon products, represented by electric vehicles and lithium batteries, saw a remarkable growth of 68.8%, totaling 8.84 billion yuan [2] Traditional Products and Market Diversification - Traditional advantageous products such as engineering machinery, steel, and fireworks contributed significantly to export growth, with respective increases of 2.7%, 25.3%, and 26.5% [3] - Hunan's trade diversification strategy is evident, with imports and exports to ASEAN reaching 49.82 billion yuan (up 16.3%) and to Africa at 28.99 billion yuan (up 7.6%), maintaining its position as a leading trade partner in Central and Western China [3] Trade Events and Policy Support - The Fourth China-Africa Economic and Trade Expo significantly boosted trade, with June's exports to Africa surging by 68.2% [4] - Hunan's customs authority has implemented 28 policy measures to enhance trade facilitation, covering logistics, export inspections, and enterprise services [5] Logistics and Efficiency Improvements - The Central South Consolidation Center in Changsha has introduced a new model that saves 2 to 4 days in customs clearance for each China-Europe freight train, reducing logistics costs by over 400,000 yuan [6] - The number of rapid customs clearance shipments in Hunan reached 8,479, with the proportion of international freight trains increasing from 5% to 54% [7]
研究所晨会观点精萃-20250723
Dong Hai Qi Huo· 2025-07-23 00:57
Industry Investment Ratings No industry investment ratings are provided in the report. Core Views - Overseas, the US dollar index continues to decline, and global risk appetite has generally increased. Domestically, China's economic growth in the first half of the year was higher than expected, but consumption and investment slowed down significantly in June. Policy measures are expected to boost domestic risk appetite in the short term [2]. - Different asset classes have different short - term trends: stock indices are expected to be volatile and slightly stronger; government bonds are at a high level and volatile; commodities show different trends in different sectors [2]. Summary by Category Macro - finance - **General situation**: Overseas, the US dollar index and US bond yields are falling, and global risk appetite is rising. Domestically, economic growth is higher than expected in H1 but slows in June. Policy boosts domestic risk appetite [2]. - **Assets**: Stock indices are volatile and slightly stronger, and short - term cautious long positions are recommended. Government bonds are at a high level and volatile, and cautious observation is advised. For commodities, black metals are expected to rebound from low levels, non - ferrous metals are expected to rebound, energy and chemicals are volatile, and precious metals are at a high level and volatile, with cautious long positions recommended for relevant sectors [2]. Stock Indices - **Market performance**: Driven by sectors such as hydropower, engineering machinery, and civil explosives and cement, the domestic stock market continues to rise [3]. - **Fundamentals and policy**: Economic growth in H1 is higher than expected, but consumption and investment slow down in June. Policy boosts domestic risk appetite. The market focuses on domestic stimulus policies and trade negotiations. Short - term macro - upward drivers are strengthened. Follow - up attention should be paid to Sino - US trade negotiations and domestic policy implementation. Short - term cautious long positions are recommended [3]. Precious Metals - **Market trend**: On Tuesday, the precious metals market continued to rise. Uncertainty before the August 1st tariff deadline and other factors support the strength of precious metals. The Fed's interest - rate cut expectation has slowed down. The volatility of precious metals is expected to increase, and they are short - term strong. Gold's medium - and long - term upward support pattern remains unchanged, and its strategic allocation value is prominent [4]. Black Metals - **Steel**: Policy expectations are strengthened, and steel prices continue to rebound. The real demand is weak in the short term, and the demand for plates is stronger than that for building materials. Speculative demand has increased. The output of five major steel products has decreased, and cost support is strong. Short - term, it is recommended to view it with a volatile and slightly stronger mindset [5][6]. - **Iron Ore**: The price of iron ore rebounds. Under the policy expectation, the black metal sector rises, driving the iron ore price up. The steel demand is in the off - season, but steel mill profits are high. The iron ore supply and demand situation is complex, and the short - term price is expected to be volatile and slightly stronger [6]. - **Silicon Manganese/Silicon Iron**: The prices of silicon manganese and silicon iron rebound slightly. The demand for ferroalloys has decreased. The cost of silicon manganese production in southern factories is high, and the production profit is low. The cost of silicon iron has increased slightly, and the production rhythm is stable. Short - term, the prices may follow the coal price rebound [7]. - **Soda Ash**: The price of the soda ash main contract rises significantly. The supply is in an over - supply pattern, the demand is weak, and the profit has decreased. The "anti - involution" policy supports the bottom price, but the long - term price is suppressed by the supply - demand pattern. Short - term, the price is supported [8]. - **Glass**: The glass main contract price hits the daily limit. Supply pressure increases in the off - season, and there are expectations of production cuts. The terminal real estate demand is weak, and the profit has increased. The price is supported by the "anti - involution" policy [9]. Non - ferrous Metals and New Energy - **Copper**: The upcoming Ministry of Industry and Information Technology's growth - stabilizing plan boosts sentiment. The future copper price depends on the tariff implementation time, and there is uncertainty. Short - term, the plan is positive for copper prices [10]. - **Aluminum**: Fundamentally, it is weak in the near term. The Ministry of Industry and Information Technology's document boosts market sentiment, but the actual impact is limited, and the increase is expected to be limited [10]. - **Aluminum Alloy**: The supply of scrap aluminum is tight, and the cost has increased. The industry is in a loss state, and demand is weak in the off - season. Short - term, the price is expected to be volatile and slightly stronger, but the upside is limited [10]. - **Tin**: The supply is better than expected, and the mine supply tends to be loose. The terminal demand is weak, and the inventory has increased slightly. Short - term, the price is expected to be volatile, and the medium - term upside is restricted [11]. - **Lithium Carbonate**: The price of the lithium carbonate main contract rises significantly. The production has increased, and the inventory has continued to accumulate. Although the fundamentals have not improved, it is expected to be volatile and slightly stronger under the influence of the "anti - involution" policy [12]. - **Industrial Silicon**: The price of the industrial silicon main contract rises significantly and hits the daily limit. The "anti - involution" sentiment drives the re - pricing of the industry chain. It is expected to be volatile and slightly stronger [13]. - **Polysilicon**: The price of the polysilicon main contract rises significantly and hits the daily limit. The industry is expected to be volatile and slightly stronger, but the market should pay attention to the margin adjustment [13][14]. Energy and Chemicals - **Crude Oil**: As the US trade negotiation deadline approaches, the oil price has fallen for three consecutive days. The market is waiting for the EU - US trade negotiation results [15]. - **Asphalt**: The price of asphalt has corrected. The demand in the peak season is average, and the inventory shows signs of accumulation. It is expected to follow the crude oil price and be in a weak and volatile state [15]. - **PX**: PX follows the upstream raw materials and is in a range - bound state. The supply is tight, and the price is expected to be volatile and slightly stronger, but the upside is limited [15]. - **PTA**: The spot is weak, and the downstream demand is in the off - season. The price is driven by the "anti - involution" resonance but has limited upside. There is a risk of production cuts due to low processing fees [16]. - **Ethylene Glycol**: The price is supported at a certain level. The inventory has decreased slightly, but the downstream demand is weak. It is expected to be in a volatile pattern [16]. - **Short - Fiber**: The price of short - fiber is slightly lower, following the polyester sector. The terminal orders are average, and the inventory is high. It is expected to be in a weak and volatile pattern [16]. - **Methanol**: The price of methanol in Taicang has risen and then fallen slightly. The supply has increased, and the demand has decreased. The price is short - term strong under the influence of the "anti - involution" policy, but the upside is limited [17][18]. - **PP**: The PP price is slightly adjusted. The supply pressure is increasing, and the demand is weak in the off - season. The price is expected to be under pressure in the medium - and long - term, and the upside is limited [18]. - **PL**: The propylene futures are newly listed, and the price is affected by market sentiment. Fundamentally, the supply pressure is large, and the price increase driver is limited [18]. - **LLDPE**: The price of LLDPE is adjusted. The import arbitrage window is open, and the demand is weak in the off - season. The price may rebound in the short - term but has limited upside and is expected to decline in the medium - and long - term [19]. - **Urea**: The urea price has risen with the market sentiment. Fundamentally, the demand is weakening, and the supply is loose. The price is expected to rise in the short - term but be under pressure in the medium - and long - term [19]. Agricultural Products - **US Soybeans**: The price of US soybeans is under pressure due to weather conditions. After a short - term heatwave, there are expected to be showers, which may limit crop stress [20]. - **Soybean and Rapeseed Meal**: The soybean meal is expected to have a pattern of inventory accumulation and weak basis. The rapeseed meal consumption is far below expectations, and the inventory is slow to decline. The short - term market is expected to be in a high - level volatile pattern [21][22]. - **Soybean and Rapeseed Oil**: The soybean oil has high inventory pressure, and the terminal consumption is in the off - season. The rapeseed oil has high port inventory and slow circulation. The palm oil is the dominant factor in the market. The soybean - palm oil price difference may widen [22]. - **Palm Oil**: The inventory of palm oil has increased, and the futures price has risen. The short - term market is bullish, but the resistance to price increases has increased. The production of Malaysian palm oil has increased, and the export improvement is less than expected [22].
申银万国期货首席点评:商品多数上涨,重视政策决心
Shen Yin Wan Guo Qi Huo· 2025-07-22 03:37
Report Industry Investment Rating No relevant content provided. Core Views of the Report - Commodities mostly rose, and attention should be paid to the determination of policies. The yields of U.S. Treasury bonds declined, and the listing benchmark price of propylene futures was set at 6,350 yuan/ton. Coal futures showed significant gains [1]. - In the medium to long term, A - shares have high investment value. CSI 500 and CSI 1000 may bring higher returns due to policy support, while SSE 50 and SSE 300 have defensive value [2][12]. - The price of coking coal may continue to rise in the short term but is likely to peak after late August [3][25]. - Gold and silver are likely to continue their strong performance, but the risk of Trump's threat materializing needs to be watched [4][18]. Summary by Directory 1. Key News of the Day - **International News**: Fitch downgraded the outlook of 25% of U.S. industries in 2025 to "deteriorating" due to increased uncertainty, slow economic growth, and expected long - term high interest rates [5]. - **Domestic News**: China's July LPR remained unchanged for the second consecutive month, with the 1 - year variety at 3.0% and the over - 5 - year at 3.5%, which was in line with market expectations [6]. - **Industry News**: In June, China's total social electricity consumption was 867 billion kWh, a year - on - year increase of 5.4%. From January to June, the cumulative electricity consumption was 4,841.8 billion kWh, a year - on - year increase of 3.7% [7]. 2. Daily Returns of Overseas Markets - The S&P 500 rose 0.14%, the European STOXX 50 fell 0.33%, and the FTSE China A50 futures rose 0.26%. Gold and silver in London showed significant increases, while some agricultural products such as ICE 11 - sugar and CBOT soybeans declined [8]. 3. Morning Comments on Major Varieties Financial - **Stock Index**: The U.S. three major indexes mostly rose. The previous trading day's stock index also rose, with the building materials sector leading the gain and the banking sector leading the decline. The A - share market has high investment value in the medium to long term [2][12]. - **Treasury Bonds**: The long - end of Treasury bonds fell significantly. The central bank's open - market operations had a net withdrawal of funds. The short - term market risk appetite increased, and the price volatility of Treasury bond futures may increase [13]. Energy and Chemicals - **Crude Oil**: SC crude oil futures fell 1.2% at night. U.S. refined oil demand decreased year - on - year, and the OPEC predicted an improvement in the global economy in the second half of the year [14]. - **Methanol**: Methanol futures rose 0.79% at night. The domestic methanol plant operating rate decreased slightly, and the coastal inventory increased. Methanol is expected to be bullish in the short term [15]. - **Rubber**: Rubber prices rose. The supply side provided support, while the demand side was weak. The price is expected to rise slowly [16][17]. Metals - **Precious Metals**: Gold and silver strengthened again. The market's risk - aversion demand increased, and the weakening of the U.S. dollar and Treasury bond yields provided upward momentum [4][18]. - **Copper**: The copper price closed flat at night. The smelting output was under pressure, and the downstream demand was stable overall. The copper price may fluctuate within a range [19]. - **Zinc**: The zinc price closed lower at night. The concentrate processing fee increased, and the zinc price may fluctuate widely in the short term [20]. - **Lithium Carbonate**: The weekly output of lithium carbonate increased slightly. The demand was in the peak season, but the inventory also increased. The short - term price may be strong, but there is no basis for a medium - term reversal [21]. Black Metals - **Iron Ore**: The demand for iron ore was supported, and the global shipment decreased recently. The short - term macro - expectation was strong, and the iron ore price was expected to be strong [22][23]. - **Steel**: The supply pressure of steel gradually emerged, and the inventory continued to decline. The short - term steel price was expected to be strong [24]. - **Coking Coal and Coke**: The production of blast furnaces and coke improved, and the inventory of coking coal in steel mills and coking plants increased. The price may continue to rise in the short term but is likely to peak after late August [3][25]. Agricultural Products - **Soybean and Rapeseed Meal**: The U.S. and Indonesia reached a trade agreement, and the market's expectation of improved Sino - U.S. trade relations increased. The domestic supply was abundant, and the domestic soybean meal was expected to be strong in the short term [26]. - **Oils and Fats**: The oils and fats futures were weak at night. The MPOB report was neutral to bearish, but the demand for palm oil was strong. The overall oils and fats market was expected to fluctuate [27]. Shipping Index - **Container Shipping to Europe**: The EC contract weakened at the end of the session. The SCFIS European line index declined. The European line was in the seasonal peak season, and the freight rate was expected to rise in August. Attention should be paid to the announcement of shipping company freight rates in August [29].
《黑色》日报-20250721
Guang Fa Qi Huo· 2025-07-21 04:56
1. Report Industry Investment Rating - Not provided in the given content 2. Core Views Steel - The rise of ferrous metals since June was due to environmental inspections on coking coal leading to production cuts and a rebound in coking coal prices, along with resilient off - season demand for steel and low inventory levels. In July, the "anti - involution" trading improved market sentiment, and with marginal improvements in industry supply - demand and positive market sentiment, ferrous metals rose strongly. High - frequency data shows off - season demand resilience, high steel mill production, and raw material inventory de - stocking due to marginal supply decline. Later, a marginal increase in inventory would require coking coal production recovery or a decline in steel demand. Macroscopically, there is good sentiment for commodity buying under the expectation of supply - side contraction. The resistance levels for rebar and hot - rolled coils at around 3100 and 3270 yuan have been removed, and the next pressure levels are at 3250 and 3400 yuan [1] Iron Ore - Last week, the iron ore 09 contract rose strongly. Globally, the shipping volume decreased slightly, but arrivals at 45 ports increased slightly. Future arrivals are expected to decline slightly. On the demand side, after the lifting of production restrictions in Tangshan on July 15, iron - making water production rebounded significantly, and steel exports remained strong, providing support. Port inventory increased slightly, while steel mill equity ore inventory decreased rapidly. In the future, iron - making water production in July will remain high, and steel mill profits will support raw materials. With the expected introduction of a growth - stabilizing plan for ten key industries and positive sentiment from the "anti - involution" meeting, iron ore is expected to fluctuate strongly in the short term. The strategy is to go long on the iron ore 2509 contract on dips and conduct a 9 - 1 positive spread arbitrage [4] Coke - Last week, coke futures fluctuated upwards, and the first round of spot price increases was implemented. After the fourth round of price cuts on June 23, the market expected an improvement, and mainstream coking enterprises initiated the first round of price increases, which were accepted by mainstream steel mills on the 17th. There is still an expectation of further price increases this week. On the supply side, some coal mines and coking plants resumed production after the inspection team left, but production was difficult to increase due to losses. On the demand side, iron - making water production increased after the end of environmental restrictions in Tangshan. In terms of inventory, coking plant and port inventories decreased, while steel mill inventories increased. Due to low prices, cost - push and steel mill restocking demand are favorable for future coke price increases. The strategy is to conduct hedging operations as the futures price is at a premium to the spot price, go long on the 09 contract on dips, and conduct a 9 - 1 positive spread arbitrage [6] Coking Coal - Last week, coking coal futures fluctuated upwards, and the spot market generally rebounded. Domestic coking coal auctions improved, and most coal mines saw better sales. Although coal mines resumed production after the inspection team left, overall production recovery was slow due to strong sales. Imported coking coal prices rebounded slightly, and port transactions improved. On the demand side, coking plant operations increased slightly, and iron - making water production rebounded rapidly after the lifting of restrictions in Tangshan. Steel mills and coking plants increased their restocking efforts. In terms of inventory, coal mine inventory decreased from a high level, port inventory increased, and downstream inventory increased from a low level. The strategy is to conduct hedging operations, go long on the 09 contract on dips, and conduct a 9 - 1 positive spread arbitrage [6] 3. Summary by Relevant Catalogs Steel Prices and Spreads - Rebar and hot - rolled coil spot and futures prices in different regions showed varying degrees of increase. For example, rebar spot in East China rose from 3200 to 3220 yuan/ton, and hot - rolled coil spot in East China rose from 3290 to 3320 yuan/ton [1] Cost and Profit - Steel billet prices increased by 10 yuan/ton to 2960 yuan/ton, while plate billet prices remained unchanged at 3730 yuan/ton. Profits for hot - rolled coils and rebar in different regions showed declines, such as a 41 - yuan decline in East China rebar profit [1] Production and Inventory - Daily average iron - making water production increased by 2.6 to 242.6, a 1.1% increase. The production of five major steel products decreased by 4.5 to 868.2, a 0.5% decrease. The inventory of five major steel products decreased by 1.9 to 1337.7, a 0.1% decrease [1] Demand - The apparent demand for rebar decreased by 15.3 to 206.2, a 6.9% decrease, while the apparent demand for hot - rolled coils increased by 1.3 to 323.8, a 0.4% increase [1] Iron Ore Prices and Spreads - The warehouse receipt costs of various iron ore powders increased, and the 09 - contract basis of different iron ore powders also showed significant increases. For example, the 09 - contract basis of PB powder increased from 25.2 to 34.5, a 36.9% increase [4] Supply and Demand - The weekly arrival volume at 45 ports increased by 178.2 to 2662.1, a 7.2% increase, while the global shipping volume decreased by 7.8 to 2987.1, a 0.3% decrease. The daily average iron - making water production of 247 steel mills increased by 2.6 to 242.4, a 1.1% increase [4] Inventory - The 45 - port inventory increased by 62.1 to 13785.21, a 0.5% increase, while the imported ore inventory of 247 steel mills decreased by 157.5 to 8822.2, a 1.8% decrease [4] Coke Prices and Spreads - Coke futures prices showed slight fluctuations, with the 09 contract at 1518 yuan/ton, a 0.14% decrease, and the 01 contract at 1559 yuan/ton, a 0.3% increase. The first round of spot price increases of 50/55 yuan/ton was implemented [6] Production and Inventory - The daily average production of all - sample coking plants increased by 0.1 to 64.2, a 0.2% increase, while the daily average production of 247 steel mills decreased by 0.1 to 47.1, a 0.2% decrease. The total coke inventory decreased by 5.3 to 925.7, a 0.64% decrease [6] Supply and Demand Gap - The coke supply - demand gap decreased by 1.2 to - 6.1, a 20.4% decrease [6] Coking Coal Prices and Spreads - Coking coal futures prices increased, with the 09 contract rising by 8 to 926, a 0.8% increase, and the 01 contract rising by 8 to 976, a 0.84% increase. Spot prices generally increased [6] Production and Inventory - The raw coal production of sample coal mines decreased by 1.6 to 866.6, a 0.2% decrease, and the clean coal production decreased by 1.1 to 442.4, a 0.2% decrease. The inventory of clean coal in Fenwei coal mines decreased by 18.3 to 158.1, a 10.3% decrease [6]
临沂商城周价格总指数为102.49点,环比下跌0.04点(7月10日—7月16日)
Zhong Guo Fa Zhan Wang· 2025-07-18 04:20
Core Viewpoint - The overall price index in Linyi Mall has decreased slightly, indicating a mixed trend in various product categories with some experiencing price increases while others face declines [1] Group 1: Price Index Overview - The total weekly price index for Linyi Mall is 102.49 points, down 0.04 points or 0.04% from the previous week [1] - Among 14 categories, 3 categories saw price increases, 4 remained stable, and 7 experienced price declines [1] Group 2: Price Increases - Steel category index rose to 96.57 points, up 0.06 points; medium materials, pipes, and boards increased, while construction steel decreased [1] - Home appliances and audio-visual equipment index reached 103.17 points, up 0.01 points; kitchen appliances saw increased demand due to summer activities [2] - Lighting category index increased to 104.31 points, up 0.01 points; demand for ceiling lights and related accessories has risen [3] Group 3: Price Decreases - Building decoration materials index fell to 105.37 points, down 0.36 points; prices decreased due to lower raw material costs and seasonal demand [4] - Board category index decreased to 96.93 points, down 0.16 points; demand weakened due to high temperatures affecting construction [5] - Furniture category index dropped to 88.98 points, down 0.05 points; sales primarily driven by essential purchases, leading to slight price reductions [6]
格林大华期货钢材早盘提示-20250718
Ge Lin Qi Huo· 2025-07-18 01:59
Group 1: Report Industry Investment Rating - The investment rating for the steel in the black building materials sector is "volatile" [1] Group 2: Core View of the Report - On Thursday, rebar and hot-rolled coils rose and continued to surge in the night session. From January to June, the output of industrial raw coal above designated size was 2.4 billion tons, a year-on-year increase of 5.4%. In June 2025, China's air-conditioner output was 28.383 million units, a year-on-year increase of 3.0%. The cumulative output from January to June was 163.296 million units, a year-on-year increase of 5.5%. In June, the national refrigerator output was 9.047 million units, a year-on-year increase of 4.8%; the cumulative output from January to June was 50.642 million units, remaining flat year-on-year. In June, the national washing machine output was 9.508 million units, a year-on-year increase of 16.5%; the cumulative output from January to June was 58.604 million units, a year-on-year increase of 10.3%. In June, the national color TV output was 16.252 million units, a year-on-year decrease of 11.1%; the cumulative output from January to June was 91.871 million units, a year-on-year decrease of 5.5%. The Party group of the Ministry of Housing and Urban - Rural Development emphasized the importance of urban renewal, constructing a new real - estate development model, and promoting the renovation of urban villages and dilapidated houses. This week, the supply of five major steel products was 868,190 tons, a week - on - week decrease of 4,530 tons or 0.5%; the total inventory was 1.33766 million tons, a week - on - week decrease of 1,920 tons or 0.1%; the apparent consumption was 870,110 tons, a month - on - month decrease of 0.3%. This week, rebar output and apparent demand decreased while inventory increased; hot - rolled coil output and inventory decreased while apparent demand increased. The pressure level for rebar is 3,200, and the important support level is 3,000. The support level for hot - rolled coils is 3,130, and the pressure level is 3,400. It is difficult for rebar to break through 3,200 in the short term [1] Group 3: Summary by Relevant Catalog Market Review - On Thursday, rebar and hot - rolled coils rose and continued to surge in the night session [1] Important Information - From January to June, the output of industrial raw coal above designated size was 2.4 billion tons, a year - on - year increase of 5.4% [1] - In June 2025, China's air - conditioner output was 28.383 million units, a year - on - year increase of 3.0%; the cumulative output from January to June was 163.296 million units, a year - on - year increase of 5.5% [1] - In June, the national refrigerator output was 9.047 million units, a year - on - year increase of 4.8%; the cumulative output from January to June was 50.642 million units, remaining flat year - on - year [1] - In June, the national washing machine output was 9.508 million units, a year - on - year increase of 16.5%; the cumulative output from January to June was 58.604 million units, a year - on - year increase of 10.3% [1] - In June, the national color TV output was 16.252 million units, a year - on - year decrease of 11.1%; the cumulative output from January to June was 91.871 million units, a year - on - year decrease of 5.5% [1] - The Party group of the Ministry of Housing and Urban - Rural Development emphasized the importance of urban renewal, constructing a new real - estate development model, and promoting the renovation of urban villages and dilapidated houses [1] Market Data - This week, the supply of five major steel products was 868,190 tons, a week - on - week decrease of 4,530 tons or 0.5% [1] - The total inventory was 1.33766 million tons, a week - on - week decrease of 1,920 tons or 0.1% [1] - The apparent consumption was 870,110 tons, a month - on - month decrease of 0.3% [1] Market Logic - This week, rebar output and apparent demand decreased while inventory increased; hot - rolled coil output and inventory decreased while apparent demand increased [1] - The pressure level for rebar is 3,200, and the important support level is 3,000. The support level for hot - rolled coils is 3,130, and the pressure level is 3,400 [1] Trading Strategy - It is difficult for rebar to break through 3,200 in the short term [1]
地产发展新模式,重视城市工作会议:申万期货早间评论-20250718
申银万国期货研究· 2025-07-18 00:32
Group 1 - The article emphasizes the importance of urban work meetings and the need for a new model of real estate development, focusing on urban renewal and community building [1] - The U.S. retail sales have rebounded across various sectors, alleviating some concerns about consumer spending, with 10 out of 13 retail categories showing growth, primarily driven by a recovery in auto sales [1] - The Chinese Ministry of Housing and Urban-Rural Development has highlighted the need for comprehensive implementation of various livelihood projects and safety engineering [1] Group 2 - In the steel market, the profitability of steel mills remains stable, with a gradual decline in iron water production, while steel inventory continues to decrease [2][21] - The overall steel market is not facing significant supply-demand imbalances, and short-term exports are expected to remain resilient despite tariff impacts [2][21] - The macroeconomic outlook is strong, contributing to price increases in black commodities, including steel [2][21] Group 3 - The U.S. stock market indices have risen, with the defense and military sector leading gains, while the banking sector has lagged [3][8] - The financing balance has increased, indicating a growing interest in long-term investments in the capital market, which may reduce stock market volatility [3][8] - A-shares are considered to have high investment value, particularly the CSI 500 and CSI 1000 indices, which are supported by technology innovation policies [3][8] Group 4 - The European shipping index has shown fluctuations, with the EC contract closing at 1581.3 points, down 4.28% [4][25] - Despite a general decline in shipping rates, the European line has not followed the U.S. line's downward trend, indicating a potential recovery in market expectations [4][25] - The focus is on the upcoming August shipping rates, with limited information currently available from shipping companies [4][25] Group 5 - The State-owned Assets Supervision and Administration Commission reported that central enterprises achieved a total added value of 5.2 trillion yuan in the first half of the year [6] - The emphasis is on transitioning from labor-intensive growth to innovation-driven growth for high-quality development [6] - The National Intellectual Property Administration has reported an increase in the industrialization rate of invention patents from 44.9% in 2020 to 53.3% in 2024 [7]
商务预报:7月7日至13日食用农产品价格略有上涨 生产资料价格略有下降
Shang Wu Bu Wang Zhan· 2025-07-17 07:36
Agricultural Products Market - The national market price of edible agricultural products increased by 0.1% from the previous week [1] - The average wholesale price of 30 types of vegetables was 4.12 yuan per kilogram, rising by 0.7%, with tomatoes, lettuce, and loofah increasing by 10.7%, 5.6%, and 5.3% respectively [1] - Wholesale prices of aquatic products slightly increased, with silver carp, common carp, and crucian carp rising by 0.9%, 0.7%, and 0.7% respectively [1] - The wholesale price of pork was 20.84 yuan per kilogram, up by 0.8%, while beef also rose by 0.8%, and lamb decreased by 0.3% [1] - Grain and oil wholesale prices remained stable with slight declines in rapeseed oil, soybean oil, and rice by 0.4%, 0.2%, and 0.2% respectively [1] - Poultry product wholesale prices saw slight declines, with eggs and white-feathered chickens decreasing by 1.5% and 0.4% respectively [1] - The average wholesale price of six types of fruits slightly decreased, with bananas, grapes, and citrus fruits falling by 2.8%, 2.0%, and 0.8% respectively [1] Production Materials Market - Prices of non-ferrous metals slightly decreased, with copper, aluminum, and zinc falling by 2.1%, 0.1%, and 0.1% respectively [2] - Wholesale prices of refined oil slightly declined, with 0 diesel, 92 gasoline, and 95 gasoline decreasing by 0.3%, 0.1%, and 0.1% respectively [2] - Basic chemical raw material prices showed slight fluctuations, with soda ash, methanol, and polypropylene decreasing by 0.9%, 0.7%, and 0.4%, while sulfur increased by 0.2% [2] - Fertilizer prices remained stable, with urea unchanged from the previous week and compound fertilizer decreasing by 0.1% [2] - Rubber prices experienced slight fluctuations, with natural rubber increasing by 0.5% and synthetic rubber decreasing by 0.3% [2] - Coal prices generally increased, with coking coal and thermal coal priced at 930 yuan and 753 yuan per ton, rising by 0.3% and 0.1% respectively, while second-grade smokeless block coal decreased by 0.1% at 1130 yuan per ton [2] - Steel prices slightly increased, with high-speed wire, hot-rolled strip steel, and rebar priced at 3569 yuan, 3519 yuan, and 3382 yuan per ton, rising by 0.2%, 0.1%, and 0.1% respectively [2]
首席点评:经济半年度“成绩单”公布,新旧动能分化
Shen Yin Wan Guo Qi Huo· 2025-07-16 09:33
Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - China's economic semi - annual "report card" shows that the H1 GDP reached 66.05 trillion yuan, with a year - on - year growth of 5.3%. The fixed - asset investment grew by 2.8%, while real estate development investment decreased by 11.2%. In June, the industrial added value of large - scale industries increased by 6.8% year - on - year, and the total retail sales of consumer goods increased by 4.8% [1]. - For A - shares, from a long - term perspective, the investment value is relatively high. CSI 500 and CSI 1000 may bring higher returns due to more science and innovation policy support, while SSE 50 and SSE 300 have more defensive value in the current macro - environment [2][11]. - The central bank will maintain a supportive monetary policy, which supports the price of treasury bond futures. However, the "anti - involution" policy drives up the prices of some commodities, and the price volatility of treasury bond futures may increase in the short term [3][12]. - The lithium carbonate market is in a state of short - term price rebound but may still fluctuate due to hedging pressure and no signs of production cuts at the mine end [4][5][20]. 3. Summary by Relevant Catalogs a. International News - On July 15, data from the US Department of Labor showed that the US unadjusted CPI in June increased by 2.7% year - on - year, the highest since February. The seasonally adjusted CPI increased by 0.3% month - on - month [6]. b. Domestic News - The Central Urban Work Conference was held in Beijing from July 14 - 15, emphasizing achievements in urban development since the 18th National Congress of the CPC [7]. c. Industry News - On July 15, data from the National Bureau of Statistics showed that in June, the total retail sales of consumer goods were 422.87 billion yuan, a year - on - year increase of 4.8%. From January to June, the total retail sales of consumer goods were 24.5458 trillion yuan, a year - on - year increase of 5.0% [8]. d. Key Varieties Analysis - **Equity Index**: The US three major indexes mainly declined. The previous trading day's equity index fluctuated and declined. The communication sector led the rise, and the coal sector led the fall. The market turnover was 1.64 trillion yuan. The proportion of medium - and long - term funds in the capital market is expected to gradually increase [2][11]. - **Treasury Bonds**: Treasury bonds generally rose, and the yield of the 10 - year active treasury bond fell to 1.6575%. The central bank's net investment in the open - market operation was 173.5 billion yuan [3][12]. - **Carbonate Lithium**: The weekly production of carbonate lithium decreased by 644 tons to 18,123 tons. The demand is expected to increase, while the inventory increased by 1,510 tons to 138,347 tons [4][20]. e. Morning Comments on Major Varieties - **Financial**: - **Equity Index**: The investment value of A - shares is high in the long - term. The banking sector with high interest and low volatility has performed well since 2025 [2][11]. - **Treasury Bonds**: The external environment is more complex, and the central bank will maintain a supportive monetary policy, but the price volatility of treasury bond futures may increase in the short term [3][12]. - **Energy and Chemicals**: - **Polyolefins**: Polyolefins declined. The consumption is in a relative off - season, and the cost support has weakened [13]. - **Glass and Soda Ash**: Glass futures declined. The supply is shrinking, and the market expects better results. Soda ash futures also declined, and the inventory is under pressure [14]. - **Rubber**: The supply of new rubber in domestic production areas is affected by rainfall, but the overall supply pressure is increasing, and the upward space is limited [16]. - **Metals**: - **Precious Metals**: After the release of inflation data, gold and silver weakened. The short - term expectation of interest rate cuts has cooled, but the long - term driving force for gold still exists [17]. - **Copper**: The copper price may fluctuate within a range due to the low processing fee of concentrates and stable downstream demand [18]. - **Zinc**: The zinc price may fluctuate widely. The supply of concentrates is expected to improve, and downstream demand is mixed [19]. - **Black Metals**: - **Iron Ore**: The short - term macro - expectation is strong, and the iron ore price is expected to be strong with fluctuations [22]. - **Steel**: The supply and demand contradiction in the steel market is not significant, and the steel price is expected to be strong with fluctuations in the short term [23]. - **Coking Coal and Coke**: The supply pressure still exists, and the market focuses on the "anti - involution" policy expectation [24]. - **Agricultural Products**: - **Soybean and Rapeseed Meal**: The July USDA report is neutral to bearish, but the demand for US soybeans in biodiesel may support the price, and the domestic market is expected to fluctuate [25]. - **Oils and Fats**: The MPOB report is neutral to bearish, but the strong demand in India may support the palm oil price, and the overall market is expected to fluctuate [26][27]. - **Shipping Index**: - **Container Shipping to Europe**: The EC index rose strongly. The market is still speculating on the freight rate space in August, and the focus is on the 10 - contract [28].