1. Report Industry Investment Rating No relevant information provided in the content. 2. Core Views of the Report - The overall market is affected by various factors such as international political situations, central bank policies, and seasonal demand changes. Different sectors show different trends and risks. For example, the stock index is under回调 pressure due to international uncertainties, while the bond market may be affected by central bank operations and cross - quarter factors. Precious metals face "滞涨" due to the difficult loosening of the Fed's monetary policy, and various commodity futures have their own supply - demand and price characteristics [2][8][13]. 3. Summary by Directory Financial Derivatives Financial Futures - **Stock Index Futures**: The A - share market declined across the board on Thursday, with all major indexes down. The four major stock index futures contracts also fell. The market is affected by international news such as the situation in the Middle East and the Fed's interest rate decision. It is recommended to wait and see and observe the basis state of the futures contracts [2][3][6]. - **Treasury Bond Futures**: The treasury bond futures closed with mixed results. The money market showed a slight convergence, and the Fed's interest rate decision had an impact on the market. It is recommended to allocate long positions on dips, pay attention to the TS2509 contract positive arbitrage strategy, and consider the curve steepening strategy when the conditions are right [7][8]. Precious Metals - The precious metals market showed "滞涨" due to the Fed's difficult - to - loosen monetary policy. Gold may have a callback risk in the short term, while silver may have an upward space if inflation expectations rise. It is recommended to hold short - call options on gold and pay attention to the impact of the Middle East situation on silver [12][13]. Container Shipping Index - The container shipping index (European line) EC main contract continued to fluctuate. The weak price increase of some airlines in July affected the bullish sentiment on the disk. It is expected that the 08 contract will remain in a volatile market in the short term, with the main operation range of 1900 - 2200 [15][16]. Commodity Futures Non - Ferrous Metals - **Copper**: The copper market had weak driving forces and narrow - range fluctuations. The macro - economic outlook was weak, but the supply - side raw materials were tight, and the inventory was low. It is expected that the price will fluctuate in the short term, with the main reference range of 77000 - 80000 [16][17][20]. - **Zinc**: The zinc price was in a weak and volatile state. The inventory increased, and the downstream consumption entered the off - season. It is recommended to pay attention to the support at 21000 - 21500, and the short - term view is weak and volatile [20][22][23]. - **Tin**: The tin price was in a high - level shock under strong reality. The supply of tin ore was tight, but the demand was expected to be weak. It is recommended to short at high levels around 260000 - 265000 based on inventory and import data inflection points [24][26]. - **Nickel**: The nickel market had a slight rebound, but the fundamentals changed little. The industry was over - supplied, and consumption was sluggish. It is expected to fluctuate weakly in the short term, with the main reference range of 118000 - 124000 [27][29]. - **Stainless Steel**: The stainless steel market had a small increase at a low level, but the fundamentals remained weak. The supply was high, and the demand was weak. It is expected to operate weakly, with the main reference range of 12400 - 13000 [30][32][33]. - **Lithium Carbonate**: The lithium carbonate market continued to fluctuate narrowly, and the fundamentals still had pressure. The supply was sufficient, and the demand was difficult to boost in the off - season. It is expected to operate weakly in the short term, with the main reference range of 56000 - 62000 [33][36]. Black Metals - **Steel**: The steel price was in a weak and volatile state. The basis was weak, and the demand was in the off - season. It is recommended to short on rebounds or sell out - of - the - money call options, with hot - rolled coils and rebar respectively paying attention to the pressure at 3150 and 3050 yuan [38][39]. - **Iron Ore**: The iron ore market had a narrow - range shock. The supply pressure was expected to increase in the off - season, and the iron water output was expected to decline. The 09 contract is considered bearish in the medium - long term, with the price range of 720 - 670 [40][42]. - **Coking Coal**: The coking coal market had a weak and stable operation. The supply decreased slightly, and the demand had some resilience. It is recommended to short the 2509 contract on rebounds around 800 - 850 and consider the long - coking coal and short - coke strategy [42][45]. - **Coke**: The coke market had a third - round price cut, and there was an expectation of a fourth - round cut. The supply decreased marginally, and the demand was slightly recovered. It is recommended to short the 2509 contract on rebounds around 1380 - 1430 and consider the long - coking coal and short - coke strategy [47][48]. - **Silicon Iron**: The silicon iron market had a slight rebound, but the supply - demand pattern was loose. The cost was expected to decline, and it is recommended to short on rebounds [49][51]. - **Manganese Silicon**: The manganese silicon market had a bottom - range shock. The supply pressure remained, and the cost was difficult to stabilize. It is recommended to short on rebounds [52][55]. Agricultural Products - **Meal**: The soybean meal market was oscillating strongly. The US soybean was supported by the rise of US soybean oil, and the domestic soybean meal was supported by the cost of US soybean. It is expected to continue to oscillate strongly in the short term, but be cautious about chasing high [56][58]. - **Live Pigs**: The live pig price was slightly oscillating. The demand was weak due to hot weather, and the supply - demand improvement was not good. The market had no basis for a sharp decline, but the upward drive was also weak [59][60]. - **Corn**: The corn price was in a high - level shock. The supply was tight in the short term, and the price was strong, but the upward momentum weakened after the price increase. In the long term, the supply - demand gap supported the price increase. It is necessary to pay attention to the wheat market and policy releases [61][62].

2025 年 6 月 19 日星期四 重庆市江北区金沙门路 32 号 23 层； 023-67070250 上海市浦东新区世纪大道 210 号 10 楼 1001； 021-50591197 地址： 电话： 1 市场有风险 投资需谨慎 | | | | 铜： | | 17 | | --- | --- | --- | | 锡： | | 17 | | 镍： | | 18 | | 豆油、豆粕： | | 18 | | 棕榈油： | | 19 | | 菜粕、菜油： | | 20 | | 棉花： | | 20 | | 白糖： | | 21 | | 苹果： | | 22 | | 生猪： | | 23 | | 鸡蛋： | | 23 | | 玉米&淀粉： | | 24 | | 原木： | | 25 | | 免责声明 | | 26 | 国债： 上一交易日，国债期货收盘表现分化，30 年期主力合约涨 0.09%报 120.900 元， 10 年期主力合约跌 0.01%报 109.140 元，5 年期主力合约跌 0.01%报 106.280 元，2 年 期主力合约涨 0.01%报 102.544 元。 公开市场方面，央行公开市场开展 ...

Group 1: Reported Industries and Investment Ratings - There is no investment rating provided in the report. Group 2: Core Views - The A-share market is stabilizing amidst fluctuations, with potential for more international capital inflow into domestic risk assets. The short - term market is expected to be range - bound [2][3][6]. - The bond market sentiment is relatively strong. Attention should be paid to the central bank's bond purchase situation at the end of the month, and appropriate long positions can be considered for treasury bond futures [7][9]. - Gold has a long - term upward trend, but short - term upward momentum is limited. Silver prices are supported but face short - term adjustment pressure [10][12][13]. - The container shipping index (European line) is expected to continue to fluctuate, with the 08 contract in a narrow range [14][15]. - Copper prices are expected to fluctuate in the short term due to the combination of "strong reality and weak expectation". Zinc prices may be range - bound in the medium - term, and short - term outlook is weak. Tin prices are expected to be strongly volatile in the short term, and short - selling opportunities can be considered based on supply - side changes. Nickel prices are expected to be in a weak range - bound adjustment. Stainless steel prices are expected to be weak. Lithium carbonate prices are expected to be in a weak range [20][24][27][30][35]. - Steel prices are in a weak range - bound state, and iron ore prices are expected to be under pressure in the medium - term. Coking coal and coke prices are expected to be volatile, and short - selling opportunities can be considered after rebounds. Silicon iron and manganese silicon prices are expected to be in a bottom - range oscillation [37][41][44][47][49][53]. - Meal prices are expected to be oscillating strongly, but there is pressure on the upside. Pig prices are expected to be in a small - range oscillation. Corn prices are expected to be in a high - level oscillation [54][56][57][58][59]. Group 3: Summary by Catalog Financial Derivatives - Financial Futures Stock Index Futures - Market situation: The main indices opened lower on Wednesday, with some turning positive in the afternoon. The Shanghai Composite Index rose 0.04%, and the four major stock index futures contracts all rose. The basis discount of the main contracts is converging [2][3]. - News: The Lujiazui Forum announced eight major financial opening - up measures, and the China - Hong Kong signed a cooperation plan. Overseas, the Bank of Japan maintained the benchmark interest rate and adjusted the bond - buying reduction speed [3][4]. - Capital: On June 18, the A - share trading volume decreased slightly, with a net capital withdrawal of 770 million yuan from the central bank's open - market operations [5]. - Operation suggestion: The index has stable support below but faces resistance above. Short - term trading volume is not expanding, and it is recommended to sell put options with an exercise price of 5800 in July to earn premiums [6]. Treasury Bond Futures - Market performance: Treasury bond futures closed with mixed performance. The 30 - year and 2 - year contracts rose, while the 10 - year and 5 - year contracts fell [7]. - Capital: The central bank's open - market operations had a net withdrawal of 770 million yuan. The money market is stable, with the overnight repo rate slightly down and the seven - day repo rate slightly up [8]. - News: The central bank governor announced eight financial policies at the Lujiazui Forum [9]. - Operation suggestion: The market sentiment is relatively strong. Pay attention to the central bank's bond - buying situation at the end of the month. Long positions can be considered for treasury bond futures on dips, and positive - arbitrage strategies for TS2509 can be considered [9]. Financial Derivatives - Precious Metals - Market situation: The Fed maintained the interest rate, and the market's reaction was small. The dollar index rose slightly, and gold and silver prices fell [10][12]. - News: Geopolitical tensions in the Middle East continue, and the Fed's attitude is hawkish, with internal differences [10][11]. - Capital: Gold and silver ETF holdings increased [13]. - Outlook: Gold has a long - term upward trend, but short - term upward momentum is limited. Silver prices are supported but face short - term adjustment pressure [12][13]. Financial Derivatives - Container Shipping Index (European Line) - Spot price: As of June 17, the spot prices of major shipping companies are provided [14]. - Index: As of June 16, the SCFIS European line index rose 4.61%, and the US - West line index rose 27.18%. As of June 13, the SCFI composite index fell 6.79% [14]. - Fundamentals: As of June 16, the global container shipping capacity increased by 8.3% year - on - year. The demand in the eurozone and the US is provided by PMI data [14]. - Logic: The futures market is oscillating. The July quotes may affect the 08 contract [15]. - Operation suggestion: The 08 contract is expected to oscillate in the range of 1900 - 2200 [15]. Commodity Futures - Non - Ferrous Metals Copper - Spot: As of June 18, the average price of electrolytic copper rose slightly, and the premium declined [16]. - Macro: The COMEX - LME premium is oscillating, and the impact of the Iran - Israel conflict on copper prices is limited [17]. - Supply: The supply of copper concentrates is tight, and the production of electrolytic copper in May increased, with a slight decline expected in June [18]. - Demand: The processing industry's operating rate is mixed, and the short - term demand has resilience but may face pressure in Q3 [19]. - Inventory: COMEX inventory is increasing, and domestic inventory is slightly decreasing [19]. - Logic: The combination of "strong reality and weak expectation" leads to copper price oscillation. The "rush - to - export" demand may lead to demand pressure in Q3 [20]. - Operation suggestion: The main contract is expected to oscillate in the range of 77,000 - 80,000 [20]. Zinc - Spot: On June 18, the average price of zinc ingots rose, and the premium declined [20]. - Supply: The supply of zinc concentrates is increasing, and the production of refined zinc in May decreased slightly, with an increase expected in June [21][22]. - Demand: The downstream operating rate has rebounded, but the consumption is entering the off - season, and the purchasing manager index has declined [23]. - Inventory: Domestic and LME inventories are decreasing [23]. - Logic: Zinc prices may be range - bound in the medium - term, and short - term outlook is weak. Pay attention to TC growth and downstream demand changes [24]. - Operation suggestion: The main contract is expected to be supported at 21,000 - 21,500 [24]. Tin - Spot: On June 18, the price of tin rose slightly, and the market trading was light [24]. - Supply: The import of tin ore and tin ingots in April changed, and the supply is currently tight [25]. - Demand and inventory: The solder operating rate in April increased, and the inventory situation is provided [25]. - Logic: The supply recovery is slow, and short - term prices are expected to be strongly volatile. Short - selling opportunities can be considered based on supply - side changes [26]. - Operation suggestion: Pay attention to the supply - side recovery and consider short - selling based on inventory and import data [26][27]. Nickel - Spot: As of June 18, the price of electrolytic nickel was stable, and the import premium rose [27]. - Supply: The production of refined nickel is at a high level, with a slight decline expected in June [27]. - Demand: The demand from electroplating and alloy industries is stable, while the demand from stainless steel and nickel sulfate is weak [27]. - Inventory: Overseas inventory is high, and domestic inventory is slightly decreasing [28]. - Logic: The market sentiment is low, and the price is expected to be in a weak range - bound adjustment [29]. - Operation suggestion: The main contract is expected to oscillate in the range of 118,000 - 124,000 [29][30]. Stainless Steel - Spot: As of June 18, the spot price of stainless steel was stable, and the basis declined [30]. - Raw materials: The supply of nickel ore is tight, and the prices of nickel iron and chrome iron are weak [30]. - Supply: The production of stainless steel in June is expected to decrease slightly, with an increase in the 300 - series [31]. - Inventory: Social inventory is increasing, and warehouse receipts are decreasing [31]. - Logic: The market is in the off - season, and the price is expected to be weak. Pay attention to the production reduction rhythm of steel mills [32]. - Operation suggestion: The main contract is expected to oscillate in the range of 12,400 - 13,000 [32]. Lithium Carbonate - Spot: As of June 18, the price of lithium carbonate was stable, and the price of lithium hydroxide decreased slightly [32]. - Supply: The production of lithium carbonate in May decreased slightly, with an increase expected in June. The supply is still abundant [33]. - Demand: The demand is relatively stable, but the off - season is approaching, and there is pressure [33]. - Inventory: The inventory is increasing across the board [34]. - Logic: The futures market is oscillating, and the short - term fundamental pressure remains. The price is expected to be in a weak range [35]. - Operation suggestion: The main contract is expected to oscillate in the range of 56,000 - 62,000 [35][36]. Commodity Futures - Ferrous Metals Steel - Spot: The spot price is stable, and the basis is weakening [37]. - Supply: The production is decreasing, with a more significant reduction in finished products [37]. - Demand: The apparent demand is decreasing, affected by tariffs and the off - season [37]. - Inventory: The inventory is approaching the accumulation inflection point, with plate inventory increasing [37]. - View: The raw material price is weakening, and the steel price is expected to be weak. Short - selling on rebounds or selling out - of - the - money call options is recommended [38]. Iron Ore - Spot: The price of mainstream iron ore powder decreased [39]. - Futures: The main contract fell 0.78% [39]. - Basis: The basis of PB powder is 55 yuan/ton [39]. - Demand: The daily average pig iron output and blast furnace operating rate decreased [39]. - Supply: The global iron ore shipment decreased slightly, and the arrival volume decreased [39]. - Inventory: The port inventory increased, and the steel mill's inventory increased [40]. - View: The short - term iron ore price is under pressure, and the medium - term outlook is bearish. The price range is expected to be 720 - 670 [41]. Coking Coal - Futures and spot: The futures price oscillated weakly, and the spot price was weakly stable [41]. - Supply: The domestic coal production decreased slightly, and the import coal price continued to decline [44]. - Demand: The coking and blast furnace production decreased, and the demand had some resilience [42][43][44]. - Inventory: The coal mine and port inventory increased, and the downstream inventory was at a medium level [43][44]. - View: The spot fundamental situation improved slightly. Short - selling on rebounds for the 2509 contract and long - coking - coal short - coke arbitrage are recommended [44]. Coke - Futures and spot: The futures price oscillated strongly, and the spot price was weakly stable. There is still an expectation of price cuts [46][47]. - Profit: The average profit per ton of coke is negative [46]. - Supply: The coke production decreased [46]. - Demand: The coke demand decreased slightly [47]. - Inventory: The inventory decreased across the board [47]. - View: The spot market is still loose. Short - selling on rebounds for the 2509 contract and long - coking - coal short - coke arbitrage are recommended [47]. Silicon Iron - Spot: The price in the main production areas was stable [48]. - Futures: The 09 contract fell 0.53% [48]. - Cost and profit: The cost is high, and the profit is negative [48]. - Supply: The production decreased slightly [48]. - Demand: The demand from the steel industry and non - steel industries is weak [48][49]. - View: The price is expected to oscillate at the bottom, and attention should be paid to coal price changes [49]. Manganese Silicon - Spot: The price in the main production areas was stable [50]. - Futures: The 09 contract fell 0.86% [50]. - Cost: The cost varies by region, and the profit is negative in some areas [50]. - Manganese ore: The price of manganese ore is stable, and the shipping volume and arrival volume changed [50][51]. - Supply: The production increased slightly [51]. - Demand: The demand from the steel industry decreased [52]. - View: The price is expected to oscillate at the bottom, and attention should be paid to coke price changes [53]. Commodity Futures - Agricultural Products Meal - Spot market: The price of soybean meal was mixed, and the trading volume increased. The price of rapeseed meal increased slightly, and the trading volume was 1,500 tons [54]. - Fundamental news: Multiple policies and reports related to the agricultural market are provided [54][55]. - Outlook: The domestic meal prices are expected to oscillate strongly, but there is pressure on the upside [56]. Pig - Spot situation: The spot price oscillated, with a slight decline in the national average [57]. - Market data: The breeding profit decreased, and the slaughter weight decreased [57][58]. - Outlook: The pig price is expected to oscillate in a small range, with limited upward and downward space [58]. Corn - Spot price: The price in different regions was stable or increased slightly [59]. - Fundamental news: The inventory in the four northern ports decreased, and the shipping volume decreased [59]. - Outlook: The corn price is expected to oscillate at a high level, with limited upward momentum [59].

Group 1 - The core viewpoint of the articles highlights the strengthening of international relations and cooperation between Shaanxi Province and Central Asian regions through the establishment of friendly province and city relationships [1][2][3] - Shaanxi Province has signed agreements with regions in Turkmenistan, Tajikistan, and Kazakhstan, enhancing its international friendship city count to 120 across 41 countries [1] - The cooperation areas include agriculture, energy, logistics, cultural tourism, and education, aiming for mutual benefits and resource sharing [2][3] Group 2 - New friendships have been formed with Central Asian regions, including the establishment of friendly city relationships between Weinan and Samarkand, and Yulin and Tashkent [2] - Specific collaborations are planned in agriculture, energy, and cultural exchanges, with a focus on long-term partnerships and technology training [2][3] - Shaanxi's international friendship cities have expanded significantly, achieving full coverage with all five Central Asian countries [2]

Group 1 - The seventh Smart Energy Security Forum was held in Beijing, focusing on cybersecurity challenges and strategies in the digital transformation of the energy and chemical industries [1] - Experts emphasized the need for a resilient defense system, trustworthy data circulation, cross-domain collaborative governance, and industrial control system security to support the new energy and chemical system [1] - The current complex international situation and rapid proliferation of AI applications necessitate a breakthrough in cybersecurity, with a focus on establishing a deep defense system for large models and protecting core data security [1][2] Group 2 - The rapid development of digital intelligence during the "14th Five-Year Plan" period requires new considerations for security systems in the upcoming "15th Five-Year Plan" [2] - A comprehensive defense system covering operational technology (OT) environments and enhanced security operations through AI are highlighted as key focus areas [2] - The China National Offshore Oil Corporation shared its experience in building a cybersecurity framework for marine energy digitalization, emphasizing a systematic approach to unify architecture, standards, and processes [2][3] Group 3 - A classification system for data into five levels (core, important, internal, sensitive, public) was established to match protection strategies accurately [3] - The forum was co-hosted by the China Electrotechnical Society and the China Energy Research Society, with over 200 representatives from government and academia in attendance [3]

Report Industry Investment Rating No relevant content provided. Core Views Methanol - The short - term inventory accumulation trend continues. Import and domestic logistics jointly drive a significant increase in port inventory. Although downstream operations are at a high level, profit contraction intensifies the pressure of hidden inventory. If Iranian supply is interrupted due to geopolitical conflicts, it may relieve the supply - demand contradiction at ports. Short - term strategy is to wait and see, while long - term Iranian shutdown may boost sentiment [2]. Crude Oil - Overnight crude oil prices rose, mainly driven by geopolitical uncertainties. The potential supply interruption risk has pushed up the risk premium, supporting high oil prices. The US industry data shows a sharp drop in crude oil inventory last week. Geopolitical tensions extend the market uncertainty period, supporting oil prices above the pre - conflict level. Short - term, a bullish approach is recommended [20]. Urea - The domestic urea market remains in a loose supply pattern. The key marginal change is the relaxation of export policies, which opens an international channel for excess production capacity. Short - term trading logic should focus on multiple factors such as the operation status of Iranian urea export ports and international buyer inquiries [28]. Styrene - The pure benzene market price continues to decline from a high level. On the styrene side, supply increases as some petrochemical plants restart. Downstream 3S profits improve and replenishment is fair, leading to a slight decline in port inventory. In the short - term, it fluctuates sharply, and in the medium - term, attention should be paid to the marginal pressure on supply - demand after the restart of styrene plants [34]. Caustic Soda - Recently, the operation of caustic soda has declined, but cost reduction leads to partial resumption of production, which has limited impact. Demand from the alumina end is weakening, and non - aluminum demand is sluggish. There is short - term supply - demand pressure in inventory, and further capacity pressure risk may occur after the return of maintenance devices [38]. PVC - In the short - term, PVC shows a volatile operation. In the long - term, the supply - demand contradiction is prominent due to the decline in the domestic real estate sector. The supply side is expected to face greater pressure in the future. It is recommended to maintain a short - selling approach [38]. Polyester Industry Chain - Oil prices are under pressure to rise further due to weak supply - demand expectations. PX is expected to be strong in the short - term. PTA is also expected to be supported in the short - term. Ethylene glycol is expected to be strong in the short - term. Short - fiber has weak supply - demand but strong price support. Bottle - chip supply - demand is expected to improve, and processing fees may rebound [42]. Summaries by Related Catalogs Methanol - **Price and Spread**: MA2601 and MA2509 closing prices decreased by 0.37%. The Taicang basis increased by 25.51%. Regional spreads such as Taicang - Inner Mongolia and Taicang - Luoyang also changed [2]. - **Inventory**: Methanol enterprise inventory increased by 2.33%, port inventory by 12.22%, and social inventory by 8.37% [2]. - **Operation Rate**: Upstream domestic and overseas enterprise operation rates increased, and some downstream operation rates such as acetic acid and MTBE also increased [2]. Crude Oil - **Price and Spread**: Brent, WTI, and SC prices increased. Some spreads such as Brent - WTI decreased, while EFS increased [20]. - **Market Logic**: Geopolitical uncertainties, especially the conflict between Iran and Israel, drive up oil prices. US industry data shows a sharp drop in crude oil inventory [20]. Urea - **Futures and Spot**: Futures contract prices and spreads changed. Spot prices in different regions showed varying degrees of increase [23][24][27]. - **Supply and Demand**: Domestic urea daily and weekly production, inventory, and order days data changed. The export policy was relaxed [27][28]. Styrene - **Upstream**: The prices of Brent crude oil, CFR Japan naphtha, and other upstream products changed. The pure benzene market price continued to decline [31][34]. - **Spot and Futures**: Styrene spot and futures prices decreased. The supply side increased, and downstream inventory decreased slightly [32][34]. Caustic Soda and PVC - **Caustic Soda**: Prices, overseas quotes, and export profits changed. Operation rates decreased, and inventory showed different trends in different regions [38]. - **PVC**: Spot and futures prices, overseas quotes, and export profits changed. Supply is expected to increase, and demand is weak [38]. Polyester Industry Chain - **Upstream and Downstream Prices**: Prices of upstream products such as crude oil, naphtha, and PX, and downstream polyester products such as POY, FDY, and DTY changed [42]. - **Operation Rates and Cash Flows**: Operation rates of various polyester products and cash flows also changed. Different products in the industry chain have different supply - demand and price trends [42].

1. Report Industry Investment Ratings - **Stocks**: Short - term oscillation, short - term cautious long - position [3][4] - **Treasury Bonds**: Short - term high - level oscillation, cautious observation [3] - **Black Metals**: Short - term low - level oscillation, short - term cautious observation [3] - **Non - ferrous Metals**: Short - term oscillation, short - term cautious observation [3] - **Energy and Chemicals**: Short - term volatility intensifies, cautious long - position [3] - **Precious Metals**: Short - term high - level strong - biased oscillation, cautious long - position [3] 2. Core Views - The global risk preference has cooled overall due to the weakening US economic data and the intensifying geopolitical tensions in the Middle East after Israel's attack on Iran. In China, the economic growth is generally stable, but the short - term Middle East geopolitical situation has affected market sentiment [3][4] - Different asset classes have different short - term trends and investment suggestions based on the current economic and geopolitical situation [3] 3. Summary by Relevant Catalogs Macro - finance - **Overseas**: US May retail sales were weaker than expected, but consumer spending was supported by steady wage growth. The weakening economic data and geopolitical tensions made investors nervous, the US dollar rebounded after a decline, and the global risk preference cooled [3] - **Domestic**: China's May consumption grew strongly, but investment and industrial production slowed down. The overall economic growth was stable, which helped boost domestic risk preference in the short term, but the Middle East situation dampened it [3][4] - **Assets**: Stocks oscillate in the short term, cautiously long - position; treasury bonds oscillate at a high level, observe cautiously; black metals oscillate at a low level, observe cautiously; non - ferrous metals oscillate, observe cautiously; energy and chemicals have intensified volatility, cautiously long - position; precious metals oscillate strongly at a high level, cautiously long - position [3] Stock Index - Affected by sectors such as biomedicine, game, film and television, and metal new materials, the domestic stock market declined slightly. The economic fundamentals are stable, but the Middle East situation impacts market sentiment. The market focuses on Middle East risks, US trade policies, and trade negotiations. Short - term cautious long - position [4] Precious Metals - The gold market oscillated narrowly, and silver rebounded. The Middle East situation is the main influencing factor. If the two sides return to the negotiation table, the gold risk - premium may decline rapidly, and silver will remain in consolidation [5] Black Metals - **Steel**: The spot and futures markets were stable, but demand may weaken due to industrial and real - estate pressure. Supply may not decline significantly in the short term. The market will oscillate at the bottom [6][7] - **Iron Ore**: The spot and futures prices declined slightly. Iron - water production may remain high, supply is expected to be high in the second quarter, and the rising coking coal price will suppress the iron - ore price. Short - term interval oscillation [7] - **Silicon Manganese/Silicon Iron**: The spot prices rebounded slightly. The demand for ferroalloys declined. The market rumors were false. Short - term interval oscillation [8] Non - ferrous Metals - **Copper**: Global economic slowdown and high tariffs do not support a sharp rise. Pay attention to US trade policies and tariff decisions [9] - **Aluminum**: The warehouse receipts increased, and the inventory decline slowed down. The demand - boosting policy has uncertainties, and the demand may weaken [9] - **Aluminum Alloy**: In the off - season, the orders are weak, but the tight scrap - aluminum supply supports the price. Short - term oscillation, limited upside [9] - **Tin**: The supply is tight, the processing fee is low, and the production resumption may be delayed. In the off - season, the demand is weak, and the inventory increased slightly. Short - term oscillation, upside pressure [10][11] Energy and Chemicals - **Crude Oil**: Trump's remarks increased concerns about supply disruption in the Middle East, although the export facilities are currently unaffected [12] - **Asphalt**: The price followed the oil price to test the previous high. The shipment was stable, the profit recovered, and the inventory decline stagnated. Follow the oil price at a high level [12] - **PX**: The price followed the oil price to rise. The maintenance is concentrated in June - July, and the PTA operation rate increased. It will oscillate strongly [12] - **PTA**: The basis increased, the inventory decreased, and the downstream inventory transfer improved. It will oscillate strongly, pay attention to bottle - chip production cuts [13] - **Ethylene Glycol**: The price is stable, the downstream inventory decline is limited, and the synthetic - gas production resumed. It will oscillate at the bottom [13] - **Short - fiber**: It oscillated strongly following the polyester sector. The terminal orders recovered slowly, and the inventory accumulated. Follow the oil price [14] - **Methanol**: The domestic price declined slightly, the port basis strengthened. The supply may be affected by the Middle East situation, and the supply is expected to increase. Short - term strong [16] - **PP**: The price adjusted slightly. The production increased, the demand was weak, and the cost supported the price. It may face a callback after a short - term rise [17] - **LLDPE**: The price increased, the import window opened, and the inventory decreased slightly. The production restarted, and the demand was weak. Pay attention to the oil price [18] Agricultural Products - **US Soybeans**: The overnight CBOT soybean oil futures fell, triggering profit - taking pressure. The US Senate proposed a $1 - billion tax bill [20] - **Soybean and Rapeseed Meal**: The US soybean market drove the soybean meal futures up, but the domestic supply and demand will be looser. The rapeseed meal demand increase was insufficient [20] - **Oils**: The tension in the Middle East made the palm oil more attractive as a biodiesel raw material, and the palm oil exports increased [20] - **Corn**: The arrival of corn in Shandong was low, and the northeast corn provided support. Import auctions and wheat substitution may cause corn to consolidate at a high level [21] - **Hogs**: The weight reduction of large - scale farms was limited, the spot market was stable, and the demand is expected to improve seasonally [21]

1. Report Industry Investment Rating - Not provided 2. Core View of the Report - The domestic crude oil futures contract 2508 is expected to maintain a weakly oscillating trend on Tuesday, with a short - term weakening due to the reduced geopolitical factors [5]. 3. Summary by Relevant Catalogs Variety Morning Meeting Summary - The short - term view of crude oil 2508 is strongly oscillating, the medium - term view is oscillating, the intraday view is weakly oscillating, and the overall view is weakening. The core logic is that geopolitical factors have weakened, causing the crude oil to give back its gains [1]. Price Quotes and Driving Logic of Major Varieties - Energy and Chemical Sector of Commodity Futures - The intraday view of crude oil (SC) is weakly oscillating, the medium - term view is oscillating, and the reference view is weakening. After Iran and Israel's missile exchanges, Iran's move to ease tensions has reduced market concerns, weakening geopolitical factors. In April 2025, Iran's crude oil production reached 3.305 million barrels per day. On Monday night, the domestic crude oil futures 2508 contract fell 1.17% to 523 yuan per barrel [5].

Group 1 - The core viewpoint emphasizes the role of technological innovation in driving industrial revitalization in Heilongjiang Province during the "14th Five-Year Plan" period, with significant contributions to national strategic tasks such as manned spaceflight and Mars exploration [1][2] - The province has established a unified leadership for scientific and technological work, forming a committee led by key provincial leaders to implement various policies aimed at optimizing the supply of technological policies [1][2] - Key projects funded by the provincial natural science foundation have addressed critical scientific issues, leading to substantial economic benefits and supporting the province's socio-economic development [2][3] Group 2 - The province has supported 100 major technology transfer projects, resulting in significant new sales revenue and tax contributions, with a remarkable return on investment ratio of 1:64 [3] - An AI platform has been established to match technological achievements with enterprise needs, facilitating the transformation of 1434 major technological achievements into economic benefits [3] - The creation of innovation and entrepreneurship ecosystems around universities has led to the establishment of numerous technology-based enterprises, enhancing collaboration between academia and industry [3]

Group 1 - The article highlights the implementation of water resource tax incentives aimed at promoting water conservation among industries in China, effective from December 1, 2024, where companies achieving advanced water efficiency will receive a 20% tax reduction [1][3] - Henan Yuguang Zinc Industry Co., Ltd. reported receiving over 58,000 yuan in water resource tax benefits in the first quarter, reinforcing their commitment to increasing water-saving investments [1][2] - The list of taxpayers achieving advanced water efficiency in Henan province includes Henan Yuguang Zinc Industry Co., Ltd., Henan Jinli Jin Zinc Co., Ltd., and Henan Jinma Energy Co., Ltd., marking them as pioneers in water efficiency [1] Group 2 - The Jiyuan tax department has established a "one-on-one" service mechanism for key enterprises, providing tailored support to help them understand and apply for tax benefits related to water conservation [2] - Jiyuan tax authorities collaborate with water resources and finance departments to monitor and analyze enterprise water usage data, ensuring effective implementation of tax incentives [2] - Henan Jinma Energy Co., Ltd. has invested 200 million yuan in wastewater treatment and recycling projects, achieving significant water savings of over 2 million cubic meters annually [3] Group 3 - Henan Yuguang Zinc Industry Co., Ltd. has adopted innovative water-saving practices, reducing water usage to 8.42 m³/t of zinc ingot, significantly below national standards [3] - Henan Jinli Jin Zinc Co., Ltd. has implemented smart water-saving devices for real-time monitoring and precise control of production water usage [3] - The Jiyuan tax department emphasizes that water resource tax incentives are crucial for promoting green development among enterprises, aiming to enhance their water efficiency and contribute to sustainable economic growth [3]