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]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - After the China-US joint statement, terminal textile and clothing orders recovered, downstream sentiment improved, filament inventory was significantly reduced, and polyester raw materials showed a strong trend. However, the actual boost of export rush to demand was lower than expected, there was a high possibility of polyester production cuts, and demand expectations weakened marginally. The polyester sector became an option for capital short allocation to reduce valuations. The previous tight spot market contradictions may loosen due to the outflow of solidified goods, and the high valuation of ethylene glycol is expected to face pressure. Attention should be paid to the actual progress of polyester production cuts and the speed of visible inventory reduction [2] Summary by Relevant Catalogs Polyester Price Range Forecast - The monthly price range forecast for ethylene glycol is 4,150 - 4,650, with a current 20 - day rolling volatility of 18.68% and a 3 - year historical percentile of 42.7% - The price range for PX is 6,300 - 6,900, with a volatility of 25.89% and a historical percentile of 81.1% - The PTA price range is 4,400 - 4,900, with a volatility of 24.52% and a historical percentile of 73.7% - The bottle chip price range is 5,700 - 6,250, with a volatility of 19.62% and a historical percentile of 64.1% [1] Polyester Hedging Strategy Table Inventory Management - When the finished - product inventory of ethylene glycol is high and there are concerns about price decline, to prevent inventory losses, enterprises can short ethylene glycol futures to lock in profits and cover production costs. The recommended hedging tool is EG2509, with a 25% hedging ratio and an entry range of 4,400 - 4,500. They can also buy put options to prevent price drops and sell call options to reduce costs, with a 50% hedging ratio and an entry range of 30 - 50 for put options and 70 - 100 for call options - When worried about ethylene glycol price increases and rising procurement costs, enterprises can buy ethylene glycol futures at present to lock in procurement costs in advance. The recommended hedging tool is EG2509, with a 50% hedging ratio and an entry range of 4,200 - 4,250 [1] Procurement Management - When the regular procurement inventory of ethylene glycol is low and enterprises hope to purchase according to order situations, they can sell put options to collect premiums and reduce procurement costs. If the price of ethylene glycol drops, they can lock in the purchase price. The recommended hedging tool is EG2509P4200, with a 75% hedging ratio and an entry range of 80 - 100 [1] Core Contradictions - After the China - US joint statement, the terminal textile and clothing market improved, and polyester raw materials showed a strong trend. But the actual demand boost from the export rush was lower than expected, there were signs of polyester production cuts, and demand expectations weakened. The previous tight spot market contradictions may loosen, and the high - valued ethylene glycol is expected to face pressure. Attention should be paid to the actual progress of polyester production cuts and the speed of visible inventory reduction [2] 利多解读 (Likely a typo, should be Positive Interpretations) - The US Department of Commerce requires ethane export enterprises to obtain licenses before exporting ethane to China, which poses a long - term risk to the raw material supply of ethane - to - ethylene glycol plants. However, it is estimated that there will be limited substantial impact on the ethylene glycol supply side before the 09 contract [3] 利空解读 (Likely a typo, should be Negative Interpretations) - The cost of crude oil and coal prices stopped falling - The de - stocking pattern in June remains unchanged, and visible inventory has further tightened - Leading filament manufacturers have implemented their previous FDY and chip production cut plans and announced an additional 8% production cut in the second round. If implemented, the polyester load will be unexpectedly reduced, and the weakening demand for ethylene glycol will be realized in advance - There are rumors that previously solidified goods will flow out, and the panic has significantly weakened the willingness to hold inventory - The freight index has declined, and the intensity of the export rush is lower than expected [7] Price Table - The report provides price data for various products such as Brent crude oil, naphtha CFR Japan, and many polyester - related products on June 6, 2025, June 5, 2025, and May 29, 2025, as well as their daily and weekly changes [5][8] Spread Table - The report shows the spreads between different contracts of PX, TA, EG, and other products, as well as the basis differences of TA, EG, and PF, and their daily and weekly changes [8] Warehouse Receipt Table - The report presents the number of warehouse receipts for PTA, MEG, and PX and their daily and weekly changes [8] Processing Fee Table - The report gives the processing fees of various products such as gasoline reforming spread, aromatics reforming spread, and the profits of POY, DTY, FDY, etc., and their daily and weekly changes [8][9] Sales Rate Table - The report provides the sales rates of polyester filament, polyester staple fiber, and polyester chips and their daily and weekly changes [9]

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 ...

| | 名次 会员名称 成交量(双边) | | 増減 | 会员 | 持买单 | 增减 | 会员 | 持卖单 | 增减 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | T | 国泰君安 | 100,028 | -27,871 | 国泰君安 | 22,407 | -1,159 | 国泰君安 | 39,022 | -9,765 | | 2 | 中信期货 | 96,189 | 5,243 | 东证期货 | 13,333 | -211 | 永安期货 | 20,596 | 1,426 | | 3 | 东证期货 | 73,471 | 4,995 | 东方财富 | 11,803 | -1,239 | 中信期货 | 18,288 | -3,491 | | ব | 中泰期货 | 49,603 | 9,021 | 中泰期货 | 10,999 | -982 | 东证期货 | 13,639 | -2,814 | | 5 | 徽商期货 | 46,451 | 4,572 | 徽商期货 | 10,385 | -1,536 | 申万期货 | 12,575 | ...

Group 1 - The rapid contraction of the gold-silver ratio may not be sustainable, with market volatility driven by tariff negotiations and bond market changes [1] - The gold-silver ratio has significantly adjusted, potentially influenced by the recent US-China leaders' call, but the ultimate trend may be more related to liquidity conditions [2] - Short-term drivers for gold and silver are unclear, with geopolitical risks and US tariff policies affecting market sentiment [3] Group 2 - The recent rise in precious metals is supported by both technical momentum and fundamental improvements in the overall metals market, with strong physical silver demand from India and recovering platinum demand from China [4] - Market expectations for at least two rate cuts by the Federal Reserve this year have been bolstered by an unexpected rise in initial jobless claims [4] - The uncertainty surrounding tariff negotiations remains, with potential for increased safe-haven demand for gold if substantial progress is not made [3]

Summary of Intercontinental Exchange (ICE) Conference Call - June 05, 2025 Company Overview - **Company**: Intercontinental Exchange (ICE) - **Speaker**: Lynn Martin, President of NYSE since 2022 Key Points IPO Market Sentiment - Initial optimism for the IPO market at the start of the year, which continued until mid-March [3] - Volatility in April caused several companies to delay their IPO plans, particularly international firms awaiting clarity on tariff debates [4] - Recent successful IPOs include Hinge Health, Mountain, and Circle, with Circle's IPO seeing a 30% increase from its offering price [5] - Companies that went public in 2024, such as Rubrik and Reddit, have seen their market caps triple, indicating readiness for the public market [6] Futures Business Positioning - The futures business thrives in volatile environments as companies seek to manage risk [8] - ICE has curated its futures portfolio to include energy, interest rates, and equity indices, focusing on global supply and demand dynamics [9] - Energy open interest has increased by 6% year-on-year and nearly 10% compared to the end of 2024, indicating growing trust in ICE's platform [10][11] Mortgage Business Opportunities - The mortgage business is seen as an opportunity to leverage data for revenue growth across ICE's services [14] - 65% of new mortgage originations occur through ICE's network, presenting a significant data opportunity [16] - The introduction of mortgage rate lock index futures is a step towards productizing mortgage data [17] Extended Trading Hours - ICE has extended U.S. equities trading hours to 22 hours a day, with plans for further extensions [20] - The focus is on adding reliability and resiliency to the trading ecosystem [21] Options Market Dynamics - Retail participation in options has surged, particularly with zero days till expiry (DTE) options, which have seen significant volume increases since COVID [27] - The average response time for processing incoming order messages has improved, with a peak of 1.1 trillion messages processed in April [28] Texas Market Developments - ICE has reincorporated NYSE Chicago debt to Texas, aligning with the state's business-friendly initiatives [33] - Texas is the largest state for ICE listings, and there is positive sentiment among companies considering dual listings [35] Tokenization and Crypto - ICE is cautiously optimistic about entering the crypto space, pending regulatory clarity [42][44] - Tokenization is viewed as a potential area for improving market structure, though its exact role remains uncertain [45][46] Future Trends - AI adoption is expected to be a significant storyline in the exchange space, with a focus on maintaining market integrity [49] - Globalization trends are also anticipated to influence the movement of companies to U.S. markets due to valuation appreciation [50] Additional Insights - The importance of institutional players in the futures market has been emphasized, with a focus on supply and demand dynamics [12][13] - The mortgage business is seen as a long-term growth opportunity, with a focus on efficiency and data utilization [16][18] - The competitive landscape in options trading has evolved, with retail driving significant volume increases [27][28] This summary encapsulates the key insights and developments discussed during the conference call, highlighting the strategic positioning and future outlook of Intercontinental Exchange.