Report Industry Investment Ratings No relevant content provided. Core Views of the Report - Gold is expected to oscillate and decline, while silver will follow suit [2][5]. - Copper prices are restricted from falling due to inventory reduction [2][10]. - Aluminum will trade within a range, and alumina will continue to decline [2][13]. - Zinc is under pressure, and lead will trade within a range [2][16][19]. - Tin will experience narrow - range oscillations [2][22]. - Nickel is pressured by weak expectations and nickel ore news, while stainless steel is unlikely to fall sharply due to increased marginal production cuts caused by negative feedback [2][28]. - The price of lithium carbonate may remain weak in the short term as the ore price continues to decline [2][34]. - The industrial silicon futures price hits a new low, and it is advisable to short at high prices. Polysilicon shows a weak spot market and a weak futures performance [2][37]. - Iron ore will oscillate weakly as downstream demand reaches a phased peak [2][41]. - Rebar and hot - rolled coil will oscillate downward due to the anticipation of negative feedback [2][46][47]. - Ferrosilicon and silicomanganese will oscillate at low levels as demand expectations weaken [2][51]. - Coke will oscillate at the bottom after the second price cut is implemented, and coking coal will also oscillate at the bottom with the arrival of environmental protection supervision teams [2][55][56]. - Steam coal will oscillate weakly as coal mine inventory increases [2][59]. - Logs will oscillate weakly [2][62]. - For p - xylene and PTA, go long on PX and short on PTA. For MEG, short unilaterally and go long on PTA while shorting MEG [2][29]. - Rubber will oscillate weakly, and synthetic rubber will perform weakly [2][32][34]. - Asphalt will oscillate within a range following crude oil [2][36]. - LLDPE will perform weakly, and PP prices will decline slightly with average trading volume [2][38][40]. - Caustic soda will trade in a range for the time being, and pulp will oscillate [2][41][43]. - Glass prices will remain stable, and methanol will perform weakly [2][45][46]. - Urea will oscillate with weak domestic demand and export support, and styrene will oscillate in the short term [2][48][50]. - Soda ash will see little change in the spot market [2][52]. - LPG will oscillate in the short term, and PVC will perform weakly [2][53][56]. - Fuel oil rebounded during the day session and gapped up significantly at night. Low - sulfur fuel oil is weaker than high - sulfur fuel oil, and the price spread between high - and low - sulfur in the overseas spot market continues to narrow [2][58]. - The container shipping index (European line) will oscillate at a high level, and it is advisable to hold the 10 - 12 reverse spread [2][59]. - Staple fiber will trade in a range in the short term, and bottle chips will also trade in a range in the short term, with the suggestion to go long on processing fees at low prices [2][63]. - Offset printing paper will oscillate weakly [2][64]. - Palm oil will explore the bottom while oscillating due to ongoing risks in the producing areas, and soybean oil will trade within a range as the driving force of the soybean complex is weak [2][65]. - Soybean meal may oscillate weakly as overnight US soybeans closed lower, and soybeans No. 1 will oscillate weakly with stable spot prices [2][68]. - Corn will oscillate strongly, and sugar will break through the support level and decline [2][70][71]. - Cotton prices lack upward momentum as demand enters the off - season [2][72]. - For eggs, wait for the verification of culling after the Dragon Boat Festival, and for live pigs, passive inventory accumulation has occurred, and it is advisable to arrange for a trend reverse spread [2][74][75]. - Peanuts will oscillate [2][76]. Summaries by Related Catalogs Precious Metals - **Gold and Silver**: Gold is expected to oscillate and decline, and silver will follow. The trend intensity of both is 0. The report provides detailed data on precious metals, including prices, trading volumes, open interests, inventories, and price spreads [2][5][6]. Base Metals - **Copper**: Copper prices are restricted from falling due to inventory reduction. The trend intensity is 0. The report presents copper - related data and macro and industry news [10][12]. - **Aluminum and Alumina**: Aluminum will trade within a range, and alumina will continue to decline. The trend intensity of both is 0. The report updates the fundamental data of aluminum and alumina and includes comprehensive news [13][15]. - **Zinc**: Zinc is under pressure, with a trend intensity of - 1. The report provides zinc's fundamental data and news [16][17]. - **Lead**: Lead will trade within a range, with a trend intensity of 0. The report offers lead's fundamental data and news [19][20]. - **Tin**: Tin will experience narrow - range oscillations, with a trend intensity of - 1. The report provides tin's fundamental data and macro and industry news [22][27]. - **Nickel and Stainless Steel**: Nickel is pressured by weak expectations and nickel ore news, while stainless steel is unlikely to fall sharply due to increased marginal production cuts caused by negative feedback. The trend intensity of both is 0. The report provides fundamental data and macro and industry news [28][33]. Energy and Chemicals - **Lithium Carbonate**: The price of lithium carbonate may remain weak in the short term as the ore price continues to decline. The trend intensity is 0. The report provides fundamental data and macro and industry news [34][36]. - **Industrial Silicon and Polysilicon**: The industrial silicon futures price hits a new low, and it is advisable to short at high prices. Polysilicon shows a weak spot market and a weak futures performance. The trend intensity of both is - 1. The report provides fundamental data and macro and industry news [37][39]. - **Iron Ore**: Iron ore will oscillate weakly as downstream demand reaches a phased peak. The trend intensity is - 1. The report provides fundamental data and macro and industry news [41][43]. - **Rebar and Hot - Rolled Coil**: Rebar and hot - rolled coil will oscillate downward due to the anticipation of negative feedback. The trend intensity of both is 0. The report provides fundamental data and macro and industry news [46][49]. - **Ferrosilicon and Silicomanganese**: Ferrosilicon and silicomanganese will oscillate at low levels as demand expectations weaken. The trend intensity of both is 0. The report provides fundamental data and macro and industry news [51][53]. - **Coke and Coking Coal**: Coke will oscillate at the bottom after the second price cut is implemented, and coking coal will also oscillate at the bottom with the arrival of environmental protection supervision teams. The trend intensity of both is - 1. The report provides fundamental data and price and position information [55][58]. - **Steam Coal**: Steam coal will oscillate weakly as coal mine inventory increases. The trend intensity is 0. The report provides yesterday's internal market situation, fundamental information, and position information [59][61]. Agricultural Products - **Logs**: Logs will oscillate weakly. The trend intensity is - 1. The report provides fundamental data and macro and industry news [62][66]. - **P - Xylene and PTA**: Go long on PX and short on PTA. The report also mentions the trading strategy for MEG [2][29].

上期所原油期货2407合约夜盘收涨0.84%，报457.40元人民币/桶。 沪金夜盘收涨0.07%，沪银收跌0.26%。 ...

1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Report's Core View The report analyzes the price trends, supply - demand relationships, and investment strategies of various precious metals and non - ferrous metals. It takes into account factors such as interest rates, inflation, exchange rates, and geopolitical situations. Overall, different metals have different outlooks, with some being cautiously bullish and others being neutral or cautiously bearish [36][38][39]. 3. Summary by Relevant Catalogs 3.1内外价差结构及比价 - **内盘价差结构**: Presented the SHFE price difference structures of gold, silver, aluminum, copper, zinc, lead, stainless steel, and nickel from May 19 to May 23, 2025 [4][7] - **外盘价差结构**: Showed the price difference structures of LME copper, aluminum, lead, zinc, nickel, and the premiums of Comex gold, silver, and copper over London and LME counterparts, covering May 19 - May 23, 2025 [9][12] - **比价**: Included various ratios such as domestic and international copper, lead, aluminum, zinc, nickel, gold, and silver ratios, as well as copper, aluminum, zinc, and nickel ratios excluding exchange rates from 2021 - 2025 [19][23][26] 3.2各品种观点 - **贵金属**: In the week of May 23, factors like rising U.S. Treasury yields, inflation expectations, and geopolitical tensions influenced the market. Gold and silver are cautiously bullish, with recommended buying ranges of 770 - 775 yuan/gram for gold and 7,950 - 8,000 yuan/kilogram for silver [36] - **铜**: With tight mine supply and low TC prices, copper is expected to maintain an upward - biased trend. It is recommended to buy on dips in the range of 77,000 - 77,500 yuan/ton [38] - **铅**: Currently in the consumption off - season with weak demand, it is recommended to sell on rallies in the range of 16,920 - 16,950 yuan/ton [39] - **铝**: The supply is stable with a slight increase, while consumption is showing a downward trend. The sustainability of consumption is in question, and attention should be paid to inventory changes [41] - **氧化铝**: Supply is expected to increase, and the price of bauxite has support. The market is expected to remain in a state of supply surplus [42] - **锌**: The supply of zinc ore is stable, and the processing fees are expected to rise. Consumption is relatively strong, but there are risks of marginal decline. The market is neutral [44][45][46] - **镍**: The supply is expected to increase slightly, and consumption is weak. The market is expected to oscillate in the range of 122,000 - 128,000 yuan/ton, and it is recommended to sell on rallies in the medium - to - long term [48] - **不锈钢**: Supply is abundant, and consumption is weak. It is expected to oscillate weakly in the range of 12,500 - 13,100 yuan/ton, and it is recommended to sell on rallies in the medium - to - long term [50] - **硅**: The supply may decrease slightly, and demand is weak. If the southwest silicon furnaces operate normally, inventory is expected to accumulate in the third quarter [52][53] - **多晶硅**: Consumption is showing signs of weakness, and supply is expected to jointly reduce production but is difficult to achieve in the short term. The market is expected to oscillate widely [55][56] - **锂**: Supply may decrease, and consumption is stable. The inventory has increased slightly. The price has fallen to the 60,000 - yuan mark, and it is recommended to sell on rallies if there is a rebound [58] 3.3相关数据跟踪 - **贵金属 data**: Tracked U.S. and European bond yields, inflation expectations, TIPS yields, gold and silver ETF holdings, and CFTC positions from 2021 - 2025 [61][62][65] - **铜 data**: Tracked TC prices, refined - scrap spreads, import profits and losses, CFTC positions, domestic and LME inventories, and downstream sector indices from 2021 - 2025 [74][75][78] - **铝 data**: Tracked seasonal social inventories, LME inventories, cost - profit, and import profits and losses from 2021 - 2025 [80][84][88] - **氧化铝 data**: Tracked prices, total inventories, import profits and losses, and production costs and profits from 2022 - 2025 [95][96][99] - **锌 data**: Tracked price differences, inventories, processing fees, production profits, and import profits and losses from 2020 - 2025 [103][109][113] - **镍 and stainless steel data**: Tracked prices, inventories, premiums, import profits and losses, and profit margins from 2017 - 2025 [124][125][132] - **工业硅 data**: Tracked prices, production costs, and social inventories from 2022 - 2024 [147][148][152] - **多晶硅 data**: Tracked prices, inventories, and supply - demand balances from 2023 - 2025 [155][156] - **碳酸锂 data**: Tracked prices, inventories, and production from 2021 - 2025 [158][159][161]

2025年05月22日 国泰君安期货商品研究晨报 观点与策略 | 黄金：夜盘大幅反弹 | 3 | | --- | --- | | 白银：跟随上涨 | 3 | | 铜：避险情绪升温，限制价格上涨 | 5 | | 铝：区间震荡 | 7 | | 氧化铝：偏强运行 | 7 | | 锌：承压运行 | 9 | | 铅：供需双弱，区间调整 | 10 | | 锡：窄幅震荡 | 11 | | 镍：镍矿矛盾托底，转产经济性或限制上方估值 | 13 | | 不锈钢：成本底部空间清晰，上行缺乏实质驱动 | 13 | | 碳酸锂：锂盐厂减产，并未影响资源端，上方仍然承压 | 15 | | 工业硅：弱势格局依旧 | 17 | | 多晶硅：仓单累库，关注市场情绪变动 | 17 | | 铁矿石：短期利多兑现，上涨驱动放缓 | 19 | | 螺纹钢：宽幅震荡 | 20 | | 热轧卷板：宽幅震荡 | 20 | | 硅铁：黑色板块共振，硅铁宽幅震荡 | 22 | | 锰硅：钢招价格落地，锰硅宽幅震荡 | 22 | | 焦炭：底部震荡 | 24 | | 焦煤：底部震荡 | 24 | | 动力煤：煤矿库存增加，震荡偏弱 | 26 | | 原木：弱势 ...

Core Viewpoint - Gold prices have surged, with spot gold breaking through $3,280 per ounce, reflecting a daily increase of over 1.6% [1][3]. Group 1: Market Performance - The Shanghai Gold Futures main contract rose by more than 1.8% [3]. - Gold mining stocks in the U.S. saw significant gains, including Harmony Gold, Gold Resources, and Kinross Gold [5]. - COMEX silver also experienced an increase, with a daily rise of 1.4% [7]. Group 2: Consumption Trends - According to the National Bureau of Statistics, the consumption of gold and silver jewelry remains robust, with a year-on-year growth of 25.3% and a month-on-month increase of 14.7% in April [9]. - The average closing price for gold on the Shanghai Gold Exchange was 765.77 yuan per gram, reflecting a year-on-year increase of 38.6% [9]. Group 3: Price Fluctuations - Since May 19, spot gold has seen an upward trend after a significant drop earlier in the month, where it fell approximately $72 per ounce in a single day [10]. - Recent geopolitical and economic developments, including a joint statement from U.S. and Chinese trade officials, have influenced market risk appetite, putting pressure on gold prices [13]. Group 4: Long-term Outlook - Despite short-term fluctuations, the long-term outlook for gold remains positive due to factors such as declining U.S. dollar credibility, the onset of Federal Reserve rate cuts, and continued central bank purchases of gold [14].

Group 1: Investment Ratings - No investment ratings for the industry are provided in the report. Group 2: Core Views - The report analyzes import profits, internal - external price differences, and trading strategies across multiple industries including agriculture, energy, metals, and precious metals. It also considers the impacts of tariffs, supply - demand, and exchange rates on these factors [1][3]. Group 3: Industry - Specific Summaries Agriculture - **Cotton**: Due to trade wars, sanctions, and tariff policies, the relationship between domestic and foreign cotton markets has changed. After tariff cuts, the strength of Zhengzhou cotton and US cotton has reversed. Continued attention to tariff policy changes is recommended [1]. - **Oils and Oilseeds**: These commodities have a high import dependency. Their international supply - demand balance is transmitted to the domestic market through imports, and the focus should be on the difference in domestic and foreign supply - demand rhythms [1]. Iron Ore - In the short - term, the shipping and arrival of iron ore are increasing, iron - water production is oscillating at a high level. With strong overseas macro - disturbances and relatively stable domestic macro - conditions, the ore price center has declined, and there are fewer short - term internal - external price difference opportunities. In the long - run, the global supply - demand balance is more surplus compared to the Chinese market [1]. Energy - **SC**: The internal - external price relationship is weakening. - **FU**: In summer, the internal - external relationship remains weak, and the internal - external price difference of FU09 is compressing. - **LU**: The external crack spread basis has rebounded, and with the cancellation of warehouse receipts, the internal - external relationship is strengthening. - **PG**: After tariff relaxation, the external price has risen. The internal - external price difference has decreased significantly [1]. - **PX**: Domestic PX operating rates have declined, and there are still some overseas maintenance. As TA restarts, the PX de - stocking rate is expected to increase. The current internal - external price difference has converged significantly, and the valuation is becoming neutral, so it is recommended to wait and see [1]. Metals - **Aluminum**: Close the internal - external reverse arbitrage position to take profit. - **Tin**: As overseas and Myanmar mines resume production smoothly, pay attention to internal - external positive arbitrage opportunities. The LME inventory has been low recently. - **Zinc**: Close the internal - external reverse arbitrage position [1]. Precious Metals - **Gold**: The RMB exchange rate has an impact on the domestic price, and the internal - external price ratio has dropped rapidly. The end of the domestic consumption peak season and the Diwali - supported gold consumption in India have also contributed to this decline. - **Silver**: The spot discount has widened, and the import window is closed [3].

Group 1: Report Industry Investment Ratings - There is no explicit overall industry investment rating provided in the report. However, investment suggestions are given for different sectors, including "long - position reduction", "short - selling opportunities", "interval trading", etc. [1] Group 2: Core Views of the Report - The market shows complex trends due to various factors such as economic data, policy changes, and supply - demand relationships across different commodity sectors. The overall market sentiment is affected by factors like the US consumer confidence index, inflation expectations, and geopolitical events. [1] Group 3: Summaries by Related Catalogs Macro - Financial - For stock index futures, it is recommended to consider reducing long positions and be vigilant about further adjustment risks [1]. - The bond futures are supported by asset shortage and weak economy in the long - term, but the short - term rise is suppressed by the central bank's interest - rate risk reminder [1]. - Gold prices may enter a consolidation phase in the short - term, while the long - term upward logic remains unchanged. Silver prices may be more resilient than gold in the short - term due to potential tariff impacts [1]. Non - Ferrous Metals - Copper prices are expected to be weak in the short - term due to lower downstream demand and other factors [1]. - Aluminum prices will remain strong in the short - term supported by low inventory and alumina price rebounds. Alumina prices continue to rise due to supply disruptions [1]. - Zinc fundamentals are weak, and it is recommended to look for short - selling opportunities [1]. - Nickel prices will oscillate in the short - term and face long - term oversupply pressure. Short - term interval trading is suggested [1]. - Stainless steel futures will oscillate in the short - term with long - term supply pressure. Interval trading is recommended [1]. - Tin prices have strong fundamental support before the复产 of Wa State [1]. Chemicals - Silicon presents a situation of strong supply, weak demand, and low - valuation, with no improvement in demand and high inventory pressure [1]. - Lithium carbonate has no further supply contraction, increasing inventory, and downstream rigid - demand purchasing [1]. - For methanol, the short - term spot market will trade in a range, and the long - term market may turn from strong to weak and oscillate [1]. - PVC has weak fundamentals but is boosted by macro - factors, and its price will oscillate [1]. - LPG prices are expected to decline in the short - term due to tariff easing and demand off - season [1]. Black Metals - Rebar is in a window of switching from peak to off - season, with cost loosening and a supply - demand surplus, lacking upward momentum [1]. - Iron ore prices will oscillate, and manganese ore prices are expected to decline due to oversupply [1]. - Coke and coking coal are in a relatively oversupplied situation, and it is recommended to take advantage of price rebounds for hedging [1]. Agricultural Products - Brazilian sugar production in the 2025/26 season is expected to reach a record high, but it may be affected by crude oil prices [1]. - Grains are expected to oscillate, and a strategy of buying on dips is recommended considering the tight annual supply - demand situation [1]. - Soybean prices are expected to oscillate due to lack of speculation and market pressure [1]. - Cotton prices are expected to oscillate weakly as the domestic cotton - spinning industry enters the off - season [1]. - Pulp prices will oscillate due to lack of upward momentum after the tariff - related boost [1]. - Livestock prices will oscillate as the pig inventory recovers and the market is in a state of abundant supply expectation [1]. Energy - Crude oil and fuel oil prices are affected by the progress of the Iran nuclear deal and the end of the Sino - US trade negotiation drive [1]. - Asphalt prices will oscillate as cost drags, inventory returns to normal, and demand slowly recovers [1]. - Natural rubber prices are affected by rainfall, cost support, and the end of the trade negotiation drive [1].

Group 1: Investment Ratings and General Market Outlook - No explicit report industry investment rating provided [1] - The core view is that various commodities show different trends based on factors such as national policies, trade negotiation results, and supply - demand fundamentals. Market sentiment has been affected by factors like China - US trade talks and inflation data [1] Group 2: Macro - Financial Sector - **Stock Index**: Since April, with the support of national policies and Central Huijin's funds, the stock index has recovered the technical gap formed by the tariff shock on April 2. The current risk - return ratio of chasing the rise is not high. Holders of long positions can consider reducing positions on rallies [1] - **Treasury Bonds**: Asset shortage and weak economy are favorable for bond futures, but the central bank's short - term reminder of interest - rate risks suppresses the upward space [1] - **Gold**: Short - term market risk appetite has recovered, and the gold price may enter a consolidation phase, but the medium - to - long - term upward logic remains unchanged [1] - **Silver**: Overall, it follows gold, but an unexpected tariff result will benefit the commodity attribute of silver, so the short - term resilience of the silver price may be stronger than that of gold [1] Group 3: Non - Ferrous Metals Sector - **Copper**: The result of China - US trade negotiations exceeded expectations, and short - term market sentiment has improved. However, the copper price has significantly rebounded and may fluctuate [1] - **Aluminum and Alumina**: The aluminum electrolysis industry has no obvious contradictions. With the unexpected result of China - US trade negotiations, the aluminum price continues to rebound. Supply disturbances of bauxite and alumina have increased, and the supply - demand pattern of alumina has improved. The short - term price may further rebound [1] - **Zinc**: Although the macro sentiment has improved, the terminal demand has weakened significantly in the off - season, and with the inflow of imported goods, the zinc price remains weak [1] - **Nickel and Stainless Steel**: US inflation has cooled more than expected, and the result of China - US talks has exceeded market expectations. The export order expectation of terminals has improved, and market risk appetite is expected to recover. The Indonesian resource tax policy has been implemented, and the premium of nickel ore is high. There are rumors of a mining ban in the Philippines, but the implementation is difficult. The nickel price fluctuates in the short term, and there is still pressure from the surplus of primary nickel in the medium - to - long term. The short - term stainless steel futures fluctuate and rebound, but there is still supply pressure in the medium - to - long term [1] - **Tin**: With the unexpected result of China - US talks and improved macro sentiment, the tin price is expected to rebound. The resumption of production in Wa State needs to be continuously monitored [1] - **Industrial Silicon**: Supply is strong, demand is weak, it has entered the low - valuation range, demand has not improved, inventory pressure has not been relieved, and the China - US tariff negotiation result is unexpected [1] - **Polycrystalline Silicon**: The number of registered warehouse receipts is extremely small, the first delivery is approaching, the futures price is at a discount to the spot price, and the willingness to register warehouse receipts is low, and the China - US tariff negotiation result is unexpected [1] - **Lithium Carbonate**: Supply has not further shrunk, the visible inventory has continued to accumulate, the downstream raw material inventory is at a high level, downstream still maintains rigid - demand purchases at low prices, and the China - US tariff negotiation result is unexpected [1] Group 4: Ferrous Metals Sector - **Steel Products (Rebar, Hot - Rolled Coil)**: The trade turmoil has intensified the pressure on the export chain. The short - term risk appetite is slightly poor, and the opening price dives downward [1] - **Iron Ore**: The tariff policy affects market sentiment, and the iron ore with strong financial attributes is under short - term pressure [1] - **Manganese Silicon**: There is still an expectation of decline under the expectation of manganese ore surplus, and the variety has heavy warehouse - receipt pressure [1] - **Silicon Iron**: The cost is dragged down by thermal coal, but the production reduction in the production area is large, and the supply - demand situation has become tight [1] - **Glass**: The situation of weak supply and demand continues. With the arrival of the rainy season, there are concerns about weakening demand, and the price continues to be weak [1] - **Soda Ash**: There are many overhauls in May, and the direct demand is okay, but there is medium - term supply surplus, and the price is under pressure [1] - **Coking Coal and Coke**: The supply and demand of coking coal and coke are relatively surplus and are short - positioned in the sector. It is recommended that industrial customers actively seize the opportunities of cash - and - carry arbitrage and selling hedging when the market rebounds to a premium. Consider participating in the JM9 - 1 calendar spread arbitrage [1] Group 5: Agricultural Products Sector - **Palm Oil**: The rise in crude oil will drive the rebound of palm oil, and the China - US talks will drag down the soybean - palm oil price spread. It is recommended to short after the crude oil price falls [1] - **Soybean Oil**: China - US talks are expected to have a negative impact on soybean oil sentiment in the short term, dragging down the soybean - palm oil price spread. It is recommended to wait and see [1] - **Rapeseed Oil**: The northern rapeseed - producing areas in Europe are still dry, which is not conducive to the formation of rapeseed yield per unit in the bolting stage. The China - Canada relationship is still uncertain. If Canada cancels the additional tariffs on China, it is expected to cause a large decline. Consider long - volatility strategies [1] - **Cotton**: In the short term, there are disturbances such as trade negotiations and weather premiums for US cotton. In the long term, macro uncertainties are still strong. The domestic cotton - spinning industry has entered the consumption off - season, and there are signs of inventory accumulation in downstream finished products. It is expected that the domestic cotton price will maintain a weak and fluctuating trend [1] - **Sugar**: According to the latest forecast of the Brazilian National Supply Company, Brazil's sugarcane production in the 2025/26 season is expected to be 663.4 million tons, a 2% decline from the previous year. The sugar production is expected to reach a record 4.59 million tons, a 4% increase from the previous year. If the crude oil price continues to be weak, it may affect the sugar - making ratio in Brazil's new crushing season and lead to an unexpected increase in sugar production [1] - **Corn**: The overall situation of deep - processing in the Northeast has stabilized, the decline in Shandong's deep - processing has slowed down. The import corn auction policy and China - US economic and trade talks have a negative impact on sentiment. The market回调 in the short term. It is recommended to buy on dips and pay attention to the C07 - C01 calendar spread arbitrage [1] - **Soybean Meal**: There is no driving force for speculation in US soybean planting. The domestic market continues to digest the negative factors of spot pressure and Brazilian selling pressure, and the market is expected to fluctuate [1] - **Pulp**: After the positive impact of the unexpected China - US trade negotiation on pulp futures is realized, the fundamentals still lack upward momentum, and it is expected to fluctuate [1] - **Logs**: The arrival volume of logs remains high, the overall inventory is high, and the price of terminal products has declined. There is no short - term positive factor, and it is expected to fluctuate at a low level [1] - **Pigs**: With the continuous repair of the pig inventory, the slaughter weight continues to increase. The market expectation is obvious, the futures price is at a large discount to the spot price, and there are no bright spots in the downstream [1] Group 6: Energy and Chemical Sector - **Crude Oil - Related (Fuel Oil, Palm Oil)**: The result of China - US trade negotiations far exceeds market expectations, reducing concerns about weakening demand. After a sharp decline, there is a demand for rebound and repair [1] - **BR Rubber**: The result of China - US trade negotiations is unexpected. In the short term, the raw material cost support is strengthened due to rainfall in the production area. In the medium - to - long term, the fundamentals are loose, and demand is weak, and the price is expected to decline [1] - **PTA, Short - Fiber, and Related Products**: The upstream PX device is under intensive maintenance, and the internal - external price difference of PX has been significantly repaired. The demand for PTA is supported by the high load of polyester. The PTA shortage strengthens the cost support for short - fiber, and short - fiber performs strongly under the high basis [1] - **Ethylene Glycol**: Ethylene glycol devices are under maintenance, large - scale devices in Jiangsu and Zhejiang have reduced their loads, and coal - based devices have started to be overhauled [1] - **Pure Benzene and Styrene**: The improvement of China - US tariff policies stimulates market speculative demand, the pure benzene price gradually strengthens, the profit of the reforming device declines, and the downstream demand for styrene is expected to pick up [1] - **Methanol**: The basis strengthens, the trading volume is average. In the short term, the methanol price fluctuates in a range and is slightly strong. In the medium - to - long term, the methanol spot market may change from strong to weak and fluctuate [1] - **PE, PP, PVC, and Caustic Soda**: For PE, the basis strengthens, and the trading volume is general. It fluctuates slightly strongly in the short term and may change from strong to weak in the medium - to - long term. For PP, some previously overhauled devices have resumed operation, demand is stable, and it fluctuates slightly strongly with macro - positive factors. For PVC, the fundamentals are weak, and it rebounds in the short term with macro - positive factors. For caustic soda, the spot demand is weak, and the driving force for price increase is insufficient, and the price fluctuates weakly [1]

Group 1 - The opening price for Au99.95 was 762.30, with a highest price of 786.00 and a closing price of 759.14, reflecting a slight increase of 1.21 yuan or 0.16% [2] - Au100g opened at 762.00, reached a maximum of 764.00, and closed at 759.64, showing a decrease of 5.35 yuan or 0.70% [2] - The trading volume for Au99.95 was 14, with a total transaction amount of 10,688,000 yuan [2] Group 2 - Au(T+D) opened at 761.00, peaked at 764.75, and closed at 758.60, with a minor decrease of 0.52 yuan or 0.07% [3] - The weighted average price for Au(T+D) was 760.01, with a trading volume of 34,400 [3] - The total transaction amount for Au(T+D) reached 43,161,427,980 yuan [3] Group 3 - The opening price for NYAuTN06 was 752.90, with a closing price of 750.15, reflecting a decrease of 1.25 yuan or 0.03% [4] - NYAuTN12 opened at 761.10, reached a maximum of 762.90, and closed at 759.40, showing a decrease of 1.65 yuan or 0.22% [4] - The total transaction amount for NYAuTN06 was 14,408,820 yuan [4]

证券代码：002716 证券简称：湖南白银 公告编号：2025-026 湖南白银股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 议。 一、会议召开和出席情况 现场会议召开时间：2025 年 5 月 9 日（星期五）下午 网络投票时间：通过深圳证券交易所交易系统进行网络 投票的时间为 2025 年 5 月 9 日上午 9:15—9:25，9：30-11： 投票的具体时间为 2025 年 5 月 9 日 9:15 至 2025 年 5 月 9 日 15：00 的任意时间。 道 1 号湖南白银 316 会议室; 本次股东大会的召集和召开符合《中华人民共和国公司 法》、 通过现场和网络投票的中小股东 458 人，代表股份 其中：通过现场投票的中小股东 0 人，代表股份 0 股， 占公司有表决权股份总数的 0.0000％。 通过网络投票的中小股东 458 人，代表股份 81,650,013 股，占公司有表决权股份总数的 2.8922％。 （二）公司董事、监事、高级管理人员、见证律师等出 《上市公司股东大会规则》及《公司章程》的规定，会 议的表决 ...