登录新浪财经APP 搜索【信披】查看更多考评等级 重要内容提示： ● 本次股权无偿划转系福建省人民政府国有资产监督管理委员会（以下简称"福建省国资委"）将其直接 持有的福建省冶金（控股）有限责任公司（以下简称"福建冶金"）80.00%股权，无偿划转至福建省工业 控股集团有限公司（以下简称"省工控集团"），从而使得省工控集团间接控制四川福蓉科技股份公司 （以下简称"公司"）65.72%的股份，成为公司的间接控股股东（以下简称"本次收购"）。 ● 根据《上市公司收购管理办法》第六十三条规定，本次收购符合免于发出要约的情形。 ● 本次收购不会导致公司控股股东和实际控制人发生变化，公司控股股东仍为福建省南平铝业股份有限 公司（以下简称"南平铝业"），实际控制人仍为福建省国资委。 证券代码：603327 证券简称：福蓉科技 公告编号：2025-026 转债代码：113672 转债简称：福蓉转债 四川福蓉科技股份公司 关于间接控股股东股权无偿划转的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 一、本次收购基本情况 20 ...

Core Viewpoint - Henan Yuguang Gold Lead Group Co., Ltd. has established a comprehensive tax compliance model that integrates digital empowerment and collaborative governance, positioning itself as a leader in the non-ferrous metal smelting industry with nearly 70 years of experience [1][2]. Compliance System and Culture - The company has developed a compliance system that covers the entire business process, including procurement, production, sales, and finance, recognizing tax compliance as a fundamental requirement and a reflection of social responsibility [2]. - A tiered training system has been implemented to enhance tax compliance awareness among employees, combining case studies and simulation exercises to improve practical skills [3]. Resource Utilization and Risk Management - Yuguang Group processes 20% of the nation's waste lead-acid batteries, facing compliance risks in the implementation of the "reverse invoicing" policy [4]. - The company has established a comprehensive management mechanism that includes pre-purchase risk screening, dynamic monitoring during transactions, and post-settlement analysis to mitigate tax risks [4][5]. Digital Empowerment in Tax Management - The company has developed a digital platform that integrates finance, tax, and supply chain management, addressing challenges posed by complex inter-regional operations and diverse accounting practices [6][7]. - A standardized tax data system has been established to ensure data accuracy and consistency, enhancing the quality of tax reporting and risk assessment [7]. Competitive Advantage through Compliance - Continuous A-level tax credit has enabled the company to secure bank loans at lower financing costs, supporting investments in green smelting technology and intelligent transformation [8].

午评：创业板指半日涨1.16% 有色金属、算力硬件股集体走强 智通财经6月27日电，市场早盘震荡分化，三大指数涨跌不一。沪深两市半日成交额9913亿，较上个交易日放量138亿。盘面上热点较为杂乱，个股涨多跌 少，全市场超3600只个股上涨。从板块来看，算力硬件股再度走强，中京电子涨停。有色金属概念股展开反弹，北方铜业等涨停。大金融股一度冲高，天风 证券涨停。下跌方面，银行股展开调整，中国银行等多股跌超2%。板块方面，有色金属、铜缆高速连接、CPO、多元金融等板块涨幅居前，油气、银行、 保险、港口等板块跌幅居前。截至收盘，沪指跌0.21%，深成指涨0.85%，创业板指涨1.16%。 | 上证指数 | 深证成指 | 创业板指 | | --- | --- | --- | | -3441.30 | -10431.51 | -2138.90 | | -7.15-0.21% 7 | +88.03 +0.85% 70 - | +24.48 +1.169 | 门以 |宁 イベン光 封板率 1.04% 高开率 57% 获利率 51% 63.00% 封板 39 触及 23 昨涨停今表现 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - For lead, the price has been rising due to support from raw materials and reduced production in the secondary lead sector, but the downstream market has not entered the peak season yet, and there is a risk of inventory accumulation, so the upward momentum of the lead price is limited, and attention should be paid to the pressure around 17,500 yuan/ton [1] - For zinc, the short - term zinc price is expected to fluctuate strongly in a narrow range, but the rebound space may be limited. Attention should be paid to the trading opportunities after the elimination of favorable factors [1] 3. Summary by Related Catalogs Lead Price and Spread - The average price of SMM1 lead ingots increased by 0.44% compared with the previous day, and the closing price of the main contract of Shanghai lead futures rose by 0.35% compared with the previous day. The basis of Shanghai lead was - 225 yuan/ton, an increase of 15 yuan/ton [1] - The spread between different contracts of Shanghai lead futures showed various changes, such as the spread between the near - month and the first - continuous contract being - 35 yuan/ton, a decrease of 10 yuan/ton [1] Trading Volume and Open Interest - The trading volume of the active futures contract was 52,643 lots, an increase of 45.33%, and the open interest was 51,182 lots, an increase of 237.77%. The trading - to - open - interest ratio was 1.03, a decrease of 56.97% [1] Inventory - The LME inventory remained unchanged at 273,250 tons, and the Shanghai lead warehouse receipt inventory increased by 1.37% to 45,278 tons. As of June 26, the total inventory of SMM lead ingots in five regions was 56,000 tons, remaining unchanged compared with June 19 and increasing by more than 300 tons compared with June 23 [1] Fundamental Information - There is no expected increase in lead concentrate imports, and the processing fee is likely to rise. The operation of primary lead is stable with a slight increase. For secondary lead, the price of waste lead - acid batteries has been rising, and the supply of recyclers is limited. Some secondary lead smelters have reduced or suspended production due to raw material shortages or cost inversion, and the finished product inventory of secondary lead is increasing [1] - The demand side is gradually shifting from the off - season to the peak season, and downstream procurement is expected to improve, which may reduce the drag on the lead price [1] Zinc Price and Spread - The average price of SMM1 zinc ingots increased by 0.27% compared with the previous day, and the closing price of the main contract of Shanghai zinc futures rose by 0.88% compared with the previous day. The basis of Shanghai zinc was - 50 yuan/ton, a decrease of 135 yuan/ton [1] - The spreads between different contracts of Shanghai zinc futures and the spreads in different regions showed various changes, such as the spread between the near - month and the first - continuous contract being 125 yuan/ton, a decrease of 5 yuan/ton [1] Trading Volume and Open Interest - The trading volume of the active futures contract was 168,109 lots, an increase of 6.04%, and the open interest was 135,638 lots, an increase of 4.45%. The trading - to - open - interest ratio was 1.24, an increase of 1.53% [1] Inventory - The LME inventory remained unchanged at 119,850 tons, and the Shanghai zinc warehouse receipt inventory decreased by 9.71% to 6,473 tons. As of June 26, the total inventory of SMM zinc ingots in seven regions was 79,500 tons, a decrease of 0.01 tons compared with June 19 and an increase of 0.17 tons compared with June 23 [1] Fundamental Information - Zinc smelters have sufficient raw material reserves, and the zinc concentrate processing fee has continued to rise. The raw material shortage has less impact on smelter production, and the cost support has weakened. The downstream maintains rigid demand for zinc ingots [1] - Recently, the downstream procurement sentiment has improved after the zinc price decline, and the macro - sentiment is positive. The strike at Nexa's Cajamarquilla zinc smelter has increased market concerns about future supply, pushing up the zinc price [1]

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - A - shares are oscillating narrowly at a high level, with hotspots rapidly rotating. The index is approaching the predicted neutral point, and market sentiment is exuberant [14]. - The US dollar index is expected to weaken in the short - term due to the downward - revised Q1 GDP and increased economic downward pressure [18]. - The prices of various commodities show different trends. For example, steel prices are expected to continue oscillating in the short - term, and copper prices may be supported by macro factors and show a slightly stronger oscillating trend [4][43]. 3. Summary by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - Fed's Collins believes it may be too early to cut interest rates in July, and the baseline outlook is to resume rate cuts later this year. Gold lacks upward momentum, and there is a risk of correction [10][11]. - Investment advice: Gold prices are expected to be weak in the short - term, and investors should be aware of correction risks [12]. 3.1.2 Macro Strategy (Stock Index Futures) - The State Council issued a plan to improve the social credit repair system, and the third batch of consumer trade - in funds will be released in July [13][14]. - Investment advice: It is recommended to allocate assets evenly [15]. 3.1.3 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Trump hopes Congress can pass the tax reform bill before July 4. The US Q1 GDP was downward - revised, and the dollar index is expected to weaken in the short - term [16][18]. - Investment advice: The US dollar is expected to weaken in the short - term [19]. 3.1.4 Macro Strategy (US Stock Index Futures) - US durable goods orders in May increased by 16.4% month - on - month, but the Q1 GDP was downward - revised. Market sentiment is high, but there are still concerns about economic data and tariff negotiations [20][21]. - Investment advice: It is not recommended to chase the high as the US stock market has factored in a lot of optimistic expectations [22][23]. 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Soybean Meal) - Argentine soybean sales may stagnate in July due to the expiration of the tax - cut policy. US soybean export sales are better than expected. Domestic soybean meal prices have fallen, and trading volume is average [24][26]. - Investment advice: Futures prices are expected to remain range - bound. Focus on US soybean growing area weather and Sino - US relations [26]. 3.2.2 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Malaysian palm oil production increased by 3.83% from June 1 - 25. The oil market is oscillating and waiting for new data [27]. - Investment advice: The oil market is expected to continue oscillating in the short - term. It is recommended to operate within the range and not to short when the bottom support is strong [27]. 3.2.3 Agricultural Products (Sugar) - Pakistan approved the import of 500,000 tons of sugar. Brazilian port sugar waiting to be shipped decreased. Brazil will increase the ethanol blending ratio in gasoline from August 1, which may support sugar prices [28][31]. - Investment advice: The external sugar market is weakly consolidating. Zhengzhou sugar may have limited rebound space and may fall after the July contract is delivered [32]. 3.2.4 Black Metals (Rebar/Hot - Rolled Coil) - The inventory of five major steel products increased slightly this week, but rebar inventory decreased slightly. Steel prices are expected to continue oscillating in the short - term [33][34]. - Investment advice: Steel prices are expected to oscillate in the short - term. It is recommended to use a hedging strategy when the price rebounds [35]. 3.2.5 Agricultural Products (Corn Starch) - Corn and corn starch consumption in starch sugar products increased slightly this week. The opening rate of starch enterprises decreased slightly, and inventory decreased steadily. The CS09 - C09 spread decreased [36]. - Investment advice: It is recommended to wait and see as the factors affecting the CS - C spread are complex [36]. 3.2.6 Agricultural Products (Corn) - Corn consumption by deep - processing enterprises increased, and inventory decreased slightly. Spot prices are stable with an upward trend, while futures are weak [37][39]. - Investment advice: It is recommended to wait and see for old - crop contracts. Consider shorting the November and January contracts when the new - crop situation is clearer [39]. 3.2.7 Non - Ferrous Metals (Copper) - The metal market shows a cautiously bullish sentiment. India plans to take measures to deal with copper supply risks. Macro factors support copper prices in the short - term, and inventory changes should be focused on [39][43]. - Investment advice: Copper prices may show a slightly stronger oscillating trend in the short - term. Adopt a bullish strategy. Wait patiently for arbitrage opportunities [43]. 3.2.8 Non - Ferrous Metals (Polysilicon) - Longi plans to build a 1.4GW BC component factory in Indonesia. The polysilicon market is still under pressure, with falling prices and limited production cuts [44][45]. - Investment advice: It is recommended to focus on the PS08 - 09 positive spread opportunity due to high unilateral investment risks [46]. 3.2.9 Non - Ferrous Metals (Industrial Silicon) - The social inventory of industrial silicon decreased this week. There are rumors of production cuts and restarts. The price increase may face resistance [47][48]. - Investment advice: Pay attention to short - selling opportunities when the price of industrial silicon rebounds [48]. 3.2.10 Non - Ferrous Metals (Zinc) - The LME zinc is in a contango. A zinc smelter in Peru went on strike, and domestic zinc inventory increased slightly. Zinc prices may oscillate strongly in the short - term but face an oversupply situation in the medium - term [49][51]. - Investment advice: Reduce or stop losses on previous short positions in the short - term. Look for short - selling opportunities after the macro - sentiment fades. Consider positive spread arbitrage [52]. 3.2.11 Non - Ferrous Metals (Lithium Carbonate) - Ganfeng's first shipment of lithium concentrate from Mali set sail. The low price attracts some pre - season stocking, and there may be a short - term price rebound [53][54]. - Investment advice: Avoid short positions. Consider the 9 - 11 positive spread opportunity [54]. 3.2.12 Non - Ferrous Metals (Nickel) - LME nickel inventory decreased slightly. The nickel market is facing an oversupply situation, and nickel prices may be affected by the price of nickel ore [55]. - Investment advice: The short - term up - and - down profit - loss ratios of nickel prices are not good. Consider short - selling when the premium of nickel ore drops significantly [56]. 3.2.13 Energy and Chemicals (Liquefied Petroleum Gas) - The weekly commercial volume of LPG in China decreased, and inventory increased. The market is expected to oscillate in the short - term [57][58]. - Investment advice: Wait and see the demand after the increase in the release of civil LPG in East China [59]. 3.2.14 Energy and Chemicals (Carbon Emissions) - The National Energy Administration issued 215 million green certificates in May. The demand for green certificates is increasing, and they are evolving into financial assets [60]. - Investment advice: It is recommended to wait and see [61]. 3.2.15 Energy and Chemicals (Caustic Soda) - The caustic soda market in Shandong was stable. Supply is stable, and demand is average. The downward space of the futures price is limited [62]. - Investment advice: The spot price of caustic soda is gradually weakening, but the downward space of the futures price is limited [62]. 3.2.16 Energy and Chemicals (Pulp) - The decline of imported wood pulp prices slowed down, and the demand from downstream paper mills was weak [63][64]. - Investment advice: The pulp market is expected to oscillate as the fundamentals remain weak [64]. 3.2.17 Energy and Chemicals (PVC) - The spot price of PVC powder was narrowly adjusted, and the futures price oscillated. The trading volume was low [65]. - Investment advice: The PVC market is expected to oscillate as the fundamentals change little in the short - term [66]. 3.2.18 Energy and Chemicals (Urea) - The inventory of urea enterprises decreased slightly. The domestic supply - demand situation is expected to weaken, but the export quota may affect the market [67][69]. - Investment advice: Pay attention to potential policy changes regarding export quotas [69]. 3.2.19 Energy and Chemicals (PTA) - The downstream start - up rate of PTA was slightly adjusted. Supply decreased slightly this week and is expected to increase in the medium - term. The price is expected to oscillate in the short - term [70][71]. - Investment advice: The PTA price is expected to oscillate and adjust in the short - term [72]. 3.2.20 Energy and Chemicals (Bottle Chips) - The export quotes of bottle chip factories were mostly stable with some slight decreases. The industry plans to cut production in July, which may relieve supply pressure [73][76]. - Investment advice: Pay attention to the opportunity to expand the processing margin of bottle chips when the price is low [76].

相关链接 期货热点追踪 受青山控股集团暂停印尼镍冶炼厂主要生产线消息推动，沪镍今日收大阳线！这波上涨是诱多还是真反 转？ ...

工业硅&多晶硅日报（2025 年 6 月 26 日） 一、研究观点 点评 25 日多晶硅震荡偏弱，主力 2508 收于 30625 元/吨，日内跌幅 1.59%，持 仓增仓 7821 手至 80107 手；SMM 多晶硅 N 型硅料价格跌至 35500 元/ 吨，最低交割品 N 型硅料价格跌至 34500 元/吨，现货对主力升水扩至 3875 元/吨。工业硅震荡偏强，主力 2509 收于 7555 元/吨，日内涨幅 1.55%，持仓增仓 13217 手至 30.7 万手。百川工业硅现货参考价 8636 元/ 吨，较上一交易日持稳。最低交割品#553 价格降至 7600 元/吨，现货升 水收至 60 元/吨。西南复产增速进入瓶颈期，下游稍有排产放量，需求短 期回暖，硅厂重拾封盘不报策略，工业硅止跌但反弹难及前高。多晶硅西 南复产增量明确，终端自下而上压价，仍以偏空思路对待。月内双硅边际 或有短暂分歧，持续关注双硅比价关系，PS-SI 价差收敛机会。 工业硅日报 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 工业硅日报 二、日度数据监测 | | 分 项 | | 2025/6/24 | ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - For lead, downstream has not entered the peak season, there is still a risk of inventory accumulation, but scrap batteries remain tight, losses of secondary lead smelters are expanding, and the start - up is uncertain. Some enterprises have suspended shipments, so the lead price has strong support below, and it will maintain range consolidation in the short term. Future attention should be paid to the improvement of the demand side and macro uncertainties [1]. - For zinc, after the zinc price drops, downstream buyers place orders at low prices, and spot trading has improved. The Shanghai zinc price has stopped falling and rebounded. However, considering the supply - side suppression and inventory accumulation expectations, the rebound space of the zinc price may be limited, and it will maintain range consolidation in the short term. The strategy is still to short on rallies [1]. 3) Summary by Related Catalogs Lead - **Price and Spread**: SMM1 lead ingot average price is 16,925.00 yuan/ton, up 1.04%; Shanghai lead futures main contract closing price is 17,165.00 yuan/ton, up 1.24%; Shanghai lead basis is - 240.00 yuan/ton, down 35.00 yuan; various spreads and premiums have different changes [1]. - **Trading Volume and Open Interest**: Futures active contract trading volume is 36,222.00 lots, up 5.29%; open interest is 15,153.00 lots, down 22.53%; trading volume to open interest ratio is 2.39, up 35.91% [1]. - **Inventory**: LME inventory is 275,250.00 tons, unchanged; Shanghai lead warrant inventory is 44,667.00 tons, up 0.97% [1]. - **Fundamentals**: On the supply side, scrap lead - acid battery prices are rising, recyclers' supplies are limited, and secondary lead smelters are forced to raise prices. Some smelters reduce or stop production due to raw material shortages or cost inversions, and the start - up is at a relatively low level. Some enterprises hold back goods due to losses, and the secondary lead finished product inventory continues to increase. On the demand side, it is gradually shifting from the off - season to the peak season, and downstream purchases are expected to improve [1]. Zinc - **Price and Spread**: SMM1 zinc ingot average price is 22,130.00 yuan/ton, up 0.23%; Shanghai zinc futures main contract closing price is 22,045.00 yuan/ton, up 0.57%; Shanghai zinc basis is 85.00 yuan/ton, down 75.00 yuan; various spreads and premiums have different changes [1]. - **Trading Volume and Open Interest**: Futures active contract trading volume is 158,531.00 lots, down 14.77%; open interest is 129,865.00 lots, up 6.91%; trading volume to open interest ratio is 1.22, down 20.28% [1]. - **Inventory**: LME inventory is 122,875.00 tons, unchanged; Shanghai zinc warrant inventory is 7,169.00 tons, down 4.04% [1]. - **Fundamentals**: On the supply side, smelters have sufficient raw material reserves, and zinc ore processing fees continue to rise. The raw material shortage's restriction on smelter production has weakened, and the cost - side support has weakened. On the demand side, the south is gradually entering the rainy season, and terminal construction is restricted, so downstream purchases of zinc ingots are for rigid demand [1]. Other Information - Shenzhen Zhongjin Lingnan Non - ferrous Metals Co., Ltd.'s "Nanhua" brand lead ingots are approved to be registered on the Shanghai Futures Exchange, with a registered production capacity of 11.6 tons and subject to the standard price [1]. - As of the end of May, the total number of 5G base stations reached 4.486 million, a net increase of 235,000 from the end of last year, accounting for 35.3% of the total number of mobile base stations, 0.4 percentage points higher than in the previous four months [1]. - On June 24, [LME0 - 3 zinc] was at a discount of 20.17 US dollars/ton, with an open interest of 212,837 lots, an increase of 2,923 lots; [LME0 - 3 lead] was at a discount of 24.13 US dollars/ton, with an open interest of 153,024 lots, a decrease of 1,007 lots [1].

广发早知道-汇总版 广发期货研究所 电 话：020-88830760 E-Mail：zhaoliang@gf.com.cn 目录： 金融衍生品： 金融期货： 股指期货、国债期货 贵金属： 黄金、白银 集运欧线 商品期货： 有色金属： 铜、氧化铝、铝、铝合金、锌、镍、不锈钢、锡、碳酸锂 黑色金属： 钢材、铁矿石、焦煤、焦炭 农产品： 油脂、粕类、玉米、生猪、白糖、棉花、鸡蛋、花生、红枣、苹果 能源化工： 原油、PTA、乙二醇、苯乙烯、短纤、尿素、瓶片、烧碱、PVC、LLDPE、 PP 特殊商品： 橡胶、玻璃纯碱、工业硅、多晶硅 2025 年 6 月 26 日星期四 投资咨询业务资格： 证监许可【2011】1292 号 组长联系信息： 张晓珍（投资咨询资格：Z0003135） 电话：020- 88818009 邮箱：zhangxiaozhen@gf.com.cn 刘珂（投资咨询资格：Z0016336） 电话：020-88818026 邮箱：qhliuke@gf.com.cn 叶倩宁（投资咨询资格：Z0016628） 电话：020- 88818017 邮箱：yeqianning@gf.com.cn 周敏波（投资咨询 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report - Overseas, the US President's announcement of talks with Iran eases risk aversion, and the market expects the Fed to resume its rate - cut cycle, weakening the short - term US dollar index and increasing global risk appetite. Domestically, policies to support consumption and a relaxation of geopolitical tensions in the Middle East boost domestic risk appetite. Different asset classes have different trends: the stock index rebounds in the short - term, treasury bonds are volatile at a high level, and different commodity sectors show different short - term trends [3]. Summary by Related Catalogs Macro - finance - **Stock Index**: Driven by sectors such as finance, military, and artificial intelligence, the domestic stock market rises. With policy stimulus and a reduction in geopolitical risks, the short - term trading strategy is to cautiously go long [3][4]. - **Treasury Bonds**: They are volatile at a high level in the short - term, and the recommended strategy is to cautiously wait and see [3]. Precious Metals - After Iran and Israel declared a cease - fire, the safe - haven demand for precious metals weakened. Hawkish remarks from Powell and the Fed's decision to maintain interest rates, along with a deterioration in US consumer confidence, have put short - term pressure on precious metals [5]. Black Metals - **Steel**: The spot and futures prices of steel decline slightly. Demand continues to weaken, but supply is unlikely to decrease significantly due to expanding profits. The market is expected to oscillate at the bottom in the short - term [6][7]. - **Iron Ore**: The spot and futures prices of iron ore decline slightly. With rising iron - water production and inventory replenishment by steel mills, and high supply expectations, the price is expected to oscillate in the short - term and may decline in the medium - term [7]. - **Silicon Manganese/Silicon Iron**: The spot prices are flat. Demand is okay in the short - term, but supply may increase. With potential supply disruptions in manganese mines, the market is expected to oscillate in the short - term, and prices may decline if oil prices fall [8]. Chemicals - **Soda Ash**: It oscillates strongly. Supply is abundant, demand is weak, and inventory is increasing. The price is expected to be under pressure and oscillate in the short - term [9]. - **Glass**: It also oscillates strongly. Supply is for just - in - time production, demand is weak, and profits are low. The price is expected to oscillate in the short - term [9]. Non - ferrous Metals and New Energy - **Copper**: Due to difficulties in US - EU trade negotiations and potential tariffs, along with high production and potential demand weakening, the short - term trend is uncertain, and future negotiations and tariff policies need to be monitored [10]. - **Aluminum**: With eased geopolitical tensions, the price rises. However, inventory accumulation may signal a turning point, and demand may weaken in the future [10]. - **Aluminum Alloy**: In the off - season, weak demand is offset by tight scrap aluminum supply, so the price is expected to oscillate strongly in the short - term with limited upside [11]. - **Tin**: The price rises due to slow mine复产 in Myanmar and tight domestic supply. Despite being in the off - season with weak demand, the price is expected to oscillate strongly in the short - term but with limited upside [11]. - **Lithium Carbonate**: The price rebounds and oscillates. Supply increases while demand weakens, and the recommended strategy is to wait and see in the short - term and go short in the medium - term [12]. - **Industrial Silicon**: It moves sideways. With weak supply and demand and a rebound in coal prices, the recommended strategy is to wait and see in the short - term and go short in the medium - term [12]. - **Polysilicon**: It remains weak. With limited room for a decline in supply and downward pressure on demand, the supply - demand contradiction may intensify if the photovoltaic industry cuts production [13][14]. Energy and Chemicals - **Crude Oil**: Trump's pressure on Iran and a decline in EIA inventory keep the oil price oscillating in the short - term [15]. - **Asphalt**: It follows the oil price and oscillates. With improved shipping but increasing inventory, it will continue to fluctuate at a high level in the short - term [15]. - **PX**: It has strong cost support but faces a risk of decline. It will follow the oil price and oscillate weakly in the short - term [15]. - **PTA**: The basis remains strong, demand is weakening, and there is downward pressure in the short - term [16]. - **Ethylene Glycol**: With stable overseas production and low basis, the short - term de - stocking drive is low, and it will run weakly and stably [16]. - **Short - fiber**: It will follow the decline in the oil price and oscillate weakly in the medium - term, with high inventory and weak demand [16]. - **Methanol**: The price may decline in the short - term but is expected to oscillate strongly due to potential supply shortages [16]. - **PP**: With increasing production and weakening downstream demand, the price is expected to decline [17]. - **LLDPE**: With stable production and demand and falling oil prices, the price is expected to weaken and fluctuate strongly in the short - term [17]. Agricultural Products - **US Soybeans**: The price falls due to the impact of soybean oil and crude oil, and favorable weather in the US Midwest may further pressure the price [18]. - **Soybean and Rapeseed Meal**: The supply - demand situation is gradually easing, and the price may decline in the short - term. Attention should be paid to weather, policies, and import supply [18]. - **Oils and Fats**: The previous rally may reverse due to falling crude oil prices and changes in palm oil supply and demand [18]. - **Corn**: With changes in inventory and market supply, the price may consolidate at a high level in the short - term [18]. - **Hogs**: The market has a low expectation for price increases in July, and the price may decline in the short - term, with continued selling pressure on the LH09 contract [18].