Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report No information provided. 3. Summary by Related Categories Metals and Non - metals - Copper: The spot price of SMM 1 electrolytic copper is 95790, with a main contract basis rate of - 0.29%, a monthly basis of - 82, and a change of - 0.18% compared to yesterday [3]. - Aluminum: The spot price of SMM A00 aluminum is 24455, with a main contract basis rate of 1.06% and a monthly basis of - 60 [3]. - Zinc: The spot price of SMM 0 zinc is 22960, with a main contract basis rate of 0.52% and a monthly basis of - 100 [3]. - Lead: The spot price of SMM 1 lead ingot is 16565, with a main contract basis rate of 0.30% and a monthly basis of - 80 [3]. - Tin: The spot price of SMM 1 tin is 354090, with a main contract basis rate of 0.51% and a monthly basis of 1800 [3]. - Nickel: The spot price of SMM 1 electrolytic nickel is 132050, with a main contract basis rate of 1.59% and a monthly basis of 2080 [3]. - Industrial Silicon: The spot price of SMM Fuluo Tongyang 553 silicon is 9100, with a main contract basis rate of 9.51% and a monthly basis of 832 [3]. - Carbonate Lithium: The spot price of high - quality battery - grade carbonate lithium is 145750, with a main contract basis rate of 0.27% and a monthly basis of 2550 [3]. - Gold: The price of AuT + D is 1065.26, with a basis rate of 0.20% and a change of 0.39 compared to yesterday [3]. - Silver: The price of Ag(T + D) is 17984, with a basis rate of 0.03% and a change of - 33 compared to yesterday [3]. Black Industry - Rebar: The spot price of HRB400 20mm in Shanghai is 3190, with a main contract basis rate of - 1.11% and a monthly basis of 40 [3]. - Hot - rolled Coil: The spot price of Q235B 4.75mm in Shanghai is 3320, with a main contract basis rate of - 1.27% and a monthly basis of - 47 [3]. - Iron Ore: The spot price of PB powder 61% in Qingdao is 837.9, with a main contract basis rate of 3.76% and a change of - 0.63% compared to yesterday [3]. - Coke: The spot price of quasi - first - class metallurgical coke is 1891.0, with a main contract basis rate of 0.03% and a monthly basis of - 286.0 [3]. - Coking Coal: The spot price of main coking coal (Meng 5) is 1272.0, with a main contract basis rate of 6.30% and a monthly basis of - 0.28% [3]. - Steam Coal: The spot price of Shanxi Q500 at Qinhuangdao Port is 801.4, with a main contract basis rate of 0.00% and a monthly basis of - 68.4 [3]. - Ferrosilicon: The spot price of FeSi75 - B in Inner Mongolia is 5824, with a main contract basis rate of - 0.46% and a monthly basis of - 370 [3]. - Manganese Silicon: The spot price of FeMn68Si18 in Hebei is 6238, with a main contract basis rate of - 0.61% and a monthly basis of - 38 [3]. - Stainless Steel: The spot price of 304/2B 2.0*1219 from Angang Lianzhong in Wuxi is 13970, with a main contract basis rate of 2.49% and a monthly basis of 345 [3]. Agricultural Products - Soybean: The spot price of first - class domestic soybean in Harbin is 4813, with a main contract basis rate of - 413 [3]. - Soybean Meal: The spot price of ordinary protein soybean meal in Zhangjiagang is 3320, with a main contract basis rate of 9.14% and a monthly basis of 271 [3]. - Rapeseed Meal: The spot price of ordinary rapeseed meal in Nantong is 2660, with a main contract basis rate of 8.88% and a monthly basis of 217 [3]. - Edible Oil: The spot price of first - class soybean oil in Zhangjiagang is 8890, with a main contract basis rate of 3.18% and a monthly basis of 370 [3]. - Rapeseed Oil: The spot price of rapeseed oil in Jiangsu is 10480, with a main contract basis rate of 6.35% and a monthly basis of 772 [3]. - Peanut: The spot price of Baisha peanuts (45% oil, 9% water) in Changtu is 9100, with a main contract basis rate of 11.14% and a monthly basis of 756 [3]. - Palm Oil: The spot price of 24 - degree palm oil in Guangdong is 9796, with a main contract basis rate of 0.76% and a monthly basis of 74 [3]. - Corn: The spot price of first - class national standard corn at Guyuquan Port is 2400, with a main contract basis rate of - 0.08% and a monthly basis of 16 [3]. - Corn Starch: The spot price of corn starch at the factory in Changchun is 2850, with a main contract basis rate of 4.82% and a monthly basis of 131 [3]. - Apple: The spot price (average of Yantai Qixia and Shaanxi Luochuan Red Fuji) is 8827, with a main contract basis rate of - 3.83 and a monthly basis of - 272 [3]. - Egg: The spot price of eggs in Hebei Cangzhou is 3651, with a main contract basis rate of - 7.93 and a monthly basis of - 674 [3]. - Live Pig: The spot price of one - yuan live pig in Henan is 13405, with a main contract basis rate of - 3.739 and a monthly basis of - 3455 [3]. - Cotton: The spot price of cotton price index 328 in Xinjiang is 15605, with a main contract basis rate of 10.38% and a monthly basis of 1117 [3]. - Sugar: The spot price of white sugar in Liuzhou is 5570, with a main contract basis rate of 0.98% and a monthly basis of 30 [3]. Chemical Industry - Methanol: The spot price of methanol in East China is 3182, with a main contract basis rate of 1.12% and a monthly basis of - 0.02% [3]. - Ethanol: The spot price of ethanol in East China is 5220, with a main contract basis rate of - 1.15% and a monthly basis of - 60 [3]. - PTA: The spot price of PTA in East China is 6834, with a main contract basis rate of - 1.08% and a monthly basis of - 74 [3]. - Polypropylene: The spot price of Hangzhou Shaoxing Sanyuan T30S is 9158, with a main contract basis rate of 3.73% and a monthly basis of 342 [3]. - Styrene: The spot price of styrene in East China is 10400, with a main contract basis rate of 1.78% and a monthly basis of 945 [3]. - Short - fiber: The spot price of Shanghai Fangxiang semi - bright natural white 1.56*38mm is 8450, with a main contract basis rate of - 1.56% and a monthly basis of 52 [3]. - Plastic: The spot price of Zhejiang Petrochemical 7042 in Yuyao is 8916, with a main contract basis rate of - 3.87 and a monthly basis of 360 [3]. - PVC: The spot price of East China SG - 5 Xinjiang Zhongtai is 5894, with a main contract basis rate of - 2.05 and a monthly basis of - 154 [3]. - Rubber: The spot price of Thai - produced rubber in Qingdao Bonded Area is 16770, with a main contract basis rate of 0.36% and a monthly basis of - 770 [3]. - 20 - number Rubber: The spot price of Thai 20 standard rubber in Qingdao Bonded Area is 13535, with a main contract basis rate of 4.63% and a monthly basis of - 12 [3]. - Soda Ash: The spot price of heavy - quality soda ash in Shahe is 1287, with a main contract basis rate of - 0.82% and a monthly basis of - 80 [3]. - Urea: The spot price of small - particle urea in Henan is 1909, with a main contract basis rate of 0.05% and a monthly basis of - 49 [3]. - Pulp: The spot price of bleached softwood kraft pulp (Silver Star, Chile) is 5456, with a main contract basis rate of - 2.41 and a monthly basis of - 120 [3]. Energy - Crude Oil: The spot price of Chinese Shengli oil in the Pacific Rim is 814.9, with a main contract basis rate of - 0.67% and a monthly basis of - 51.6 [3]. - Fuel Oil: The spot price of bonded marine fuel oil 380CST in Zhoushan is 5865, with a main contract basis rate of 17.04% and a monthly basis of 854 [3]. - Asphalt: The spot price of heavy - traffic asphalt in Shandong is 4625, with a main contract basis rate of - 8.97% and a monthly basis of - 415 [3]. - Low - sulfur Fuel Oil: The spot price of 0.5% low - sulfur marine fuel oil in Singapore is 6834, with a main contract basis rate of 10.76% and a monthly basis of 4613 [3]. - LPG: The spot price of LPG in Guangzhou is 6283, with a main contract basis rate of - 2.10% and a monthly basis of - 25 [3]. Stock Index - CSI 300: The spot price is 4586.6, with a main contract basis rate of - 0.22% and a change of - 3.3 compared to yesterday [3]. - SSE 50: The spot price is 2916.2, with a main contract basis rate of - 0.14% and a change of 22.4 compared to yesterday [3]. - CSI 500: The spot price is 7886.4, with a main contract basis rate of - 0.25% and a change of 7822.2 compared to yesterday [3].

Group 1 - The forum focused on how the futures market can assist the oilseed and oil industry in responding to trade changes, emphasizing the importance of oilseed safety as a critical component of food security in China [1][2] - The China Zhengzhou Commodity Exchange (CZCE) aims to provide a high-quality risk management system for the industry, adapting to the current global economic adjustments and increasing trade uncertainties [1][2] - The oilseed and oil market in China plays a significant role globally, being the second-largest importer and the largest consumer of rapeseed oil and meal, as well as the largest importer and consumer of peanuts [2] Group 2 - COFCO Oils has been actively using futures and derivative tools to mitigate price volatility risks, ensuring stable operations within the industry [3] - The oilseed and oil sector has developed a relatively complete derivative system, which serves as a valuable risk management tool for the industry [3] - Discussions at the forum included topics such as changes in global oilseed trade patterns, challenges and opportunities for import and processing enterprises, and the use of futures derivatives to support stable operations and national oil supply security [3]

Core Viewpoint - The 2025 China (Zhengzhou) International Futures Forum, co-hosted by Zhengzhou Commodity Exchange and Chicago Mercantile Exchange, aims to enhance the internationalization of China's futures market, focusing on high-level openness and attracting global financial institutions and enterprises [1][5]. Group 1: Market Opening and Internationalization - Since the implementation of the Futures and Derivatives Law, the legal foundation for the opening of China's futures market has become increasingly solid, with clear cross-border regulatory cooperation mechanisms [1]. - The internationalization of China's futures market is a composite product of the country's opening-up strategy, the real needs of the实体经济, and financial market institutional innovation [1][4]. - The current internationalization paths are complementary, with specific products enhancing pricing influence and QFII/RQFII improving market liquidity [1][2]. Group 2: Benefits of International Participation - The gradual and controlled opening model allows for the introduction of mature futures products, ensuring stable market operation while balancing the "bringing in" and "going out" strategies [2][4]. - The introduction of foreign traders enhances market liquidity and improves pricing capabilities, providing favorable conditions for enterprises' hedging and spot business [4]. - The participation of foreign investors in RMB-denominated internationalized products indirectly promotes the use of RMB in global commodity trade, extending the internationalization of the currency [2][5]. Group 3: Impact on Enterprises - The internationalization of the futures market significantly improves operational efficiency for enterprises, with simplified approval processes for foreign traders and enhanced cross-border trading efficiency [4]. - The demand for international risk management tools from China's实体经济 creates substantial opportunities for collaboration between foreign institutions and Chinese enterprises [5]. - The forum will showcase various case studies on the integration of production and finance, highlighting the practical applications of futures in cross-border trade [3][5]. Group 4: Future Prospects and Innovations - The forum is expected to facilitate discussions on optimizing the high-level opening paths of the domestic futures market and enhancing the global pricing influence of "Zhengzhou prices" [5][6]. - There is a focus on strengthening cooperation with foreign exchanges and clearinghouses, as well as leveraging technological innovations to upgrade cross-border trading systems [6]. - The expansion of QFII and RQFII tradable futures and options products indicates a favorable environment for further opening of China's futures market [6].

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The market trading logic will shift from policy - based game to fundamentals after the policy - based game ends. For example, in the stock index futures and bond futures markets, the market will focus more on the actual economic situation and capital flow [10][12]. - Different commodities have different trends and investment suggestions. For instance, it is recommended to short palm oil and soybean meal at high prices; have a bearish view on eggs; use a light - position long - spread strategy for apples; and take profit on short positions of jujubes in batches [17][18][20]. 3. Summary by Related Catalogs 3.1 Macro Information - China and Russia deepen their comprehensive strategic partnership, and the two leaders sign a joint statement [7]. - The US and the UK reach a tariff trade agreement, and the US reduces tariffs on UK cars, steel, and aluminum. They also plan to start digital trade agreement negotiations [7]. - Four major first - tier cities in China lower the provident fund loan interest rate, and Chengdu proposes a new provident fund policy [7]. - In April, China's passenger car market retail sales reached 1.791 million, a year - on - year increase of 17%, and new energy vehicle retail sales were 922,000, a year - on - year increase of 37%. The inventory warning index of Chinese auto dealers was 59.8%, a month - on - month increase of 5.2 percentage points [8]. - The EU announces a retaliatory list of 95 billion euros of US goods and sues the US at the WTO [8]. - The US starts the legislative work on a huge tax - cut plan, and the number of initial and continued jobless claims in the US last week decreased [8]. - Tensions between India and Pakistan intensify, causing the Pakistani stock market to plunge [9]. - Institutions and enterprises rush to issue science and technology innovation bonds, with a total issuance scale of 21 billion yuan and a registration scale of 18 billion yuan as of May 8 [9]. 3.2 Stock Index Futures - The strategy is to pay attention to resistance levels and market performance after the release of macro data. After the central bank's policy announcement, the main indexes showed a pattern of opening high and closing low, and there was large - scale capital inflow into the Shanghai 50 ETF at the end of the session [10]. 3.3 Bond Futures - The strategy is to consider short - bond arbitrage and steepen the yield curve. After the central bank's policy announcement, the bond market shows a trend of short - bond confidence recovery and yield curve steepening [11][12]. 3.4 Container Shipping to Europe - The market is pessimistic about the freight rates in May and June. The 08 contract has limited upside potential due to the lack of upward drivers. The focus is on the peak - season performance, and the market is waiting for the inflection point of cargo volume [13]. 3.5 Cotton - Domestic cotton prices are running weakly at a low level due to concerns about actual orders and demand. The international cotton price is affected by factors such as a stronger US dollar and poor export data. The future trend depends on macro - situation changes, US cotton planting, and export conditions [14]. 3.6 Sugar - The sugar price shows a volatile trend. Internationally, the supply from Brazil is expected to increase, while India's production is expected to recover. Domestically, the supply is relatively loose in the short term, but the uncertainty of import supply affects the sugar price [15][16]. 3.7 Oils and Oilseeds - It is recommended to short palm oil and soybean meal at high prices. Palm oil is under pressure due to the expected increase in production in the producing areas, and soybean meal is affected by the recovery of domestic oil mill operating rates [17]. 3.8 Eggs - The spot price of eggs is weak, and the supply pressure is expected to increase in the future. It is recommended to maintain a bearish view on egg futures [18][19]. 3.9 Apples - It is recommended to use a light - position long - spread strategy. The current situation of apple setting in the western producing areas varies, and the inventory in the producing areas is at a low level in the past six years, with the possibility of price increases [20]. 3.10 Jujubes - It is recommended to take profit on short positions in batches and pay attention to downstream demand and abnormal changes in the producing areas. The market is currently in a range - bound state, and the growth of jujube trees in Xinjiang is good [20]. 3.11 Crude Oil - In the long term, the oil price has a downward expectation due to OPEC+ production increase and economic recession concerns. In the short term, there is a certain rebound expectation due to factors such as the possible easing of the Sino - US trade war [21]. 3.12 Fuel Oil - The fuel oil price follows the crude oil price rebound, and the market is affected by factors such as the peak power - generation demand in the Middle East and weak shipping [22]. 3.13 Plastics - It is recommended to have a bearish view on L and PP. The long - term supply - demand pattern is weak, and the cost support is declining [23][24]. 3.14 Rubber - The short - term supply and demand are both weak, and it is expected to fluctuate within a range. It is possible to go long with a light position on pullbacks and set a stop - loss [25]. 3.15 Methanol - It is recommended to maintain a bearish view. The downstream demand is expected to decrease, and the long - term demand situation is not good [25]. 3.16 Caustic Soda - The near - month contract is expected to strengthen, and the main contract is expected to fluctuate. The spot price is strong due to supply decline and demand increase [26]. 3.17 Soda Ash and Glass - For soda ash, the supply is expected to improve marginally in May, and the price decline space is limited, but the medium - and long - term supply - demand pattern is loose. For glass, the demand expectation is weak, and the price is expected to fluctuate or decline slightly [27][28]. 3.18 Asphalt - The asphalt futures are expected to fluctuate around 3400, and the price is supported by inventory. The upper pressure comes from the oil price [29]. 3.19 Polyester Industry Chain - In the short term, polyester products are expected to remain at a relatively high level, but the upside space is limited. In the medium term, it is recommended to wait for short - selling opportunities [30]. 3.20 Liquefied Petroleum Gas (LPG) - The medium - term trend of LPG is affected by crude oil. Although the long - term price center is expected to decline, the domestic PG is stronger than crude oil due to the Sino - US trade war [31]. 3.21 Pulp - The supply - demand situation has no obvious contradiction, and the market is in a pattern of weak demand and high inventory. It is recommended to pay attention to macro - sentiment [31][32]. 3.22 Logs - The short - term trend is expected to be volatile. It is recommended to short on rebounds in the short term and buy out - of - the - money call options at low prices in the long term [33]. 3.23 Urea - Moderate export is likely, but the policy does not allow a significant increase in the domestic urea price. The international urea price is expected to decline, and the short - term trend is expected to be volatile [34]. 3.24 Aluminum and Alumina - For aluminum, it is recommended to wait and see in the short term and go long at low prices appropriately. For alumina, the price is expected to continue to decline weakly and wait for the ore price to stabilize [35]. 3.25 Industrial Silicon and Polysilicon - For industrial silicon, a bearish view is maintained before the actual supply reduction in the wet season. For polysilicon, the 06 contract has limited upside space, and the 07 contract is expected to decline weakly [36][37]. 3.26 Steel and Iron Ore - The short - term steel price is expected to fluctuate, and the medium - and long - term trend is expected to be weak due to factors such as Sino - US tariffs and weak demand [37]. 3.27 Coking Coal and Coke - The fundamentals of coking coal and coke have not changed substantially, and they are in a downward channel. There is no condition for going long without large - scale production cuts or a decline in Mongolian coal imports [38]. 3.28 Ferroalloys - For ferrosilicon, it is recommended to go long intraday. For silicomanganese, it is recommended to take profit on the sold 06 - contract put options [38].