上海市浦东新区世纪大道 210 号 10 楼 1001； 021-50591197 地址： 电话： 2025 年 7 月 7 日星期一 重庆市江北区金沙门路 32 号 23 层； 023-67070250 1 市场有风险 投资需谨慎 | | | | 铜： | | 17 | | --- | --- | --- | | 锡： | | 17 | | 镍： | | 17 | | 豆油、豆粕： | | 18 | | 棕榈油： | | 18 | | 菜粕、菜油： | | 19 | | 棉花： | | 19 | | 白糖： | | 20 | | 苹果： | | 21 | | 生猪： | | 22 | | 鸡蛋： | | 22 | | 玉米&淀粉： | | 23 | | 原木： | | 24 | | 免责声明 | | 25 | 国债： 上一交易日，国债期货收盘多数上涨，30 年期主力合约涨 0.11%报 121.200 元， 10 年期主力合约涨 0.03%报 109.100 元，5 年期主力合约涨 0.02%报 106.255 元，2 年 期主力合约持平于 102.508 元。 公开市场方面，央行公告称，7 月 4 日以固 ...

2025 年 7 月 4 日星期五 地址： 电话： 重庆市江北区金沙门路 32 号 23 层； 023-67070250 1 市场有风险 投资需谨慎 上海市浦东新区世纪大道 210 号 10 楼 1001； 021-50591197 | | | | 铜： | | 16 | | --- | --- | --- | | 锡： | | 17 | | 镍： | | 17 | | 豆油、豆粕： | | 17 | | 棕榈油： | | 18 | | 菜粕、菜油： | | 19 | | 棉花： | | 19 | | 白糖： | | 20 | | 苹果： | | 21 | | 生猪： | | 21 | | 鸡蛋： | | 22 | | 玉米&淀粉： | | 23 | | 原木： | | 24 | | 免责声明 | | 25 | 国债： 上一交易日，国债期货收盘多数上涨，30 年期主力合约跌 0.02%报 121.130 元， 10 年期主力合约持平于 109.105 元，5 年期主力合约涨 0.01%报 106.255 元，2 年期主 力合约涨 0.01%报 102.514 元。 公开市场方面，央行公告称，7 月 3 日以固 ...

早间评论 西南期货研究所 2025 年 7 月 1 日星期二 地址： 电话： 重庆市江北区金沙门路 32 号 23 层； 023-67070250 1 市场有风险 投资需谨慎 上海市浦东新区世纪大道 210 号 10 楼 1001； 021-50591197 国债： 上一交易日，国债期货收盘全线下跌，30 年期主力合约跌 0.43%报 120.420 元， 10 年期主力合约跌 0.16%报 108.895 元，5 年期主力合约跌 0.10%报 106.160 元，2 年 期主力合约跌 0.05%报 102.498 元。 公开市场方面，央行公告称，6 月 30 日以固定利率、数量招标方式开展了 3315 亿 元 7 天期逆回购操作，操作利率 1.40%，投标量 3315 亿元，中标量 3315 亿元。Wind 数据显示，当日 2205 亿元逆回购到期，据此计算，单日净投放 1110 亿元。 中国 6 月官方制造业 PMI 为 49.7，前值 49.5，制造业景气水平继续改善。中国 6 月官方非制造业 PMI 为 50.5，比上月上升 0.2 个百分点，非制造业总体继续保持扩张。 6 月份，综合 PMI 产出指 ...

早间评论 地址： 电话： 重庆市江北区金沙门路 32 号 23 层； 023-67070250 上海市浦东新区世纪大道 210 号 10 楼 1001； 021-50591197 西南期货研究所 2025 年 6 月 20 日星期五 1 市场有风险 投资需谨慎 | 国债： | 4 | | --- | --- | | 股指： | 4 | | 贵金属： 5 | | | 螺纹、热卷： 6 | | | 铁矿石： 6 | | | 焦煤焦炭： 7 | | | 铁合金： 7 | | | 原油： | 8 | | 燃料油： 8 | | | 合成橡胶： 9 | | | 天然橡胶： 9 | | | PVC： | 10 | | 尿素： | 10 | | 对二甲苯 | PX： 11 | | PTA： | 11 | | 乙二醇： 12 | | | 短纤： | 12 | | 瓶片： | 13 | | 纯碱： | 13 | | 玻璃： | 14 | | 烧碱： | 14 | | 纸浆： | 15 | | 铜： | 16 | | --- | --- | | 锡： | 17 | | 镍： | 17 | | | 豆油、豆粕： 17 | | | 棕 ...

2025 年 6 月 12 日星期四 重庆市江北区金沙门路 32 号 23 层； 023-67070250 上海市浦东新区世纪大道 210 号 10 楼 1001； 021-50591197 地址： 电话： 1 市场有风险 投资需谨慎 | 日 水 | | --- | | 国债: 4 | | 股指: 4 | | 贵金属: . C T | | 螺纹、热卷: ( | | 铁矿石: ( | | . 焦煤焦炭: 1 – | | 铁合金: ו – | | 原油: .. 8 | | 燃料油: C | | 合成橡胶: C | | 天然橡胶: C | | PVC: .. | | 尿素: .. 10 | | 对二甲苯 PX: 11 | | PTA: 11 | | 乙二醇: . | | 短纤: | | 瓶片: .. | | 纯碱: .. | | .. 玻璃: | | 烧碱: .. | | 纸浆: .. | | 碳酸锂: .. | | 铜： | | 16 | | --- | --- | --- | | 锡： | | 17 | | 镍： | | 17 | | 豆油、豆粕： | | 18 | | 棕榈油： | | 18 | | 菜粕、菜 ...

五矿期货早报 | 黑色金属 | | 黑色金属早报 | | 2025/6/12 | | --- | --- | --- | --- | | | 煤焦钢矿报价情况 | | | | 品种 | 价格 | 涨跌 | 折交割品 | | 加拿大CFR | 1 60 | 0 | | | 山西柳林低硫 | 1000 | 0 | | | 焦煤 山西柳林中硫 | 940 | 0 | | | 蒙5精煤(乌不浪口) | 878 | -15 | | | 主焦煤(唐山) | 1015 | 0 | 854 | | 日照准一级(现货出库) | 1180 | 0 | 1269 | | 鄂尔多斯二级 焦炭 | 931 | 0 | | | 陕西长治准一 | 1270 | 0 | | | 出口FOB | 206 | -2 | | | 普氏指数 | 755 | 4 | | | 青岛港61.5%-PB粉 | 724 | 5 | 767 | | 青岛港59.5%-金布巴 | 675 | 5 | 782 | | 铁矿 青岛港62.5%-巴混 | 742 | 5 | 755 | | 青岛港56. 5%-超特粉 | 619 | 4 | 844 | | 青岛港65 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The macro - economic recovery momentum needs to be strengthened, and the monetary policy is expected to remain loose. It is recommended to be cautious about treasury bonds, optimistic about the long - term performance of Chinese equity assets, and consider going long on stock index futures. For various commodities, different investment strategies are proposed based on their respective fundamentals and market conditions [6][9]. Summary by Related Catalogs Treasury Bonds - Last trading day, treasury bond futures closed down across the board. The 30 - year, 10 - year, 5 - year, and 2 - year main contracts fell by 0.65%, 0.26%, 0.15%, and 0.06% respectively. The Fed is cautious about interest rate cuts, and the US government's tariff policy is uncertain. It is expected that there will be no trend - based market, and one should remain cautious [5][7]. Stock Index - Last trading day, stock index futures showed mixed performance. The main contracts of IF, IH, IC, and IM changed by 0.68%, 0.25%, 1.89%, and 2.35% respectively. Although the domestic economic recovery momentum is weak, the long - term performance of Chinese equity assets is still promising. Considering the significant progress of the Sino - US trade agreement, one can consider going long on stock index futures [8][9][10]. Precious Metals - Last trading day, the main contracts of gold and silver showed declines. The "de - globalization" and "de - dollarization" trends are beneficial to the allocation and hedging value of gold. The long - term bull market trend of precious metals is expected to continue, and one can consider going long on gold futures [11][12]. Steel Products (including Rebar, Hot - Rolled Coil) - Last trading day, rebar and hot - rolled coil futures showed weak oscillations. The real - estate industry's downward trend has not reversed, and the demand for rebar is declining. There is a risk of further price decline, but the valuation is low, and there are signs of a stop - fall. Investors can focus on short - selling opportunities [13][14]. Iron Ore - Last trading day, iron ore futures rebounded slightly. The supply - demand pattern has weakened marginally, but the valuation is high. It has found support near the previous low. Investors can focus on low - level buying opportunities [16]. Coking Coal and Coke - Last trading day, coking coal and coke futures continued to decline. The supply of coking coal is loose, and the demand for coke has weakened. The futures have reached new lows, and investors can focus on short - selling opportunities [18][19]. Ferroalloys - Last trading day, the main contracts of manganese silicon and ferrosilicon declined. The demand for ferroalloys is weak, and the supply is relatively high. One can consider opportunities for out - of - the - money call options on manganese silicon and exiting short positions on ferrosilicon [21][22]. Crude Oil - Last trading day, INE crude oil rose significantly. The OPEC + meeting is approaching, and there are concerns about oversupply. The US tariff policy is uncertain. It is suitable for short - term operations, and one can temporarily observe the main contract [23][24][25]. Fuel Oil - Last trading day, fuel oil showed a trend of rising and then falling, with a relatively strong performance. The cost - side crude oil is expected to rise due to the OPEC meeting, and the court's ruling on tariffs is beneficial to fuel oil prices. One can temporarily observe the main contract [26][27][28]. Synthetic Rubber - Last trading day, the main contract of synthetic rubber rose slightly. The supply pressure persists, the demand improvement is limited, and the cost has declined. It is expected to continue to oscillate weakly [29][30]. Natural Rubber - Last trading day, the main contract of natural rubber showed mixed performance. The demand side is worried about the future, and the inventory has increased against the season. One should wait for the market to stabilize and temporarily observe [31][33]. PVC - Last trading day, the main contract of PVC declined. The short - term fundamentals change little, and it fluctuates with the macro - sentiment. It is expected to oscillate at the bottom [34][36]. Urea - Last trading day, the main contract of urea declined. In the short term, the cost has decreased, and the demand has not been released. In the second half of the year, exports and agricultural demand may drive the price to rise. One can consider going long at low levels [37][39]. PX - Last trading day, the main contract of PX rose. The supply - demand structure is tight, and the PXN spread has support. It should be treated with a cautious and bullish mindset [40]. PTA - Last trading day, the main contract of PTA rose. The supply - demand structure has improved, and the cost has support. It may oscillate and strengthen in the short term, and one can operate in the low - level range [41][42]. Ethylene Glycol - Last trading day, the main contract of ethylene glycol rose. The supply has increased, the inventory has decreased slightly, and the demand has improved. It is expected to oscillate and adjust, and one should pay attention to inventory and policy changes [43]. Short - Fiber - Last trading day, the main contract of short - fiber rose. The downstream demand has slightly recovered, and the cost has a driving force. It is expected to oscillate and strengthen following the cost, and one can participate cautiously at low levels [44]. Bottle Chips - Last trading day, the main contract of bottle chips rose. The raw material cost has support, and the supply - demand fundamentals have improved. It is expected to oscillate following the cost, and one should participate cautiously [45]. Soda Ash - Last trading day, the main contract of soda ash declined. The long - term supply exceeds demand, and the inventory is sufficient. It is expected to oscillate steadily [46]. Glass - Last trading day, the main contract of glass declined. The actual supply - demand fundamentals have no obvious driving force, and the market sentiment is weak [47][50]. Caustic Soda - Last trading day, the main contract of caustic soda declined. The supply - demand is relatively loose, with obvious regional differences. One should pay attention to device operations and liquid chlorine prices [51]. Pulp - Last trading day, the main contract of pulp rose slightly. The domestic and international supply is abundant, but the downstream consumption is weak. It is expected to rebound briefly, and one should pay attention to production cuts and consumption - stimulating policies [52]. Lithium Carbonate - Last trading day, the main contract of lithium carbonate declined. The supply is increasing, the demand is weakening, and the supply - demand surplus situation has not changed significantly. The price is difficult to reverse before the large - scale clearance of mine capacity [53]. Copper - Last trading day, Shanghai copper oscillated higher. The court's ruling on tariffs is beneficial to the market sentiment, and there is a basis for copper price increase. One can operate with a long - bias on the main contract [54][55]. Tin - Last trading day, Shanghai tin declined. The supply is expected to increase, and the demand is improving. The price is expected to face pressure and oscillate downward [56]. Nickel - Last trading day, Shanghai nickel rose. The cost has support, but the downstream demand is weak. The supply - demand surplus situation may continue, and one should pay attention to opportunities after the macro - sentiment recovers [57]. Soybean Oil and Soybean Meal - Last trading day, the main contracts of soybean oil and soybean meal declined. The supply of soybeans is expected to be loose, the upward pressure on soybean meal is high, and one can observe. The downward space of soybean oil is limited, and one can consider out - of - the - money call options [58][59]. Palm Oil - Malaysian palm oil has risen for five consecutive days. Malaysia plans to increase the biodiesel blending ratio. One can focus on opportunities to widen the spreads between rapeseed oil and palm oil and between soybean oil and palm oil [60][61]. Rapeseed Meal and Rapeseed Oil - The Canadian rapeseed market is mixed. The domestic inventory of rapeseed, rapeseed meal, and rapeseed oil is at a low or high level in recent years. One can focus on buying opportunities for rapeseed meal after a pull - back [62][63][64]. Cotton - Last trading day, domestic cotton futures declined slightly. The suspension of tariffs is beneficial to cotton exports. The supply - demand situation is complex, and one can wait for a pull - back to go long [65][68][69]. Sugar - Last trading day, domestic sugar futures declined slightly. The Brazilian sugar production is lower than expected, and the domestic inventory is low. One can operate within the oscillation range [70][71][72]. Apples - Last trading day, domestic apple futures oscillated. There are signs of production reduction in some areas, and the inventory is lower than last year. One can focus on buying opportunities after a pull - back [72][73]. Live Pigs - Last trading day, the main contract of live pigs rose. The supply is increasing, and the demand is weak after the Dragon Boat Festival. One can consider positive spreads on the peak - season contracts [74][77]. Eggs - Last trading day, the price of eggs was stable. The egg production capacity is increasing, and the price decline risk has been released in the main contract. One can consider short - selling after a rebound [78][79]. Corn and Starch - Last trading day, the main contracts of corn and corn starch rose. The domestic corn supply - demand is approaching balance, but there is short - term supply pressure. Corn starch follows the corn market, and one can temporarily observe [80][81][82]. Logs - Last trading day, the main contract of logs rose slightly. The expected arrival volume at ports has increased, and the spot price has declined. The market has no obvious driving force, and the support for the futures price is weak [83][84].

每经记者｜黄海 每经编辑｜董兴生 "夺章风波"已过去半年有余，庚星股份（现*ST庚星，SH600753 下文均称"庚星股份"）前管理团队部分成员与公司之间再起波澜。因离职 至今没能收到相应补偿，庚星股份多名前高管对前东家提起仲裁或诉讼。 据知情人士透露，截至目前，还有多名庚星股份前高管仍与公司存在劳动合同纠纷。除前董事兼总经理汤永庐外，还包括公司前副总经理 梁明媚、前财务金融中心副总监周雯瑶、前董秘李秀新、前监事陈雪敏等。 双方矛盾实际由来已久。2024年初，庚星股份原控股股东持股被法拍，浙江海歆能源有限责任公司（以下简称"浙江海歆"）拍下部分股 份，成为上市公司第一大股东。自此，浙江海歆与公司原管理团队开始出现摩擦。 到了去年7月底，浙江海歆提议召开临时股东大会，提议罢免庚星股份原董事会的大部分成员。约一个月后，庚星股份又进一步公告称，董 事会同意解聘公司大部分高管。彼时，新老管理团队曾围绕公司公章、证照等展开几轮争夺，最终达成和解。 庚星股份曾在今年1月和4月披露过两份关于重大诉讼及累计诉讼、仲裁情况的公告。两份公告侧面记录了新团队与庚星股份老员工之间的 纠纷进展。 在庚星股份1月8日凌晨的公告中，公司及 ...