A股可控核聚变概念反复活跃，沪指跌0.27%，贵金属、电池、半导体、PCB等方向跌幅居前，沪深京三市下跌个股超2600只。港股低开高走，香 港恒生指数开盘上涨0.36%，恒生科技指数涨0.48%。蔚来-SW、小鹏汽车-W涨超3%，零跑汽车、长城汽车、小米集团-W纷纷高开。 债市方面，国债期货早盘多数小幅低开。 9：34 A股可控核聚变概念反复活跃，浙富控股、海陆重工竞价涨停，常辅股份涨超10%，兰石重装、天力复合、上海电气、久立特材、国机通用等纷 纷高开，消息面上，中国科学院金属所成功制备"人造太阳"关键核心材料。 商品方面，国内商品期货开盘涨跌不一。集运市场方面，集运欧线主力合约大幅低开，跌超3%。化工板块弱势，纯碱、甲醇等跌超2%。能源板 块则相对强势，LU燃油、原油、燃料油均涨超1%。 富时中国A50指数期货盘初涨0.28%，上一个交易日夜盘收涨0.19%。 9：46 沪指跌0.27%，贵金属、电池、半导体、PCB等方向跌幅居前，沪深京三市下跌个股超2600只。 | 序号 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | 年初至今 | | --- | --- | --- | --- | ...

报告日期：2025 年 10 月 23 日 申银万国期货研究所 首席点评：外汇市场保持着较强的韧性和活力 9 月我国外汇市场平稳运行，主要呈现两个特点：一是跨境资金流动保持活跃、 均衡态势；二是外汇市场供求较为平衡。今年前三季度我国涉外收支总规模为 11.6 万亿美元，创历史同期新高。跨境资金净流入 1197 亿美元，银行结售汇顺 差 632 亿美元，均高于上年同期水平。总的来看，面对复杂多变的外部环境，今 年以来我国外汇市场稳健运行，市场预期平稳，供求基本平衡，外汇市场保持着 较强的韧性和活力。国内商品期货夜盘，原油主力合约收涨 1.65%报 449.1 元/ 桶。贵金属方面，沪金收跌 1.56%报 934.72 元/克，沪银涨 0.04%报 11331 元/ 千克。 重点品种： 贵金属、原油、股指 原油：SC 夜盘上涨 1.65%。特朗普在上周与普京通话后，宣布两国元首近期将在 匈牙利首都布达佩斯会晤。特朗普 21 日在白宫椭圆形办公室告诉记者，与普京 的原定会面计划被搁置。欧盟轮值主席国丹麦宣布，欧盟各成员国已批准对俄实 施第 19 轮制裁，制裁措施包括禁止进口俄液化天然气等。美国能源信息署数据 显示， ...

Group 1 - Domestic commodities experienced a strong rebound on June 4, with coking coal rising over 7% and coke over 5%, leading to a broad market recovery [1][2] - The rebound was primarily driven by coking coal, which had seen significant price drops recently, prompting profit-taking among short sellers [2][3] - The China Securities Commodity Futures Price Index closed at 1350.34 points, up 0.51% from the previous trading day, while the Commodity Futures Index rose to 1869.74 points, also reflecting a 0.51% increase [1][6] Group 2 - Supply-side factors include temporary production halts in Shanxi coal mines and safety incidents, leading to expectations of tighter coking coal supply, although overall production remains high [3] - There are rumors regarding potential tax increases on Mongolian coal resources, but no official announcements have been made, keeping supply conditions relatively loose [3] - On the demand side, iron and steel production is expected to decline, with coking enterprises facing reduced profits and accumulating inventory, indicating a cautious outlook for future demand [3] Group 3 - The shipping industry is experiencing upward pressure on freight rates due to strong demand on the US routes, with European shipping contracts also seeing increases [4] - Despite the positive sentiment, the current supply-demand structure does not support significant price jumps, suggesting a more gradual adjustment in freight rates [4] Group 4 - The oilseed market is showing weakness, with canola oil prices dropping over 2% due to improved supply expectations following trade negotiations between Canada and China [5][7] - The increase in domestic canola planting areas and expected imports are contributing to a more favorable supply outlook, which may keep prices under pressure in the short term [5][7] - Other commodities, such as caustic soda and paper pulp, are also facing downward pressure due to oversupply and seasonal demand factors [7]

Group 1 - The core viewpoint of the article emphasizes the need for multiple measures to boost consumption in response to the low retail sales growth in the US, which was only 0.2% in February, below the expected 0.6% [1] - The Chinese government is actively formulating policies such as childcare subsidies and labor wage adjustments to enhance consumer capacity [1] - The central bank will collaborate with financial regulators to develop specific documents to support consumption expansion [1] Group 2 - The shipping index for the European route showed a significant increase, with the June contract closing at 2204.1 points, up 3.41%, influenced by geopolitical tensions [2][37] - The SCFIS European line decreased by 3.9% to 1611.70 points, indicating a decline in the port settlement price during the specified period [2][37] - The April shipping rates are expected to stabilize, with potential for price adjustments depending on cargo volume recovery [2][37] Group 3 - The apple futures market is experiencing strong fluctuations, with cold storage inventory in major production areas at 524.06 million tons, a decrease of 25.16 million tons from the previous week [3][31] - The current market price for apples remains stable at 3.75 yuan per jin in key regions, with expectations for trading strategies focusing on buying low and selling high within a specified range [3][31] Group 4 - The domestic monetary policy is showing signs of easing, with the central bank emphasizing the implementation of a moderately loose monetary policy [9] - The overall economic environment is being closely monitored, with expectations for potential interest rate cuts as economic data shows signs of weakening [17]