Report Summary 1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views - The Jackson Hole Global Central Bank Annual Meeting will be held this week. The direction of monetary policy in the second half of the year is crucial for the equity market. A - shares have risen significantly in the past month and are expected to enter a high - level shock to wait for a directional choice [2]. - The short - term 10 - year Treasury bond interest rate around 1.78% - 1.8% may be the resistance level for the stage interest rate to rise, and the T2512 contract has support around 107.4 - 107.6. Considering the continuous strengthening of the stock market, the bond market may fluctuate [2]. - The market digests the Fed's interest rate cut expectation, the US dollar index stops falling and rebounds, and precious metals fall slightly. Gold is oscillating strongly, and silver long positions above $38 continue to be held [2]. - The container shipping index (European line) is weakly oscillating, and the short position of the 10 - contract continues to be held. The apparent demand for steel stops falling and rebounds, and the 10 - contract hot - rolled coil and rebar can be tried to go long. The shipment of iron ore falls from a high level, and it fluctuates with the steel price [2]. - Due to the sudden mine accident and partial coal mine shutdowns, the coking coal futures are expected to rebound. The seventh round of price increases for mainstream coking plants has been implemented, and the eighth round has been launched [2]. - The expectation of interest rate cuts improves, and the center of copper prices moves up. The supply - side speculation of alumina eases, and the inventory of aluminum increases. The supply - demand structure of aluminum still faces pressure [2]. - The supply of urea increases year - on - year, and the demand has no seasonal improvement signs. The PX center is strong, and the PTA drive is strong in the short term. The supply - demand of short - fiber is expected to improve, but there is no obvious short - term drive [2]. - The spot price of live pigs fluctuates weakly, and the corn supply increases, and the price continues to be weak. The export of palm oil slows down, but it still runs strongly. The overseas sugar supply outlook is loose [2]. - The macro - emotion of glass drives the far - month contract to strengthen, but the industry negative feedback continues. The macro - emotion of rubber is positive, and the price rises [2]. - The spot price of polysilicon is slightly adjusted upwards, and the lithium carbonate market is less sensitive to news [2]. 3. Summary by Related Catalogs Equity Index - **Market Situation**: A - shares have risen significantly in the past month, and are expected to enter a high - level shock to wait for a directional choice [2]. - **Operation Suggestion**: Buy put options to protect long positions, or partially stop profit on previous positions [2]. Treasury Bond - **Market Situation**: The bond market sentiment recovers, and the bond futures close higher across the board. The short - term 10 - year Treasury bond interest rate around 1.78% - 1.8% may be the resistance level for the stage interest rate to rise, and the T2512 contract has support around 107.4 - 107.6. Considering the continuous strengthening of the stock market, the bond market may fluctuate [2]. - **Operation Suggestion**: Keep a short - term wait - and - see attitude [2]. Precious Metals - **Market Situation**: The market digests the Fed's interest rate cut expectation, the US dollar index stops falling and rebounds, and precious metals fall slightly. Gold oscillates strongly, and silver long positions above $38 continue to be held [2]. - **Operation Suggestion**: Buy gold options; sell AU2512C792 and buy AU2512C776 to build a bullish spread strategy [2]. Shipping Index (European Line) - **Market Situation**: Weakly oscillating [2]. - **Operation Suggestion**: Hold the short position of the 10 - contract [2]. Steel and Iron Ore - **Market Situation**: The apparent demand for steel stops falling and rebounds. The shipment of iron ore falls from a high level, and the port inventory and clearance decrease slightly. It fluctuates with the steel price [2]. - **Operation Suggestion**: Try to go long on the 10 - contract hot - rolled coil and rebar. Go long on the iron ore 01 contract at low prices [2]. Coking Coal, Coke - **Market Situation**: Due to the sudden mine accident and partial coal mine shutdowns, the coking coal futures are expected to rebound. The seventh round of price increases for mainstream coking plants has been implemented, and the eighth round has been launched [2]. - **Operation Suggestion**: Go long on the coking coal 01 and coke 01 contracts at low prices [2]. Non - ferrous Metals - **Market Situation**: The expectation of interest rate cuts improves, and the center of copper prices moves up. The supply - side speculation of alumina eases, and the inventory of aluminum increases. The supply - demand structure of aluminum still faces pressure [2]. - **Operation Suggestion**: The copper main contract refers to 78,500 - 80,500. The alumina main contract refers to 3,000 - 3,300. The aluminum main contract refers to 20,000 - 21,000, and pay attention to the pressure level at 21,000 [2]. Energy and Chemicals - **Market Situation**: The supply of urea increases year - on - year, and the demand has no seasonal improvement signs. The PX center is strong, and the PTA drive is strong in the short term. The supply - demand of short - fiber is expected to improve, but there is no obvious short - term drive [2]. - **Operation Suggestion**: For urea, use a band - trading idea. For PX, be cautiously bullish in the short term. For PTA, be cautiously bullish and conduct a rolling reverse spread on TA1 - 5 [2]. Agricultural Products - **Market Situation**: The spot price of live pigs fluctuates weakly, and the corn supply increases, and the price continues to be weak. The export of palm oil slows down, but it still runs strongly. The overseas sugar supply outlook is loose [2]. - **Operation Suggestion**: For live pigs, pay attention to the reverse spread opportunity. For corn, it runs weakly. For palm oil, it may hit 9,800 - 10,000 at the end of the month. For sugar, conduct a bearish rebound trade [2]. Special Commodities - **Market Situation**: The macro - emotion of glass drives the far - month contract to strengthen, but the industry negative feedback continues. The macro - emotion of rubber is positive, and the price rises [2]. - **Operation Suggestion**: For glass, stop the short - position profit. For rubber, go short at a high position if the raw material supply is smooth [2]. New Energy - **Market Situation**: The spot price of polysilicon is slightly adjusted upwards, and the lithium carbonate market is less sensitive to news [2]. - **Operation Suggestion**: For polysilicon, wait and see. For lithium carbonate, mainly wait and see [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - The main reasons for the significant increase in the 10 and far - month contracts are the change of the main contract from 2508 to 2510, better - than - expected spot market and European port congestion, and some assistance from geopolitical factors. The current situation of European routes is stable reality and weak expectation. After the repair of deep discount on the disk, investors should not chase high. The recommended strategy is to short 10 contracts on rallies and hold the 12 - 4 calendar spread [10][11][12]. 3. Summary by Relevant Content Shipping Derivatives Data - **Container Freight Index**: The Shanghai Export Container Freight Index (SCFI) stood at 1733, down 1.71% from the previous value; the China Export Container Freight Index (CCFI) was 1314, down 2.18%. Among different routes, SCFI - US West increased by 5.03%, SCFIS - US West decreased by 18.69%, SCFI - US East rose by 1.16%, SCFI - Northwest Europe dropped by 0.10%, SCFIS - Northwest Europe increased by 7.22%, and SCFI - Mediterranean decreased by 7.04% [3]. - **EC Contracts**: The EC contracts generally showed a trend of decline. For example, EC2506 decreased by 2.42%, EC2508 increased by 1.27%, EC2510 decreased by 3.47%, EC2512 decreased by 4.19%, EC5602 decreased by 3.50%, and EC2604 decreased by 2.90%. In terms of positions, there were increases and decreases in different contracts. For example, EC2606 position increased by 4, EC2508 position decreased by 2808, EC2410 position increased by 3849, etc. The month - spread also changed, with the 10 - 12 month - spread increasing by 84.5, the 12 - 2 month - spread increasing by 19.5, and the 12 - 4 month - spread decreasing by 38.8 [3]. Market News - **Geopolitical News**: Protests broke out in Israel demanding a hostage agreement. Israel accepted a 60 - day cease - fire and hostage release draft proposed by Qatar, but Hamas rejected it. The core of the deadlock is the map parameters for the Israeli army's withdrawal from Gaza. Israel will propose a new map plan next Monday [4]. - **Shipping Market News**: MSK opened bookings for wk31 at a flat price of 3000. Some 0A ships' offline sailings can guarantee cabins, have long - free timeliness, and allow for off - site container returns at the destination port. MSK has some single - point cabin space on European routes. For PA7 at the end of the month, some special - price cabins for matching goods still need to be booked in advance, and the overall cabin space at the end of the month is abundant. European port congestion has not been alleviated due to factors such as labor shortages, strikes at the Port of Antwerp, low Rhine River water levels, and increased risks in the Red Sea route [5][6][7][8]. EC Market - **Market Review**: The market declined. The EC2510 contract rose by more than 16% again yesterday, with a cumulative increase of more than 20% in two days [9]. - **Reasons for the Increase**: The main reasons for the significant increase in the 10 and far - month contracts are the change of the main contract, better - than - expected spot market and European port congestion, and some assistance from geopolitical factors [10][11]. - **Outlook and Strategy**: There may still be a rush to ship in July. The current situation of European routes is stable reality and weak expectation. The spot market is expected to enter an arc - top trend from late July to early August. The recommended strategy is to short 10 contracts on rallies and hold the 12 - 4 calendar spread [11][12].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Reports - The reports present a comprehensive analysis of various futures markets including stock index futures, treasury bond futures, precious metal futures, and shipping industry futures on June 24, 2025. They cover aspects such as price differences, basis, yields, exchange rates, and fundamental data, providing investors with a multi - dimensional view of market conditions [1][2][5][8]. 3. Summaries by Related Catalogs Stock Index Futures - **Price Differences**: The report provides the price differences of various contracts such as IF, IH, IC, and IM, including spot - futures price differences, inter - period price differences, and cross - variety ratios. For example, the IF spot - futures price difference is - 60.50, with a change of 12.54 compared to the previous day [1]. - **Historical Percentiles**: It also shows the historical 1 - year and full - history percentiles of these price differences, which can help investors understand the relative position of current price differences in history [1]. Treasury Bond Futures - **Basis and IRR**: The basis and implied repo rate (IRR) of TS, TF, T, and TL are presented. For instance, the TS basis is 1.8674, with a change of - 0.0681 compared to the previous day, and the IRR percentile is 43.20% [2]. - **Inter - period and Cross - variety Price Differences**: Inter - period price differences and cross - variety price differences are also provided, such as the TS inter - period price difference between the next quarter and the current quarter is - 0.2380 [2]. Precious Metal Futures - **Prices and Changes**: The domestic and foreign futures closing prices, spot prices, basis, and ratios of gold and silver are reported. For example, the AU2508 contract closed at 781.30 yuan/gram on June 23, with a gain of 0.35% [5]. - **Yields and Exchange Rates**: The yields of US Treasury bonds and exchange rates such as the US dollar index and offshore RMB exchange rate are also included, which can affect the prices of precious metals [5]. Shipping Industry Futures - **Spot Quotes**: The spot quotes of shipping companies such as MAERSK, CMA, and MSC are provided, along with the changes in shipping rates. For example, the MAERSK shipping rate decreased by 3.31% from June 23 to June 24 [8]. - **Index and Futures Prices**: The settlement price indices of shipping routes and the prices of shipping futures contracts are reported, as well as the basis of the main contract [8]. - **Fundamental Data**: Data on global container运力 supply, port - related indicators, overseas economic indicators, and OECD leading indicators are presented, which can help analyze the fundamentals of the shipping industry [9]. Data and Information - **Overseas Data**: Economic indicators such as the US first - quarter current account and June consumer confidence index are provided [11]. - **Domestic Data**: Economic indicators and events related to black and non - ferrous metals, energy chemicals, and special commodities in the domestic market are reported, such as port inventories of iron ore and manganese ore [11].