工业硅产业日报 2025-06-18 需求支撑，但企业多按需补库，库存增长，价格走弱，处于被动去库存，难有拉动。整体而言，三大下游 行业对工业硅总需求呈现持平趋势。工业硅仓单数量有所下滑，庞大的仓单数量给盘面带来了巨大的交割 免责声明 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价(日,元/吨) | 7425 | 65 主力合约持仓量(日,手) | 317763 | -1130 | | | 前20名净持仓(日,手) | -45461 | -3159 广期所仓单(日,手) | 56068 | -755 | | | 7-8月合约价差 | 40 | 0 | | | | 现货市场 | 通氧553#硅平均价(日,元/吨) | 8150 | 0 421#硅平均价(日,元/吨) | 8700 | 0 | | | Si主力合约基差(日,元/吨) | 725 | -65 DMC现货价(日,元/吨) | 10880 | -240 | | 上游情况 | 硅石平均价(日,元/吨) | 410 ...

Group 1 - The overall performance of ETF products has been good in the past two weeks, with the largest increase in the ChiNext ETF and the pharmaceutical industry ETF [2][8] - Major broad-based ETFs experienced net outflows, with the speed of outflows from the CSI 300 and A-series accelerating compared to the previous two weeks [2][8] - New ETFs established in the past two weeks totaled 9, with a combined issuance of 2.936 billion shares, all being stock ETFs [2][8] Group 2 - The report indicates that the domestic equity market has shown resilience, with average daily trading volume rising to 1.3 trillion yuan, and the ChiNext index performing well [3][12] - The U.S. CPI data showed moderate inflation, leading to increased market expectations for the Federal Reserve to cut interest rates in the second half of the year [3][12] - The report suggests focusing on two main investment themes: high-end manufacturing and domestic technology growth, as well as quality consumer assets benefiting from domestic demand expansion policies [3][14] Group 3 - The U.S. Treasury repurchase market is crucial for providing financing and liquidity for U.S. Treasuries, and it is also a market for implementing Federal Reserve monetary policy tools [4][15] - The report outlines the main participants in the repurchase market, with money market funds being the largest lenders and hedge funds as the primary borrowers [4][15] - Recent indicators suggest that the repurchase market is functioning well, with no significant funding pressure observed, although hedge fund leverage is at a high level [4][16] Group 4 - The financial data for May 2025 shows that the social financing scale increased by 2.29 trillion yuan, exceeding market expectations, with government bonds and corporate bonds contributing significantly [22][30] - The report highlights that the new policy financial tools are expected to support technology innovation and may prioritize support for listed private enterprises [27][28] - The ongoing reforms in Shenzhen are expected to enhance the integration of financial, technological, and data resources to empower the real economy [30][31]