Group 1: Report Investment Ratings - No investment ratings are provided in the report. Group 2: Core Views - The report analyzes various financial, commodity, and agricultural products, providing insights on their market trends and offering corresponding trading strategies based on factors such as economic negotiations, supply - demand dynamics, and cost changes [3]. Group 3: Summary by Categories Financial - **Stock Index**: Due to upcoming Sino - US economic and trade consultations, the stock index continues to rise. The lower support of the index is stable, but the upward breakthrough pressure remains. The index is affected by news in the short - term and may fluctuate. It is recommended to sell the put options of the CSI 1000 Index with an exercise price around 5800 in July to collect the premium [3]. - **Treasury Bonds**: The 10 - year treasury bond interest rate may fluctuate in the range of 1.6 - 1.75%, and the 30 - year treasury bond interest rate may fluctuate in the range of 1.8 - 1.95%. The short - end varieties are relatively strong. It is recommended to conduct range - band operations, and currently, the odds are limited, so it is advisable to wait and see. For the spot - futures strategy, pay attention to the positive arbitrage strategy of the TS2509 contract. In the medium - term, pay attention to the strategy of steepening the curve [3]. - **Precious Metals**: Gold may have pulse - type fluctuations during the short - term range - bound oscillation. It is recommended to sell out - of - the - money gold option straddles to earn time value. Silver has continued to break through, and its high volatility has pushed the price up to around $38 per ounce (9000 yuan per kilogram). Long positions can be held [3]. - **Container Shipping Index (European Line)**: The market is in a consolidation phase. It is recommended to buy the 08 contract on dips [3]. Black Metals - **Steel**: The demand and inventory of industrial steel products are deteriorating. Pay attention to the decline in apparent demand. It is advisable to wait and see for unilateral operations. For arbitrage, consider the strategy of going long on steel products and short on raw materials [3]. - **Iron Ore**: The high - level of molten iron production is declining. Pay attention to the marginal changes in terminal demand. The price is in a range - bound oscillation, with a reference range of 700 - 745 [3]. - **Coking Coal**: The auction failure rate in the market has decreased, and the coal mine production at a high level is declining. The spot price may still fall, but the expectation has improved. It is recommended to short the JM2509 contract on rallies [3]. - **Coke**: The third - round price cut by mainstream steel mills on June 6 has been implemented. Coking coal is weak and making concessions. It is recommended to short the J2509 contract on rallies [3]. - **Silicon Iron**: There is an expectation of a rebound. The supply in Ningxia is increasing rapidly, and the cost is temporarily stable. It is recommended to short when the price rebounds to 5300 - 5400 [3]. - **Manganese Silicon**: The supply pressure still exists. Pay attention to the cost changes. It is recommended to short when the price rebounds to 5700 - 5800 [3]. Non - ferrous Metals - **Copper**: The CL spread has widened again, and the US copper restocking continues. The main contract price is expected to be in the range of 77000 - 80000 [3]. - **Zinc**: The mine production is gradually increasing, and the zinc price is oscillating weakly. The main contract price is expected to be in the range of 21000 - 23000 [3]. - **Nickel**: The market is in a narrow - range oscillation, and the fundamentals have not changed much. The main contract price is expected to be in the range of 118000 - 126000 [3]. - **Stainless Steel**: The market is operating weakly, and the fundamental contradictions remain unchanged. The main contract price is expected to be in the range of 12600 - 13200 [3]. - **Tin**: The supply recovery progress is slow, and the macro - sentiment has improved. The tin price continues to rebound. It is recommended to short after the sentiment stabilizes [3]. Energy and Chemicals - **Crude Oil**: The warming macro - atmosphere has boosted market confidence. The market is currently in a relatively strong oscillation trend. It is recommended to take a short - term long - biased approach. The upper pressure levels for WTI are [64.66], for Brent are [67, 69], and for SC are [475, 485] [3]. - **Urea**: The short - term supply is strong and the demand is weak, dragging the market down. Pay attention to the policy and sentiment game in the future. It is advisable to wait and see for unilateral operations and wait for a rebound opportunity. The support level of the main contract is adjusted to 1640 - 1660, and it is recommended to conduct a reverse spread operation on the 09 - 01 spread [3]. - **PX**: The supply - demand situation has weakened marginally, and the price is under pressure, but the tight spot market still provides support. The short - term price is expected to be in the range of 6500 - 6900. It is recommended to short on rallies. Pay attention to the reverse spread opportunity for PX9 - 1 and narrow the PX - SC spread on rallies [3]. - **PTA**: The supply - demand situation has weakened marginally, but the raw material support is strong. The low - level price still has support. The short - term price is expected to be in the range of 4600 - 4900. It is recommended to short on rallies and conduct a reverse spread operation on PTA9 - 1 [3]. - **Short - fiber**: Some factories have reduced contracts, and the short - term processing fee has slightly recovered, but the driving force is still limited. The unilateral strategy is the same as that for PTA. It is recommended to widen the processing fee on the low - level of the PF disk [3]. - **Bottle Chip**: In the peak demand season, there is an expectation of production cuts. The processing fee is bottom - seeking, and the price follows the cost. The main contract processing fee is expected to fluctuate in the range of 350 - 600 yuan per ton. Pay attention to the opportunity to widen the processing fee at the lower limit of the range [3]. - **Ethanol**: The short - term demand is weak, but the supply - demand structure of MEG is still good. It is expected to oscillate in the range. The short - term EG09 is expected to oscillate in the range of 4200 - 4400. Pay attention to the positive spread opportunity for EG9 - 1 on dips [3]. - **Styrene**: The short - term raw materials and styrene inventory reduction support the price. Pay attention to the medium - term supply - demand pressure. It is advisable to wait and see in the short - term and short on rallies when the raw materials resonate in the medium - term [3]. - **Caustic Soda**: The alumina procurement supports the spot price. Pay attention to the inventory and cost. Continue to hold the 7 - 9 positive spread [3]. - **PVC**: The supply - demand contradiction is difficult to effectively resolve. Pay attention to the changes in India's BIS policy in June. It is recommended to short on rallies [3]. - **Synthetic Rubber**: The price follows the commodity market fluctuations. Hold the short position of the BR2507 contract [3]. - **LLDPE**: The overall situation has not changed much, and the trading volume is moderate [3]. - **PP**: The supply and demand are both weak, and the price is oscillating weakly. It is recommended to short on rallies [3]. - **Methanol**: The inventory inflection point has appeared, and the price is oscillating [3]. Agricultural Products - **Soybeans**: The CBOT price is rising steadily, and the price is oscillating strongly [3]. - **Palm Oil**: The market is in a narrow - range oscillation, waiting for fundamental data guidance. The short - term price is testing the support level of 8000 [3]. - **Sugar**: The overseas supply outlook is relatively loose. It is recommended to short on rallies, with a reference range of 5600 - 5850 [3]. - **Cotton**: The downstream market remains weak. It is recommended to short on rallies [3]. - **Eggs**: There is a risk that the spot price may weaken again. Short the 07 contract on rallies and hold the short position [3]. - **Apples**: The inventory apples are sold slowly, but the price is firm. The main contract price is expected to be around 7500 [3]. - **Jujubes**: The market price is weakly stable. The short - term price is expected to be around 8900 [3]. - **Peanuts**: The market price is oscillating. The main contract price is expected to be around 8300 [3]. - **Soda Ash**: The oversupply logic continues. It is recommended to short on rallies. Hold the short position and the 79 positive spread [3]. Special Commodities - **Glass**: The cold - repair news has disturbed the market, and the price has rebounded. It is advisable to wait and see in the short - term [3]. - **Rubber**: The market sentiment has improved, and the rubber price continues to rebound. It is recommended to short on rallies above 14000 [3]. - **Industrial Silicon**: The trading volume of the industrial silicon futures has increased, and the price is rising. The price is in a low - level oscillation [3]. - **Polysilicon**: The price of downstream products has fallen, and the polysilicon futures price has declined. It is recommended to hold the short position if there is one [3]. - **Lithium Carbonate**: The sentiment is temporarily stable, and the price is oscillating in a narrow range. The fundamental logic has not been reversed. The main contract price is expected to be in the range of 56000 - 62000 [3].

Report Summary 1. Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views - The overall market shows a mixed picture with different commodities experiencing various trends such as震荡 (side - ways movement), decline, or potential for price adjustments. Different trading strategies are recommended for each commodity based on their specific market conditions [2]. 3. Summary by Commodity Categories Financial - **Stock Index Futures**: Indexes have stable lower support but face high upper - breakthrough pressure. Trading volume is low, and there is no clear trend. It is recommended to wait and see [2]. - **Treasury Bonds**: In the short - term, 10 - year Treasury bond rates may fluctuate between 1.65% - 1.7%, and 30 - year rates between 1.85% - 1.95%. The market is in a narrow - range震荡, waiting for fundamental guidance. Unilateral strategies suggest waiting and observing, while paying attention to high - frequency economic data and fund - flow dynamics. For the 2509 contract, a positive arbitrage strategy is recommended [2]. - **Precious Metals**: Gold fails to continue its upward trend due to a lack of clear drivers and may maintain a震荡 pattern. A strategy of selling out - of - the - money gold option straddles can be used to earn time value. Silver follows gold's fluctuations, and it is recommended to sell relatively out - of - the - money call options [2]. Black Metals - **Steel**: Industrial material demand and inventory are deteriorating. Attention should be paid to the decline in apparent demand. Steel mill maintenance is increasing, and hot metal production is falling from its peak. For the RB2510 contract, unilateral operations are on hold, and attention is given to the strategy of going long on materials and short on raw materials [2]. - **Iron Ore**: Attention is paid to the support around 670 - 680 [2]. - **Coke**: The second round of coke price cuts by major steel mills was implemented on the 28th. There is still a possibility of further price cuts, and it is recommended to short the J2509 contract at an appropriate time [2]. - **Coking Coal**: The market auction is continuously cold, coal mine production is at a high level, and inventory is high. There is still a possibility of price decline, and it is recommended to short the JM2509 contract [2]. Energy and Chemicals - **Crude Oil**: The macro - situation and supply - increase expectations are in a stalemate, and the market is waiting for the implementation of OPEC's production - increase policy. The WTI is expected to fluctuate between [59, 69], Brent between [61, 71], and SC between [440, 500]. For arbitrage, attention is paid to the INE month - spread rebound opportunities [2]. - **Urea**: Under high - supply pressure, the market is searching for a bottom in a震荡 pattern. It is recommended to use a medium - to - long - term band trading strategy and a short - term unilateral bearish strategy. The main contract's fluctuation range is adjusted to around [1800, 1900] [2]. - **PX**: Supply - demand conditions are marginally weakening, but the spot market is tight, so there is support at low levels. In the short - term, it will震荡 between 6500 - 6800. A light - position reverse arbitrage for PX9 - 1 can be tried, and the PX - SC spread can be shorted when it is high [2]. - **PTA**: Supply - demand conditions are marginally weakening, but raw - material support is strong. In the short - term, it will震荡 between 4600 - 4800, and a reverse arbitrage for TA9 - 1 is recommended [2]. Agricultural Products - **Live Pigs**: Supported by pre - Dragon Boat Festival stocking, attention is paid to the support at 13500 [2]. - **Corn**: The market price will震荡 around 2320 in the short - term [2]. - **Oils and Fats**: There are both bullish and bearish factors, and oils and fats are in a narrow - range震荡. Palm oil may reach 8100 in the short - term [2]. - **Sugar**: Overseas supply is expected to be loose. It is recommended to wait and see or conduct bearish trading on rebounds [2]. - **Cotton**: The downstream market remains weak, and bearish trading on rebounds is recommended [2]. Special Commodities - **Glass**: Market sentiment has weakened again. Attention is paid to the support at the 1000 - point level for the FG2509 contract [2]. - **Rubber**: With a weak fundamental outlook, the RU contract has increased positions and declined. Short positions should be held, and attention is paid to the support around 13000 [2]. - **Industrial Silicon**: The industrial silicon futures are still falling under high - supply pressure, and the fundamentals remain bearish [2]. New Energy - **Polysilicon**: Polysilicon futures have stabilized and are in a震荡 pattern. If there are long positions, hold them cautiously [2]. - **Lithium Carbonate**: The market is in a weak震荡 adjustment, and the main contract is expected to trade between 58,000 - 62,000 [2].

Report Industry Investment Ratings No relevant content provided. Core Views - The index has stable lower support and high upper breakthrough pressure. The LPR and deposit rates have decreased, leading to a recovery in the consumer sector. Short - term Treasury bonds may fluctuate, and precious metals have rebounded after a decline. Various commodities such as shipping, industrial materials, and agricultural products show different trends and characteristics [2]. Summary by Related Catalogs Financial - For stock index futures (IF2506, IH2506, IC2506, IM2506), sell put options at support levels to earn premiums, or go long on September IM contracts on pullbacks and sell call options with a strike price of 6400 in September for a covered - call strategy. For Treasury bond futures (T2506, TF2506, TS2506, TL2506), short - term Treasury bonds may be in a shock, and the 10 - year Treasury yield may fluctuate between 1.6% - 1.7%, and the 30 - year Treasury yield between 1.85% - 1.95%. It is recommended to wait and see and pay attention to high - frequency economic data and capital dynamics. For precious metals (AU2508, AG2508), short - term gold should focus on regaining the $3300 (775 yuan) mark, and silver will follow gold and fluctuate strongly in the range of $32 - 33.5 (8000 - 8350 yuan) [2]. Black - The shipping index (EC2508) is in short - term shock consolidation, and 8 - 10, 6 - 10 positive spreads can be considered. For steel (RB2510), industrial material demand and inventory are deteriorating, and attention should be paid to the decline in apparent demand. Iron ore (I2509) fluctuates in the range of 700 - 745. Coke (J2509) has entered a new price cut stage, and coal prices may be in the bottom - seeking stage. Strategies such as long hot - rolled coils and short coke, long hot - rolled coils and short coking coal can be considered [2]. Non - ferrous - Copper (CU2506) should focus on the pressure level of 78000 - 79000, zinc (ZN2507) has strong upper pressure, and nickel (NI2506) and stainless steel (SS2507) maintain a weak shock. Tin (SN2506) should be treated with a bearish rebound approach [2]. Energy and Chemical - Crude oil (SC2507) is affected by macro and geopolitical risks, and the WTI fluctuates in the range of [59, 69], Brent in [61, 71], and SC in [450, 510]. Urea (UR2509) has low market demand activity and short - term shock. PX (PX2509) and PTA (TA2509) are under short - term pressure, and short - fiber (PF2507), bottle - grade polyester chips (PR2507), ethanol (EG2509), etc. have different trends and corresponding trading strategies [2]. Agricultural - Soybean meal (M2509, RM509) is suppressed by arrival pressure, and the performance around 2900 should be observed. Live pigs (6095ZHT) are in a weak shock, and attention should be paid to the 13500 support. Corn (C2507) is in a shock correction, and attention should be paid to the 2300 support. Palm oil may reach 8200. Other agricultural products such as sugar, cotton, eggs, etc. also have their own characteristics and trading suggestions [2]. Special Commodities - Glass (FG2509) is pessimistic in the market, and attention should be paid to the 1000 - point support. Rubber (RU2509) has risen slightly due to storage news, and the upper limit of the range can be lightly short - sold. Industrial silicon (Si2506) has broken through the position and fallen, and it is recommended to wait and see [2]. New Energy - Polysilicon (PS2506) futures are falling in a shock, and long positions should be closed. Lithium carbonate (LC2507) is in a weak operation, and the main contract is expected to run between 58,000 - 62,000 [2].

Report Summary 1. Investment Ratings No investment ratings for the entire industry are provided in the report. 2. Core Views - **Financial Products**: A-share index has stable lower support and high upper breakthrough pressure; short - term treasury bonds may oscillate; precious metals show certain price patterns and trends; the rally of the container shipping index may slow down [2]. - **Industrial Products**: Industrial materials demand and inventory are deteriorating; iron ore, coke, and other black commodities have different price trends and market situations; various energy and chemical products have different supply - demand and price characteristics [2]. - **Agricultural Products**: Different agricultural products such as soybeans, hogs, and sugar have their own market trends and influencing factors [2]. - **Special and New Energy Commodities**: Glass market sentiment is pessimistic; rubber prices are affected by news; new energy products like lithium carbonate are in a downward trend [2]. 3. Summary by Categories Financial - **Stock Index Futures**: Index has stable lower support and high upper breakthrough pressure. A - shares open lower and oscillate with trading volume maintaining at the trillion - level. Suggest selling put options on the support level of IF2506 to earn premiums, or going long on September IM contracts on pullbacks and selling call options with an exercise price of 6400 on September contracts for covered strategies [2]. - **Treasury Bonds**: Short - term treasury bonds may oscillate, waiting for fundamental guidance. The 10 - year treasury bond yield may fluctuate between 1.6% - 1.7%, and the 30 - year treasury bond yield may fluctuate between 1.85% - 1.95%. It is recommended to wait and see and focus on high - frequency economic data and liquidity dynamics [2]. - **Precious Metals**: Gold forms a "double - top" pattern and oscillates narrowly between 3200 - 3300 US dollars (750 - 770 yuan); silver fluctuates between 32 - 33.5 US dollars (8000 - 8350 yuan). The sold out - of - the - money gold call options can be held; Moody's downgrades the US credit rating, causing declines in the US stock, bond, and foreign exchange markets and a slight increase in precious metals [2]. - **Container Shipping Index (European Line)**: The emotional release is sufficient, and the upward momentum may slow down. Consider 8 - 10, 6 - 10 positive spreads, and wait and see for unilateral operations [2]. Industrial - **Steel**: Industrial materials demand and inventory are deteriorating. Pay attention to the decline in apparent demand. Iron ore oscillates between 700 - 745. Coke and coking coal prices are in a downward phase. Suggest long - hot - rolled steel and short - coke or short - coking coal strategies [2]. - **Energy and Chemicals**: Different products have different trends. For example, PX continues to have limited upward momentum; PTA oscillates at a high level between 4600 - 5000; short - fiber prices follow raw materials; ethanol's supply - demand structure improves; styrene has short - term oscillation and medium - term bearishness [2]. Agricultural - Different agricultural products have various market situations. For example, US soybeans oscillate, hogs' futures and spot prices oscillate weakly in the short term, and sugar has positive data from Brazil in late April [2]. Special and New Energy - **Special Commodities**: Glass market sentiment is pessimistic, and attention is paid to whether it can break through the 1000 - point level; rubber prices rise slightly due to storage news and can be lightly shorted at the upper end of the 14500 - 15500 range [2]. - **New Energy Commodities**: Lithium carbonate maintains a downward trend, with the main contract referring to 60,000 - 63,000 yuan; polysilicon futures oscillate with near - term strength and long - term weakness [2].

Report Summary 1. Investment Ratings No investment ratings for the industries are provided in the report. 2. Core Views - The index has stable support below and significant upward breakthrough pressure. The short - term Treasury bonds may fluctuate, and the precious metals market has entered a volatile phase. The shipping index's upward momentum may slow down, and the steel and coal markets are facing price adjustments. The agricultural products market is affected by various factors such as policies and supply - demand relationships [2][3]. 3. Summary by Categories Financial Products - **Stock Index Futures**: The index has stable support below and large upward breakthrough pressure. It is recommended to sell put options at the support level to earn premiums or go long on the September IM contract at low prices and sell call options with a strike price of 6400 in September for a covered strategy [2]. - **Treasury Bond Futures**: Short - term Treasury bonds may be in a volatile state. It is advisable to wait and see, focusing on the capital market and economic data [2]. - **Precious Metals Futures**: Gold has formed a "double - top" pattern and entered a volatile phase. Selling out - of - the - money gold call options can be held. Silver follows gold's fluctuations and has support at $32 (8000 yuan) [2]. Commodity Futures - **Shipping Index Futures**: The emotional release is sufficient, and the upward momentum may slow down. Consider positive spreads for 8 - 10 and 6 - 10 contracts and wait and see for unilateral operations [2]. - **Steel Futures**: The spot market is stabilizing, and there are macro - level benefits. It is recommended to consider long - hot - rolled coil and short - coke or short - coking coal strategies [2]. - **Coal Futures**: Coke prices have entered a new round of price cuts, and coking coal prices may be bottom - hunting. It is recommended to go long on hot - rolled coil and short on coke or coking coal [2]. - **Chemical Futures**: Different chemical products have different trends. For example, PX and PTA have strong supply - demand drivers but limited oil price support. Short - fiber prices follow raw materials, and ethylene glycol has strong short - term support [3]. - **Agricultural Futures**: Different agricultural products are affected by different factors. For example, soybeans are affected by biodiesel policies, and sugar is affected by Brazilian data [3]. - **Non - ferrous Metals Futures**: Different non - ferrous metals have different price ranges and trends. For example, copper has strong upward pressure, and tin rebounds due to improved macro - sentiment [5]. - **Energy Futures**: Crude oil is affected by the progress of the US - Iran nuclear negotiation, and the short - term market is in a weak and volatile state [5].