短期供需偏紧格局且油价不大跌前提下PX 下方空 供需偏紧格局对PX支撑偏强 间有限;PX9-1价差仍偏正套;PX-SC价差短期压 bX bX2509 | | | | PA 110 MILL 200 TET VIGI A 1 1 / 7 / 3 / 3 / 3 / 3 / 3 / 3 / 3 / 3 / 3 / 3 / 3 / 3 / 3 | LALM VA NA NATA MITT V OO N T 缩 | | --- | --- | --- | --- | --- | | | PTA | TA2509 | 供需偏紧格局对PTA支撑偏强 | 供需偏紧格局且油价不大跌前提下TA下方空间有 | | | | | | 限:TA9-1关注反套机会 | | 能源 | 短社 | PF2507 | 短期驱动偏弱,价格跟随原料波动 | PF单边同PTA:PF盘面加工费低位做扩为主 | | 《工 | 瓶片 | PR2507 | 供需双增之下,短期供需矛盾不突出,绝对价格跟随成本波动 | PR单边同PTA: PR主力盘面加工费预计在350- | | | | | | 550元/吨区间波动,关注区间下沿做扩机会 | | | 乙醇 | ...

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].

投资咨询业务资格：证监许可【2011】1778 号 宝城期货国债期货早报（2025 年 5 月 14 日） ◼ 品种观点参考—金融期货股指板块 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | TL2506 | 震荡 | 震荡 | 震荡偏强 | 区间震荡 主 | 降息预期兑现，短期震荡整理为 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—金融期货股指板块 品种：TL、T、TF、TS 日内观点：震荡偏强 中期观点：震荡 参考观点：区间震荡 核心逻辑：昨日国债期货均窄幅震荡整理。首先，从中长期角度来看，外部环境变数较大，需要稳定 的内部环境来对冲外部风险，宏观政策将逐渐加码，央行需要实施适度宽 ...

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