Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The index has stable support below and high pressure for upward breakthrough. For the stock index, A - share sectors rotate with stable trading volume. The short - term 10 - year treasury bond interest rate may fluctuate between 1.6% - 1.7%, and the 30 - year treasury bond interest rate may be in the range of 1.85% - 1.95%. Gold may continue to rise if it stabilizes at $3300 (775 yuan), and silver may follow gold to冲击 the previous high of $33.5 (8350 yuan). The container shipping index is in short - term consolidation, and industrial material demand and inventory are deteriorating. Crude oil is affected by macro and geopolitical risks, and the future depends on OPEC+ production policies in June. Many commodities have their own price trends and trading suggestions based on supply - demand and market conditions [2]. 3. Summary by Category Financial Sector - **Stock Index Futures**: Index has stable support below and high upward pressure. For IF2506, sell put options at the support level to earn premium; for IM, go long on the September contract on pullbacks and sell call options with a strike price of 6400 in September for covered call strategies [2]. - **Treasury Bond Futures**: Short - term 10 - year treasury bond interest rate may fluctuate between 1.6% - 1.7%, and 30 - year between 1.85% - 1.95%. Adopt a wait - and - see approach for unilateral strategies and focus on high - frequency economic data and capital flow [2]. - **Precious Metals**: Gold may continue to rise if it stabilizes at $3300 (775 yuan), and silver may follow to冲击 the previous high of $33.5 (8350 yuan). Sell out - of - the - money gold call options and take profit opportunistically [2]. Black Sector - **Steel**: Industrial material demand and inventory are deteriorating. Consider long hot - rolled coil and short coke or coking coal strategies. Iron ore is in a range - bound between 700 - 745. Coke prices are in a new downward phase, and coking coal may be in the bottom - hunting stage [2]. - **Silicon - based Alloys**: Silicon iron has marginal improvement in supply - demand with stable costs, ranging between 5500 - 5800. Manganese ore has supply pressure, and the price ranges between 5500 - 5900 [2]. Non - ferrous Sector - **Base Metals**: Copper's social inventory is de - stocking, with the main contract focusing on the 78000 - 79000 resistance. Zinc's main contract ranges from 21500 - 23500. Nickel's main contract ranges from 122000 - 128000. Stainless steel has cost support but supply - demand contradictions, with the main contract ranging from 12600 - 13200. Tin prices are boosted by strong reality, and consider shorting in the 265000 - 270000 range [2]. Energy and Chemical Sector - **Crude Oil**: Affected by macro and geopolitical risks, the future depends on OPEC+ production policies in June. WTI may range from [59, 69], Brent from [61, 71], and SC from [450, 510] [2]. - **Other Chemicals**: Urea's main contract may fluctuate between [1820, 1920]. PX and PTA are supported by tight supply - demand. PF, PR follow PTA trends. MEG may fall due to downstream production cut expectations. EB is short - term volatile and medium - term bearish. Caustic soda can be considered for positive spread trading. PVC rebounds slightly but the spot market is weak. Synthetic rubber is falling. LLDPE and PP have weak supply - demand. Methanol's inventory has a turning point [2]. Agricultural Sector - Grains and Oils: Soybean meal is strong due to market speculation on Argentine weather. Corn has limited downside and rebounds. Palm oil is strong due to improved exports. Sugar has a loose overseas supply outlook. Cotton is affected by the easing of the Sino - US trade war [2]. - Livestock and Poultry: Pig futures are weak in the short - term. Eggs' spot price is in low - level oscillation. Apples' trading volume is low due to the busy farming season. Jujubes are in low - level oscillation. Peanuts' price is stable [2]. Special and New Energy Sectors - **Special Commodities**: Soda ash can be considered for positive spread trading in May - June. Glass should observe the support at the 1000 - point level. Rubber is bearish with a trading range of 14500 - 15500. Industrial silicon prices are falling, with a range of 7500 - 9500 yuan/ton [2]. - **New Energy Commodities**: Polysilicon futures are in low - level oscillation, with a price range of 34000 - 40000 yuan/ton. Lithium carbonate's main contract ranges from 58000 - 62000 [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].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The short - term and medium - term outlook for TL2506 is "oscillation", and the intraday view is "oscillation with a slight upward bias", with the overall view being "range - bound oscillation" due to the fulfillment of interest - rate cut expectations [1]. - For financial futures in the bond index sector (TL, T, TF, TS), the intraday view is "oscillation with a slight upward bias", the medium - term view is "oscillation", and the reference view is "range - bound oscillation". In the short term, the upside and downside space for bond futures is limited, and they are expected to remain range - bound [4]. 3. Summary by Related Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Index Sector - For TL2506, the short - term, medium - term, and intraday views are "oscillation", "oscillation", and "oscillation with a slight upward bias" respectively. The core logic is that the interest - rate cut expectation has been fulfilled, and it is in short - term range - bound consolidation [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Index Sector - The intraday view for TL, T, TF, TS is "oscillation with a slight upward bias", the medium - term view is "oscillation", and the reference view is "range - bound oscillation". The core logic is that in the long - term, due to large external uncertainties, the central bank needs to implement a moderately loose monetary policy, providing a solid policy basis for the upward movement of bonds. Currently, the implied interest - rate cut expectation in bond futures prices is low, indicating strong bottom support. However, after the release of the China - US economic and trade talks joint statement, the short - term risk of the tariff war has eased, the Fed's hawkish stance has put pressure on the exchange - rate spread, and the central bank's recent interest - rate and reserve - requirement ratio cuts require further observation of macroeconomic indicators to determine the pace and intensity of monetary easing, resulting in limited upward momentum for bond futures [4].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View No information provided. 3. Summary by Related Catalogs Metals and Minerals - **Ferrosilicon (SF506)**: Spot price is 5928, futures price is 5758, with a basis of 170 and a basis rate of 2.95%. It has a historical quantile of 56.00% [1]. - **Silicomanganese (SM509)**: Spot price is 5950, futures price is 5608, with a basis of 342 and a basis rate of 6.10%. It has a historical quantile of 56.00% [1]. - **Rebar (RB2510)**: Spot price is 3220, futures price is 3100, with a basis of 120 and a basis rate of 3.90%. It has a historical quantile of 56.10% [1]. - **Hot - rolled coil (HC2510)**: Spot price is 3260, futures price is 3210, with a basis of 50 and a basis rate of 1.60%. It has a historical quantile of 40.30% [1]. - **Iron ore (I2509)**: Spot price is 794, futures price is 709, with a basis of 85 and a basis rate of 12.00%. It has a historical quantile of 62.40% [1]. - **Coke (J2509)**: Spot price is 1553, futures price is 1520, with a basis of 33 and a basis rate of 2.17%. It has a historical quantile of 29.20% [1]. - **Coking coal (JM2509)**: Spot price is 1053, futures price is 932, with a basis of 121 and a basis rate of 13.00%. It has a historical quantile of 61.80% [1]. Non - ferrous Metals - **Copper (CU2506)**: Spot price is 78035, futures price is 77600, with a basis of 435 and a basis rate of 0.56%. It has a historical quantile of 80.60% [1]. - **Aluminum (AL2506)**: Spot price is 20020, futures price is 19930, with a basis of 90 and a basis rate of 0.45%. It has a historical quantile of 72.70% [1]. - **Alumina (AO2509)**: Spot price is 2896, futures price is 2827, with a basis of 69 and a basis rate of 2.44%. It has a historical quantile of 73.60% [1]. - **Zinc (ZN2506)**: Spot price is 22900, futures price is 22550, with a basis of 350 and a basis rate of 1.55%. It has a historical quantile of 89.40% [1]. - **Tin (SN2506)**: Spot price is 262200, futures price is 261560, with a basis of 640 and a basis rate of 0.24%. It has a historical quantile of 64.60% [1]. - **Nickel (NI2506)**: Spot price is 124600, futures price is 124180, with a basis of 420 and a basis rate of 0.34%. It has a historical quantile of 67.70% [1]. - **Stainless steel (SS2506)**: Spot price is 13220, futures price is 12765, with a basis of 455 and a basis rate of 3.56%. It has a historical quantile of 86.70% [1]. - **Lithium carbonate (LC2507)**: Spot price is 68250, futures price is 66260, with a basis of 1990 and a basis rate of 3.00%. It has a historical quantile of 68.50% [1]. - **Industrial silicon (SI2506)**: Spot price is 9450, futures price is 8540, with a basis of 910 and a basis rate of 10.66%. It has a historical quantile of 62.21% [1]. Precious Metals - **Gold (AU2506)**: Spot price is 785.1, futures price is 781.6, with a basis of - 3.6 and a basis rate of - 0.46%. It has a historical quantile of 13.30% [1]. - **Silver (AG2506)**: Spot price is 8215.0, futures price is 8197.0, with a basis of 18.0 and a basis rate of 0.22%. It has a historical quantile of 38.50% [1]. Agricultural Products - **Soybean meal (M2509)**: Spot price is 3330, futures price is 2964, with a basis of 366 and a basis rate of 12.35%. It has a historical quantile of 63.10% [1]. - **Soybean oil (Y2509)**: Spot price is 8140, futures price is 7780, with a basis of 360 and a basis rate of 4.63%. It has a historical quantile of 44.50% [1]. - **Palm oil (P2509)**: Spot price is 8760, futures price is 8120, with a basis of 640 and a basis rate of 7.88%. It has a historical quantile of 75.10% [1]. - **Rapeseed meal (RM509)**: Spot price is 2588, futures price is 2540, with a basis of 48 and a basis rate of 1.88%. It has a historical quantile of 29.20% [1]. - **Rapeseed oil (OI509)**: Spot price is 9430, futures price is 9302, with a basis of 128 and a basis rate of 1.36%. It has a historical quantile of 46.90% [1]. - **Corn (C2507)**: Spot price is 2355, futures price is 2280, with a basis of - 75 and a basis rate of - 3.18%. It has a historical quantile of 13.40% [1]. - **Corn starch (CS2507)**: Spot price is 2721, futures price is 2630, with a basis of - 91 and a basis rate of - 3.34%. It has a historical quantile of 1.30% [1]. - **Live pigs (LH2509)**: Spot price is 14830, futures price is 13930, with a basis of 900 and a basis rate of 6.46%. It has a historical quantile of 67.70% [1]. - **Eggs (JD2506)**: Spot price is 3110, futures price is 2989, with a basis of 121 and a basis rate of 4.05%. It has a historical quantile of 39.80% [1]. - **Cotton (CF509)**: Spot price is 13982, futures price is 12840, with a basis of 1142 and a basis rate of 8.89%. It has a historical quantile of 79.90% [1]. - **Sugar (SR509)**: Spot price is 6260, futures price is 5936, with a basis of 324 and a basis rate of 5.46%. It has a historical quantile of 67.10% [1]. - **Apples (AP510)**: Spot price is 8000, futures price is 7948, with a basis of 52 and a basis rate of 0.65%. It has a historical quantile of 38.80% [1]. - **Jujubes (CJ509)**: Spot price is 8965, futures price is 8300, with a basis of 665 and a basis rate of 7.42%. It has a historical quantile of 68.40% [1]. Energy and Chemicals - **Para - xylene (PX509)**: Spot price is 6330.7, futures price is 6206.0, with a basis of 124.7 and a basis rate of 2.01%. It has a historical quantile of 67.80% [1]. - **PTA (TA509)**: Spot price is 4520, futures price is 4440, with a basis of 80 and a basis rate of 1.80%. It has a historical quantile of 72.90% [1]. - **Ethylene glycol (EG2509)**: Spot price is 4225, futures price is 4187, with a basis of 38 and a basis rate of 0.91%. It has a historical quantile of 76.60% [1]. - **Polyester staple fiber (PF506)**: Spot price is 6345, futures price is 6184, with a basis of 161 and a basis rate of 2.60%. It has a historical quantile of 79.30% [1]. - **Styrene (EB2506)**: Spot price is 7250, futures price is 7072, with a basis of 178 and a basis rate of 2.52%. It has a historical quantile of 62.70% [1]. - **Methanol (MA509)**: Spot price is 2437, futures price is 2278, with a basis of 159 and a basis rate of 6.98%. It has a historical quantile of 92.80% [1]. - **Urea (UR509)**: Spot price is 1810, futures price is 1735, with a basis of 75 and a basis rate of 4.32%. It has a historical quantile of 34.80% [1]. - **LLDPE (L2509)**: Spot price is 7475, futures price is 7122, with a basis of 353 and a basis rate of 4.96%. It has a historical quantile of 90.50% [1]. - **PP (PP2509)**: Spot price is 7305, futures price is 7092, with a basis of 213 and a basis rate of 3.00%. It has a historical quantile of 72.60% [1]. - **PVC (V2509)**: Spot price is 4949, futures price is 4780, with a basis of - 169 and a basis rate of - 3.41%. It has a historical quantile of 34.40% [1]. - **Caustic soda (SH509)**: Spot price is 2437.5, futures price is 2431.0, with a basis of 6.5 and a basis rate of 0.27%. It has a historical quantile of 54.30% [1]. - **LPG (PG2506)**: Spot price is 5098, futures price is 4399, with a basis of 699 and a basis rate of 15.89%. It has a historical quantile of 83.10% [1]. - **Asphalt (BU2506)**: Spot price is 3560, futures price is 3430, with a basis of 130 and a basis rate of 3.79%. It has a historical quantile of 78.00% [1]. - **Butadiene rubber (BR2506)**: Spot price is 11700, futures price is 11225, with a basis of 475 and a basis rate of 4.23%. It has a historical quantile of 78.40% [1]. - **Glass (FG509)**: Spot price is 1136, futures price is 1108, with a basis of 28 and a basis rate of 2.46%. It has a historical quantile of 71.78% [1]. - **Soda ash (SA509)**: Spot price is 1376, futures price is 1349, with a basis of - 27 and a basis rate of - 2.00%. It has a historical quantile of 16.42% [1]. - **Natural rubber (RU2509)**: Spot price is 14635, futures price is 14550, with a basis of - 85 and a basis rate of - 0.58%. It has a historical quantile of 94.69% [1]. Financial Futures - **IF2506.CFE**: Spot price is 3775.1, futures price is 3724.8, with a basis of - 50.3 and a basis rate of - 1.35%. It has a historical quantile of 4.70% [1]. - **IH2506.CFE**: Spot price is 2645.5, futures price is 2621.2, with a basis of - 24.3 and a basis rate of - 0.93%. It has a historical quantile of 5.40% [1]. - **IC2506.CFE**: Spot price is 5604.9, futures price is 5487.2, with a basis of - 117.7 and a basis rate of - 2.15%. It has a historical quantile of 1.10% [1]. - **IM2506.CFE**: Spot price is 5903.4, futures price is 5773.6, with a basis of - 129.8 and a basis rate of - 2.25%. It has a historical quantile of 4.00% [1]. - **2 - year Treasury bond (TS2506)**: Spot price is 102.33, futures price is 99.33, with a basis of - 0.13 and a basis rate of - 0.13%. It has a historical quantile of 5.90% [1]. - **5 - year Treasury bond (TF2506)**: Spot price is 106.05, futures price is 101.61, with a basis of - 0.06 and a basis rate of - 0.06%. It has a historical quantile of 19.70% [1]. - **10 - year Treasury bond (T2506)**: Spot price is 109.07, futures price is 107.48, with a basis of 0.05 and a basis rate of 0.04%. It has a historical quantile of 20.10% [1]. - **30 - year Treasury bond (TL2506)**: Spot price is 138.31, futures price is 120.90, with a basis of 0.15 and a basis rate of 1.14%. It has a historical quantile of 21.50% [1].