【国泰期货】Morning Insight: July 24, 2025-250724（7页）.pdf

1、金融衍生品研究 请务必阅读正文之后的免责条款部分 1 Morning Insight:July 24,2025 Linlin Gao Certification：Z0002332 Yu Chen Wu(Contact)Certification：F03133175 Main Body Commodity Market Insight：Lithium Carbonate:The market is currently balancing and speculating between strong policy expectations and weak fundamentals.As abso

2、lute prices remain elevated,the basis has declined from+90 yuan/ton to-150 yuan/ton.With this pullback in the basis,the market anticipates that inventories held by industry players or traders may gradually be registered as warehouse receipts.On the previous day,registered warehouse receipts increase

3、d by 665 tons,reaching a total of 10,754 tons(1,060 tons added,395 tons removed).Looking ahead,attention should be given to how domestic mining rights reviews might affect production and operations,as well as the weak demand fundamentals in the domestic new energy vehicle and energy storage markets.

4、Given the heightened price volatility,investors are advised to hold positions cautiously.Chart 1：Market Snapshot Source：iFind,GUOTAIJUNAN FUTURES Research CSI 300 Index Futures4118.8 0.27%SSE 50 Index Futures2794.8 0.46%CSI 500 Index Futures6183.2 0.07%CSI 1000 Index Futures6590.0 0.01%30Y T-bond Fu

5、tures119.5-0.21%10Y T-bond Futures108.6-0.11%5Y T-bond Futures105.9-0.09%2Y T-bond Futures102.4-0.03%Market SnapshotJuly July 2 24 4,2025,2025 F Financial Derivativesinancial Derivatives GUOTAI JUNAN FUTURES 金融衍生品研究 请务必阅读正文之后的免责条款部分 2 Open Interest Chart 2:Open Interest of IF Chart 3:Open Interest o

6、f IH Source：iFind,GUOTAIJUNAN FUTURES Research Source：iFind,GUOTAIJUNAN FUTURES Research Chart 4:Open Interest of IC Chart 5:Open Interest of IM Source：iFind,GUOTAIJUNAN FUTURES Research Source：iFind,GUOTAIJUNAN FUTURES Research News Highlights:1.Changqing Oilfield,Chinas largest oil-and-gas field,o