20240528_海通证券_有色金属行业:美联储或更长时间维持利率不变_25页.pdf

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SAC S0850522120002 SAC S0850520010002 2024 5 28 98190 5 24 2343/30.59/-2.49%3.07%551.43/8.00/-1.78%4.52%22 4 0.7%2.6%5 17-5 24 LME-3.6%1.4%-3.2%SHFE-0.2%-0.7%-1.4%5 24 LME 10334/2658/3.32/5 PMI 54.4 PMI SMM 5 23SMM 1.23 41.51 29.67 5 PMI 54.4 SMM 76.7 2.0 18.11 1.21 4 5 17-5 24 LME-3.5%-1.8%-3.7%8.7%SMM 2024 4 441310 10%32%806/SMM 5/17-5/24 6.7%5 24 38.12/5 17-5 24-4.9%0.7%6.7%2 0YEVyRqNpMrQoQsRtOpQnMbRcM7NoMmMtRsOjMmMtOiNnPvM7NnNuMxNqMtMvPrRnP3 Wind 2024/5/17 2024/5/24/11.50 11.10-3.5%/10.50 10.50 0.0%/9.81 9.63-1.8%LME/2.11 2.03-3.7%SHFE/15.35 15.28-0.4%/3.24 3.24 0.0%/990.00 990.00 0.0%/21.90 23.80 8.7%MB/12.85 12.68-1.4%MB/15.88 15.63-1.6%LME/10715 10334-3.6%LME/2621 2658 1.4%LME/3043 3059 0.5%LME/2303 2305 0.1%LME/3.43 3.32-3.2%SHFE/8.43 8.41-0.2%SHFE/2.10 2.09-0.7%SHFE/2.39 2.47 3.5%SHFE/1.87 1.85-1.1%SHFE/27.70 27.31-1.4%A00/2.08 2.08 0.2%/3635.00 3690.00 1.5%2024/5/17 2024/5/24/2402.60 2342.70-2.5%/29.68 30.59 3.1%COMEX/2419.80 2335.20-3.5%COMEX/31.78 30.54-3.9%/40.06 38.12-4.9%:45%-50%/3695.00 3895.00 5.4%/11.91 12.71 6.7%/0.21 0.20-3.8%/0.66 0.64-3.0%:55%/15.21 15.46 1.7%:50/9950.00 9950.00 0.0%:99.999%/7000.00 7000.00 0.0%99.6%/50.90 50.90 0.0%/2270.00 2253.33-0.7%/1.46 1.41-3.2%/2.00 2.04 1.9%:99.99%/5.90 6.20 5.1%:99.995%/2975.00 3075.00 3.4%1.5/17-5/24 3.7%2.2.1 5/17-5/24 3.5%2.2 LME 5/17-5/24 1.4%2.3 5/17-5/24 2.49%2.4 5/17-5/24 6.7%3.4.4 u5lHIcUcD3SDIyHOtaWbMJKvZxvDHl7CnYBIQwX/6MPRXoruEp7ejko7oZ368029 1.5/17-5/24 3.7%2.2.1 5/17-5/24 3.5%2.2 LME 5/17-5/24 1.4%2.3 5/17-5/24 2.49%2.4 5/17-5/24 6.7%3.4.5 6 Wind 2024.5.17-2024.5.24 5/17-5/24 3.7%2024.5.17-2024.5.24 2024.5.17-2024.5.24-2.64%-3.70%-8%-6%-4%-2%0%2%4%6%8%A-6%-4%-2%0%2%4%6%8%10%-6%-4%-2%0%2%4%6%8%7 Wind 2024.5.17-2024.5.24 5/17-5/24 3.7%2024.5.17-2024.5.24 2024.5.17-2024.5.24 0%4%8%12%16%20%-25%-20%-15%-10%-5%0%-10%-5%0%5%SQM Allkem Pilbara 8 1.5/17-5/24 3.7%2.2.1 5/17-5/24 3.5%2.2 LME 5/17-5/24 1.4%2.3 5/17-5/24 2.49%2.4 5/17-5/24 6.7%3.4.9 Wind 5/17-5/24 3.5%/010203040506022/05 22/11 23/05 23/11 24/05 10.210.310.410.510.610.710.810.911.011.111.211.3M M+1 M+2 M+3 M+4 M+5 M+6 M+7 M+82024/05/24 2024/05/17610141822/05 22/11 23/05 23/11 24/05NCM111 NCM523 NCM622 NCM81148121620102030405022/11 23/01 23/03 23/05 23/07 23/09 23/11 24/01 24/03 24/05NCM111 NCM523 NCM622 NCM811 10 Wind/LME SHFE LME 5/17-5/24 3.7%MB 010203002422/05 22/08 22/11 23/02 23/05 23/08 23/11 24/02 24/05LME/SHFE/0102022/04 22/10 23/04 23/10 24/04LME SHFE 9001100130015001700345622/04 22/10 23/04 23/10 24/04/102030402030405022/06 22/09 22/12 23/03 23/06 23/09 23/12 24/03/MB/MB/15.015.115.215.315.415.515.615.715.8M M+1 M+2 M+3 M+4 M+5 M+6 M+7 M+8 M+92024/05/17 2024/05/24 11 1.5/17-5/24 3.7%2.2.1 5/17-5/24 3.5%2.2 LME 5/17-5/24 1.4%2.3 5/17-5/24 2.49%2.4 5/17-5/24 6.7%3.4.12 Wind/LME SHFE 5678960008000100001200022/05 22/11 23/05 23/11 24/05LME/SHFE/020406022/05 22/08 22/11 23/02 23/05 23/08 23/11 24/02 24/05LME SHFE SHFE COMEX 7.588.5M+1 M+2 M+3 M+4 M+5 M+6 M+7 M+8 M+92024/05/17 2024/05/24LME 5/17-5/24 1.4%13 Wind A00/LME SHFE 1.41.82.215002500350022/05 22/11 23/05 23/11 24/05LME/SHFE/0408012016022/05 22/08 22/11 23/02 23/05 23/08 23/11 24/02 24/05LME SHFE COMEX 20003000400012322/05 22/11 23/05 23/11 24/05A00/1.801.851.901.952.002.052.102.15M+1 M+2 M+3 M+4 M+5 M+6 M+7 M+82024/05/17 2024/05/24LME 5/17-5/24 1.4%14 Wind LME SHFE LME SHFE LME SHFE 1.52.53.5200030004000500022/05 22/11 23/05 23/11 24/05LME/SHFE/020406022/05 22/08 22/11 23/02 23/05 23/08 23/11 24/02 24/05LME SHFE 102030401234522/05 22/11 23/05 23/11 24/05LME/SHFE/0400080001200016000200002400022/05 22/08 22/11 23/02 23/05 23/08 23/11 24/02 24/05LME SHFE 01020304022/05 22/08 22/11 23/02 23/05 23/08 23/11 24/02 24/05LME SHFE 1.31.41.51.61.71.81.92.015002000250022/05 22/11 23/05 23/11 24/05LME/SHFE/LME 5/17-5/24 1.4%15 1.5/17-5/24 3.7%2.2.1 5/17-5/24 3.5%2.2 LME 5/17-5/24 1.4%2.3 5/17-5/24 2.49%2.4 5/17-5/24 6.7%3.4.16 Wind CPI%COMEX SHFE 5/17-5/24 2.49%35037039041043045047049051053055057059061015001700190021002300250022/04 22/10 23/04 23/10 24/04COMEX/SHFE/8090100110120160017001800190020002100220023002400250022/05 22/11 23/05 23/11 24/05/3500450055006500750085009500152025303522/04 22/10 23/04 23/10 24/04COMEX/SHFE/0123456024681022/05 22/11 23/05 23/11 CPI 17 Wind 5/17-5/24 76.46 SPDR iShares ETF%34566070809010022/05 22/11 23/05 23/11 24/05/-3-2-1012322/04 22/10 23/04 23/10 24/04 10Y-2Y 10Y-3M 01002003004005006007008009000123456789102004 2009 2014 2019 2024:3804304805308001000120022/05 22/11 23/05 23/11SPDR ETF iShares ETF 18 1.5/17-5/24 3.7%2.2.1 5/17-5/24 3.5%2.2 LME 5/17-5/24 1.4%2.3 5/17-5/24 2.49%2.4 5/17-5/24 6.7%3.4.19 Wind 5/17-5/24 6.7%/355575951150.00.51.01.52.022/04 22/10 23/04 23/10 24/04/567891010002000300040005000600022/04 22/10 23/04 23/10 24/04:45%-50%/910111213148000850090009500100001050022/04 22/10 23/04 23/10 24/04:5 0/:5 5%/1800200022002400455565758522/04 22/10 23/04 23/10 24/04 99.6%/024601222/04 22/10 23/04 23/10 24/04 1000120014001600180020002200240026002800300032003456722/04 22/10 23/04 23/10 24/04:9 9.9 9%/:9 9.9 9 5%/20 1.5/17-5/24 3.7%2.2.1 5/17-5/24 3.5%2.2 LME 5/17-5/24 1.4%2.3 5/17-5/24 2.49%2.4 5/17-5/24 6.7%3.4.21 2024-5-24 1311 1”3”1”1”2024-5-24 2024 5 23 A 450000 0.0139%500.92 2024-5-22 22 1.5/17-5/24 3.7%2.2.1 5/17-5/24 3.5%2.2 LME 5/17-5/24 1.4%2.3 5/17-5/24 2.49%2.4 5/17-5/24 6.7%3.4.23 SAC S0850522120002 021-23219406 Email SAC S0850520010002 021-23154394 Email 24 021-23219383 Email 021-23185845 Email 1.6 6 2.A 500 10%-10%10%-10%6 10%-10%10%-10%25
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