短期基本面数据：不锈钢库存整体偏高◆ 前期盘面领涨，短期头部企业挺价提振情绪，现货跟进修复基差；现实面库存整体偏高，300系季节性去化不及预期。Special report on Guotai Junan Futures6262数据来源：SMM，上海钢联，同花顺iFind，彭博，上海金属网，国泰君安期货研究到期仓单:吨300002500020000150001000050000现货市场俗称的“基差”：现货基价-期货主力（宏旺）2016202120172022201820232019202420202025元/吨25002000150010005000-500-1000-150020-1031-1042-1040-2051-2062-2090-3002-3013-3011-4022-4040-5051-5062-5060-6071-6082-6090-7002-7013-7011-8022-8020-9031-9042-9011-0122-0120-1131-1142-1150-2161-2172-21不锈钢社会库存+厂库万吨30025020015010050010/120230/120250/120270/120290/120211/120210/220230/220250/220270/220290/220211/220210/320230/320250/320270/320290/320211/320210/420230/420250/420270/420290/420211/420210/520230/5202SMM不锈钢库存分地区分系别：总201420202015202120162022201720232018202420192025千吨140012001000800600400200010-1051-1013-1051-2072-2070-3002-3013-3011-4042-4040-5032-5060-6052-6040-7002-7030-8022-8050-9091-9010-0191-0120-1161-1110-2151-2113-21佛山与无锡不锈钢总社会库存吨12000002020202120222023202420251000000800000600000400000200000010-1041-1082-1011-2052-2080-3091-3092-3090-4091-4003-4031-5062-5070-6091-6020-7051-7082-7090-8012-8030-9061-9092-9041-0172-0180-1102-1130-2161-2192-21SHFE：不锈钢：期货库存（日）201920232020202420212025202220-1041-1062-1070-2091-2030-3051-3072-3090-4012-4060-5081-5003-5011-6032-6050-7071-7092-7001-8022-8030-9051-9072-9061-0182-0190-1112-1130-2151-2172-21吨250000200000150000100000500000-50000
