{
  "url_hash": "19293cb04767c812",
  "source_id": "sina",
  "title": "【双焦周报】资金博弈加剧，双焦出现分歧",
  "text": "标题:【双焦周报】资金博弈加剧，双焦出现分歧\n[sentiment=neutral importance=2 event_type=其他 行业=焦煤,焦炭]\n摘要:双焦周报分析焦煤焦炭基本面，焦煤供给收缩但盘面偏弱，焦炭成本支撑走强，市场分歧加大。\n正文:来源：CFC金属研究\n分析师 | 楚新莉 中信建投期货研究发展部\n研究助理 | 刘兴华 中信建投期货研究发展部\n期货交易咨询业务资格：证监许可〔2011〕1461号\n本报告完成时间  | 2026年6月14日\n摘要\n本期策略：\n本周\n焦煤\n(\n1556\n,\n-15.00\n,\n-0.95%\n)\n主力合约震荡偏弱，表现明显弱于\n焦炭\n(\n2232\n,\n-47.00\n,\n-2.06%\n)\n。基本面来看，安监趋严下供给收缩继续兑现，山西主产区复产节奏偏慢，部分煤矿实际产量恢复仍不及事故前水平，产地供应偏紧格局延续。需求端方面，焦企及钢厂生产整体稳定，铁水仍处高位，需求尚未出现明显被动收缩。盘面偏弱主要源于市场分歧加大，尤其是对焦煤仓单质量的担忧压制估值。整体看，焦煤基本面仍有支撑，后续关注复产斜率、进口补充及钢厂减产压力。\n本周焦炭主力合约大幅上行，表现明显强于焦煤。一方面焦煤现货维持偏强，安监趋严下上游供给收缩持续兑现，焦炭成本端支撑增强；另一方面，焦炭现货多轮提涨持续落地，本周第七轮提涨已经发起，且落地概率较大，进一步强化盘面做多情绪。相较焦煤，焦炭不存在明显仓单质量担忧，叠加交易所对焦炭限制政策有所放松，资金更倾向于交易焦炭成本抬升和现货提涨逻辑。基本面来看，焦企开工仍处高位，吨焦利润回落至约21元/吨但尚未亏损，主动减产动力有限；钢厂铁水维持高位，需求端仍有刚性支撑，短期焦炭或延续偏强运行。\n利多因素：\n安全检查扰动预期反复发酵；铁水日均产量坚挺，下滑幅度有限；安监力度高于预期；进口端扰动不减。\n利空因素：\n终端钢材需求仍疲软；终端需求持续走弱。\n目录\n一、行情回顾\n本周焦煤主力合约震荡偏弱运行，表现弱于焦炭。基本面来看，焦煤供给端收缩仍在持续兑现，山西主产区复产节奏偏慢，部分煤矿即便复产，实际产量恢复仍不及事故前水平。本周523家样本矿山开工率进一步降至69.62%，日均原煤产量回落至156.37万吨，产地供应偏紧格局并未明显缓解。与此同时，焦企及钢厂生产整体维持稳定，铁水仍处高位，需求端尚未出现明显被动收缩，焦煤现货价格仍维持偏强。\n但盘面层面，本周焦煤并未延续此前强势，主要在于市场分歧有所加大。一方面，安监趋严下供给收缩较为确定，且复产和实际产量恢复均偏慢，焦煤基本面仍具支撑；另一方面，市场对焦煤仓单质量存在一定担忧，盘面定价受到压制。\n整体来看，当前焦煤核心矛盾仍在供给端。短期需求端尚未出现大幅减产来匹配供应缺口，钢厂减产压力也不明显；供给端虽然存在复产及高价刺激进口的预期，但短期增量仍不足以扭转前期减量。焦煤价格仍具上行空间，但盘面或继续受到仓单质量、政策预期及资金情绪扰动。后续重点关注主产区实际产量恢复斜率、蒙煤及海运煤补充情况，以及钢厂减产压力是否上升。\n本周焦炭主力合约大幅上行，表现明显强于焦煤。驱动上看，一方面，焦煤现货仍维持偏强，安监趋严下上游供给收缩持续兑现，焦炭成本端支撑较强；另一方面，焦炭现货端多轮提涨持续落地，本周焦企已开始发起第七轮提涨，且落地概率较大，进一步强化了盘面做多情绪。\n与焦煤相比，焦炭本周表现更强，主要在于盘面交易逻辑更为顺畅。焦煤虽然基本面偏强，但市场对仓单质量存在担忧，盘面定价受到一定压制；而焦炭不存在明显仓单问题，叠加交易所对焦炭限制政策有所放松，资金更倾向于交易焦炭的成本抬升和现货提涨逻辑，因此焦炭盘面弹性明显放大。\n从基本面来看，焦炭供给端整体仍维持稳定，焦企开工和日均产量小幅波动但仍处高位。虽然吨焦利润已回落至约21元/吨，行业盈利明显压缩，但仍未进入亏损区间，叠加焦炉连续生产特性，焦企主动减产动力仍有限。需求端来看，钢厂开工和铁水仍维持高位，短期减产压力不大，对焦炭刚需仍有支撑。整体来看，焦炭当前处于“成本支撑较强、现货提涨推进、需求尚未明显收缩”的偏强格局，后续重点关注第七轮提涨落地情况、钢厂利润承接能力以及铁水是否出现实质性回落。\n二、宏观数据\n三、双焦基本面数据\n1．\n重大煤矿事故抬升安监预期，供给态势阶段性反转\n焦煤：\n从基本面来看，本周焦煤供给端收缩继续加深。受山西沁源煤矿事故后安监力度持续影响，主产区复产节奏仍偏慢，部分矿点即便复产，实际产量恢复也明显受限。本周523家样本矿山开工率进一步降至69.62%，日均原煤产量回落至156.37万吨，较上周继续下行，产地供应收缩仍在兑现。需求端来看，焦企及钢厂开工整体维持稳定，洗煤厂开工小幅下滑，铁水对焦煤仍有刚性消耗支撑，需求端暂未出现明显收缩。\n库存结构方面，本周焦煤产业链库存多数环节去化。煤矿库存降至174.96万吨，周环比下降23.17万吨，产地库存继续快速下降；洗煤厂库存降至329.75万吨，周环比下降25.01万吨，洗选端库存同步回落。中下游方面，焦化企业焦煤库存降至1100.13万吨，周环比下降56.86万吨；钢厂焦煤库存小幅降至781.54万吨，仍以刚需采购为主。港口库存有所补充，但增幅有限。\n整体来看，本周焦煤供给收缩进一步被数据验证。煤矿开工和产量继续回落，产业链多数环节库存同步下降，而焦企、钢厂生产仍维持稳定，供需矛盾仍偏向供给端。当前焦煤基本面仍处于“供给收缩兑现、需求维持韧性”的偏强格局，短期价格支撑仍较强。后续重点关注山西主产区安监范围、复产验收节奏、实际产量恢复斜率以及港口和进口资源补充情况。\n焦炭：\n从基本面来看，本周焦炭现货端继续偏强运行。前期多轮提涨陆续落地后，焦企已开始发起第七轮提涨，焦钢博弈继续向上推进。供给端方面，焦化企业开工维持相对高位，生产节奏整体稳定；虽然吨焦利润较前期有所回落，但焦企生产积极性尚未明显下降，短期供给端主动收缩动力有限。\n库存结构方面，本周焦炭库存小幅分化。焦化企业焦炭库存升至94.43万吨，周环比增加4.48万吨，但整体仍低于去年同期，厂内库存压力尚不突出；港口库存降至214.35万吨，周环比下降4.13万吨，流通环节资源继续消化；钢厂焦炭库存小幅回升至703.16万吨，周环比增加3.60万吨，在铁水维持高位背景下，钢厂刚需采购仍有支撑。\n需求端来看，钢厂生产仍具韧性，短期高铁水对焦炭需求形成支撑。与此同时，焦煤供给收缩仍在兑现，现货成本支撑维持偏强，焦企挺价基础较为牢固。整体来看，当前焦炭仍运行在“成本支撑、现货提涨、需求有韧性”的格局中，第七轮提涨具备一定落地基础。后续需重点关注钢厂利润承接能力、铁水高位持续性以及焦煤成本端变化。\n2．\n产业链运行重心分化明显\n生产端来看，本周产业链运行节奏继续分化。受山西沁源煤矿事故后安监力度持续影响，煤矿端开工及产量继续下行，523家样本矿山开工率进一步降至69.62%，日均原煤产量回落至156.37万吨，产地供应收缩仍在兑现。洗煤厂方面，产能利用率降至34.64%，洗选端加工负荷小幅回落，上游原煤供应偏紧对洗选环节形成一定传导。\n焦化企业方面，焦炉产能利用率降至75.43%，日均焦炭产量降至64.94万吨，但整体仍处相对稳定水平。在现货提涨持续推进、焦化利润仍处盈利区间的背景下，焦企生产积极性尚未明显下降，供给端暂无明显主动收缩。钢厂端生产维持韧性，高炉开工率小幅升至90.29%，日均铁水产量回升至240.86万吨，仍维持在240万吨以上，对焦煤及焦炭需求形成刚性支撑。\n整体来看，当前双焦基本面仍处在供给收缩与高铁水需求之间的再平衡阶段，需求端尚未出现明显被动收缩，短期供需矛盾仍主要集中在上游焦煤供应恢复偏慢。后续需重点关注山西主产区复产验收节奏、实际产量恢复斜率以及钢厂减产压力是否进一步上升。\n3．\n焦化利润小幅收窄，供给端仍有维持\n本周焦化利润继续回落，吨焦利润约21元/吨，较前期高位明显收窄，行业盈利已处于低位水平，经营压力较前期已有所增加。但在当前利润水平下，焦企生产积极性尚未出现明显回落。从生产行为来看，焦炉连续生产特性决定短期供给不易快速收缩，且当前吨焦利润仍未降至亏损区间，焦企主动减产动力仍相对有限，供给端整体维持运行节奏。后续需继续关注第七轮提涨推进情况、钢厂利润承接能力，以及成本上移对焦企盈利和现货博弈的影响。\n4．\n长周期下终端需求乏力，预期尚未扭转\n5．期现结构延续分化\n新浪合作平台中信建投期货开户 安全有保障\n海量资讯、精准解读，尽在新浪财经APP\n责任编辑：赵思远",
  "vector": [
    -0.01061633788049221,
    0.024480249732732773,
    -0.07778984308242798,
    -0.020017210394144058,
    -0.03416599705815315,
    -0.03031068854033947,
    -0.021650493144989014,
    0.09868066757917404,
    -0.03528650477528572,
    0.06077331304550171,
    -0.029740938916802406,
    -0.034109022468328476,
    0.014785007573664188,
    0.03401406481862068,
    -0.029873881489038467,
    -0.02622748166322708,
    0.03141220659017563,
    -0.028202615678310394,
    -0.03938870131969452,
    -0.007501705549657345,
    -0.045238133519887924,
    0.03013976477086544,
    0.0027941479347646236,
    0.04675746709108353,
    0.0031027623917907476,
    0.06426777690649033,
    -0.050669748336076736,
    0.02765185758471489,
    0.04071811959147453,
    0.05215109884738922,
    0.004007240291684866,
    -0.004679070319980383,
    0.024708149954676628,
    -0.04170568659901619,
    0.005123000126332045,
    -0.027272023260593414,
    0.012961807660758495,
    0.011812812648713589,
    -0.0568610318005085,
    0.013949374668300152,
    -0.0330834724009037,
    0.029494047164916992,
    -0.007667882833629847,
    -0.021973351016640663,
    0.049112431704998016,
    -0.03885693475604057,
    -0.019732335582375526,
    -0.03306448087096214,
    0.015050890855491161,
    0.01842191070318222,
    -0.0914638340473175,
    -0.041781652718782425,
    -0.005051781423389912,
    -0.009059022180736065,
    0.0953381359577179,
    -0.02123267576098442,
    -0.0050375377759337425,
    0.0006492773536592722,
    -0.05009999871253967,
    -0.04406065121293068,
    -0.010274488478899002,
    -0.01110062561929226,
    0.03807827830314636,
    0.02324579283595085,
    0.034583814442157745,
    0.03407103940844536,
    0.016465770080685616,
    0.016019465401768684,
    -0.026949165388941765,
    -0.09328703582286835,
    0.00476215872913599,
    0.03587524592876434,
    0.03515356406569481,
    -0.03177304565906525,
    -0.04557998478412628,
    -0.0007353333639912307,
    0.035229530185461044,
    -0.07209233939647675,
    0.03578028827905655,
    0.0039288997650146484,
    0.05499984696507454,
    0.006082078907638788,
    -0.0056215315125882626,
    0.021973351016640663,
    -0.007463722489774227,
    0.019580401480197906,
    0.02267604134976864,
    0.032741621136665344,
    -0.03887593001127243,
    -0.06818006187677383,
    0.008142674341797829,
    -0.02075788378715515,
    -0.023853525519371033,
    0.0037057476583868265,
    -0.00003006394581461791,
    -0.03251372277736664,
    -0.06688863039016724,
    0.007881538942456245,
    0.015516186133027077,
    0.02015015110373497,
    0.05393631383776665,
    -0.0006463099271059036,
    0.04014836996793747,
    -0.028525473549962044,
    0.012714916840195656,
    -0.02028309367597103,
    0.040870051831007004,
    0.028088664636015892,
    -0.032399773597717285,
    -0.01904863491654396,
    0.0066090975888073444,
    0.02903824858367443,
    -0.03232380375266075,
    0.010910708457231522,
    -0.02563874050974846,
    -0.01318970788270235,
    0.05150538310408592,
    -0.010996171273291111,
    0.029266148805618286,
    0.05359446629881859,
    0.011243063025176525,
    -0.013806937262415886,
    0.030367664992809296,
    -0.03667289391160011,
    -0.014718536287546158,
    -0.019172081723809242,
    0.011613399721682072,
    0.020226117223501205,
    -0.0406421534717083,
    0.04573191702365875,
    0.041135936975479126,
    0.018659306690096855,
    -0.06229264661669731,
    -0.0019644498825073242,
    -0.04751713201403618,
    -0.013768953271210194,
    -0.003178729210048914,
    0.01397786196321249,
    0.027366982772946358,
    -0.07186444103717804,
    0.057734645903110504,
    -0.009714233689010143,
    -0.002349030924960971,
    -0.011594408191740513,
    -0.020814860239624977,
    -0.007088636979460716,
    0.027727823704481125,
    0.020681917667388916,
    -0.016665181145071983,
    0.0009917207062244415,
    0.037584494799375534,
    -0.020567968487739563,
    0.021669484674930573,
    -0.023701591417193413,
    -0.008299355395138264,
    -0.009752217680215836,
    0.029740938916802406,
    0.03716667741537094,
    -0.005830439738929272,
    -0.0020760258194059134,
    0.004728923551738262,
    -0.010568859055638313,
    0.023207807913422585,
    -0.01653224043548107,
    -0.014186769723892212,
    0.033178430050611496,
    0.007321285083889961,
    0.021289650350809097,
    -0.03230481222271919,
    -0.01092969998717308,
    0.008066707290709019,
    -0.013104245066642761,
    0.08743759989738464,
    -0.053024716675281525,
    0.004662452731281519,
    0.021631501615047455,
    0.15041394531726837,
    0.010397933423519135,
    -0.0031763550359755754,
    -0.06107717752456665,
    -0.05055579915642738,
    0.03196296468377113,
    0.03984450176358223,
    0.008641205728054047,
    0.017861656844615936,
    0.041325852274894714,
    0.006200776901096106,
    -0.02045401744544506,
    0.018431406468153,
    0.007202587090432644,
    0.0016938187181949615,
    -0.04105997085571289,
    0.02278999239206314,
    0.004356211982667446,
    0.027310006320476532,
    -0.02360663376748562,
    -0.00044778772280551493,
    -0.001297367736697197,
    0.0068892245180904865,
    -0.0462636835873127,
    -0.01320869941264391,
    -0.018839726224541664,
    0.027993706986308098,
    0.006746787112206221,
    -0.03988248482346535,
    0.026911182329058647,
    -0.018697289749979973,
    -0.04121190309524536,
    0.004918839782476425,
    0.0031858510337769985,
    -0.03659692779183388,
    -0.03357725590467453,
    -0.014120299369096756,
    0.043946702033281326,
    -0.015525681897997856,
    -0.013379624113440514,
    0.01318970788270235,
    -0.032380782067775726,
    0.02873438224196434,
    -0.009182468056678772,
    -0.04823881760239601,
    0.025562774389982224,
    -0.02704412303864956,
    0.020871834829449654,
    0.014728032052516937,
    0.011537433601915836,
    -0.011755837127566338,
    0.05108756572008133,
    0.03547642007470131,
    -0.04937831684947014,
    -0.016589215025305748,
    0.033197421580553055,
    -0.0103219673037529,
    -0.010483396239578724,
    0.06027952954173088,
    -0.009457847103476524,
    -0.0415157675743103,
    0.01546870730817318,
    0.0017733462154865265,
    -0.006196029018610716,
    0.0027941479347646236,
    -0.03832516819238663,
    -0.004923587664961815,
    -0.03000682219862938,
    0.014148786664009094,
    0.055531613528728485,
    0.011689366772770882,
    -0.04592183232307434,
    0.004049971699714661,
    0.003067153040319681,
    0.02689219079911709,
    -0.02922816574573517,
    -0.011755837127566338,
    -0.02825959026813507,
    0.022619066759943962,
    0.007995489053428173,
    0.021935367956757545,
    -0.04892251640558243,
    -0.003743730951100588,
    0.025695716962218285,
    0.008731415495276451,
    0.02404344081878662,
    0.041781652718782425,
    0.013056766241788864,
    -0.04823881760239601,
    -0.006158045958727598,
    -0.05891212821006775,
    -0.0007276179967448115,
    0.009448351338505745,
    0.0071551077999174595,
    -0.04782100021839142,
    0.0011032967595383525,
    -0.030728505924344063,
    0.018146531656384468,
    -0.034906670451164246,
    -0.0027988958172500134,
    0.02015015110373497,
    -0.0124870166182518,
    0.033653222024440765,
    0.010540371760725975,
    0.032076913863420486,
    0.02499302476644516,
    0.011622896417975426,
    -0.004557998385280371,
    0.01857384294271469,
    0.000811893492937088,
    -0.013949374668300152,
    0.009486334398388863,
    -0.001695005688816309,
    0.011964745819568634,
    0.016152406111359596,
    -0.023397725075483322,
    0.06848392635583878,
    -0.01023650448769331,
    0.00040832068771123886,
    -0.023948483169078827,
    0.011575416661798954,
    -0.16332827508449554,
    0.0013685865560546517,
    -0.025505799800157547,
    -0.0007667882600799203,
    -0.016285348683595657,
    -0.02656933292746544,
    0.019903259351849556,
    -0.01250600814819336,
    -0.010882221162319183,
    -0.0412878692150116,
    -0.016285348683595657,
    -0.03762247785925865,
    0.004389447625726461,
    0.015430724248290062,
    -0.022372175008058548,
    -0.014015845023095608,
    -0.01813703589141369,
    -0.00008212409011321142,
    0.018317455425858498,
    -0.012828866019845009,
    -0.029418081045150757,
    -0.015820052474737167,
    0.014082316309213638,
    -0.0273479912430048,
    0.006542626768350601,
    0.013787944801151752,
    -0.003698625834658742,
    0.0221632681787014,
    -0.047896966338157654,
    -0.018621321767568588,
    -0.02639840729534626,
    0.0076536391861736774,
    -0.019286030903458595,
    0.012154662050306797,
    0.04371879994869232,
    0.04466838389635086,
    -0.005051781423389912,
    -0.03745155408978462,
    -0.03576129674911499,
    -0.021156709641218185,
    0.023378733545541763,
    0.006072583142668009,
    -0.013161220587790012,
    -0.02045401744544506,
    -0.00874091126024723,
    -0.003786462126299739,
    -0.014433661475777626,
    -0.020036201924085617,
    -0.005574052222073078,
    -0.008721919730305672,
    0.01390189491212368,
    0.03013976477086544,
    0.012069200165569782,
    -0.014310215599834919,
    -0.0406421534717083,
    -0.019941242411732674,
    -0.012382562272250652,
    0.014747023582458496,
    -0.016009969636797905,
    -0.014044332318007946,
    0.044136617332696915,
    -0.01827947236597538,
    0.054923880845308304,
    0.012667437084019184,
    -0.03760348632931709,
    -0.021441584452986717,
    0.013844920322299004,
    0.002839253284037113,
    0.01580106094479561,
    -0.04683343321084976,
    0.02934211492538452,
    -0.03900887072086334,
    0.0070838890969753265,
    0.011300037615001202,
    -0.0047574108466506,
    0.029114214703440666,
    -0.01922905631363392,
    0.01809905283153057,
    -0.02765185758471489,
    -0.06601501256227493,
    -0.02047300897538662,
    -0.015487698838114738,
    -0.0009193150326609612,
    0.03813525289297104,
    0.005222706589847803,
    -0.01595299504697323,
    0.0352485217154026,
    0.012629454024136066,
    0.02763286605477333,
    0.19644972681999207,
    0.006010860204696655,
    -0.022581083700060844,
    -0.0038695507682859898,
    0.02142259292304516,
    -0.040832068771123886,
    0.01576307788491249,
    -0.0087551549077034,
    -0.0443265363574028,
    -0.020093176513910294,
    -0.05610136315226555,
    -0.018355440348386765,
    0.030082790181040764,
    -0.023454699665308,
    0.0412878692150116,
    0.0002865069836843759,
    -0.004522389266639948,
    0.00017582123109605163,
    0.047858983278274536,
    -0.042123500257730484,
    0.02404344081878662,
    0.02015015110373497,
    -0.005650018807500601,
    0.0012938068248331547,
    -0.037242643535137177,
    -0.04557998478412628,
    -0.03923676908016205,
    -0.01131902914494276,
    -0.038970887660980225,
    0.038970887660980225,
    -0.04683343321084976,
    0.03545742854475975,
    0.007487461902201176,
    -0.04979613423347473,
    -0.02888631448149681,
    0.002271877368912101,
    0.016513248905539513,
    0.006267247721552849,
    -0.013246682472527027,
    0.010720792226493359,
    0.0026279708836227655,
    -0.029892873018980026,
    -0.018773255869746208,
    -0.037584494799375534,
    -0.004641086794435978,
    -0.03923676908016205,
    0.0002415501803625375,
    0.045390065759420395,
    0.047251250594854355,
    -0.013303657993674278,
    -0.03124128095805645,
    0.0020083680283278227,
    -0.0061865332536399364,
    0.025543782860040665,
    -0.0008184218313544989,
    -0.06783820688724518,
    0.008674440905451775,
    0.002452298067510128,
    -0.0043134805746376514,
    -0.022144274786114693,
    -0.007834060117602348,
    0.0038268195930868387,
    -0.010891716927289963,
    -0.002734798938035965,
    0.023834533989429474,
    0.03310246393084526,
    -0.011470962315797806,
    0.027385974302887917,
    0.02404344081878662,
    0.010882221162319183,
    0.012771891430020332,
    0.027461940422654152,
    0.02075788378715515,
    0.03357725590467453,
    0.01717795617878437,
    -0.0009365262230858207,
    0.005502833519130945,
    0.0190296433866024,
    0.006694560404866934,
    0.027215048670768738,
    -0.10217513144016266,
    -0.03012077324092388,
    -0.05230303108692169,
    -0.005863674916327,
    0.03012077324092388,
    0.021973351016640663,
    -0.07946110516786575,
    0.04759310185909271,
    0.0016736401012167335,
    -0.046605534851551056,
    0.016674676910042763,
    -0.022543100640177727,
    0.004190035164356232,
    -0.02656933292746544,
    0.031203297898173332,
    -0.010094067081809044,
    -0.027860764414072037,
    -0.022562092170119286,
    -0.016057448461651802,
    0.03876197710633278,
    0.03376717120409012,
    -0.006670820526778698,
    -0.017139973118901253,
    -0.005445858463644981,
    0.0029745688661932945,
    0.06715451180934906,
    0.00912549253553152,
    -0.0005436362698674202,
    0.012828866019845009,
    -0.0002734502195380628,
    -0.04170568659901619,
    0.02060595154762268,
    -0.04155375063419342,
    0.040870051831007004,
    -0.003641650779172778,
    -0.032570697367191315,
    -0.04265526682138443,
    0.016817115247249603,
    0.038970887660980225,
    0.03845811262726784,
    -0.025391848757863045,
    -0.04090803489089012,
    -0.02187839150428772,
    0.006908216513693333,
    0.02529689110815525,
    -0.013218195177614689,
    -0.026132524013519287,
    0.03813525289297104,
    0.01544971577823162,
    -0.0033425320871174335,
    0.00008627851639175788,
    -0.024480249732732773,
    0.021897384896874428,
    -0.021194692701101303,
    -0.014898957684636116,
    -0.022752009332180023,
    0.007397251669317484,
    0.029570015147328377,
    0.014538115821778774,
    0.036634910851716995,
    0.009429358877241611,
    -0.03331137076020241,
    -0.01950443536043167,
    -0.03904685378074646,
    -0.010359950363636017,
    -0.028677405789494514,
    -0.01950443536043167,
    0.039578620344400406,
    -0.0318869985640049,
    0.021916376426815987,
    -0.009510073810815811,
    0.04603578522801399,
    0.042085517197847366,
    -0.06366004794836044,
    -0.006647081114351749,
    -0.005042285658419132,
    -0.006480903830379248,
    0.00882637407630682,
    -0.021004775539040565,
    -0.018042076379060745,
    0.012088191695511341,
    -0.044288549572229385,
    0.021213684231042862,
    0.04918839782476425,
    0.009301165118813515,
    0.06046944484114647,
    -0.02436630055308342,
    -0.02049200050532818,
    -0.0025163949467241764,
    0.021479567512869835,
    -0.016038456931710243,
    -0.011062641628086567,
    -0.015240807086229324,
    0.05876019597053528,
    0.02544882521033287,
    0.04018635302782059,
    -0.029418081045150757,
    0.05997566133737564,
    -0.03124128095805645,
    0.07991690188646317,
    0.10453009605407715,
    -0.02484109066426754,
    -0.0038078278303146362,
    0.03205792233347893,
    0.014652065932750702,
    0.024290332570672035,
    -0.042579300701618195,
    -0.03186800703406334,
    0.0037912102416157722,
    -0.011660879477858543,
    0.016047952696681023,
    0.07429537177085876,
    0.008104691281914711,
    -0.010910708457231522,
    0.06924359500408173,
    0.015288285911083221,
    -0.0706869587302208,
    0.03893290460109711,
    0.016475265845656395,
    -0.058038514107465744,
    -0.005407875403761864,
    -0.033482298254966736,
    0.06259651482105255,
    -0.041325852274894714,
    0.020966792479157448,
    -0.036767855286598206,
    0.010749279521405697,
    -0.008997298777103424,
    -0.020359059795737267,
    -0.005820943973958492,
    0.04949226602911949,
    0.048352766782045364,
    0.05017596483230591,
    -0.020567968487739563,
    0.03420398011803627,
    0.01860233023762703,
    0.0038648028858006,
    0.015164840966463089,
    -0.022220242768526077,
    -0.029589006677269936,
    0.006219768896698952,
    -0.015088873915374279,
    0.038686010986566544,
    -0.04352888464927673,
    0.024252349510788918,
    0.021479567512869835,
    -0.01778568886220455,
    -0.05932994559407234,
    -0.04155375063419342,
    -0.0176717396825552,
    0.0013816432328894734,
    -0.03186800703406334,
    -0.02611353248357773,
    0.007596664130687714,
    -0.0011478085070848465,
    -0.028544465079903603,
    -0.010293480008840561,
    0.04026231914758682,
    0.01875426433980465,
    0.019096113741397858,
    -0.03623608872294426,
    -0.022372175008058548,
    0.015136352740228176,
    0.041629720479249954,
    -0.0358942374587059,
    0.04717528447508812,
    -0.05279681459069252,
    0.07213032245635986,
    0.06407786160707474,
    0.050062015652656555,
    0.01318970788270235,
    0.042237453162670135,
    0.03177304565906525,
    0.04531409963965416,
    -0.03399507328867912,
    0.032741621136665344,
    0.0077391015365719795,
    0.0477830171585083,
    -0.020966792479157448,
    -0.0033852634951472282,
    -0.0013994479086250067,
    0.05986171215772629,
    -0.03251372277736664,
    0.01763375662267208,
    -0.07213032245635986,
    -0.046795450150966644,
    -0.02451823279261589,
    -0.004270749632269144,
    -0.043490901589393616,
    -0.03000682219862938,
    0.010730287991464138,
    0.01689308136701584,
    -0.05112554877996445,
    -0.016313835978507996,
    0.021365618333220482,
    -0.014566603116691113,
    0.007112376857548952,
    -0.016617702320218086,
    -0.027120091021060944,
    -0.03439389541745186,
    -0.016684172675013542,
    0.022277217358350754,
    -0.007558680605143309,
    0.03201993927359581,
    0.011451970785856247,
    -0.025201933458447456,
    0.001252262620255351,
    -0.0004967505810782313,
    0.002407192951068282,
    0.024024449288845062,
    -0.0190771222114563,
    -0.01997922547161579,
    -0.026189498603343964,
    0.012050208635628223,
    -0.0034968394320458174,
    0.02282797545194626,
    0.014509628526866436,
    -0.023473691195249557,
    0.003295053029432893,
    0.026759248226881027,
    0.011983737349510193,
    0.0635460913181305,
    -0.0006967565277591348,
    -0.030196739360690117,
    0.0015466333134099841,
    -0.036786846816539764,
    0.025258908048272133,
    0.038192227482795715,
    -0.026189498603343964,
    0.03484969586133957,
    0.010170034132897854,
    -0.0553416982293129,
    0.021954359486699104,
    0.004078458994626999,
    -0.0016166650457307696,
    0.011385500431060791,
    0.006846493575721979,
    -0.06122911348938942,
    0.023188816383481026,
    0.010549867525696754,
    -0.028658414259552956,
    0.017225435003638268,
    -0.030329681932926178,
    0.004876108840107918,
    -0.0334063284099102,
    0.01673165336251259,
    0.008859609253704548,
    -0.014614082872867584,
    -0.02235318347811699,
    0.019267039373517036,
    -0.014348199591040611,
    -0.003098014509305358,
    -0.025505799800157547,
    -0.04026231914758682,
    0.008788391016423702,
    -0.04185761883854866,
    0.01623786985874176,
    -0.02278999239206314,
    0.04656755179166794,
    -0.04611175134778023,
    0.009790200740098953,
    -0.02391050010919571,
    -0.018526364117860794,
    -0.010084571316838264,
    0.036312054842710495,
    0.03416599705815315,
    0.04261728376150131,
    -0.0019988722633570433,
    0.017918631434440613,
    0.029645981267094612,
    -0.0026089793536812067,
    -0.031659096479415894,
    -0.003095640568062663,
    0.006917712278664112,
    0.02265704981982708,
    -0.016275852918624878,
    -0.02985488995909691,
    0.0014279354363679886,
    0.015525681897997856,
    0.022846966981887817,
    0.030405648052692413,
    0.019903259351849556,
    -0.014490636996924877,
    0.0047716544941067696,
    -0.05199916660785675,
    -0.027366982772946358,
    0.022695032879710197,
    -0.029570015147328377,
    -0.004876108840107918,
    0.006096323020756245,
    -0.00753494119271636,
    -0.019903259351849556,
    -0.012468025088310242,
    -0.002005994087085128,
    0.015430724248290062,
    0.023625625297427177,
    0.007767588831484318,
    0.010834742337465286,
    0.03107035532593727,
    -0.009714233689010143,
    0.009980116970837116,
    -0.018526364117860794,
    0.014395678415894508,
    -0.0053034210577607155,
    0.0027941479347646236,
    0.06305231153964996,
    -0.037888363003730774,
    0.030272705480456352,
    -0.013370128348469734,
    0.012705420143902302,
    -0.04026231914758682,
    -0.016779132187366486,
    -0.04421258345246315,
    0.015164840966463089,
    -0.09928839653730392,
    0.037242643535137177,
    -0.01813703589141369,
    -0.03076648898422718,
    -0.022600075230002403,
    -0.011860291473567486,
    0.004717053379863501,
    -0.036957770586013794,
    -0.012695924378931522,
    0.002580491825938225,
    0.010891716927289963,
    0.014072820544242859,
    -0.03126027062535286,
    -0.0017258671578019857,
    -0.012278107926249504,
    -0.011746341362595558,
    -0.012040712870657444,
    -0.016646189615130424,
    0.018336446955800056,
    0.013142229057848454,
    -0.00011988485493930057,
    -0.012591470964252949,
    -0.002280186163261533,
    -0.001969197764992714,
    -0.010549867525696754,
    0.02153654210269451,
    0.019153088331222534,
    -0.034754738211631775,
    -0.020359059795737267,
    -0.00267545017413795,
    0.025031007826328278,
    -0.010388437658548355,
    0.009021038189530373,
    0.08728566765785217,
    -0.010587850585579872,
    0.015582657419145107,
    0.007283301558345556,
    -0.0665847584605217,
    -0.013332145288586617,
    -0.029797915369272232,
    -0.005236950237303972,
    -0.0011988485930487514,
    0.0034992133732885122,
    0.004971066955476999,
    0.03579927980899811,
    -0.00843229703605175,
    0.05480993166565895,
    -0.015164840966463089,
    -0.046339649707078934,
    0.010682809166610241,
    -0.00663758534938097,
    0.044896285980939865,
    -0.06168491020798683,
    -0.014965428039431572,
    0.03215287998318672,
    0.01148995477706194,
    0.011129112914204597,
    -0.040034420788288116,
    0.03295053169131279,
    0.03338733687996864,
    -0.007026914041489363,
    0.00675153499469161,
    -0.04535208269953728,
    -0.04098400101065636,
    -0.015820052474737167,
    0.012363570742309093,
    -0.05089765042066574,
    0.021327633410692215,
    0.014082316309213638,
    0.014775511808693409,
    -0.016171397641301155,
    -0.008959315717220306,
    0.016969047486782074,
    0.03811626136302948,
    -0.0011074511567130685,
    -0.0678761899471283,
    0.005987120792269707,
    0.008000236935913563,
    0.013721474446356297,
    0.0016534613678231835,
    -0.004895100370049477,
    0.003363897791132331,
    -0.01905813068151474,
    0.01703551970422268,
    0.028772365301847458,
    -0.02296091616153717,
    -0.020055193454027176,
    -0.03407103940844536,
    0.026626307517290115,
    0.0028796105179935694,
    -0.0176242608577013,
    0.006025104317814112,
    -0.019115105271339417,
    0.03604616969823837,
    -0.031450189650058746,
    0.06149499490857124,
    -0.0059206499718129635,
    -0.0011472150217741728,
    -0.013398616574704647,
    -0.002915219869464636,
    -0.003503961255773902,
    -0.0053746397607028484,
    -0.002718181349337101,
    0.0081094391644001,
    0.006908216513693333,
    -0.020567968487739563,
    0.010160538367927074,
    -0.01469004899263382,
    -0.041173920035362244,
    -0.002549630356952548,
    0.0013840171741321683,
    -0.012980799190700054,
    -0.008598473854362965,
    0.01764325238764286,
    -0.08743759989738464,
    -0.016826611012220383,
    0.025505799800157547,
    0.030215730890631676,
    -0.03528650477528572,
    -0.030557580292224884,
    -0.022771000862121582,
    -0.022922933101654053,
    0.011698862537741661,
    -0.02438529208302498,
    0.017909135669469833,
    -0.010910708457231522,
    -0.019580401480197906,
    0.012686428613960743,
    0.03048161417245865,
    -0.026170507073402405,
    -0.010540371760725975,
    0.0107018006965518,
    -0.018944181501865387,
    0.04702334851026535,
    -0.022903941571712494,
    0.04140181839466095,
    -0.05291076377034187,
    0.0088358698412776,
    -0.04903646558523178,
    0.00041811325354501605,
    0.00496631907299161,
    -0.041021984070539474,
    0.00811418704688549,
    0.01537374872714281,
    -0.015411731787025928,
    -0.009391375817358494,
    0.07801774144172668,
    -0.005118252243846655,
    0.06320424377918243,
    -0.04546603560447693,
    0.012088191695511341,
    0.03965458646416664,
    0.03291254863142967,
    -0.020017210394144058,
    0.03627407178282738,
    0.00515623576939106,
    -0.028145641088485718,
    0.02438529208302498,
    0.03219086304306984,
    0.016323331743478775,
    0.02231520041823387,
    -0.05948187783360481,
    0.0013958869967609644,
    -0.007777084596455097,
    0.02168847620487213,
    -0.0056927502155303955,
    0.004828629549592733,
    0.03232380375266075,
    0.002157927490770817,
    -0.02903824858367443,
    0.003484969725832343,
    0.0063432143069803715,
    -0.0010356389684602618,
    0.042731236666440964,
    -0.011955250054597855,
    -0.05169529840350151,
    -0.004690940026193857,
    -0.06331819295883179,
    0.06597702950239182,
    -0.01717795617878437,
    0.023929491639137268,
    0.03158313035964966,
    0.01813703589141369,
    0.019618384540081024,
    0.0007418617024086416,
    -0.020112168043851852,
    -0.0309184230864048,
    0.015107865445315838,
    -0.06631887704133987,
    0.0007839994505047798,
    0.028373539447784424,
    -0.026170507073402405,
    -0.02501201629638672,
    -0.01937149278819561,
    -0.007710613775998354,
    0.029247157275676727,
    -0.0034659779630601406,
    -0.01563013531267643,
    -0.00849876832216978,
    -0.0249740332365036,
    -0.02438529208302498,
    -0.00424938416108489,
    0.014785007573664188,
    0.011347516439855099,
    -0.023055875673890114,
    0.026056557893753052,
    0.017101990059018135,
    -0.022562092170119286,
    -0.01139499619603157,
    0.022733017802238464,
    -0.013132733292877674,
    -0.004391821566969156,
    0.045997802168130875,
    -0.031165314838290215,
    -0.0047407932579517365,
    0.02391050010919571,
    -0.06202676147222519,
    0.028658414259552956,
    0.00480726407840848,
    -0.028373539447784424,
    -0.0047241756692528725,
    0.04535208269953728,
    -0.021213684231042862,
    0.007743849419057369,
    0.013721474446356297,
    -0.04763108491897583,
    -0.004159173462539911,
    0.01826048083603382,
    0.05032790079712868,
    0.0016214129282161593,
    -0.05120151489973068,
    0.0076156556606292725,
    -0.04094601795077324,
    0.020985784009099007,
    0.06878779083490372,
    0.06958544254302979,
    -0.02434730902314186,
    -0.03893290460109711,
    0.07171250879764557,
    0.01625686138868332,
    -0.02797471545636654,
    0.008152170106768608,
    0.07311788946390152,
    0.012401553802192211
  ],
  "dim": 1024,
  "provider": "dashscope",
  "model": "text-embedding-v3",
  "embedded_at": "2026-06-17T06:51:59.985076",
  "char_count": 3545,
  "publish_time": "2026-06-16T07:04:03+08:00"
}