1. Report Industry Investment Ratings - Steel: Narrow - range oscillation [1] - Iron Ore: Oscillation with a weakening trend [1] - Coking Coal: Oscillation [1] - Coke: Oscillation [1] - Manganese Silicon: Oscillation [1] - Ferrosilicon: Oscillation [3] 2. Core Views of the Report - The steel market is in a situation of weak supply and demand. With the decline in temperature, the demand for rebar is entering the off - season, and steel mills' losses are expanding, leading to increased production cuts and maintenance. The short - term rebar futures may oscillate in a narrow range [1]. - For iron ore, the shipping volumes from Australia and Brazil are decreasing, iron - making production is falling, and inventories are rising. The short - term ore price is expected to show an oscillating and weakening trend [1]. - In the coking coal market, supply is tight due to safety inspections and over - production control, while downstream procurement demand has slightly increased. The short - term coking coal futures are expected to oscillate widely [1]. - Regarding coke, although the third price increase has been implemented and the loss of coke enterprises has eased slightly, steel mills' demand is expected to weaken, and the short - term coke futures are expected to oscillate widely [1]. - For manganese silicon, the output has slightly declined, steel procurement volume has decreased, and inventory has accumulated. The short - term manganese silicon futures are expected to oscillate [1]. - In the ferrosilicon market, supply remains strong, steel demand is weak, and inventory has reached a new high. The short - term ferrosilicon futures are expected to oscillate, and attention should be paid to market sentiment and new steel procurement [3]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Steel**: The rebar futures contract 2601 closed at 3044 yuan/ton, up 10 yuan/ton (0.33%) from the previous trading day, with a decrease in positions of 37,200 lots. Spot prices were stable with some increases, and trading volume recovered. National building material inventories decreased by 0.89% to 4.8292 million tons, and hot - rolled coil inventories decreased by 0.47% to 2.4768 million tons, with a narrowing decline. The market is in a situation of weak supply and demand, and short - term futures are expected to oscillate in a narrow range [1]. - **Iron Ore**: The main iron ore futures contract i2601 closed at 765 yuan/ton, up 4.5 yuan/ton (0.6%) from the previous trading day, with a trading volume of 330,000 lots and a decrease in positions of 18,000 lots. Port spot prices rose slightly. Australian and Brazilian shipping volumes decreased, while those from other countries increased. Iron - making production decreased by 21,400 tons to 2.3422 million tons, and inventories at 47 ports and steel mills increased. Short - term ore prices are expected to show an oscillating and weakening trend [1]. - **Coking Coal**: The coking coal futures contract 2601 closed at 1265.5 yuan/ton, down 4.5 yuan/ton (0.35%), with a decrease in positions of 11,547 lots. Spot prices in some areas increased, and supply was tight due to safety inspections and over - production control. Downstream procurement demand increased slightly, and short - term futures are expected to oscillate widely [1]. - **Coke**: The coke futures contract 2601 closed at 1743.5 yuan/ton, down 13 yuan/ton (0.74%), with a decrease in positions of 162 lots. Spot prices at ports decreased. Coke enterprises proposed a fourth price increase, but steel mills have not responded. After the third price increase, the loss of coke enterprises eased slightly, and inventories were low. Steel mills' demand is expected to weaken, and short - term futures are expected to oscillate widely [1]. - **Manganese Silicon**: On Monday, the manganese silicon futures price oscillated strongly, with the main contract closing at 5820 yuan/ton, up 0.97% from the previous trading day, and a decrease in positions of 2377 lots to 354,800 lots. Market prices in different regions varied. Steel procurement volume decreased, output decreased slightly, and inventory reached a new high. Short - term futures are expected to oscillate [1]. - **Ferrosilicon**: On Monday, the ferrosilicon futures price oscillated strongly, with the main contract closing at 5588 yuan/ton, up 0.83% from the previous trading day, and a decrease in positions of 3545 lots to 162,100 lots. Market prices in different regions were basically stable. Steel procurement volume decreased, supply remained strong, and inventory reached a five - year high. Short - term futures are expected to oscillate, and attention should be paid to market sentiment and new steel procurement [3]. 3.2 Daily Data Monitoring - **Contract Spreads and Basis**: Data on contract spreads (such as 1 - 5 months, 5 - 10 months) and basis for various varieties (rebar, hot - rolled coil, iron ore, etc.) are provided, along with changes compared to the previous period [4]. - **Profit and Spread**: Information on profits (such as rebar disk profit, long - process profit, short - process profit) and spreads (such as coil - rebar spread, rebar - ore ratio, etc.) is presented, along with changes compared to the previous period [4]. 3.3 Chart Analysis - **Main Contract Prices**: Charts show the closing prices of main contracts for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2020 to 2025 [6][7][8][9][11][14]. - **Main Contract Basis**: Charts display the basis of main contracts for various varieties over different months [16][18][22][24]. - **Inter - period Contract Spreads**: Charts present the spreads of inter - period contracts (such as 01 - 05, 05 - 10) for different varieties [26][28][31][35][36][39][40]. - **Inter - variety Contract Spreads**: Charts show the spreads of inter - variety contracts (such as coil - rebar spread, rebar - ore ratio) for main contracts [44][46][47]. - **Rebar Profit**: Charts illustrate the disk profit, long - process calculated profit, and short - process calculated profit of rebar from 2020 to 2025 [49][52]. 3.4 Black Research Team Members Introduction - Qiu Yuecheng: Current Assistant Director of Everbright Futures Research Institute and Director of Black Research, with nearly 20 years of experience in the steel industry [56]. - Zhang Xiaojin: Current Director of Resource Product Research at Everbright Futures Research Institute, with rich experience in the futures industry [56]. - Liu Xi: Current Black Researcher at Everbright Futures Research Institute, good at fundamental supply - demand analysis based on industrial chain data [56]. - Zhang Chunjie: Current Black Researcher at Everbright Futures Research Institute, with experience in investment trading strategies and spot - futures operations [57].

Group 1: Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Group 2: Core Views of the Report - **Corn**: On Monday, affected by the increase in port quotes, corn futures prices continued to rise. The main 2601 contract increased in price with reduced positions, showing a joint rebound in futures and spot prices. There is a game between the producing areas and ports. Downstream feed enterprises remain cautious. Technically, the contract broke through the bottom neckline, suggesting short - term long positions [1]. - **Soybean Meal**: On Monday, CBOT soybeans rose. Traders are preparing for the USDA's supply - demand report. US soybean single - week export inspections were 1.089 million tons. Domestic protein meal fluctuated higher following the increase in import costs, but the supply surplus limited the upside. The strategy is to hold long futures positions and sell out - of - the - money call options [1]. - **Fats and Oils**: On Monday, BMD palm oil was generally stable. Malaysian palm oil data provided some support, but the increase was limited by weak November export data and the strengthening of the Malaysian ringgit. Domestic fats and oils fluctuated. The strategy is to participate in short - term long positions [1]. - **Eggs**: On Monday, the main 2512 egg contract oscillated downward after opening and then rebounded, closing down 1.34%. Spot egg prices are stable with oscillations after a slight rebound last week. It is expected to maintain a wide - range oscillation in the short term [1]. - **Pigs**: On Monday, the main 2601 pig contract closed with a small positive line, stabilizing with oscillations at the 40 - day moving average support. Spot pig prices continued to rebound. The 9 - month contract is expected to remain oscillating strongly [2]. Group 3: Summary by Related Catalogs Research Views - **Corn**: The main 2601 contract increased in price with reduced positions. North port prices rose, and some traders in the sales areas also raised quotes. Downstream feed enterprises are cautious. Technically, it broke through the bottom neckline, suggesting short - term long positions [1]. - **Soybean Meal**: CBOT soybeans rose. US soybean export inspections were in line with expectations, and the domestic supply was loose. The strategy is long futures + selling out - of - the - money call options [1]. - **Fats and Oils**: BMD palm oil was stable. Malaysian palm oil export data in November was weak, and the domestic market fluctuated. The strategy is short - term long positions [1]. - **Eggs**: The main 2512 contract closed down. Spot prices were stable with oscillations. It is expected to oscillate widely in the short term [1]. - **Pigs**: The main 2601 contract stabilized with oscillations. Spot prices rebounded, and the 9 - month contract is expected to be strongly oscillating [2]. Market Information - **Soybean Inventory**: As of November 10, the national imported soybean port inventory was 7.67077 million tons, a week - on - week decrease of 0.50337 million tons [2]. - **Three - major Fats and Oils Inventory**: As of November 7, the total commercial inventory of the three major fats and oils was 2.2047 million tons, a week - on - week decrease of 0.1199 million tons (5.16% decline) and a year - on - year increase of 0.173 million tons (8.52% increase) [3]. - **China's Edible Vegetable Oil**: In 2024/25, production increased, imports decreased, and consumption decreased. In 2025/26, production remained the same as last month, with a slight decrease in peanut oil and a slight increase in cottonseed oil [3]. - **China's Soybean**: In 2024/25, imports were 109.37 million tons and exports were 8000 tons. In 2025/26, the production forecast was adjusted to 20.9 million tons. Global soybean supply is loose [4].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - Copper: Overnight, both domestic and international copper prices fluctuated upwards, with domestic refined copper imports remaining at a loss. The US Senate passing a temporary funding bill and China's measures to boost private investment have lifted market sentiment. LME copper inventories increased by 375 tons to 136,275 tons, Comex inventories rose by 2,662 tons to 337,752 tons, and domestic refined copper social inventories decreased by 0.38 million tons to 19.95 million tons. Copper prices may show short - term optimism, and attention should be paid to overseas financial markets and domestic inventories [1]. - Aluminum: Overnight, alumina, Shanghai aluminum, and aluminum alloy all trended strongly. Alumina factory profits are being compressed, with occasional production cuts in loss - making capacities. The market is in a state of internal - external differentiation, and electrolytic aluminum will continue to adjust at a high level in the short term. Attention should be paid to the long - position opportunities of AD after the narrowing of the price difference [1][3]. - Nickel: Overnight, LME nickel rose 0.53% to $15,100 per ton, while Shanghai nickel remained flat at 119,490 yuan per ton. Indonesia has suspended new nickel smelter licenses. The nickel - iron stainless - steel industry chain is sluggish, and the new energy industry chain has a slight increase in the discount coefficient. Nickel prices may still fluctuate, and inventory conditions should be monitored [3]. Group 3: Summary According to the Directory Research Views - **Copper**: Overnight price increase, influenced by US and Chinese policies. Changes in inventory and demand, and the impact of LME's new rules. Short - term optimism with attention to market and inventory [1]. - **Aluminum**: Overnight price increase, compressed alumina factory profits, internal - external differentiation, and short - term high - level adjustment [1][3]. - **Nickel**: Overnight price increase, Indonesia's new policy, weak raw material support in the industry chain, and potential price fluctuations [3]. Daily Data Monitoring - **Copper**: Price changes in various aspects such as market prices, scrap copper, and downstream products. Inventory changes in LME, COMEX, and social inventories [4]. - **Lead**: Price changes in lead products, inventory changes in LME and SHFE [4]. - **Aluminum**: Price changes in aluminum products, raw materials, and downstream processing fees. Inventory changes in LME, SHFE, and social inventories [5]. - **Nickel**: Price changes in nickel products, inventory changes in LME, SHFE, and social inventories [5]. - **Zinc**: Price changes in zinc products, TC, and inventory changes in LME, SHFE, and social inventories [7]. - **Tin**: Price changes in tin products, inventory changes in LME and SHFE [7]. Chart Analysis - **3.1 Spot Premium**: Charts show the spot premium trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [9][10][11] - **3.2 SHFE Near - Far Month Spread**: Charts show the near - far month spread trends of copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [14][17][19] - **3.3 LME Inventory**: Charts show the LME inventory trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [22][24][26] - **3.4 SHFE Inventory**: Charts show the SHFE inventory trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [29][31][33] - **3.5 Social Inventory**: Charts show the social inventory trends of copper, aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2025 [35][37][39] - **3.6 Smelting Profit**: Charts show the smelting profit trends of copper, aluminum, nickel - iron, zinc, and stainless steel 304 from 2019 - 2025 [41][43][45] Non - Core Content (Not Included in Main Summary) - Team Introduction: The report introduces the members of the non - ferrous metals team, including their educational backgrounds, positions, research directions, and professional achievements [48][49]

1. Report Information - Report Title: "Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report" [1] - Report Date: November 11, 2025 [1] 2. Futures Contract Price and Spread 2.1 Futures Contract Price - I05 closed at 742.0 yuan/ton today, up 2.0 yuan from the previous day [3] - I09 closed at 722.0 yuan/ton today, unchanged from the previous day [3] - I01 closed at 765.0 yuan/ton today, up 4.5 yuan from the previous day [3] 2.2 Futures Contract Spread - The spread between I05 and I09 was 20.0 yuan/ton today, up 2.0 yuan from the previous day [3] - The spread between I09 and I01 was -43.0 yuan/ton today, down 4.5 yuan from the previous day [3] - The spread between I01 and I05 was 23.0 yuan/ton today, up 2.5 yuan from the previous day [3] 3. Basis Data 3.1 Basis Data of Different Iron Ore Varieties - For example, the basis of Carajás fines was 71 yuan/ton today, down 5 yuan from the previous day [5] - The basis of BRBF was 78 yuan/ton today, down 2 yuan from the previous day [5] 3.2 Changes in Basis - Most varieties showed a decrease in basis compared to the previous day, while the basis of Wugang Standard fines increased by 1 yuan [5] 4. Changes in Deliverable Brands and Rules 4.1 Addition of Deliverable Brands - Four new deliverable varieties (Benxi Iron Concentrate, IOC6, KUMBA, Ukrainian Iron Concentrate) were added starting from the I2202 contract, with a brand premium of 0 [10] - Four more brands (Taigang Iron Concentrate, Magang Iron Concentrate, Wugang Standard fines, SP10 fines) were added as deliverable brands, with a brand premium of 0 [10] 4.2 Adjustment of Brand Premiums - Only PB fines, BRBF, and Carajás fines have a brand premium of 15 yuan/ton, while the rest of the deliverable brands have a brand premium of 0 yuan/ton [10] 4.3 Adjustment of Substitute Quality Differences and Premiums - The allowable range of iron grade was adjusted to ≥56%, and the allowable ranges of silica, alumina, phosphorus, and sulfur were set [10] - An X value was introduced to dynamically adjust the premium of iron element indicators, with different calculation methods based on the average settlement price of the nearest delivery month contract [10] 5. Variety Spread 5.1 Variety Spread Data - The spread between PB lump and PB fines was 102.0 yuan/ton today, down 5.0 yuan from the previous day [12] - The spread between Carajás fines and Newman fines was 106.0 yuan/ton today, down 2.0 yuan from the previous day [12] 5.2 Variety Spread Changes - Most variety spreads showed a decreasing trend compared to the previous day, while some spreads such as PB fines - Super Special fines increased [12] 6. Research Team Introduction - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with rich experience and professional qualifications [23]

| 品种 | 点评 | 观点 | | --- | --- | --- | | 尿素 | 周一尿素期货价格宽幅波动，主力01合约收盘价1660元/吨，微幅下跌0.48%。现货 | | | | 市场继续上扬，主流地区现货价格昨日上调20~40元/吨，山东、河南地区市场价格 | | | | 均 1620元/吨，日环比均上涨20元/吨。基本面来看，尿素装置窄幅波动，行业日 | | | | 产量昨日19.51万吨，日环比降0.28万吨。需求端在价格持续上调后跟进情绪有所放 | | | | 缓，昨日主流地区产销率维持降至10%~60%区间，高成交暂时未能持续。上周新一 | 坚挺 震荡 | | | 批出口配额及周末印度招标消息利好因素落地后，市场暂时缺乏持续上涨动能。但 | | | | 后期印标结果、中国能否供货、气头企业负荷下降以及成本支撑等逻辑或仍能给市 | | | | 场带来阶段性波动，盘面走势暂时坚挺震荡运行，谨慎乐观。关注现货成交节奏、 | | | | 出口及国际市场动态。 | | | | 周一纯碱期货价格宽幅震荡，走势先抑后扬。主力01合约收盘价1226元/吨，涨幅1. | | | | 49%。现货厂家报价多数 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - Cotton is expected to maintain a volatile trend. The international market focuses on the macro - level, with new progress in the US government ending the shutdown and fluctuating expectations of a Fed rate cut in December. The USDA11 monthly report will be released this week. In the domestic market, there are both long and short factors, with supply pressure from the characteristics of seasonal production and annual sales and a high - yield expectation, and support from cost and expectations. The cost of lint in southern Xinjiang is high, and the supply pressure will gradually weaken, and the annual cotton supply - demand pattern is not very loose, with the inventory - to - sales ratio expected to decline year - on - year [1]. - Sugar is also expected to remain volatile. The Indian government has allowed the export of 150,000 tons of sugar in the 2025/26 season. The US government's possible end of the shutdown has boosted market sentiment and sugar prices. The key for the domestic market lies in the import link, and the domestic futures price shows a sign of approaching the upper limit of the range, with attention on whether it can break through the 5,500 yuan/ton pressure level [1]. Group 3: Summary by Relevant Catalogs 1. Research Views - **Cotton**: On Monday, ICE US cotton rose 1.13% to 64.24 cents/pound, CF601 rose 0.04% to 13,580 yuan/ton, and the main contract's open interest decreased by 6,107 lots to 570,200 lots. The spot price index of cotton 3128B was 14,440 yuan/ton, down 25 yuan/ton from the previous day [1]. - **Sugar**: The Indian government allowed the export of 150,000 tons of sugar in the 2025/26 season. The spot price of new sugar in Guangxi was in the range of 5,480 - 5,500 yuan/ton, and the main contract of raw sugar rose slightly to 14.26 cents/pound [1]. 2. Daily Data Monitoring - **Cotton**: The 1 - 5 contract spread was 0, up 10; the main contract basis was 1,264, down 15. The spot price in Xinjiang was 14,671 yuan/ton, down 7, and the national spot price was 14,844 yuan/ton, down 15 [2]. - **Sugar**: The 1 - 5 contract spread was 67, up 10; the main contract basis was 285, up 12. The spot price in Nanning was 5,760 yuan/ton, and in Liuzhou it was 5,760 yuan/ton, up 30 [2]. 3. Market Information - **Cotton**: On November 10, the number of cotton futures warehouse receipts was 3,294, an increase of 281 from the previous trading day, with 1,391 valid forecasts. The arrival prices of cotton in different regions were: 14,671 yuan/ton in Xinjiang, 14,889 yuan/ton in Henan, 14,864 yuan/ton in Shandong, and 14,985 yuan/ton in Zhejiang. The comprehensive load of yarn was 51.3, unchanged from the previous day; the comprehensive inventory of yarn was 26.4, down 0.1. The comprehensive load of short - fiber cloth was 51.9, up 0.1; the comprehensive inventory of short - fiber cloth was 30.2, down 0.1 [3]. - **Sugar**: On November 10, the spot price of sugar in Liuzhou was 5,690 yuan/ton, up 30 yuan/ton from the previous day. The number of sugar futures warehouse receipts was 7,663, an increase of 281 from the previous trading day, with 1,305 valid forecasts [4][5]. 4. Chart Analysis - The report provides multiple charts for cotton and sugar, including the closing price of the main contract, the basis of the main contract, the 1 - 5 spread, the warehouse receipts and valid forecasts, etc., to visually display the price trends and related data changes of cotton and sugar [7][16]

碳酸锂日报 碳酸锂日报（2025 年 11 月 11 日） 一、研究观点 点 评 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 1. 昨日碳酸锂期货 2601 合约涨 7.36%至 87240 元/吨。现货价格方面，电池级碳酸锂平均价上涨 350 元/吨至 80750 吨，工业级碳酸锂平均价上涨 350 元/吨至 78550 元/吨，电池级氢氧化锂（粗颗粒） 上涨 50 元/吨至 75630 元/吨。仓单方面，昨日仓单库存增加 159 吨至 27491 吨。 2. 供给端，周度产量环比增加 454 吨至 21534 吨，其中锂辉石提锂环比增加 220 吨至 13124 吨，锂云 母提锂环比增加 130 吨至 3011 吨，盐湖提锂环比增加 72 吨至 3319 吨，回收提锂环比增加 32 吨至 2080 吨；11 月预计碳酸锂产量环比下降 0.2%至 92080 吨。需求端，11 月三元材料产量环比增加 1% 至 8.5 万吨，周度三元材料产量环比增加 666 吨至 19234 吨，库存环比增加 663 吨至 19553 吨；11 月磷酸铁锂产量环比增加 4%至 41 万吨，周度 ...

工业硅日报 工业硅&多晶硅日报（2025 年 11 月 11 日） 一、研究观点 点评 10 日工业硅震荡偏强，主力 2601 收于 9290 元/吨，日内涨幅 1.31%，持仓 增仓 13202 手至 28.2 万手。百川工业硅现货参考价 9692 元/吨，较上一交 易日上调 38 元/吨。最低交割品#421 价格持稳在 8900 元/吨，现货贴水扩 至 355 元/吨。多晶硅震荡偏弱，主力 2601 收于 53720 元/吨，日内涨幅 1.08%，持仓增仓 457 手至 12.6 万手；多晶硅 N 型复投硅料价格 52000 元/ 吨，最低交割品硅料价格在 52000 元/吨，现货升水扩至 1065 元/吨。西南 硅厂规模减产，因下游出现同步减产，未能实现去库节奏。硅厂提前挺价 持货，盘面提前计价减产预期，限制价格向上修复空间。11 月多晶硅料和 下游硅片排产均有下滑，硅料计划减产规模超过下游，但硅片配额强限 下，减产节奏先于上游。随着多晶硅产能平台消息影响淡化，短期弱现实 引导盘面处于低位盘整阶段。因行业会议再度召开，产能平台动态较多， 多晶硅存在消息端提振效应，不宜过分追空。 请务必阅读正文之后的免责 ...

1. Index Trends - On November 10, the Shanghai Composite Index rose 0.53% to close at 4018.6 points, with a trading volume of 960.589 billion yuan; the Shenzhen Component Index rose 0.18% to close at 13427.61 points, with a trading volume of 1213.865 billion yuan [1]. - The CSI 1000 Index rose 0.28%, with a trading volume of 433.798 billion yuan. Its opening price was 7568.75, closing price was 7563.25, the highest price was 7592.76, and the lowest price was 7515.68 [1]. - The CSI 500 Index rose 0.22%, with a trading volume of 371.311 billion yuan. Its opening price was 7357.34, closing price was 7343.8, the highest price was 7384.79, and the lowest price was 7289.77 [1]. - The SSE 300 Index rose 0.35%, with a trading volume of 593.977 billion yuan. Its opening price was 4688.12, closing price was 4695.05, the highest price was 4695.18, and the lowest price was 4654.21 [1]. - The SSE 50 Index rose 0.51%, with a trading volume of 139.907 billion yuan. Its opening price was 3043.51, closing price was 3053.86, the highest price was 3054.55, and the lowest price was 3030.23 [1]. 2. Impact of Sector Movements on Indexes - The CSI 1000 rose 21.37 points from the previous closing price. Sectors such as household appliances, pharmaceuticals and biotech, and basic chemicals significantly pulled the index up, while sectors like machinery, automobiles, and power equipment pulled it down [2]. - The CSI 500 rose 15.89 points from the previous closing price. Sectors such as pharmaceuticals and biotech, non - bank finance, and non - ferrous metals significantly pulled the index up, while sectors like machinery, electronics, and power equipment pulled it down [2]. - The SSE 300 rose 16.26 points from the previous closing price. Sectors such as food and beverage, non - bank finance, and banks significantly pulled the index up, while sectors like machinery, power equipment, and electronics pulled it down [2]. - The SSE 50 rose 15.51 points from the previous closing price. Sectors such as food and beverage, non - bank finance, and banks significantly pulled the index up, while sectors like machinery and electronics pulled it down [2]. 3. Stock Index Futures Basis and Annualized Opening Costs - For IM contracts, IM00 had an average daily basis of - 57.03, IM01 had - 142.23, IM02 had - 361.89, and IM03 had - 580.67 [12]. - For IC contracts, IC00 had an average daily basis of - 43.2, IC01 had - 107.51, IC02 had - 277.1, and IC03 had - 467.73 [12]. - For IF contracts, IF00 had an average daily basis of - 9.52, IF01 had - 25.0, IF02 had - 54.69, and IF03 had - 98.5 [12]. - For IH contracts, IH00 had an average daily basis of - 0.02, IH01 had - 1.49, IH02 had - 5.36, and IH03 had - 11.46 [12]. 4. Stock Index Futures Roll - over Point Differences and Annualized Costs - Data on IM, IC, IF, and IH roll - over point differences and their annualized costs are presented in the report, including detailed values at different time points [20][21][22]

Group 1: Report Industry Investment Ratings - The investment rating for stock index futures is "volatile" [1] - The investment rating for treasury bond futures is "relatively strong" [1] Group 2: Core Views of the Report - On November 11, 2025, the market showed a volatile and differentiated trend with the three major indexes rising and falling unevenly. The Sino-US summit is conducive to the improvement of China's total demand and the valuation of A-share technology stocks. The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China boosts market confidence, and the structured market is expected to continue. However, the valuation of the science and technology innovation index is at a historical extreme, so be cautious about chasing high. The A-share non-financial Q3 reports show signs of improvement [1] - Treasury bond futures closed with gains on November 11, 2025. The central bank's operations and the expected stable economic situation in Q4 are favorable for the bond market. However, the "see-saw" effect between stocks and bonds causes some fluctuations in bond market sentiment, and the bond market is expected to continue the volatile pattern [1][2] Group 3: Summary by Relevant Catalogs 1. Research Views - **Stock Index Futures**: The market was volatile and differentiated on November 11, 2025, with about 3,400 stocks rising in the Shanghai, Shenzhen, and Beijing stock markets and a trading volume of 2.19 trillion yuan. The Sino-US summit is beneficial to China's demand and A-share technology stocks. The Fourth Plenary Session of the 20th Central Committee focuses on technological innovation, expanding domestic demand, and reform and opening up. The A-share non-financial Q3 reports show that the cumulative revenue and net profit growth rates have improved, but the ROE is still in a low and volatile range [1] - **Treasury Bond Futures**: On November 11, 2025, the 30-year, 10-year, and 5-year treasury bond futures contracts rose, while the 2-year contract was basically stable. The central bank conducted 119.9 billion yuan of 7-day reverse repurchase operations on November 10, with a net investment of 41.6 billion yuan. The central bank's resumption of treasury bond trading strengthens the expectation of reasonable and sufficient funds, which is favorable for the bond market. The economic situation in Q4 is expected to be stable, and the short-term necessity of interest rate cuts is low. The "see-saw" effect between stocks and bonds affects bond market sentiment [1][2] 2. Daily Price Changes - **Stock Index Futures**: From November 7 to November 10, 2025, IH rose by 0.52%, IF by 0.27%, IC by 0.08%, and IM by 0.12%. Among the stock indexes, the Shanghai Composite 50 rose by 0.51%, the CSI 300 by 0.35%, the CSI 500 by 0.22%, and the CSI 1000 by 0.28% [3] - **Treasury Bond Futures**: From November 7 to November 10, 2025, TS remained unchanged, TF rose by 0.03%, T by 0.04%, and TL by 0.28% [3] 3. Market News - The National Development and Reform Commission and the National Energy Administration issued a guidance on promoting the consumption and regulation of new energy. It aims to balance the external transmission and local consumption of new energy bases in desert, gobi, and desertified areas, and promote large-scale local consumption through various means [4] 4. Chart Analysis - **Stock Index Futures**: The report provides charts of the trends and basis of IH, IF, IC, and IM futures contracts, showing their price trends and basis changes from January 2024 to July 2025 [6][8][10] - **Treasury Bond Futures**: The report includes charts of the trends, yields, basis, inter - period spreads, cross - variety spreads, and funding rates of treasury bond futures contracts, covering data from January 2024 to October 2025 [13][16][18] - **Exchange Rates**: The report presents charts of the central parity rates of the US dollar, euro against the RMB, forward exchange rates, and exchange rates between major currencies such as the US dollar, euro, pound, and yen from January 2023 to August 2025 [21][22][25]