Report Industry Investment Rating - No information provided in the given content Core Viewpoints - The report provides a daily tracking and evaluation of the positions of four major stock index futures (IF, IH, IC, IM) on September 10, 2025, including changes in total positions, positions of the front - twenty seats, and changes in long and short positions of the front - twenty seats [1][4][10][16][21] Summary by Directory IF (CSI 300 Index Futures) - **Total Position and Main Contract Position Changes**: On September 10, the total position of the IF variety increased by 7,307 lots, and the position of the main contract 2509 increased by 944 lots [4] - **Top Twenty Long - Position Seats**: Among the top twenty long - position seats, Guotai Junan Futures ranked first with a total position of 46,270 lots. Haitong Futures had the most long - position increase (3,110 lots), and CICC Futures had the most long - position decrease (547 lots) [5] - **Top Twenty Short - Position Seats**: Among the top twenty short - position seats, CITIC Futures ranked first with a total position of 49,678 lots. CITIC Futures had the most short - position increase (2,906 lots), and GF Futures had the most short - position decrease (766 lots) [7] IH (SSE 50 Index Futures) - **Total Position and Main Contract Position Changes**: On September 10, the total position of the IH variety decreased by 93 lots, and the position of the main contract 2509 decreased by 159 lots [10] - **Top Twenty Long - Position Seats**: Among the top twenty long - position seats, CITIC Futures ranked first with a total position of 9,756 lots. Haitong Futures had the most long - position increase (764 lots), and Guotai Junan Futures had the most long - position decrease (530 lots) [11] - **Top Twenty Short - Position Seats**: Among the top twenty short - position seats, CITIC Futures ranked first with a total position of 13,259 lots. Haitong Futures had the most short - position increase (1,248 lots), and GF Futures had the most short - position decrease (682 lots) [12] IC (CSI 500 Index Futures) - **Total Position and Main Contract Position Changes**: On September 10, the total position of the IC variety increased by 1,732 lots, and the position of the main contract 2509 increased by 1,013 lots [16] - **Top Twenty Long - Position Seats**: Among the top twenty long - position seats, CITIC Futures ranked first with a total position of 38,909 lots. Haitong Futures had the most long - position increase (720 lots), and Dongzheng Futures had the most long - position decrease (363 lots) [16] - **Top Twenty Short - Position Seats**: Among the top twenty short - position seats, CITIC Futures ranked first with a total position of 40,561 lots. Guotai Junan Futures had the most short - position increase (982 lots), and Huatai Futures had the most short - position decrease (710 lots) [18] IM (CSI 1000 Index Futures) - **Total Position and Main Contract Position Changes**: On September 10, the total position of the IM variety increased by 3,043 lots, and the position of the main contract 2509 decreased by 826 lots [21] - **Top Twenty Long - Position Seats**: Among the top twenty long - position seats, CITIC Futures ranked first with a total position of 50,796 lots. Dongzheng Futures had the most long - position increase (874 lots), and Haitong Futures had the most long - position decrease (1,687 lots) [21] - **Top Twenty Short - Position Seats**: Among the top twenty short - position seats, CITIC Futures ranked first with a total position of 77,351 lots. Galaxy Futures had the most short - position increase (701 lots), and Huatai Futures had the most short - position decrease (1,329 lots) [23]

数据来源：Wind、Mysteel、富宝资讯、广发期货研究所。请仔细阅读报告尼端免责声明。 免责声明 的信息均来源于被广发期货有限公司认为可靠的已公开资料，但广发期货对这些信息的准确性及完整性不作任何保证。本报告反映研究人员的不同观点、见解决 并不代表广发明货或其附属机构的立场。在任何情况下、报告内容仅供参考。报告中的信息或所表达的意见并不拘成所述品种买卖的出价或询价、投资商援助 自担。本报告旨在发送给广发期货特定客户及其他专业人士、版权归广发期货所有、未经广发期货书面授权、任何人不得对本报告进行任何形式的发布、复制 | 投资咨询业务资格:证监许可 【2011】1 | | | | | 投资咨询业务资格:证监许可 【2011】 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Z0010559 周敏波 Z0010559 | | | | | | | | | | 焦炭相关价格及价差 | | | | | 焦煤相关价格及价差 | | | | | 品种 9月9日 9月8日 | 9月8日 | 涨跌 | 涨跌幅 | 单位 | 品种 9月9日 | ...

Group 1: Stock Index Futures Spread Daily Report Core View - The report provides the latest values, changes from the previous day, historical 1 - year percentiles, and all - time percentiles of various stock index futures spreads on September 10, 2025, including IF, IH, IC, and IM, as well as cross - variety ratios [1]. Summary by Category - **Futures - Spot Spreads**: For example, the IF futures - spot spread is - 10.06, with a 40.90% change from the previous day and a 36.40% historical 1 - year percentile. Different contracts have different spread values and changes [1]. - **Inter - Period Spreads**: Such as the IF inter - period spreads, like the difference between the next - month and current - month contracts is - 7.00, with a 41.80% historical 1 - year percentile [1]. - **Cross - Variety Ratios**: For instance, the ratio of CSI 500 to SSE 300 is 64.80%, with a value of 1.5619 and a change of - 0.0032 [1]. Group 2: Treasury Bond Futures Spread Daily Report Core View - The report presents the latest values, changes from the previous trading day, and percentiles since listing of various treasury bond futures spreads and basis on September 10, 2025, including TS, TF, T, and TL, as well as cross - variety spreads [2]. Summary by Category - **Basis**: For example, the TS basis on September 9, 2025, is 1.5318, with a change of - 0.0418 and a 22.50% percentile since listing [2]. - **Inter - Period Spreads**: Such as the TS inter - period spreads, the difference between the current - quarter and next - quarter contracts on September 9, 2025, is 0.0340, with a 25.80% percentile [2]. - **Cross - Variety Spreads**: For example, the spread between TS and T on September 9, 2025, is 0.0720, with a change of - 5.3970 and a 13.60% percentile [2]. Group 3: Precious Metals Spot - Futures Daily Report Core View - The report shows the domestic and foreign futures closing prices, spot prices, basis, ratios, interest rates, exchange rates, inventory, and positions of precious metals on September 10, 2025 [3]. Summary by Category - **Futures Closing Prices**: Domestic AU2510 contract closed at 834.48 yuan/gram on September 9, 2025, up 1.41% from the previous day. COMEX gold closed at 3663.80, down 0.38% [3]. - **Spot Prices**: London gold was at 3624.17, down 0.33% on September 9, 2025 [3]. - **Basis**: The basis of gold TD - Shanghai gold futures is - 2.57, with a historical 1 - year percentile of 46.10% [3]. - **Ratios**: The ratio of COMEX gold to silver is 88.59, up 1.03% [3]. - **Interest Rates and Exchange Rates**: The 10 - year US Treasury yield is 4.08%, up 0.7% [3]. - **Inventory and Positions**: The inventory of Shanghai Futures Exchange gold increased by 2.49% to 44415 [3]. Group 4: Container Shipping Industry Spot - Futures Daily Report Core View - The report offers spot quotes, container shipping indices, futures prices, basis, and fundamental data of the container shipping industry on September 10, 2025 [5]. Summary by Category - **Spot Quotes**: For example, the MAERSK shipping price from Shanghai to Europe is 1821 dollars/FEU, up 0.16% [5]. - **Container Shipping Indices**: The SCFIS (European route) settlement price index on September 8, 2025, is 1566.46, down 11.68% from September 1 [5]. - **Futures Prices and Basis**: The EC2602 futures price on September 9, 2025, is 1527.4, up 0.78%. The basis of the main contract decreased by 61.80% [5]. - **Fundamental Data**: The global container shipping capacity supply is 3299.69 million TEU, with no change [5].

1. Overall Investment Rating No investment rating for the industries is provided in the reports. 2. Core Views - **Oils and Fats**: Maintain a cautiously bullish view. Palm oil futures may strengthen after the MPOB report. Soybean oil's production decline supports the basis price. [1] - **Sugar**: Sugar prices are expected to remain volatile and weak due to high supply pressure and lack of positive drivers. [3] - **Corn and Corn Starch**: Corn prices may decline in the short - term and remain weak in the medium - term due to expected new - season supply and weak demand. [4] - **Cotton**: Domestic cotton prices may trade in a range in the short - term and face pressure after new cotton is listed. [7] - **Eggs**: Egg prices may rebound in early September but with limited upside, and a bearish view is maintained overall. [9] - **Meal and Soybeans**: The medium - to long - term outlook for two meals is bullish, but short - term adjustment risks should be monitored. [10] - **Pigs**: Pig prices have limited room to fall further, but demand's ability to absorb supply is uncertain, and short - term supply pressure is relatively limited. [12] 3. Summary by Industry Oils and Fats Industry - **Futures Prices**: Y2601 soybean oil futures price is 8454, up 0.40%; P2601 palm oil futures price is 9480, up 1.72%; OI601 rapeseed oil futures price is 9980, up 0.50%. [1] - **Spot Prices**: Jiangsu 9 - month soybean oil spot basis is 01 + 210; Guangdong 9 - month palm oil spot basis is 01+20; Jiangsu 9 - month rapeseed oil spot basis is 01 + 110. [1] - **Spreads**: Palm oil 09 - 01 spread is 140, up 95.89%; rapeseed oil 09 - 01 spread is 34, up 35.79%; soybean - palm oil spot spread is - 50, down 7.14%. [1] Sugar Industry - **Futures Market**: Sugar 2601 is 5518, down 0.16%; ICE raw sugar main contract is 15.84, up 1.28%. [3] - **Spot Market**: Nanning spot price is 5880, unchanged; Kunming is 5820, down 0.17%. [3] - **Industry Situation**: National sugar production cumulative value is 1116.21, up 12.03%; sales cumulative value is 955.00, up 15.76%. [3] Corn and Corn Starch Industry - **Corn**: Corn 2511 Jinzhou Port FAS price is 2214, down 0.76%; basis is 106, up 19.10%. [4] - **Corn Starch**: Corn starch 2511 is 2510, down 0.67%; basis is 150, up 12.78%. [4] Cotton Industry - **Futures Prices**: Cotton 2605 is 13790, down 0.36%; Cotton 2601 is 13835, down 0.36%. [7] - **Spot Prices**: Xinjiang 3128B arrival price is 15253, down 0.45%; CC Index 3128B is 15335, down 0.56%. [7] - **Industry Situation**: Commercial inventory is 148.17, down 18.6%; industrial inventory is 89.23, down 3.5%. [7] Egg Industry - **Futures Prices**: Egg 11 contract is 3083, up 1.98%; Egg 10 contract is 3060, up 1.93%. [9] - **Related Indicators**: Egg - chicken feed ratio is 2.50, up 2.88%; breeding profit is - 17.89, up 20.84%. [9] Meal and Soybeans Industry - **Soybean Meal**: Jiangsu soybean meal spot price is 3030, down 0.33%; M2601 futures price is 3075, down 0.19%. [10] - **Rapeseed Meal**: Jiangsu rapeseed meal spot price is 2620, down 0.38%; RM2601 futures price is 2550, up 0.31%. [10] - **Soybeans**: Harbin soybean spot price is 3980, unchanged; soybean No.1 main contract is 3968, down 0.23%. [10] Pig Industry - **Futures Market**: Pig 2511 is 13230, down 0.56%; Pig 2601 is 13655, down 0.76%. [12] - **Spot Market**: Henan spot price is 13550, down 150; Shandong is 13600, down 150. [12] - **Related Indicators**: Sample slaughter volume per day is 148565, up 0.02%; white - strip price per week is unchanged. [12]

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views - **Glass and Soda Ash**: The glass and soda ash market continues to be weak. For soda ash, the supply is high after the traditional summer inspection season, and the demand remains at a rigid level. It is recommended to short at high levels. For glass, the industry needs capacity clearance to solve the over - supply problem. Short - term observation is advised, and mid - term attention should be paid to the actual demand in the peak season [1]. - **Log**: The log fundamentals are good, with low inventory, continuous destocking, and strong demand. As the seasonal peak season is approaching, the price has strong support at the bottom. It is recommended to go long at low levels [2]. - **Polysilicon**: In the short term, the market is more focused on the expectation of policy implementation in September, and the price is easy to rise and hard to fall. The supply reduction in September is not obvious, and there may be a slight inventory build - up. The price is more affected by policy expectations and has high volatility risk [3]. - **Industrial Silicon**: The cost of industrial silicon is expected to rise, and there are signs of capacity clearance. The supply - demand relationship was in a tight balance in August. It is recommended to go long at low levels, with the price fluctuating between 8000 - 9500 yuan/ton [4]. - **Natural Rubber**: The supply is affected by seasonal climate, with strong upward pressure on raw material prices and inventory destocking. The demand is expected to improve as enterprises resume production, but the increase in production may be limited. The price of the 01 contract is expected to be in the range of 15000 - 16500 yuan/ton [5]. 3. Summary by Related Catalogs Glass and Soda Ash - **Prices and Spreads**: Glass prices in North China, Central China, and some futures contracts increased, while soda ash prices were mostly stable. The 05 basis of glass decreased, and the 05 basis of soda ash increased [1]. - **Supply**: Soda ash production increased, with the weekly output reaching 751,700 tons. The melting volume of float glass and photovoltaic glass remained unchanged [1]. - **Inventory**: Glass factory inventory increased slightly, soda ash factory inventory decreased, and the inventory in the delivery warehouse increased. The inventory days of soda ash in glass factories decreased [1]. - **Real Estate Data**: New construction area improved slightly, while construction area, completion area, and sales area declined [1]. Log - **Prices and Spreads**: Log futures prices declined slightly. The prices of some spot logs remained stable, and the CFR price of some logs decreased [2]. - **Supply and Demand**: The arrival volume at 12 ports in China decreased last week but is expected to increase this week. The inventory continued to decline, and the daily average outbound volume remained above 60,000 cubic meters [2]. Polysilicon - **Prices and Spreads**: The average price of N - type polysilicon decreased slightly, and the futures price of the main contract decreased by 3.93%. Some monthly spreads changed significantly [3]. - **Fundamentals**: Weekly silicon wafer production increased by 3.53%, and polysilicon production decreased by 2.58%. Monthly polysilicon production, import volume, and silicon wafer export volume increased [3]. - **Inventory**: Polysilicon inventory decreased by 0.94%, and silicon wafer inventory decreased by 6.65% [3]. Industrial Silicon - **Prices and Spreads**: The spot prices of industrial silicon remained stable, and some basis and monthly spreads changed significantly [4]. - **Fundamentals**: National and regional industrial silicon production increased, and the national and regional operating rates also increased. The production of organic silicon DMC and polysilicon increased, while the production of recycled aluminum alloy decreased [4]. - **Inventory**: The inventory in Xinjiang increased slightly, while the inventory in Yunnan and Sichuan factories and the social inventory decreased [4]. Natural Rubber - **Prices and Spreads**: The prices of some natural rubber products decreased, and some monthly spreads changed [5]. - **Fundamentals**: The production of natural rubber in Thailand and Indonesia increased in July, while the production in India and China decreased. The operating rates of semi - steel and all - steel tires decreased, and the domestic tire production decreased [5]. - **Inventory**: The bonded area inventory decreased, and the factory - warehouse futures inventory of natural rubber in the SHFE increased [5].

Report Industry Investment Ratings No relevant content provided. Core Views - **Polyester Industry**: The short - term supply - demand pattern of short - fiber is weak, with high supply and uncertain demand during the peak season. PTA's absolute price follows raw material fluctuations, and its basis and processing fee repair drivers are limited. The supply - demand pattern of ethylene glycol is strong in the near term and weak in the long term. The price of PX is expected to be supported at low levels, but the rebound space is limited [2]. - **PVC and Caustic Soda Industry**: The caustic soda spot price may remain firm in the short term, while the decline space of the futures price is limited. The PVC market is under pressure, with supply increasing and demand remaining weak, and it is expected to continue weak and volatile [5]. - **Crude Oil Industry**: Geopolitical events increase the risk premium of oil prices, but the loose supply - demand pattern restricts the increase. It is recommended to mainly wait and see on the single - side, and look for opportunities to expand spreads on the option side [9]. - **Pure Benzene and Styrene Industry**: The supply - demand of pure benzene in September is expected to be loose, and its price is driven by oil prices. The short - term drive of styrene is weak, but there is an expectation of improvement in supply - demand in the future [14]. - **Polyolefin Industry**: The current core contradiction in the polyolefin market is not prominent. The market will present a pattern of "decreasing supply and increasing demand", with attention to the supply rhythm and seasonal demand [17]. - **Urea Industry**: The urea futures price is weak due to a loose supply - demand pattern and low market sentiment, with high supply and weak demand [21]. - **Methanol Industry**: The methanol supply is increasing, and the demand from traditional downstream is weak. The port is accumulating inventory, and attention should be paid to the inventory digestion rhythm [33]. Summary by Directory Polyester Industry - **Raw Material Prices**: On September 9, Brent crude oil (November) was $66.02/barrel, up 0.6%; CFR China PX was $836/ton, up 0.4% [2]. - **Product Prices and Cash Flows**: POY150/48 price was 6805 yuan/ton, down 0.3%; its cash flow was 144 yuan/ton, down 3.7% [2]. - **Industry Operating Rates**: The comprehensive operating rate of polyester was 91.3%, up 1.0%; the operating rate of PTA was 70.4%, up 3.4% [2]. PVC and Caustic Soda Industry - **Product Prices**: On September 9, the market price of PVC in East China was 4650 yuan/ton, unchanged; the price of 32% liquid caustic soda in Shandong was 2718.8 yuan/ton, unchanged [5]. - **Industry Operating Rates**: The operating rate of the caustic soda industry was 86.7%, up 1.5%; the total operating rate of PVC was 76.2%, up 3.9% [5]. - **Inventory**: On September 4, the inventory of liquid caustic soda in East China factories was 170,000 tons, down 7.8%; the total social inventory of PVC was 533,000 tons, up 2.1% [5]. Crude Oil Industry - **Prices and Spreads**: On September 10, Brent crude oil was $66.70/barrel, up 0.47%; the spread between Brent M1 - M3 was $0.55/barrel, up 3.77% [9]. - **Driving Factors**: Geopolitical events such as the Israeli air - strike on Doha and Ukraine's attacks on Russian energy infrastructure support oil prices, while the loose supply - demand pattern restricts the increase [9]. Pure Benzene and Styrene Industry - **Raw Material Prices**: On September 9, CFR China pure benzene was $733/ton, down 0.1%; the price of pure benzene in East China was 5900 yuan/ton, down 0.2% [13]. - **Product Prices and Spreads**: The spot price of styrene in East China was 7110 yuan/ton, down 0.4%; the spread between EB - BZ spot was 1210 yuan/ton, down 1.6% [14]. - **Industry Operating Rates**: The operating rate of Asian pure benzene was 77.9%, unchanged; the operating rate of styrene was 79.7%, up 2.0% [14]. Polyolefin Industry - **Product Prices**: On September 9, the closing price of L2601 was 7229 yuan/ton, down 0.30%; the closing price of PP2601 was 6949 yuan/ton, down 0.27% [17]. - **Inventory and Operating Rates**: The inventory of PE decreased last week, while that of PP increased. The operating rate of PP devices was 80.2%, up 2.6% [17]. Urea Industry - **Prices and Spreads**: On September 9, the price of the main urea contract was 2398 yuan/ton, down 0.42%; the spread between UR - MA main contracts was - 756 yuan/ton, down 2.38% [21]. - **Supply and Demand**: The daily output of urea is relatively high, and demand from agriculture, industry, and exports is weak [21]. - **Inventory**: The factory inventory of urea was 1095,000 tons, up 0.85%; the port inventory was 620,900 tons, up 3.48% [21]. Methanol Industry - **Prices and Spreads**: On September 9, the closing price of MA2601 was 2398 yuan/ton, down 10 yuan; the spread between MA91 was - 151 yuan, up 9 yuan [33]. - **Inventory**: The enterprise inventory of methanol was 341,083 tons, up 1 ton; the port inventory was 1428,000 tons, up 13 tons [33]. - **Operating Rates**: The operating rate of upstream domestic enterprises was 74.21%, up 2%; the operating rate of downstream external - procurement MTO devices was 78.81%, up 0.2% [33].

产业期现日报 G 55000000 投资次输业务资格·证监控可 【2011】1292号 2025年9月10日 林喜旎 Z0020770 价格及基差 | | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | --- | --- | --- | --- | --- | --- | | SMM 电池级碳酸锂均价 | 74600 | 74600 | 0.0 | 0.00% | 元/吨 | | SMM 工业级碳酸锂均价 | 72350 | 72350 | 0.0 | 0.00% | 元/吨 | | SMM电池级氢氧化锂均价 | 75200 | 75350 | -150.0 | -0.20% | 元/吨 | | SMM工业级氢菌化锂均价 | 70160 | 70310 | -150.0 | -0.21% | 元/吨 | | 中日韩CIF电池级碳酸锂 | 9.45 | 9.45 | 0.00 | 0.00% | 美元/千克 | | 中日韩CIF电池级氢氧化锂 | 9.30 | 9.30 | 0.00 | 0.00% | 美元/千克 | | SMM电碳-工碳价差 | 2250 | 2250 | 0.00 | 0.00% ...

Report Industry Investment Ratings - Not provided in the given reports Core Views Oils and Fats - Overall, maintain a cautiously bullish view. Palm oil futures may strengthen, and soybean oil's production decline supports basis quotes [1] Sugar - Expect sugar prices to remain oscillating weakly due to factors like new sugar approaching and weak market sentiment [3] Corn - In the short - term, the corn futures market is pressured downwards, and in the medium - term, it maintains a weak pattern. Suggest cautious short - selling [4] Cotton - In the short - term, domestic cotton prices may oscillate within a range, and will be under pressure after new cotton is listed [7] Eggs - Egg prices may rebound in early September, but the overall increase is limited. Maintain a bearish view [9] Meal - Long - term bullish expectations remain unchanged, but pay attention to short - term adjustment risks [10] Pigs - The decline of live pig prices is limited, but there are uncertainties in demand. The basis may strengthen [12] Summary by Related Catalogs Oils and Fats - **Soybean Oil**: US soybean crushing profit is up 3.0%, and domestic soybean oil production decline supports basis quotes. The basis of Y2601 is 216, down 14 from the previous day. The 09 - 01 spread is 42, down 4 [1] - **Palm Oil**: Malaysian BMD futures wait for the MPOB report. Domestic Dalian palm oil futures oscillate narrowly at high levels. The basis of P2601 is - 60, down 90 from the previous day. The 09 - 01 spread is - 6, up 140 [1] - **Rapeseed Oil**: The basis of OI601 is - 50, up 20 from the previous day. The 09 - 01 spread is 129, up 34 [1] Sugar - **Futures Market**: The price of SR2601 is 5518, down 9 from the previous day. The 1 - 5 spread is 21, up 3 [3] - **Spot Market**: Nanning's price is 5880, unchanged. The basis in Kunming is 323, up 2 [3] - **Industry Situation**: National sugar production accumulates to 1116.21 million tons, up 12.03% year - on - year. Sales reach 955.00 million tons, up 15.76% [3] Corn - **Corn**: The price of C2511 at Jinzhou Port is 2214, down 17 from the previous day. The 11 - 3 spread is 10, down 7 [4] - **Corn Starch**: The price of CS2511 is 2510, down 17 from the previous day. The basis is 150, up 17 [4] Cotton - **Futures Market**: The price of CF2605 is 13790, down 50 from the previous day. The 5 - 1 spread is - 45, unchanged [7] - **Spot Market**: Xinjiang's arrival price of 3128B is 15253, down 69. The basis of 3128B - 01 is 1463, down 19 [7] - **Industry Situation**: Commercial inventory is 148.17 million tons, down 18.6% month - on - month. Import volume is 5.00 million tons, up 66.7% [7] Eggs - **Futures Market**: The price of JD11 is 3083, up 60 from the previous day. The 11 - 10 spread is 23, up 2 [9] - **Spot Market**: The egg - producing area price is 3.41, unchanged. The basis is 350, down 58 [9] - **Industry Situation**: The egg - to - feed ratio is 2.50, up 0.07. The breeding profit is - 17.89 yuan per bird, up 4.71 [9] Meal - **Soybean Meal**: The price in Jiangsu is 3030, down 10 from the previous day. The basis of M2601 is - 45, down 4 [10] - **Rapeseed Meal**: The price in Jiangsu is 2620, down 10 from the previous day. The basis of RM2601 is 70, down 18 [10] - **Soybeans**: The price of Harbin soybeans is 3980, unchanged. The basis of the main contract of soybean No.1 is 12, up 9 [10] Pigs - **Futures Market**: The price of LH2511 is 13230, down 75 from the previous day. The 11 - 1 spread is - 425, up 30 [12] - **Spot Market**: The price in Henan is 13550, down 150. The basis of the main contract is - 105, down 45 [12] - **Industry Situation**: The daily slaughter volume of sample points is 148565, up 27. The self - breeding profit per week is 53 yuan per head, up 63.31% [12]

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoint The report presents the spot prices, futures prices, basis, basis rates, historical quantiles, and spot references of various commodities across multiple sectors on September 10, 2025, including black metals, non - ferrous metals, precious metals, agricultural products, energy chemicals, and financial products [1][2][3]. 3) Summary by Category Black Metals - The commodities include ferrosilicon (SF511), ferromanganese (SM601), rebar (RB2601), hot - rolled coil (HC2601), iron ore (I2601), coke (J2601), and coking coal (JM2601). For example, the spot price of ferrosilicon (SF511) is 5688, the futures price is 5620, the basis is 68, the basis rate is 1.21%, and the historical quantile is 65.20% [1]. Non - Ferrous Metals - Commodities such as copper (CU2510), aluminum (AL2510), alumina (AO2601), zinc (ZN2510), tin (SN2510), nickel (NI510), stainless steel (SS2511), lithium carbonate (LC2511), and industrial silicon (SI2511) are covered. For instance, the spot price of copper (CU2510) is 79890, the futures price is 79650, the basis is 240, the basis rate is 0.30%, and the historical quantile is 70.62% [1]. Precious Metals - Gold (AU2510) and silver (AG2510) are included. The spot price of gold (AU2510) is 831.9, the futures price is 834.5, the basis is - 2.6, the basis rate is - 0.31%, and the historical quantile is 30.40% [2]. Agricultural Products - Commodities like soybean meal (M2601), soybean oil (Y2601), palm oil (P2601), rapeseed meal (RM601), rapeseed oil (OI601), corn (C2511), corn starch (CS2511), live pigs (H2511), eggs (JD2510), cotton (CF601), sugar (SR601), apples (AP601), and red dates (CJ601) are presented. For example, the spot price of cotton (CF601) is 15253, the futures price is 13835.0, the basis is 1418.0, the basis rate is 10.25%, and the historical quantile is 92.10% [3]. Energy Chemicals - Commodities such as p - xylene (PX511), PTA (TA601), ethylene glycol (EG2601), polyester staple fiber (PF511), styrene (EB2510), methanol (MA601), urea (UR601), LLDPE (L2601), PP (PP2601), PVC (V2601), caustic soda (SH601), LPG (PG2510), asphalt (BU2511), butadiene rubber (BR2510), glass (FG601), soda ash (SA601), and natural rubber (RU2601) are analyzed. For example, the spot price of ethylene glycol (EG2601) is 4440.0, the futures price is 4322.0, the basis is 118.0, the basis rate is 2.73%, and the historical quantile is 91.90% [3]. Financial Products - Financial products include stock index futures (IF2509.CFE, IH2509.CFE, IC2509.CFE, IM2509.CFE) and treasury bond futures (2 - year bond (TS2512), 5 - year bond (TF2512), 10 - year bond (T2512), 30 - year bond (TL2512)). For example, the spot price of IF2509.CFE is 4436.3, the futures price is 4426.2, the basis is - 10.1, the basis rate is - 0.23%, and the historical quantile is 36.40% [3].

Report Summary 1. Investment Ratings No investment ratings for the entire industry are provided in the report. 2. Core Views - The equity market may enter a high - level oscillation pattern after significant gains, and the direction of monetary policy in the second half of September is crucial. The bond market sentiment is weak, and the 10 - year Treasury bond rate may oscillate in the 1.74% - 1.8% range [3]. - Geopolitical risks in the Middle East have reignited, causing precious metals to rise and then fall. The steel market is weak, while the iron ore market is strong. The copper market is trading on interest - rate cut expectations [3]. - The energy and chemical markets show various trends. For example, oil prices are supported by geopolitical risks but limited by a loose supply - demand situation. The agricultural product market is influenced by factors such as supply expectations and reports [3]. 3. Summary by Categories Financial - **Equity Index Futures**: The basis rates of IF, IH, IC, and IM's main contracts are 0.23%, - 0.11%, - 0.81%, and - 0.83% respectively. The market is supported by pro - cyclical factors and continues to oscillate [3]. - **Treasury Bond Futures**: Due to tight funds and concerns about increased fund redemption fees, the sentiment in the bond futures market is weak. The 10 - year Treasury bond rate may oscillate between 1.74% - 1.8% [3]. - **Precious Metals**: Geopolitical risks in the Middle East have reignited. Gold should be bought cautiously at low prices, and silver should be traded in the $40 - 42 range [3]. - **Shipping Index (European Line)**: The main contract of the container shipping index (European Line) is weakly oscillating, and 12 - 10 spread arbitrage can be considered [3]. Black Metals - **Steel**: Steel prices have weakened. Long positions should be closed and wait for further observation. The support levels for rebar and hot - rolled coil are around 3100 and 3300 respectively [3]. - **Iron Ore**: Shipments have dropped significantly from the high level, arrivals have decreased, and the price is strong. Long positions can be taken at low prices in the 780 - 830 range [3]. - **Coking Coal**: The spot market is weakly oscillating. Short positions can be taken at high prices, and an arbitrage strategy of long iron ore and short coking coal can be used [3]. - **Coke**: The first round of price cuts for coke has been implemented. Short positions can be taken at high prices, and an arbitrage strategy of long iron ore and short coke can be used [3]. Non - ferrous Metals - **Copper**: The market is trading on interest - rate cut expectations, and attention should be paid to inflation data on Thursday. The main contract is expected to trade between 78500 - 80500 [3]. - **Aluminum and Its Alloys**: The processing industry's weekly operating rate is recovering. The main contracts of aluminum, aluminum alloy, etc. have their respective expected trading ranges [3]. - **Other Non - ferrous Metals**: Zinc, tin, nickel, and stainless steel also have their expected price ranges and corresponding market trends [3]. Energy and Chemicals - **Crude Oil**: Geopolitical risks support the rebound of oil prices, but the loose supply - demand situation limits the upside. It is recommended to wait and see on the long - short side, and look for opportunities to expand the spread on the options side [3]. - **Urea**: The consumption in industry and agriculture is not obvious, and the market is expected to continue to be weak in the short term. A short - selling strategy can be considered, and the implied volatility can be reduced at high levels on the options side [3]. - **PX, PTA, and Related Products**: PX and PTA have different supply - demand expectations in September. They should be traded within their respective price ranges, and some spread arbitrage strategies can be used [3]. - **Other Chemical Products**: Ethanol, caustic soda, PVC, etc. also have their own market trends and corresponding trading suggestions [3]. Agricultural Products - **Soybeans and Related Products**: The expected high yield of US soybeans suppresses the market, but the domestic market has a bullish expectation. Long positions can be taken for the 01 contract in the long term [3]. - **Livestock and Grains**: The supply pressure of pigs is realized, and the corn market has limited rebound. Palm oil may be strong, and sugar is expected to be weak [3]. - **Other Agricultural Products**: Cotton, eggs, apples, etc. also have their own market characteristics and trading suggestions [3]. Special Commodities - **Glass**: News about production lines in Shahe has driven up the market. Wait and see the actual progress [3]. - **Rubber**: The macro - sentiment has faded, and the rubber price is oscillating downward. Wait and see [3]. - **Industrial Silicon**: Affected by polysilicon, the price has weakened at the end of the session. The price may fluctuate between 8000 - 9500 yuan/ton [3]. New Energy - **Polysilicon**: Affected by news, the market has declined. Wait and see [3]. - **Lithium Carbonate**: Due to increased news interference, the market is expected to be weak. A short - selling strategy can be considered [3].