Report Summary 1. Report Industry Investment Rating No information provided in the reports. 2. Core Views No clear core views are presented in the reports. The reports mainly provide daily data on various futures, including price differences, basis, ratios, and related economic indicators. 3. Summary by Related Catalogs 3.1 Stock Index Futures Spread Daily Report - **Price Differences**: Presents price differences of various stock index futures contracts (IF, IH, IC, IM), including spot - futures spreads, inter - period spreads, and cross - variety ratios. For example, IF spot - futures spread is - 15.92, with a change of 3.47 compared to the previous day [1]. - **Percentiles**: Provides historical 1 - year and full - history percentiles for price differences, helping to understand the relative position of current price differences [1]. 3.2 Treasury Bond Futures Spread Daily Report - **Basis**: Displays basis data for different treasury bond futures (TS, TF, T, TL), such as TS basis with a value of 1.6452 and a change of - 0.0090 on July 9, 2025 [2]. - **Inter - period Spreads**: Presents inter - period spreads for different treasury bond futures contracts, including spreads between different quarters [2]. - **Cross - variety Spreads**: Shows cross - variety spreads between different treasury bond futures, like TS - TF with a value of - 3.6960 and a change of - 0.0270 on July 9, 2025 [2]. 3.3 Precious Metals Spot - Futures Daily Report - **Futures and Spot Prices**: Provides domestic and foreign futures closing prices, spot prices, and their changes for gold and silver. For example, AU2508 contract closed at 766.82 yuan/g on July 9, 2025, down 9.40 yuan from the previous day [5]. - **Basis and Ratios**: Displays basis data and price ratios between different precious metal contracts, such as the ratio of COMEX gold to silver being 90.77, up 1.10 from the previous day [5]. - **Interest Rates and Exchange Rates**: Presents data on interest rates (10 - year and 2 - year US Treasury yields, 10 - year TIPS Treasury yield) and exchange rates (US dollar index, offshore RMB exchange rate) [5]. 3.4 Shipping Industry Spot - Futures Daily Report - **Spot Quotes**: Provides spot shipping quotes, including Shanghai - Europe future 6 - week freight rates for different shipping companies and various shipping indices (SCFIS, SCFI) [8]. - **Futures Prices and Basis**: Displays futures prices of shipping contracts and the basis of the main contract. For example, the main contract EC2508 closed at 2012.5 on July 9, 2025, up 6.3 from the previous day [8]. - **Fundamental Data**: Presents fundamental data such as global container shipping capacity supply, port - related indicators, and overseas economic indicators [8]. 3.5 Data/Information Report - **Overseas Data/Information**: Lists overseas economic indicators and financial events, including US Federal Reserve's monetary policy meeting minutes, US initial jobless claims, and EIA natural gas inventory [9]. - **Domestic Data/Information**: Presents domestic economic indicators and financial events for different industries, such as SMM electrolytic copper social inventory, steel - related production and inventory data [9].

Report Industry Investment Ratings No relevant information provided. Core Views of the Reports Polyolefin Industry - PP and PE both show a supply contraction trend. PP's maintenance losses continue to increase, PE's domestic maintenance has peaked, and PE's import is expected to be low. The weighted valuation has recovered significantly, and the July balance sheet shows a de - stocking expectation, but there is still overall pressure. Short - term attention can be paid to the support brought by de - stocking. For PP, it is recommended to short when the price rebounds to the 7200 - 7300 range [1]. Crude Oil Industry - Oil prices are oscillating strongly, mainly due to a large increase in US crude oil inventories and new sanctions on Iranian oil exports. Although the increase in US EIA inventory data is bearish, it is temporarily overshadowed by geopolitical risks and peak - season demand. Geopolitical risks have limited continuity in disturbing the market, and oil prices are likely to enter a wide - range oscillation after rising. It is recommended to adopt a short - term trading strategy [6]. Methanol Industry - The inland methanol market is supported by centralized maintenance in July, with limited short - term downside. The port market faces dual pressures: the resumption of Iranian plants and planned maintenance of coastal MTO units, which is expected to lead to a slight inventory build - up in July and stronger price suppression [31]. Urea Industry - The core drivers of the fundamentals and macro - news are the market confidence boost from the Indian tender price. Although there is no follow - up substantial news on exports, the market has short - term expectations of export benefits. The short - term market shows an oscillating upward trend, but the sustainability of demand needs to be observed, and long positions should not be overly chased [36]. Polyester Industry Chain - **PX**: Under the influence of PXN repair, domestic plant maintenance delays, and overseas supply recovery, PX is under pressure, but considering new PTA plant commissioning and other factors, the supply - demand is still expected to be tight. Short - term long positions can be considered around 6600 for PX09. - **PTA**: The supply - demand is expected to weaken, but cost support is strong. TA is expected to oscillate between 4600 - 4900, and short - term long positions can be considered below 4700. - **MEG**: Supply is increasing, and demand is weakening. It is expected to be in balance in July and build up inventory from August to September. Short - term attention should be paid to the 4400 resistance level for EG09. - **Short - fiber**: The supply - demand is weak on both sides, and the absolute price fluctuates with raw materials. It is recommended to expand the processing margin when it is low. - **Bottle - chip**: There is an expectation of supply - demand improvement, and the processing margin is gradually recovering. The absolute price follows the cost. [41] Pure Benzene and Styrene Industry - **Pure Benzene**: It has rebounded recently, supported by crude oil and styrene prices. However, due to high import expectations and high port inventories, its upward potential is limited. It is recommended to wait and see for single - side trading and adopt a reverse spread strategy for the monthly spread. - **Styrene**: Supply is expected to increase, and demand is expected to weaken, with increasing port inventories. Although the absolute price is supported by strong oil prices and a favorable commodity atmosphere, the increase is limited. Short positions can be considered around 7500 for EB08 [45]. Summaries According to Relevant Catalogs Polyolefin Industry Futures Prices - L2601 closed at 7254, up 29 (0.40%); L2509 at 7278, up 33 (0.46%); PP2601 at 7034, up 28 (0.40%); PP2509 at 7078, up 33 (0.47%) [1]. Spreads - L2509 - 2601 spread increased by 4 (20.00%); PP2509 - 2601 spread increased by 5 (12.82%) [1]. Spot Prices - East China PP wire drawing spot was 7100, up 10 (0.14%); North China LDPE film material spot was 7170, unchanged [1]. Inventory and Operating Rates - PE enterprise inventory increased by 5.47 million tons (12.48%); PE social inventory increased by 1.04 million tons (2.05%). PP enterprise inventory increased by 1.11 million tons (1.95%); PP trader inventory increased by 0.48 million tons (3.21%) [1]. Crude Oil Industry Oil Prices and Spreads - Brent crude was at $70.19, up $0.04 (0.06%); WTI was at $68.15, down $0.23 (- 0.34%). Brent - WTI spread increased by $0.23 (12.71%) [6]. Refined Oil Prices and Spreads - NYM RBOB was at 219.05 cents/gallon, up 0.26 cents (0.12%); NYM ULSD was at 241.14 cents/gallon, up 0.22 cents (0.09%) [6]. Refined Oil Crack Spreads - US gasoline crack spread was at $23.85, up $0.34 (1.44%); European gasoline crack spread was unchanged at $14.13 [6]. Methanol Industry Prices and Spreads - MA2601 closed at 2434, up 14 (0.58%); MA2509 at 2372, down 1 (- 0.04%). MA91 spread decreased by 15 (31.91%) [31]. Inventory - Methanol enterprise inventory increased by 0.5% (1.31%); methanol port inventory increased by 4.5 million tons (6.72%); methanol social inventory increased by 5.0% (4.86%) [31]. Operating Rates - Domestic upstream enterprise operating rate decreased by 2.5% (- 3.19%); overseas upstream enterprise operating rate increased by 10.7% (20.19%) [31]. Urea Industry Futures Prices and Spreads - 01 contract closed at 1736, up 13 (0.75%); 05 contract at 1736, up 9 (0.52%); 09 contract at 1770, up 7 (0.40%) [33]. Spot Prices - Shandong (small - grain) urea was at 1840 yuan/ton, up 20 (1.10%); Henan (small - grain) was at 1840 yuan/ton, up 30 (1.66%) [37]. Supply and Demand - Domestic urea daily production increased by 0.20 million tons (1.03%); urea production plant operating rate increased by 0.86% (1.03%) [37]. Polyester Industry Chain Product Prices and Cash Flows - POY150/48 price was 6700 yuan/ton, down 60 (- 0.9%); FDY150/96 price was 6975 yuan/ton, unchanged [41]. PX - related - CFR China PX was at $10610/ton, unchanged; PX spot price (in RMB) decreased by 0.8% [41]. PTA - related - PTA East China spot price was 4750 yuan/ton, down 50 (- 1.0%); TA2509 closed at 4718 yuan/ton, up 0.2% [41]. MEG - related - MEG port inventory was 58.0 million tons, down 3.5 million tons (6.4%); MEG to - arrive expectation was 9.6 million tons, up 8 [41]. Operating Rates - Asian PX operating rate increased by 1.1% (1.5%); China PX operating rate increased by 3.3% [41]. Pure Benzene and Styrene Industry Upstream Prices and Spreads - Brent crude (September) was at $70.19, up $0.04 (0.1%); CFR Japan naphtha was at $598/ton, up 11 (1.9%) [45]. Styrene - related - Styrene East China spot was 7640 yuan/ton, up 60 (0.8%); EB2508 closed at 7350 yuan/ton, up 74 (1.0%) [45]. Inventory and Operating Rates - Pure benzene East China port inventory was 17.50 million tons, up 1.10 (6.7%); styrene East China port inventory was 13.30 million tons, up 3.67 (38.1%) [45].

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views Natural Rubber - The fundamentals are expected to weaken. Hold short positions above 14,000 and monitor raw material supply in various producing areas and US tariff changes [1]. Polysilicon - Polysilicon is facing inventory accumulation pressure due to oversupply. Although prices are rising under policy expectations, downstream demand remains weak. It is beneficial for polysilicon - industrial silicon arbitrage and buying stocks of photovoltaic industry chain enterprises, but beware of the impact of high - cost transfer on weak demand [3]. Industrial Silicon - The spot price of industrial silicon is stable, and the futures price fluctuates. In the short term, the price is expected to fluctuate strongly supported by production cuts, but in the long term, over - supply pressure may increase. Pay attention to the impact of polysilicon production changes on demand and policy effects [4]. Glass and Soda Ash - Soda ash is in an obvious oversupply situation. Wait for the opportunity to short after the market sentiment fades. Glass has a short - term rebound, but the demand is weak. Wait for more cold - repair actions to bring a real turnaround and currently suggest waiting and seeing [6]. Logs - The log market is entering a period of weak supply and demand. The 09 contract is expected to fluctuate weakly [8]. 3. Summary by Directory Natural Rubber Spot Prices and Basis - The prices of some varieties such as Yunnan state - owned standard rubber and Thai standard mixed rubber remained unchanged on July 9 compared to July 8. The full - latex basis and non - standard price difference decreased significantly [1]. Monthly Spreads - The 9 - 1 spread remained unchanged, the 1 - 5 spread increased by 8.33%, and the 5 - 9 spread decreased by 0.53% [1]. Fundamental Data - In May, the production of Thailand, Indonesia, India, and China increased. The weekly开工率 of semi - steel and full - steel tires decreased, domestic tire production decreased slightly, and tire exports increased. The import of natural rubber decreased [1]. Inventory Changes - Bonded area inventory and factory - warehouse futures inventory of natural rubber on the SHFE increased, while the inbound and outbound rates of dry rubber in Qingdao decreased [1]. Polysilicon Spot Prices and Basis - The average prices of N - type re - feedstock and N - type granular silicon increased on July 9 compared to July 8, with increases of 2.56% and 4.11% respectively [3]. Futures Prices and Monthly Spreads - The PS2506 contract price increased by 2.31%. Some monthly spreads changed significantly, such as the PS2506 - PS2507 spread which decreased by 298.85% [3]. Fundamental Data - Weekly and monthly polysilicon production increased. In May, polysilicon imports decreased, exports decreased, and net exports increased. Silicon wafer production decreased in the short term but increased slightly in May [3]. Inventory Changes - Polysilicon inventory increased by 0.74%, and silicon wafer inventory decreased by 4.43% [3]. Industrial Silicon Spot Prices and Main Contract Basis - The price of Xinjiang 99 - silicon increased by 1.24%, and the basis of some varieties increased [4]. Monthly Spreads - Some monthly spreads changed, such as the 2507 - 2508 spread which decreased by 88.00% [4]. Fundamental Data - In June, the national industrial silicon production increased, with significant increases in Yunnan and Sichuan. Organic silicon DMC production increased, and polysilicon production also increased [4]. Inventory Changes - Xinjiang factory - warehouse inventory decreased, while social inventory increased. The warehouse - receipt inventory decreased slightly, and non - warehouse - receipt inventory increased [4]. Glass and Soda Ash Glass - Related Prices and Spreads - Glass prices in some regions remained unchanged, and the prices of glass futures contracts increased slightly [6]. Soda Ash - Related Prices and Spreads - Soda ash prices in some regions decreased, and the prices of soda ash futures contracts increased [6]. Supply - Soda ash production rate and weekly output decreased slightly, while float glass daily melting volume increased and photovoltaic daily melting volume decreased [6]. Inventory - Glass factory - warehouse inventory decreased slightly, soda ash factory - warehouse inventory increased, and soda ash delivery - warehouse inventory decreased [6]. Real Estate Data - Real estate new - start area, completion area, and sales area showed positive changes compared to the previous period, while the construction area decreased [6]. Logs Futures and Spot Prices - Log futures prices fluctuated slightly, and the prices of some spot varieties decreased [8]. Import Cost - The import theoretical cost increased by 4% [8]. Supply - Port shipping volume increased, and the number of departing ships from New Zealand to China, Japan, and South Korea decreased [8]. Inventory - National log inventory decreased, and inventory in Shandong and Jiangsu also decreased [8]. Demand - The average daily log outbound volume increased [8].

1. Report Industry Investment Ratings No investment ratings were provided in the reports. 2. Core Views Fats and Oils - Palm oil futures may face a new round of decline after the end of the current rally, with long - term risks of falling below 4000 ringgit. Domestically, Dalian palm oil futures may encounter short - term resistance around 8650 yuan and should be watched for effective support around 8500 yuan. - CBOT soybean oil is mainly affected by the price trend of new - crop US soybeans and trade relations. Domestically, the spot basis is dragged down by the oil mill's full inventory, but the possibility of a large - scale reduction in the basis is low due to the expected limited soybean imports in the fourth quarter [1]. Corn - In the short term, the market sentiment is gradually digested. Corn's decline is limited due to the tight supply of remaining grain, and the futures price will fluctuate narrowly. It is recommended to wait and see the subsequent policy release [3]. Sugar - The global sugar supply is becoming more abundant, putting pressure on raw sugar prices. Although the low inventory in Guangxi supports the spot price, considering the expected increase in imports, the domestic sugar market is expected to be bearish after a rebound [8]. Cotton - The downstream cotton industry remains weak, and the overall demand is insufficient. The short - term domestic cotton price may oscillate in a higher range than in mid - June. However, if the downstream situation continues to deteriorate, there is a risk of price decline [10]. Meal - The domestic soybean and soybean meal inventories are rising, and the soybean meal basis is stable. However, with a high volume of arrivals expected, attention should be paid to the sustainability of demand. The soybean meal futures price is currently in the bottom - grinding stage [12]. Livestock (Pigs) - The current pig farming profit has returned to a low level, and the market is cautious about expanding production capacity. Although there is short - term bullish sentiment for a potential market improvement in July and August, the 09 contract is facing increasing upward pressure [16]. Eggs - The supply of eggs in the market is sufficient, but the price has reached a phased low. Traders may replenish their stocks at low prices, and the demand is expected to improve. Egg prices in most regions are expected to stabilize and then rise slightly, while a few regions may see a slight decline [18]. 3. Summary by Related Catalogs Fats and Oils - **Price Changes**: On July 9, 2025, compared with July 8, the spot price of Jiangsu first - grade soybean oil increased by 40 yuan to 8170 yuan, a 0.49% increase; the futures price of Y2509 decreased by 26 yuan to 7920 yuan, a 0.33% decrease. The spot price of Guangdong 24 - degree palm oil increased by 120 yuan to 8700 yuan, a 1.75% increase; the futures price of P2509 increased by 34 yuan to 8678 yuan, a 0.39% increase. The spot price of Jiangsu fourth - grade rapeseed oil increased by 50 yuan to 9680 yuan, a 0.52% increase; the futures price of OI509 decreased by 88 yuan to 9510 yuan, a 0.92% decrease [1]. Corn - **Price and Market Data**: On July 10, 2025, compared with the previous value, the futures price of corn 2509 decreased by 2 yuan to 2319 yuan/ton, a 0.09% decrease; the basis increased by 2 yuan to 41 yuan, a 5.13% increase. The futures price of corn starch 2509 increased by 1 yuan to 2677 yuan/ton, a 0.04% increase; the basis decreased by 1 yuan to 23 yuan, a 4.17% decrease [3]. Sugar - **Price and Market Data**: On July 10, 2025, compared with the previous value, the futures price of sugar 2601 increased by 17 yuan to 5606 yuan/ton, a 0.30% increase; the futures price of sugar 2509 increased by 32 yuan to 5779 yuan/ton, a 0.56% increase. The spot price in Nanning increased by 20 yuan to 6040 yuan, a 0.33% increase; the spot price in Kunming increased by 485 yuan to 6365 yuan, an 8.25% increase [7]. Cotton - **Price and Market Data**: On July 10, 2025, compared with the previous value, the futures price of cotton 2509 increased by 45 yuan to 13830 yuan/ton, a 0.33% increase; the futures price of cotton 2601 increased by 25 yuan to 13785 yuan/ton, a 0.18% increase. The commercial inventory decreased by 29.71 tons to 282.98 tons, a 9.5% decrease; the industrial inventory decreased by 2.71 tons to 90.30 tons, a 2.9% decrease [10]. Meal - **Price and Market Data**: On July 10, 2025, compared with the previous value, the spot price of Jiangsu soybean meal remained unchanged at 2800 yuan; the futures price of M2509 increased by 12 yuan to 2947 yuan, a 0.41% increase. The spot price of Jiangsu rapeseed meal remained unchanged at 2480 yuan; the futures price of RM2509 increased by 10 yuan to 2586 yuan, a 0.39% increase [12]. Livestock (Pigs) - **Price and Market Data**: On July 10, 2025, compared with the previous value, the futures price of live - hog 2511 decreased by 85 yuan to 13600 yuan/ton, a 0.62% decrease; the futures price of live - hog 2509 decreased by 10 yuan to 14265 yuan/ton, a 0.07% decrease. The spot price in Henan decreased by 970 yuan to 14080 yuan; the spot price in Shandong decreased by 1030 yuan to 14170 yuan [15]. Eggs - **Price and Market Data**: On July 10, 2025, compared with the previous value, the futures price of egg 09 contract increased by 17 yuan to 3596 yuan/500KG, a 0.47% increase; the futures price of egg 08 contract increased by 39 yuan to 3484 yuan/500KG, a 1.13% increase. The egg - to - feed ratio decreased by 0.10 to 2.19, a 4.37% decrease; the farming profit decreased by 6.27 yuan/feather to - 36.71 yuan/feather, a 20.60% decrease [18].

1. Report Industry Investment Ratings No information provided in the given documents. 2. Core Views of the Reports Copper - The expected tariff rate increase on US copper imports to 50% may be implemented by the end of July. The logic of short - squeezing on LME copper and the US restocking logic are weakening. The short - term trading driver is the US copper tariff rate and implementation time. With the expectation of a 50% tariff rate and implementation by the end of July, the CL spread will be repaired through "rising COMEX copper price + falling LME copper price". The main contract is expected to trade between 76,000 - 79,500 [1]. Aluminum - For alumina, the market will remain slightly oversupplied from July to August. The future core driver is the continuous game between cost support and over - capacity. The short - term price is expected to be strong but with limited upside. For aluminum, under the pressure of inventory accumulation expectations, weakening demand, and macro - fluctuations, the price is expected to remain under pressure at high levels, with the main contract focusing on the 20,800 resistance level [3]. Aluminum Alloy - The industry is in a situation of weak supply and demand, with more prominent contradictions on the demand side. The disk is expected to be mainly in a weak - shock state, with the main contract expected to trade between 19,200 - 20,000 [4]. Zinc - In the medium - to - long - term, zinc is still in a period of loose supply. If the growth rate of the mining end is lower than expected and downstream consumption performs better than expected, the zinc price may maintain a high - level shock. In a pessimistic scenario, the zinc price may decline. The short - term zinc price is weakening, and the main contract is expected to trade between 21,500 - 23,000 [5]. Nickel - Macro - policy uncertainty increases, and the nickel fundamentals change little. The cost support for refined nickel is loosening. The short - term disk is expected to adjust within a range, with the main contract expected to trade between 118,000 - 126,000 [8]. Tin - The supply of tin ore remains tight, and the demand is expected to be weak. With large short - term macro - fluctuations, it is recommended to hold previous high - level short positions [11]. Stainless Steel - There is macro - uncertainty, and the fundamentals still face pressure. The nickel - iron price remains low, the supply - side production reduction is less than expected, and the demand is weak. The short - term disk will mainly fluctuate, with the main contract expected to trade between 12,500 - 13,000 [14]. Lithium Carbonate - The short - term fundamentals still face pressure. The market is in a game between sentiment and fundamentals. The disk is expected to fluctuate within a range, with the main contract expected to trade between 60,000 - 65,000 [17]. 3. Summaries According to Related Catalogs Copper Price and Spread - SMM 1 electrolytic copper price decreased by 0.76% to 79,190 yuan/ton. The refined - scrap price difference decreased by 37.25% to 1,031 yuan/ton. The import profit and loss improved by 465.03 yuan/ton to - 679 yuan/ton [1]. Fundamental Data - In June, the electrolytic copper production was 113.49 million tons, a month - on - month decrease of 0.30%. In May, the import volume was 25.31 million tons, a month - on - month increase of 1.23% [1]. Aluminum Price and Spread - SMM A00 aluminum price increased by 0.29% to 20,660 yuan/ton. The alumina prices in different regions increased slightly [3]. Fundamental Data - In June, the alumina production was 725.81 million tons, a month - on - month decrease of 0.19%. The electrolytic aluminum production was 360.90 million tons, a month - on - month decrease of 3.22% [3]. Aluminum Alloy Price and Spread - The prices of SMM aluminum alloy ADC12 remained stable at 20,000 yuan/ton [4]. Fundamental Data - In June, the production of recycled aluminum alloy ingots was 61.50 million tons, a month - on - month increase of 1.49%. The production of primary aluminum alloy ingots was 25.50 million tons, a month - on - month decrease of 2.30% [4]. Zinc Price and Spread - SMM 0 zinc price increased by 0.54% to 22,160 yuan/ton. The import profit and loss decreased by 338.89 yuan/ton to - 1,228 yuan/ton [5]. Fundamental Data - In June, the refined zinc production was 58.51 million tons, a month - on - month increase of 6.50%. In May, the import volume was 2.67 million tons, a month - on - month decrease of 5.36% [5]. Nickel Price and Spread - SMM 1 electrolytic nickel price decreased by 0.78% to 120,150 yuan/ton. The cost of integrated MHP production of electrolytic nickel increased by 0.88% to 121,953 yuan/ton [8]. Fundamental Data - China's refined nickel production in the reported period was 31,800 tons, a month - on - month decrease of 10.04%. The import volume was 19,157 tons, a month - on - month increase of 116.90% [8]. Tin Price and Spread - SMM 1 tin price decreased by 0.67% to 265,000 yuan/ton. The LME 0 - 3 spread decreased by 350.00% to - 20.00 US dollars/ton [11]. Fundamental Data - In May, the tin ore import volume was 13,449 tons, a month - on - month increase of 36.39%. The SMM refined tin production was 14,840 tons, a month - on - month decrease of 2.37% [11]. Stainless Steel Price and Spread - The prices of 304/2B stainless steel coils in Wuxi and Foshan remained stable. The 8 - 12% high - nickel pig iron price remained at 802 yuan/nickel point [14]. Fundamental Data - The production of 300 - series stainless steel crude steel in China (43 companies) was 171.33 million tons, a month - on - month decrease of 3.83%. The import volume was 12.51 million tons, a month - on - month decrease of 12.00% [14]. Lithium Carbonate Price and Spread - SMM battery - grade lithium carbonate average price increased by 0.64% to 63,300 yuan/ton. The SMM battery - grade lithium hydroxide average price decreased by 0.09% to 57,420 yuan/ton [17]. Fundamental Data - In June, the lithium carbonate production was 78,090 tons, a month - on - month increase of 8.34%. The demand was 93,815 tons, a month - on - month decrease of 0.15% [17].

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View of the Report - The report provides a daily tracking of the positions of stock index futures, including IF, IH, IC, and IM. Overall, the total positions of these futures varieties showed a downward trend on July 9, 2025, with different changes in the top 20 seats [1][5][11][17][23]. 3. Summary by Related Catalogs IF (CSI 300) - **Total Position and Main Contract Position Changes**: On July 9, the total position of the IF variety decreased by 10,708 lots, and the position of the main contract 2509 decreased by 5,214 lots [5]. - **Top 20 Long - Position Seats**: Among the top 20 long - position seats, Guotai Junan Futures ranked first with a total position of 42,367 lots. Zheshang Futures had the largest increase in long positions, adding 103 lots, while Haitong Futures had the largest decrease, reducing 2,082 lots [6]. - **Top 20 Short - Position Seats**: Among the top 20 short - position seats, CITIC Futures ranked first with a total position of 44,975 lots. GF Futures had the largest increase in short positions, adding 202 lots, while Guotai Junan Futures had the largest decrease, reducing 2,101 lots [8]. IH (SSE 50) - **Total Position and Main Contract Position Changes**: On July 9, the total position of the IH variety decreased by 2,240 lots, and the position of the main contract 2509 decreased by 1,701 lots [11]. - **Top 20 Long - Position Seats**: Among the top 20 long - position seats, Guotai Junan Futures ranked first with a total position of 9,126 lots. CITIC Futures had the largest increase in long positions, adding 365 lots, while Guotai Junan Futures had the largest decrease, reducing 1,006 lots [12]. - **Top 20 Short - Position Seats**: Among the top 20 short - position seats, Guotai Junan Futures ranked first with a total position of 12,090 lots. GF Futures had the largest increase in short positions, adding 907 lots, while Guotai Junan Futures had the largest decrease, reducing 1,058 lots [13]. IC (CSI 500) - **Total Position and Main Contract Position Changes**: On July 9, the total position of the IC variety decreased by 12,047 lots, and the position of the main contract 2507 decreased by 6,557 lots [17]. - **Top 20 Long - Position Seats**: Among the top 20 long - position seats, CITIC Futures ranked first with a total position of 34,966 lots. CITIC Construction Investment Futures had the largest increase in long positions, adding 291 lots, while Guotai Junan Futures had the largest decrease, reducing 3,075 lots [18]. - **Top 20 Short - Position Seats**: Among the top 20 short - position seats, CITIC Futures ranked first with a total position of 40,925 lots. China Merchants Futures had the largest increase in short positions, adding 207 lots, while CITIC Futures had the largest decrease, reducing 3,222 lots [19]. IM (CSI 1000) - **Total Position and Main Contract Position Changes**: On July 9, the total position of the IM variety decreased by 25,645 lots, and the position of the main contract 2509 decreased by 14,409 lots [23]. - **Top 20 Long - Position Seats**: Among the top 20 long - position seats, Guotai Junan Futures ranked first with a total position of 39,276 lots. Yong'an Futures had the largest increase in long positions, adding 618 lots, while CITIC Futures had the largest decrease, reducing 8,336 lots [24]. - **Top 20 Short - Position Seats**: Among the top 20 short - position seats, CITIC Futures ranked first with a total position of 60,329 lots. CICC Wealth had the largest increase in short positions, adding 55 lots, while CITIC Futures had the largest decrease, reducing 7,617 lots [26].

| 股指期货价差日报 | 投资咨询业务资格:证监许可【2011】1292号 | Z0016628 | 叶倩宁 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025年7月9日 | 品种 | 最新值 | 历史1年分位数 | 全历史分位数 | 较前一日变化 | 价元 | | | | | | | | | | | -39.85 | F期现价差 | 7.32 | 13.90% | 7.50% | H期现价差 | -19.39 | 4.14 | 9.00% | 15.10% | 期现价差 | | | | | | | IC期现价差 | 21.46 | 53.90% | -19.74 | 59.80% | 43.64 | IM期现价差 | -171.90 | 50.00% | 4.60% | 次月-当月 | -0.40 | -18.00 | 21.70% | 25.00% | | | 李月-崇月 | -23.80 | 3. ...

数据来源：Wind、Mystee、富宝资讯、广发期货发展研究中心。请仔细阅读报告尾端免费声明。 | 钢材产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 [2011] 1297 2025年7月9日 | | | 周敏波 | 0010559 | | | 钢材价格及价差 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 基差 | 車位 | | 螺纹钢现货(华东) | 3150 | 3150 | 0 | 67 | | | 螺纹钢现货(华北) | 3160 | 3160 | 0 | 77 | | | 螺纹钢现货(华南) | 3210 | 3210 | 0 | 127 | | | 螺纹钢05合约 | 3092 | 3089 | 3 | 58 | | | 螺纹钢10合约 | 3063 | 3061 | 2 | 87 | | | 螺纹钢01合约 | 3083 | 3080 | 3 | 67 | | | 热卷现货(华东) | 3230 | 3230 | 0 | 30 | 元/吨 | | 热卷现货(华北) | 314 ...

1. Operation Suggestions - Entering a new round of US trade policy negotiation window, the index has broken through the upper limit of the short - term oscillation range and the central value continues to rise. Consider buying low - strike put options and selling high - strike put options to implement a bullish spread strategy. The short - term fluctuation range of T2509 may be between 108.8 - 109.2. For the unilateral strategy, it is recommended to increase positions on dips, take profit near the previous high, and pay attention to the trend of capital interest rates. For the curve strategy, continue to recommend steepening [2]. 2. Financial Sector 2.1 Treasury Bonds - With the bottoming out of capital interest rates and the stock - bond seesaw effect, Treasury bond futures may show a narrow - range oscillation in the short term. It is recommended to increase positions on dips, take profit near the previous high, and pay attention to the trend of capital interest rates. The curve strategy still recommends steepening [3]. 2.2 Precious Metals - The market has digested part of the impact of US tariffs. As the US dollar strengthens, gold prices have declined. Gold prices are expected to fluctuate around $3300 (765 yuan). Sell out - of - the - money gold call options above 790. Silver prices are affected by gold and non - ferrous industrial products and fluctuate repeatedly, oscillating in the range of $36 - 37 in the short term [3]. 2.3 Shipping Index (European Line) - The EC contract has moved up on the disk. Be cautiously bullish on the EC08 main contract [3]. 3. Black Sector 3.1 Steel - The demand and inventory of industrial steel products have deteriorated. Pay attention to the decline in apparent demand. For unilateral operations, it is advisable to wait and see for the time being. For arbitrage, consider the strategy of going long on steel products and short on raw materials [3]. 3.2 Iron Ore - The sentiment in the black sector has improved, and anti - involution is beneficial to the valuation increase. Go long on dips, with the fluctuation range referring to 700 - 750 [3]. 3.3 Coking Coal - The auction non - transaction rate in the market has decreased, the expectation of coal mine resumption has strengthened, the spot market is running strongly, trading has warmed up, and coal mine shipments have improved. Go long on dips [3]. 3.4 Coke - The fourth round of price cuts by mainstream steel mills on June 23 has been implemented, and the coking profit has declined, with the price approaching the阶段性 bottom. Go long on dips [3]. 4. Non - Ferrous Sector 4.1 Copper - The logic of LME soft squeeze has weakened. Pay attention to the rhythm of US tariff policies. The main contract reference range is 78500 - 80000 [3]. 4.2 Alumina - The spot market has tightened temporarily, and the disk has strongly broken through the 3100 pressure level. The main contract reference range is 2850 - 3150 [3]. 4.3 Aluminum - The spot discount has widened, and the inventory has slightly accumulated. The main contract reference range is 19800 - 20800 [3]. 4.4 Aluminum Alloy - The disk fluctuates with aluminum prices, and the fundamentals remain weak in the off - season. The main contract reference range is 19200 - 20000 [3]. 4.5 Zinc - Concerns about tariffs have resurfaced, and the demand outlook remains weak. The main contract reference range is 21500 - 23000 [3]. 4.6 Tin - There are significant short - term macro disturbances. Pay attention to changes in US tariff policies. Hold short positions at high levels [3]. 4.7 Stainless Steel - There are still macro risks, and the disk has slightly declined. The industrial overcapacity still restricts the market. The main contract reference range is 118000 - 126000 [3]. 4.8 Nickel - The disk has been slightly boosted, but the fundamentals have not changed significantly. The main contract reference range is 12500 - 13000 [3]. 5. Energy and Chemical Sector 5.1 Crude Oil - The tariff issue has eased, and positive factors have driven the disk up. It is recommended to take a short - term bullish view. The resistance levels for WTI are [68, 69], for Brent are [70, 71], and for SC are [510, 520] [3]. 5.2 Urea - There is still some order support on the demand side. Pay attention to the progress of export - related news in the future. Enter the market cautiously on dips in the short term. If the actual demand fails to meet expectations, exit the market. The support level for the main contract is adjusted to 1690 - 1700 [3]. 5.3 PX - Oil prices are strong, but the supply - demand margin has weakened. The short - term driving force for PX is limited. PX09 will operate in the range of 6500 - 6900 in the short term. Pay attention to the support at the lower end of the range [3]. 5.4 PTA - The supply - demand outlook has weakened, but the cost side is strong. PTA will maintain an oscillation. In the short term, it will oscillate in the range of 4600 - 4900. Short at the upper end of the range. Implement a rolling reverse spread strategy for TA9 - 1 [3]. 5.5 Short - Fiber - With the expectation of factory production cuts, the processing margin has improved. The unilateral strategy for PF is the same as that for PTA. Expand the processing margin at the low level of the PF disk. Pay attention to the pressure around 1100 for the disk processing margin and the implementation of future production cuts [3]. 5.6 Bottle Chip - It is the peak demand season, production cuts of bottle chips have increased, the processing margin has recovered, and PR fluctuates with costs. The processing margin of the PR main disk is expected to fluctuate in the range of 350 - 600 yuan/ton. Look for opportunities to expand at the lower end of the range [3]. 5.7 Ethanol - The supply - demand situation is gradually turning to be loose, and the short - term demand is weak. It is expected that MEG will face pressure above. Pay attention to the pressure around 4400 for EG09 in the short term. Sell call options at high levels. Implement a reverse spread strategy for EG9 - 1 at high levels [3]. 5.8 Caustic Soda - There has been a macro - stimulated rebound. Pay attention to whether the alumina purchase price will follow. With the strong short - term macro sentiment, it is expected to rebound at low levels, but the momentum depends on the follow - up of the spot market [3]. 5.9 PVC - Driven by the expectation of "supply - side optimization", still pay attention to the anti - dumping duty ruling in July. Be cautiously optimistic about the rebound space of near - month contracts [3]. 5.10 Pure Benzene - The supply - demand margin has improved, but the driving force for near - month contracts is limited due to high inventory. Be cautiously bearish on far - month contracts. Since the first - line contract BZ2603 of pure benzene is far away in time, the driving force is limited under the supply - demand game. Be cautiously bearish or wait and see for unilateral operations. Implement a reverse spread strategy for the monthly spread [3]. 5.11 Styrene - The supply - demand outlook is weak, and the cost support is limited. Styrene may gradually face pressure. It is recommended to sell call options with a strike price above 7500 for EB08 [3]. 5.12 Synthetic Rubber - Due to an unexpected device incident, butadiene has rebounded, boosting the rise of BR. Pay attention to the pressure around 11500 for BR2508 in the short term [3]. 5.13 LLDPE - Trading has weakened, and prices have slightly declined. It will oscillate in the short term [3]. 5.14 PP - Both supply and demand are weak, and the cost - side support has weakened. Be cautiously bearish. Enter short positions at 7250 - 7300 [3]. 5.15 Methanol - The basis has rapidly weakened. Pay attention to Iranian shipments. Conduct range - bound operations between 2200 - 2500 [3]. 6. Agricultural Sector 6.1 Sugar - The overseas supply outlook is relatively loose. Trade with a short - bias on rebounds [3]. 6.2 Cotton - The downstream market remains weak. Hold short positions on rallies in the short term [3]. 6.3 Eggs - The spot market remains weak. Be bearish in the long - term [3]. 6.4 Apples - Trading is light, and prices have weakened. The main contract will operate around 7700 [3]. 6.5 Jujubes - Market prices have fluctuated slightly. The main contract will operate around 10500 [3]. 6.6 Peanuts - Market prices have oscillated steadily. The main contract will operate around 8100 [3]. 6.7 Soda Ash - Inventory accumulation continues, and the oversupply pattern is prominent. Adopt a short - on - rebound strategy [3]. 7. Special Commodity Sector 7.1 Glass - The macro atmosphere has warmed up, and the disk has generally performed strongly. Wait and see in the short term [3]. 7.2 Rubber - There is an expectation of weakening fundamentals. Hold short positions above 14000 [3]. 7.3 Industrial Silicon - The industrial silicon futures price has rebounded with polysilicon. Wait and see [3]. 8. New Energy Sector 8.1 Polysilicon - The spot quotation of polysilicon has been raised, and multiple futures contracts have reached the daily limit. Wait and see [3]. 8.2 Lithium Carbonate - The disk is running strongly, but there are increasing macro risks and fundamental pressure. The main contract reference range is 60,000 - 65,000 [3]. 9. Stock Index - The market trading sentiment is becoming more optimistic, and the broader market is approaching a new high [4].

| 股指期货价差日报 | 投资咨询业务资格:证监许可【2011】1292号 | Z0016628 | 叶倩宁 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025年7月9日 | 品种 | 最新值 | 历史1年分位数 | 全历史分位数 | 较前一日变化 | 价元 | | | | | | | | | | | -39.85 | F期现价差 | 7.32 | 13.90% | 7.50% | H期现价差 | -19.39 | 4.14 | 9.00% | 15.10% | 期现价差 | | | | | | | IC期现价差 | 21.46 | 53.90% | -19.74 | 59.80% | 43.64 | IM期现价差 | -171.90 | 50.00% | 4.60% | 次月-当月 | -0.40 | -18.00 | 21.70% | 25.00% | | | 李月-崇月 | -23.80 | 3. ...