Group 1: Industry Investment Ratings - No industry investment ratings are provided in the reports. Group 2: Core Views Oils and Fats - The short - term outlook for palm oil is positive, with potential for further rebound. However, domestic Dalian palm oil futures face resistance at 8,500 yuan. The fundamentals of soy oil are currently bearish, and the CBOT soy oil is expected to have limited upward movement. Rapeseed oil has seen a short - term rebound, but the upward momentum may be restricted due to a bearish sentiment in the domestic oils and fats market [1]. Livestock (Pigs) - The spot price of pigs is stable, and the market trend is slightly stronger due to increased demand around the Winter Solstice. The futures market is mainly focused on the post - Spring Festival market, and the futures price is expected to find support at around 11,000 [3][4]. Meal (Soybean and Rapeseed) - The domestic soybean meal market remains loose, with limited downward space but no clear upward drivers. Attention should be paid to the performance of the main contract around 2,750 [9]. Jujube - The jujube spot market has weak demand and supply exceeds demand, causing the futures price to be under pressure. The futures price may rebound slightly if there is a boost in the Spring Festival consumption; otherwise, it will continue to decline [12]. Apple - The apple market has weak demand, slow inventory clearance, and limited upward potential for the futures price. As the festival approaches, the market sentiment may improve, and it is recommended to take profits on long positions [15][19]. Corn and Corn Starch - The corn market may maintain a weak pattern in the short term, but the downward space is limited. Attention should be paid to the selling sentiment and policy releases [22]. Cotton - Internationally, the U.S. cotton market will remain volatile. Domestically, the supply pressure of cotton is gradually easing, and the demand is weakening. Zhengzhou cotton is expected to fluctuate within a relatively strong range, but there is limited upward momentum [25][26]. Sugar - The global sugar supply outlook is loose, which restricts the rebound of the raw sugar price. The domestic sugar market is expected to remain weak and volatile next week, and it is advisable to short on rallies [29]. Eggs - The egg market still has a pattern of "strong supply and weak demand", and the market sentiment is not optimistic. The price is expected to be weak and volatile this week [31][32]. Group 3: Summary by Related Categories Oils and Fats - **Soybean Oil**: On December 19, the spot price in Jiangsu was 8,240 yuan, down 1.79% from the previous day. The futures price of Y2605 was 7,952 yuan, down 1.05%. The basis was 288 yuan, down 18.64% [1]. - **Palm Oil**: The spot price of 24 - degree palm oil in Guangdong on December 19 was 8,250 yuan, down 1.79%. The futures price of P2605 was 8,280 yuan, down 0.93%. The basis was - 30 yuan, down 171.43%. The inventory decreased, and the import profit was - 584 yuan, down 31.59% [1]. - **Rapeseed Oil**: The spot price of third - grade rapeseed oil in Jiangsu on December 19 was 9,270 yuan, down 2.42%. The futures price of OI605 was 8,929 yuan, down 2.33%. The basis was 341 yuan, down 4.75% [1]. Livestock (Pigs) - **Futures Indicators**: The basis of the main contract was 305 yuan, down 28.24%. The price of the live - hog 2605 contract was 11,905 yuan/ton, down 0.17%. The 3 - 5 spread was - 560 yuan, up 6.67% [3]. - **Spot Prices**: The spot prices in different regions showed slight fluctuations, with prices in Henan, Sichuan, and other regions decreasing, and prices in Hebei increasing [3]. - **Spot Indicators**: The daily slaughter volume decreased by 1.19%, the weekly piglet price decreased by 6.06%, and the monthly fertile sow inventory decreased by 1.12%. The self - breeding and purchased - piglet breeding profits increased [4]. Meal (Soybean and Rapeseed) - **Soybean Meal**: The spot price in Jiangsu remained unchanged at 3,100 yuan. The futures price of M2605 was 2,741 yuan, up 0.22%. The basis was 359 yuan, down 1.64% [9]. - **Rapeseed Meal**: The spot price in Jiangsu was 2,420 yuan, up 1.68%. The futures price of RM2605 was 2,337 yuan, up 0.60%. The basis was 83 yuan, up 45.61% [9]. - **Soybean**: The spot price in Harbin remained unchanged at 3,940 yuan. The futures price of the soybean main contract was 4,105 yuan, up 1.31%. The basis was - 165 yuan, down 47.32% [9]. Jujube - The futures prices of different contracts decreased, with the main contract (2605) at 8,820 yuan, down 0.84%. The spot prices in Cangzhou also decreased slightly. The basis increased, and the inventory remained stable [12]. Apple - The main contract (2605) price was 9,149 yuan, down 0.54%. The basis was - 949 yuan, up 50 yuan. The market arrival volume in some markets remained stable, and the national cold - storage inventory did not change [15]. Corn and Corn Starch - **Corn**: The price of the corn 2603 contract remained unchanged at 2,192 yuan. The Pingcang price in Jinzhou Port decreased by 0.44%. The basis decreased by 10.20%. The long - short spread increased by 2.78% [22]. - **Corn Starch**: The price of the corn starch 2603 contract was 2,484 yuan, down 0.32%. The basis increased by 10.26%. The 3 - 5 spread decreased by 2.13% [22]. Cotton - **Futures Market**: The price of the cotton 2605 contract was 14,070 yuan/ton, up 0.39%. The ICE U.S. cotton main contract price decreased by 0.06%. The 5 - 1 spread decreased by 100.00% [25]. - **Spot Market**: The Xinjiang arrival price and the 3128B index increased slightly. The industrial and commercial inventories increased, and the import volume increased [25][26]. Sugar - **Futures Market**: The price of the sugar 2601 contract was 5,225 yuan/ton, up 0.93%. The ICE raw sugar main contract price increased by 1.01%. The 1 - 5 spread increased by 11.24% [29]. - **Spot Market**: The spot price in Nanning increased by 0.38%, and the price in Kunming decreased by 0.29%. The national sugar production and sales decreased year - on - year [29]. Eggs - The price of the egg 01 contract was 3,049 yuan/500KG, down 0.91%. The egg - laying hen inventory is expected to continue to decline slowly, and the market supply - demand contradiction has been marginally alleviated, but the "supply - strong, demand - weak" pattern remains [31].

1. Report Industry Investment Ratings No information provided regarding industry investment ratings. 2. Core Views of the Reports Tin Industry - Short - term fundamentals remain strong. Tin prices are expected to stay strong within the year. Maintain a bullish view on tin prices, hold long positions, and consider buying on dips. Monitor subsequent macro and supply - side changes [2]. Aluminum Alloy Industry - The market is in a state of strong cost and weak demand. ADC12 prices have limited upside and downside space. The price is expected to continue to oscillate in a high - level range in the short term, with the main contract reference range of 20,800 - 21,600 yuan/ton. Focus on changes in scrap aluminum supply, regional environmental policies, and downstream orders [4]. Polysilicon Industry - Polysilicon prices remain in high - level oscillation, and futures prices are still at a significant premium to the spot market. Pay attention to the reduction in production or price decline pressure. Adopt a wait - and - see strategy for now, and focus on the subsequent production cuts and price adjustment acceptance. Remind investors to manage their positions [5]. Industrial Silicon Industry - Some industrial silicon spot prices rose slightly. Futures prices oscillated and declined. Supply and demand both decreased moderately, and the expectation of industrial silicon production cuts further increased. The price is expected to oscillate at a low level in December, with the main price fluctuation range between 8,000 - 9,000 yuan/ton. If production drops significantly, it may break through 10,000 yuan/ton; otherwise, it will fall [6]. Zinc Industry - TC has stopped falling and stabilized, and zinc prices are oscillating. Domestic zinc concentrate production is in the off - season, while overseas zinc ore imports have increased. Refining production is limited due to profit pressure. Downstream demand is stable, and domestic spot zinc ingots maintain a premium with continuous inventory depletion. LME inventory has increased significantly, and the squeeze risk has eased. The main contract should pay attention to the support at 22,850 - 22,950 [8]. Copper Industry - Against the background of the overseas inventory structural imbalance, copper prices are oscillating at a high level. The upward drivers include further deterioration of overseas inventory structure and improved interest - rate cut expectations; the downward drivers are the weak demand feedback. In the long - term, the bottom center of copper prices may continue to rise, and the main contract should pay attention to the support at 92,500 - 95,000 [12]. Alumina and Aluminum Industry - Alumina prices are expected to oscillate at a low level around the cash - cost line, with the main contract reference range of 2,450 - 2,650 yuan/ton. Pay attention to environmental protection policies and corporate production cuts. Aluminum prices lack a one - way driver and are expected to oscillate widely in the short term, with the SHFE aluminum main contract reference range of 21,800 - 22,600 yuan/ton. Focus on macro - expectations and domestic inventory changes [15]. Nickel Industry - The nickel market sentiment has improved due to low valuations and mine - end news, but the short - term reality is still weak, and the medium - term fundamentals are loose. The price upside is restricted. The short - term is expected to continue oscillating and repairing, but the driving force is limited. Pay attention to the possibility of a callback after the news is digested, with the main contract reference range of 116,000 - 124,000 [16]. Stainless Steel Industry - The stainless - steel market sentiment has improved, but the supply - demand game continues. It is expected to oscillate and adjust in the short term, with the main contract reference range of 12,300 - 13,000. Pay attention to nickel - mine news and steel - mill production - cut implementation [18]. Lithium Carbonate Industry - The lithium carbonate market has a short - term wide - range oscillation. The price may continue to test the high and then retreat and adjust. Pay attention to policies and news [19]. 3. Summaries by Relevant Catalogs Tin Industry - **Spot Prices and Basis**: SMM 1 tin and Yangtze 1 tin prices rose by 1.04%, and LME 0 - 3 spread increased by 82.26%. The import loss increased by 4.56% [2]. - **Inter - month Spreads**: Some spreads changed significantly, such as the spread between 2602 - 2603 increasing by 52.78% [2]. - **Fundamental Data**: In October, tin ore imports, SMM refined tin production, and the average SMM refined tin operating rate increased significantly, while refined tin imports and exports decreased [2]. - **Inventory Changes**: SHEF weekly inventory and social inventory increased, while SHEF daily warehouse receipts and LME daily inventory decreased [2]. Aluminum Alloy Industry - **Prices and Spreads**: SMM aluminum alloy ADC12 prices in different regions rose by 0.46%, and the scrap - to - refined price difference in some areas increased [4]. - **Inter - month Spreads**: Some spreads changed, such as the 2601 - 2602 spread decreasing by 20 yuan/ton [4]. - **Fundamental Data**: In November, the production of recycled and primary aluminum alloy ingots increased, while the import and export of unforged aluminum alloy ingots decreased. The operating rate of recycled and primary aluminum alloys increased [4]. - **Inventory Changes**: The weekly social inventory of recycled aluminum alloy ingots decreased by 2.38% [4]. Polysilicon Industry - **Spot Prices and Basis**: Some N - type silicon product prices rose, and the N - type material basis increased by 17.85% [5]. - **Futures Prices and Inter - month Spreads**: The main contract price decreased by 2.32%, and most inter - month spreads changed significantly [5]. - **Fundamental Data**: Weekly and monthly silicon wafer and polysilicon production decreased, polysilicon imports decreased, and exports increased [5]. - **Inventory Changes**: Polysilicon inventory remained unchanged, and silicon wafer inventory decreased by 7.73% [5]. Industrial Silicon Industry - **Spot Prices and Main Contract Basis**: Some industrial silicon spot prices rose slightly, and the basis increased [6]. - **Inter - month Spreads**: Some spreads changed significantly, such as the 2601 - 2602 spread increasing by 100% [6]. - **Fundamental Data**: National and regional industrial silicon production decreased, while the production of organic silicon DMC and recycled aluminum alloy increased. The national operating rate decreased [6]. - **Inventory Changes**: Xinjiang and Yunnan factory - warehouse inventory increased, while social inventory decreased by 1.43% [6]. Zinc Industry - **Prices and Spreads**: SMM 0 zinc ingot prices decreased slightly, and the import loss increased [8]. - **Inter - month Spreads**: Some spreads changed, such as the 2601 - 2602 spread increasing by 20 yuan/ton [8]. - **Fundamental Data**: In November, refined zinc production and imports decreased, and exports increased significantly. The operating rates of downstream processing industries were basically stable [8]. - **Inventory Changes**: China's seven - region zinc ingot social inventory and LME inventory decreased [8]. Copper Industry - **Prices and Basis**: SMM 1 electrolytic copper prices rose by 1.43%, and the import loss increased [12]. - **Inter - month Spreads**: All inter - month spreads decreased [12]. - **Fundamental Data**: In November, electrolytic copper production increased, and imports decreased. The operating rate of electrolytic copper rod production decreased, while that of recycled copper rod production increased [12]. - **Inventory Changes**: Domestic social, bonded, and SHFE inventories increased, while LME inventory decreased [12]. Alumina and Aluminum Industry Alumina - **Prices and Spreads**: Alumina prices in different regions decreased slightly, and the import profit decreased [15]. - **Inter - month Spreads**: Some spreads changed, such as the AL 2601 - 2602 spread decreasing by 5 yuan/ton [15]. - **Fundamental Data**: In November, alumina production decreased, and the operating rate increased slightly [15]. - **Inventory Changes**: Alumina factory - warehouse and port inventories changed, with the port inventory decreasing by 7.69% [15]. Aluminum - **Prices and Spreads**: SMM A00 aluminum prices rose by 0.50%, and the import loss increased [15]. - **Inter - month Spreads**: Some spreads changed, such as the AL 2601 - 2602 spread decreasing by 5 yuan/ton [15]. - **Fundamental Data**: In November, domestic and overseas electrolytic aluminum production decreased, imports decreased, and exports increased [15]. - **Inventory Changes**: China's electrolytic aluminum and aluminum rod social inventories increased [15]. Nickel Industry - **Prices and Basis**: SMM 1 electrolytic nickel prices rose by 1.42%, and the import profit increased [16]. - **Inter - month Spreads**: Some spreads changed, such as the 2602 - 2603 spread increasing by 40 yuan/ton [16]. - **Supply, Demand and Inventory**: In November, China's refined nickel production and imports decreased. SHFE and social inventories increased, while LME inventory decreased slightly [16]. Stainless Steel Industry - **Prices and Basis**: 304/2B stainless - steel coil prices in some regions rose slightly, and the spot - futures price difference decreased [18]. - **Inter - month Spreads**: Some spreads changed, such as the 2603 - 2604 spread decreasing by 5 yuan/ton [18]. - **Fundamental Data**: In November, China's 300 - series stainless - steel production decreased slightly, imports decreased, and exports increased. The 300 - series social inventory decreased [18]. Lithium Carbonate Industry - **Prices and Basis**: SMM battery - grade and industrial - grade lithium carbonate prices rose, and the lithium spodumene concentrate price also increased [19]. - **Inter - month Spreads**: All inter - month spreads decreased [19]. - **Fundamental Data**: In November, lithium carbonate production and demand increased, imports decreased, and exports increased. The total inventory decreased significantly [19].

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report focuses on the cost - effectiveness and application prospects of the long - substitution strategy for the 30 - year Treasury bond futures (TL contract). By comparing the net - price trends, basis structures, and holding - return differences between the CTD bond of the TL contract and various spot targets, the report validates the feasibility of the long - substitution strategy. Back - testing shows that the strategy with the implied spread signal performs best, achieving annualized excess returns of 1.35%, 0.81%, and 1.05% for the 30 - year active bond, ChinaBond 30 - year Treasury bond index, and 30 - year Treasury bond ETF respectively. The TL contract can provide a more flexible allocation plan for investors [1][3][80]. 3. Summary According to the Table of Contents I. Current Cost - Effectiveness of the TL Contract as a Spot Long - Substitution (1) Net - Price Trend Correlation between the CTD Bond of the TL Contract and the 30 - Year Treasury Bond Active Bond/Index - The CTD bond of the TL contract is currently anchored to the 30 - year old bond. Its duration is shorter, yield is higher, and coupon rate is significantly higher than those of the 30 - year active bond and the ChinaBond 30 - year Treasury bond index. - In general, the net - price trends of the CTD bond of the TL contract and the 30 - year active bond/new index are similar. When the spread between new and old bonds narrows or widens significantly, differences may occur. In the case of a narrowing spread between new and old bonds and rising/volatile interest rates, the net - price trend of the CTD bond of the TL contract may be stronger than that of the 30 - year active bond/index; conversely, it may be weaker [2][9][11]. (2) Comparison of the Basis of the TL Contract and the Holding Returns of the 30 - Year Treasury Bond Active Bond/Index - The basis of the TL contract can be split into the holding return of the CTD bond and the net basis. The holding return accounts for a relatively high proportion in the basis pricing. - The coupon rate of the CTD bond of the TL contract is significantly higher than those of the 30 - year active bond and the ChinaBond 30 - year Treasury bond index. The net basis of the TL contract fluctuates greatly, increasing the probability of higher "coupon - like" returns compared to the 30 - year active bond/index [12][17][20]. (3) Rule Summary - The CTD bond of the current TL contract is anchored to the 30 - year old bond, with a shorter duration, higher yield, and higher coupon rate. - The TL contract is likely to have higher "coupon - like" returns than the 30 - year active bond/index. Assuming that the 30 - year Treasury bond interest rate does not rise close to 3% in the short term, the feature of the TL contract being anchored to the relatively high - coupon old bond is expected to continue [25][26]. II. Back - testing of the Long - Substitution Strategy (1) Comparison of Rolling Long - Position Returns between Futures and Spot - By comparing the continuous holding returns and risk performance of the TL Treasury bond futures contract, the 30 - year active bond, and the ChinaBond 30 - year Treasury bond index in the same back - testing period, the cost - effectiveness of the futures tool in a simple long - position allocation scenario can be intuitively judged. - Without considering capital costs, the annualized return of continuously holding the TL contract is only 0.66% lower than that of the 30 - year active bond. The difference between the annualized return of the ChinaBond 30 - year Treasury bond index and that of continuously holding the TL contract is small, indicating the feasibility of further back - testing the long - substitution strategy [29][31]. (2) Signal and Strategy Construction - Signal types: Three signals are constructed, including the historical quantile of the basis level, the "minimum" threshold for the basis convergence of futures converted from the spot holding return, and the superposition of the first two signals. - Strategy construction: Based on the above signals, a long - substitution strategy is back - tested on the TL contract. The futures closing date is set as the second - last trading day of the month before the futures contract delivery month. The spot targets include the 30 - year Treasury bond active bond, ChinaBond 30 - year Treasury bond index, and 30 - year Treasury bond ETF. The strategy also involves capital management and a specific back - testing time interval [32][34][37]. (3) Back - testing of the Futures Long - Substitution Strategy - For the 30 - year Treasury bond active bond, the implied spread signal performs best. The annualized return of signal 1 and the superposition signal is 11.74%, 1.35% higher than holding the 30 - year Treasury bond active bond, with better risk - return ratios. - For the ChinaBond 30 - year Treasury bond index, the implied spread signal 1 and the superposition signal also perform best, with an annualized return of 12.45%, 0.81% higher than holding the index, and better risk - control and risk - return indicators. - For the 30 - year Treasury bond ETF, using the implied spread signal, signal 1 and the superposition signal achieve an annualized return of 12.15%, 1.05% higher than holding the ETF [37][54][73]. (4) Conclusion - The TL contract can be regarded as a substitute for the 30 - year old Treasury bond. The long - substitution strategy with the implied spread as the core signal can effectively optimize asset - allocation efficiency, providing a differentiated allocation plan for investors, especially suitable for index - based assets such as the ChinaBond 30 - year Treasury bond index and 30 - year Treasury bond ETF [80].

Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - The report provides daily views and evaluations on various futures varieties, including judgments on their trends and corresponding operation suggestions [3] Summary by Related Catalogs Daily Selected Views - Styrene (NI2602, EB2602): Expected to fluctuate strongly [3] - Coking Coal (JM2605): Expected to fluctuate with a bullish bias [3] - Palm Oil (P2605): Expected to be strong in the short - term [3] - Silver (AU2602): Suggest to buy on dips [3] Full - Variety Daily Reviews Financial Sector - **Stock Index (IF2603, IH2603, IC2603, IM2603)**: Opened higher and closed higher, with the technology sector leading the rise. After the Bank of Japan's interest - rate hike, short - term negative factors are exhausted. The index has rebounded continuously, and broad - based ETFs have flowed back. The downside space is limited. The main line is unclear, trading volume is insufficient for an upward breakthrough, and volatility is low. It is expected to fluctuate within a range. It is recommended to wait and see cautiously. Short - term market may be driven by year - end performance - chasing trading demands, and it is advisable to view it as a volatile market. If participating in trading, enter and exit quickly and take profits in time [3] - **Treasury Bonds (T2603, TF2603, TS2603, TL2603)**: With stable LPR and a strong stock market, treasury bond futures fluctuated downward. The 10 - year variety is relatively stable, and the upper limit of the interest rate is not expected to deviate significantly from 1.85%. Pay attention to the support around 107.6 - 107.8 for T2603. In the short - term, the sustainability of post - New Year's capital loosening. For the unilateral strategy, wait and see in the short - term and view it as a wide - range fluctuation. For the spot - futures strategy, pay attention to the long - position substitution of the TL contract intraday, and the positive spread and basis widening opportunities of the short - term 2603 contracts [3] - **Precious Metals (AU2602, AG2602, PT2606, PD2606)**: Without clear negative factors, the short - term market of precious metals will remain strong. Subsequently, pay attention to changes in the US economy and monetary policies of various countries. Hold long positions unilaterally. When silver rises sharply, pay attention to changes in the number of open contracts, warehouse receipts, and inventory, as well as the implementation of regulatory risk - control measures. Due to the festival effect, funds have driven gold, silver, platinum, and palladium to new highs, with platinum and palladium rising more. Be cautious of speculative long - positions taking profits at high levels, but high volatility still provides upward momentum for prices. It is recommended to buy on dips to increase the trading safety cushion. With strengthened regulatory risk - control measures, platinum and palladium still have short - term correction risks, and it is advisable to buy on dips [3] - **Container Shipping Index (European Line) (EC2602)**: The main contract fluctuated upward, and it is expected to fluctuate in the short - term [3] Non - Ferrous Metals and Steel Sector - **Steel (RB2605)**: Steel production has been cut and inventory has been reduced, and prices will maintain a range - bound fluctuation. Pay attention to the range of 3000 - 3200 yuan for May rebar and 3200 - 3350 yuan for hot - rolled coils [3] - **Iron Ore (I2605)**: High inventory suppresses price rebounds, while steel mills' restocking expectations support prices. It is advisable to conduct short - term operations within the range for the 05 contract, and try short positions around 800 [3] - **Coking Coal (JM2605)**: Coal prices at production areas have fluctuated up and down, and Mongolian coal prices have followed futures fluctuations. The futures market has rebounded from oversold conditions. It is expected to rebound with fluctuations, with a reference range of 1000 - 1200 [3] - **Coke (J2605)**: The third round of price cuts for coke in December has been implemented, and port trading prices have followed futures fluctuations. It is expected to rebound with fluctuations, with a reference range of 1650 - 1800 [3] - **Silicon Iron (SF603)**: Production cuts have alleviated the supply - demand contradiction, and costs have remained stable. It is expected to fluctuate at the bottom, with a reference range of 5400 - 5650 [3] - **Manganese Silicon (SM603)**: High inventory suppresses price rebounds, and the cost side provides support. Conduct short - term operations and try short positions when the price rebounds above the current cost in Ningxia [3] - **Copper (CU2602)**: LME inventory has decreased, and the domestic spot has a discount. Wait and see in the short - term, with the main contract referring to 92500 - 95000 [3] - **Alumina (AO2601)**: The futures market fluctuated at a low level around the cash cost. The main contract operates in the range of 2450 - 2650. Short - term traders can lightly buy on dips to bet on an emotional rebound [3] - **Aluminum (AL2602)**: The spot discount has widened, and market trading has been sluggish. The main contract operates in the range of 21800 - 22600. Buy on dips [3] - **Aluminum Alloy (AD2602)**: Social inventory has been slowly reduced, and the futures market has been strong. The main contract is expected to operate in the range of 20800 - 21600. Conduct an arbitrage by going long on AD03 and short on AL03 [3] - **Zinc (ZN2602)**: Zinc ore TC has stopped falling and stabilized, and social inventory has continued to decline. Pay attention to the support at 22850 - 22950 for the main contract, and continue to hold the cross - market reverse arbitrage [3] - **Tin (SN2601)**: The fundamentals are strong, and tin prices are fluctuating at a high level. Pay attention to the US interest - rate decision. Hold previous long positions and adopt a strategy of buying on dips [3] - **Nickel (NI2602)**: Driven by both mine - end disturbances and valuation, the futures market has continued to rise with fluctuations. The main contract refers to 116000 - 124000 [3] - **Stainless Steel (SS2602)**: The futures market has remained strong, with a game between strong expectations and weak reality. The main contract refers to 12500 - 13000 [3] - **Industrial Silicon (Si2605)**: Some spot prices have risen slightly, and futures prices have fluctuated downward. The main contract refers to 8000 - 8800 [3] Energy and Chemical Sector - **Polysilicon (PS2605)**: Cooling measures have been introduced, and polysilicon futures prices have fluctuated downward. It is fluctuating at a high level, and it is advisable to wait and see [3] - **Lithium Carbonate (LC2605)**: The futures market has remained strong, and the exchange has announced an adjustment of some delivery warehouses. The main contract refers to 112,000 - 116,000 [3] - **PX (PX2603)**: With a tight medium - term supply - demand outlook, PX has been favored by funds and has shown a strong trend. After a sharp rise in PX, be cautious about the current price. Reduce long positions on rallies, and do not chase the rise. Adopt a strategy of buying at low levels in the medium term. Focus on the low - level positive spread between PX5 - 9 [3] - **PTA (TA2605)**: The outlook for raw material PX has improved, but the driving force for PTA is limited. However, strong support exists due to low processing fees. After PTA has followed PX's sharp rise, be cautious about the current price. Reduce long positions on rallies, and do not chase the rise. Adopt a strategy of buying at low levels in the medium term. Focus on the low - level positive spread between TA5 - 9 [3] - **Short - Fiber (PF2602)**: The supply - demand outlook is weak, and short - fiber fluctuates with raw materials. The strategy is the same as that for PTA: mainly shrink the processing fee on the futures market when it rises [3] - **Bottle Chip (PR2603)**: The cost side is strong, and the supply of PR is expected to increase. The short - term processing fee of PR will be compressed. The processing fee of the PR main contract on the futures market is expected to fluctuate in the range of 300 - 450 yuan/ton. Shrink the processing fee on rallies. Hold the PR2602 - P - 5500 seller position [3] - **Ethanol (EG2605)**: Overseas supply has shrunk, but the supply - demand outlook is still weak. It is expected to fluctuate at a low level in the short - term. Conduct a reverse arbitrage on EG5 - 9 when it rises. Hold the EG2605 - C - 4100 seller position [3] - **Pure Benzene (BZ2603)**: The supply - demand pattern is weak, and the price driving force is weak. BZ2603 will fluctuate in the range of 5300 - 5600 [3] - **Styrene (EB2602)**: The supply - demand outlook is weak, and the driving force for styrene is limited. It is expected to fluctuate mainly in the range of 6300 - 6700 in the short - term [3] - **LLDPE (I2605)**: In North China, it has maintained near the risk - free basis, and hedging transactions have improved [3] - **PP (PP2605)**: Spot prices have remained stable, and the basis has weakened slightly. Pay attention to the expansion of PDH profits [3] - **Methanol (MA2605)**: The spot basis has remained stable, and trading has been light. The MTO spread of the 05 contract will narrow [3] - **Caustic Soda (SH2603)**: There is still pressure on supply and demand, and inventory has continued to accumulate. It is expected that prices will run weakly. Adopt a bearish approach [3] - **PVC (V2605)**: The supply - demand contradiction is prominent, and procurement prices have declined. Adopt a bearish approach on rebounds [3] - **Soda Ash (SA2605)**: Production is at a high level, and the surplus is obvious. The futures market has weakened after a rebound. Adopt a strategy of shorting on rebounds [3] - **Glass (FG2605)**: Spot prices have been under pressure and weakened, and the off - season logic continues. Wait and see [3] - **Natural Rubber (RU2605)**: There is a stalemate in the game between bulls and bears, and rubber prices will fluctuate within a range. Wait and see [3] - **Synthetic Rubber (BR2602)**: The cost side is fluctuating, and with high BR supply and a premium on the futures market, BR will fluctuate in the short - term. Pay attention to the pressure around 11200 - 11300 for BR2602 [3] Agricultural Sector - **Meal (M2605, RM605)**: US soybeans have no bright spots, and there is still pressure on the spot market. It will adjust in a narrow range [3] - **Live Pigs (LH2603)**: Demand supports the market. Pay attention to the performance of second - fattening entry. It is in a bottom - grinding market [3] - **Corn (C2603)**: There is still suppression above. Pay attention to the rhythm of supply increase. It will fluctuate weakly [3] - **Oils (P2605, Y2605)**: With the Christmas holiday approaching, oils may fluctuate within a range. The P main contract may optimistically冲击 8500 in the short - term [3] - **Sugar (SR2605)**: The supply outlook is loose. Adopt a bearish approach on rebounds [3] - **Cotton (CF2605)**: The supply outlook is expected to shrink. It will fluctuate strongly [3] - **Eggs (JD2602)**: Egg prices are mostly stable with a slight decline. It will fluctuate weakly [3] - **Apples (AP2605)**: Weak demand limits the rebound height. It is recommended to take profits on long positions [3] - **Jujubes (CJ2605)**: The expectation of oversupply dominates, and prices will run weakly. Sell out - of - the - money call options (CJ605 - C - 9700) [3]

1. Report Industry Investment Ratings No investment ratings were provided in the reports. 2. Core Views of the Reports Methanol - The methanol futures market was weak with a slight weakening of the basis. The port may face inventory accumulation in December, but the supply - demand balance is expected to shift to de - stocking in Q1 of the next year. Inland, the supply - demand pattern will be stable with prices fluctuating slightly [1][3]. Polyolefins - The polyolefin market in 2026 is expected to see a decrease in cost and compression of profits, with the price center moving further down. PP has increased supply and decreased demand, while PE has a situation of both weak supply and demand [6]. Natural Rubber - Due to geopolitical tensions affecting supply and seasonal demand weakness, the rubber price is expected to fluctuate widely in the range of 15,000 - 15,500 [7]. Glass and Soda Ash - The soda ash market is in a bearish supply - demand pattern with prices continuing to decline. The glass market is under pressure from high inventory, and the 01 contract will follow the delivery logic in December [9]. PVC and Caustic Soda - The caustic soda market has supply - demand pressure and prices are expected to be weak. The PVC market will continue to trade in a range with weak demand at home and abroad [10]. Pure Benzene and Styrene - The pure benzene market has a weak supply - demand pattern in the short - term, and price increases are limited. The styrene market may be boosted in the short - term but has an inventory accumulation expectation around the Spring Festival [11]. Polyester Industry Chain - The PX supply is high in the short - term, and the downstream processing fees are compressed. The PTA, short - fiber, and bottle - chip markets follow the raw material trend. The MEG is expected to trade at a low level [12]. Crude Oil - Crude oil prices rebounded due to geopolitical factors and are expected to fluctuate in the range of $60 - 65 per barrel [13]. LPG - The LPG futures prices increased slightly, and the downstream PDH开工率 increased [16]. Urea - The urea market is affected by Indian tenders. The supply is high, and the demand is weak. The price is expected to fluctuate in the range of 1680 - 1730 [18]. 3. Summaries by Related Catalogs Methanol - **Price and Spread**: MA2601 remained unchanged at 2116 yuan/ton, MA2605 rose 0.33% to 2155 yuan/ton. The MA15 spread decreased 21.88% [1]. - **Inventory**: The methanol enterprise inventory increased 10.86% to 39.114 million tons, the port inventory decreased 1.26% to 121.9 million tons, and the social inventory increased 1.43% to 161.0 million tons [2]. - **Upstream and Downstream Operating Rates**: The domestic upstream enterprise operating rate increased 1.29% to 77.63%, and some downstream operating rates changed [3]. Polyolefins - **Price and Spread**: The prices of L2601, L2605, PP2601, and PP2605 decreased. The LP01 spread increased 12.86% [6]. - **Inventory**: The PE enterprise inventory increased 3.65% to 48.8 million tons, and the PP enterprise and trader inventories decreased to 0 [6]. - **Upstream and Downstream Operating Rates**: The PE device operating rate decreased 0.30% to 63.9%, and the PP device operating rate increased 1.37% to 79.4% [6]. Natural Rubber - **Price and Spread**: The price of Yunnan state - owned whole - latex decreased 0.34% to 14,800 yuan/ton. Some spreads changed [7]. - **Fundamental Data**: The production of some countries decreased, and the domestic tire production and export increased [7]. - **Inventory**: The bonded - area inventory increased 3.28% to 515,227 tons [7]. Glass and Soda Ash - **Price and Spread**: The glass and soda ash prices had different changes. The soda ash futures prices decreased slightly [9]. - **Inventory**: The glass factory inventory increased, and the soda ash factory inventory and glass factory soda ash inventory days remained stable [9]. - **Real Estate Data**: The real estate new - start area, construction area, and sales area decreased year - on - year [9]. PVC and Caustic Soda - **Price and Spread**: The prices of PVC and caustic soda decreased. The export profit of caustic soda increased 43.4% [10]. - **Inventory**: The PVC upstream factory inventory decreased 4.6% to 32.9 million tons, and the total social inventory decreased 1.3% to 51.1 million tons [10]. - **Upstream and Downstream Operating Rates**: The caustic soda industry operating rate decreased 1.5% to 88.2%, and the PVC downstream product operating rates changed [10]. Pure Benzene and Styrene - **Price and Spread**: The prices of pure benzene and styrene increased. The EB - BZ spot spread increased 8.1% [11]. - **Inventory**: The pure benzene and styrene inventories in Jiangsu ports increased [11]. - **Upstream and Downstream Operating Rates**: The Asian pure benzene operating rate increased 1.2% to 76.9%, and some downstream operating rates decreased [11]. Polyester Industry Chain - **Upstream Price**: The prices of crude oil, naphtha, and other upstream products changed [12]. - **Downstream Product Price and Cash Flow**: The prices of polyester products increased, and the processing fees were compressed [12]. - **Operating Rates**: The Asian PX operating rate decreased 0.5% to 78.9%, and the PTA operating rate decreased 0.5% to 73.2% [12]. Crude Oil - **Price and Spread**: Brent crude oil rose 2.65% to $62.07 per barrel, and WTI rose 2.64% to $58.01 per barrel [13]. - **Refined Oil Price and Spread**: The prices of refined oil products increased [13]. - **Refined Oil Crack Spread**: The crack spreads of some refined oil products increased [13]. LPG - **Price and Spread**: The PG2601 rose 1.47% to 4280 yuan/ton, and the PG01 - 02 spread increased 30.25% [16]. - **Inventory**: The LPG port inventory decreased 7.89% to 261 million tons [16]. - **Upstream and Downstream Operating Rates**: The downstream PDH operating rate increased 2.92% to 75.0% [16]. Urea - **Price and Spread**: The urea futures market was weak, and the spot price was stable [18]. - **Inventory**: The domestic urea factory inventory decreased 4.42% to 117.97 million tons [18]. - **Supply and Demand**: The daily urea production remained at a high level, and the demand was weak [18].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - The report provides a comprehensive analysis of various financial and commodity markets, including futures, stocks, and bonds. It assesses the market trends, supply - demand dynamics, and price movements of different assets, offering trading strategies and outlooks based on current economic and industry conditions [2][3][8] 3. Summary by Relevant Catalogs 3.1 Daily Selections - **Nickel**: Low valuation and mine - end news drive the sentiment, but the short - term reality is weak and the medium - term fundamentals are loose. The price is expected to oscillate and repair in the short term, with the main contract reference range of 116000 - 124000 [2] - **Styrene**: Supply - demand expectations are weak, and the rebound space is limited. The EB02 contract is expected to oscillate in the 6300 - 6700 range in the short term [3] - **Coking Coal**: Spot prices fluctuate, and the futures rebound. Short - term trading can consider going long on the 2605 contract [4] - **Oils and Fats**: Due to the approaching Christmas holiday, they are expected to show an interval oscillation trend. Palm oil may rebound, while soybean oil and rapeseed oil have limited upward space [5] - **Silver**: Driven by funds during the holiday, it strengthens the upward trend. It is recommended to buy on dips to increase the trading safety margin [7] 3.2 Financial Derivatives 3.2.1 Financial Futures - **Stock Index Futures**: The A - share market rebounded, and the main contracts of the four major stock index futures rose. The current trend is expected to be interval oscillation, and it is recommended to wait and see cautiously [8][9][10] - **Treasury Bond Futures**: LPR remained unchanged, and the stock market was strong, suppressing the bond market. It is recommended to view it as an oscillation, and if participating in trading, enter and exit quickly and stop profit in time [12][13] 3.2.2 Precious Metals - The prices of gold, silver, platinum, and palladium all rose. The market has a positive expectation for the future price of precious metals, and it is recommended to hold long positions unilaterally [15][16] 3.2.3 Container Shipping Index (European Line) - The index is rising, and it is expected to show an oscillating upward pattern in the short term [18] 3.3 Commodity Futures 3.3.1 Non - ferrous Metals - **Copper**: The price is oscillating at a high level. The short - term recommendation is to wait and see, with the main contract reference range of 92500 - 95000 [23] - **Alumina**: It is expected to oscillate at a low level around the cash cost line, with the main contract reference range of 2450 - 2650 yuan/ton [26] - **Aluminum**: It is expected to maintain a wide - range oscillation, with the main contract reference range of 21800 - 22600 yuan/ton [29] - **Aluminum Alloy**: It is expected to continue to oscillate at a high - level interval, with the main contract reference range of 20800 - 21600 yuan/ton [32] - **Zinc**: The TC stops falling and stabilizes, and the price oscillates. The main contract should pay attention to the support at 22850 - 22950 [35] - **Tin**: The short - term fundamentals are still strong, and it is recommended to hold long positions and buy on dips [40] - **Nickel**: The price is expected to oscillate and repair in the short term, with the main contract reference range of 116000 - 124000 [43] - **Stainless Steel**: It is expected to oscillate and adjust in the short term, with the main contract reference range of 12300 - 13000 [46] - **Lithium Carbonate**: It is expected to have a wide - range oscillation, with the main contract reference range of 11.2 - 11.6 million [51] - **Polysilicon**: It is in a high - level oscillation, and it is recommended to wait and see [54] - **Industrial Silicon**: It is expected to oscillate at a low level, and attention should be paid to the implementation of production cuts [56] 3.3.2 Ferrous Metals - **Steel**: It is expected to maintain an interval oscillation, with the rebar in the 3000 - 3200 range and the hot - rolled coil in the 3150 - 3350 range [58] - **Iron Ore**: It is expected to maintain an interval oscillation, with the reference range of 730 - 820. It is recommended to conduct short - term operations on the 05 contract [61] - **Coking Coal**: It is recommended to go long on the 2605 contract on dips [64] - **Coke**: It is recommended to go long on the 2605 contract on dips [67] - **Silicon Iron**: It is expected to oscillate in the 5400 - 5650 range [70] - **Manganese Silicon**: It is expected to be weak, and it is recommended to try shorting when the price rebounds above the Ningxia spot cost [73] 3.3.3 Agricultural Products - **Meal**: The domestic soybean meal market is in a loose pattern, and attention should be paid to the performance of the main contract around 2750 [77] - **Pigs**: The spot price is stable, and the disk is expected to have support around 11000 [79] - **Corn**: The disk may maintain a weak pattern, but the downward space is limited. Attention should be paid to the selling sentiment and policy release [82] - **Sugar**: The raw sugar price is in a bearish pattern, and the domestic market is oscillating at the bottom. It is recommended to maintain a bearish mindset [83] - **Cotton**: The US cotton is oscillating at the bottom, and the domestic market's upward trend slows down. It is expected to oscillate in a strong - level interval [85] - **Eggs**: The supply is still loose, and it is expected to oscillate weakly this week [87] - **Oils and Fats**: They are expected to show an interval oscillation trend. Palm oil may rebound, while soybean oil and rapeseed oil have limited upward space [91] - **Jujubes**: The supply - demand expectation is bearish, and the price is running weakly. Attention should be paid to the market consumption [93] - **Apples**: The demand is weak, and the rebound height is limited. It is recommended to exit long positions opportunely [94] 3.3.4 Energy and Chemicals - **PX**: It is expected to continue a relatively strong trend in the short term. It is recommended to reduce long positions on rallies and take a long - term low - buying approach [96] - **PTA**: It follows the raw material PX. It is recommended to reduce long positions on rallies and take a long - term low - buying approach [99] - **Short - fiber**: It follows the raw material, and the supply - demand expectation is weak [100] - **Bottle - grade PET**: The domestic supply is expected to increase, and the processing fee will be compressed in the short term [102] - **Ethylene Glycol**: It is expected to oscillate at a low level in the short term [103] - **Pure Benzene**: It is expected to oscillate in the 5300 - 5600 range [105] - **Styrene**: It is expected to oscillate in the 6300 - 6700 range in the short term [107] - **LLDPE**: It is recommended to wait and see [108] - **PP**: Attention should be paid to the expansion of PDH profits [109] - **Methanol**: It is recommended to pay attention to the shrinkage of MTO05 [110] - **Caustic Soda**: The price is expected to run weakly [112] - **PVC**: It is expected to maintain an interval arrangement and then weaken after a rebound [114] - **Soda Ash**: It is recommended to go short on rallies [116] - **Glass**: It is recommended to wait and see [117] - **Natural Rubber**: It is expected to oscillate in the 15000 - 15500 range, and it is recommended to wait and see [120] - **Synthetic Rubber**: It is expected to oscillate in the short term. Attention should be paid to the pressure of BR2602 around 11200 - 11300 [122]

| 钢材产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年12月23日 | | | 問敏波 | Z0010559 | | | 钢材价格及价差 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 基差 | 单位 | | 螺纹钢现货(华东) | 3300 | 3300 | O | 172 | | | 螺纹钢现货(华北) | 3170 | 3170 | 0 | 42 | | | 螺纹钢现货(华南) | 3260 | 3270 | -10 | 132 | | | 螺纹钢05合约 | 3126 | 3119 | 7 | 174 | | | 螺纹钢10合约 | 3159 | 3151 | 8 | 141 | | | 螺纹钢01合约 | 3128 | 3120 | 8 | 172 | | | 热卷现货(华东) | 3270 | 3270 | 0 | -12 | 元/吨 | | 热卷现货 (华北) | 3180 | 3180 | 0 | -102 | | | 热卷现货(华南) | ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The log futures fluctuated yesterday. The main contract LG2603 closed at 778 yuan per cubic meter, down 1 yuan per cubic meter from the previous day. The spot prices of the main benchmark delivery products remained unchanged. The latest round of FOB quotes was 112 US dollars per JAS cubic meter. The inventory decreased significantly on a weekly basis, and the demand declined slightly. From December 22 - 28, 2025, the number of pre - arrival ships of New Zealand logs at 13 Chinese ports decreased by 40% week - on - week, and the arrival volume decreased by 41% week - on - week. The recent log futures price has recovered to near the warehouse receipt cost. With the approaching New Zealand holidays, the later shipment volume is expected to decrease. The demand remains stable but weak. The futures price is expected to fluctuate within a range [3] 3. Summary by Relevant Catalogs 3.1 Futures and Spot Prices - **Futures Prices**: On December 22, compared with December 19, the price of log 2601 was 769.5, down 2.5 (- 0.32%); log 2603 was 778.0, down 1.0 (- 0.13%); log 2605 was 783.5, unchanged. The 01 - 03 spread was - 8.5, down 1.5; the 01 - 05 spread was - 14.0, down 2.5. The 03 - contract basis was - 38.0, up 1.0; the 01 - contract basis was - 29.5, up 2.5 [2] - **Spot Prices**: The spot prices of various types of logs in Rizhao Port and Taicang Port remained unchanged from December 19 to 22, with no change in price or percentage change. The FOB prices of radiata pine 4 - meter medium A and spruce 11.8 - meter also remained unchanged from December 19 to 26 [2] - **Import Cost**: On December 22, compared with December 21, the RMB - US dollar exchange rate was 7.032, down 0.003 (0%); the import theoretical cost was 775.12, down 0.26 (0%) [2] 3.2 Supply - **Monthly Supply**: In November, the port shipment volume was 189.2 million cubic meters, down 12.1 million cubic meters (- 6.01%) from October. The number of departing ships from New Zealand to China, Japan, and South Korea was 49.0, down 5.0 (- 9.26%) [2] 3.3 Inventory - **Main Port Inventory (Weekly)**: As of December 19, compared with December 12, the total inventory of domestic coniferous logs was 260 million cubic meters, down 12 million cubic meters (- 4.41%); the inventory in Shandong was 181.3 million cubic meters, down 7.1 million cubic meters (- 3.77%); the inventory in Jiangsu was 61.52 million cubic meters, down 6.7 million cubic meters (- 9.85%) [2][3] 3.4 Demand - **Daily Average Outbound Volume (Weekly)**: As of December 19, compared with December 12, the daily average outbound volume of logs in China was 6.32 million cubic meters, down 0.14 million cubic meters (- 2%); in Shandong, it was 3.34 million cubic meters, down 0.10 million cubic meters (- 3%); in Jiangsu, it was 2.52 million cubic meters, up 0.02 million cubic meters (1%) [3] 3.5 Forecast of Log Arrival - From December 22 - 28, 2025, there were 9 pre - arrival ships of New Zealand logs at 13 Chinese ports, 6 fewer than last week, a week - on - week decrease of 40%. The total arrival volume was about 30.9 million cubic meters, 21.5 million cubic meters less than last week, a week - on - week decrease of 41% [3]

2025年12月23日 | 折算价:72硅铁合格块:内蒙-天津仓单 | -0.64% | 51.50% | 硅铁 (SF603) | 5644 | -36 | 5608 | -0.34% | 折算价:6517硅锰:内蒙-湖北仓单 | 5820 | 5840 | -20 | 21.90% | 硅罐 (SM603) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 5.57% | 174 | 3126 | HRB40020mm: 上海 | 3300 | 68.10% | 螺纹钢(RB2605) | -7 | -0.21% | 3277 | 3270 | 15.30% | Q235B: 4.75mm: 上海 | 热卷(HC2605) | | | | | | 8.25% | 64 | 折算价:62.5%巴混粉(BRBF):淡水河谷:日照港 | 铁矿石 (12605) | 846 | 782 | 50.10% | 2 | 0.0 ...

Group 1: Investment Ratings - No specific industry investment rating is provided in the reports. Group 2: Core Views - The reports mainly present the daily data of futures spreads, including stock index futures, bond futures, precious metals futures, and container shipping futures, such as current prices, historical quantiles, changes from the previous day, and various spread and ratio data, to help investors understand the market situation [1][2][3][4]. Group 3: Summary by Related Catalogs Stock Index Futures Spreads - **Spot - Futures Spreads**: IF was -46.82, with a 1 - year historical quantile of 11.00% and an all - time quantile of 5.60%, down 5.65 from the previous day. IH was -1.83, IC was -132.46, and IM was -15.60 [1]. - **Inter - Period Spreads**: Different contracts of IF, IH, IC, and IM have different spread values and historical quantiles, showing the price differences between different contract periods [1]. - **Cross - Variety Ratios**: Ratios such as CSI 500/CSI 300, CSI 500/SSE 50, and IC/IF are provided, along with their current values, historical quantiles, and changes from the previous day [1]. Bond Futures - **Basis**: TS was 1.5048, TF was 1.0558, T was 1.3050, and TL was 0.8932, with corresponding changes and historical quantiles [2]. - **Inter - Period Spreads**: Different contracts of TS, TF, T, and TL show various inter - period spread values and historical quantiles [2]. - **Cross - Variety Spreads**: Spreads such as TS - TF, TS - T, and TF - T are presented, along with their values, changes, and historical quantiles [2]. Precious Metals Futures and Spot - **Domestic Futures Closing Prices**: AU2602 rose 2.14% to 1000.86 yuan/gram, AG2602 rose 5.42% to 16210 yuan/kilogram, etc. [3]. - **Foreign Futures Closing Prices**: COMEX gold rose 0.10% to 4334.30 dollars/ounce, COMEX silver rose 3.29% to 64.13 dollars/ounce, etc. [3]. - **Spot Prices**: London gold rose 0.11% to 4304.00 dollars/ounce, London silver rose 3.40% to 64.03 dollars/ounce, etc. [3]. - **Basis**: Gold TD - Shanghai gold main contract was -8.74, with a 1 - year historical quantile of 0.40%, etc. [3]. - **Ratios**: COMEX gold/silver ratio decreased 3.09% to 67.59, etc. [3]. - **Interest Rates and Exchange Rates**: 10 - year US Treasury yield rose 0.2% to 4.17%, 2 - year US Treasury yield fell 1.1% to 3.44%, etc. [3]. - **Inventory and Positions**: Shanghai Futures Exchange gold inventory remained unchanged at 91716 kilograms, COMEX gold inventory rose 0.32% to 36120091 ounces, etc. [3]. Container Shipping Industry - **Shipping Indexes**: SCFIS (European route) rose 5.21% to 1589.20 points, SCFIS (US West route) rose 3.00% to 952.10 points, etc. [4]. - **Futures Prices and Basis**: EC2602 (main contract) rose 8.84% to 1871.8, and the basis of the main contract was -282.6, down 116.39% from the previous value [4]. - **Fundamental Data**: Global container shipping capacity supply rose 0.09% to 3364.19 million TEU, Shanghai port on - time rate fell 18.50% to 40.00%, etc. [4].