Report Industry Investment Ratings - No relevant information provided Core Views Steel Industry - The overall demand for five major steel products is declining, with steel mills reducing production and inventory continuing to decline. The iron water output has increased month-on-month, which is expected to affect the subsequent increase in finished steel production. The supply and demand of hot-rolled coils are basically balanced, but the inventory is at a high level, and the difference between hot-rolled and rebar will continue to converge. It is not recommended to go long on iron ore, and the long-coking coal and short-hot-rolled coil arbitrage can be continued. One-sided short positions can be attempted at high prices [1] Iron Ore Industry - The iron ore market is in a volatile trend, and the basis continues to narrow. The supply is expected to increase, while the demand is weakening. Considering the large discount of iron ore, partial profit-taking can be considered for the long-coking coal and short-iron ore arbitrage, and then pay attention to it again after the coking coal stabilizes [4] Coking Coal and Coke Industry - The coking coal market is generally in a tight pattern but shows signs of loosening. The supply is expected to increase, and the demand is weakening. The coke market is in a state of tight supply and demand, and there is still an expectation of price increase under cost support. One-sided trading should be treated with a volatile view, and 1-5 positive arbitrage is recommended for both coking coal and coke [7] Summary by Directory Steel Industry Steel Prices and Spreads - Rebar spot prices in East, North, and South China are 3200 yuan/ton, 3210 yuan/ton, and 3270 yuan/ton respectively, with slight changes. Rebar futures contracts also show different price changes. Hot-rolled coil spot prices in different regions are relatively stable, and futures contracts show small fluctuations [1] Cost and Profit - The billet price is 2930 yuan/ton, unchanged. The cost of electric furnace rebar in Jiangsu has decreased by 1 yuan, and the cost of converter rebar has decreased by 11 yuan. The profits of hot-rolled coils in different regions have increased to varying degrees [1] Supply - The daily average iron water output is 236.8 tons, an increase of 1.1%. The production of five major steel products is 834.4 tons, a decrease of 2.6%. The production of rebar and hot-rolled coils has decreased, with rebar production dropping by 4.1% [1] Inventory - The inventory of five major steel products is 1477.4 tons, a decrease of 1.7%. The rebar inventory is 576.2 tons, a decrease of 2.8%. The hot-rolled coil inventory is basically unchanged [1] Transaction and Demand - The building materials trading volume is 10.6 tons, an increase of 16.0%. The apparent demand for five major steel products has decreased by 0.7%, and the apparent demand for rebar and hot-rolled coils has also decreased slightly [1] Iron Ore Industry Iron Ore Prices and Spreads - The warehouse receipt costs of different iron ore powders have increased to varying degrees, and the basis of 01 contracts has generally decreased. The 5-9 spread has increased by 15.0%, and the 9-1 spread has decreased by 7.6% [4] Supply - The weekly arrival volume at 45 ports is 2741.2 tons, a decrease of 14.8%. The global weekly shipping volume is 3069.0 tons, a decrease of 4.5%. The monthly national import volume is 11632.6 tons, an increase of 10.6% [4] Demand - The weekly average daily iron water output of 247 steel mills is 234.2 tons, a decrease of 0.9%. The monthly national pig iron and crude steel output has decreased [4] Inventory - The inventory at 45 ports is 15128.19 tons, an increase of 1.5%. The imported ore inventory of 247 steel mills has increased by 1.8% [4] Coking Coal and Coke Industry Coke and Coking Coal Prices and Spreads - Coke and coking coal prices have decreased to varying degrees, and the basis has also changed. The spread between different contracts has also shown different trends [7] Supply - The coke production has decreased by 1.5%, and the coking coal production has increased slightly. Some coal mines in Shanxi are expected to resume production, and the supply of coking coal is expected to increase [7] Demand - The iron water output has increased, but the demand for coking coal and coke has weakened to some extent due to factors such as environmental protection restrictions and low steel mill profits [7] Inventory - The coke inventory has decreased by 1.4%, and the coking coal inventory has increased slightly. The inventory of different links shows different trends [7]

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views of the Reports 2.1 Oils and Fats Industry - Palm oil: The Malaysian BMD crude palm oil futures are in a narrow - range oscillation due to high production and weak export data, while the Dalian palm oil futures are expected to try to break through 8900. - Soybean oil: The global crude oil supply - demand forecast in 2026 by OPEC has affected the soybean oil market. The domestic soybean oil supply is abundant, and the spot basis is likely to remain stable [1]. 2.2 Pig Industry - The spot price of pigs is weak, but there is an expectation of strengthening in the market tomorrow. The overall November pig - selling progress is slow, which may boost the pig price. The market is in a range - bound pattern, and the 3 - 7 reverse spread strategy can be held [3]. 2.3 Meal Industry - The USDA monthly report is expected to show little change in the ending stocks. The domestic soybean inventory is high, and the meal market is expected to be in a wide - range oscillation. Attention should be paid to the USDA report [7]. 2.4 Corn Industry - Corn prices in the Northeast are rising locally, and those in the North China are stable with a slight upward trend. The price increase and decrease are limited due to supply pressures and cost and policy support. The short - term corn price may rebound, but the rebound amplitude is restricted [8]. 2.5 Cotton Industry - The ICE cotton futures are falling, and the domestic cotton price is likely to be in a range - bound pattern due to hedging pressure and cost support, with weak downstream demand but rigid raw - material demand from textile enterprises [11]. 2.6 Sugar Industry - Brazilian rainfall may affect sugarcane crushing, and India's sugar export has uncertainties. The domestic sugar market is expected to be in a price - oscillation state, with the new - season sugarcane crushing in Guangxi likely to be postponed [13][14]. 2.7 Egg Industry - The supply of eggs remains under pressure as the laying - hen inventory is high in November. The consumption is weak, but the egg price is at a bottom - range, and 2512 short positions can be gradually closed at a low price below 3000 [16]. 3. Summary by Related Catalogs 3.1 Oils and Fats Industry 3.1.1 Price Changes - Soybean oil: The spot price in Jiangsu remained unchanged at 8560, the futures price of Y2601 rose 0.34% to 8316, and the basis decreased 10.29% [1]. - Palm oil: The spot price in Guangdong dropped 0.58% to 8570, the futures price of P2601 rose 0.09% to 8752, and the basis decreased 46.77% [1]. - Rapeseed oil: The spot price in Jiangsu rose 1.48% to 10260, the futures price of OI601 rose 1.37% to 9975, and the basis rose 5.56% [1]. 3.1.2 Spread Changes - The 01 - 05 spread of soybean oil decreased 0.89%, that of palm oil decreased 13.33%, and that of rapeseed oil increased 9.11% [1]. 3.2 Pig Industry 3.2.1 Futures and Spot Prices - Futures: The price of pig 2605 rose 0.82% to 12235, and that of pig 2601 rose 0.55% to 11860. - Spot: The spot prices in most regions decreased, such as in Henan, Shandong, and Sichuan [3]. 3.2.2 Industry Indicators - The sample - point slaughter volume decreased 0.74%, the white - strip price decreased 0.53%, and the piglet price decreased 15% [3]. 3.3 Meal Industry 3.3.1 Price Changes - Soybean meal: The spot price in Jiangsu remained unchanged at 3050, the futures price of M2601 rose 0.39% to 3071, and the basis decreased 133.33% [7]. - Rapeseed meal: The spot price in Jiangsu remained unchanged at 2500, the futures price of RM2601 decreased 0.08% to 2492, and the basis increased 33.33% [7]. 3.3.2 Spread Changes - The 01 - 05 spread of soybean meal increased 4.78%, and that of rapeseed meal increased 1.61% [7]. 3.4 Corn Industry 3.4.1 Price Changes - Corn: The futures price of corn 2601 rose 0.41% to 2186, the Jinzhou Port flat - hatch price rose 0.46% to 2200, and the basis rose 7.69% [8]. - Corn starch: The futures price of corn starch 2601 rose 0.68% to 2507, and the basis decreased 85% [8]. 3.4.2 Industry Indicators - The import profit of corn increased 4.66%, and the number of remaining vehicles at Shandong deep - processing plants in the morning increased 14.54% [8]. 3.5 Cotton Industry 3.5.1 Price Changes - Futures: The price of cotton 2605 decreased 0.22% to 13495, and that of cotton 2601 decreased 0.18% to 13490. - Spot: The Xinjiang arrival price of 3128B decreased 0.38% to 14614, and the CC Index of 3128B decreased 0.22% to 14819 [11]. 3.5.2 Industry Indicators - The commercial inventory increased 70.4% to 293.06 tons, and the industrial inventory increased 9.7% to 88.82 tons [11]. 3.6 Sugar Industry 3.6.1 Price Changes - Futures: The price of sugar 2601 rose 0.62% to 5512, and that of sugar 2605 rose 0.41% to 5433. - Spot: The Nanning spot price remained unchanged at 5660, and the Kunming spot price remained unchanged at 5540 [13]. 3.6.2 Industry Indicators - The national sugar production increased 12.03% to 1116.21 tons, and the national sugar sales increased 9.17% to 1048.00 tons [13]. 3.7 Egg Industry 3.7.1 Price Changes - The price of the egg 12 - contract decreased 0.75% to 3040, and the price of the egg 01 - contract decreased 1.72% to 3322. - The egg - producing area price decreased 0.25% to 2.99 yuan per catty [16]. 3.7.2 Industry Indicators - The egg - chicken feed ratio decreased 1.68% to 2.34, and the breeding profit decreased 8.51% to - 26.52 yuan per chicken [16].

Report 1: Stock Index Futures Spread Daily Report Core View - Presents the latest data on stock index futures spreads including price differences between futures and spot, inter - period spreads, and cross - variety ratios, along with their changes from the previous day and historical percentile rankings [1] Summary by Category - **Futures - Spot Price Differences**: F futures - spot price difference is - 7.17, H is - 4.87, IC is - 86.29, and IM is - 112.18 with various percentage changes and historical percentile rankings [1] - **Inter - period Spreads**: Different inter - period spreads such as next month - current month, quarterly month - current month, etc. are provided for IF, IH, IC, and IM, showing their values, changes, and historical percentile rankings [1] - **Cross - variety Ratios**: Ratios like CSI 500/CSI 300, IC/IF, etc. are given with their values, changes, and historical percentile rankings [1] Report 2: Treasury Bond Futures Spread Daily Report Core View - Displays the latest data on treasury bond futures spreads including basis, inter - period spreads, and cross - variety spreads, along with their changes from the previous day and historical percentile rankings [2] Summary by Category - **Basis**: TS basis is 1.5208, TF is 1.2620, T is 1.3841, and TL is 1.2692 with corresponding changes and historical percentile rankings [2] - **Inter - period Spreads**: Inter - period spreads for TS, TF, T, and TL such as current quarter - next quarter, current quarter - distant quarter, etc. are presented with their values, changes, and historical percentile rankings [2] - **Cross - variety Spreads**: Spreads like TS - TF, TS - T, etc. are provided with their values, changes, and historical percentile rankings [2] Report 3: Precious Metals Spot - Futures Daily Report Core View - Provides the latest data on precious metals including domestic and foreign futures closing prices, spot prices, basis, price ratios, interest rates, exchange rates, and inventory and position data, along with their changes [4] Summary by Category - **Futures Closing Prices**: Domestic AU2512 contract closed at 961.22 yuan/gram, AG2512 at 12588 yuan/kilogram; foreign COMEX gold at 4174.50, COMEX silver at 52.23 dollars/ounce with corresponding changes [4] - **Spot Prices**: London gold at 4170.87, London silver at 52.33 dollars/ounce, Shanghai Gold Exchange gold T + D at 958.67 yuan/gram, silver T + D at 12563 yuan/kilogram with corresponding changes [4] - **Basis**: Gold TD - Shanghai gold main contract basis is - 2.55, silver TD - Shanghai silver main contract basis is - 25 with corresponding changes and historical percentile rankings [4] - **Price Ratios**: COMEX gold/silver ratio is 79.93, Shanghai Futures Exchange gold/silver ratio is 76.36 with corresponding changes [4] - **Interest Rates and Exchange Rates**: 10 - year US Treasury yield is 4.11%, 2 - year is 3.58%, 10 - year TIPS Treasury yield is 1.83%, US dollar index is 99.18, offshore RMB exchange rate is 7.0974 with corresponding changes [4] - **Inventory and Position**: Shanghai Futures Exchange gold inventory is 90426, silver inventory is 584014 kilograms; COMEX gold and silver inventories, registered warrants, and ETF positions are provided with their changes [4] Report 4: Container Shipping Industry Spot - Futures Daily Report Core View - Offers the latest data on the container shipping industry including spot quotes, freight indices, futures prices, basis, and fundamental data, along with their changes [5] Summary by Category - **Spot Quotes**: Shanghai - Europe future 6 - week freight rates from different shipping companies show various changes [5] - **Freight Indices**: SCFIS (European route) settled at 1504.80, SCFIS (US West route) at 1329.71; Shanghai Export Container Freight Index and its sub - indices show different changes [5] - **Futures Prices and Basis**: EC2512 (main contract) futures price is 1782.3 with a 1.88% increase, and the basis (main contract) is 21.7 with a - 33.64% change [5] - **Fundamental Data**: Global container shipping capacity supply remains unchanged; Shanghai port on - time rate, port calls, monthly export amount, overseas economic indicators, and OECD leading indicators show different changes [5]

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views Zinc - The fundamentals and macro - environment have limited changes. The supply is generally loose, and the subsequent supply pressure may be limited due to the decline in smelting profits. The demand is average, and the domestic zinc ingot remains at a discount. The LME zinc has upward pressure, while the export window of zinc ingots may boost the domestic zinc price. The Shanghai - London ratio may be repaired, with the main contract referring to 22300 - 23000 [2]. Copper - After the implementation of interest - rate cuts and tariffs, the market may enter a macro "vacuum period" in November. The supply of copper ore is in short supply, and the downstream demand has strong resilience. The medium - and long - term supply - demand contradiction supports the upward movement of the copper price bottom. The main contract refers to 86500 - 88000 [4]. Tin - The supply of tin ore is tight, and the demand shows regional differentiation. The fundamentals are strong, and long positions should be held. Attention should be paid to macro - level changes and the supply recovery in Myanmar [7]. Aluminum - The alumina market is in a state of loose supply and demand, and the price is expected to maintain a weak shock pattern. The electrolytic aluminum market is driven by the macro - environment, but the fundamentals are weak. The aluminum price will fluctuate between macro - level benefits and weak fundamentals in the short term, and attention should be paid to the risk of high - level callback [9]. Aluminum Alloy - The cost of aluminum alloy is strongly supported, and the demand is differentiated. The inventory is accumulating. The ADC12 price is expected to maintain a strong shock pattern, with the main contract referring to 20800 - 21400 [11]. Nickel - The nickel market is in a state of long - short interweaving. The refined nickel production is at a high level, and the supply of nickel ore is generally stable. The nickel - iron price is under pressure, and the stainless - steel demand is weak. The nickel price is expected to maintain a weak shock pattern, with the main contract referring to 118000 - 124000 [13]. Stainless Steel - The stainless - steel market is in a weak shock state. The macro - level drive is weakened, the nickel - ore market is temporarily stable, and the nickel - iron price is under pressure. The supply is under pressure, and the demand is insufficient. The price is expected to continue to be weak and volatile, with the main contract referring to 12400 - 12800 [16]. Lithium Carbonate - The lithium carbonate market is running strongly. The supply is increasing, and the demand is optimistic. The short - term supply and demand are expected to increase simultaneously, but attention should be paid to the sustainability of demand improvement. The price may fluctuate and adjust in the short term [17]. Industrial Silicon - The industrial silicon spot price is stable, and the futures price is falling. If the organic silicon enterprises cut production, the inventory pressure will increase. The price is expected to fluctuate at a low level, with the main price range being 8500 - 9500 [18]. Polysilicon - The polysilicon spot price is stable, and the futures price is rising. The supply and demand are both weak. The price is expected to fluctuate in a high - level range. Attention should be paid to the support of the spot price and the digestion of warehouse receipts [19]. 3. Summaries According to Relevant Catalogs Zinc - **Price and Spread**: The SMM 0 zinc ingot price increased by 0.09% to 22630 yuan/ton, and the import loss was - 4587 yuan/ton. The Shanghai - London ratio decreased to 7.36 [2]. - **Fundamental Data**: In October, the refined zinc output was 61.72 million tons, a month - on - month increase of 2.85%. The galvanizing and other开工 rates showed different changes [2]. Copper - **Price and Basis**: The SMM 1 electrolytic copper price increased by 0.48% to 87210 yuan/ton, and the import loss was - 827 yuan/ton [4]. - **Fundamental Data**: In October, the electrolytic copper output was 109.16 million tons, a month - on - month decrease of 2.62%. The copper rod and other开工 rates increased [4]. Tin - **Spot Price and Basis**: The SMM 1 tin price increased by 1.72% to 296000 yuan/ton, and the import loss was - 15428.41 yuan/ton [7]. - **Fundamental Data (Monthly)**: In September, the tin ore import decreased by 15.13%, and the SMM refined tin output in October increased by 53.09% [7]. Aluminum - **Price and Spread**: The SMM A00 aluminum price increased by 1.15% to 21920 yuan/ton, and the alumina price in some regions decreased slightly [9]. - **Fundamental Data**: In October, the alumina output was 778.53 million tons, a month - on - month increase of 2.39%, and the electrolytic aluminum output was 374.21 million tons, a month - on - month increase of 3.52% [9]. Aluminum Alloy - **Price and Spread**: The SMM ADC12 price increased by 0.70% to 21650 yuan/ton, and the scrap - to - refined aluminum price difference in some regions increased [11]. - **Fundamental Data**: In October, the recycled aluminum alloy ingot output decreased by 2.42%, and the primary aluminum alloy ingot output increased by 1.06% [11]. Nickel - **Price and Basis**: The SMM 1 electrolytic nickel price increased by 0.17% to 120650 yuan/ton, and the import loss was - 1765 yuan/ton [13]. - **Supply and Inventory**: The domestic refined nickel output increased, and the LME inventory decreased by 0.47% [13]. Stainless Steel - **Price and Spread**: The 304/2B (Wuxi Hongwang 2.0 coil) price increased by 0.39% to 12750 yuan/ton, and the nickel - iron price decreased by 0.22% [16]. - **Fundamental Data**: The 300 - series stainless - steel crude steel output in China increased by 0.38%, and the social inventory increased by 1.73% [16]. Lithium Carbonate - **Price and Basis**: The SMM battery - grade lithium carbonate price increased by 1.26% to 84350 yuan/ton, and the lithium spodumene concentrate price increased by 1.73% [17]. - **Fundamental Data**: In October, the lithium carbonate output was 92260 tons, a month - on - month increase of 5.73%, and the demand increased by 8.70% [17]. Industrial Silicon - **Spot Price and Basis**: The East China oxygen - containing S15530 industrial silicon price remained unchanged at 9500 yuan/ton, and the basis increased [18]. - **Fundamental Data (Monthly)**: The national industrial silicon output was 45.22 million tons, a month - on - month increase of 7.46%, and the social inventory decreased by 1.09% [18]. Polysilicon - **Spot Price and Basis**: The N - type re - feed material average price remained unchanged at 52150 yuan/ton, and the N - type silicon wafer price was stable [19]. - **Fundamental Data**: The polysilicon output was 13.40 million tons, a month - on - month increase of 3.08%, and the inventory increased by 3.09% [19].

Report Summary 1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Views of the Report - **Overall Market**: The A-share market showed a general upward trend on Thursday, with cyclical sectors performing actively and some high-dividend sectors slightly correcting. The bond market was affected by the strong performance of the risk market, and the precious metal market experienced a decline after an initial rise. The shipping index fluctuated, and various commodity futures markets had different trends [2][5][7]. - **Investment Suggestions**: For stock index futures, it is recommended to wait for stabilization and mainly adopt a wait-and-see approach. For bond futures, it is advisable to wait for the release of economic data and consider going long on dips. For precious metals, it is recommended to buy on dips. For various commodity futures, different trading strategies are proposed according to their respective market conditions [4][6][8]. 3. Summary by Directory Financial Derivatives - Financial Futures - **Stock Index Futures**: The A-share market rose across the board on Thursday, with major indices closing in the green. The four major stock index futures contracts also rose, and the basis spread of the main contracts fluctuated narrowly. It is recommended to wait for stabilization and mainly adopt a wait-and-see approach [2][3][4]. - **Treasury Bond Futures**: Treasury bond futures closed down across the board, and the yields of major interest rate bonds mostly rose. The market is currently in a tug-of-war between multiple and short factors, and it is necessary to pay attention to the implementation of the new regulations on bond fund redemption fees and the fermentation of broad monetary policy expectations. It is recommended to go long on dips [5][6]. Financial Derivatives - Precious Metals - **Gold and Silver**: The US government ended its shutdown, and Fed officials were cautious about a December rate cut, causing precious metals to rise initially and then fall. In the medium and long term, precious metals are expected to enter a bull market. It is recommended to buy on dips [7][8]. Financial Derivatives - Container Shipping Index (European Line) - **EC**: The spot price is cold, and the futures market is expected to fluctuate within the range of 1650 - 1850 points. It is recommended to conduct band operations [11][12]. Commodity Futures - Non-ferrous Metals - **Copper**: The liquidity risk has eased, and the copper price is expected to fluctuate strongly. It is recommended to pay attention to the Fed's rate cut rhythm and Sino-US tariff situation [12][13][15]. - **Alumina**: The market is in a state of loose supply and demand, and the price is expected to fluctuate weakly. It is necessary to pay attention to the production reduction trend of high-cost enterprises [15][16][17]. - **Aluminum**: The market shows a strong macro-drive and weak fundamental support. The price is expected to fluctuate widely, and it is recommended to short on rallies [18][20][21]. - **Aluminum Alloy**: The price is expected to maintain a strong and volatile trend, and it is necessary to pay attention to the improvement of scrap aluminum supply and downstream procurement rhythm [21][23][24]. - **Zinc**: The price is expected to fluctuate, and it is recommended to pay attention to the improvement of demand and the change of inventory [24][25][27]. - **Tin**: The supply side remains tight, and the price is expected to fluctuate strongly. It is recommended to hold long positions [27][30][31]. - **Nickel**: The market is in a state of more short-term and long-term factors, and the price is expected to fluctuate weakly. It is recommended to pay attention to macro expectations and Indonesian industrial policies [32][33][34]. - **Stainless Steel**: The market is in a state of weak macro-drive and strong fundamental pressure, and the price is expected to fluctuate weakly. It is recommended to pay attention to macro expectations and steel mill supply [34][36][37]. - **Lithium Carbonate**: The market is in a state of strong supply and demand expectations, and the price is expected to fluctuate. It is recommended to pay attention to the resumption of production of large factories and the marginal change of demand [37][40][41]. - **Polysilicon**: The market is in a state of high price and weak supply and demand, and the price is expected to fluctuate at a high level. It is recommended to pay attention to the establishment of platform companies and the change of demand [41][43]. - **Industrial Silicon**: The market is in a state of supply pressure and cost support, and the price is expected to fluctuate at a low level. It is recommended to pay attention to the implementation of organic silicon production reduction [44][46]. Commodity Futures - Ferrous Metals - **Steel**: The overall demand for five major steel products declined, and steel mills reduced production. The inventory continued to be destocked. It is recommended to short on rallies and hold the long coking coal and short hot-rolled coil arbitrage [47][48][49]. - **Iron Ore**: The iron ore market fluctuated. The global shipment volume decreased, the port arrival volume decreased, and the port inventory increased. It is recommended to wait and see on a single side and partially take profit on the long coking coal and short iron ore arbitrage [50][51]. - **Coking Coal**: The coking coal market showed a low-level volatile trend. The supply is expected to increase, and the demand for replenishment is weak. It is recommended to view it as a volatile market and conduct a 1 - 5 positive spread arbitrage [52][55]. - **Coke**: The coke market showed a low-level volatile trend. The fourth round of price increases was partially implemented, and there is still an expectation of price increases. It is recommended to view it as a volatile market and conduct a 1 - 5 positive spread arbitrage [56][58]. Commodity Futures - Agricultural Products - **Meal**: The domestic soybean meal spot market price was stable with an upward adjustment, and the rapeseed meal market price decreased. It is recommended to pay attention to the repair of crushing margins and the adjustment of the US Department of Agriculture's monthly supply and demand report [59].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - China has a large natural gas supply gap, making it a major importer with an import dependency of 40% - 44% in recent years. The import volume far exceeds the export volume, but both show an overall increasing trend. The import forms are pipeline gas and liquefied natural gas (LNG), with the LNG import volume growing faster and exceeding the pipeline gas volume since 2017 [1][6]. - The export volume of natural gas in China is much lower than the import volume, but it shows an overall increasing trend. Pipeline gas is the main form of export, and the export destinations are Hong Kong and Macau. The export of LNG started in 2018, driven by domestic supply - demand conditions and international market premiums [7]. - The import volume of China's pipeline gas has increased steadily, and the import price may be highly correlated with international oil prices. The import sources are mainly from Russia and Turkmenistan. The LNG import volume has grown rapidly, with diversified sources and long - term contracts accounting for a large proportion [2][17]. Summary by Relevant Catalogs 1. China's Basic Situation of Natural Gas Import and Export - Supply gap: In 2015, the domestic natural gas supply gap was 663 billion cubic meters, and it expanded to 1768 billion cubic meters in 2024, driving up the import demand [6]. - Import volume: From 2015 to 2024, the import volume increased from 611 billion cubic meters to 1817 billion cubic meters, with a compound growth rate of 11.5%. In 2024, the main import sources were Russia, Australia, Turkmenistan, Qatar, and Malaysia, accounting for 81% of the total import volume [6]. - Import dependency: Since 2018, the import dependency has been in the range of 40% - 44% [6]. - Export volume: From 2015 to 2024, the export volume increased from 33 billion cubic meters to 60 billion cubic meters, with a compound growth rate of 6.2%. The export is mainly pipeline gas, and the export destinations are Hong Kong and Macau. The export of LNG started in 2018, and it is expected to grow in the long - term [7]. 2. The Full Operation of Three Existing On - shore Import Channels and the Steady Growth of China's Pipeline Gas Import Volume - Import volume growth: From 2015 to 2024, the import volume increased from 2468 thousand tons to 5369 thousand tons, with a compound growth rate of 8.1% [2][11]. - Import sources: The import countries are Turkmenistan, Uzbekistan, Kazakhstan, Myanmar, and Russia. In 2024, the import amounts from Turkmenistan and Russia were 9.57 billion and 8.04 billion US dollars respectively, accounting for 83.5% of the total import amount [11]. - Import pipelines: There are three import pipelines: the Central Asian Gas Pipeline, the China - Myanmar Gas Pipeline, and the Eastern Route of the China - Russia Gas Pipeline. The Central Asian Gas Pipeline has four lines (ABC are in operation, D is under construction), the China - Myanmar Gas Pipeline enhances the energy security of south - western China, and the Eastern Route of the China - Russia Gas Pipeline improves the gas supply in the northeast and east of China and optimizes the import structure [12][13][16]. - Price: The import price of pipeline gas may be highly correlated with international oil prices, with a lag of about 6 months and a correlation coefficient of 0.93 [17]. 3. Diverse Sources and Long - term Contracts Dominating: China Becomes the World's Largest LNG Importer - Import volume growth: From 2006 to 2024, the import volume increased from 68,800 tons to 7,664,900 tons, with a compound growth rate of 29.9%. It can be divided into two stages: high - speed growth from 2006 - 2021 and a significant slowdown from 2022 - 2025 [21]. - Import sources: The sources are diverse, with more than 15 countries. The main sources are Australia, Qatar, Russia, Malaysia, the United States, and Indonesia, accounting for 89% of the total import volume in 2024. The import volume from different countries shows different trends [22]. - Import structure: Long - term contracts dominate, accounting for 87.4% of the total LNG import volume in 2024. More domestic procurement units are participating in international LNG procurement, and state - owned enterprises have signed a large number of long - term contracts after the Russia - Ukraine conflict [23].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The US dollar index has strengthened recently, suppressing the performance of risk assets, but domestic stock index futures show strong resilience. Treasury bond futures are expected to be supported by a loose monetary policy. Precious metals are likely to continue rising due to factors such as a dovish Fed and tight inventory. Various commodity futures are expected to fluctuate within certain ranges, and different trading strategies are recommended for each [3]. 3. Summary by Related Catalogs Financial Sector - **Stock Index Futures**: A-share market is in a repricing adjustment after the third - quarter reports. It is recommended to wait and see, and consider a bull put spread option strategy in case of a sharp one - day decline [3]. - **Treasury Bond Futures**: The 10 - year Treasury bond active bond 250016.IB may fluctuate between 1.75% - 1.82%. It is recommended to go long on dips [3]. - **Precious Metals**: Gold and silver prices are expected to rise. Gold's short - term resistance is around $4190 (956 yuan), and silver remains strong above $51 (11800 yuan). Buying call options and taking profits on rallies is recommended [3]. - **Container Shipping Index (European Line)**: The EC2512 contract is expected to fluctuate between 1650 - 1850 in the short term [3]. Black Sector - **Steel**: For the RB2601 contract, hold the long - coking coal and short - hot - rolled coil arbitrage, and stay on the sidelines for single - side trading [3]. - **Iron Ore**: The I2601 contract is expected to fluctuate between 750 - 800. It is recommended to hold the long - coking coal and short - iron ore arbitrage [3]. - **Coking Coal**: The JM2601 contract is expected to fluctuate between 1170 - 1290. Consider a 1 - 5 coking coal calendar spread arbitrage [3]. - **Coke**: The J2601 contract is expected to fluctuate between 1650 - 1780. Consider a 1 - 5 coke calendar spread arbitrage [3]. Non - ferrous Sector - **Copper**: The CU2512 contract is in a narrow - range oscillation, with the main support around 86500 [3]. - **Aluminum and Related Products**: The AL2601 contract is testing the 22000 resistance level. Other aluminum - related contracts have their respective price ranges and trading suggestions [3]. - **Zinc**: The ZN2512 contract is expected to fluctuate between 22300 - 23000 [3]. - **Tin**: Hold long positions in the SN2512 contract as the supply side remains tight [3]. - **Nickel**: The NI2512 contract is expected to fluctuate between 118000 - 124000 [3]. - **Stainless Steel**: The SS2512 contract is expected to fluctuate between 12400 - 12800 [3]. - **Industrial Silicon**: The Si2601 contract is expected to fluctuate between 8500 - 9500 [3]. New Energy and Chemical Sector - **Polysilicon**: The PS2601 contract is expected to fluctuate between 50000 - 58000 due to rumors of a storage platform [3]. - **Lithium Carbonate**: The LC2601 contract is in a wide - range adjustment. Pay attention to the performance at the previous high [3]. - **PX**: The PX2601 contract is expected to fluctuate between 6200 - 6800. Reduce long positions on rallies [3]. - **PTA**: The TA2601 contract is expected to fluctuate between 4300 - 4800. Reduce long positions and consider a 1 - 5 rolling reverse spread [3]. - **Short - fiber**: The PF2512 contract's processing fee is expected to fluctuate between 800 - 1100. Shrink the spread on rallies [3]. - **Bottle Chip**: The PR2601 contract's processing fee is expected to fluctuate between 300 - 450 yuan/ton. Its single - side trading is similar to PTA [3]. - **Ethanol**: Hold out - of - the - money call options with a strike price of no less than 4100 for the EG2601 contract and consider a 1 - 5 reverse spread on rallies [3]. - **Benzene**: The BZ2603 contract is expected to be shorted on rallies following the oil price [3]. - **Styrene**: The EB2512 contract's price is expected to be shorted on rebounds [3]. - **LLDPE**: Pay attention to the inflection point of inventory reduction for the L2601 contract [3]. - **PP**: Stay on the sidelines for the PP2601 contract as trading volume has improved and the basis has strengthened [3]. - **Methanol**: Pay attention to the opportunity of narrowing the MTO spread for the 05 contract of the MA2601 contract [3]. - **Caustic Soda**: Stay on the sidelines for the SH2601 contract in the short term [3]. - **PVC**: Adopt a short - selling strategy for the V2601 contract as the supply - demand imbalance persists [3]. - **Soda Ash**: Wait for the opportunity to short on rebounds for the SA2601 contract [3]. - **Glass**: Treat the FG2601 contract as weak in the short term as spot sales have weakened [3]. - **Natural Rubber**: Stay on the sidelines for the RU2601 contract as short - term driving factors are limited [3]. - **Synthetic Rubber**: Adopt a short - selling strategy on rallies for the BR2601 contract in the medium term, and pay attention to the 10800 resistance level [3]. Agricultural Sector - **Meal**: Consider a 1 - 5 reverse spread for the M2601 and RM601 contracts and wait for the USDA report [3]. - **Pig**: Hold a 3 - 7 reverse spread for the LH2601 contract as the previous low provides support [3]. - **Corn**: Pay attention to the 2200 resistance level for the C2601 contract as the supply is temporarily tight [3]. - **Oil**: The P contract may reach 8900 in the short term. Pay attention to the bio - diesel policy and the USDA monthly report [3]. - **Sugar**: The SR2601 contract is expected to fluctuate between 5400 - 5550 [3]. - **Cotton**: The CF2601 contract is expected to fluctuate between 13400 - 13600 [3]. - **Egg**: Hold short positions in the 2512 contract of the JD2601 contract as the supply is still abundant [3]. - **Apple**: The AP2601 contract may reach the previous high of 9300 [3]. - **Jujube**: The CJ2601 contract is expected to weaken [3].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report The report comprehensively analyzes various financial and commodity futures markets, including stock index futures, treasury bond futures, precious metals, container shipping indices, and multiple metal and energy - chemical commodities. It presents the current market conditions, influencing factors, and provides corresponding operation suggestions for each market. Summary by Directory Financial Derivatives - Financial Futures Stock Index Futures - Market situation: On Wednesday, A - share major indices fluctuated narrowly, with the high - dividend value sector remaining strong. The insurance, energy equipment, and trade sectors rose, while the export chain and power - related industries declined. Among the four major stock index futures contracts, most followed the index decline, and the basis discounts of the main contracts expanded [2][3]. - News: The Shanghai Stock Exchange International Investors Conference was launched on November 12. The China Securities Regulatory Commission will deepen comprehensive investment and financing reforms. Japan's Prime Minister's economic stimulus plan is expected to be finalized later this month [3][4]. - Fund flow: On November 12, A - share trading volume decreased by about 50 billion yuan, with a total turnover of 1.95 trillion yuan. The central bank conducted 195.5 billion yuan of 7 - day reverse repurchase operations, with a net investment of 130 billion yuan [4]. - Operation suggestion: The US dollar index has strengthened recently, suppressing risk assets, but domestic stock indices are resilient. It is recommended to wait for stabilization and mainly adopt a wait - and - see approach. In case of a deep decline, a bull spread of put options can be arranged [4]. Treasury Bond Futures - Market performance: Treasury bond futures closed up across the board, and the yields of major inter - bank interest - rate bonds mostly declined [5][6]. - Fund flow: The central bank conducted 195.5 billion yuan of 7 - day reverse repurchase operations on November 12, with a net investment of 130 billion yuan. The inter - bank market funds improved, and the overnight repurchase rate of deposit - taking institutions decreased [6]. - Operation suggestion: As the capital pressure eases marginally, the bond market is in a tug - of war between multiple and short factors. It is recommended to go long on dips [7]. Financial Derivatives - Precious Metals - Market review: Fed officials released dovish signals, and the low inventory continued to drive up the prices of gold and silver. International gold and silver prices rose, with international silver showing a stronger increase [8][10][11]. - Future outlook: The probability of the Fed cutting interest rates in December increases after the end of the government "shutdown". Geopolitical and other risks drive more central banks to increase gold holdings, and precious metals are expected to continue to strengthen [11]. Financial Derivatives - Container Shipping Index (European Line) - Spot quotation: As of November 4, the freight quotes for Shanghai - Europe basic ports varied among different shipping companies. As of November 10, the SCFIS European line index rose by 24.5% month - on - month [12]. - Fundamental situation: As of November 10, the global container total capacity increased by 7.34% year - on - year. The eurozone's October composite PMI was 52.2, and the US October manufacturing PMI was 48.7 [12]. - Logic and operation suggestion: The futures market is expected to fluctuate between 1700 - 1800 points, and it is recommended to conduct band operations. The short - term operation range is 1650 - 1850 [13]. Commodity Futures - Non - ferrous Metals Copper - Spot: As of November 12, the average price of SMM electrolytic copper was 86,795 yuan/ton, with the price in Guangdong slightly lower. The downstream orders improved after the price correction [13]. - Macro: The previous high balance of the US Treasury TGA account tightened market liquidity, but it is expected to improve after the end of the government shutdown [14]. - Supply: The spot TC of copper concentrate is at a low level. In October, the production of electrolytic copper decreased, and it is expected to decline slightly in November. Attention should be paid to the price trend of sulfuric acid [14]. - Demand: The operating rates of copper rod processing increased. The downstream has a certain tolerance for price increases, and the demand has strong resilience [15]. - Inventory: LME and domestic social inventories decreased, while COMEX inventory increased [15]. - Logic and operation suggestion: The copper price is expected to fluctuate. The main contract should focus on the support at 86,500 [16]. Alumina - Spot: On November 12, the spot prices of alumina in different regions showed different trends, with the overall supply pattern becoming looser and the price showing a downward trend [16]. - Supply: In October, the production of metallurgical - grade alumina increased year - on - year. It is expected that the supply will remain in surplus in November, and high - cost enterprises may reduce production [17]. - Inventory: The port inventory decreased, the factory inventory of electrolytic aluminum increased, and the total registered volume of warehouse receipts increased [17]. - Logic and operation suggestion: The alumina price is expected to be weak and fluctuate, with the main contract operating in the range of 2750 - 2900 yuan/ton [19]. Aluminum - Spot: On November 12, the average price of SMM A00 aluminum increased, but the actual transaction volume was small at high prices [19]. - Supply: In October, the production of electrolytic aluminum increased, and the proportion of molten aluminum rose. It is expected that the daily output of aluminum ingots may decline slightly in November [20]. - Demand: The downstream is in the traditional peak season, but the operating rates of processing products declined [20]. - Inventory: The domestic mainstream consumption area inventory remained unchanged, and the LME inventory decreased [20]. - Logic and operation suggestion: The aluminum price will fluctuate in the short term, testing the pressure level of 22,000. It is recommended to short on rallies [21]. Aluminum Alloy - Spot: On November 12, the spot price of SMM aluminum alloy ADC12 remained unchanged [21]. - Supply: In October, the production of recycled aluminum alloy ingots decreased, and it is expected that the operating rate will decline slightly in November due to the shortage of scrap aluminum [22]. - Demand: In October, the demand showed a mild recovery, but the demand transmission in the terminal field was not smooth, and high prices suppressed the purchasing willingness [22]. - Inventory: The social inventory increased, and the total registered volume of warehouse receipts increased [22]. - Logic and operation suggestion: The ADC12 price is expected to be strong and fluctuate, with the main contract operating in the range of 20,800 - 21,400 yuan/ton. An arbitrage strategy of going long on AD01 and short on AL01 can be considered when the spread is above 550 [24]. Zinc - Spot: On November 12, the average price of SMM 0 zinc ingots decreased, and the downstream demand was weak [24]. - Supply: The zinc ore processing fee is expected to continue to decline, and the production of refined zinc may decline in November. The export space is open, and the supply pressure is limited [25]. - Demand: The operating rates of primary processing industries declined, and the overall demand did not exceed expectations. The export of refined zinc may boost the domestic price [26]. - Inventory: The domestic social inventory decreased, and the LME inventory increased [26]. - Logic and operation suggestion: The zinc price is expected to fluctuate, with the main contract operating in the range of 22,300 - 23,000 [27]. Tin - Spot: On November 12, the price of SMM 1 tin increased, but the actual transaction volume was limited, and the downstream was mainly in a wait - and - see state [27]. - Supply: In September, the import of tin ore and tin ingots showed different trends. The supply from Myanmar improved, but the overall supply remained tight [28]. - Demand and inventory: In October, the operating rate of solder decreased. The LME inventory increased, the warehouse receipts of the Shanghai Futures Exchange decreased, and the social inventory increased [29]. - Logic and operation suggestion: The tin price is expected to be strong and fluctuate. It is recommended to hold long positions [30]. Nickel - Spot: As of November 12, the average price of SMM1 electrolytic nickel decreased [30]. - Supply: In October, the production of refined nickel decreased, but it was still at a high level [31]. - Demand: The demand for electroplating and alloys is relatively stable, the demand for stainless steel is general, and the demand for nickel sulfate has short - term support but limited long - term sustainability [31]. - Inventory: Both domestic and overseas inventories increased, with the LME inventory remaining at a high level [31]. - Logic and operation suggestion: The nickel price is expected to be weak and fluctuate, with the main contract operating in the range of 118,000 - 124,000 [33]. Stainless Steel - Spot: As of November 12, the prices of 304 cold - rolled stainless steel in Wuxi and Foshan showed different trends, and the basis decreased [33]. - Raw materials: The price of nickel ore is stable, the price of nickel iron is under pressure, and the price of ferrochrome is weak [34]. - Supply: In October, the production of stainless steel increased, and it is expected to decrease in November. The production of 300 - series stainless steel remains at a high level [34]. - Inventory: The social inventory decreased slightly, and the warehouse receipt quantity decreased [35]. - Logic and operation suggestion: The stainless steel price is expected to be weak and fluctuate, with the main contract operating in the range of 12,400 - 12,800 [36]. Lithium Carbonate - Spot: As of November 12, the prices of battery - grade and industrial - grade lithium carbonate increased, but the trading volume was light [37]. - Supply: In October, the production of lithium carbonate increased, and last week's production data also increased slightly, mainly driven by lithium - spodumene and mica production [38]. - Demand: The demand is generally optimistic, with the production schedules of iron - lithium and ternary materials expected to increase. Attention should be paid to the marginal change in demand after November [38]. - Inventory: The overall inventory decreased, with the upstream and downstream inventories both decreasing [39]. - Logic and operation suggestion: The lithium carbonate price is expected to fluctuate widely. It is recommended to wait and see [40]. Polysilicon - Spot price: The spot price of polysilicon stabilized, and the price of silicon wafers continued to decline [41]. - Supply: In November, the production of polysilicon is expected to decline [41]. - Demand: The downstream demand is expected to decline, and each link still has an inventory build - up expectation [42]. - Inventory: The inventory decreased, and the warehouse receipts increased [42]. - Logic and operation suggestion: The polysilicon price is expected to fluctuate at a high level. Attention should be paid to the support of the spot price [43]. Industrial Silicon - Spot price: On November 12, the prices of industrial silicon in different regions remained unchanged [44]. - Supply: In October, the production of industrial silicon increased, and it is expected to decline in November [45]. - Demand: The demand is expected to decline slightly, mainly due to the decrease in polysilicon production [45]. - Inventory: The futures warehouse receipts and social inventory decreased, while the factory inventory increased [45]. - Logic and operation suggestion: The industrial silicon price is expected to fluctuate at a low level, with the main price range between 8,500 - 9,500 yuan/ton [46]. Commodity Futures - Ferrous Metals Steel - Spot: The spot price remained stable, and the basis weakened [46]. - Cost and profit: The cost of iron elements has weak support, while the cost of carbon elements has support. The profit of steel products has declined recently [46]. - Supply: From January to September, the production of iron elements increased. In October - November, the production of molten iron decreased, and the production of five major steel products also decreased [47]. - Demand: The domestic demand is still weak, and the export is at a high level. The apparent demand has declined [48]. - Inventory: The inventory of five major steel products decreased, with the inventory of hot - rolled coils increasing [48]. - Viewpoint: It is recommended to continue to hold the long - coking coal and short - hot - rolled coil arbitrage. For single - side operations, it is recommended to wait and see [48]. Iron Ore - Spot and futures: As of November 12, the spot price of mainstream iron ore powder increased, and the futures price also rose [49][50]. - Demand: The daily output of molten iron decreased, the blast furnace operating rate increased slightly, and the steel mill profit rate decreased [50]. - Supply: The global shipment volume and the arrival volume at 45 ports decreased [50]. - Inventory: The port inventory increased, the daily unloading volume increased slightly, and the steel mill's imported ore inventory increased [51]. - Viewpoint: The iron ore price is expected to be weak. It is recommended to partially take profit on the long - coking coal and short - iron ore arbitrage [51]. Coking Coal - Futures and spot: As of November 12, the coking coal futures fluctuated at a low level, the price of Shanxi coking coal was strong, and the price of Mongolian coal declined [52]. - Supply: The production capacity utilization rate of some sample coal mines increased, and the production of raw coal and clean coal increased [53]. - Demand: The production of coke and molten iron decreased, and the steel mill profit rate decreased [54]. - Inventory: The overall inventory increased moderately, with coal mines and steel mills reducing inventory and other links increasing inventory [55]. - Viewpoint: The coking coal price is expected to fluctuate. It is recommended to conduct a 1 - 5 positive spread arbitrage [56]. Coke - Futures and spot: As of November 12, the coke futures fluctuated at a low level. The third - round price increase of coke was implemented, and the fourth - round increase was initiated [57][60]. - Profit: The average profit of independent coking plants was negative [59]. - Supply: The production of coke decreased [59]. - Demand: The production of molten iron decreased, and the steel mill profit was low, suppressing the price increase of coke [59]. - Inventory: The inventory of coking plants, ports, and steel mills decreased slightly [59]. - Viewpoint: The coke price is expected to fluctuate. It is recommended to conduct a 1 - 5 positive spread arbitrage [60].

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - In the context of a weak supply - demand pattern, the log futures market is expected to continue its weak and volatile operation. The supply of logs is expected to increase this week, and the spot price is declining, putting pressure on the market. However, the current futures price is relatively low, and the significant inversion between domestic and foreign prices provides some support from import costs, limiting the downside space of the futures price [2][3] 3. Summary According to Relevant Catalogs 3.1 Futures and Spot Prices - **Futures Prices**: On November 12, 2025, the prices of log futures contracts showed minor fluctuations. For example, the price of log 2601 was 778.5 yuan/cubic meter, up 2 yuan/cubic meter from the previous day, with a daily increase of 0.26%. The price of log 2603 was 792.5 yuan/cubic meter, up 1 yuan/cubic meter, with a daily increase of 0.13%. The price of log 2605 was 812 yuan/cubic meter, up 1.5 yuan/cubic meter, with a daily increase of 0.19%. The price of log 2511 remained unchanged at 740 yuan/cubic meter [1] - **Spot Prices**: The spot prices of various types of logs in ports such as Rizhao and Taicang remained stable on November 12, 2025, with no price changes compared to the previous day. For instance, the price of 3.9A small - sized radiata pine in Rizhao Port was 700 yuan/cubic meter, and the price of 4A small - sized radiata pine in Taicang Port was 710 yuan/cubic meter [1] - **Foreign Quotes**: As of November 14 and November 7, the CFR prices of radiata pine 4 - meter medium A and spruce 11.8 - meter remained unchanged at 116 US dollars/JAS cubic meter and 126 euros/JAS cubic meter respectively [1] - **Cost Calculation**: On November 12, 2025, the RMB - US dollar exchange rate was 7.121 yuan, down 0.003 from the previous day, with a decrease of 0%. The import theoretical cost was 811.82 yuan, down 0.34 yuan from the previous day, with a decrease of 0% [1] 3.2 Supply - **Monthly Supply**: In October 2025, the port throughput was 201.3 million cubic meters, an increase of 24.7 million cubic meters from September, with a growth rate of 13.99%. The number of ships arriving at the port from New Zealand to China, Japan, and South Korea increased from 46 to 54, with a growth rate of 17.39% [1] - **Weekly Forecast**: From November 10 - 16, 2025, the number of pre - arriving New Zealand log ships at 13 Chinese ports was 12, a decrease of 4 from the previous week, with a week - on - week decrease of 25%. The total arrival volume was about 39.5 million cubic meters, a decrease of 13.6 million cubic meters from the previous week, with a week - on - week decrease of 26% [2] 3.3 Inventory - **Weekly Inventory**: As of November 7, 2025, the total inventory of logs in major Chinese ports was 293 million cubic meters, an increase of 5 million cubic meters from October 31, with a growth rate of 1.74%. In Shandong, the inventory was 191.5 million cubic meters, an increase of 3.2 million cubic meters, with a growth rate of 1.70%. In Jiangsu, the inventory was 82.45 million cubic meters, an increase of 0.2 million cubic meters, with a growth rate of 0.24% [1][2] 3.4 Demand - **Weekly Demand**: As of November 7, 2025, the daily average log出库 volume in China was 6.63 million cubic meters, an increase of 0.35 million cubic meters from October 31, with a growth rate of 6%. In Shandong, it was 3.79 million cubic meters, an increase of 0.6 million cubic meters, with a growth rate of 19%. In Jiangsu, it was 2.28 million cubic meters, a decrease of 0.15 million cubic meters, with a decrease rate of - 6% [2]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints No clear core viewpoints are presented in the given content, which mainly lists the prices, basis, basis rates, and historical quantiles of various futures and spot commodities. 3. Summary by Categories Ferrous Metals - For silicon - iron (SF601), the spot price is 5490 with a 1.24% change, and the futures price is 5490, with a basis of 0 and a basis rate of 0%. The historical quantile is 64.10% [1]. - For silicon - manganese (SM601), the spot price is 5870, and the futures price is 5762, with a basis of 108 and a basis rate of 1.87%. The historical quantile is 45.50% [1]. - For HRB400 20mm rebar (RB2601), the spot price is 3190 with a 5.00% change, and the futures price is 3038, with a basis of 152 and a basis rate of 5.00%. The historical quantile is 63.70% [1]. - For Q235B hot - rolled coil (HC2601), the spot price is 3270, and the futures price is 3255, with a basis of 15 and a basis rate of 0.46%. The historical quantile is 23.80% [1]. - For iron ore (I2601), the spot price is 842 with an 8.74% change, and the futures price is 774, with a basis of 68 and a basis rate of 8.74%. The historical quantile is 53.10% [1]. - For coke (J2601), the spot price is 1700, and the futures price is 1690, with a basis of 10 and a basis rate of 0.61%. The historical quantile is 68.29% [1]. - For coking coal (JM2601), the spot price is 1301, and the futures price is 1219, with a basis of 82 and a basis rate of 6.73%. The historical quantile is 46.80% [1]. Non - Ferrous Metals - For copper (CU2512), the spot price is 86840, and the futures price is 86795, with a basis of 45 and a basis rate of 0.05%. The historical quantile is 39.16% [1]. - For aluminum (AL2601), the spot price is 21880, and the futures price is 21670, with a basis of 210 and a basis rate of 0.96%. The historical quantile is 4.37% [1]. - For zinc (ZN2512), the spot price is 22680, and the futures price is 22540, with a basis of 140 and a basis rate of 0.62%. The historical quantile is 25.62% [1]. - For tin (SN2512), the spot price is 292440, and the futures price is 291000, with a basis of 1440 and a basis rate of 0.49%. The historical quantile is 16.04% [1]. - For nickel (NI2512), the spot price is 119000, and the futures price is 118710, with a basis of 290 and a basis rate of 0.24%. The historical quantile is 70.83% [1]. - For stainless steel (SS2601), the spot price is 12870, and the futures price is 12425, with a basis of 445 and a basis rate of 3.58%. The historical quantile is 84.12% [1]. - For lithium carbonate (LC2601), the spot price is 86580, and the futures price is 83300, with a basis of 3280 and a basis rate of 3.79%. The historical quantile is 16.07% [1]. - For industrial silicon (SI2601), the spot price is 9500, and the futures price is 9195, with a basis of 305 and a basis rate of 3.21%. The historical quantile is 23.35% [1]. Precious Metals - For gold (AU2512), the spot price is 945.8, and the futures price is 944.3, with a basis of 1.5 and a basis rate of 0.16%. The historical quantile is 55.40% [1]. - For silver (AG2512), the spot price is 12092.0, and the futures price is 12073.0, with a basis of 19.0 and a basis rate of 0.16%. The historical quantile is 98.50% [1]. Agricultural Products - For soybean meal (M2601), the spot price is 3059.0, and the futures price is 3000, with a basis of 59.0 and a basis rate of 1.93%. The historical quantile is 28.80% [1]. - For soybean oil (Y2601), the spot price is 8470, and the futures price is 8288.0, with a basis of 182.0 and a basis rate of 2.20%. The historical quantile is 36.80% [1]. - For palm oil (P2601), the spot price is 8744.0, and the futures price is 8710, with a basis of 34.0 and a basis rate of 0.39%. The historical quantile is 15.90% [1]. - For rapeseed meal (RM601), the spot price is 2610, and the futures price is 2494.0, with a basis of 116.0 and a basis rate of 4.65%. The historical quantile is 67.70% [1]. - For rapeseed oil (OI601), the spot price is 10180, and the futures price is 9840.0, with a basis of 340.0 and a basis rate of 3.46%. The historical quantile is 83.50% [1]. - For corn (C2601), the spot price is 2190, and the futures price is 2177.0, with a basis of 13.0 and a basis rate of 0.60%. The historical quantile is 48.70% [1]. - For corn starch (CS2601), the spot price is 2550, and the futures price is 2490.0, with a basis of 60.0 and a basis rate of 2.41%. The historical quantile is 26.50% [1]. - For live pigs (LH2601), the spot price is 11850, and the futures price is 11795.0, with a basis of 55.0 and a basis rate of 0.47%. The historical quantile is 45.60% [1]. - For eggs (JD2512), the spot price is 3063.0, and the futures price is 2840, with a basis of 223.0 and a basis rate of 7.28%. The historical quantile is 16.70% [1]. - For cotton (CF601), the spot price is 14670, and the futures price is 13515.0, with a basis of 1155.0 and a basis rate of 8.55%. The historical quantile is 79.20% [1]. - For sugar (SR601), the spot price is 5760, and the futures price is 5478.0, with a basis of 282.0 and a basis rate of 5.15%. The historical quantile is 6.50% [1]. - For apples (AP601), the spot price is 9207.0, and the futures price is 8840, with a basis of 367.0 and a basis rate of 3.99%. The historical quantile is 6.70% [1]. - For red dates (CJ601), the spot price is 9365.0, and the futures price is 9000, with a basis of 365.0 and a basis rate of 3.90%. The historical quantile is 75.10% [1]. Energy and Chemicals - For paraxylene (PX601), the spot price is 6774.0, and the futures price is 6768.0, with a basis of 6.0 and a basis rate of 0.09%. The historical quantile is 25.30% [1]. - For PTA (TA601), the spot price is 4670.0, and the futures price is 4585.0, with a basis of 85.0 and a basis rate of 1.82%. The historical quantile is 21.50% [1]. - For ethylene glycol (EG2601), the spot price is 3945.0, and the futures price is 3891.0, with a basis of 54.0 and a basis rate of 1.39%. The historical quantile is 78.30% [1]. - For polyester staple fiber (PF602), the spot price is 6315.0, and the futures price is 6242.0, with a basis of 73.0 and a basis rate of 1.17%. The historical quantile is 61.80% [1]. - For styrene (EB2512), the spot price is 6330.0, and the futures price is 6306.0, with a basis of 24.0 and a basis rate of 0.38%. The historical quantile is 33.60% [1]. - For methanol (MA601), the spot price is 2108.0, and the futures price is 2072.0, with a basis of 36.0 and a basis rate of 1.71%. The historical quantile is 16.10% [1]. - For urea (UR601), the spot price is 1655.0, and the futures price is 1600.0, with a basis of 55.0 and a basis rate of 3.43%. The historical quantile is 3.90% [1]. - For LLDPE (L2601), the spot price is 6865.0, and the futures price is 6788.0, with a basis of 77.0 and a basis rate of 1.13%. The historical quantile is 45.80% [1]. - For PP (PP2601), the spot price is 6495.0, and the futures price is 6460.0, with a basis of 35.0 and a basis rate of 0.54%. The historical quantile is 35.00% [1]. - For PVC (V2601), the spot price is 4581.0, and the futures price is 4510.0, with a basis of 71.0 and a basis rate of 1.55%. The historical quantile is 65.60% [1]. - For caustic soda (SH601), the spot price is 2469.0, and the futures price is 2344.0, with a basis of 125.0 and a basis rate of 5.32%. The historical quantile is 68.50% [1]. - For LPG (PG2512), the spot price is 4498.0, and the futures price is 4358.0, with a basis of 140.0 and a basis rate of 3.14%. The historical quantile is 39.20% [1]. - For asphalt (BU2601), the spot price is 3063.0, and the futures price is 3020.0, with a basis of 43.0 and a basis rate of 1.40%. The historical quantile is 43.70% [1]. - For butadiene rubber (BR2601), the spot price is 10430.0, and the futures price is 10200.0, with a basis of 230.0 and a basis rate of 2.21%. The historical quantile is 9.20% [1]. - For glass (FG601), the spot price is 1049.0, and the futures price is 1028.0, with a basis of 21.0 and a basis rate of 2.04%. The historical quantile is 70.58% [1]. - For soda ash (SA601), the spot price is 1214.0, and the futures price is 1164.0, with a basis of 50.0 and a basis rate of 4.30%. The historical quantile is 21.21% [1]. - For natural rubber (RU2601), the spot price is 15220.0, and the futures price is 14750.0, with a basis of 470.0 and a basis rate of 3.19%. The historical quantile is 71.22% [1]. Financial Futures - For IF2512.CFE, the spot price is 4645.9, and the futures price is 4628.0, with a basis of 17.9 and a basis rate of 0.39%. The historical quantile is 25.70% [1]. - For IH2512.CFE, the spot price is 3044.3, and the futures price is 3042.8, with a basis of 1.5 and a basis rate of 0.05%. The historical quantile is 48.10% [1]. - For IC2512.CFE, the spot price is 7243.2, and the futures price is 7155.2, with a basis of 88.0 and a basis rate of 1.21%. The historical quantile is 5.30% [1]. - For IM2512.CFE, the spot price is 7486.4, and the futures price is 7369.8, with a basis of 116.6 and a basis rate of 1.58%. The historical quantile is 16.20% [1]. - For 2 - year Treasury bond futures (TS2512), the spot price is 102.47, and the futures price is 100.05, with a basis of 2.42 and a basis rate of 2.41%. The historical quantile is 21.60% [1]. - For 5 - year Treasury bond futures (TF2512), the spot price is 105.97, and the futures price is 100.05, with a basis of 5.92 and a basis rate of 5.92%. The historical quantile is 27.30% [1]. - For 10 - year Treasury bond futures (T2512), the spot price is 108.52, and the futures price is 106.59, with a basis of 1.93 and a basis rate of 1.81%. The historical quantile is 0.08% [1]. - For 30 - year Treasury bond futures (TL2512), the spot price is 131.43, and the futures price is 116.43, with a basis of 15.0 and a basis rate of 12.88%. The historical quantile is 28.90% [1].