Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Report's Core View The report presents the basis statistics of various futures on November 14, 2025, including the basis for the current month, next month, and the month after next, contract prices, spot prices, basis rates, and their changes compared to the previous day for different commodities across multiple sectors such as non - ferrous metals, ferrous metals, agricultural products, energy, and chemicals. 3. Summary by Commodity Categories Non - Ferrous Metals - Copper: The spot price is 87390, the basis rate is - 0.14%, and it decreased by - 0.21% compared to the previous day [4]. - Aluminum: For different types, the basis rates range from - 0.32% to - 1.02%, with changes from 0.12% to 0.40% compared to the previous day [4]. - Zinc: The spot price is 22655, the basis rate is - 0.11%, and it increased by 0.02% compared to the previous day [4]. - Tin: The spot price is 296000, the basis rate is - 0.24%, and it decreased by - 0.06% compared to the previous day [4]. - Nickel: The spot price is 120650, the basis rate is 1.52%, and it increased by 0.22% compared to the previous day [4]. - Industrial Silicon: The spot price is 9500, the basis rate is 3.49%, and it decreased by - 0.17% compared to the previous day [4]. - Lithium Carbonate: The spot price is 84370, the basis rate is - 4.52%, and it decreased by - 0.68% compared to the previous day [4]. Precious Metals - Gold: The spot price is 958.67, the basis rate is - 0.27%, and it decreased by - 0.11% compared to the previous day [4]. - Silver: The spot price is 12563, the basis rate is - 0.20%, and it decreased by - 0.36% compared to the previous day [4]. Ferrous Metals - Rebar: The spot price is 3139, the basis rate is 5.71%, and it increased by 0.38% compared to the previous day [4]. - Hot - Rolled Coil: The spot price is 3263, the basis rate is 0.80%, and it increased by 0.03% compared to the previous day [4]. - Iron Ore: The spot price is 821.5, the basis rate is 6.34%, and it increased by 0.21% compared to the previous day [4]. - Coke: The spot price is 1680, the basis rate is - 0.35%, and it decreased by - 0.43% compared to the previous day [4]. - Coking Coal: The spot price is 1214.0, the basis rate is 32.62%, and it increased by 0.54% compared to the previous day [4]. - Thermal Coal: The spot price is 830.0, the basis rate is 3.57%, and it increased by 0.37% compared to the previous day [4]. - Ferrosilicon: The spot price is 5160, the basis rate is - 6.28%, and it decreased by - 0.27% compared to the previous day [4]. - Silicomanganese: The spot price is 5872, the basis rate is 1.63%, and it increased by 0.11% compared to the previous day [4]. - Stainless Steel: The spot price is 12750, the basis rate is 2.20%, and it decreased by - 0.41% compared to the previous day [4]. Agricultural Products - Soybeans: The spot price is 3920, the basis rate is - 5.06%, and it decreased by - 0.05% compared to the previous day [4]. - Soybean Meal: The spot price is 3000, the basis rate is - 2.31%, and it decreased by - 0.38% compared to the previous day [4]. - Rapeseed Meal: The spot price is 2620, the basis rate is 5.14%, and it increased by 0.08% compared to the previous day [4]. - Edible Oils: For different types like soybean oil, rapeseed oil, etc., the basis rates range from 2.86% to 12.98%, with changes from - 0.35% to 11.78% compared to the previous day [4]. - Palm Oil: The spot price is 8570, the basis rate is - 2.08%, and it decreased by - 0.66% compared to the previous day [4]. - Corn: The spot price is 2205, the basis rate is 0.87%, and it increased by 0.27% compared to the previous day [4]. - Corn Starch: The spot price is 2510, the basis rate is 0.12%, and it decreased by - 0.68% compared to the previous day [4]. - Apples: The spot price is 8408, the basis rate is 17.93%, and it decreased by - 2.65% compared to the previous day [4]. - Eggs: The spot price is 2900, the basis rate is - 4.61%, and it increased by 0.72% compared to the previous day [4]. - Hogs: The spot price is 12000, the basis rate is 1.18%, and it increased by 0.71% compared to the previous day [4]. - Cotton: The spot price is 14819, the basis rate is 9.85%, and it decreased by - 0.03% compared to the previous day [4]. - Sugar: The spot price is 5760, the basis rate is 4.50%, and it decreased by - 0.65% compared to the previous day [4]. Energy and Chemicals - Methanol: The spot price is 2100, the basis rate is - 0.14%, and it decreased by - 0.14% compared to the previous day [4]. - Ethanol: The spot price is 4063, the basis rate is 1.49%, and it increased by 0.10% compared to the previous day [4]. - Crude Oil: The spot price is 421.4, the basis rate is - 6.24%, and it decreased by - 0.52% compared to the previous day [4]. - Short - Fiber: The spot price is 6360, the basis rate is 2.19%, and it increased by 0.29% compared to the previous day [4]. - PVC: The spot price is 5405, the basis rate is 17.86%, and it decreased by - 0.13% compared to the previous day [4]. - Rubber: The spot price is 14800, the basis rate is - 3.83%, and it decreased by - 0.75% compared to the previous day [4]. - 20 - Numbered Rubber: The spot price is 13212, the basis rate is 6.55%, and it decreased by - 1.58% compared to the previous day [4]. - Soda Ash: The spot price is 1194, the basis rate is - 3.63%, and it increased by 0.49% compared to the previous day [4]. - Urea: The spot price is 1610, the basis rate is - 2.90%, and it decreased by - 0.18% compared to the previous day [4]. - Pulp: The spot price is 5525, the basis rate is - 0.95%, and it decreased by - 0.16% compared to the previous day [4]. - Fuel Oil: The spot price is 2742, the basis rate is 5.66%, and it decreased by - 0.08% compared to the previous day [4]. - Asphalt: The spot price is 3010, the basis rate is - 0.63%, and it increased by 0.78% compared to the previous day [4]. - Low - Sulfur Fuel Oil: The spot price is 3170, the basis rate is 4.06%, and it increased by 5.05% compared to the previous day [4]. - Liquefied Petroleum Gas: The spot price is 4498, the basis rate is 4.02%, and it increased by 0.81% compared to the previous day [4]. - PTA: The spot price is 4585, the basis rate is - 2.45%, and it decreased by - 0.84% compared to the previous day [4]. - Polypropylene: The spot price is 6820, the basis rate is 5.25%, and it decreased by - 0.33% compared to the previous day [4]. - Styrene: The spot price is 6405, the basis rate is - 0.50%, and it decreased by - 0.48% compared to the previous day [4]. - Plastic: The spot price is 7100, the basis rate is 4.14%, and it decreased by - 0.46% compared to the previous day [4]. Financial Futures - CSI 300: The spot price is 4702.1, the basis rate is 0.54%, and it increased by 0.15% compared to the previous day [4]. - SSE 50: The spot price is 3073.7, the basis rate is 0.16%, and it increased by 0.11% compared to the previous day [4]. - China Securities 500: The spot price is 7355.3, the basis rate is 1.19%, and it decreased by - 0.04% compared to the previous day [4].

Group 1: Investment Ratings - No industry investment ratings are provided in the report. Group 2: Core Views - The report presents a comprehensive table of basis statistics for various futures on November 14, 2025, including base prices, contract prices, basis rates, and their daily changes for multiple commodities across different sectors [4]. Group 3: Summary by Commodity Categories Non - ferrous Metals - Copper: Spot price is 87390, with a basis rate of - 0.14% and a daily change of - 0.21% [4]. - Aluminum: Spot price is 21920, basis rate is - 0.32%, and daily change is 0.12% [4]. - Zinc: Spot price is 22630, basis rate is - 0.11%, and daily change is 0.02% [4]. - Lead: Spot price is 17500, basis rate is - 1.02%, and daily change is 0.40% [4]. - Tin: Spot price is 296000, basis rate is - 0.24%, and daily change is - 0.06% [4]. - Nickel: Spot price is 120650, basis rate is 1.52%, and daily change is 0.22% [4]. - Industrial Silicon: Spot price is 9500, basis rate is 3.49%, and daily change is - 0.17% [4]. - Lithium Carbonate: Spot price is 84370, basis rate is - 4.52%, and daily change is - 0.68% [4]. Precious Metals - Gold: Spot price is 958.67, basis rate is - 0.27%, and daily change is - 0.11% [4]. - Silver: Spot price is 12563, basis rate is - 0.20%, and daily change is - 0.36% [4]. Ferrous Metals - Rebar: Spot price is 3139, basis rate is 5.71%, and daily change is 0.38% [4]. - Hot - Rolled Coil: Spot price is 3263, basis rate is 0.80%, and daily change is 0.03% [4]. - Iron Ore: Spot price is 821.5, basis rate is 6.34%, and daily change is 0.21% [4]. - Coke: Spot price is 1680, basis rate is - 0.35%, and daily change is - 0.43% [4]. - Coking Coal: Spot price is 1610, basis rate is 32.62%, and daily change is 0.54% [4]. - Thermal Coal: Spot price is 830, basis rate is 3.57%, and daily change is 0.37% [4]. - Ferrosilicon: Spot price is 5160, basis rate is - 6.28%, and daily change is - 0.27% [4]. - Silicomanganese: Spot price is 5872, basis rate is 1.63%, and daily change is 0.11% [4]. - Stainless Steel: Spot price is 12750, basis rate is 2.20%, and daily change is - 0.41% [4]. Building Materials - Glass: Spot price is 1110, basis rate is 5.11%, and daily change is - 0.70% [4]. Grains and Oils - Soybeans: Spot price is 3920, basis rate is - 5.06%, and daily change is - 0.05% [4]. - Soybean Meal: Spot price is 3000, basis rate is - 2.31%, and daily change is - 0.38% [4]. - Rapeseed Meal: Spot price is 2620, basis rate is 5.14%, and daily change is 0.08% [4]. - Soybean Oil: Spot price is 8560, basis rate is 2.93%, and daily change is - 0.35% [4]. - Rapeseed Oil: Spot price is 10260, basis rate is 2.86%, and daily change is 0.11% [4]. - Peanuts: Spot price is 9000, basis rate is 12.98%, and daily change is 11.78% [4]. - Palm Oil: Spot price is 8570, basis rate is - 2.08%, and daily change is - 0.66% [4]. Agricultural Products - Corn: Spot price is 2205, basis rate is 0.87%, and daily change is 0.27% [4]. - Corn Starch: Spot price is 2510, basis rate is 0.12%, and daily change is - 0.68% [4]. - Apples: Spot price is 8408, basis rate is 17.93%, and daily change is - 2.65% [4]. - Eggs: Spot price is 2900, basis rate is - 4.61%, and daily change is 0.72% [4]. - Hogs: Spot price is 12000, basis rate is 1.18%, and daily change is 0.71% [4]. - Cotton: Spot price is 14819, basis rate is 9.85%, and daily change is - 0.03% [4]. Soft Commodities - Sugar: Spot price is 5760, basis rate is 4.50%, and daily change is - 0.65% [4]. Energy and Chemicals - Methanol: Spot price is 2100, basis rate is 0.47%, and daily change is - 0.14% [4]. - Ethanol: Spot price is 4063, basis rate is 1.49%, and daily change is 0.10% [4]. - Crude Oil: Spot price is 421.4, basis rate is - 6.24%, and daily change is - 0.52% [4]. Financial Futures - CSI 300: Spot price is 4702.1, basis rate is 0.54%, and daily change is 0.15% [4]. - SSE 50: Spot price is 3073.7, basis rate is 0.16%, and daily change is 0.11% [4]. - Mid - Cap 500: Spot price is 7355.3, basis rate is 1.19%, and daily change is - 0.04% [4]. Chemicals - Short - Fiber: Spot price is 6360, basis rate is 2.19%, and daily change is 0.29% [4]. - PVC: Spot price is 5405, basis rate is 17.86%, and daily change is - 0.13% [4]. - Rubber: Spot price is 14800, basis rate is - 3.83%, and daily change is - 0.75% [4]. - 20 - Rubber: Spot price is 13212, basis rate is 6.55%, and daily change is - 1.58% [4]. - Soda Ash: Spot price is 1194, basis rate is - 3.63%, and daily change is 0.49% [4]. - Urea: Spot price is 1610, basis rate is - 2.90%, and daily change is - 0.18% [4]. - Pulp: Spot price is 5525, basis rate is - 0.95%, and daily change is - 0.16% [4]. - Fuel Oil: Spot price is 2742, basis rate is 5.66%, and daily change is - 0.08% [4]. - Asphalt: Spot price is 3010, basis rate is - 0.63%, and daily change is 0.78% [4]. - Low - Sulfur Fuel Oil: Spot price is 3170, basis rate is 4.06%, and daily change is 5.05% [4]. - Liquefied Petroleum Gas: Spot price is 4498, basis rate is 4.02%, and daily change is 0.81% [4]. - PTA: Spot price is 4585, basis rate is - 2.45%, and daily change is - 0.84% [4]. - Polypropylene: Spot price is 6820, basis rate is 5.25%, and daily change is - 0.33% [4]. - Styrene: Spot price is 6405, basis rate is - 0.50%, and daily change is - 0.48% [4]. - Plastic: Spot price is 7100, basis rate is 4.14%, and daily change is - 0.46% [4].

Group 1: Report Overview - The report is a Maike Futures basis statistics table dated November 7, 2025, at 9:00, sourced from Wind Financial Terminal and Steel Union Data Terminal [2][3] Group 2: Core Data Metals - Copper (CU): The basis rate is 0.03%, with a spot price from SMM 1 electrolytic copper [4] - Aluminum (AL): The basis rate is -0.70%, and the spot price is 21360 from SMM A00 aluminum [4] - Zinc (ZN): The basis rate is -0.42%, and the spot price is 22500 from SMM 0 zinc ingot [4] - Lead (PB): The basis rate is -0.26%, and the spot price is 17225 from SMM 1 lead ingot [4] - Tin (Sn): The basis rate is 0.00%, and the spot price is 282800 from SMM 1 tin [4] - Nickel (NI): The basis rate is 0.95%, and the spot price is 120500 from SMM 1 electrolytic nickel [4] - Industrial Silicon: The basis rate is 4.30%, and the spot price is 9450 from SMM Hualetong Oxygen 553 silicon [4] - Lithium Carbonate: The basis rate is 0.78%, and the spot price is 80340 from domestic 99.5% [4] - Gold (AU): The basis rate is 0.27%, and the spot price is 917.51 from AuT+D: Shanghai Gold Exchange [4] - Silver (AG): The basis rate is 0.27%, and the spot price is 11421 from Ag(T+D): Shanghai Gold Exchange [4] Building Materials - Rebar (RB): The basis rate is 0.54%, and the spot price is 3200 from HRB400: 20mm: Shanghai [4] - Hot Rolled Coil (HC): The basis rate is -0.18%, and the spot price is 3250 from Q235B: 4.75mm: Shanghai [4] - Iron Ore: The basis rate is 6.36%, and the spot price is 826.9 from PB powder: 61%: Qingdao [4] - Coke: The basis rate is -1.30%, and the spot price is 1723 from quasi - first - grade ex - warehouse price: Rizhao Port [4] - Coking Coal (JIM): The basis rate is 0.99%, and the spot price is 1610.0 from Shanxi medium - sulfur main coking coal S1.3 [4] - Steam Coal (ZC): The basis rate is 2.00%, and the spot price is 810.0 from Shanxi Q5500: Qinhuangdao Port [4] - Ferrosilicon (SF): The basis rate is 0.46%, and the spot price is 5210 from FeSi75 - B: Inner Mongolia [4] - Ferromanganese (SM): The basis rate is -0.38%, and the spot price is 5850 from FeMn68Si18: Hebei [4] - Stainless Steel: The basis rate is 1.67%, and the spot price is 12800 from B04/2B: 2.0*1219: Angang Lianzhong Wuxi [4] - Glass (FG): The basis rate is -0.37%, and the spot price is 1130 from North China 5mm float glass market price [4] Agricultural Products - Soybeans: The basis rate is -0.53%, and the spot price is 3920 from domestic third - grade soybeans: Harbin [4] - Soybean Meal (M): The basis rate is 0.81%, and the spot price is 3000 from ordinary protein soybean meal: Zhangjiagang [4] - Rapeseed Meal (RM): The basis rate is -0.49%, and the spot price is 2660 from ordinary rapeseed meal: Nantong [4] - Rapeseed Oil (Ol): The basis rate is -1.39%, and the spot price is 9780 from rapeseed oil: Jiangsu [4] - Peanuts (PK): The basis rate is 0.20%, and the spot price is 8600 from Baisha: 45% oil content, 9% water content, Changtu [4] - Palm Oil (P): The basis rate is -1.13%, and the spot price is 8540 from 24 - degree palm oil: Guangdong [4] - Corn (C): The basis rate is -0.75%, and the spot price is 2165 from second - grade national standard corn at Bayuquan Port [4] - Corn Starch (CS): The basis rate is 1.66%, and the spot price is 2510 from factory price of corn starch: Changchun [4] - Apples (AP): The basis rate is 0.21%, and the spot price is 7800 from Qixia, Luochuan paper - bagged red apples above 80 [4] - Eggs (JD): The basis rate is 2.84%, and the spot price is 2800 from eggs: Hebei Cangzhou [4] - Live Pigs (LH): The basis rate is -0.80%, and the spot price is 11850 from three - way crossbred pigs in Henan [4] - Cotton (CF): The basis rate is 0.04%, and the spot price is 14820 from cotton price index 328: Xinjiang [4] Chemicals - Sugar (SR): The basis rate is -0.14%, and the spot price is 5720 from white sugar: Liuzhou [4] - Methanol (MA): The basis rate is 0.86%, and the spot price is 2118 from methanol: East China [4] - Ethanol (EG): The basis rate is 1.94%, and the spot price is 4000 from ethanol: East China [4] - PTA: The basis rate is -1.44%, and the spot price is 4550 from PTA: East China [4] - Polypropylene (PP): The basis rate is 0.33%, and the spot price is 7000 from Hangzhou Shaoxing Sanyuan T30S market price [4] - Styrene (EB): The basis rate is 0.00%, and the spot price is 6300 from styrene: East China [4] - Short - fiber (PF): The basis rate is -1.13%, and the spot price is 6400 from Fangxiang semi - bright natural white 1.56*38mm polyester [4] - Plastic: The basis rate is 0.14%, and the spot price is 7120 from Yangzi Petrochemical DFDA - 7042: Hangzhou [4] - PVC (V): The basis rate is 0.20%, and the spot price is 5405 from calcium carbide method: East China region [4] - Rubber (RU): The basis rate is -1.25%, and the spot price is 14350 from Thai - produced: Qingdao Free Trade Zone [4] - 20 - number Rubber (NR): The basis rate is -1.22%, and the spot price is 13037 from Thai 20 standard rubber: Qingdao Free Trade Zone [4] - Soda Ash (SA): The basis rate is 0.04%, and the spot price is 1157 from Shahe Chongqing market price [4] - Urea (UR): The basis rate is -0.64%, and the spot price is 1570 from small - particle urea: Henan [4] - Pulp (SP): The basis rate is -0.15%, and the spot price is 5500 from bleached softwood pulp: Silver Star: Chile [4] Energy - Crude Oil (SC): The basis rate is -0.02%, and the spot price is 431.8 from Chinese Shengli: Pacific Rim [4] - Fuel Oil (BU): The basis rate is -0.54%, and the spot price is 2821 from bonded marine fuel oil 380CST: Zhoushan [4] - Asphalt: The basis rate is 0.53%, and the spot price is 3100 from heavy - traffic asphalt: market price: Shandong [4] - Low - Sulfur Fuel Oil (LU): The basis rate is 0.79%, and the spot price is 3281 from marine fuel oil 0.5% low - sulfur Singapore [4] - LPG (PG): The basis rate is 1.49%, and the spot price is 4448 from market price: Guangzhou [4] Stock Index Futures - CSI 300 (IF): The basis rate is 0.48%, and the spot price is 4693.4 [4] - CSI 500 (IC): The basis rate is -0.34%, and the spot price is 7345.7 [4] - SSE 50 (IH): The basis rate is -0.07%, and the spot price is 3044.7 [4]

www.mkqh.com 铁水产量下行，关注煤矿供应情况 TO DISCOVER VALUE TO CREATE VALUE TO SHARE VALUE 投研服务中心——符佳敏 2025.11.04 Maike 迈科期货 @2019 Maike Futures 焦炭 铁水产量回落，焦炭产量预计下行 - 供应端,目前焦企利润为负,由于钢厂利润走弱,后续面临提降预期,焦企利 润预计将下滑,焦企生产积极性将走弱。11月中旬北方地区开始供暖,部分 地区焦企可能面临环保限产影响，焦炭产量预计将下滑。需求端,钢材需求淡 季到来，铁水产量预计将继续回落。当前钢材需求回落，钢厂盈利率显著走弱， 这亦影响钢厂生产积极性。叠加11月份环保限产可能加严，铁水产量预计将 显著走弱。库存端，10月份焦企和钢厂焦炭库存均有所下滑，当前焦企库存 处于历年同期低位水平，钢厂焦炭库存处于历年同期偏高水平，后续预计将季 节性下滑，虽然后续有一定冬储预期，但当前钢厂库存水平较高，预计钢厂对 焦炭冬储的空间有限。港口库存处于偏高水平，这将对盘面有一定利空影响。 总体来看,预计11月份焦炭供需双弱,关注盘面定价逻辑切换,可能供应端 定价权重降低需求 ...

| 较昨日增减 当月基差 次月基差 | 名称 交易代码 基差率 | 再次月基差 | 当月合约 | 次月合约 | 再次月合约 | 现货价格 | 现货价格来源 | | --- | --- | --- | --- | --- | --- | --- | --- | | -dr -105 | CU -0.11% -0.30% 铜 | -125 | 85430 | 85440 | 85460 | 85332 | SMM 1#电解铜 | | -50 -90 | 铝 AL -0.23% -0.05% | -85 | 21350 | 21390 | 21385 | 21300 | SMM A00铝 | | -110 -140 | 锌 ZN -0.49% -0.02% | -150 | 22610 | 22640 | 22650 | 22500 | SMM 0#锌锭 | | -175 -185 | PB -1.00% 铝 0.12% 有色金属 | -195 | 17500 | 17510 | 17520 | 17325 | SMM 1#铝锭 | | -730 -810 | 場 ਟੀ -0.26% -0.54% | -810 | ...

Report Industry Investment Rating - Not provided in the content Core Views Glass - Last week, glass cost and profit both increased. The supply rose as previously commissioned production lines started outputting glass, and there's a possibility of output increase in some Shahe production lines but the time is uncertain. Currently in the peak season, demand has recovered, with downstream procurement being active due to price hikes by glass factories, leading to a rise in apparent demand. Glass factory inventories decreased due to price hikes and pre - holiday restocking demand. After the National Day, the downstream's willingness to accept goods and price transmission need further observation. It's advisable to hold an empty position before the holiday, and the 1 - 5 month spread may strengthen. The glass index is expected to range between 1200 - 1280. Key events to watch include glass output, glass factory inventories, and glass spot prices [5][6][7]. 纯碱 - Last week, soda ash production increased and is at a high level. With the upcoming commissioning of Alxa Phase II, production is expected to continue rising. Demand for heavy soda ash is strongly supported by the increasing output of photovoltaic and float glass, while light soda ash demand is relatively stable. Pre - holiday restocking led to a decrease in soda ash factory inventories, but in the long - term, the supply - demand pattern will be looser and inventory accumulation is inevitable. Soda ash cost increased and profit declined last week. It's advisable to hold an empty position before the holiday, and the 1 - 5 month spread is expected to weaken. The soda ash index is expected to range between 1260 - 1330. Key events to watch include soda ash factory maintenance, inventory accumulation, and glass output [7]. Summary by Relevant Catalogs Glass Price - The mainstream market glass prices are running strongly. As of September 26, the market price of 5mm float glass in North China was 1200 yuan/ton, up 120 yuan/ton from the previous period, and in Central China, it was 1270 yuan/ton, up 130 yuan/ton [9][10]. Supply - The output of float glass increased month - on - month. Some production lines in Shahe may be cold - repaired due to coal - to - gas conversion, but the time is undetermined. Last week, the float glass output was 1.1242 million tons (+0.3), and the national float glass operating rate was 76.01% (+0) [12][14]. Demand - In the peak season, glass demand has recovered. Due to price hikes by glass factories, downstream procurement is active, driving up the apparent demand. As of September 28, the downstream deep - processing factory order days were 10.5 days (+0.1), and last week, the weekly apparent demand for float glass was 24.0375 million weight boxes (+938,000) [16][18]. Inventory - Glass factory inventories decreased due to price hikes and pre - holiday restocking. Last week, the total inventory of national float glass sample enterprises was 59.355 million weight boxes (-1.553 million), and the in - factory inventory in Hubei was 4.67 million weight boxes (-390,000). Regionally, East China's inventory decreased, with improved production and sales; North China's inventory decreased significantly after being boosted by news; Southwest China's inventory increased slightly; Central China's inventory decreased [20][22][26]. Cost and Profit - Glass cost and profit both increased last week. The weekly average cost of float glass using natural gas as fuel was 1396 yuan/ton (+0), using coal - gas as fuel was 1018 yuan/ton (+3), and using petroleum coke as fuel was 1067 yuan/ton (+11). The corresponding weekly average profits were - 151.27 yuan/ton (+13.57), 95.07 yuan/ton (+1.04), and 61.37 yuan/ton (+20) [27][29][33]. Basis and Month Spread - As of September 26, the glass 01 basis was - 92, up 44 from the previous week; the glass 1 - 5 contract spread was - 120, up 7 from the previous week. The basis is at a low level in the same period of previous years, mainly due to the weakened supply - demand pattern. If price hikes can be passed on to the downstream, it will drive the basis and month spread upwards [35][37]. Soda Ash Price - The prices of light and heavy soda ash in the mainstream market are fluctuating weakly. As of September 26, the market price of light soda ash in Qinghai was 980 yuan/ton, flat week - on - week, and the market price of heavy soda ash was 1203 yuan/ton, down 25 yuan/ton week - on - week [41][43]. Supply - Soda ash production increased month - on - month and is at a high level. With the upcoming commissioning of Alxa Phase II, production is expected to continue rising, which will have a strong bearish impact on the market. Last week, soda ash production was 776,900 tons (+31,200), including light soda ash production of 346,800 tons (+18,800) and heavy soda ash production of 430,100 tons (+12,400) [45][47]. Demand - The output of photovoltaic glass is gradually increasing, and the output of float glass increased month - on - month. Overall, the demand for heavy soda ash is strongly supported, and the demand for light soda ash is relatively stable. Last week, the daily output of float and photovoltaic glass was 250,055 tons (+600). Driven by pre - holiday restocking by downstream enterprises, the apparent demand for soda ash increased month - on - month, reaching 881,000 tons (+93,400) last week [49][53]. Inventory - Soda ash factory inventories decreased last week due to pre - holiday restocking by downstream enterprises. In the long - term, the supply - demand pattern will be looser, and inventory accumulation is inevitable. Regionally, North China's inventory decreased significantly, Northwest China's inventory decreased, and Southwest China's inventory remained unchanged [59][61][66]. Cost and Profit - Soda ash cost increased and profit declined last week. The cost support for heavy soda ash in East China using the combined - soda process is around 1310 [67][68]. Basis and Month Spread - As of September 26, the soda ash 01 contract basis was - 90, flat from the previous week; the soda ash 1 - 5 contract spread was - 91, down 2 from the previous week. The basis is at a low level in the same period of previous years, mainly due to the poor supply - demand pattern of the spot market. Considering new capacity additions, the basis is expected to remain low, and the month spread is expected to decline further [70][72].

Report Summary 1. Report Industry Investment Rating The document does not provide an overall industry investment rating. 2. Core View The report presents a comprehensive table of futures and spot price data for various commodities, including base metals, precious metals, energy, chemicals, agricultural products, and financial futures, along with their corresponding base rates and price changes compared to the previous day. This data can be used by investors to analyze market trends and potential investment opportunities in different sectors. [4] 3. Summary by Commodity Category Base Metals - Copper (CU): The base rate is 0.16%, with a decrease of -0.16% compared to the previous day. The spot price is 85,175, and the prices of the current, next, and subsequent month contracts are 85,040, 85,060, and 85,010 respectively. [4] - Aluminum (AL): The base rate is 0.19%, with a decrease of -0.02%. The spot price is 20,950, and the contract prices vary across different months. [4] - Zinc (ZN): The base rate is -0.14%, with a decrease of -0.20%. The spot price is 22,015. [4] - Lead (PB): The base rate is -0.96%, with a decrease of -0.06%. The spot price is 16,950. [4] - Tin (SN): The base rate is 0.42%, with a decrease of -0.04%. The spot price is 281,200. [4] - Nickel (NI): The base rate is 1.02%, with a decrease of -0.04%. The spot price is 123,000. [4] - Industrial Silicon: The base rate is 9.04%, with a decrease of -0.33%. The spot price is 9,350. [4] Precious Metals - Gold (AU): The base rate is 0.09%, with an increase of 0.28%. The spot price is 971.74. [4] - Silver (AG): The base rate is -0.30%, with a decrease of -0.26%. The spot price is 11,981. [4] Energy and Chemicals - Crude Oil (SC): The base rate is -4.69%, with a decrease of -0.21%. The spot price is 449.8. [4] - Fuel Oil (FU): The base rate is 6.86%, with a decrease of -0.43%. The spot price is 2,879. [4] - Bitumen (BU): The base rate is 4.30%, with a decrease of -1.85%. The spot price is 3,420. [4] - Low - Sulfur Fuel Oil (LU): The base rate is 0.72%, with a decrease of -0.12%. The spot price is 3,182. [4] - LPG (PG): The base rate is 5.39%, with a decrease of -3.05%. The spot price is 4,498. [4] - Methanol (MA): The base rate is 4.23%, with an increase of 0.15%. The spot price is 2,323. [4] - PTA (TA): The base rate is 0.37%, with a decrease of -1.71%. The spot price is 4,380. [4] - Polypropylene (PP): The base rate is 6.53%, with a decrease of -0.87%. The spot price is 7,050. [4] - Styrene (EB): The base rate is -0.98%, with a decrease of -0.98%. The spot price is 6,535. [4] - Short - Fiber (PF): The base rate is 6.04%, with a decrease of -0.74%. The spot price is 6,460. [4] - Plastic (PE): The base rate is 3.19%, with a decrease of -0.57%. The spot price is 7,150. [4] - PVC (PVC): The base rate is 15.15%, with a decrease of -0.42%. The spot price is 5,405. [4] - Rubber (RU): The base rate is -4.03%, with an increase of 0.30%. The spot price is 14,890. [4] - 20 - Number Rubber (NR): The base rate is 7.04%, with a decrease of -0.69%. The spot price is 13,183. [4] - Soda Ash (SA): The base rate is -5.67%, with an increase of 0.01%. The spot price is 1,165. [4] - Urea (UR): The base rate is -3.37%, with an increase of 0.38%. The spot price is 1,550. [4] - Pulp (SP): The base rate is 15.06%, with no change (0.00%). The spot price is 5,258. [4] Agricultural Products - Soybeans: The base rate is -3.43%, with a decrease of -0.46%. The spot price is 3,880. [4] - Soybean Meal (M): The base rate is -0.58%, with a decrease of -0.84%. The spot price is 2,890. [4] - Rapeseed Meal (RM): The base rate is 6.60%, with an increase of 0.11%. The spot price is 2,520. [4] - Soybean Oil (Y): The base rate is 3.56%, with an increase of 0.31%. The spot price is 8,550. [4] - Rapeseed Oil (OI): The base rate is 2.37%, with an increase of 0.17%. The spot price is 9,494. [4] - Peanuts (PK): The base rate is 4.19%, with an increase of 0.24%. The spot price is 8,300. [4] - Palm Oil (P): The base rate is -0.67%, with an increase of 0.64%. The spot price is 9,250. [4] - Corn (C): The base rate is 1.85%, with an increase of 0.47%. The spot price is 2,150. [4] - Corn Starch (CS): The base rate is 5.64%, with an increase of 1.10%. The spot price is 2,510. [4] - Apples (AP): The base rate is 8.34%, with an increase of 1.64%. The spot price is 7,800. [4] - Eggs (JD): The base rate is 1.14%, with an increase of 4.81%. The spot price is 2,850. [4] - Live Hogs (LH): The base rate is -5.50%, with a decrease of -1.99%. The spot price is 11,250. [4] - Cotton (CF): The base rate is 10.09%, with a decrease of -0.49%. The spot price is 14,664. [4] - Sugar (SR): The base rate is 7.43%, with a decrease of -0.65%. The spot price is 5,810. [4] Financial Futures - CSI 300 Index Futures (IF): The base rate is -0.03%, with an increase of 0.62%. The spot price is 4,618.4. [4] - SSE 50 Index Futures (IH): The base rate is 0.01%, with a decrease of -0.13%. The spot price is 3,019.2. [4] - CSI 500 Index Futures (IC): The base rate is 2.40%, with an increase of 0.25%. The spot price is 7,225.4. [4]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report presents a comprehensive table of the basis rate statistics for various futures contracts, including metals, energy, agricultural products, and financial instruments. It details the basis rate, changes compared to the previous day, and basis values for different contract months, along with corresponding spot prices and their sources [4]. 3. Summary by Related Catalog Metals - Copper (CU): Basis rate is 0.42%, with a spot price of 82,505 and a current - month basis of 425 [4]. - Aluminum (AL): Basis rate is - 0.05%, spot price is 20,770, and current - month basis is 5 [4]. - Zinc (ZN): Basis rate is - 0.43%, spot price is 21,870, and current - month basis is - 90 [4]. - Lead (PB): Basis rate is - 0.94%, spot price is 16,950, and current - month basis is - 120 [4]. - Tin (TI): Basis rate is 0.20%, spot price is 273,700, and current - month basis is 550 [4]. - Nickel (NI): Basis rate is 1.08%, spot price is 124,050, and current - month basis is 1660 [4]. - Industrial Silicon (TI): Basis rate is 5.20%, spot price is 9500, and current - month basis is 480 [4]. - Gold (AU): Basis rate is - 0.32%, spot price is 851.99, and current - month basis is 0.25 [4]. - Silver (AG): Basis rate is - 0.56%, spot price is 10,353, and current - month basis is - 17 [4]. Energy and Chemicals - Coke: Basis rate is - 6.98%, spot price is 1637, and current - month basis is - 122.8 [4]. -动力煤 (ZC): For Shanxi medium - sulfur coking coal, basis rate is 1178% (data seems abnormal), spot price is 1270, and current - month basis is 35.5; for Shanxi Q5500 coal at Qinhuangdao Port, basis rate is - 0.25%, spot price is 707, and current - month basis is - 94.4 [4]. - Silicon Iron (SF): Basis rate is - 7.88%, spot price is 5330, and current - month basis is - 406 [4]. - Manganese Silicon (SM): Basis rate is 1.04%, spot price is 6000, and current - month basis is 62 [4]. - Stainless Steel: Basis rate is 1.31%, spot price is 13,100, and current - month basis is 70 [4]. - Glass (FG): Basis rate is - 4.72%, spot price is 1210, and current - month basis is - 60 [4]. - Methanol (MA): Basis rate is - 3.54%, spot price is 2273, and current - month basis is - 84 [4]. - Ethanol (EG): Basis rate is 1.39%, spot price is 4305, and current - month basis is 130 [4]. - PTA (TA): Basis rate is - 1.45%, spot price is 4610, and current - month basis is - 68 [4]. - Polypropylene (PP): Basis rate is 2.20%, spot price is 7050, and current - month basis is 152 [4]. - Styrene (EB): Basis rate is - 0.26%, spot price is 6940, and current - month basis is - 50 [4]. - Short - fiber: Basis rate is 1.38%, spot price is 6460, and current - month basis is 6 [4]. - Plastic: Basis rate is 1.55%, spot price is 7280, and current - month basis is 111 [4]. - PVC (V): Basis rate is 9.52%, spot price is 5405, and current - month basis is 470 [4]. - Rubber (RU): Basis rate is - 4.62%, spot price is 14,850, and current - month basis is - 720 [4]. - 20 - number Rubber (NR): Basis rate is 7.19%, spot price is 13,324, and current - month basis is 849 [4]. - Soda Ash (SA): Basis rate is - 6.84%, spot price is 1225, and current - month basis is - 90 [4]. - Urea (UR): Basis rate is - 3.82%, spot price is 1610, and current - month basis is - 64 [4]. - Paper Pulp (SP): Basis rate is 13.14%, spot price is 5725, and current - month basis is 411 [4]. - Crude Oil (SC): Basis rate is - 4.02%, spot price is 470.9, and current - month basis is - 20.6 [4]. - Fuel Oil (EU): Basis rate is 8.59%, spot price is 3135, and current - month basis is 248 [4]. - Asphalt (BU): Basis rate is 1.74%, spot price is 3500, and current - month basis is 115 [4]. - Low - sulfur Fuel Oil (LU): Basis rate is - 0.7%, spot price is 3424, and current - month basis is - 7 [4]. - Liquefied Petroleum Gas (PG): Basis rate is 5.41%, spot price is 4498, and current - month basis is 219 [4]. Agricultural Products - Threaded Steel (RB): Basis rate is 4.20%, spot price is 3300, and current - month basis is 226 [4]. - Hot - rolled Coil (HC): Basis rate is 1.85%, spot price is 3420, and current - month basis is 0 [4]. - Iron Ore: Basis rate is 4.02%, spot price is 837.9, and current - month basis is 32.4 [4]. - Soybeans: Basis rate is 1.30%, spot price is 3980, and current - month basis is 66 [4]. - Soybean Meal (M): Basis rate is - 2.25%, spot price is 2900, and current - month basis is - 67 [4]. - Rapeseed Meal (RM): Basis rate is 4.75%, spot price is 2560, and current - month basis is 116 [4]. - Edible Oil: Basis rate is 3.03%, spot price is 8440, and current - month basis is 248 [4]. - Rapeseed Oil (Ol): Basis rate is - 1.0%, spot price is 10,040, and current - month basis is - 102 [4]. - Peanuts (PK): Basis rate is 10.57%, spot price is 8600, and current - month basis is 830 [4]. - Palm Oil: Basis rate is - 0.56%, spot price is 9170, and current - month basis is - 52 [4]. - Corn: Basis rate is 6.24%, spot price is 2300, and current - month basis is 167 [4]. - Corn Starch (CS): Basis rate is 3.48%, spot price is 2560, and current - month basis is 19 [4]. - Apples (AP): Basis rate is - 7.65%, spot price is 7800, and current - month basis is - 847 [4]. - Eggs (JD): Basis rate is 17.04%, spot price is 3600, and current - month basis is 228 [4]. - Live Pigs: Basis rate is - 1.05%, spot price is 12,550, and current - month basis is - 760 [4]. - Cotton (CF): Basis rate is 11.48%, spot price is 15,083, and current - month basis is 1553 [4]. - Sugar (SR): Basis rate is 7.38%, spot price is 5890, and current - month basis is 405 [4]. Financial Instruments - CSI 300 (IF): Basis rate is 0.69%, spot price is 4593.5, and current - month basis is 8.5 [4]. - SSE 50 (IH): Basis rate is - 0.03%, spot price is 2952.7, and current - month basis is - 1.1 [4]. - CSI 500 (IC): Basis rate is 2.44%, spot price is 7341.3, and current - month basis is 48.1 [4].

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating in the given content. 2. Core View - The report presents a comprehensive table of futures and spot market data, including base rate, changes compared to the previous day, current - month, next - month, and subsequent - month basis, contract prices, and spot prices for various commodities such as metals, agricultural products, energy, and financial futures [4]. 3. Summary by Commodity Categories Metals - **Copper (CU)**: Base rate is 0.42%, with a current - month basis of 425, spot price of 82505 (SMM 1 electrolytic copper) [4]. - **Aluminum (AL)**: Base rate is - 0.05%, decreased by - 0.02% from the previous day, current - month basis is 5, spot price of 20770 (SMM A00 aluminum) [4]. - **Zinc (ZN)**: Base rate is - 0.43%, current - month basis is - 90, spot price of 21870 (SMM 0 zinc ingot) [4]. - **Lead (PB)**: Base rate is - 0.94%, decreased by - 0.20% from the previous day, current - month basis is - 120, spot price of 16950 (SMM 1 lead ingot) [4]. - **Tin (SN)**: Base rate is 0.20%, increased by 0.26% from the previous day, current - month basis is 550, spot price of 273700 (SMM 1 tin) [4]. - **Nickel (NI)**: Base rate is 1.08%, increased by 0.44% from the previous day, current - month basis is 1660, spot price of 124050 (SMM 1 electrolytic nickel) [4]. - **Industrial Silicon**: Base rate is 5.20%, decreased by - 0.41% from the previous day, current - month basis is 480, spot price of 9500 (SMM grade 223) [4]. - **Lithium Carbonate (LC)**: Base rate is 0.20%, decreased by - 0.55% from the previous day, current - month basis is 630, spot price of 73730 (domestic 99.5% purity) [4]. - **Gold (AU)**: Base rate is 0.32%, increased by 0.11% from the previous day, current - month basis is 0.25, spot price of 851.99 (AuT + D: Shanghai Gold Exchange) [4]. - **Silver (AG)**: Base rate is - 0.56%, decreased by - 0.10% from the previous day, current - month basis is - 17, spot price of 10353 (Ag(T + D): Shanghai Gold Exchange) [4]. Ferrous Metals and Related Products - **Rebar (RB)**: Base rate is 4.20%, increased by 0.22% from the previous day, current - month basis is 226, spot price of 3300 (HRB400: 20mm: Shanghai) [4]. - **Hot - Rolled Coil (HC)**: Base rate is 1.85%, decreased by - 0.03% from the previous day, current - month basis is 0, spot price of 3420 (Q235B: 4.75mm: Shanghai) [4]. - **Iron Ore**: Base rate is 4.02%, decreased by - 0.26% from the previous day, current - month basis is 32.4, spot price of 837.9 (PB powder: 61%: Qingdao) [4]. - **Coke**: Base rate is - 6.98%, increased by 0.87% from the previous day, current - month basis is - 122.8, spot price of 1637 (quasi - first - grade ex - warehouse price: Rizhao Port) [4]. - **Power Coal**: Base rate is 11.78% (for Shanxi medium - sulfur main coking coal), decreased by - 0.84% from the previous day, current - month basis is 35.5, spot price of 1270 (Shanxi medium - sulfur main coking coal S1.3); base rate is - 0.25% (for Shanxi Q5500 at Qinhuangdao Port), current - month basis is - 94.4, spot price of 707 [4]. - **Silicon Iron (SF)**: Base rate is - 7.88%, decreased by - 1.75% from the previous day, current - month basis is - 406, spot price of 5330 (FeSi75 - B: Inner Mongolia) [4]. - **Manganese Silicon (SM)**: Base rate is 1.04%, decreased by - 0.38% from the previous day, current - month basis is 62, spot price of 6000 (FeMn68Si18: Hebei) [4]. - **Stainless Steel**: Base rate is 1.31%, decreased by - 0.27% from the previous day, current - month basis is 70, spot price of 13100 (B04/2B: 2.0*1219: Angang Lianzhong Wuxi) [4]. Agricultural Products - **Soybeans**: Base rate is 1.30%, decreased by - 0.51% from the previous day, current - month basis is 66, spot price of 3980 (domestic third - grade soybeans: Harbin) [4]. - **Soybean Meal (M)**: Base rate is - 2.25%, decreased by - 0.21% from the previous day, current - month basis is - 67, spot price of 2900 (ordinary protein soybean meal: Zhangjiagang) [4]. - **Rapeseed Meal (RM)**: Base rate is 4.75%, decreased by - 0.47% from the previous day, current - month basis is 116, spot price of 2560 (ordinary rapeseed meal: Nantong) [4]. - **Edible Oils and Oilseeds**: - **Soybean Oil (Y)**: Base rate is 3.03%, decreased by - 0.18% from the previous day, current - month basis is 248, spot price of 8440 (first - grade soybean oil: Zhangjiagang) [4]. - **Rapeseed Oil (OI)**: Base rate is - 1.0%, decreased by - 1.50% from the previous day, current - month basis is - 102, spot price of 10040 (rapeseed oil: Jiangsu) [4]. - **Peanut (PK)**: Base rate is 10.57%, decreased by - 0.23% from the previous day, current - month basis is 830, spot price of 8600 (Baisha peanuts: Changtu) [4]. - **Palm Oil**: Base rate is - 0.56%, increased by 0.60% from the previous day, current - month basis is - 52, spot price of 9170 (24 - degree palm oil: Guangdong) [4]. - **Corn**: Base rate is 6.24%, decreased by - 0.05% from the previous day, current - month basis is 167, spot price of 2300 (second - grade national standard corn at Bayuquan Port) [4]. - **Corn Starch (CS)**: Base rate is 3.48%, decreased by - 0.21% from the previous day, current - month basis is not clearly shown, spot price of 2560 (factory - price corn starch: Changchun) [4]. - **Agricultural By - products**: - **Apples (AP)**: Base rate is - 7.65%, decreased by - 1.22% from the previous day, current - month basis is - 847, spot price of 7800 (Qixia and Luochuan paper - bagged apples above 80) [4]. - **Eggs (JD)**: Base rate is 17.04%, decreased by - 0.71% from the previous day, current - month basis is 228, spot price of 3600 (eggs: Cangzhou, Hebei) [4]. - **Hogs**: Base rate is - 1.05%, decreased by - 0.44% from the previous day, current - month basis is - 760, spot price of 12550 (three - way crossbred hogs in Henan) [4]. - **Soft Commodities**: - **Cotton (CF)**: Base rate is 11.48%, increased by 0.36% from the previous day, current - month basis is 1553, spot price of 15083 (cotton price index 328: Xinjiang) [4]. - **Sugar (SR)**: Base rate is 7.38%, increased by 0.23% from the previous day, current - month basis is 405, spot price of 5890 (white sugar: Liuzhou) [4]. Chemicals - **Methanol (MA)**: Base rate is - 3.54%, decreased by - 0.31% from the previous day, current - month basis is - 84, spot price of 2273 (methanol: East China) [4]. - **Ethanol (EG)**: Base rate is 1.39%, decreased by - 0.29% from the previous day, current - month basis is not clearly shown, spot price of 4305 (ethanol: East China) [4]. - **PTA (TA)**: Base rate is - 1.45%, decreased by - 0.24% from the previous day, current - month basis is - 68, spot price of 4610 (PTA: East China) [4]. - **Polypropylene (PP)**: Base rate is 2.20%, decreased by - 0.31% from the previous day, current - month basis is 152, spot price of 7050 (Hangzhou Shaoxing Sanyuan T30S market price) [4]. - **Styrene (EB)**: Base rate is - 0.26%, decreased by - 0.22% from the previous day, current - month basis is - 50, spot price of 6940 (styrene: East China) [4]. - **Short - Fiber**: Base rate is 1.38%, decreased by - 1.22% from the previous day, current - month basis is not clearly shown, spot price of 6460 (Fangxiang semi - bright natural white 1.56*38mm polyester) [4]. - **Plastic**: Base rate is 1.55%, increased by 0.04% from the previous day, current - month basis is 111, spot price of 7280 (Yangzi Petrochemical DFDA - 7042: Hangzhou) [4]. - **PVC (V)**: Base rate is 9.52%, decreased by - 0.36% from the previous day, current - month basis is 470, spot price of 5405 (calcium carbide method: East China region) [4]. - **Rubber (RU)**: Base rate is - 4.62%, increased by 0.63% from the previous day, current - month basis is - 720, spot price of 14850 (Thai - produced: Qingdao Free Trade Zone) [4]. - **20 - Number Rubber (NR)**: Base rate is 7.19%, current - month basis is 849, spot price of 13324 (Thai 20 standard rubber: Qingdao Free Trade Zone) [4]. - **Soda Ash (SA)**: Base rate is - 6.84%, increased by 0.04% from the previous day, current - month basis is - 90, spot price of 1225 (Shahe Chongqing market price) [4]. - **Urea (UR)**: Base rate is - 3.82%, decreased by - 0.06% from the previous day, current - month basis is - 64, spot price of 1610 (small - particle urea: Henan) [4]. - **Paper Pulp (SP)**: Base rate is 13.14%, decreased by - 0.36% from the previous day, current - month basis is 411, spot price of 5725 (bleached softwood pulp: Silver Star, Chile) [4]. Energy and Chemicals - **Crude Oil (SC)**: Base rate is - 4.02%, increased by 0.13% from the previous day, current - month basis is - 20.6, spot price of 470.9 (China Shengli: Pacific Rim) [4]. - **Fuel Oil (EU)**: Base rate is 8.59%, increased by 2.29% from the previous day, current - month basis is 248, spot price of 3135 (bonded bunker fuel oil 380CST: Zhoushan) [4]. - **Asphalt (BU)**: Base rate is 1.74%, decreased by - 1.44% from the previous day, current - month basis is 115, spot price of 3500 (heavy - traffic asphalt: market price in Shandong) [4]. - **Low - Sulfur Fuel Oil (LU)**: Base rate is - 0.7%, decreased by - 0.72% from the previous day, current - month basis is - 7, spot price of 3424 (0.5% low - sulfur bunker fuel oil: Singapore) [4]. - **LPG (PG)**: Base rate is 5.41%, decreased by - 0.5% from the previous day, current - month basis is not clearly shown, spot price of 4498 (market price in Guangzhou) [4]. Financial Futures - **CSI 300 Index Futures (IF)**: Base rate is 0.69%, decreased by - 0.11% from the previous day, current - month basis is 8.5, spot price of 4593.5 [4]. - **SSE 50 Index Futures (IH)**: Base rate is - 0.03%, decreased by - 0.02% from the previous day, current - month basis is - 1.1, spot price of 2952.7 [4]. - **CSI 500 Index Futures (IC)**: Base rate is 2.44%, increased by 0.11% from the previous day, current - month basis is 48.1, spot price of 7341.3 [4].

I. Report Summary 1. Core View The report presents the basis rate, month - on - month basis, and related price data of various futures and spot commodities, including non - ferrous metals, precious metals, steel products, agricultural products, energy and chemical products, and stock index futures, providing information for investors to understand the market basis situation [4]. 2. Content Summary by Category Non - ferrous Metals - Copper (CU): The basis rate is 0.24%, with a month - on - month increase of 0.39%. The spot price is 79,990 yuan, and the prices of the current, next, and second - next month contracts are 79,800 yuan, 79,780 yuan, and 79,760 yuan respectively [4]. - Aluminum (AL): The basis rate is - 0.07%, with a month - on - month increase of 0.29%. The spot price is 20,780 yuan, and the prices of the current, next, and second - next month contracts are 20,775 yuan, 20,795 yuan, and 20,790 yuan respectively [4]. - Zinc (ZN): The basis rate is - 0.29%, with a month - on - month increase of 0.24%. The spot price is 22,010 yuan, and the prices of the current, next, and second - next month contracts are 22,075 yuan, 22,085 yuan, and 22,115 yuan respectively [4]. - Lead (PB): The basis rate is - 0.79%. The spot price is 16,975 yuan, and the prices of the current, next, and second - next month contracts are 17,110 yuan, 17,130 yuan, and 17,135 yuan respectively [4]. - Tin (SN): The basis rate is - 0.01%, with a month - on - month decrease of 0.03%. The spot price is 270,200 yuan, and the prices of the current, next, and second - next month contracts are 270,240 yuan, 270,460 yuan, and 270,420 yuan respectively [4]. - Nickel (NI): The basis rate is 0.93%, with a month - on - month increase of 0.30%. The spot price is 122,700 yuan, and the prices of the current, next, and second - next month contracts are 121,570 yuan, 121,700 yuan, and 121,890 yuan respectively [4]. - Industrial Silicon: The basis rate is 4.12%, with a month - on - month decrease of 0.64%. The spot price is 9,035 yuan, and the prices of the current, next, and second - next month contracts are 8,940 yuan, 8,980 yuan, and 7,932 yuan respectively [4]. - Lithium Carbonate (LC): The basis rate is 0.95%, with a month - on - month increase of 1.29%. The spot price is 73,470 yuan, and the prices of the current, next, and second - next month contracts are 72,620 yuan, 72,780 yuan, and 72,840 yuan respectively [4]. Precious Metals - Gold (AU): The basis rate is 0.05%, with a month - on - month increase of 0.63%. The spot price is 824.53 yuan, and the prices of the current, next, and second - next month contracts are 824.10 yuan, 826.82 yuan, and 829.22 yuan respectively [4]. - Silver (AG): The basis rate is - 0.24%, with a month - on - month increase of 0.06%. The spot price is 9,811 yuan, and the prices of the current, next, and second - next month contracts are 9,808 yuan, 9,835 yuan, and 9,859 yuan respectively [4]. Steel Products - Rebar (RB): The basis rate is 2.64%, with a month - on - month increase of 0.36%. The spot price is 3,230 yuan, and the prices of the current, next, and second - next month contracts are 3,054 yuan, 3,147 yuan, and 3,204 yuan respectively [4]. - Hot - Rolled Coil (HC): The basis rate is 0.78%, with a month - on - month increase of 0.48%. The spot price is 3,380 yuan, and the prices of the current, next, and second - next month contracts are 3,397 yuan, 3,354 yuan, and 3,367 yuan respectively [4]. - Iron Ore: The basis rate is 5.41%, with a month - on - month increase of 1.27%. The spot price is 843.3 yuan, and the prices of the current, next, and second - next month contracts are 800.0 yuan, 778.5 yuan, and 759.0 yuan respectively [4]. - Coke: The basis rate is - 3.58%, with a month - on - month increase of 2.66%. The spot price is 1,648 yuan, and the prices of the current, next, and second - next month contracts are 1,709.0 yuan, 1,848.0 yuan, and 1,893.5 yuan respectively [4]. - Coking Coal (JIM): The basis rate is 5.53%, with a month - on - month increase of 2.52%. The spot price is 1,270.0 yuan, and the prices of the current, next, and second - next month contracts are 1,203.5 yuan, 1,295.5 yuan, and 1,356.5 yuan respectively [4]. - Thermal Coal (ZC): The basis rate is 12.65%, with a month - on - month increase of 0.50%. The spot price is 700.0 yuan, and the prices of the current, next, and second - next month contracts are all 801.4 yuan [4]. - Ferrosilicon (SF): The basis rate is - 6.36%, with a month - on - month increase of 0.51%. The spot price is 5,390 yuan, and the prices of the current, next, and second - next month contracts are 5,744 yuan, 5,850 yuan, and 5,930 yuan respectively [4]. - Silicomanganese (SM): The basis rate is - 0.34%, with a month - on - month increase of 0.33%. The spot price is 5,950 yuan, and the prices of the current, next, and second - next month contracts are 5,970 yuan, 6,014 yuan, and 6,032 yuan respectively [4]. - Stainless Steel: The basis rate is 2.14%, with a month - on - month increase of 0.47%. The spot price is 13,150 yuan, and the prices of the current, next, and second - next month contracts are 12,990 yuan, 13,235 yuan, and 13,470 yuan respectively [4]. - Glass (FG): The basis rate is - 4.80%, with a month - on - month increase of 2.01%. The spot price is 1,150 yuan, and the prices of the current, next, and second - next month contracts are 1,208 yuan, 1,328 yuan, and 1,387 yuan respectively [4]. Agricultural Products - Soybeans: The basis rate is 1.95%, with a month - on - month decrease of 0.24%. The spot price is 3,980 yuan, and the prices of the current, next, and second - next month contracts are 3,898 yuan, 3,947 yuan, and 3,962 yuan respectively [4]. - Soybean Meal (M): The basis rate is - 2.4%, with a month - on - month decrease of 0.37%. The spot price is 2,920 yuan, and the prices of the current, next, and second - next month contracts are 2,993 yuan, 2,765 yuan, and 2,882 yuan respectively [4]. - Rapeseed Meal (RM): The basis rate is 5.26%, with a month - on - month decrease of 0.43%. The spot price is 2,600 yuan, and the prices of the current, next, and second - next month contracts are 2,470 yuan, 2,357 yuan, and 2,435 yuan respectively [4]. - Soybean Oil (Y): The basis rate is 3.09%, with a month - on - month decrease of 0.78%. The spot price is 8,540 yuan, and the prices of the current, next, and second - next month contracts are 8,284 yuan, 8,022 yuan, and 7,946 yuan respectively [4]. - Rapeseed Oil (Ol): The basis rate is 0.76%, with a month - on - month decrease of 0.35%. The spot price is 10,060 yuan, and the prices of the current, next, and second - next month contracts are 9,984 yuan, 9,495 yuan, and 9,415 yuan respectively [4]. - Peanuts (PK): The basis rate is 4.35%, with a month - on - month decrease of 0.48%. The spot price is 8,200 yuan, and the prices of the current, next, and second - next month contracts are 7,844 yuan, 7,838 yuan, and 7,870 yuan respectively [4]. - Palm Oil (P): The basis rate is - 0.37%, with a month - on - month decrease of 0.64%. The spot price is 9,270 yuan, and the prices of the current, next, and second - next month contracts are 9,304 yuan, 9,108 yuan, and 8,784 yuan respectively [4]. - Corn (C): The basis rate is 6.57%, with a month - on - month decrease of 0.79%. The spot price is 2,320 yuan, and the prices of the current, next, and second - next month contracts are 2,164 yuan, 2,231 yuan, and 2,255 yuan respectively [4]. - Corn Starch (CS): The basis rate is 3.60%, with a month - on - month decrease of 0.76%. The spot price is 2,560 yuan, and the prices of the current, next, and second - next month contracts are 2,487 yuan, 2,574 yuan, and 2,596 yuan respectively [4]. - Apples (AP): The basis rate is - 5.81%, with a month - on - month decrease of 0.10%. The spot price is 7,800 yuan, and the prices of the current, next, and second - next month contracts are 8,430 yuan, 8,281 yuan, and 8,237 yuan respectively [4]. - Eggs (JD): The basis rate is 16.54%. The spot price is 3,650 yuan, and the prices of the current, next, and second - next month contracts are 3,418 yuan, 3,450 yuan, and 3,066 yuan respectively [4]. - Live Pigs: The basis rate is 0.55%, with a month - on - month increase of 0.93%. The spot price is 12,900 yuan, and the prices of the current, next, and second - next month contracts are 13,765 yuan, 13,385 yuan, and 13,905 yuan respectively [4]. - Cotton (CF): The basis rate is 11.29%, with a month - on - month increase of 1.07%. The spot price is 15,319 yuan, and the prices of the current, next, and second - next month contracts are 13,725 yuan, 13,385 yuan, and 13,905 yuan respectively [4]. Chemical Products - Sugar (SR): The basis rate is 8.88%, with a month - on - month increase of 0.90%. The spot price is 5,960 yuan, and the prices of the current, next, and second - next month contracts are 5,474 yuan, 5,456 yuan, and 5,474 yuan respectively [4]. - Methanol (MA): The basis rate is - 3.24%, with a month - on - month decrease of 0.15%. The spot price is 2,270 yuan, and the prices of the current, next, and second - next month contracts are 2,346 yuan, 2,385 yuan, and 2,359 yuan respectively [4]. - Ethanol (EG): The basis rate is 1.80%, with a month - on - month decrease of 0.13%. The spot price is 4,345 yuan, and the prices of the current, next, and second - next month contracts are 4,268 yuan, 4,330 yuan, and 4,338 yuan respectively [4]. - PTA (TA): The basis rate is - 1.41%, with a month - on - month increase of 0.11%. The spot price is 4,600 yuan, and the prices of the current, next, and second - next month contracts are 4,666 yuan, 4,704 yuan, and 4,740 yuan respectively [4]. - Polypropylene (PP): The basis rate is 1.79%, with a month - on - month increase of 0.82%. The spot price is 7,050 yuan, and the prices of the current, next, and second - next month contracts are 6,926 yuan, 6,963 yuan, and 6,931 yuan respectively [4]. - Styrene (EB): The basis rate is 0.54%, with a month - on - month decrease of 0.05%. The spot price is 7,100 yuan, and the prices of the current, next, and second - next month contracts are 7,111 yuan, 7,202 yuan, and 6,789 yuan respectively [4]. - Short - Fiber (PF): The basis rate is 2.46%, with a month - on - month increase of 0.93%. The spot price is 6,500 yuan, and the prices of the current, next, and second - next month contracts are 6,368 yuan, 6,454 yuan, and 6,546 yuan respectively [4]. - Plastic: The basis rate is 1.56%, with a month - on - month increase of 0.38%. The spot price is 7,300 yuan, and the prices of the current, next, and second - next month contracts are 7,188 yuan, 7,233 yuan, and 7,280 yuan respectively [4]. - PVC (V): The basis rate is 9.79%, with a month - on - month increase of 1.10%. The spot price is 5,405 yuan, and the prices of the current, next, and second - next month contracts are 4,923 yuan, 5,228 yuan, and 5,347 yuan respectively [4]. - Rubber (RU): The basis rate is - 4.95%, with a month - on - month increase of 0.28%. The spot price is 14,800 yuan, and the prices of the current, next, and second - next month contracts are 15,570 yuan, 15,555 yuan, and 15,600 yuan respectively [4]. - 20 - Numbered Rubber (NR): The basis rate is 5.77%, with a month - on - month increase of 0.74%. The spot price is 13,009 yuan, and the prices of the current, next, and second - next month contracts are 12,380 yuan, 12,475 yuan, and 12,440 yuan respectively [4]. - Soda Ash (SA): The basis rate is - 6.89%, with a month - on - month increase of 0.23%. The spot price is 1,216 yuan, and the prices of the current, next, and second - next month contracts are 1,306 yuan, 1,40