Report Summary 1. Report Industry Investment Rating - No industry investment rating information is provided in the content. 2. Report's Core View - The report presents the base - rate statistics of various futures and spot commodities on December 26, 2025, including base - rate changes, monthly basis differences, contract prices, and spot prices [3]. 3. Summary by Related Categories Non - ferrous Metals - Copper (CU): The main contract base - rate is - 0.56%, an increase of 0.04% from the previous day. The spot price is 94,760 (SMM 1 electrolytic copper) [3]. - Aluminum (AL): The main contract base - rate is - 0.86%, a decrease of 0.05% from the previous day. The spot price is 21,980 (SMM A00 aluminum) [3]. - Zinc (ZN): The main contract base - rate is 0.33%, an increase of 0.05% from the previous day. The spot price is 23,080 (SMM 0 zinc ingot) [3]. - Lead (PB): The main contract base - rate is - 0.96%, a decrease of 0.31% from the previous day. The spot price is 17,100 (SMM 1 lead ingot) [3]. - Tin (SN): The main contract base - rate is - 0.36%, an increase of 0.68% from the previous day. The spot price is 332,750 (SMM 1 tin) [3]. - Nickel (NI): The main contract base - rate is 1.83%, a decrease of 0.72% from the previous day. The spot price is 127,400 (SMM 1 electrolytic nickel) [3]. - Industrial Silicon: The main contract base - rate is 5.29%, an increase of 0.30% from the previous day. The spot price is 9,250 (SMM annual flux 253 silicon) [3]. - Lithium Carbonate (LC): The main contract base - rate is - 3.2%, an increase of 14.15% from the previous day. The spot price is 116,750 (Steel Union's high - quality battery - grade lithium carbonate) [3]. Precious Metals - Gold (AU): The main contract base - rate is - 0.57%, an increase of 0.17% from the previous day. The spot price is 1,003.01 (AuT + D: Shanghai Gold Exchange) [3]. - Silver (AG): The main contract base - rate is 0.10%, a decrease of 0.50% from the previous day. The spot price is 17,414 (Ag(T + D): Shanghai Gold Exchange) [3]. Black Industry - Rebar (RB): The main contract base - rate is 5.21%, a decrease of 1.29% from the previous day. The spot price is 3,290 (HRB400: 20mm: Shanghai) [3]. - Hot - rolled Coil (HC): The main contract base - rate is 0.30%, an increase of 1.07% from the previous day. The spot price is 3,290 (Q235B: 4.75mm: Shanghai) [3]. - Iron Ore: The main contract base - rate is 6.92%, an increase of 0.14% from the previous day. The spot price is 832.4 (PB powder: 61%: Qingdao) [3]. - Coke: The main contract base - rate is - 8.28%, an increase of 0.37% from the previous day. The spot price is 1,595 (Metallurgical coke: quasi - first - class) [3]. - Coking Coal and Steam Coal (JM, ZC): The main contract base - rates are - 0.58% and 14.3% respectively. The spot prices are 1,117.5 (Main coking coal: clean coal: Mongolian No. 5) and 689.0 (Shanxi Q500: Qinhuangdao) [3]. - Ferrosilicon (SE): The main contract base - rate is - 7.41%, a decrease of 0.59% from the previous day. The spot price is 5,270 (FeSi75 - B: Inner Mongolia) [3]. - Manganese Silicon (SM): The main contract base - rate is - 1.30%, a decrease of 0.24% from the previous day. The spot price is 5,770 (FeMn68Si18: Hebei) [3]. - Stainless Steel: The main contract base - rate is 0.46%, an increase of 0.65% from the previous day. The spot price is 13,050 (304/2B: 2.0*1219: Angang Lianzhong Wuxi) [3]. - Glass (FG): The main contract base - rate is - 3.5%, a decrease of 0.86% from the previous day. The spot price is 1,010 (North China 5mm float glass market price) [3]. Oilseeds and Oils - Soybean: The main contract base - rate is - 4.4%, a decrease of 0.44% from the previous day. The spot price is 3,940 (Domestic third - grade soybean: Harbin) [3]. - Soybean Meal (M): The main contract base - rate is 9.42%, a decrease of 1.65% from the previous day. The spot price is 3,020 (Ordinary protein soybean meal: Zhangjiagang) [3]. - Rapeseed Meal (RM) and Rapeseed Oil (V): The main contract base - rates are 7.57% and 6.72% respectively. The spot prices are 2,530 (Ordinary rapeseed meal: Nantong) and 8,320 (First - grade soybean oil: Zhangjiagang) [3]. - Peanut (PK): The main contract base - rate is 16.98%, an increase of 0.26% from the previous day. The spot price is 9,300 (Baisha peanuts: 45% oil content, 9% water content, Changtu) [3]. - Palm Oil (P): The main contract base - rate is - 0.61%, a decrease of 0.40% from the previous day. The spot price is 8,490 (24 - degree palm oil: Guangdong) [3]. - Corn (C): The main contract base - rate is 4.61%, an increase of 0.33% from the previous day. The spot price is 2,290 (National - standard first - grade corn at Huangpu Port) [3]. - Corn Starch (CS): The main contract base - rate is 3.46%, an increase of 0.41% from the previous day. The spot price is 2,570 (Factory - delivered price of corn starch: Changchun) [3]. Agricultural and Sideline Products - Apple (AP): The main contract base - rate is - 6.50%, a decrease of 0.17% from the previous day. The spot price is 8,600 (Average of Yantai Qixia and Shaanxi Luochuan Red Fuji apples) [3]. - Egg (JD): The main contract base - rate is - 1.56%, an increase of 0.03% from the previous day. The spot price is 2,900 (Eggs: Hebei Cangzhou) [3]. - Live Pig (LH): The main contract base - rate is 2.97%, an increase of 0.61% from the previous day. The spot price is 11,800 (One - yuan live pigs from Henan) [3]. Soft Commodities - Cotton (CF): The main contract base - rate is 7.18%, a decrease of 0.51% from the previous day. The spot price is 15,279 (Cotton price index 328: Xinjiang) [3]. - Sugar (SR): The main contract base - rate is 2.87%, a decrease of 0.14% from the previous day. The spot price is 5,420 (White sugar: Liuzhou) [3]. - Methanol (MA): The main contract base - rate is 0.14%, unchanged from the previous day. The spot price is 2,165 (Methanol: East China) [3]. - Ethanol (EG): The main contract base - rate is - 4.4%, an increase of 0.13% from the previous day. The spot price is 3,650 (Ethanol: East China) [3]. - PTA (TA): The main contract base - rate is - 1.40%, an increase of 0.06% from the previous day. The spot price is 5,080 (PTA: East China) [3]. - Polypropylene (PP): The main contract base - rate is 8.52%, an increase of 0.21% from the previous day. The spot price is 6,800 (Market price of Hangzhou Shaoxing Sanyuan T30S) [3]. - Styrene (EB): The main contract base - rate is 0.26%, an increase of 0.38% from the previous day. The spot price is 11111 (Styrene: East China) [3]. - Polyester Staple Fiber (PF): The main contract base - rate is 0.00%, a decrease of 0.25% from the previous day. The spot price is 6,540 (Yifangxiang semi - bright natural white 1.56*38mm) [3]. - Plastic: The main contract base - rate is 0.16%, an increase of 1.84% from the previous day. The spot price is 6,400 (Market price of Yuyao Zhejiang Petrochemical 7042) [3]. - PVC (V): The main contract base - rate is - 5.40%, an increase of 0.47% from the previous day. The spot price is 4,500 (East China SG - 5 Xinjiang Zhongtai mainstream price) [3]. - Rubber (RU): The main contract base - rate is - 3.3%, an increase of 0.15% from the previous day. The spot price is 15,200 (Thai - produced: Qingdao Free Trade Zone) [3]. - 20 - number Rubber (NR): The main contract base - rate is 3.77%, an increase of 0.02% from the previous day. The spot price is 13,174 (Thai 20 standard rubber: Qingdao Free Trade Zone) [3]. - Soda Ash (SA): The main contract base - rate is - 4.1%, a decrease of 0.17% from the previous day. The spot price is 1,135 (Shahe heavy - quality market price) [3]. - Urea (UR): The main contract base - rate is - 1.72%, a decrease of 0.28% from the previous day. The spot price is 1,710 (Small - particle urea: Henan) [3]. - Pulp (SP): The main contract base - rate is - 1.41%, an increase of 0.28% from the previous day. The spot price is 5,525 (Bleached softwood pulp: Silver Star: Chile) [3]. Energy and Chemicals - Crude Oil (SC): The main contract base - rate is - 8.5%, an increase of 0.45% from the previous day. The spot price is 406.6 (Chinese Shengli: Pacific Rim) [3]. - Fuel Oil (FU): The main contract base - rate is 6.42%, a decrease of 0.55% from the previous day. The spot price is 2,649 (Bonded marine fuel oil 380CST: Zhoushan) [3]. - Asphalt (BU): The main contract base - rate is - 2.50%, an increase of 0.03% from the previous day. The spot price is 2,920 (Heavy - traffic asphalt: market price: Shandong) [3]. - Low - sulfur Fuel Oil (LU): The main contract base - rate is - 0.21%, an increase of 0.01% from the previous day. The spot price is 3,010 (Marine fuel oil 0.5% low - sulfur: Singapore) [3]. - LPG (PG): The main contract base - rate is 11.09%, an increase of 1.39% from the previous day. The spot price is 4,528 (Market price: Guangzhou) [3]. Stock Index Futures - CSI 300 (IF): The main contract base - rate is 0.69%, a decrease of 0.16% from the previous day. The spot price is 4,642.5 [3]. - SSE 50 (IH): The main contract base - rate is - 0.04%, an increase of 0.02% from the previous day. The spot price is 3,032.8 [3]. - CSI 500 (IC): The main contract base - rate is 1.23%, a decrease of 0.31% from the previous day. The spot price is 7,410.7 [3].

Report Industry Investment Rating - No information provided in the content Core Viewpoints of the Report - The supply and demand of coking coal and coke are further relaxed. The coking coal and coke markets are in a situation of strong supply and weak demand, with prices running weakly. The mid - to long - term strategy is to adopt a bearish approach on rallies. The coke index is expected to operate in the range of 1500 - 1650, and the coking coal index in the range of 950 - 1030 - 1110 [6][8] - An important meeting will be held in mid - December, which may change market expectations and sentiment Summary by Related Catalogs Coke Supply - Although the first round of coke price cuts has been implemented, raw material prices continue to decline, and coke enterprises still have positive profits, with high production enthusiasm. Coupled with the resumption of production of some overhauled coke enterprises, the coke production of coke enterprises and steel mills has increased month - on - month. As of December 5, the daily average coke output of all - sample coking plants was 64.53 tons (+0.77), and that of 247 steel mills' coking plants was 46.62 tons (+0.3), with a total output of 111.15 tons (+1.07) [7][15] Profit - After the first round of coke price cuts, the coking profit has narrowed. As of December 5, the average profit per ton of coke for independent coking enterprises was 30 yuan/ton (-16) [6][19] Demand - Terminal demand is poor, steel spot prices are under pressure, steel mills' profits are poor, and the willingness to overhaul is strong. The molten iron output has declined month - on - month. It is currently the off - season for demand, and the molten iron output is expected to continue to decline. As of December 5, the daily average molten iron output was 232.3 tons (-2.38); the weekly total output of five major steel products was 828.95 tons (-26.76); the profitability rate of steel mills was 36.36% (+1.3); the blast furnace capacity utilization rate of 247 steel enterprises was 87.08% (-0.9); and the blast furnace start - up rate was 80.16% (-0.93) [7][23] Inventory - Steel mills maintain just - in - time procurement, and their inventory has slightly decreased month - on - month; the inventory of coke enterprises has increased month - on - month, and there may be some inventory accumulation pressure in the future; the port inventory has decreased month - on - month; the total coke inventory has decreased month - on - month. As of December 5, the inventory of all - sample independent coking plants was 76.44 tons (+4.68); the inventory of 247 steel mills was 625.25 tons (-0.27); the total inventory of four major ports was 181.3 tons (-6.1), and the total coke inventory was 882.99 tons (-1.69) [7][27] Inventory Available Days - As of December 5, the available days of coke inventory for 247 steel mills' sample coking plants were 11.29 days (+0) [30] Basis and Spread - As of December 5, the warehouse - receipt price of quasi - first - grade metallurgical coke at Rizhao Port was 1594 yuan/ton, the basis of the 01 contract was 9, a decrease of 11 compared with last week; the spread between the 1 - 5 contracts was - 149, an increase of 7.5 compared with last week. After the coke price cut, the spot price has fallen more, so the basis has weakened. The far - month contracts are more affected by the coking coal futures, so the spread has strengthened. The current basis is at a low level in the same period over the years [34] Coking Coal Supply - Some coal mines in the main production areas have resumed production. Near the end of the year, some coal mines are close to completing their production plans, and the production rhythm may slow down, resulting in a month - on - month decline in domestic coal mine supply. The customs clearance of Mongolian coal is at a high level, and seaborne coal will arrive at ports successively in December, which has a certain negative impact on the futures market. As of December 5, the daily average output of raw coal from 523 sample mines was 190.42 tons (-0.92), with an operating rate of 85.59% (-0.42); the daily average output of 314 sample coal washing plants was 27.12 tons (+0.54), with an operating rate of 36.53% (+0.21) [8][41] Mongolian Coal Customs Clearance - The customs clearance of Mongolian coal has increased month - on - month and is at a high level [43] Demand - The coke production has increased month - on - month, and the daily consumption of coking coal has increased. However, the molten iron output is still in a downward channel, and the medium - to long - term demand for coking coal is expected to continue to decline. As of December 5, the total inventory of 230 independent coking plants was 857.43 tons (-3.5), with available days of 12.68 days (-0.16), and the corresponding daily consumption of coking coal was 67.62 tons (-3.5); the inventory of 247 steel mills was 798.27 tons (-3.03), with available days of 12.88 days (-0.13), and the corresponding daily consumption of coking coal was 61.98 tons (+0.39); the total daily consumption was 129.6 tons (+0.99) [8][48] Inventory - Steel mills maintain just - in - time procurement, and their inventory has slightly decreased month - on - month; the inventory of coke enterprises has slightly decreased month - on - month; the inventory levels of coke enterprises and steel mills are at the median level in the same period over the years. The coal mine inventory has increased month - on - month, and there may be an inventory accumulation expectation in the future; the port inventory has increased month - on - month and is at the median level in the same period over the years. The total coking coal inventory has increased. As of December 5, the total port inventory was 296.5 tons (+2); the inventory of 247 steel mills was 798.27 tons (-3.03); the coking coal inventory of all - sample independent coking plants was 1009.2 tons (-1.1); the clean coal inventory of 523 sample mines was 247.01 tons (+23.09); the total coking coal inventory was 2350.98 tons (+20.96) [8][55] Inventory Available Days - As of December 5, the available days of coking coal inventory for 230 independent coking plants were 12.68 days (-0.16); and those for 247 steel enterprises were 12.88 days (-0.13) [55] Basis and Spread - As of December 5, the warehouse - receipt price of Mongolian No. 5 clean coal in Tangshan was 1168 yuan/ton, the basis of the 01 contract was 112, an increase of 11 compared with last week; the spread between the 1 - 5 contracts was - 84, an increase of 1 compared with last week. Both the spot and futures prices of coking coal have weakened. The expected arrival of seaborne coal and the continuous weakening of demand have led to a larger decline in the futures market, so the basis has strengthened, and the spread has slightly strengthened. The coking coal contracts in different months show a contango structure, indicating that the market is pessimistic about the supply - demand pattern of near - month contracts [59]

1. Report Industry Investment Rating The provided text does not contain information about the industry investment rating. 2. Core Views of the Report - Global economy in 2026 is expected to grow at around 3%, with loose global liquidity benefiting low and middle - income countries. The K - shaped economy in the US deepens, with AI investment as a new growth driver, while China's economic transformation shows initial results, and Europe's economy is under pressure due to the Russia - Ukraine war and trade tariffs [1][33] - For the copper market, supply is limited due to shortages in copper concentrates and refined production, and demand shows a mix of old and new trends. The US tariff expectation distorts global demand, and the price is expected to range between $11,000 - $12,500 [1][68] - In the aluminum market, China is approaching its electrolytic aluminum production capacity ceiling, and overseas production is restricted by power bottlenecks. Demand remains stable, and the supply gap is expected to widen, with the price expected to range between $2,700 - $3,200 [2][79] 3. Summary by Relevant Catalogs 3.1 Macroeconomic Situation US Economy - In 2025, AI investment contributed to 1/3 of GDP growth, driving the stock market up. In 2026, AI investment will continue, but the traditional manufacturing industry will face more pressure, with the K - shaped economic structure deepening. Fiscal and monetary policies are both loose, and GDP growth is expected to increase slightly. The biggest uncertainty is the possible bursting of the AI investment bubble [5] - Consumer confidence has declined to a 20 - year low, with consumption growth concentrated in high - income groups. The employment market is expected to slow down but remain generally stable, with the unemployment rate slightly increasing. Manufacturing is in a weak recovery, and the "Big Beautiful Act" will increase the deficit and government spending. The market expects two more interest rate cuts in 2026 [9][12][16] Chinese Economy - In 2025, China implemented an active fiscal policy, and economic transformation achieved initial results. GDP growth is expected to reach around 5%. In 2026, the fiscal support will not be less than in 2025, and the focus will be on promoting domestic demand. GDP growth is expected to slow down slightly to 4.6% [17][20] - Real estate investment continues to shrink, and the contribution of the real estate industry to GDP has dropped from 30% to 10%. Industrial investment has paused after high - speed growth. Central fiscal investment will support fixed - asset investment. Industrial and export growth is expected to remain high, and measures to promote domestic demand will be strengthened [20][25][27] European Economy - In 2025, the Russia - Ukraine war and Trump's tariff war affected the European economy. The European Central Bank cut interest rates four times, and Germany launched a 500 - billion - euro defense plan. GDP growth is expected to be 1.3% in 2025 and slow down slightly in 2026 [29][32][35] - The biggest uncertainty in 2026 is the Russia - Ukraine war. If post - war relations are handled well, the economy may grow strongly. Global liquidity is expected to be loose, which will ease the debt pressure of low and middle - income countries [33] 3.2 New Demand Growth Points for Copper and Aluminum New Energy and AI Investment - The new energy industry has become a major growth source for non - ferrous metal demand. By 2030, the consumption of new energy in copper and aluminum demand is expected to reach over 30% and 25% respectively [36] - The growth of new energy vehicles will slow down. In 2026, the global production of new energy vehicles is expected to be 23 - 25 million, with a copper demand increase of 200,000 tons and an aluminum demand increase of 600,000 tons [36][37] - Photovoltaic growth will slow down. In 2026, the global new installed capacity is expected to be 610 - 650GW. The copper and aluminum demand growth will be less than 100,000 tons and 200,000 - 300,000 tons respectively [37][38] - Energy storage has become a new growth point. In 2026, the global energy storage installed capacity is expected to reach 377GWh, with a copper and aluminum demand increase of 65,000 tons and 200,000 tons respectively [39] - Data center construction is also a new growth point. The global data center copper demand is expected to increase by 100,000 tons annually, and China's data center copper demand may approach 1 million tons by 2030 [39] - The power sector's demand for grid upgrade and transformation is increasing. In 2026, China's main grid investment is expected to grow by about 10%, and the US is expected to invest over $1.1 trillion in power from 2025 - 2030 [40][41][43] Traditional Demand - The demand from the construction industry for copper and aluminum is expected to decline by about 15%. The demand for home appliances will slow down, with a production growth rate of about 2% in 2026. The demand from medium - income countries is growing [44][45][50] 3.3 Copper Market Supply Constraints - In 2026, copper concentrate production will increase, but refined copper production growth will slow down significantly. Long - term supply is limited due to factors such as the lack of new large mines and the aging of existing mines [51][54][55] - In 2026, new copper mine projects are expected to increase production by 570,000 tons. Chinese refined copper production growth will be limited by the shortage of concentrates, and overseas refineries may reduce production. The supply of scrap copper is expected to be tight [54][57][59][60] Demand and Price Outlook - In 2026, global refined copper supply is expected to have a shortage of 150,000 tons, and the shortage may expand to 300,000 tons in 2027. The US tariff expectation distorts global demand, making the US a high - price area for copper and intensifying the supply gap in non - US regions [61][63][67] - The copper price in 2026 is expected to range between $11,000 - $12,500, and the upward price elasticity depends on tariff expectations and speculative funds [68] 3.4 Aluminum Market Supply Situation - The supply of bauxite and alumina is in a high - growth period, and over - supply will intensify in 2026. The price of alumina will fluctuate within a narrow range around the cash cost of high - cost refineries [69][70][74] - China is approaching the 45.5 - million - ton capacity ceiling for electrolytic aluminum. In 2026, domestic production is expected to increase by 800,000 tons, and growth will basically stagnate after 2027. Overseas, new projects are mainly in Indonesia, but power bottlenecks are significant, and production growth has high uncertainty [74][76][77] Demand and Price Outlook - In 2026, global primary aluminum demand growth is expected to be slightly lower than in 2025. In the long term, new energy and emerging country demand will support a 2.7% - 3% compound growth rate [78][79] - The supply is expected to turn into a small shortage in 2026, and the shortage may expand after 2027. The aluminum price is expected to range between $2,700 - $3,200 (or 21,000 - 24,000 yuan) [79]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View No relevant information provided. 3. Summary by Category a. Metals - Copper (CU): The main contract basis rate is -0.54%, down 0.28% from yesterday. The spot price is 92,240 [3]. - Aluminum (AL): The main contract basis rate is -1.18%, down 0.50% from yesterday. The spot price is 21,730 [3]. - Zinc (ZN): The main contract basis rate is 0.46%, down 0.02% from yesterday. The spot price is 23,130 [3]. - Lead (PB): The main contract basis rate is -0.51%, down 0.39% from yesterday. The spot price is 16,725 [3]. - Nickel (NI): The main contract basis rate is 2.66%, up 0.38% from yesterday. The spot price is 116,600 [3]. - Industrial Silicon: The main contract basis rate is 6.73%, down 1.38% from yesterday. The spot price is 9,200 [3]. - Lithium Carbonate (LC): The main contract basis rate is -9.03%, up 0.24% from yesterday. The spot price is 97,570 [3]. - Gold (AU): The main contract basis rate is -0.59%, up 0.10% from yesterday. The spot price is 974.68 [3]. - Silver (AG): The main contract basis rate is -0.37%, down 0.01% from yesterday. The spot price is 15,463 [3]. b. Steel and Iron Ore - Rebar (RB): The main contract basis rate is 6.24%, down 0.44% from yesterday. The spot price is 3,320 [3]. - Hot Rolled Coil (HC): The main contract basis rate is 0.70%, down 0.38% from yesterday. The spot price is 3,300 [3]. - Iron Ore: The main contract basis rate is 6.92%, down 0.47% from yesterday. The spot price is 831.3 [3]. c. Coal and Coke - Coke: The main contract basis rate is 0.72%, down 1.54% from yesterday. The spot price is 1,615 [3]. - Coking Coal (JIM): The main contract basis rate is -0.80%, down 6.02% from yesterday. The spot price is 1,117.5 [3]. - Thermal Coal (ZC): The main contract basis rate is -9.78%, down 1.12% from yesterday. The spot price is 723.0 [3]. d. Grains and Oils - Soybean (A): The main contract basis rate is -2.5%, up 1.17% from yesterday. The spot price is 3,940 [3]. - Soybean Meal (M): The main contract basis rate is 10.67%, unchanged from yesterday. The spot price is 3,040 [3]. - Rapeseed Meal (RM): The main contract basis rate is 7.26%, down 0.84% from yesterday. The spot price is 2,510 [3]. - Rapeseed Oil (Ol): The main contract basis rate is 6.20%, down 0.72% from yesterday. The spot price is 9,500 [3]. - Peanut (PK): The main contract basis rate is 17.56%, up 0.26% from yesterday. The spot price is 9,400 [3]. - Palm Oil (P): The main contract basis rate is 0.38%, down 0.07% from yesterday. The spot price is 8,400 [3]. - Corn (C): The main contract basis rate is 4.57%, up 0.76% from yesterday. The spot price is 2,290 [3]. - Corn Starch (CS): The main contract basis rate is 2.84%, down 0.26% from yesterday. The spot price is 2,570 [3]. e. Agricultural and Sideline Products - Apple (AP): The main contract basis rate is 13.98%, up 0.51% from yesterday. The spot price is 7,800 [3]. - Egg (JD): The main contract basis rate is 6.31%, up 6.05% from yesterday. The spot price is 3,100 [3]. - Live Pig: The main contract basis rate is 4.64%, up 1.88% from yesterday. The spot price is 11,850 [3]. - Cotton (CF): The main contract basis rate is 8.45%, down 0.31% from yesterday. The spot price is 15,139 [3]. - Sugar (SR): The main contract basis rate is 5.64%, up 0.37% from yesterday. The spot price is 5,390 [3]. f. Chemicals - Methanol (MA): The main contract basis rate is -0.07%, up 0.21% from yesterday. The spot price is 2,173 [3]. - Ethanol (EG): The main contract basis rate is -3.24%, down 0.23% from yesterday. The spot price is 3,645 [3]. - PTA (TA): The main contract basis rate is -1.22%, up 0.14% from yesterday. The spot price is 4,690 [3]. - Polypropylene (PP): The main contract basis rate is 8.30%, down 0.43% from yesterday. The spot price is 6,800 [3]. - Styrene (EB): The main contract basis rate is 1.64%, down 0.40% from yesterday. The spot price is 6,490 [3]. - Short - Fiber (PF): The main contract basis rate is 2.24%, down 0.90% from yesterday. The spot price is 6,310 [3]. - Plastic: The main contract basis rate is 8.09%, up 0.05% from yesterday. The spot price is 7,000 [3]. - PVC (V): The main contract basis rate is 14.80%, down 7.40% from yesterday. The spot price is 5,405 [3]. - Rubber (RU): The main contract basis rate is -1.76%, up 0.45% from yesterday. The spot price is 15,050 [3]. - 20 - Number Rubber (NR): The main contract basis rate is 4.30%, up 0.60% from yesterday. The spot price is 12,991 [3]. - Soda Ash (SA): The main contract basis rate is -3.86%, down 1.04% from yesterday. The spot price is 1,147 [3]. - Urea (UR): The main contract basis rate is -1.64%, down 3.10% from yesterday. The spot price is 1,680 [3]. - Pulp (SP): The main contract basis rate is 0.45%, up 0.11% from yesterday. The spot price is 5,525 [3]. g. Energy - Crude Oil (SC): The main contract basis rate is -8.2%, up 0.13% from yesterday. The spot price is 394.5 [3]. - Fuel Oil (FU): The main contract basis rate is 7.68%, up 0.32% from yesterday. The spot price is 2,626 [3]. - Asphalt (BU): The main contract basis rate is -1.42%, up 1.96% from yesterday. The spot price is 2,910 [3]. - Low - Sulfur Fuel Oil (LU): The main contract basis rate is 0.54%, down 0.97% from yesterday. The spot price is 2,947 [3]. - LPG (PG): The main contract basis rate is 10.20%, up 3.31% from yesterday. The spot price is 4,528 [3]. h. Stock Index Futures - CSI 300 (IF): The main contract basis rate is 0.05%, up 0.02% from yesterday. The spot price is 4,552.8 [3]. - SSE 50 (IH): The main contract basis rate is 0.12%, down 0.03% from yesterday. The spot price is 2,998.5 [3]. - CSI 500 (IC): The main contract basis rate is 0.00%, up 0.12% from yesterday. The spot price is 7,100.8 [3].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View No information provided. 3. Summary by Related Catalog Metals - Copper (CU): The main contract basis rate is -0.54%, down 0.28% from yesterday. The spot price is 92,240 yuan [3]. - Aluminum (AL): The main contract basis rate is -1.18%, down 0.50% from yesterday. The spot price is 21,730 yuan [3]. - Zinc (ZN): The main contract basis rate is 0.46%, down 0.02% from yesterday. The spot price is 23,130 yuan [3]. - Lead (PB): The main contract basis rate is -0.51%, down 0.39% from yesterday. The spot price is 16,725 yuan [3]. - Nickel (NI): The main contract basis rate is 2.66%, up 0.38% from yesterday. The spot price is 116,600 yuan [3]. - Industrial Silicon (SI): The main contract basis rate is 6.73%, down 1.38% from yesterday. The spot price is 9,200 yuan [3]. - Carbonate Lithium (LC): The main contract basis rate is -9.03%, up 0.24% from yesterday. The spot price is 97,570 yuan [3]. - Gold (AU): The main contract basis rate is -0.59%, up 0.10% from yesterday. The spot price is 974.68 yuan [3]. - Silver (AG): The main contract basis rate is -0.37%, down 0.01% from yesterday. The spot price is 15,463 yuan [3]. Building Materials and Energy - Rebar (RB): The main contract basis rate is 6.24%, down 0.44% from yesterday. The spot price is 3,320 yuan [3]. - Hot Rolled Coil (HC): The main contract basis rate is 0.70%, down 0.38% from yesterday. The spot price is 3,300 yuan [3]. - Iron Ore: The main contract basis rate is 6.92%, down 0.47% from yesterday. The spot price is 831.3 yuan [3]. - Coke: The main contract basis rate is 0.72%, down 1.54% from yesterday. The spot price is 1,615 yuan [3]. - Coking Coal (JIM): The main contract basis rate is -0.80%, down 6.02% from yesterday. The spot price is 1,117.5 yuan [3]. - Thermal Coal (ZC): The main contract basis rate is -9.78%, down 1.12% from yesterday. The spot price is 723.0 yuan [3]. - Ferrosilicon (SF): The main contract basis rate is -7.01%, down 0.59% from yesterday. The spot price is 5,200 yuan [3]. - Silicomanganese (SM): The main contract basis rate is -0.17%, down 0.38% from yesterday. The spot price is 5,770 yuan [3]. - Stainless Steel: The main contract basis rate is 2.25%, up 0.07% from yesterday. The spot price is 12,700 yuan [3]. - Glass (FG): The main contract basis rate is -3.0%, down 3.2% from yesterday. The spot price is 1,030 yuan [3]. Agricultural Products - Soybeans (A): The main contract basis rate is -2.5%, up 1.17% from yesterday. The spot price is 3,940 yuan [3]. - Soybean Meal (M): The main contract basis rate is 10.67%, unchanged from yesterday. The spot price is 3,040 yuan [3]. - Rapeseed Meal (RM): The main contract basis rate is 7.26%, down 0.84% from yesterday. The spot price is 2,510 yuan [3]. - Rapeseed Oil (OI): The main contract basis rate is 6.20%, down 0.72% from yesterday. The spot price is 9,500 yuan [3]. - Peanuts (PK): The main contract basis rate is 17.56%, up 0.26% from yesterday. The spot price is 9,400 yuan [3]. - Palm Oil (P): The main contract basis rate is 0.38%, down 0.07% from yesterday. The spot price is 8,400 yuan [3]. - Corn (C): The main contract basis rate is 4.57%, up 0.76% from yesterday. The spot price is 2,290 yuan [3]. - Corn Starch (CS): The main contract basis rate is 2.84%, down 0.26% from yesterday. The spot price is 2,570 yuan [3]. - Apples (AP): The main contract basis rate is 13.98%, up 0.51% from yesterday. The spot price is 7,800 yuan [3]. - Eggs (JD): The main contract basis rate is 6.31%, up 6.05% from yesterday. The spot price is 3,100 yuan [3]. - Hogs (LH): The main contract basis rate is 4.64%, up 1.88% from yesterday. The spot price is 11,850 yuan [3]. - Cotton (CF): The main contract basis rate is 8.45%, down 0.31% from yesterday. The spot price is 15,139 yuan [3]. - Sugar (SR): The main contract basis rate is 5.64%, up 0.37% from yesterday. The spot price is 5,390 yuan [3]. Chemicals - Methanol (MA): The main contract basis rate is -0.07%, up 0.21% from yesterday. The spot price is 2,173 yuan [3]. - Ethanol (EG): The main contract basis rate is -3.24%, down 0.23% from yesterday. The spot price is 3,645 yuan [3]. - PTA (TA): The main contract basis rate is -1.22%, up 0.14% from yesterday. The spot price is 4,690 yuan [3]. - Polypropylene (PP): The main contract basis rate is 8.30%, down 0.43% from yesterday. The spot price is 6,800 yuan [3]. - Styrene (EB): The main contract basis rate is 1.64%, down 0.40% from yesterday. The spot price is 6,490 yuan [3]. - Short - Fiber (PF): The main contract basis rate is 2.24%, down 0.90% from yesterday. The spot price is 6,310 yuan [3]. - Plastic: The main contract basis rate is 8.09%, up 0.05% from yesterday. The spot price is 7,000 yuan [3]. - PVC (V): The main contract basis rate is 14.80%, down 7.40% from yesterday. The spot price is 5,405 yuan [3]. - Rubber (RU): The main contract basis rate is -1.76%, up 0.45% from yesterday. The spot price is 15,050 yuan [3]. - 20 - Numbered Rubber (NR): The main contract basis rate is 4.30%, up 0.60% from yesterday. The spot price is 12,991 yuan [3]. - Soda Ash (SA): The main contract basis rate is -3.86%, down 1.04% from yesterday. The spot price is 1,147 yuan [3]. - Urea (UR): The main contract basis rate is -1.64%, down 3.10% from yesterday. The spot price is 1,680 yuan [3]. - Pulp (SP): The main contract basis rate is 0.45%, up 0.11% from yesterday. The spot price is 5,525 yuan [3]. Energy - Crude Oil (SC): The main contract basis rate is -8.2%, up 0.13% from yesterday. The spot price is 394.5 yuan [3]. - Fuel Oil (FU): The main contract basis rate is 7.68%, up 0.32% from yesterday. The spot price is 2,626 yuan [3]. - Asphalt (BU): The main contract basis rate is -1.42%, up 1.96% from yesterday. The spot price is 2,910 yuan [3]. - Low - Sulfur Fuel Oil (LU): The main contract basis rate is 0.54%, down 0.97% from yesterday. The spot price is 2,947 yuan [3]. - LPG (PG): The main contract basis rate is 10.20%, up 3.31% from yesterday. The spot price is 4,528 yuan [3]. Stock Index Futures - CSI 300 (IF): The main contract basis rate is 0.05%, up 0.02% from yesterday. The spot price is 4,552.8 [3]. - SSE 50 (IH): The main contract basis rate is 0.12%, down 0.03% from yesterday. The spot price is 2,998.5 [3]. - CSI 500 (IC): The main contract basis rate is 0.00%, up 0.12% from yesterday. The spot price is 7,100.8 [3].

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]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - For coke, it is expected that in November, both supply and demand will be weak. The pricing logic of the futures market may shift, with the pricing weight of the supply side decreasing and that of the demand side increasing. It is recommended to adopt a range - trading strategy for coke, with the coke index referring to 1620 - 1850 - 1900 [6]. - For coking coal, the demand is expected to decline, and whether domestic coal mine supply can recover remains to be seen. The pricing logic of the futures market may also shift, with the supply - side pricing weight decreasing and the demand - side pricing weight increasing. A range - trading strategy is also recommended for coking coal, with the coking coal index referring to 1130 - 1350 - 1400 [8][9]. Summary by Relevant Catalogs Coke Price - In October, coke prices generally showed a strong trend. As of October 29, the ex - warehouse price of quasi - first - grade metallurgical coke at Rizhao Port was 1560 yuan/ton, a 100 - yuan increase compared to the end of September [15]. Supply - Currently, coking enterprises are operating at a loss. Due to the weakening of steel mill profits, there is an expectation of price cuts for coke, which will further reduce coking enterprise profits and production enthusiasm. In mid - November, with the start of heating in northern regions, some coking enterprises may face environmental production restrictions, leading to an expected decline in coke production [6][29]. Demand - With the arrival of the off - season for steel demand, the production of molten iron is expected to continue to decline. The current weakening of steel demand and the significant decline in steel mill profitability have also affected steel mill production enthusiasm. Coupled with the possible tightening of environmental production restrictions in November, the production of molten iron is expected to weaken significantly, reducing the demand for coke [6][32]. Import and Export - In September 2025, coke exports were 542,700 tons, a month - on - month decrease of 7400 tons; imports were 14.62 tons, a month - on - month increase of 10.22 tons. Some southern steel mills in China imported a large amount of coke from Indonesia in September, leading to a significant increase in coke imports [36]. Inventory - In October, the coke inventories of coking enterprises and steel mills both decreased. Currently, coking enterprise inventories are at a low level compared to the same period in previous years, while steel mill inventories are at a relatively high level. Although there is an expectation of winter stockpiling, the high current inventory level of steel mills limits their space for winter stockpiling. Port inventories are at a relatively high level, which has a certain negative impact on the futures market [6][40]. Basis and Spread - As of October 29, the basis of the coke 01 contract (Rizhao quasi - first - grade converted to warehouse receipts) was - 65, a decrease from - 47 at the end of September; the basis of the 05 contract was - 204, a decrease from - 42 at the end of September; the basis of the 09 contract was - 288, a decrease from - 42 at the end of September. The different - month contracts of coke show a contango structure, indicating a relatively pessimistic market view on the supply - demand pattern of near - month contracts [43][47]. Coking Coal Price - The prices of main coking coal and blended coking coal both showed a strong and fluctuating trend. As of October 29, the aggregated price of low - sulfur main coking coal in Lvliang was 1560 yuan/ton, a 100 - yuan increase compared to the end of September [51]. Supply - In October, due to safety reasons, work - face changes in some coal mines, and the shutdown of open - pit coal mines in Wuhai, Inner Mongolia, for goaf treatment, coal mine production significantly declined to a low level compared to the same period in previous years. Whether domestic coal mine supply can recover remains uncertain, and some coal mines may slow down production after reaching their annual targets. The customs clearance of Mongolian coal has returned to normal levels and is expected to remain high in November [8][55][60]. Demand - With the arrival of the off - season for steel demand, the production of molten iron is expected to decline, steel mill profits are weakening, and coking enterprise profits are under pressure. As a result, coke production is expected to decline, reducing the demand for coking coal. In the long term, if the coke import market expands, it will squeeze the domestic coke market and further weaken the demand for coking coal [64]. Import and Export - In July 2025, coking coal imports were 10.92 million tons, a month - on - month increase of 760,000 tons; exports were 11,000 tons, a month - on - month increase of 2800 tons. The increase in domestic coking coal prices has led to an increase in import profits and a gradual rise in import volumes, which currently have returned to a high level [68]. Inventory - In October, supported by high molten iron production, coking enterprises and steel mills continued to replenish their coking coal inventories, which are currently at a medium - to - high level compared to the same period in previous years. Coal mine inventories have significantly decreased to a low level compared to the same period in previous years, while port inventories have changed little and are at a medium level. The current inventory structure has no major contradictions, but due to the expected decline in demand, the willingness of coking enterprises and steel mills to replenish inventories may decline [89]. Basis and Spread - As of October 29, the basis of the coking coal 01 contract (Meng 5 coking coal in Tangshan converted to warehouse receipts) was - 49, a decrease from - 123 at the end of September; the basis of the 05 contract was - 117, a decrease from - 104 at the end of September; the basis of the 09 contract was - 183, a decrease from - 83 at the end of September. The different - month contracts of coking coal show a contango structure, indicating a relatively pessimistic market view on the supply - demand pattern of near - month contracts [97][101].

Report Summary 1. Report Information - The report is the Maike Futures Basis Statistics Table, dated November 6, 2025, 9:00 [2] 2. Core Information - **Data Sources**: Wind Financial Terminal, Steel Union Data Terminal. Some quotes are weekly updated data, and some spot quotes differ from the benchmark deliverable [3] - **Calculation Formula**: The basis rate is the main contract basis rate, calculated as (spot price - main contract price) / main contract price. The historical minimum and maximum basis rates are calculated based on samples from January 1, 2015, to the present [3] 3. Commodity Basis Rate Details - **Non - ferrous Metals**: - Copper (CU): Current month basis rate -0.11%, next month -0.30%, spot price 85332, source SMM 1 electrolytic copper [4] - Aluminum (AL): Current month -0.23%, next month -0.05%, spot 21300, source SMM A00 aluminum [4] - Zinc (ZN): Current month -0.49%, next month -0.02%, spot 22500, source SMM 0 zinc ingot [4] - Lead (PB): Current month -1.00%, next month 0.12%, spot 17325, source SMM 1 aluminum ingot [4] - Tin (T): Current month -0.26%, next month -0.54%, spot 281300, source SMM 1 tin [4] - Nickel (NI): Current month 0.93%, next month -0.30%, spot 120950, source SMM 1 electrolytic nickel [4] - Lithium Carbonate (LC): Current month 1.87%, next month 0.16%, spot 80440, source domestic 99.5% [4] - **Precious Metals**: - Gold (AU): Current month -0.30%, spot 909.53, source AuT + D: Shanghai Gold Exchange [4] - Silver (AG): Current month -0.32%, next month -0.35%, spot 11240, source Ag(T + D): Shanghai Gold Exchange [4] - **Industrial Metals and Others**: - Industrial Silicon (TA): Current month 5.47%, next month 0.76%, spot 9450, source SMM Huaniantongshi 223 silicon [4] - Iron Ore: Current month 5.86%, next month -1.43%, spot 821.5, source PB powder: 61%: Qingdao [4] - Steel Products: - Rebar (RB): Current month 4.83%, next month 0.03%, spot 3170, source HRB400: 20mm: Shanghai [4] - Hot - Rolled Coil (HC): Current month -0.09%, next month -0.5%, spot 3250, source Q235B: 4.75mm: Shanghai [4] - Stainless Steel: Current month 2.51%, next month 0.08%, spot 12850, source B04/2B: 2.0*1219: Ansteel Liuzhou Wuxi [4] - Glass (FG): Current month 3.01%, next month 0.75%, spot 1130, source North China 5mm float market price [4] - **Agricultural Products**: - Soybeans: Current month -4.92%, next month -1.5%, spot 3920, source domestic third - grade soybeans: Harbin [4] - Soybean Meal (M): Current month -2.20%, next month -3.03%, spot 2980, source ordinary protein soybean meal: Zhangjiagang [4] - Rapeseed Meal (RM): Current month 4.85%, next month -1.28%, spot 2660, source ordinary rapeseed meal: Nantong [4] - Vegetable Oils: - Soybean Oil (V): Current month 2.97%, next month -0.87%, spot 8380, source first - grade soybean oil: Zhangjiagang [4] - Rapeseed Oil (Ol): Current month 3.65%, next month 0.18%, spot 9750, source rapeseed oil: Jiangsu [4] - Peanut Oil (PK): Current month 10.28%, next month 0.14%, spot 8600, source Baisha peanuts: 45% oil content, 9% water content, Changtu [4] - Palm Oil (P): Current month -0.47%, next month 0.07%, spot 8220, source 24 - degree palm oil: Guangdong [4] - Grains: - Corn (C): Current month 1.45%, next month 0.05%, spot 2165, source second - grade national standard corn at Bayuquan Port [4] - Corn Starch (CS): Current month 2.41%, next month -0.29%, spot 2510, source factory - price corn starch: Changchun [4] - Others: - Apples (AP): Current month -12.75%, next month -0.78%, spot 7800, source Qixia, Luochuan paper - bagged red apples above 80 [4] - Eggs (JD): Current month 16.07%, next month -1.95%, spot 2700, source eggs: Cangzhou, Hebei [4] - Pigs (LH): Current month 0.04%, next month -2.23%, spot 11950, source external - one - yuan pigs in Henan [4] - Cotton (CF): Current month 8.89%, next month -0.76%, spot 14825, source cotton price index 328: Xinjiang [4] - **Chemicals**: - Sugar (SR): Current month 5.13%, next month 0.58%, spot 5720, source daily sugar: Liuzhou [4] - Methanol (MA): Current month -1.2%, next month -1.10%, spot 2115, source methanol: East China [4] - Ethanol (EG): Current month 1.81%, next month -0.08%, spot 3985, source ethanol: East China [4] - PTA (TA): Current month -1.30%, next month 0.09%, spot 4540, source PTA: East China [4] - Polypropylene (PP): Current month 7.84%, next month 1.13%, spot 7000, source market price of Hangzhou Shaoxing Sanyuan T30S [4] - Styrene (EB): Current month -0.09%, next month -0.82%, spot 6315, source styrene: East China [4] - Short - Fiber (PF): Current month 3.63%, next month 0.23%, spot 6400, source Fangxiang semi - bright pure - white 1.56*38mm polyester [4] - Plastic (Plastic): Current month 4.49%, next month 0.55%, spot 7120, source Yangzi Petrochemical DFDA - 7042: Hangzhou [4] - PVC (V): Current month 16.54%, next month 0.80%, spot 5405, source calcium carbide method: East China region [4] - Rubber (RU): Current month -3.37%, next month -1.52%, spot 14350, source Thai - produced: Qingdao Free Trade Zone [4] - 20 - Numbered Rubber (NR): Current month 8.71%, next month 0.29%, spot 12974, source Thai 20 standard rubber: Qingdao Free Trade Zone [4] - Soda Ash (SA): Current month -4.13%, next month -0.82%, spot 1145, source market price in Shahe, Chongqing [4] - Urea (UR): Current month -3.85%, next month -0.18%, spot 1570, source small - particle urea: Henan [4] - Pulp (SP): Current month 2.61%, next month -1.40%, spot 5500, source bleached softwood pulp: Silver Star: Chile [4] - **Energy**: - Crude Oil (SC): Current month -6.9%, next month -0.43%, spot 435.0, source Chinese Shengli: Circum - Pacific [4] - Fuel Oil (FU): Current month 3.95%, next month 0.33%, spot 2851, source bonded marine fuel oil 380CST: Zhoushan [4] - Asphalt (BU): Current month -0.82%, next month -0.10%, spot 3140, source heavy - traffic asphalt: market price: Shandong [4] - Low - Sulfur Fuel Oil (LU): Current month -1.6%, spot 3283, source marine fuel oil 0.5% low - sulfur: Singapore [4] - LPG (PG): Current month 2.81%, next month -0.85%, spot 4398, source market price: Guangzhou [4] - **Stock Index Futures**: - CSI 300 (IF): Current month 0.02%, next month 0.67%, spot 4627.3 [4] - SSE 50 (IH): Current month 0.18%, next month 0.02% [4] - CSI 500 (IC): Current month 0.07%, next month 1.71% [4]