Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The alumina market is in a stage of relatively sufficient supply and stable demand, with cost support for spot prices. It is recommended to trade with a light position in a volatile manner [2]. - The Shanghai aluminum market is in a situation of relatively stable supply, seasonal decline in demand, and increasing inventory. Due to the support of the macro - environment, the industry outlook remains positive. Option market sentiment is bullish [2]. - The cast aluminum alloy market is in a situation of weak supply and demand, with seasonal inventory accumulation. The long - term industry outlook and cost support may provide some support for prices. It is also recommended to trade with a light position in a volatile manner [2]. Summary by Relevant Catalogs Futures Market - The closing price of the Shanghai aluminum main contract was 20,700 yuan/ton, up 185 yuan; the closing price of the alumina futures main contract was 3,208 yuan/ton, up 78 yuan. The LME electrolytic aluminum three - month quote was 2,602 US dollars/ton, up 25 US dollars [2]. - The main contract positions of Shanghai aluminum increased by 5,534 hands to 255,633 hands, while those of alumina decreased by 4,110 hands to 244,546 hands. The positions of the cast aluminum alloy main contract increased by 242 hands to 8,813 hands [2]. - The LME aluminum inventory increased by 6,450 tons to 390,800 tons, and the Shanghai aluminum inventory on the previous 20 net positions increased by 10,629 hands to 27,332 hands. The Shanghai - London ratio was 7.96, down 0.01 [2]. Spot Market - The Shanghai Non - ferrous A00 aluminum price was 20,820 yuan/ton, up 160 yuan; the alumina spot price in Shanghai Non - ferrous was 3,120 yuan/ton, up 20 yuan. The average price of ADC12 aluminum alloy ingots nationwide was 20,100 yuan/ton, up 100 yuan [2]. - The basis of cast aluminum alloy decreased by 550 yuan to 160 yuan/ton, and the basis of electrolytic aluminum decreased by 25 yuan to 120 yuan/ton. The Shanghai Wumao aluminum premium and discount decreased by 10 yuan to - 60 yuan/ton, and the LME aluminum premium and discount increased by 2.77 US dollars to - 0.60 US dollars/ton [2]. Upstream Situation - The alumina production in the month was 748.80 million tons, up 16.50 million tons; the demand for alumina (electrolytic aluminum part) in the month was 720.02 million tons, up 26.32 million tons. The supply - demand balance of alumina was - 25.26 million tons, down 15.33 million tons [2]. - The average price of crushed raw aluminum in Foshan metal scrap increased by 50 yuan to 16,250 yuan/ton, and that in Shandong metal scrap increased by 50 yuan to 15,800 yuan/ton. China's import volume of aluminum scrap decreased by 30,651.64 tons to 159,700.92 tons, and the export volume increased by 35.90 tons to 72.44 tons [2]. - The export volume of alumina decreased by 5 million tons to 21 million tons, and the import volume increased by 5.68 million tons to 6.75 million tons [2]. Industry Situation - The total production capacity of electrolytic aluminum increased by 0.50 million tons to 4,520.70 million tons, and the production capacity utilization rate was 97.68%, up 0.03 percentage points. The production of aluminum products decreased by 0.20 million tons to 576.20 million tons, and the export volume of unforged aluminum and aluminum products increased by 3 million tons to 55 million tons [2]. - The production of recycled aluminum alloy ingots increased by 0.29 million tons to 61.89 million tons, and the export volume of aluminum alloy increased by 0.76 million tons to 2.42 million tons [2]. Downstream and Application - The built - in production capacity of recycled aluminum alloy ingots decreased by 1.10 million tons to 126 million tons, and the national real estate climate index was 93.72, down 0.13 [2]. - The production of aluminum alloy increased by 11.70 million tons to 164.50 million tons, and the production of automobiles increased by 3.80 million vehicles to 264.20 million vehicles [2]. Option Situation - The 20 - day historical volatility of Shanghai aluminum increased by 0.22 percentage points to 8.30%, and the 40 - day historical volatility decreased by 0.34 percentage points to 8.76%. The implied volatility of the Shanghai aluminum main contract at - the - money IV increased by 0.0049 percentage points to 8.77%, and the put - call ratio was 1.11, down 0.0425 [2]. Industry News - The Fed's June meeting minutes showed differences among officials on interest - rate prospects. Trump said Sino - US relations had improved [2]. - The State Council issued new employment - stabilization support policies. The NDRC said China's economy had an average annual growth rate of 5.5% from 2021 to 2024, with domestic demand contributing 86.4% on average [2]. - In June, the CPI increased by 0.1% year - on - year and decreased by 0.1% month - on - month; the PPI decreased by 3.6% year - on - year and 0.4% month - on - month [2]. - The relationship between multinational enterprises and the Chinese market has shifted to "two - way empowerment", and the globalization of Chinese new - energy vehicles is an opportunity to build global brands [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - International sugar supply is expected to be loose due to the good supply prospects in major Asian sugar - producing countries during the monsoon season and the increase in Brazilian exports, which suppresses raw sugar prices. However, Pakistan's plan to import 500,000 tons and the year - on - year decrease in sugar production in the central - southern region of Brazil in the second half of June provide short - term support for raw sugar [2]. - In the domestic market, there is a divergence in price trends between domestic and international markets. The profit window for out - of - quota imports is open, which will release import pressure and suppress sugar prices. On the demand side, the peak summer consumption season and the restocking demand in the food and beverage industry, along with the recovery of seasonal consumption such as cold drinks, provide some support for prices. Overall, the domestic sugar price has been fluctuating following raw sugar, but due to the recovery of domestic demand, it has performed stronger than the international market. In the later stage, both supply and demand will be strong, leading to more volatile prices. Attention should be paid to the arrival of imported sugar and summer consumption [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the futures main contract for sugar is 5,805 yuan/ton, with a month - on - month increase of 26 yuan/ton. The main contract's open interest is 298,087 lots, an increase of 10,840 lots [2]. - The number of sugar warehouse receipts is 22,934, a decrease of 53. The net long position of the top 20 futures holders is - 23,947 lots, an increase of 10,763 lots [2]. - The estimated import - processing price of Brazilian sugar within the quota is 4,457 yuan/ton, a decrease of 30 yuan/ton; that of Thai sugar is 4,498 yuan/ton, a decrease of 30 yuan/ton [2]. 3.2 Spot Market - The estimated import price of Brazilian sugar outside the quota (50% tariff) is 5,662 yuan/ton, a decrease of 39 yuan/ton; that of Thai sugar is 5,715 yuan/ton, a decrease of 39 yuan/ton [2]. - The spot price of white sugar in Kunming is 5,895 yuan/ton, a decrease of 470 yuan/ton; in Nanning, it is 6,040 yuan/ton, an increase of 20 yuan/ton; in Liuzhou, it is 6,120 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The national sugar - crop planting area is 1,480 thousand hectares, an increase of 60 thousand hectares. The planting area of sugarcane in Guangxi is 835.09 thousand hectares, a decrease of 12.86 thousand hectares [2]. 3.4 Industry Situation - The cumulative national sugar production is 11.1621 million tons, an increase of 54,900 tons. The cumulative national sugar sales volume is 8.1138 million tons, an increase of 869,200 tons [2]. - The national industrial sugar inventory is 3.0483 million tons, a decrease of 814,300 tons. The national sugar sales rate is 72.69%, an increase of 7.47 percentage points [2]. - The monthly sugar import volume is 350,000 tons, an increase of 220,000 tons. The monthly total sugar exports from Brazil are 3.359 million tons, an increase of 1.1024 million tons [2]. 3.5 Downstream Situation - The cumulative year - on - year growth rate of refined sugar production is 16.7%, an increase of 2.6 percentage points. The cumulative year - on - year growth rate of soft drink production is 3%, a decrease of 0.9 percentage points [2]. 3.6 Option Market - The implied volatility of at - the - money call options for sugar is 7.59%, a decrease of 0.65 percentage points. The implied volatility of at - the - money put options for sugar is 7.6%, a decrease of 0.71 percentage points [2]. - The 20 - day historical volatility of sugar is 6.73%, a decrease of 0.57 percentage points. The 60 - day historical volatility of sugar is 7.55%, a decrease of 0.24 percentage points [2]. 3.7 Industry News - According to Brazilian shipping agency Williams, as of the week ending July 9, the number of ships waiting to load sugar at Brazilian ports was 90, up from 80 the previous week. The quantity of sugar waiting to be shipped at ports was 3.6855 million tons, up from 3.2059 million tons the previous week [2].

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 纯碱主力合约收盘价(日,元/吨) | 1231 | 37 玻璃主力合约收盘价(日,元/吨) | 1083 | 48 | | | 纯碱与玻璃价差(日,元/吨) | 148 | -11 纯碱主力合约持仓量(日,手) | 1427563 | -187579 | | | 玻璃主力合约持仓量(日,手) | 1372230 | -154075 纯碱前20名净持仓 | -391471 | -1826 | | | 玻璃前20名净持仓 | -386664 | 5285 纯碱交易所仓单(日,吨) | 3736 | -297 | | | 玻璃交易所仓单(日,吨) | 799 | -3 纯碱9月-1月合约价差 | -43 | -3 | | | 玻璃合约9月-1月价差 | -97 | 0 纯碱基差(日,元/吨) | -26 | -6 | | | 玻璃基差(日,元/吨) | 41 | -10 | | | | | 华北重碱(日,元/吨) | 1174 | 6 华中重 ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | 期货主力合约收盘价:生猪(日,元/吨) | 14375 | 110 主力合约持仓量:生猪(日,手) | 74505 | 2765 | | | 仓单数量:生猪(日,手) | 447 | 0 期货前20名持仓:净买单量:生猪(日,手) | -16276 | -532 | | 现货价格 | 生猪价 河南 驻马店(日,元/吨) | 15000 | 0 生猪价 吉林 四平(日,元/吨) | 14600 | 0 | | | 生猪价 广东 云浮(日,元/吨) | 16500 | 0 生猪主力基差(日,元/吨) | 625 | -110 | | 上游情况 | 生猪存栏(月,万头) | 41731 | -1012 生猪存栏:能繁母猪(月,万头) | 4042 | 4 | | 产业情况 | CPI:当月同比(月,%) | -0.1 | 0 现货价:豆粕:张家港(日,元/吨) | 2800 | 0 | | | 玉米现货价 | 2426.86 | -0.59 ...

本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不 做任何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状 免责声明 | | 集运指数（欧线）期货日报 | | | 2025/7/10 | | --- | --- | --- | --- | --- | | 项目类别 | 数据指标 最新 环比 数据指标 | | 最新 | 环比 | | | EC主力收盘价 2022.500 32.3↑ EC次主力收盘价 | | 1401.1 | +18.70↑ | | 期货盘面 | EC2508-EC2510价差 621.40 -1.10↓ EC2508-EC2512价差 | | 466.10 | +7.30↑ | | | EC合约基差 -10.00↓ | 235.54 | | | | 期货持仓头寸（手） EC主力持仓量 | -403↓ | 30945 | | | | | SCFIS（欧线）（周） 134.80↑ SCFIS（美西线）（周） | 2258.04 | 1,557.77 | 61.42↑ | | | SCFI（综合 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - For the corn market, international corn prices still hold an advantage due to a good production outlook in the US, but the domestic corn market is weak. The third auction of imported corn saw a cooling in transactions, leading to more market - available grains, price - cutting by enterprises, and a decline in feed demand due to wheat substitution. Corn futures prices have been oscillating downward from high levels [2]. - For the corn starch market, downstream demand is in the traditional off - season, and the supply - demand situation remains loose. Corn starch inventories have increased, and prices have been oscillating weakly influenced by the decline in corn prices. The industry's operating rate is at a low level due to continuous losses, but demand from civil and paper - making markets is poor [2][3]. 3. Summary by Directory 3.1 Futures Market - Corn starch futures closing price (active contract): 2677 yuan/ton, with a change of 0; corn futures closing price (active contract): 2320 yuan/ton, with a change of 0 [2]. - Corn monthly spread (9 - 1): 85 yuan/ton; corn starch monthly spread (9 - 11): 47 yuan/ton, with a change of - 4 [2]. - Futures open interest: 1005818 lots for yellow corn and 239427 lots for corn starch, with changes of - 3987 and 8383 respectively [2]. - Net long positions of the top 20 futures holders: - 31664 lots for corn and - 14369 lots for corn starch, with changes of - 7675 [2]. - Registered warehouse receipts: 199829 lots for yellow corn, with a change of - 2660; 22689 lots for corn starch, with a change of - 132 [2]. - CS - C spread of the main contract: 357 yuan/ton, with a change of - 1 [2]. 3.2 Outer - market - CBOT corn futures closing price (active contract): 416 cents/bushel, with a change of 17.25; total CBOT corn open interest (weekly): 1498667 contracts, with a change of - 36301 [2]. - Non - commercial net long positions of CBOT corn: - 155526 contracts, with a change of - 24956 [2]. 3.3 Spot Market - Average spot price of corn: 2426.86 yuan/ton, with a change of - 0.59; factory - gate price of corn starch in Changchun: 2700 yuan/ton, with no change [2]. - FOB price of corn in Jinzhou Port: 2360 yuan/ton, with no change; factory - gate price of corn starch in Weifang: 2920 yuan/ton, with no change [2]. - CIF price of imported corn: 1886.94 yuan/ton, with a change of 0.79; factory - gate price of corn starch in Shijiazhuang: 2860 yuan/ton, with no change [2]. - International freight of imported corn: no change; basis of the main corn starch contract: 23 yuan/ton, with no change; basis of the main corn contract: - 1.59 yuan/ton [2]. 3.4 Upstream Situation - Forecasted sown area and yield of corn in the US, Brazil, Argentina, China, and Ukraine remain unchanged [2]. - Corn inventory in southern ports: 104.1 tons, with a change of - 9.2; deep - processing corn inventory: 435.4 tons, with a change of - 21.3 [2]. - Corn inventory in northern ports: 370 tons, with a change of - 1; weekly starch enterprise inventory: 133.7 tons, with a change of 2.4 [2]. 3.5 Industry Situation - Import volume of corn: 19 tons; export volume of corn starch: 27780 tons; monthly feed production: 2762.1 tons [2]. - Corn starch processing profit in Shandong: - 97 yuan/ton, with a change of 0; in Hebei: 13 yuan/ton, with no change; in Jilin: - 63 yuan/ton, with a change of - 7 [2]. 3.6 Downstream Situation - Average feed corn inventory days: 31.96 days, with a change of - 0.63; deep - processing corn consumption: 117.63 tons, with a change of - 1.29 [2]. - Alcohol enterprise operating rate: 44.88%, with a change of - 1.3; starch enterprise operating rate: 50.14%, with a change of - 1.06 [2]. 3.7 Option Market - 20 - day historical volatility of corn: 6.79%, with a change of 0.02; 60 - day historical volatility of corn: 6.94%, with no change [2]. - Implied volatility of at - the - money call options for corn: 8.87%, with a change of - 0.08; implied volatility of at - the - money put options for corn: 8.87%, with a change of - 0.08 [2]. 3.8 Industry News - Analysts predict the global corn ending inventory for 2025/26 to be 277.46 million tons, higher than the USDA's previous forecast [2]. - Analysts expect the US corn ending inventory for 2025/26 to be 1.72 billion bushels, lower than the USDA's previous forecast [2]. - As of July 6, 2025, the US corn good - to - excellent rate was 74%, higher than market expectations [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - Consumption is in the off - season, and the high inventory of old fruits suppresses prices. The production area is in the fruit - setting period, the current growth of jujube trees is relatively good, but the yield is difficult to determine, and attention should be paid to the situation of the second - crop flowers and fruits [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract for jujube is 10,580 yuan/ton, with a change of 155; the position of the main contract is 138,887 lots, with a change of 1,979; the net long position of the top 20 futures holders is - 6,335 lots; the number of warehouse receipts is 8,881, and the effective warehouse receipt forecast is 1,745 [2]. Spot Market - The prices of jujube in different regions vary. For example, the unified - grade jujube price in Kashi is 6 yuan/kg, the first - grade grey jujube wholesale price in Hebei is 4.3 yuan/jin, and the unified - grade jujube price in Alar is 5.2 yuan/kg [2]. Upstream Market - The annual jujube output is 606.9 million tons, an increase of 318.7 million tons, and the planting area is 1.993 million hectares, a decrease of 41,000 hectares [2]. Industry Situation - The national jujube inventory is 10,520 tons, a decrease of 168 tons from last week, a 1.57% week - on - week decrease and a 71.08% year - on - year increase. The monthly jujube export volume is 2,229,227 kg, a decrease of 132,571 kg, and the cumulative export volume is 15,350,567 kg [2]. Downstream Situation - In the Hexi Agricultural and Sideline Products Market in Taiyuan, Shanxi, the jujube wholesale price is 1.47 yuan/kg, a decrease of 8. The cumulative sales volume of jujubes of Hao Xiangni is 36,480.43 tons, a decrease of 2,981.06 tons, and the cumulative year - on - year jujube production of Hao Xiangni is - 34.59% [2]. Industry News - On July 10, there was moderate to heavy rain in the Alar area with temperatures between 16 - 25°C, which is suitable for fruit - setting. Jujube farmers are actively managing the orchards, and the jujube trees are entering the physiological fruit - dropping period. As the weather gets hotter, seasonal fresh fruits are on the market, which substitutes for jujubes, resulting in a slow digestion of jujube inventory [2].

Report Industry Investment Rating - Not provided Core Viewpoints - In summer, the large - scale listing of summer fruits impacts apple demand, slowing down the sales speed. The spot price is weakly adjusted, dragging down the futures price. However, the current inventory is at a five - year low, strongly supporting the price, so the market is expected to show a fluctuating trend [2] Summary by Directory Futures Market - The closing price of the main apple futures contract is 7,783 yuan/ton, up 40 yuan; the closing price of the October contract is 7,783 yuan/ton, up 40 yuan. The main contract's open interest decreased by 2,730 hands, and the number of warehouse receipts remained unchanged at 94,121. The net long position of the top 20 futures holders is 9,016 hands, an increase of 1,313 hands [2] Spot Market - The spot price of Shandong Yantai Qixia apples (paper - bagged, above 80 second - grade fruit farmer's goods) is 4 yuan/jin, unchanged; the spot price of Gansu Jingning apples (paper - bagged, above 75) is 4.5 yuan/jin, unchanged; the spot price of Shandong Yiyuan apples (paper - bagged, above 75) is 2.4 yuan/jin, unchanged; the spot price of Shaanxi Luochuan apples (paper - bagged, above 70 semi - commercial goods) is 4 yuan/jin, unchanged [2] Upstream Situation - The national apple orchard area decreased by 19.58 thousand hectares. The national apple output is 5,128.51 tons, an increase of 168.34 tons [2] Industry Situation - The weekly wholesale price of apples is 9.76 yuan/kg, up 0.03 yuan; the average weekly wholesale price of Fuji apples is 9.54 yuan/kg, up 0.14 yuan. The total national apple cold - storage inventory is 99.31 tons, a decrease of 7.6 tons. The storage capacity ratio of Shandong apples is 0.03, down 0.01; the storage capacity ratio of Shaanxi apples is 0.06, down 0.01. The monthly export volume of apples is 50,000 tons, a decrease of 20,000 tons. The monthly export value of apples is 5,152.5 million US dollars, and the monthly import value of fresh and dried fruits and nuts is 2,201,050.17 million US dollars. The weekly profit of first - and second - grade paper - bagged 80 apple storage merchants is 0.8 yuan/jin, a decrease of 0.1 yuan [2] Downstream Situation - The weekly average wholesale price of tangerines is 8.84 yuan/kg, up 0.16 yuan; the weekly wholesale price of pears is 6.73 yuan/kg, up 0.05 yuan; the weekly wholesale price of bananas is 6.33 yuan/kg, down 0.14 yuan; the weekly wholesale price of watermelons is 3.93 yuan/kg, down 0.03 yuan. The average daily early - morning arrival of trucks at the Guangdong Jiangmen Wholesale Market is 7.8, unchanged; at the Guangdong Xiaqiao Wholesale Market is 11.8, unchanged; at the Guangdong Chalong Wholesale Market is 20, an increase of 1.2 [2] Option Market - The implied volatility of at - the - money call options for apples decreased by 0.24%, and the implied volatility of at - the - money put options decreased by 0.25% to 16.81% [2] Industry News - On July 10, 2025, the trading of inventory apples in the production areas remained sluggish. There was little packaging in cold storage, and buyers mostly bargained. The market was cold, mainly with merchants self - picking and shipping. The actual transaction price remained stable with a weakening trend. The listing volume of early - maturing fruits in the western production areas is small, mainly including bare - skinned Qinyang and green apples, with prices determined by quality, and the trading atmosphere is okay [2] Yield Forecast - According to Mysteel's statistics and bagging volume survey data, the national apple output is preliminarily estimated to be 3,736.64 tons in the new season, an increase of 85.93 tons or 2.35% compared with the 2024 - 2025 season [2] Inventory Situation - As of July 9, 2025, the inventory of apples in cold storage in the main production areas was 91.49 tons, a decrease of 7.81 tons from the previous week. The sales speed changed little compared with the previous week and was still slower than the same period last year. The storage capacity ratio in Shandong was 13.21%, a decrease of 0.77% from the previous week, and the inventory - clearing speed was slower than the same period last year. The storage capacity ratio in Shaanxi was 5.72%, a decrease of 0.71% from the previous week, and the sales were slightly faster than the previous week [2]

本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完 整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否 符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。 如引用、刊发，需注明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 端在期货 国债期货日报 2025/7/10 研究员： 廖宏斌 期货从业资格号F30825507 期货投资咨询从业证书号Z0020723 免责声明 | 项目类别 | 数据指标 | 最新 | 环比 项目 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | T主力收盘价 | 108.845 | -0.16% T主力成交量 | 77570 | 3359↑ | | | TF主力收盘价 | 105.990 | -0.14% TF主力成交量 | 65698 | 251↑ | | | TS主力收盘价 | 102.414 | -0.04% TS主力成交量 | 4 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Although the US has restarted the tariff war, the market has become somewhat desensitized after previous fluctuations in trade relations. With the release of listed companies' semi - annual performance forecasts, the market is optimistic about their H1 earnings. A series of pro - growth policies are taking effect, and the market has strong expectations for positive Q2 economic data. The fundamental recovery supports the stock market, and with the approaching July Politburo meeting, market bulls may pre - position, driving the stock market up. It is recommended to buy on dips with a light position [2]. 3. Summary by Relevant Catalogs Futures Disk - **Contract Prices**: IF main contract (2509) at 3972.0, up 15.0; IH main contract (2509) at 2740.4, up 13.4; IC main contract (2509) at 5854.2, up 24.2; IM main contract (2509) at 6231.6, up 11.8. IF sub - main contract (2507) at 3997.2, up 15.4; IH sub - main contract (2507) at 2745.4, up 14.0; IC sub - main contract (2507) at 5958.8, up 21.6; IM sub - main contract (2507) at 6375.2, up 10.2 [2]. - **Contract Spreads**: IF - IH current - month contract spread at 1251.8, up 4.6; IC - IF current - month contract spread at 1961.6, up 8.6; IM - IC current - month contract spread at 416.4, down 12.4; IC - IH current - month contract spread at 3213.4, up 13.2; IM - IF current - month contract spread at 2378.0, down 3.8; IM - IH current - month contract spread at 3629.8, up 0.8 [2]. - **Quarter - to - Month Spreads**: IF current - quarter to current - month at - 25.2, down 1.0; IF next - quarter to current - month at - 55.6, up 1.4; IH current - quarter to current - month at - 5.0, up 0.8; IH next - quarter to current - month at - 4, up 0.6; IC current - quarter to current - month at - 104.6, up 2.0; IC next - quarter to current - month at - 227.6, up 2.4; IM current - quarter to current - month at - 143.6, up 1.2; IM next - quarter to current - month at - 328.8, up 2.4 [2]. Futures Positions - IF top 20 net positions at - 29,557.00, down 216.0; IH top 20 net positions at - 14,304.00, up 275.0; IC top 20 net positions at - 10,512.00, down 601.0; IM top 20 net positions at - 36,476.00, up 278.0 [2]. Spot Prices - CSI 300 at 4010.02, up 18.6; SSE 50 at 2756.93, up 17.0; CSI 500 at 5983.05, up 29.6; CSI 1000 at 6406.57, up 16.1. IF main contract basis at - 38.0, up 0.6; IH main contract basis at - 16.5, down 0.6; IC main contract basis at - 128.9, up 1.2; IM main contract basis at - 175.0, up 1.5 [2]. Market Sentiment - A - share trading volume at 15,150.68 billion yuan, down 123.53 billion yuan; margin trading balance at 18,687.97 billion yuan, up 38.65 billion yuan; north - bound trading volume at 1818.91 billion yuan, up 142.25 billion yuan; reverse repurchase (maturity, operation) at - 572.0 billion yuan, up 900.0 billion yuan; main funds at - 449.96 billion yuan (yesterday) and - 192.38 billion yuan (today) [2]. - Rising stock ratio at 54.37%, up 20.10%; Shibor at 1.316%, up 0.003%; IO at - the - money call option closing price (2507) at 29.00, up 5.00; IO at - the - money call option implied volatility at 11.69%, down 0.23%; IO at - the - money put option closing price (2507) at 29.60, down 12.40; IO at - the - money put option implied volatility at 11.69%, down 0.23%; CSI 300 index 20 - day volatility at 9.25%, up 0.05%; trading volume PCR at 51.64%, down 1.13%; open interest PCR at 73.00%, up 1.18% [2]. Wind Market Strength - Weakness Analysis - All A - shares at 6.00, up 2.00; technical aspect at 5.40, up 2.00; capital aspect at 6.50, up 1.90 [2]. Industry News - Trump announced on social media that tariffs would start on August 1, 2025, and he plans to impose tariffs on specific industries like pharmaceuticals, semiconductors, and metals, with a 50% tariff on copper and up to 200% on pharmaceuticals. He also mentioned a 10% tariff on each BRICS member country [2]. - US Commerce Secretary Howard Lutnick said the US delegation will meet with Chinese officials next month to discuss trade issues, with members including the Treasury Secretary and the US Trade Representative [2]. - China's June CPI rose 0.1% year - on - year (previous value down 0.1%), down 0.1% month - on - month (previous value down 0.2%); PPI fell 3.6% year - on - year (previous value down 3.3%), down 0.4% month - on - month (previous value down 0.4%) [2]. Key Events to Watch - St. Louis Fed President Sam Lem to speak on July 10 at 21:00; Fed Governor Waller to speak on July 11 at 1:15; China's June financial data release time is pending [3]