1. Report Industry Investment Rating - Not provided in the report 2. Core Views - The report provides a comprehensive analysis of various commodity futures markets, including precious metals, base metals, black industries, agricultural products, and energy chemicals. It offers market performance, fundamental analysis, and trading strategies for each sector [1][2][3] 3. Summary by Category Precious Metals - **Gold**: On Wednesday, gold continued to fluctuate. London gold closed above $4,600 per ounce. Some Fed officials expressed views on inflation and interest rates. US gold ETFs had a small inflow, while COMEX and SHFE gold inventories changed. It's suggested to go long on gold as its price is rising steadily [1] - **Silver**: The silver price fluctuated greatly. Speculative sentiment was strong, and the import window was open. Some silver from Hong Kong flowed in. It's recommended to wait and see [1] Base Metals - **Copper**: The copper price fluctuated at a high level. US economic data was better than expected, but the market risk was accumulating. It's advisable to wait and see [2] - **Aluminum**: The electrolytic aluminum price rose 0.90% to 24,595 yuan per ton. Supply increased slightly, and demand improved marginally. It's expected to maintain a high - level fluctuation in the short term [2] - **Alumina**: The alumina price rose 0.72% to 2,800 yuan per ton. Supply was stable, and demand from electrolytic aluminum plants was strong. It's expected to continue a weak - level fluctuation in the short term [2][3] - **Zinc and Lead**: Zinc and lead prices rose on January 14. Zinc's macro - driven rise lacked fundamental support, while lead faced weak consumption and inventory accumulation. It's suggested to wait and see on zinc and operate in a range or be bearish on lead [3] - **Industrial Silicon**: The industrial silicon price rose 1.39%. Supply decreased slightly, and demand was weak. The price is expected to fluctuate between 8,400 - 9,200 yuan per ton, and it's advisable to go short lightly at high prices [3] - **Lithium Carbonate**: The lithium carbonate price fell 3.0%. Supply increased slightly, and demand decreased. It's expected that the price has support below, but there is a risk of a pull - back due to long - position closing [3] - **Polycrystalline Silicon**: The polycrystalline silicon price fell 0.12%. Supply decreased, and demand was mixed. The price is expected to have a weak - level fluctuation at a low position [3][4] - **Tin**: The tin price reached a new high. Market risk was accumulating, and the supply was affected by disturbances. It's advisable to wait and see [4] Black Industry - **Rebar**: The rebar price rose slightly. Supply and demand were weak, with significant structural differentiation. It's recommended to hold short positions on rebar 2605 contracts [5] - **Iron Ore**: The iron ore price fell slightly. Supply was in line with seasonal patterns, and demand might decline. It's advisable to wait and see [5] - **Coking Coal**: The coking coal price fell. Supply and demand were weak, and the futures valuation was high. It's advisable to wait and see, and aggressive investors can try to short the coking coal 2605 contract [5] Agricultural Products - **Soybean Meal**: CBOT soybeans rebounded slightly. Supply was loose in the near - term and expected to be large in the long - term. Demand was mixed. US soybeans were weak, and the domestic market was affected by South American supply expectations [6] - **Corn**: The corn futures price fluctuated narrowly, and the spot price rose slightly. Supply and demand were balanced, and the price is expected to fluctuate [6] - **Oils and Fats**: The Malaysian palm oil price fell. Supply was in a weak seasonal reduction, and demand improved. It's expected to fluctuate, with different performance among varieties [6] - **Sugar**: The Zhengzhou sugar 05 contract price fell slightly. International sugar was under pressure from Indian production, and the domestic market faced sales pressure. It's recommended to go short in the futures market and sell call options [6] - **Cotton**: ICE cotton fluctuated narrowly. International textile imports decreased, and domestic demand increased. It's advisable to buy at low prices [6] - **Eggs**: The egg futures price fluctuated narrowly, and the spot price rose. Supply was sufficient, and demand improved. The price is expected to fluctuate [6][7] - **Hogs**: The hog futures and spot prices rose. Supply pressure was small in the short - term, and demand would increase at the end of the month. The price is expected to fluctuate strongly [7] - **Apples**: The apple price rose 1.59%. Supply was low, but sales were slow. It's advisable to wait and see [7] Energy Chemicals - **LLDPE**: The LLDPE price rebounded slightly. Supply pressure eased, and demand was weak. It's expected to fluctuate strongly in the short - term and advisable to go long at low prices in the medium - term [8] - **PVC**: The PVC price fell 0.2%. Supply was high, and demand was weak in the off - season. It's advisable to wait and see [8] - **PTA**: PX and PTA supply were high, and demand was weak in the off - season. PX is expected to have a short - term correction and a long - term upward trend, and it's advisable to look for opportunities to go long on PTA processing margins [9] - **Methanol**: The methanol price fluctuated. Supply was high, and inventory was at a high level. It's expected to rise in the near - term due to supply reduction and inventory decline [9] - **Glass**: The glass price fell 2%. Supply decreased, and demand was weak. It's recommended to go long on glass and short on soda ash [9] - **PP**: The PP price rebounded slightly. Supply increased, and demand improved. It's expected to fluctuate strongly in the short - term and have a range - bound movement with a bearish strategy in the long - term [9][10] - **MEG**: The MEG price had a certain situation. Supply was high, and demand was weak. It's advisable to go short at high prices [10] - **Crude Oil**: The oil price fluctuated greatly. Supply was abundant, and demand was in the off - season. It's not advisable to chase high prices, and it's recommended to wait for short - selling opportunities or buy out - of - the - money put options [10] - **Styrene**: The styrene price fluctuated slightly. Supply and demand were weak in the short - term. It's expected to fluctuate in the short - term and advisable to go long on styrene or its profit in the long - term [10] - **Soda Ash**: The soda ash price fell 0.1%. Supply was high, and demand was weak. It's advisable to wait and see [10]

Report Overview - The report is a financial futures early morning newsletter released by China Merchants Futures Co., Ltd. on January 14, 2026, covering stock index futures and treasury bond futures [1][2][3] 1. Stock Index Futures Market Performance - On January 13, the four major A - share stock indices pulled back. The Shanghai Composite Index fell 0.64% to 4138.76 points, the Shenzhen Component Index dropped 1.37% to 14169.4 points, the ChiNext Index declined 1.96% to 3321.89 points, and the Science and Technology Innovation 50 Index decreased 2.8% to 1469.57 points. Market turnover was 36,988 billion yuan, an increase of 542 billion yuan from the previous day [2] - In terms of industry sectors, petroleum and petrochemicals (+1.62%), pharmaceutical biology (+1.21%), and non - ferrous metals (+0.91%) led the gains; national defense and military industry (-5.5%), electronics (-3.3%), and communications (-2.88%) led the losses [2] - In terms of market strength, IH > IF > IC > IM. The number of rising/flat/falling stocks was 1,619/119/3,726 respectively. The net inflows of institutional, main, large - scale, and retail investors in the Shanghai and Shenzhen stock markets were -718, -568, 256, and 1030 billion yuan respectively, with changes of -772, -302, +341, and +733 billion yuan respectively [2] Basis and Basis Annualized Yield - The basis of IM, IC, IF, and IH next - month contracts were 2.73, -7.32, -1.97, and 0.53 points respectively, and the basis annualized yields were -0.33%, 0.9%, 0.41%, and -0.17% respectively. The three - year historical quantiles were 93%, 92%, 67%, and 46% respectively [2] Trading Strategy - In the medium - to - long term, maintain the judgment of going long on the economy. Currently, using stock index futures as a long - position substitute has certain excess returns. It is recommended to allocate long - term contracts of each variety on dips [2] 2. Treasury Bond Futures Market Performance - On January 13, interest - rate bonds strengthened slightly. Among the active contracts, TS remained flat, TF rose 0.04%, T rose 0.06%, and TL rose 0.28% [2] Cash Bond Situation - The current active contract is the 2603 contract. For the 2 - year treasury bond futures, the CTD bond is 250017.IB, with a yield change of +0.5 bps, a corresponding net basis of 0.033, and an IRR of 1.36%; for the 5 - year treasury bond futures, the CTD bond is 2500801.IB, with a yield change of +0.25 bps, a corresponding net basis of -0.014, and an IRR of 1.63%; for the 10 - year treasury bond futures, the CTD bond is 250018.IB, with a yield change of -0.1 bps, a corresponding net basis of 0.047, and an IRR of 1.28%; for the 30 - year treasury bond futures, the CTD bond is 210005.IB, with a yield change of -0.75 bps, a corresponding net basis of 0.091, and an IRR of 1.14% [3] Fundamentals - In open - market operations, the central bank injected 3,586 billion yuan and withdrew 162 billion yuan, with a net injection of 3,424 billion yuan [3] Trading Strategy - In the medium - to - long term, with the upward shift of risk appetite and the expectation of economic recovery, it is recommended to hedge T and TL contracts on rallies [3] 3. Economic Data - High - frequency data shows that the prosperity of manufacturing, imports and exports, and social activities is temporarily lower than in previous periods, while the prosperity of infrastructure and real estate is similar to previous periods [11]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The report provides a comprehensive analysis of various commodity futures markets, including precious metals, base metals, black industries, agricultural products, and energy chemicals. It offers market performance, fundamental analysis, and trading strategies for each sector [1][2][3][4][5][6][8][9]. Summary by Related Catalogs Precious Metals (Gold and Silver) - **Market Performance**: On Wednesday, precious metal prices rose and then fell. London gold exceeded $4,600 per ounce, and London silver exceeded $89 per ounce [1]. - **Fundamentals**: In December, the US core CPI increased by 0.2% month - on - month and 2.6% year - on - year. Trump cancelled talks with Iranian officials. Domestic gold ETFs had a small outflow, while some inventories changed [1]. - **Trading Strategies**: Gold prices are rising steadily, so it is recommended to go long. Silver has strong speculative sentiment and large fluctuations, so it is advisable to wait and see [1]. Base Metals Aluminum - **Market Performance**: The closing price of the electrolytic aluminum main contract decreased by 0.81% compared to the previous trading day, closing at 24,375 yuan per ton [2]. - **Fundamentals**: Electrolytic aluminum plants maintained high - load production, and the operating capacity increased slightly. The weekly aluminum product start - up rate rose slightly [2]. - **Trading Strategies**: Although the terminal consumption of the electrolytic aluminum market is under pressure, the expectation of loose macro - policies and geopolitical risks provide strong support for aluminum prices, which are expected to remain high and fluctuate in the short term [2]. Alumina - **Market Performance**: The closing price of the alumina main contract decreased by 3.00% compared to the previous trading day, closing at 2,780 yuan per ton [2]. - **Fundamentals**: The operating capacity of alumina plants remained stable, and electrolytic aluminum plants maintained high - load production [2]. - **Trading Strategies**: Alumina supply is gradually recovering, inventory is accumulating, and the price of bauxite is falling. The oversupply situation is difficult to change, and it is expected to continue to fluctuate weakly in the short term [2]. Zinc and Lead - **Market Performance**: On January 13, the zinc and lead main contracts closed at 24,235 yuan per ton and 17,310 yuan per ton respectively [2]. - **Fundamentals**: The zinc market is driven by macro - sentiment and funds, but the fundamental support is insufficient. The lead market shows weak reality, with weak consumption, increasing inventory, and expanding spot discounts [2][3]. - **Trading Strategies**: For zinc, it is recommended to wait and see. For lead, it can be traded within a range or treated with a short - bias [3]. Industrial Silicon - **Market Performance**: On Tuesday, the main 05 contract closed at 8,635 yuan per ton, a decrease of 120 yuan per ton compared to the previous trading day [3]. - **Fundamentals**: The number of open furnaces decreased this week, mainly in Xinjiang. Social inventory decreased slightly, and warehouse - receipt inventory increased slightly. The production of polysilicon and organic silicon is expected to decline [3]. - **Trading Strategies**: The fundamental support is weak, and the price is expected to fluctuate between 8,400 - 9,200 yuan per ton. It is advisable to go short lightly at high prices [3]. Lithium Carbonate - **Market Performance**: LC2605 closed at 166,980 yuan per ton, an increase of 7% [3]. - **Fundamentals**: The spot price of Australian lithium spodumene concentrate increased. Supply increased in December but is expected to decrease in January. Demand for some battery materials is expected to decline, and inventory is expected to accumulate in Q1 [3]. - **Trading Strategies**: Due to inflation concerns on the supply side and battery export expectations on the demand side, prices are expected to be supported, and it is easy for prices to rise and difficult to fall [3]. Polysilicon - **Market Performance**: The main 05 contract closed at 49,005 yuan per ton, a decrease of 990 yuan per ton compared to the previous trading day [3]. - **Fundamentals**: Market regulatory authorities interviewed photovoltaic associations and enterprises, causing market pessimism. Supply decreased slightly, and demand for some downstream products declined [3]. - **Trading Strategies**: There are still rumors of joint production cuts on the supply side, and demand may not be weak in the off - season. The market is expected to fluctuate weakly at a low level [3]. Black Industry Rebar - **Market Performance**: The rebar main 2605 contract closed at 3,169 yuan per ton, a rise of 14 yuan per ton compared to the previous night - session closing price [4]. - **Fundamentals**: Rebar inventory decreased, and the supply - demand situation is weak with significant structural differentiation. Rebar futures are at a large discount, and steel mills are in a state of continuous loss [4]. - **Trading Strategies**: Hold short positions in the rebar 2605 contract. The reference range for RB05 is 3,140 - 3,190 yuan per ton [4]. Iron Ore - **Market Performance**: The iron ore main 2605 contract closed at 824 yuan per ton, a rise of 8 yuan per ton compared to the previous night - session closing price [4]. - **Fundamentals**: The shipment of Australian and Brazilian iron ore decreased. Steel mill profits are poor, and port inventory has a certain structural shortage. Iron ore maintains a forward discount structure [4]. - **Trading Strategies**: Mainly wait and see. The reference range for I05 is 810 - 840 yuan per ton [4]. Coking Coal - **Market Performance**: The coking coal main 2605 contract closed at 1,202 yuan per ton, a fall of 11.5 yuan per ton compared to the previous night - session closing price [4]. - **Fundamentals**: Steel mill profits are deteriorating, and coking coal supply - demand is weak. The 05 contract futures are at a premium to the spot [4]. - **Trading Strategies**: Mainly wait and see. Aggressive investors can try to short the coking coal 2605 contract. The reference range for JM05 is 1,180 - 1,220 yuan per ton [4]. Agricultural Products Soybean Meal - **Market Performance**: Overnight, CBOT soybeans fell, continuing to digest the USDA bearish report [5]. - **Fundamentals**: The supply is loose in the near - term, and the global supply - demand is expected to be more relaxed. US soybean crushing increased slightly, while exports decreased [5]. - **Trading Strategies**: US soybeans are weak and in the process of finding a bottom. Domestic far - month contracts are suppressed by South American supply expectations, and near - month contracts depend on the game between the amount of state - reserve sales and customs clearance [5]. Corn - **Market Performance**: Corn futures prices fluctuated, and spot prices rose slightly [5]. - **Fundamentals**: The grain - selling progress has slowed down compared to last year, and farmers are reluctant to sell. Downstream inventory has increased, and procurement enthusiasm will decline [5]. - **Trading Strategies**: The supply - demand contradiction is not significant, and futures prices are expected to fluctuate within a range [5]. Edible Oils - **Market Performance**: The Malaysian palm oil market fell due to the uncertainty of B50 [6]. - **Fundamentals**: Malaysian palm oil production decreased seasonally in December but increased year - on - year. Exports increased. The near - term inventory increased [6]. - **Trading Strategies**: Edible oils are expected to fluctuate slightly stronger, and trade in the weak seasonal production cut cycle in the long - term. Pay attention to production and biodiesel policies in the medium - term [6]. Sugar - **Market Performance**: The Zhengzhou sugar 05 contract closed at 5,274 yuan per ton, a rise of 0.27% [6]. - **Fundamentals**: International raw sugar prices fell due to Indian production pressure. Domestic sales progress is slow, and SR05 is under pressure from both imported and domestic sugar [6]. - **Trading Strategies**: Go short in the futures market and sell call options [6]. Cotton - **Market Performance**: Overnight, ICE US cotton futures fluctuated narrowly, and international crude oil prices rose significantly [6]. - **Fundamentals**: The US cotton production forecast decreased in 25/26. Domestic cotton futures prices fluctuated narrowly, and the upward trend is still valid [6]. - **Trading Strategies**: Temporarily wait and see. The price reference range is 14,600 - 15,000 yuan per ton [6]. Eggs - **Market Performance**: Egg futures prices fell, and spot prices were stable [6][7]. - **Fundamentals**: The laying - hen inventory decreased, but the de - capacity slowed down. Festival stocking drove demand, but supply is sufficient [6][7]. - **Trading Strategies**: The supply - demand contradiction is not significant, and futures prices are expected to fluctuate within a range [6][7]. Pigs - **Market Performance**: Pig futures prices fluctuated narrowly, and spot prices rose slightly [6][7]. - **Fundamentals**: The January pig slaughter volume is expected to be low at the beginning and high at the end. Demand is stable in the short - term and will increase at the end of the month [6][7]. - **Trading Strategies**: Supply is decreasing, and futures prices are expected to fluctuate stronger [6][7]. Apples - **Market Performance**: The main contract closed at 9,779 yuan per ton, a rise of 1.55% [6]. - **Fundamentals**: This year's apple production is low, with poor quality. Cold - storage apple sales are slow, and there is competition from other fruits. The post - holiday price risk depends on pre - holiday sales [6]. - **Trading Strategies**: Wait and see [6]. Energy Chemicals LLDPE - **Market Performance**: The LLDPE main contract rebounded slightly yesterday. The basis strengthened, and the market transaction was okay [8]. - **Fundamentals**: Supply pressure is rising but slowing down. Demand in the agricultural film sector is in the off - season, while other sectors' demand is stable [8]. - **Trading Strategies**: In the short - term, it is expected to fluctuate stronger, with the upside limited by the import window. In the medium - term, it is recommended to go long at low prices [8]. PVC - **Market Performance**: V05 closed at 4,888 yuan per ton, a rise of 1.7% [8]. - **Fundamentals**: Affected by the export tax - rebate cancellation policy, supply is at a high level, demand is seasonally weakening, and inventory is at a high level [8]. - **Trading Strategies**: Supply - demand is weak, and prices are low. It is advisable to wait and see [8]. Glass - **Market Performance**: fg05 closed at 1,097 yuan per ton, a fall of 3% [8]. - **Fundamentals**: Glass production cuts increased, sales improved, supply decreased, and inventory decreased from a high level. Downstream demand is weak, and production is at a loss [8]. - **Trading Strategies**: It is recommended to go long on glass and short on soda ash [8]. PP - **Market Performance**: The PP main contract rebounded slightly yesterday. The basis was stable, and the market transaction was average [8]. - **Fundamentals**: Supply pressure is rising, and the export window is open. Downstream start - up rates increased due to national subsidy policies [8]. - **Trading Strategies**: In the short - term, it is expected to fluctuate stronger, with the upside limited by the import window. In the long - term, it is recommended to go short at high prices [8][9]. Crude Oil - **Market Performance**: Oil prices rose for five consecutive days due to geopolitical risks [9]. - **Fundamentals**: Supply pressure is still large, demand is in the off - season, and inventory is above the five - year average [9]. - **Trading Strategies**: It is not recommended to chase high prices. Wait for opportunities to go short or buy out - of - the - money put options [9]. Styrene (EB) - **Market Performance**: The EB main contract fluctuated slightly yesterday. The market trading atmosphere was average [9]. - **Fundamentals**: Pure benzene and styrene inventories are at normal - to - high levels. Demand is in the off - season, and the start - up rate decreased [9]. - **Trading Strategies**: In the short - term, it is expected to fluctuate, with the upside limited by the import window. In the second quarter, it is recommended to go long on styrene or do pure benzene reverse spreads and long on styrene profits [9]. Soda Ash - **Market Performance**: sa05 closed at 1,211 yuan per ton, a fall of 1.3% [9]. - **Fundamentals**: Soda ash supply is recovering, demand is weak, and inventory is at a high level [9]. - **Trading Strategies**: It is recommended to do reverse spreads or go long on glass and short on soda ash [9].

金融研究 2026年1月13日 星期二 金融期货早班车 招商期货有限公司 市场表现：1 月 12 日，A 股四大股指继续上行，其中上证指数上涨 1.09%，报收 4165.29 点；深成 指上涨 1.75%，报收 14366.91 点；创业板指上涨 1.82%，报收 3388.34 点；科创 50 指数上涨 2.43%， 报收 1511.84 点。市场成交 36,446 亿元，较前日增加 4,922 亿元。行业板块方面，传媒(+7.8%)， 计算机(+7.26%)，国防军工(+5.66%)涨幅居前；石油石化(-1%)，煤炭(-0.47%)，房地产(-0.29%)跌 幅居前。从市场强弱看，IM>IC>IF>IH，个股涨/平/跌数分别为 4,141/144/1,179。沪深两市，机构、 主力、大户、散户全天资金分别净流入 53、-266、-85、298 亿元，分别变动+70、+15、+13、-98 亿元。 股指期货 基差：IM、IC、IF、IH 次月合约基差分别为 2.61、-9.07、9.32 与 4.34 点，基差年化收益率分别为 -0.3%、1.06%、-1.87%与-1.33%，三年期历史分位数分别为 9 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The report analyzes multiple commodity futures markets, including precious metals, base metals, black industries, agricultural products, and energy chemicals, and provides corresponding market analysis, fundamental analysis, and trading strategies for each market [1][2][5] Summary by Directory Precious Metals - **Gold**: On Monday, precious metal prices continued to rise, with London gold reaching $4,600 per ounce. The fundamentals are affected by geopolitical factors and inventory changes. It is recommended to go long on gold [1] - **Silver**: The silver price reached $85 per ounce. The speculation sentiment is strong, and the overall volatility increases. It is recommended to wait and see [1] Base Metals - **Copper**: The copper price continued to strengthen. The supply of copper mines remains tight, and it is recommended to buy on dips [2] - **Aluminum**: The price of electrolytic aluminum rose by 1.01% to 24,575 yuan per ton. The supply is increasing, and the demand is slightly rising. It is expected to maintain a high - level shock in the short term [2] - **Alumina**: The price of alumina rose by 0.81% to 2,866 yuan per ton. The market is in a state of oversupply, and it is expected to be in a weak shock [2] - **Zinc and Lead**: The zinc price is driven by macro - sentiment and funds, but the fundamentals are not strong. The lead market shows a weak reality, and it is recommended to wait and see for zinc and operate in a range or be bearish on lead [3] - **Silicon**: The silicon price fluctuates. The supply is affected by production reduction, and the demand in some industries is weak. It is expected to fluctuate in the range of 8,400 - 9,200 yuan per ton, and it is advisable to go short lightly on rallies [3] - **Lithium Carbonate**: The price of lithium carbonate rose. The supply is increasing, and the demand in some industries is decreasing. It is expected that the price will be supported and is likely to rise rather than fall [3] - **Polycrystalline Silicon**: The polycrystalline silicon price fell. The market is affected by regulatory factors, and the supply is expected to decrease. The demand in some downstream industries is weak. The price is expected to fluctuate weakly at a low level [3] - **Tin**: The tin price continued to strengthen. The supply of tin mines remains tight, and it is recommended to buy on dips [4] Black Industry - **Rebar**: The rebar price rose slightly. The inventory is decreasing, and the supply - demand relationship is weak. It is recommended to hold short positions on the 2605 contract [5] - **Iron Ore**: The iron ore price fell slightly. The supply is in line with the seasonal pattern, and the demand may decline. It is recommended to wait and see [5] - **Coking Coal**: The coking coal price rose slightly. The supply - demand relationship is weak, and the futures valuation is high. It is recommended to wait and see, and aggressive investors can try to short the 2605 contract [5] Agricultural Products - **Soybean Meal**: The CBOT soybean price fell. The global soybean supply is expected to be loose. The US soybean is weak, and the domestic far - month contract is under pressure. The near - month contract depends on the game between the throwing volume and customs clearance [7] - **Corn**: The corn futures price is strong, and the spot price rose slightly. The supply - demand contradiction is not significant, and the price is expected to fluctuate [7] - **Oils and Fats**: The palm oil price rose. The supply is in a seasonal decline, and the demand is increasing. The inventory has risen. The oils and fats market is expected to be in a strong shock, and the long - term weak seasonal decline cycle can be traded [7] - **Sugar**: The sugar price fell. The international sugar price is under pressure from Indian production. It is recommended to go short in the futures market and sell call options [7] - **Cotton**: The cotton price rose slightly. The international cotton supply and demand are changing, and the domestic cotton price is rising. It is recommended to buy on dips in the range of 14,600 - 15,000 yuan per ton [7] - **Eggs**: The egg futures price fell, and the spot price is stable. The supply and demand are balanced, and the price is expected to fluctuate [7] - **Hogs**: The hog futures price fell, and the spot price rose in some areas. The supply pressure is not significant in the short term, and the price is expected to fluctuate strongly [8] - **Apples**: The apple price fell. The total output is low, and the inventory is low, but the sales pressure is high. It is recommended to wait and see [8] Energy Chemicals - **LLDPE**: The LLDPE price rebounded slightly. The supply pressure is slowing down, and the demand is weak. It is expected to be in a strong shock in the short term and advisable to buy on dips in the medium term [8] - **PVC**: The PVC price fell and then rebounded. The supply is high, and the demand is weakening. It is recommended to conduct a reverse spread of short - selling the 05 contract and long - buying the 09 contract [8] - **PTA**: The PX and PTA supply are high, and the demand is weak. The PX price is expected to be strong in the medium term, and it is advisable to look for opportunities to buy the 05 contract for processing fees [9] - **Rubber**: The rubber price rose. The raw material price is high, and the inventory is increasing. It is advisable to hold short - term short positions cautiously [9] - **Glass**: The glass price is stable. The supply is decreasing, and the demand is in the off - season. It is recommended to wait and see or conduct a long - glass and short - soda ash strategy [9] - **PP**: The PP price rebounded slightly. The supply pressure is increasing, and the demand is rising. It is expected to be in a strong shock in the short term and advisable to go short on rallies in the medium term [9] - **MEG**: The MEG supply is high, and the demand is weak. It is recommended to go short on rallies [10] - **Crude Oil**: The oil price rose. The supply pressure is large, and the demand is in the off - season. It is recommended to short the oil as a bearish allocation and look for short - selling opportunities on rallies [10] - **Styrene**: The styrene price rebounded slightly. The supply and demand of pure benzene are weak, and the styrene supply and demand are weakening. It is expected to be in a shock in the short term, and it is advisable to go long on styrene or conduct a pure benzene reverse spread in the second quarter [10] - **Soda Ash**: The soda ash price rose. The supply is high, and the demand is weak. It is recommended to wait and see [10]

Report Summary 1. Report Industry Investment Rating No information regarding the industry investment rating is provided in the report. 2. Core Viewpoints - For stock index futures, the report maintains a long - term bullish view on the economy. It suggests that using stock indices as a long - position substitute can yield certain excess returns, and recommends buying long - term contracts of various varieties on dips [2]. - For treasury bond futures, considering the upward trend in risk appetite and the expectation of economic recovery in the medium and long term, it is advised to conduct hedging operations on T and TL contracts when prices are high [2]. 3. Summary by Relevant Catalogs (1) Stock Index Futures Spot and Futures Market Performance - **Market Performance**: On January 9, A - share major indices rose. The Shanghai Composite Index rose 0.92%, the Shenzhen Component Index rose 1.15%, the ChiNext Index rose 0.77%, and the STAR 50 Index rose 1.43%. Market turnover was 31,524 billion yuan, an increase of 3,261 billion yuan from the previous day. In terms of sectors, media, comprehensive, and national defense and military industries led the gains, while banks, non - bank finance, and building materials led the losses. In terms of market strength, IC>IM>IF>IH, with 3,918 stocks rising, 201 flat, and 1,344 falling. Institutional, main force, large - scale, and retail investors' net capital inflows were - 17 billion, - 281 billion, - 97 billion, and 395 billion yuan respectively, with changes of + 128 billion, - 52 billion, - 120 billion, and + 43 billion yuan respectively [2]. - **Basis and Annualized Yield**: The basis of IM, IC, IF, and IH next - month contracts were 30.38, - 1.51, 5.72, and 1.52 points respectively, with annualized basis yields of - 3.46%, 0.17%, - 1.11%, and - 0.45%, and three - year historical quantiles of 79%, 88%, 54%, and 44% respectively [2]. - **Contract - Specific Data**: Details of various stock index futures contracts (such as IC2601 - IC2606, IF2601 - IF2606, IH2601 - IH2606, IM2601 - IM2606) including their names, price changes, current prices, trading volumes, open interests, basis, and annualized basis yields are provided [4]. (2) Treasury Bond Futures Spot and Futures Market Performance - **Market Performance**: On January 9, interest - rate bonds weakened slightly. Among active contracts, TS fell 0.03%, TF fell 0.03%, T fell 0.02%, and TL fell 0.07% [2]. - **Cash Bond Data**: For the current active 2603 contract, the CTD bonds, yield changes, corresponding net basis, and IRR for 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures are provided. The central bank's open - market operations had a net injection of 340 billion yuan [2]. - **Contract - Specific Data**: Details of various treasury bond futures contracts (such as TS2603 - TS2609, TF2603 - TF2609, T2603 - T2609, TL2603 - TL2609) including their names, price changes, current prices, trading volumes, open interests, net basis, and CTD bond implicit interest rates are provided [5]. (3) Economic Data High - frequency data shows that the prosperity of manufacturing, import and export, and social activities is currently lower than in previous periods, while the prosperity of infrastructure and real estate is similar to previous levels [8].

1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report - The gold price is expected to rise steadily, and it is recommended to go long; the silver market has strong speculative sentiment and large fluctuations, so it is recommended to wait and see [1]. - For copper, it is recommended to buy on dips due to the tight supply of copper mines and the narrowing of the domestic spot discount [1]. - The electrolytic aluminum market is expected to maintain high - level volatility in the short term due to the combination of positive and negative factors [1]. - Alumina is expected to show weak volatility as the market is in a state of supply surplus [1]. - Industrial silicon is expected to oscillate in the range of 8400 - 9200 yuan/ton, and it is recommended to wait and see [2]. - Lithium carbonate prices are expected to be supported and are likely to rise rather than fall [2]. - Polysilicon is expected to have a deep decline in the market, but there is still an expectation of fundamental improvement [2]. - Tin is recommended to be bought on dips due to the tight supply and the decline of global visible inventory [2][3]. - For black and agricultural products: - Soybean meal is expected to be volatile in the short term and needs to find a bottom in the medium term [4]. - Corn futures prices are expected to oscillate in a range [4]. - Oils are expected to be slightly stronger in oscillation [4]. - Sugar is recommended to go short in the futures market and sell call options [4]. - Cotton is recommended to wait and see within the price range of 14300 - 14800 yuan/ton [5]. - Eggs and pork futures prices are expected to oscillate [5]. - Apples are recommended to wait and see [5]. - For energy and chemical products: - LLDPE is expected to be slightly stronger in the short term and it is recommended to buy on dips in the medium term [6][7]. - PVC is recommended to go long on the 05 contract and short on the 09 contract [7]. - PTA is recommended to pay attention to the opportunity of going long on the processing fee of the 05 contract [7]. - Rubber is recommended to hold short positions cautiously [7]. - Glass is recommended to buy glass and sell soda ash [7]. - PP is expected to be slightly stronger in the short term and oscillate in the medium - long term, and it is recommended to go short on highs [8]. - MEG is recommended to go short on highs [8]. - Crude oil is recommended to be used as a short - side allocation, and pay attention to shorting opportunities on rebounds [8]. - Styrene is expected to oscillate in the short term and it is recommended to go long on lows or conduct reverse spreads in the second quarter [8]. - Soda ash is recommended to be short - side allocated [9]. 3. Summary by Related Catalogs Precious Metals - **Gold**: - Market performance: On Friday, precious metal prices rebounded, with the London gold price reaching $4500 per ounce [1]. - Fundamentals: The non - farm payroll data was mixed. The domestic gold ETF had a small inflow of 0.3 tons, and the COMEX gold inventory decreased by 2.3 tons to 1129.3 tons [1]. - Trading strategy: It is recommended to go long as the gold price is rising steadily [1]. - **Silver**: - Market performance: The London silver price was close to $80 per ounce [1]. - Fundamentals: The COMEX silver inventory decreased by 85.2 tons to 13675.9 tons, and the iShares silver ETF position increased by 93 tons to 16308 tons [1]. - Trading strategy: It is recommended to wait and see due to strong speculative sentiment and large fluctuations [1]. Basic Metals - **Copper**: - Market performance: Copper prices continued to strengthen on Friday [1]. - Fundamentals: Despite the stronger US dollar index, copper prices still rose. The supply of copper mines remained tight, and the domestic spot discount narrowed [1]. - Trading strategy: It is recommended to buy on dips [1]. - **Electrolytic Aluminum**: - Market performance: The closing price of the electrolytic aluminum main contract increased by 2.55% to 24330 yuan/ton on Friday [1]. - Fundamentals: The electrolytic aluminum plants maintained high - load production, and the weekly aluminum product start - up rate increased slightly [1]. - Trading strategy: It is expected to maintain high - level volatility in the short term [1]. - **Alumina**: - Market performance: The closing price of the alumina main contract decreased by 0.70% to 2843 yuan/ton on Friday [1]. - Fundamentals: The operating capacity of alumina plants remained stable, and electrolytic aluminum plants maintained high - load production [1]. - Trading strategy: It is expected to show weak volatility [1]. Industrial Metals - **Industrial Silicon**: - Market performance: The main 05 contract closed at 8535 yuan/ton, down 445 yuan/ton from the previous trading day, a decline of 4.96% [2]. - Fundamentals: The number of open furnaces remained the same as last week. The social inventory increased slightly, and the demand side was affected by anti - monopoly events in the polycrystalline silicon and organic silicon industries [2]. - Trading strategy: It is recommended to wait and see as the market is expected to oscillate in the range of 8400 - 9200 yuan/ton [2]. - **Lithium Carbonate**: - Market performance: LC2605 closed at 143,420 yuan/ton, down 1.9% [2]. - Fundamentals: The supply increased slightly in the short term, but the demand for lithium - battery materials decreased in January. The inventory is expected to increase in Q1 [2]. - Trading strategy: Prices are expected to be supported and are likely to rise rather than fall [2]. - **Polysilicon**: - Market performance: The main 05 contract closed at 51330 yuan/ton, down 4.31% from the previous trading day [2]. - Fundamentals: The market was affected by regulatory interviews and anti - monopoly events. The supply decreased slightly, and the demand for some downstream products decreased [2]. - Trading strategy: There is an expectation of fundamental improvement, but the market is expected to have a deep decline [2]. - **Tin**: - Market performance: Tin prices continued to strengthen on Friday [2][3]. - Fundamentals: The supply was tight, and the global visible inventory decreased by 858 tons on a weekly basis [2][3]. - Trading strategy: It is recommended to buy on dips [2][3]. Black and Agricultural Products - **Soybean Meal**: - Market performance: CBOT soybeans rose slightly last Friday, and the market was quiet before the USDA report [4]. - Fundamentals: The supply was loose in the near - term, and the global supply - demand pattern was expected to be loose [4]. - Trading strategy: It is expected to be volatile in the short term and needs to find a bottom in the medium term [4]. - **Corn**: - Market performance: Corn futures prices were strong, and spot prices rose slightly [4]. - Fundamentals: The grain - selling progress slowed down, and the demand from downstream feed and processing enterprises was weakening [4]. - Trading strategy: Futures prices are expected to oscillate in a range [4]. - **Oils**: - Market performance: The Malaysian palm oil market rose slightly last Friday [4]. - Fundamentals: The production in Malaysia decreased seasonally in December, but the export also decreased, and the inventory was expected to rise [4]. - Trading strategy: Oils are expected to be slightly stronger in oscillation [4]. - **Sugar**: - Market performance: ICE raw sugar and Zhengzhou sugar futures both rose last week [4]. - Fundamentals: International raw sugar was under pressure from Indian production, and the domestic sugar market had slow sales progress [4]. - Trading strategy: It is recommended to go short in the futures market and sell call options [4]. - **Cotton**: - Market performance: ICE US cotton futures oscillated narrowly, and Zhengzhou cotton futures oscillated downward [5]. - Fundamentals: The export of Brazilian cotton and the import of Vietnamese cotton increased in December 2025. The domestic cotton commercial inventory increased [5]. - Trading strategy: It is recommended to wait and see within the price range of 14300 - 14800 yuan/ton [5]. - **Eggs**: - Market performance: Egg futures prices continued to rebound, and spot prices rose in some areas [5]. - Fundamentals: The laying - hen inventory decreased, and the demand increased due to the Spring Festival stocking [5]. - Trading strategy: Futures prices are expected to oscillate in a range [5]. - **Pork**: - Market performance: Pork futures prices oscillated narrowly, and spot prices rose over the weekend [5]. - Fundamentals: The supply in January is expected to be low at the beginning and high at the end, and the demand will gradually increase at the end of the month [5]. - Trading strategy: Futures prices are expected to oscillate slightly stronger [5]. - **Apples**: - Market performance: The main contract rose 6.24% last week [5]. - Fundamentals: The total apple production decreased, the quality was poor, and the sales pressure was high [5]. - Trading strategy: It is recommended to wait and see [5]. Energy and Chemical Products - **LLDPE**: - Market performance: The main contract rebounded slightly on Friday [6]. - Fundamentals: The domestic supply pressure increased but at a slower pace, and the demand was weak in the agricultural film season [6]. - Trading strategy: It is expected to be slightly stronger in the short term and it is recommended to buy on dips in the medium term [6][7]. - **PVC**: - Market performance: V05 closed at 4777, down 1.8% [7]. - Fundamentals: Affected by the reduction of export tax rebates, the supply was high, and the demand decreased seasonally. The inventory was at a high level [7]. - Trading strategy: It is recommended to go long on the 05 contract and short on the 09 contract [7]. - **PTA**: - Market performance: The PX CFR China price was $892 per ton, and the PTA East - China spot price was 5035 yuan/ton [7]. - Fundamentals: The supply of PX and PTA was at a high level, and the demand from downstream polyester factories decreased [7]. - Trading strategy: It is recommended to pay attention to the opportunity of going long on the processing fee of the 05 contract [7]. - **Rubber**: - Market performance: RU2605 oscillated weakly and closed at 16030 yuan/ton, down 0.96% [7]. - Fundamentals: The raw - material prices were supported, but the downstream demand weakened, and the inventory increased seasonally [7]. - Trading strategy: Hold short positions cautiously [7]. - **Glass**: - Market performance: fg05 closed at 1125, down 1.6% [7]. - Fundamentals: Production cuts increased, sales improved, and the inventory decreased from a high level. The demand from the real - estate market was weak [7]. - Trading strategy: It is recommended to buy glass and sell soda ash [7]. - **PP**: - Market performance: The main contract rebounded slightly on Friday [8]. - Fundamentals: The domestic supply increased slightly, and the export window opened. The downstream demand increased [8]. - Trading strategy: It is expected to be slightly stronger in the short term and oscillate in the medium - long term, and it is recommended to go short on highs [8]. - **MEG**: - Market performance: The East - China spot price was 3697 yuan/ton [8]. - Fundamentals: The supply was at a high level, and the demand from the polyester industry decreased. The inventory is expected to increase in the medium term [8]. - Trading strategy: Go short on highs [8]. - **Crude Oil**: - Market performance: Oil prices strengthened last week due to geopolitical risks [8]. - Fundamentals: The supply was high, and the demand was in the off - season. The inventory was above the five - year average [8]. - Trading strategy: Use as a short - side allocation and pay attention to shorting opportunities on rebounds [8]. - **Styrene**: - Market performance: The main contract rebounded slightly yesterday [8]. - Fundamentals: The inventory of pure benzene and styrene was at a relatively high level, and the demand was in the off - season [8]. - Trading strategy: It is expected to oscillate in the short term and it is recommended to go long on lows or conduct reverse spreads in the second quarter [8]. - **Soda Ash**: - Market performance: sa05 closed at 1225, unchanged [9]. - Fundamentals: The supply increased, and the demand from the photovoltaic glass industry decreased. The inventory was at a high level [9]. - Trading strategy: Short - side allocation is recommended [9].

Report Summary 1. Market Performance - On January 8th, the four major A-share stock indexes showed slight corrections. The Shanghai Composite Index dropped 0.07% to close at 4082.98 points, the Shenzhen Component Index fell 0.51% to 13959.48 points, and the ChiNext Index declined 0.82% to 3302.31 points. The STAR 50 Index rose 0.82% to 1455.17 points. The market turnover was 28,263 billion yuan, a decrease of 553 billion yuan from the previous day [2]. - In terms of industry sectors, National Defense and Military Industry (+4.18%), Media (+2%), and Building Decoration (+1.76%) led the gains, while Non-bank Finance (-2.81%), Non-ferrous Metals (-1.56%), and Communication (-0.95%) led the losses. In terms of market strength, IM > IC > IH > IF, with the number of rising, flat, and falling stocks being 3,730, 144, and 1,588 respectively. In the Shanghai and Shenzhen stock markets, institutional, main, large, and retail investors had net capital inflows of -145, -229, 22, and 352 billion yuan respectively, with changes of +69, +29, -49, and -48 billion yuan respectively [2]. 2. Stock Index Futures - The basis of the next-month contracts of IM, IC, IF, and IH were 91.19, 45.34, 11.45, and 1.26 points respectively, with annualized basis yields of -10.21%, -5.13%, -2.16%, and -0.36%, and three-year historical quantiles of 41%, 51%, 43%, and 44% respectively [3]. - The trading strategy is to maintain a long - term view of being bullish on the economy. Currently, using stock index futures as a long - position alternative has certain excess returns. It is recommended to allocate long - term contracts of various varieties on dips [3]. 3. Treasury Bond Futures - On January 8th, interest rate bonds rebounded. Among the active contracts, TS rose 0.02%, TF rose 0.09%, T rose 0.15%, and TL rose 0.37% [3]. - For the current active 2603 contract: the CTD bond of the 2 - year Treasury bond futures is 250017.IB, with a yield change of -1bps, a corresponding net basis of 0.019, and an IRR of 1.37%; the CTD bond of the 5 - year Treasury bond futures is 2500801.IB, with a yield change of -3bps, a corresponding net basis of 0.015, and an IRR of 1.39%; the CTD bond of the 10 - year Treasury bond futures is 250018.IB, with a yield change of -1.65bps, a corresponding net basis of -0.002, and an IRR of 1.48%; the CTD bond of the 30 - year Treasury bond futures is 210005.IB, with a yield change of -2bps, a corresponding net basis of -0.04, and an IRR of 1.65% [4]. - In terms of the money supply, the central bank injected 99 billion yuan and had no money withdrawal, resulting in a net injection of 99 billion yuan [4]. - The medium - to long - term trading strategy suggests hedging T and TL contracts on rallies, considering the upward risk appetite and the expectation of economic recovery [4]. 4. Economic Data - High - frequency data shows that the prosperity levels of manufacturing, real estate, import - export, and social activities are currently lower than in previous periods, while the prosperity level of infrastructure is similar to that of previous periods [11].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For stock index futures, the report maintains a long - term bullish view on the economy and suggests buying long - term contracts of various varieties on dips [3]. - For bond futures, considering the upward risk appetite and economic recovery expectations in the medium and long term, it is recommended to hedge T and TL contracts on rallies [3]. 3. Summary by Relevant Catalogs 3.1 Stock Index Futures and Spot Market Performance - On January 7th, the four major A - share stock indexes all rose, with the Shanghai Composite Index up 0.05% (4085.77 points), the Shenzhen Component Index up 0.06% (14030.56 points), the ChiNext Index up 0.31% (3329.69 points), and the STAR 50 Index up 0.99% (1443.39 points). Market turnover was 28,816 billion yuan, an increase of 493 billion yuan from the previous day [2]. - In terms of industry sectors, non - ferrous metals (+0.3%), non - bank finance (- 1.13%), and basic chemicals (+0.28%) had significant changes. From a market strength perspective, IC>IM>IF>IH. The number of rising, flat, and falling stocks was 2,164, 107, and 3,188 respectively. Institutional, main, large - scale, and retail investors' net inflows of funds in the Shanghai and Shenzhen stock markets were - 214, - 258, 71, and 401 billion yuan respectively, with changes of - 247, - 48, +121, and +174 billion yuan [2]. - The basis of the next - month contracts of IM, IC, IF, and IH were 91.22, 43.68, 15.67, and 2.92 points respectively, and the annualized basis yields were - 9.95%, - 4.78%, - 2.83%, and - 0.8% respectively, with three - year historical quantiles of 42%, 53%, 38%, and 40% respectively [3]. - The report provides detailed data on the performance of various stock index futures contracts such as IC2601, IF2601, etc., including price, trading volume, open interest, basis, and annualized basis yield [5]. 3.2 Treasury Bond Futures and Spot Market Performance - On January 7th, interest - rate bonds weakened. Among the active contracts, TS fell 0.03%, TF fell 0.06%, T fell 0.08%, and TL fell 0.44% [3]. - For the current active 2603 contract, the CTD bond information of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures is provided, including yield changes, net basis, and IRR [3]. - In terms of the money supply, the central bank's currency injection was 286 billion yuan, currency withdrawal was 5,288 billion yuan, and the net withdrawal was 5,002 billion yuan [3]. - The report also presents detailed data on the performance of various treasury bond futures contracts such as TS2603, TF2603, etc., including price, trading volume, open interest, net basis, and CTD bond implicit interest rate [6]. 3.3 Economic Data - High - frequency data shows that the prosperity of manufacturing, real estate, import and export, and social activities is currently lower than in the past, while the prosperity of infrastructure is similar to that in the past [9].

1. Industry Investment Rating - No information provided in the report about the industry investment rating 2. Core Viewpoints - For stock index futures, maintain a long - term view of going long on the economy. It is recommended to allocate long - term contracts of each variety on dips as using stock indices as a long - position substitute currently has certain excess returns [3] - For treasury bond futures, in the medium - to - long term, with the upward risk preference and the expectation of economic recovery, it is recommended to conduct hedging on T and TL contracts on rallies [3] 3. Summary by Relevant Catalogs 3.1 Market Performance - On January 6th, A - share four major stock indices all rose. The Shanghai Composite Index rose 1.5% to close at 4083.67 points, the Shenzhen Component Index rose 1.4% to close at 14022.55 points, the ChiNext Index rose 0.75% to close at 3319.29 points, and the STAR 50 Index rose 1.84% to close at 1429.3 points. Market trading volume was 28,323 billion yuan, an increase of 2,650 billion yuan from the previous day. In terms of industry sectors, non - ferrous metals (+4.26%), non - bank finance (+3.73%), and basic chemicals (+3.12%) led the gains; communication (-0.77%), beauty care (+0.2%), and banks (+0.48%) led the losses [2] - In terms of market strength, IC > IH > IF > IM. The number of rising/flat/falling stocks was 4,101/140/1,218 respectively. In Shanghai and Shenzhen stock markets, institutional, main, large - scale investor, and retail investor funds had net inflows of 34, - 210, - 50, and 227 billion yuan respectively, with changes of - 57, - 57, +69, and +44 billion yuan [2] 3.2 Stock Index Futures - **Basis and Basis Annualized Yield**: The basis of IM, IC, IF, and IH next - month contracts was 51.3, 8.54, 5.89, and - 0.44 points respectively, and the basis annualized yields were - 5.44%, - 0.91%, - 1.03%, and 0.12% respectively. The three - year historical quantiles were 65%, 83%, 55%, and 50% respectively [3] - **Trading Strategy**: In the medium - to - long term, maintain a long - position view on the economy. It is recommended to allocate long - term contracts of each variety on dips [3] 3.3 Treasury Bond Futures - **Market Performance**: On January 6th, interest - rate bonds weakened. Among the active contracts, TS fell 0.05%, TF fell 0.11%, T fell 0.13%, and TL fell 0.31% [3] - **Cash Bonds**: The current active contract is the 2603 contract. For the 2 - year treasury bond futures CTD bond 250017.IB, the yield changed +1.75bps, corresponding to a net basis of 0.02 and an IRR of 1.33%; for the 5 - year treasury bond futures CTD bond 2500801.IB, the yield changed +3bps, corresponding to a net basis of - 0.047 and an IRR of 1.68%; for the 10 - year treasury bond futures CTD bond 250018.IB, the yield changed +2.6bps, corresponding to a net basis of 0.01 and an IRR of 1.38%; for the 30 - year treasury bond futures CTD bond 210005.IB, the yield changed +1.75bps, corresponding to a net basis of - 0.196 and an IRR of 2.25% [3] - **Funding Situation**: In open - market operations, the central bank injected 162 billion yuan and withdrew 3,125 billion yuan, resulting in a net withdrawal of 2,963 billion yuan [3] - **Trading Strategy**: In the medium - to - long term, with the upward risk preference and the expectation of economic recovery, it is recommended to conduct hedging on T and TL contracts on rallies [3] 3.4 Stock Index Futures Spot Market Performance - Details of the rise and fall, current price, trading volume, trading value, open interest, daily position change, settlement price, basis, and basis annualized yield of various stock index futures contracts (such as IC2601, IF2601, etc.) and corresponding spot indices (such as CSI 500, SSE Composite Index) are provided in Table 1 [6] 3.5 Treasury Bond Futures Spot Market Performance - Details of the rise and fall, current price, trading volume, trading value, open interest, daily position change, settlement price, net basis, CTD bond implied interest, and cash bond yield of various treasury bond futures contracts (such as TS2603, TF2603, etc.) and corresponding cash bonds (such as 22 - attached coupon treasury bond 22, 25 - attached coupon treasury bond 03) are provided in Table 2 [7] 3.6 Economic Data - High - frequency data shows that the prosperity of manufacturing, real estate, import and export, and social activities is currently lower than in previous periods, while the prosperity of infrastructure is similar to that in previous periods [11]