| 股指期货价差日报 | 投资咨询业务资格:证监许可【2011】1292号 | Z0016628 | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 叶倩宁 | 2025年8月25日 | 全历史分位数 | 品种 | 最新值 | 较前一日变化 | 历史1年分位数 | 价差 | | | | | | | | | | 94.00% | 16.00 | 96,70% | F期现价差 | 21.87 | H期期价差 | 13,39 | 10,16 | 95.0096 | 08 30% | 前现价差 | | | | | | | IC期现价差 | 76.60% | 64.70% | -12.45 | 35.32 | IM湖砌价差 | -14.34 | -21.68 | 95.00% | 65.60% | 次月-当月 | 2.20 | 40.90% | 44.20% | -6.20 | | | 泰月-景月 | -19.20 | ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints No clear core viewpoints are presented in the reports. The documents mainly provide various data on different financial products such as stock index futures, treasury bond futures, precious metals, and container shipping. Summary by Related Catalogs Stock Index Futures - **Price and Spread Data**: On August 14, 2025, the latest prices and spreads of various stock index futures (IH, IC, IM) were reported, including price differences between current and future contracts, and their historical percentile rankings. For example, the IH current - futures spread was 5.82, with a change of 86.90% and a historical percentile of 3.23 and 84.40% [1]. Treasury Bond Futures - **Price and Spread Data**: On August 14, 2025, data on treasury bond futures (TS, TF, T, TL) were presented, including basis, inter - period spreads, and cross - variety spreads. For instance, the T basis was 1.6133, with a change of - 0.0139 and a historical percentile of 55.20% [2]. Precious Metals - **Price and Related Data**: On August 14, 2025, domestic and foreign futures closing prices, spot prices, basis, ratios, interest rates, exchange rates, inventory, and positions data of precious metals (gold and silver) were reported. For example, the AU2510 contract closed at 777.72 yuan/gram on August 13, up 1.68 yuan or 0.22% from the previous day [6]. Container Shipping - **Price and Fundamental Data**: On August 14, 2025, data on container shipping were provided, including spot quotes, freight indices, futures prices, basis, and fundamental data. For example, the Shanghai - Europe future 6 - week freight rate of MAERSK increased by 6.08% to 2651 US dollars/FEU on August 13 compared to the previous day [8]. Data and Information - **Overseas and Domestic Data**: Overseas data include economic indicators such as GDP, PMI, and consumer confidence indices of the eurozone and the US, as well as agricultural and energy - related data. Domestic data cover various industries such as steel, energy, and chemicals, including production, inventory, and utilization rate data [11].

Report Industry Investment Rating - No relevant information provided Core Viewpoints - No clear core viewpoints presented in the reports Summary by Relevant Catalogs Futures Spread Report - **Stock Index Futures** - IC期现价差最新值为 -75.56，较前一日变化 17.40，历史 1 年分位数 17.60%，全历史分位数 7.00% [1] - IM期现价差最新值为 -80.01，较前一日变化 12.73，历史 1 年分位数 90.00%，全历史分位数 18.00% [1] - IF跨期价差、IH跨期价差、IN跨期价差等各合约价差有不同程度变化及分位数情况 [1] - 跨品种比值如 IC/IF 为 1.5353，较前一日变化 0.0008，历史 1 年分位数 99.50%，全历史分位数 82.90% 等 [1] - **Treasury Bond Futures** - TS基差最新值为 1.1662，较前一日变化 0.0396，上市以来百分位数 9.10% [2] - TF基差最新值为 1.4695，较前一日变化 0.0230，上市以来百分位数 36.90% [2] - TL基差最新值为 2.5075，较前一日变化 0.0575，上市以来百分位数 86.00% [2] - 各品种跨期价差和跨品种价差有不同程度变化及分位数情况 [2] Precious Metals Report - **Domestic Futures** - AU2510合约 8 月 12 日收盘价 776.04 元/克，较前一日跌 3.44 元，跌幅 0.44% [5] - AG2510合约 8 月 12 日收盘价 9187 元/千克，较前一日跌 23 元，跌幅 0.25% [5] - **Foreign Futures** - COMEX黄金主力合约 8 月 12 日收盘价 3393.70，较前一日跌 64.50，跌幅 1.87% [5] - COMEX白银主力合约 8 月 12 日收盘价 37.65 美元/盎司，较前一日跌 0.86，跌幅 2.25% [5] - **Spot Prices** - 伦敦金 8 月 12 日价格 3347.64，较前一日涨 5.89，涨幅 0.18% [5] - 伦敦银 8 月 12 日价格 37.89 美元/盎司，较前一日涨 0.31，涨幅 0.81% [5] - **Basis** - 黄金 TD - 沪金主力现值 -2.87，较前值涨 0.75，历史 1 年分位数 29.70% [5] - 白银 TD - 沪银主力现值 -24，较前值涨 13，历史 1 年分位数 47.70% [5] - **Price Ratios** - COMEX 金/银现值 90.15，较前一日涨 0.35，涨幅 0.39% [5] - 上期所金/银现值 84.47，较前一日跌 0.16，跌幅 0.19% [5] - **Interest Rates and Exchange Rates** - 10 年期美债收益率现值 4.29，较前值涨 0.02，涨幅 0.5% [5] - 2 年期美债收益率现值 3.72，较前值跌 0.04，跌幅 1.1% [5] - 美元指数现值 98.07，较前值跌 0.43 [5] - 离岸人民币汇率现值 7.1856，较前值跌 0.0107，跌幅 0.44% [5] - **Inventory and Positions** - 上期所黄金库存现值 36045 千克，较前值无变化 [5] - 上期所白银库存现值 1151209，较前值跌 753，跌幅 0.07% [5] - COMEX 黄金库存现值 38617003，较前值无变化 [5] - COMEX 白银库存现值 507041876，较前值涨 600095，涨幅 0.12% [5] Container Shipping Report - **Spot Quotes** - MAERSK马士基 8 月 13 日上海 - 欧洲未来 6 周运价参考 2651 美元/FEU，较前一日涨 152，涨幅 6.08% [6] - CMA 达飞 8 月 13 日运价 3199，较前一日涨 9，涨幅 0.28% [6] - MSC 地中海 8 月 13 日运价 2860，较前一日涨 15，涨幅 0.53% [6] - **Container Shipping Index** - SCFIS (欧洲航线) 8 月 11 日结算价指数 2235.48，较 8 月 4 日跌 62.4，跌幅 2.71% [6] - SCFIS (美西航线) 8 月 11 日结算价指数 1082.14，较 8 月 4 日跌 48.0，跌幅 4.25% [6] - SCFI 综合指数 8 月 8 日 1489.68，较 8 月 1 日跌 61.1，跌幅 3.94% [6] - **Futures Prices and Basis** - EC2602 合约 8 月 12 日价格 1528.0，较前一日涨 10.9，涨幅 0.72% [6] - EC2604 合约 8 月 12 日价格 1350.0，较前一日涨 5.1，涨幅 0.38% [6] - 主力合约 EC2508 8 月 12 日价格 2082.0，较前一日涨 2.0，涨幅 0.10% [6] - 基差(主力) 8 月 12 日 753.4，较前一日跌 47.4，跌幅 5.92% [6] - **Fundamental Data** - 全球集装箱运力供给 8 月 13 日 3282.66 万 TEU，较前一日无变化 [6] - 上海港口准班率 7 月 32.58，较上月跌 1.99，跌幅 5.76% [6] - 上海港口挂靠情况 7 月 310.00 个，较上月跌 14.00，跌幅 4.32% [6] - 月度出口金额 7 月 3217.80 亿美元，较上月跌 34.53，跌幅 1.06% [6] Trading Calendar Report - **Overseas Data/Information** - At 0:00, EIA will release the monthly short - term energy outlook report [7] - At 4:30, the API crude oil inventory (in 10,000 barrels) for the week ending August 8 in the US will be announced [7] - At 22:30, the EIA crude oil inventory (in 10,000 barrels) for the week ending August 8 in the US will be announced [7] - **Domestic Data/Information** - In the evening, the weekly production and sales survey of 523 mines by the Steel Union for coking coal will be carried out [7] - At 14:30, Longzhong Information will release the commercial crude oil inventory (in 10,000 tons) at Chinese ports [7] - In the evening, the production - sales ratio of glass and the inventory at the delivery warehouse of soda ash will be concerned [7]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the reports. 2. Core Views The reports present daily data on various futures, including stock index futures, treasury bond futures, precious metal futures, and container shipping futures, along with related indicators such as spreads, basis, and price ratios, to help investors understand market trends and price relationships. 3. Summary by Relevant Catalogs Stock Index Futures Spread Daily Report - **Price Spreads**: Provides current values, changes from the previous day, 1 - year and all - time historical quantiles for various stock index futures spreads, including IF, IH, IC, and IM, covering both spot - futures spreads and inter - delivery spreads [1]. - **Cross - Variety Ratios**: Presents ratios and their changes for different cross - variety combinations, such as CSI 500/CSI 300, IC/IF, etc., along with their historical quantiles [1]. Treasury Bond Futures Spread Daily Report - **Basis**: Shows the basis, its change, and the percentile since listing for different treasury bond futures (TS, TF, T, TL), as well as the internal rate of return (IRR) for TS [2]. - **Inter - Delivery Spreads**: Reports the inter - delivery spreads and their changes and historical percentiles for different treasury bond futures contracts [2]. - **Cross - Variety Spreads**: Provides cross - variety spreads and their changes for different combinations of treasury bond futures [2]. Precious Metal Spot - Futures Daily Report - **Prices**: Presents domestic and foreign futures closing prices, spot prices, and their changes and percentage changes for gold and silver [4]. - **Basis**: Reports the basis, its change, and historical 1 - year quantiles for different combinations of precious metal spot and futures [4]. - **Price Ratios**: Shows price ratios and their changes for different precious metal combinations [4]. - **Interest Rates and Exchange Rates**: Provides data on 10 - year and 2 - year US Treasury yields, 10 - year TIPS Treasury yields, the US dollar index, and the offshore RMB exchange rate, along with their changes [4]. - **Inventory and Holdings**: Reports inventory and holding data and their changes for precious metals in different markets [4]. Container Shipping Industry Spot - Futures Daily Report - **Spot Quotes**: Presents spot quotes and their changes for different shipping companies on the Shanghai - Europe route [6]. - **Container Shipping Indexes**: Provides settlement price indexes and their changes for different container shipping routes, as well as Shanghai export container freight rates and their changes [6]. - **Futures Prices and Basis**: Reports futures prices, their changes, and basis data for container shipping futures contracts [6]. - **Fundamental Data**: Includes data on global container shipping capacity supply, port - related indicators, monthly export amounts, and overseas economic indicators, along with their changes [6]. Overseas and Domestic Data/Information Report - **Overseas Data**: Lists economic indicators and financial events in the eurozone and the US, including economic sentiment indexes, inflation rates, and small - business confidence indexes [9]. - **Domestic Data**: Presents economic indicators and events in different domestic sectors, such as port inventories, to - port forecasts, and production - sales ratios [9].

1. Report Industry Investment Rating - No information about the industry investment rating is provided in the reports. 2. Core Views - The reports mainly present the latest values, changes compared to the previous day, historical percentile rankings of various futures spreads, prices, and related economic indicators across different sectors including stock index futures, treasury bond futures, precious metals, container shipping, and provide a trading calendar with relevant data and information sources [1][2][6][8][9]. 3. Summary by Related Catalogs Stock Index Futures - **Price Spreads**: IC, IM, IF, and IH have different current - spot price spreads and inter - period price spreads. For example, the IC current - spot price spread is - 96.50, up 14.64 from the previous day, with a 1 - year historical percentile of 20% and an all - time percentile of 3.3096 [1]. - **Cross - Variety Ratios**: Ratios such as CSI 500/CSI 300, CSI 500/SSE 50, and IC/IF are presented, along with their changes and historical percentile rankings. For instance, the CSI 500/CSI 300 ratio is 1.5405, up 0.0002 from the previous day, with a 1 - year historical percentile of 99.10% and an all - time percentile of 58.70% [1]. Treasury Bond Futures - **Basis and IRR**: Different types of treasury bond futures (TS, TF, T, TL) have their respective basis values, Internal Rate of Return (IRR), and changes compared to the previous day, as well as historical percentile rankings since listing. For example, the TS basis is 1.2966, up 0.0153 from the previous day, with a historical percentile of 12.40% [2]. - **Inter - period and Cross - Variety Spreads**: There are inter - period spreads and cross - variety spreads for different treasury bond futures, along with their changes and historical percentile rankings [2]. Precious Metals - **Futures and Spot Prices**: Domestic and foreign futures closing prices, spot prices of precious metals (gold and silver) are provided, along with their price changes and percentage changes. For example, the AU2510 contract closed at 787.80 yuan/gram on August 8, up 2.78 yuan or 0.35% from the previous day [6]. - **Basis and Ratios**: Basis values between spot and futures, and price ratios between different precious metals are presented, along with their changes and historical percentile rankings [6]. - **Interest Rates, Exchange Rates, Inventory, and Positions**: Information on interest rates (such as 10 - year US Treasury bond yield), exchange rates (such as the US dollar index), inventory (such as Shanghai Futures Exchange gold inventory), and positions (such as SPDR Gold ETF holdings) is provided, along with their changes and percentage changes [6]. Container Shipping - **Spot Quotes**: Spot freight rates from Shanghai to Europe for different shipping companies (MAERSK, CMA CGM, etc.) are given, along with their price changes and percentage changes. For example, MAERSK's Shanghai - Europe freight rate was 2878 US dollars/FEU on August 11, up 88 US dollars or 3.19% from the previous day [8]. - **Shipping Indexes**: Settlement price indexes of container shipping (SCFIS, SCFI) for different routes (European, US West, US East) are presented, along with their price changes and percentage changes [8]. - **Futures Prices and Basis**: Futures prices of container shipping contracts (EC2602, EC2510, etc.) and the basis of the main contract are provided, along with their price changes and percentage changes [8]. - **Fundamental Data**: Data on container shipping capacity supply, port - related indicators (port on - time rate, port calls), foreign trade indicators (monthly export amount), and overseas economic indicators (eurozone PMI, US manufacturing PMI) are given, along with their changes and percentage changes [8]. Trading Calendar - **Overseas Data/Information**: Economic indicators and financial events from overseas, such as the MPOB palm oil monthly report, Brazilian secex weekly report, and USDA export inspection and crop growth data in the US, are listed [9]. - **Domestic Data/Information**: Economic indicators and financial events in China, including global manganese ore shipping volume, iron ore shipping and arrival data, and SMM electrolytic copper social inventory, are provided [9].

Report on Stock Index Futures Spread Core View - Presents the latest values, historical quantiles, and daily changes of various spread indicators for stock index futures including IF, IH, IC, and IM on July 31, 2025 [1]. Summary by Category - **Futures - Spot Spread**: IF's futures - spot spread is -14.84, with a 32.30% change from the previous day and a 28.70% historical 1 - year quantile; IH's is 0.65, IC's is -99.29, and IM's is -114.28 [1]. - **Inter - delivery Spread**: Different inter - delivery spreads for IF, IH, IC, and IM are presented, showing their latest values, changes, and historical quantiles [1]. - **Cross - variety Ratio**: Ratios such as CSI 500/CSI 300, IC/IF, etc. are provided, along with their latest values, changes, and historical quantiles [1]. Report on Bond Futures Spread Core View - Displays the latest values, changes, and historical quantiles of indicators like IRR, basis, inter - delivery spread, and cross - variety spread for bond futures on July 31, 2025 [2]. Summary by Category - **IRR**: For example, the IRR of a certain bond on July 30, 2025, is 1.5292, with a 0.0063 change from the previous day and a 21.20% historical quantile [2]. - **Basis**: TF's basis on July 30, 2025, is 0.0007, T's is 1.4179, etc. [2]. - **Inter - delivery Spread**: TS, TF, T, and TL's inter - delivery spreads are presented, including their latest values, changes, and historical quantiles [2]. - **Cross - variety Spread**: Spreads such as TS - TF, TS - T, etc. are provided, along with their latest values, changes, and historical quantiles [2]. Report on Precious Metals Futures - Spot Core View - Compares the closing prices of domestic and foreign precious metals futures, spot prices, basis, ratios, interest rates, exchange rates, inventory, and positions on July 30, 2025 [4]. Summary by Category - **Futures Closing Price**: Domestic AU2510 contract closed at 773.78 yuan/gram on July 30, 2025, with a 0.30% increase; COMEX gold closed at 3327.90 dollars/ounce, up 0.08% [4]. - **Spot Price**: London gold was at 3275.05 dollars/ounce on July 30, 2025, down 1.53%; Shanghai Gold Exchange's gold T + D was at 769.48 yuan/gram, up 0.30% [4]. - **Basis**: The basis of gold TD - Shanghai gold main contract is -4.30, with a -0.05 change and an 8.40% historical 1 - year quantile [4]. - **Ratio**: The ratio of COMEX gold to silver is 89.52, up 3.34% [4]. - **Interest Rate and Exchange Rate**: The 10 - year US Treasury yield is 4.38, up 0.9% [4]. - **Inventory and Position**: The inventory of Shanghai Futures Exchange's gold increased by 7.03% to 33462 [4]. Report on Container Shipping Industry Futures - Spot Core View - Analyzes the spot quotes, container shipping indices, futures prices, basis, and fundamental data of the container shipping industry on July 31, 2025 [6]. Summary by Category - **Spot Quote**: The 6 - week future freight reference from Shanghai to Europe for MAERSK is 3003 dollars/FEU on July 31, 2025, down 0.06% [6]. - **Container Shipping Index**: SCFIS (European route) settled at 2316.56 on July 28, 2025, down 3.50% from July 21 [6]. - **Futures Price and Basis**: EC2602 contract closed at 1532.0 points on July 30, 2025, up 0.70%; the basis of the main contract is 802.4, down 1.15% [6]. - **Fundamental Data**: Global container shipping capacity supply remains unchanged at 3273.16 FTEU on July 31, 2025; the port punctuality rate in Shanghai is 34.57, down 18.66% [6]. Report on Trading Calendar Core View - Lists overseas and domestic economic indicators and financial events on July 31, 2025 [7]. Summary by Category - **Overseas Data/Info**: At 2:00, the US Federal Reserve announced the interest rate decision (upper limit) and the FOMC released the interest rate resolution; at 17:00, the eurozone announced the June unemployment rate [7]. - **Domestic Data/Info**: At 9:30, China announced the July official manufacturing PMI; at 15:00, SMM announced the total social inventory of electrolytic copper [7].

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - The current situation is a combination of weak reality and strong expectations. The spot price of live pigs has dropped rapidly due to limited downstream digestion capacity during the off - season of consumption, and the market's expectation of price increases from late July to early August may lead to more concentrated slaughtering and continued weak operation of the spot market. The macro - sentiment has strong support for the far - end, and the spread structure has switched to a reverse spread. Attention should be paid to stop - loss and take - profit. The short - term support level for the LH2509 contract is 13,500 yuan/ton, and the pressure level is 15,000 yuan/ton [3]. - The trend intensity is 0, indicating a neutral view [2]. 3. Summary by Relevant Catalogs Fundamental Tracking - **Spot Prices**: The spot price of live pigs in Henan is 13,930 yuan/ton (a year - on - year increase of 50 yuan/ton), in Sichuan is 13,500 yuan/ton (unchanged year - on - year), and in Guangdong is 15,440 yuan/ton (unchanged year - on - year) [1]. - **Futures Prices**: The prices of the live pig 2509, 2511, and 2601 contracts are 14,075 yuan/ton (a year - on - year decrease of 75 yuan/ton), 14,105 yuan/ton (a year - on - year decrease of 20 yuan/ton), and 14,390 yuan/ton (a year - on - year decrease of 10 yuan/ton) respectively [1]. - **Trading Volume and Open Interest**: The trading volume of the live pig 2509 contract is 33,288 lots (an increase of 1463 lots compared to the previous day), with an open interest of 53,049 lots (a decrease of 1758 lots compared to the previous day); the trading volume of the 2511 contract is 12,422 lots (a decrease of 1590 lots), with an open interest of 49,996 lots (an increase of 1377 lots); the trading volume of the 2601 contract is 14,003 lots (a decrease of 30 lots), with an open interest of 41,852 lots (a decrease of 951 lots) [1]. - **Basis**: The basis of the live pig 2509 contract is - 145 yuan/ton (a year - on - year increase of 125 yuan/ton) [1]. Market Logic - Group companies are actively reducing the weight of pigs recently. Due to the off - season of consumption and limited downstream digestion capacity, the spot price has dropped rapidly, indicating that the previous price increase relied more on inventory - building sentiment. The market's expectation of price increases from late July to early August may lead to more concentrated slaughtering and continued weak operation of the spot market. The macro - sentiment has strong support for the far - end, resulting in a weak reality and strong expectation situation, and the spread structure has switched to a reverse spread. Attention should be paid to stop - loss and take - profit. The short - term support level for the LH2509 contract is 13,500 yuan/ton, and the pressure level is 15,000 yuan/ton [3]. Trend Intensity - The trend intensity is 0, with a range of [-2, 2]. A value of - 2 represents the most bearish view, and 2 represents the most bullish view. A value of 0 indicates a neutral view [2].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The domestic soybean meal and rapeseed meal markets are expected to be mainly in a state of oscillatory operation. The short - term upward momentum of soybean meal is limited, and the deep - decline space after the correction is also restricted. Rapeseed meal is likely to follow the soybean meal to oscillate, and its ability to have an independent market is relatively weak. The monthly spread of soybean meal is expected to have some downward pressure, while that of rapeseed meal shows a rebound, but the rebound space is limited. The spread between soybean meal and rapeseed meal is expected to oscillate [8]. - The trading strategy is to expect the market to be mainly in an oscillatory state for single - side trading, suggest expanding the MRM09 spread for arbitrage, and adopt a wait - and - see attitude for options [9]. 3. Summary by Related Catalogs 3.1 Market Review - Today, the US soybean futures showed a slight oscillatory trend with limited market changes. After the previous positive factors were fully reflected, there was some downward pressure recently, and the market gradually stabilized after the decline. The domestic soybean meal futures continued to decline, but the decline narrowed as the absolute price was relatively low and further negative factors were limited. Rapeseed meal also had a limited decline, and the market lacked new themes, continuing to be affected by soybean meal, with subsequent uncertainties remaining. The monthly spread of domestic soybean meal futures also showed a slight oscillation, and the downward space of the monthly spread was limited after the decline of the single - side price narrowed, but the spot pressure still existed. The monthly spread of rapeseed meal showed a rebound trend, mainly because the previous decline was relatively large and the further downward space was limited. However, since the near - term pressure on rapeseed meal was still obvious, the rebound space was expected to be limited [4]. 3.2 Fundamental Analysis International Market - The new US soybean crop is generally bearish, and the upward space is significantly limited after the recent rebound. The new soybean market is mainly characterized by ample supply and limited support. As of the week ending July 27, the good - to - excellent rate of US soybeans reached 70%, up from 68% in the previous week. As of the week ending July 24, the export inspection volume of old US soybean crops was 409,700 tons. The US soybean crushing data in June was good, with the NOPA - caliber soybean crushing volume reaching 185.709 million bushels, a year - on - year increase of 5.76%, and the crushing profit rebounded. - In the previous week, Brazilian farmers accelerated their selling progress, but the overall progress was still relatively slow, and there was still some pressure expected in the future. The Brazilian soybean crushing situation has generally improved recently. The soybean crushing volume in May announced by abiove continued to increase month - on - month. The demand for soybean meal and soybean oil was generally good, and the crushing profit improved overall under the background of the rapid increase in soybean oil prices recently. However, crushing had limited effect on alleviating the supply pressure, and the subsequent demand improvement space was also relatively limited. Due to China's large volume of soybean purchases, Brazil is expected to still have room for export growth, and the market pressure is still relatively obvious. - The domestic soybean crushing volume in Argentina may improve in the future, mainly because the subsequent exports may decrease under the influence of tariffs. However, the current domestic crushing profit in Argentina is average, so the improvement space is still relatively limited. Overall, the supply pressure of the international soybean market is mainly concentrated in South America. Especially when the subsequent crushing in Argentina decreases, soybean exports may become more obvious, and Brazil has a large output, so the pressure remains obvious when the subsequent domestic crushing decreases [5]. Domestic Market - The domestic spot market continued to be in a relatively loose state. The oil refinery operating rate remained at a high level, the market supply was sufficient, the提货量 (pick - up volume) increased accordingly, and the inventory gradually accumulated. The overall spot market trading performance was average. As of July 25, the actual soybean crushing volume of oil refineries was 2.2389 million tons, the operating rate was 62.94%, the soybean inventory was 6.4559 million tons, an increase of 33,500 tons or 0.52% from the previous week, and a year - on - year decrease of 10,700 tons or 0.17%. The soybean meal inventory was 1.0431 million tons, an increase of 44,700 tons or 4.48% from the previous week, and a year - on - year decrease of 302,800 tons or 22.5%. - Recently, the domestic demand for rapeseed meal has continued to show a gradual weakening trend, and the oil refinery operating rate has decreased. However, the overall supply was sufficient, and the inventory of granular rapeseed meal remained at a high level, so the overall supply pressure still existed. Although there was uncertainty in the subsequent supply of rapeseed and rapeseed meal, the demand also weakened, and there was still some near - term pressure. Therefore, rapeseed meal is expected to be mainly in an oscillatory operation. As of the week ending July 25, the rapeseed crushing volume of major coastal oil refineries was 56,000 tons, and the operating rate this week was 14.93%. The rapeseed inventory of major coastal oil refineries was 137,000 tons, a decrease of 25,000 tons from the previous week; the rapeseed meal inventory was 19,000 tons, an increase of 7,000 tons from the previous week [6]. 3.3 Macroeconomic Analysis - The Sino - US negotiations in London have been completed, but the market has not provided much clear information. Due to the lack of clear macro - guidance, the market continues to be worried about the uncertainty of subsequent supply. From the perspective of recent international trade changes, there are still many overall uncertainties. However, as the market gradually stabilizes, the macro - level disturbances are decreasing. Since China still has a high demand for the US soybean market in the long - term, it is not easy to see a sharp decline in the short term, especially in the absence of macro - guidance [7]. 3.4 Price and Spread Data Futures and Spot Basis - For soybean meal futures, the closing prices of contracts 01, 05, and 09 were 3028, 2744, and 2983 respectively, with changes of - 13, - 7, and - 7. The spot basis in Tianjin, Dongguan, Zhangjiagang, and Rizhao were - 90, - 140, - 140, and - 130 respectively, with changes of 0, 10, 20, and 20 compared to the previous day. - For rapeseed meal futures, the closing prices of contracts 01, 05, and 09 were 2379, 2372, and 2660 respectively, with changes of - 14, 2, and 0. The spot basis in Nantong, Guangdong, and Guangxi were - 140, - 140, and - 150 respectively, with changes of 0, - 20, and - 20 compared to the previous day [4]. Monthly Spread - For soybean meal, the 59 - spread was - 239 (unchanged from the previous day), the 91 - spread was - 45 (an increase of 6 from the previous day), and the 15 - spread was 284 (a decrease of 6 from the previous day). - For rapeseed meal, the 59 - spread was - 288 (an increase of 2 from the previous day), the 91 - spread was 281 (an increase of 14 from the previous day), and the 15 - spread was 7 (a decrease of 16 from the previous day) [4]. Cross - Variety Futures Spread - The spread between soybean meal and rapeseed meal for contract 01 was 649 (an increase of 1 from the previous day), and for contract 09 was 323 (a decrease of 7 from the previous day). The oil - to - meal ratio for contract 01 was 2.704 (an increase of 0.048 from the previous day) [4]. Spot Spread - The spread between soybean meal and rapeseed meal was 604 (an increase of 27 from the previous day), the spread between rapeseed meal and sunflower meal was - 31 (a decrease of 34 from the previous day), and the spread between soybean meal and sunflower meal was 573 (an increase of 3 from the previous day) [4]. 3.5 Soybean Crushing Profit - The report provides the soybean crushing profit data from different origins (Argentina and Brazil) with different shipping dates, including CNF, CBOT price, contract, exchange rate, soybean meal price, soybean oil price, and the corresponding crushing profits (both on - the - spot and in the futures market) and their changes compared to the previous day [10].

Report Industry Investment Ratings - No information provided in the reports. Core Views - No clear core views are presented in the reports. The documents mainly contain data on various financial products such as stock index futures, treasury bond futures, precious metals, container shipping, and trading calendars. Summary by Relevant Catalogs Stock Index Futures (Doc 1) - **IF期现价差**: The latest value is -13.82, a change of -2.66 from the previous day, with a 1 - year historical quantile of 32.70% and an all - time quantile of 30.10% [1]. - **IH期现价差**: The latest value is 3.03, a change of 1.75 from the previous day, with a 1 - year historical quantile of 74.50% and an all - time quantile of 75.00% [1]. - **IC期现价差**: The latest value is -101.42 [1]. - **IM期现价差**: The latest value is -27.17, a change of -127.98 from the previous day, with a 1 - year historical quantile of 70.00% and an all - time quantile of 9.60% [1]. - **跨期价差**: There are various values for different contracts (e.g., IF跨期价差, IH跨期价差, IC跨期价差, IM跨期价差) with corresponding changes and quantiles [1]. - **跨品种比值**: For example, IC/IF is 1.5095, a change of -0.0007 from the previous day, with a 1 - year historical quantile of 84.40% and an all - time quantile of 66.70% [1]. Treasury Bond Futures (Doc 2) - **基差**: TS基差 is 1.5937, TF基差 is 1.4203, T基差 is 1.4264, and TL基差 is 1.3256 on 2025 - 07 - 28, with corresponding changes and historical quantiles [2]. - **跨期价差**: Different contracts (TS跨期价差, TF跨期价差, T跨期价差, TL跨期价差) have their own values, changes, and historical quantiles [2]. - **跨品种价差**: For example, TS - TF is -3.3580 on 2025 - 07 - 28, with a change of -0.0980 [2]. Precious Metals (Doc 4) - **期货收盘价**: Domestic and foreign futures contracts (AU2510, AG2510, COMEX黄金主力合约, COMEX白银主力合约) have their closing prices, changes, and percentage changes from different dates [4]. - **现货价格**: London gold, London silver, 上金所黄金T + D, and 上金所白银T + D have their prices, changes, and percentage changes [4]. - **基差**: For example, 黄金TD - 沪金主力 is -3.20, with a change of 0.51 from the previous value, and a 1 - year historical quantile of 23.60% [4]. - **比价**: CONEX종(暗 is 86.46, a change of -0.65 from the previous value, with a percentage change of -0.75% [4]. - **利率与汇率**: 10 - year US Treasury yield is 4.42, a change of 0.02 from the previous value, with a percentage change of 0.5% [4]. - **库存与持仓**: 上期所黄金库存 is 30258, with no change from the previous value [4]. Container Shipping (Doc 6) - **现货报价**: Shipping rates from Shanghai to Europe for different shipping companies (MAERSK马士基, CMA达飞, etc.) have their prices, changes, and percentage changes on 2025 - 07 - 29 compared to 2025 - 07 - 28 [6]. - **集运指数**: SCFIS (欧洲航线) settlement price index is 2316.56 on 2025 - 07 - 28, a change of -83.9 from 2025 - 07 - 21, with a percentage change of -3.50% [6]. - **期货价格及基差**: EC2602 has a price of 1541.0 on 2025 - 07 - 28, a change of 22.2 from 2025 - 07 - 25, with a percentage change of 1.46% [6]. - **基本面数据**: Global container shipping capacity supply is 3272.71 on 2025 - 07 - 29, with no change from the previous day [6]. Trading Calendar (Doc 7) - **海外数据/资讯**: At 22:00, there will be data on US June JOLTs job openings (in millions) and US July Conference Board consumer confidence index [7]. - **国内数据/资讯**: For example, at 17:00, there will be data on the arrival forecast of MEG in the main ports of East China (in million tons) [7].

Report Industry Investment Rating No relevant content provided. Core Viewpoints No clear core viewpoints are presented in the reports. The documents mainly provide various data on different futures and related market indicators. Summary by Category 1. Stock Index Futures - **Price - Spread Data**: On July 29, 2025, the IF, IH, IC, and IM futures showed different values in terms of spot - futures spreads, inter - period spreads, and cross - variety ratios. For example, the IF spot - futures spread was - 13.82, with a change of - 2.66 from the previous day, and its 1 - year historical quantile was 32.70% [1]. - **Ratio Data**: Cross - variety ratios such as CSI 500/CSI 300, IC/IF, etc., also had specific values and changes. For instance, the IC/IF ratio was 1.5095, with a change of - 0.0007 [1]. 2. Treasury Bond Futures - **IRR and Basis**: As of July 28, 2025, the IRR of TS was 1.5937, and the basis of TF was 1.4203, with corresponding changes and historical quantiles [2]. - **Inter - period and Cross - variety Spreads**: Different inter - period spreads (e.g., current - quarter to next - quarter) and cross - variety spreads (e.g., TS - TF) had specific values and historical quantiles [2]. 3. Precious Metals - **Price Changes**: From July 25 to July 28, 2025, domestic and foreign precious metal futures and spot prices changed. For example, the AU2510 contract price decreased from 777.32 to 774.78 yuan/gram, a decline of - 0.33% [4]. - **Basis and Ratio**: The basis and ratio of precious metals also changed. For example, the gold TD - Shanghai gold main contract basis was - 3.20, with a change of 0.51 from the previous value, and its 1 - year historical quantile was 23.60% [4]. 4. Container Shipping Industry - **Spot Quotes**: On July 29, 2025, the spot quotes of shipping companies on the Shanghai - Europe route had different changes. For example, MAERSK's quote increased by 3.03% to 3235 dollars/FEU [6]. - **Index Data**: Shipping indices such as SCFIS and SCFI showed different degrees of decline. For instance, SCFIS (European route) decreased by - 3.50% from July 21 to July 28, 2025 [6]. 5. Trading Calendar - **Overseas Data**: On July 29, 2025, at 22:00, data on US June JOLTs job vacancies and US July Conference Board consumer confidence index were to be released [7]. - **Domestic Data**: Data on various domestic commodities such as manganese silicon, iron ore, polyester, glass, and polysilicon were expected to be updated on the same day, including inventory, port throughput, and production - sales ratios [7].