Group 1: Report Core View - This week, the high-sulfur crack fluctuated, the 380 near-end ran strongly, and the basis fluctuated. The low-sulfur crack continued to strengthen, the monthly spread strengthened, and the basis fluctuated. Singapore's onshore inventory decreased significantly, ARA's decreased slightly, and the US residual oil inventory increased significantly. Singapore's high-sulfur floating storage increased significantly, with overall inventory accumulation, while the Middle East's floating storage decreased, and Saudi Arabia's exports increased significantly. Fujairah's floating storage and Europe's floating storage increased. Recently, the low-sulfur market has strengthened marginally, and attention should be paid to the subsequent realization of supply increments. The high-sulfur market fluctuates at a high level, with profits higher than the historical average. This year, affected by consumption tax deductions and tariff adjustments in China, the refinery feed demand for fuel oil has declined significantly, and the bunker fuel demand is expected to be weaker year-on-year due to tariff impacts. In the future, attention should be paid to the power generation demand and procurement demand, as well as the medium-term short allocation opportunity for the high-sulfur crack [6][7] Group 2: Rotterdam Fuel Oil Swap Data - From May 8 to May 14, 2025, the prices of Rotterdam 3.5% HSF O swap M1 changed from 385.77 to 406.15, a decrease of 2.28; Rotterdam 0.5% VLS FO swap M1 changed from 431.14 to 451.49, a decrease of 0.76; Rotterdam HSFO-Brent M1 changed from -1.51 to -1.58, a decrease of 0.19; Rotterdam 10ppm Gasoil swap M1 changed from 571.02 to 606.04, an increase of 3.48; Rotterdam VLSFO-G M1 changed from -139.88 to -154.55, a decrease of 4.24; LGO-Brent M1 changed from 16.22 to 17.57, an increase of 0.91; Rotterdam VLSFO-HSFO M1 changed from 45.37 to 45.34, an increase of 1.52 [4] Group 3: Singapore Fuel Oil Swap Data - From May 8 to May 14, 2025, the prices of Singapore 380cst M1 changed from 402.45 to 433.27; Singapore 180cst M1 changed from 412.95 to 442.48; Singapore VLSFO M1 changed from 467.39 to 498.06; Singapore GO M1 changed from 76.00 to 81.58; Singapore 380cst-Brent M1 changed from 2.28 to 2.53; Singapore VLSFO-GO M1 changed from -95.01 to -105.63 [4] Group 4: Singapore Fuel Oil Spot Data - From May 8 to May 14, 2025, the FOB 380cst price changed from 402.67 to 432.78, an increase of 4.14; the FOB VLSFO price changed from 481.67 to 511.73, an increase of 16.22; the 380 basis changed from -1.30 to -1.45, a decrease of 2.45; the high-sulfur domestic and foreign price difference changed from 7.6 to 7.9, a decrease of 0.3; the low-sulfur domestic and foreign price difference changed from 11.9 to 17.0, an increase of 0.7 [5] Group 5: Domestic FU Data - From May 8 to May 14, 2025, the prices of FU 01 changed from 2584 to 2755, an increase of 46; FU 05 changed from 2566 to 2697, an increase of 32; FU 09 changed from 2707 to 2893, an increase of 54; FU 01 - 05 changed from 18 to 58, an increase of 14; FU 05 - 09 changed from -141 to -196, a decrease of 22; FU 09 - 01 changed from 123 to 138, an increase of 8 [5] Group 6: Domestic LU Data - From May 8 to May 14, 2025, the prices of LU 01 changed from 3237 to 3451, an increase of 76; LU 05 changed from 3219 to 3401, an increase of 141; LU 09 changed from 3298 to 3521, an increase of 85; LU 01 - 05 changed from 18 to 50, a decrease of 65; LU 05 - 09 changed from -79 to -120, an increase of 56; LU 09 - 01 changed from 61 to 70, an increase of 9 [6]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The fundamentals of the LPG market are weak, and the short - term PG futures market is expected to fluctuate weakly [1] Group 3: Summary by Relevant Catalog Price Data - From May 8 - 14, 2025, the daily changes in prices were as follows: domestic civil gas in Shandong decreased by 30 to 4670, in East China remained stable at 4931, and in South China decreased by 20 to 5000; imported gas in East China decreased by 24 to 5066, and in South China remained stable at 5080; ether - post carbon four remained stable at 4690. The lowest price was Shandong civil gas at 4670. The PG futures price fluctuated, the basis of the 06 contract weakened to 314, and the 06 - 07 spread weakened to 86. The US - to - Far - East arbitrage window opened [1] Market Conditions Last Week - The domestic civil gas market was weak last week. Prices in South China rose and then fell; those in East China and Shandong fluctuated weakly; the center of ether - post carbon four moved down significantly; the price of the cheapest deliverable (Shandong LPG) was 4800 yuan/ton. The futures price center moved down slightly; the 06 basis fluctuated; the 06 - 07 spread strengthened [1] Fundamental Data - The LPG commodity volume was 485,500 tons (-1.06%), and the external supply is expected to be stable in the next three weeks; the PDH operating rate decreased to 59.59% (-2.76%) due to high import costs and poor downstream demand. The alkylation operating rate remained flat, production margins turned profitable, and the operating rate is expected to increase slightly. MTBE production decreased, and the profits of gas - fractionation etherification and isomerization etherification were poor [1] External Market Conditions - CP and FEI rose slightly, while MB remained flat. The internal - external price spread fluctuated, FEI - MB rose slightly, and FEI - CP and CP - MB changed little. The freight rates from the US Gulf to Japan and from the Middle East to the Far East rose slightly. US C3 inventories were basically flat, exports increased, and the US - to - Far - East arbitrage window closed. OPEC+ reduced the production cut, and PG supply is expected to increase. The CP official price is expected to fall, and the propane - butane spread is expected to widen [1]

交易咨询业务资格：证监许可【2012】1091号 沪镍&不锈钢早报—2025年5月15日 大越期货投资咨询部 祝森林 从业资：F3023048 投资咨询证：Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 沪镍 每日观点 1、基本面：外盘冲高回落，继续震荡运行。产业链来看，不锈钢表现偏弱，镍铁价格继续回落，成本 线继续下降，对后市预期偏弱。同时交易所仓单仍在减少流入现货，供应或继续增强。新能源产业链数 据表现良好，对中期预期较好。从中长线来看，精炼镍过剩格局不变。短期宏观拢动较多，要多关注宏 观政策影响。偏空 2、基差：现货126075，基差845，偏多 3、库存：LME库存198432，-84，上交所仓单23549，-398，偏空 4、盘面：收盘价收于20均线以上，20均线向上，偏多 5、主力持仓：主力持仓净空，空减，偏空 6、结论：沪镍2506：震荡运行。 不锈钢 每日观点 1、基本面：现货不锈钢价格上涨，短期镍矿价 ...

Group 1: Investment Ratings and General Market Outlook - No explicit report industry investment rating provided [1] - The core view is that various commodities show different trends based on factors such as national policies, trade negotiation results, and supply - demand fundamentals. Market sentiment has been affected by factors like China - US trade talks and inflation data [1] Group 2: Macro - Financial Sector - **Stock Index**: Since April, with the support of national policies and Central Huijin's funds, the stock index has recovered the technical gap formed by the tariff shock on April 2. The current risk - return ratio of chasing the rise is not high. Holders of long positions can consider reducing positions on rallies [1] - **Treasury Bonds**: Asset shortage and weak economy are favorable for bond futures, but the central bank's short - term reminder of interest - rate risks suppresses the upward space [1] - **Gold**: Short - term market risk appetite has recovered, and the gold price may enter a consolidation phase, but the medium - to - long - term upward logic remains unchanged [1] - **Silver**: Overall, it follows gold, but an unexpected tariff result will benefit the commodity attribute of silver, so the short - term resilience of the silver price may be stronger than that of gold [1] Group 3: Non - Ferrous Metals Sector - **Copper**: The result of China - US trade negotiations exceeded expectations, and short - term market sentiment has improved. However, the copper price has significantly rebounded and may fluctuate [1] - **Aluminum and Alumina**: The aluminum electrolysis industry has no obvious contradictions. With the unexpected result of China - US trade negotiations, the aluminum price continues to rebound. Supply disturbances of bauxite and alumina have increased, and the supply - demand pattern of alumina has improved. The short - term price may further rebound [1] - **Zinc**: Although the macro sentiment has improved, the terminal demand has weakened significantly in the off - season, and with the inflow of imported goods, the zinc price remains weak [1] - **Nickel and Stainless Steel**: US inflation has cooled more than expected, and the result of China - US talks has exceeded market expectations. The export order expectation of terminals has improved, and market risk appetite is expected to recover. The Indonesian resource tax policy has been implemented, and the premium of nickel ore is high. There are rumors of a mining ban in the Philippines, but the implementation is difficult. The nickel price fluctuates in the short term, and there is still pressure from the surplus of primary nickel in the medium - to - long term. The short - term stainless steel futures fluctuate and rebound, but there is still supply pressure in the medium - to - long term [1] - **Tin**: With the unexpected result of China - US talks and improved macro sentiment, the tin price is expected to rebound. The resumption of production in Wa State needs to be continuously monitored [1] - **Industrial Silicon**: Supply is strong, demand is weak, it has entered the low - valuation range, demand has not improved, inventory pressure has not been relieved, and the China - US tariff negotiation result is unexpected [1] - **Polycrystalline Silicon**: The number of registered warehouse receipts is extremely small, the first delivery is approaching, the futures price is at a discount to the spot price, and the willingness to register warehouse receipts is low, and the China - US tariff negotiation result is unexpected [1] - **Lithium Carbonate**: Supply has not further shrunk, the visible inventory has continued to accumulate, the downstream raw material inventory is at a high level, downstream still maintains rigid - demand purchases at low prices, and the China - US tariff negotiation result is unexpected [1] Group 4: Ferrous Metals Sector - **Steel Products (Rebar, Hot - Rolled Coil)**: The trade turmoil has intensified the pressure on the export chain. The short - term risk appetite is slightly poor, and the opening price dives downward [1] - **Iron Ore**: The tariff policy affects market sentiment, and the iron ore with strong financial attributes is under short - term pressure [1] - **Manganese Silicon**: There is still an expectation of decline under the expectation of manganese ore surplus, and the variety has heavy warehouse - receipt pressure [1] - **Silicon Iron**: The cost is dragged down by thermal coal, but the production reduction in the production area is large, and the supply - demand situation has become tight [1] - **Glass**: The situation of weak supply and demand continues. With the arrival of the rainy season, there are concerns about weakening demand, and the price continues to be weak [1] - **Soda Ash**: There are many overhauls in May, and the direct demand is okay, but there is medium - term supply surplus, and the price is under pressure [1] - **Coking Coal and Coke**: The supply and demand of coking coal and coke are relatively surplus and are short - positioned in the sector. It is recommended that industrial customers actively seize the opportunities of cash - and - carry arbitrage and selling hedging when the market rebounds to a premium. Consider participating in the JM9 - 1 calendar spread arbitrage [1] Group 5: Agricultural Products Sector - **Palm Oil**: The rise in crude oil will drive the rebound of palm oil, and the China - US talks will drag down the soybean - palm oil price spread. It is recommended to short after the crude oil price falls [1] - **Soybean Oil**: China - US talks are expected to have a negative impact on soybean oil sentiment in the short term, dragging down the soybean - palm oil price spread. It is recommended to wait and see [1] - **Rapeseed Oil**: The northern rapeseed - producing areas in Europe are still dry, which is not conducive to the formation of rapeseed yield per unit in the bolting stage. The China - Canada relationship is still uncertain. If Canada cancels the additional tariffs on China, it is expected to cause a large decline. Consider long - volatility strategies [1] - **Cotton**: In the short term, there are disturbances such as trade negotiations and weather premiums for US cotton. In the long term, macro uncertainties are still strong. The domestic cotton - spinning industry has entered the consumption off - season, and there are signs of inventory accumulation in downstream finished products. It is expected that the domestic cotton price will maintain a weak and fluctuating trend [1] - **Sugar**: According to the latest forecast of the Brazilian National Supply Company, Brazil's sugarcane production in the 2025/26 season is expected to be 663.4 million tons, a 2% decline from the previous year. The sugar production is expected to reach a record 4.59 million tons, a 4% increase from the previous year. If the crude oil price continues to be weak, it may affect the sugar - making ratio in Brazil's new crushing season and lead to an unexpected increase in sugar production [1] - **Corn**: The overall situation of deep - processing in the Northeast has stabilized, the decline in Shandong's deep - processing has slowed down. The import corn auction policy and China - US economic and trade talks have a negative impact on sentiment. The market回调 in the short term. It is recommended to buy on dips and pay attention to the C07 - C01 calendar spread arbitrage [1] - **Soybean Meal**: There is no driving force for speculation in US soybean planting. The domestic market continues to digest the negative factors of spot pressure and Brazilian selling pressure, and the market is expected to fluctuate [1] - **Pulp**: After the positive impact of the unexpected China - US trade negotiation on pulp futures is realized, the fundamentals still lack upward momentum, and it is expected to fluctuate [1] - **Logs**: The arrival volume of logs remains high, the overall inventory is high, and the price of terminal products has declined. There is no short - term positive factor, and it is expected to fluctuate at a low level [1] - **Pigs**: With the continuous repair of the pig inventory, the slaughter weight continues to increase. The market expectation is obvious, the futures price is at a large discount to the spot price, and there are no bright spots in the downstream [1] Group 6: Energy and Chemical Sector - **Crude Oil - Related (Fuel Oil, Palm Oil)**: The result of China - US trade negotiations far exceeds market expectations, reducing concerns about weakening demand. After a sharp decline, there is a demand for rebound and repair [1] - **BR Rubber**: The result of China - US trade negotiations is unexpected. In the short term, the raw material cost support is strengthened due to rainfall in the production area. In the medium - to - long term, the fundamentals are loose, and demand is weak, and the price is expected to decline [1] - **PTA, Short - Fiber, and Related Products**: The upstream PX device is under intensive maintenance, and the internal - external price difference of PX has been significantly repaired. The demand for PTA is supported by the high load of polyester. The PTA shortage strengthens the cost support for short - fiber, and short - fiber performs strongly under the high basis [1] - **Ethylene Glycol**: Ethylene glycol devices are under maintenance, large - scale devices in Jiangsu and Zhejiang have reduced their loads, and coal - based devices have started to be overhauled [1] - **Pure Benzene and Styrene**: The improvement of China - US tariff policies stimulates market speculative demand, the pure benzene price gradually strengthens, the profit of the reforming device declines, and the downstream demand for styrene is expected to pick up [1] - **Methanol**: The basis strengthens, the trading volume is average. In the short term, the methanol price fluctuates in a range and is slightly strong. In the medium - to - long term, the methanol spot market may change from strong to weak and fluctuate [1] - **PE, PP, PVC, and Caustic Soda**: For PE, the basis strengthens, and the trading volume is general. It fluctuates slightly strongly in the short term and may change from strong to weak in the medium - to - long term. For PP, some previously overhauled devices have resumed operation, demand is stable, and it fluctuates slightly strongly with macro - positive factors. For PVC, the fundamentals are weak, and it rebounds in the short term with macro - positive factors. For caustic soda, the spot demand is weak, and the driving force for price increase is insufficient, and the price fluctuates weakly [1]

甲醇聚烯烃早报 研究中心能化团队 2025/05/14 | 日期 | 动力煤期 | | 江苏现货 华南现货 | 鲁南折盘 | 西南折盘面 | 河北折盘 | 西北折盘 | CFR中国 | CFR东南 | | 进口利润 主力基差 | 盘面MTO | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 货 | | | 面 | | 面 | 面 | | 亚 | | | 利润 | | 2025/05/0 7 | 801 | 2432 | 2388 | 2565 | 2650 | 2585 | 2695 | 259 | 340 | 179 | 170 | -788 | | 2025/05/0 8 | 801 | 2400 | 2365 | 2565 | 2640 | 2585 | 2695 | 258 | 340 | 158 | 170 | -763 | | 2025/05/0 9 | 801 | 2420 | 2373 | 2560 | 2640 | 2585 | 2695 | 257 | 340 | 15 ...

| | 20250514申万期货有色金属基差日报 | | | --- | --- | --- | | | 铜： 可能短期宽幅波动 | | | | 可能短期宽幅波动 | | | | 锌： | | | 摘要 | 铝： 短期内或以震荡偏强为主。 | | | | 镍： 短期内或以震荡偏强为主。 | | | 品种 | 观点 | 策略方向 | | | 铜：夜盘铜价收涨。目前精矿加工费总体低位以及低铜价，考验冶炼产量。 | | | | 根据国家统计局数据来看，国内下游需求总体稳定向好，电网带动电力投资 | 可能短期宽 | | 铜 | 高增长，家电产量延续增长，需关注出口变化，新能源渗透率提升有望巩固 汽车铜需求，地产数据降幅缩窄。铜价短期可能宽幅波动，关注美国关税谈 | 幅波动 | | | 判进展，以及美元、人民币汇率、库存和基差等变化。 | | | | 锌：夜盘锌价收涨。近期精矿加工费持续回升。由国家统计局数据来看，国 内汽车产销正增长，基建稳定增长，家电表现良好，地产数据降幅缩窄。市 | | | 锌 | 场预期今年精矿供应明显改善，冶炼供应可能恢复，前期锌价的回落已部分 | 可能短期宽 | | | 消化产量增长预期。短 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - The fundamentals of the LPG market are weak, and the short - term futures market is expected to fluctuate weakly [1] Group 3: Summary by Relevant Content Daily Changes - On Tuesday, for civil gas, prices in Shandong dropped by 20 to 4700, in East China by 2 to 4931, and remained stable in South China at 5020; for imported gas, prices in East China dropped by 15 to 5090, and in South China by 10 to 5080; ether - post carbon four dropped by 20 to 4690, with the lowest price being Shandong civil gas at 4700. Under the weak fundamental situation, the PG futures market fluctuated downward, the basis of the 06 contract strengthened to 405, and the 06 - 07 spread remained basically flat at 98. The US - to - Far - East arbitrage window opened [1] Weekly Situation - Last week, the domestic civil gas market was weak. Prices in South China rose and then fell; those in East China and Shandong fluctuated weakly; the center of ether - post carbon four shifted down significantly; the price of the cheapest deliverable (Shandong LPG) was 4800 yuan/ton. The futures market center moved down slightly; the 06 basis fluctuated; the 06 - 07 spread strengthened. Fundamentally, high arrivals led to obvious port inventory accumulation; post - holiday downstream restocking was average, and factory inventories increased slightly. The LPG commodity volume was 485,500 tons (-1.06%), and the outward supply is expected to be stable in the next three weeks; the PDH operating rate decreased to 59.59% (-2.76%) due to high import costs and poor downstream demand. The alkylation operating rate remained flat, production margins turned profitable, and the operating rate is expected to rise slightly. MTBE production decreased, and the profits of gas - separation etherification and isomerization etherification were poor [1] External Market - CP and FEI rose slightly, while MB remained flat. The internal - external price spread fluctuated, FEI - MB rose slightly, and FEI - CP and CP - MB changed little. Freight rates from the US Gulf to Japan and from the Middle East to the Far East rose slightly. US C3 inventory was basically flat, exports increased, and the arbitrage window to the Far East closed. OPEC+ reduced the production cut, and PG supply is expected to increase. The CP official price is expected to fall, and the propane - butane spread is expected to widen [1]

Group 1 - The basis for the CSI 300 IF2505 contract is at a discount of 0.21, while the SSE 50 IH2505 contract is at a premium of 2.22, the CSI 500 IC2505 contract is at a premium of 0.88, and the CSI 1000 IM2505 contract is at a discount of 3.77 [1] - The month difference for the CSI 300 IF2505-2506 is 35.6, for the SSE 50 IH2505-2506 is 18.4, for the CSI 500 IC2505-2506 is 102.2, and for the CSI 1000 IM2505-2506 is 113.6 [1]

光大期货能化商品日报 光大期货能化商品日报（2025 年 5 月 14 日） 一、研究观点 光大期货能化商品日报 | | 周二，上期所燃料油主力合约 FU2507 收涨 1.52%，报 3006 元/ | | | --- | --- | --- | | | 吨；低硫燃料油主力合约 LU2507 收涨 1.78%，报 3541 元/吨。由 | | | | 于近期套利经济性不佳，预计 5 月欧洲市场运往新加坡的低硫套 | | | | 利货量将继续减少，但来自中东和南美的低硫燃料油调和组分数 | | | | 量增加正在增加新加坡地区库存。高硫方面，随着夏季公用事业 | | | 燃料油 | 发电需求回升，高硫燃料油市场需求支撑预期较强。预计短期在 | 震荡 | | | 油价暂时企稳的背景之下，FU 和 FU 绝对价格或将维持稳定，从 | | | | 相对强弱来看，尽管我们认为高硫基本面支撑更强，但近期低硫 | | | | 表现反而强于高硫，观察 LU-FU 价差走扩的持续性，可考虑后 | | | | 期高位介入价差做缩策略。 | | | 沥青 | 周二，上期所沥青主力合约 BU2506 收涨 0.69%，报 3485 ...

Report Summary 1. Investment Rating The report does not provide an overall industry investment rating. 2. Core View The report presents the daily arbitrage data of various futures varieties on May 14, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, aiming to help investors understand the market situation through the analysis of basis, inter - period spread, and inter - variety spread. 3. Summary by Category 3.1 Power Coal - **Basis**: On May 13, 2025, the basis was - 182.4 yuan/ton, showing a continuous negative value trend in recent days [2]. 3.2 Energy Chemicals - **Energy Commodities** - **Basis**: The basis data of INE crude oil, fuel oil, and the ratio of crude oil to asphalt are presented, with the basis of INE crude oil and fuel oil fluctuating in recent days [6]. - **Chemical Commodities** - **Basis**: The basis data of natural rubber, methanol, PTA, LLDPE, PP, etc. are provided, with significant fluctuations in the basis of natural rubber in recent days [7]. - **Inter - period Spread**: The inter - period spreads of natural rubber, methanol, PTA, etc. are given, such as the 5 - 1 month spread of natural rubber being - 1045 yuan/ton [7]. - **Inter - variety Spread**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, etc. are presented, with the LLDPE - PVC spread being 2309 yuan/ton on May 13, 2025 [7]. 3.3 Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal are provided, with the basis of rebar showing an upward trend in recent days [12]. - **Inter - period Spread**: The inter - period spreads of rebar, iron ore, coke, and coking coal are given, such as the 5 - 1 month spread of rebar being - 69.0 yuan/ton [12]. - **Inter - variety Spread**: The inter - variety spreads of rebar/iron ore, rebar/coke, etc. are presented, with the rebar/iron ore ratio being 4.31 on May 13, 2025 [12]. 3.4 Non - ferrous Metals - **Domestic Market** - **Basis**: The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin are provided, with significant fluctuations in the basis of copper in recent days [20]. - **Import and Export Data**: The LME premium/discount, Shanghai - London ratio, CIF price, domestic spot price, and import profit and loss of various non - ferrous metals are presented, with all non - ferrous metals showing import losses except lead [26]. - **London Market**: The LME basis, Shanghai - London ratio, and import profit and loss data of non - ferrous metals are presented [26]. 3.5 Agricultural Products - **Basis**: The basis data of soybeans, soybean meal, soybean oil, etc. are provided, with the basis of soybeans showing a negative value in recent days [36]. - **Inter - period Spread**: The inter - period spreads of soybeans, soybean meal, soybean oil, etc. are given, such as the 5 - 1 month spread of soybeans being 48 yuan/ton [36]. - **Inter - variety Spread**: The inter - variety spreads of soybean/corn, soybean oil/soybean meal, etc. are presented, with the soybean/corn ratio being 1.77 on May 13, 2025 [34]. 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 are provided, with the basis of all indices showing positive values on May 13, 2025 [44]. - **Inter - period Spread**: The inter - period spreads of CSI 300, SSE 50, CSI 500, and CSI 1000 are given, such as the next - month - current - month spread of CSI 300 being - 40.8 [44].