1. Report Industry Investment Rating - No relevant content provided. 2. Report's Core View - The report presents the arbitrage data of various futures varieties on April 29, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - variety spreads. 3. Summary by Directory 3.1 Power Coal - **Basis Data**: From April 22 to April 28, 2025, the basis of power coal was - 141.4, - 143.4, - 144.4, - 146.4, - 147.4 yuan/ton respectively, showing a downward trend. The 5 - month to 1 - month, 9 - month to 1 - month, and 9 - month to 5 - month spreads were all 0 [2]. 3.2 Energy Chemicals 3.2.1 Energy Commodities - **Basis Data**: For crude oil, fuel oil, and the ratio of crude oil to asphalt, relevant basis and ratio data are presented. For example, on April 28, 2025, the basis of INE crude oil was - 40.24 yuan/ton, and the ratio of crude oil to asphalt was 0.1469 [9]. 3.2.2 Chemical Commodities - **Basis Data**: For commodities like natural rubber, methanol, PTA, LLDPE, PP, etc., basis data from April 22 to April 28, 2025 are provided. For example, the basis of natural rubber on April 28 was - 180 yuan/ton [10]. - **Inter - period Spreads**: Inter - period spreads for multiple chemical commodities are given, such as the 5 - month to 1 - month spread of natural rubber being - 985 yuan/ton [10]. - **Inter - variety Spreads**: Inter - variety spreads like LLDPE - PVC, LLDPE - PP, etc. are presented. For example, on April 28, 2025, the LLDPE - PVC spread was 2170 yuan/ton [10]. 3.3 Black Metals - **Basis Data**: The basis data of rebar, iron ore, coke, and coking coal from April 22 to April 28, 2025 are shown. For example, the basis of rebar on April 28 was 121.0 yuan/ton [15]. - **Inter - period Spreads**: Inter - period spreads for rebar, iron ore, coke, and coking coal are provided. For example, the 5 - month to 1 - month spread of rebar was - 97.0 yuan/ton [15]. - **Inter - variety Spreads**: Inter - variety spreads such as the ratio of rebar to iron ore, rebar to coke, etc. are presented. For example, on April 28, 2025, the ratio of rebar to iron ore was 4.40 [15]. 3.4 Non - ferrous Metals 3.4.1 Domestic Market - **Basis Data**: The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from April 22 to April 28, 2025 are given. For example, the basis of copper on April 28 was - 40 yuan/ton [24]. 3.4.2 London Market - **LME Data**: LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data for copper, aluminum, zinc, lead, nickel, and tin on April 28, 2025 are presented. For example, the LME spread of copper was 28.60, and the Shanghai - London ratio was 8.27 [30]. 3.5 Agricultural Products - **Basis Data**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from April 22 to April 28, 2025 are provided. For example, the basis of soybeans No.1 on April 28 was - 265 yuan/ton [39]. - **Inter - period Spreads**: Inter - period spreads for multiple agricultural products are given, such as the 5 - month to 1 - month spread of soybeans No.1 being 8 yuan/ton [37]. - **Inter - variety Spreads**: Inter - variety spreads like the ratio of soybeans No.1 to corn, soybean oil to soybean meal, etc. are presented. For example, on April 28, 2025, the ratio of soybeans No.1 to corn was 1.79 [37]. 3.6 Stock Index Futures - **Basis Data**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from April 22 to April 28, 2025 are shown. For example, the basis of CSI 300 on April 28 was 51.02 [47]. - **Inter - period Spreads**: Inter - period spreads for CSI 300, SSE 50, CSI 500, and CSI 1000 are provided. For example, the next - month to current - month spread of CSI 300 was - 32.8 [47].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summary by Categories Metal Commodities - **Black Metals**: The price of silicon iron (SF506) futures was 5928, with a 5.00% change compared to the previous period, and the spot price was 5648. The price of silicon manganese (SM509) futures was 5950, up 2.50%. The price of rebar (RB2510) futures was 3129, and the price of hot - rolled coil (HC2510) futures was 3280, up 1.30%. The price of iron ore (I2509) futures fell 2.00% to 1531. The price of coke (J2509) futures decreased, and the price of coking coal (JM2509) futures was 106, with the spot price at 947 and a significant change rate [1]. - **Non - ferrous Metals**: The price of copper (CU2506) futures was 77580, slightly down 0.02% compared to the spot price of 77565. The price of aluminum (AL2506) futures was 19935, and the spot price was 19950. The price of zinc (ZN2506) futures was 22520, and the spot price was 22810. The price of tin (SNSE05) futures was 260570, and the spot price was 260200. The price of nickel (NISEOR) futures was 124690, and the spot price was 124000. The price of stainless steel (SS2506) futures was 12765, and the spot price was 13220. The price of lithium carbonate (LC2507) futures was 66960, and the spot price was 68850. The price of industrial silicon (SI2506) futures was 8800, up 8.52% [1]. - **Precious Metals**: The price of gold (AU2506) futures was 780.0, and the spot price of gold (AU (T + D)) was 778.2, down 0.20%. The price of silver (AG2506) futures was 8168.0, and the spot price of silver (AG (T + D)) was 8173.0, up 0.10% [1]. Agricultural Commodities - The price of soybean meal (M2509) futures was 3460, and the spot price was 2985, with a significant basis rate of 15.91%. The price of soybean oil (Y2509) futures was 8180, and the spot price was 7814. The price of palm oil (P2509) futures was 8174.0, and the spot price was 8820. The price of rapeseed meal (RM509) futures was 2641.0, and the spot price was 2500. The price of rapeseed oil (O1509) futures was 9333.0, and the spot price was 9400. The price of corn (C2507) futures was 2361.0, and the spot price was 2270. The price of corn starch (CS2507) futures was 2721.0, and the spot price was 2630. The price of live pigs (LH2509) futures was 14130.0, and the spot price was 14920. The price of eggs (JD2506) futures was 2981.0, and the spot price was 3290. The price of cotton (CF509) futures was 12950.0, and the spot price was 13998. The price of sugar (SR509) futures was 6260, and the spot price was 5977.0. The price of apples (AP510) futures was 8000, and the spot price was 7910.0. The price of red dates (CJ509) futures was 9070.0, and the spot price was 8300 [1]. Energy and Chemical Commodities - The price of p - xylene (PX509) futures was 6294.0, and the spot price was 6379.9. The price of PTA (TA509) futures was 4480.0, and the spot price was 4580.0. The price of ethylene glycol (EG2509) futures was 4190.0, and the spot price was 4210.0. The price of polyester staple fiber (PF506) futures was 6176.0, and the spot price was 6345.0. The price of styrene (EB2506) futures was 7079.0, and the spot price was 7265.0. The price of methanol (MA509) futures was 2433.0, and the spot price was 2310.0. The price of urea (UR509) futures was 1781.0, and the spot price was 1800.0. The price of LLDPE (L2509) futures was 7500.0, and the spot price was 7164.0. The price of PP (PP2509) futures was 7305.0, and the spot price was 7112.0. The price of PVC (V2509) futures was 4989.0, and the spot price was 4780. The price of caustic soda (SH509) futures was 2441.0, and the spot price was 2437.5. The price of LPG (PG2506) futures was 4409.0, and the spot price was 5148.0. The price of asphalt (BU2506) futures was 3451.0, and the spot price was 3525.0. The price of butadiene rubber (BR2506) futures was 11700.0, and the spot price was 11360.0. The price of glass (FG509) futures was 1136.0. The price of soda ash (SA509) futures was 1364.0, and the spot price was 1339.0. The price of natural rubber (RU2509) futures was 14730.0, and the spot price was 14550.0 [1]. Financial Commodities - For stock index futures, the price of IF2506.CFE futures was 3730.6, and the spot price was 3781.6. The price of IH2506.CFE futures was 2651.2, and the spot price was 2628.0. The price of IC2506.CFE futures was 5598.3, and the spot price was 5471.0. The price of IM2506.CFE futures was 5729.0, and the spot price was 5877.1. For bond futures, the price of 2 - year bond (TS2506) futures was 102.33, and the spot price was 99.31. The price of 5 - year bond (TF2506) futures was 105.93, and the spot price was 101.54. The price of 10 - year bond (T2506) futures was 108.87, and the spot price was 99.18. The price of 30 - year bond (TL2506) futures was 137.55, and the spot price was 120.15 [1].

Report Information - Report Name: Huajin Futures Weekly Report on Live Pigs [1] - Report Date: April 28, 2025 [1] Investment Rating - No investment rating information provided in the report Core View - In the short - term, the live pig market is relatively stable with a slight increase in demand, and the pig price will mainly show a consolidation trend. As the May Day holiday starts on Thursday this week, short - term operations are recommended [3] Section Summaries 1. Live Pig Futures and Spot Prices - Futures: LH2507 closed at 13,540, down 120 (-0.9%); LH2509 (the main contract) closed at 14,150, down 315 (-2.2%); LH2511 closed at 13,795, down 215 (-1.5%) [3][4] - Spot: The national average commodity pig出栏 price was 14.87 yuan/kg, down 0.03 yuan/kg (-0.2%); in Henan (the delivery benchmark area), it was 15.07 yuan/kg, down 0.06 yuan/kg (-0.4%) [3][4] 2. Inter - month Spreads, Basis and Warehouse Receipts - Spreads: The 2509 - 2507 spread was 610, down 195; the 2511 - 2509 spread was - 355, up 100 [9] - Basis: The basis for July was 1530, up 60; for September, it was 920, up 255 [9] - Warehouse Receipts: The number of live pig warehouse receipts was 665, an increase of 440 [3][9] 3. Inventory and Inventory Structure - Piglets: The average price of weaned piglets was 523.81 yuan/head, down 0.95 yuan/head from last week. The market had stable rigid demand, and the price was supported [18] - Sows: The average market price of 50KG binary sows was 1641 yuan/head, unchanged from last week. The domestic inventory of reproductive sows was expected to be stable with minor fluctuations [18] - Commodity Pigs: The inventory of commodity pigs in April was expected to continue to increase month - on - month due to capacity recovery [18] 4. Standard - Fat Pig Price Spread - National Average: The weekly average national standard - fat pig price spread was 0.01 yuan/kg. Secondary fattening groups continued to enter the market, but the demand for fat pigs weakened as the weather warmed up [24] - Key Markets: In key markets, the standard - fat pig price spread increased in most regions, such as 0.21 in Liaoning and 0.24 in Hebei [23] 5. Slaughter End - Slaughter Rate: The national average slaughter enterprise开工 rate was 27.19%, up 0.35 percentage points. Due to secondary fattening diverting some standard pig resources, slaughter enterprises increased prices to ensure the slaughter volume [27] - Fresh Sales Rate: The fresh sales rate of key slaughter enterprises was 88.1%, down 0.05 percentage points [27] - Cold Storage Rate: The cold storage rate of key domestic slaughter enterprises was 17.45%, up 0.04 percentage points. Some regions had low fresh product sales and were forced to store in cold storage [27] 6. White - Striped Pork and Wholesale Markets - White - Striped Pork Price: The price of the top three grades of white - striped pork fluctuated [29] - Gross - White Price Spread: The gross - white price spread was 4.12 yuan/kg, down [3] 7. Profit and Cost - Self - Breeding and Self - Raising: The weekly average profit was 145.34 yuan/head, down 0.95 yuan/head from last week [35] - Purchasing Piglets: The weekly average profit was 58.80 yuan/head, down 1.39 yuan/head from last week. The increase in feed raw material prices squeezed the profit margins [35] 8. Market Information Summary - Supply: Large - scale farms had normal slaughter volumes, high slaughter weights, and concentrated slaughter by small - scale farmers, resulting in sufficient market supply [38] - Demand: Secondary fattening continued to enter the market, and the May Day holiday备货 supported short - term demand [38] - Cold Storage: Slaughter enterprises had low cold storage capacity, and the cold storage rate was expected to increase later [38] - Policy: The "Administrative Measures for the License of Breeding Livestock and Poultry Production and Operation" will be implemented on July 1, 2025. The increase in import tariffs on US goods was short - term positive for pig prices [38] - Epidemic: There were sporadic epidemic situations in some southern regions, and the southwest was about to enter the traditional epidemic - prone season [38] - Market Sentiment: The market sentiment was relatively neutral due to the fluctuating pig prices [38]

Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core View The pulp market is currently facing challenges with high port inventories, weak downstream demand, and a shift from peak to off - peak season. Although the domestic consumption is currently poor, due to the large basis, the pulp price is expected to show a low - level oscillating trend [36]. 3. Summary by Directory 3.1走势回顾：4月纸浆震荡走弱 - In April, the pulp price continued the downward trend from March, and the basis expanded to 995 yuan/ton due to the relatively smaller decline in spot prices [8]. 3.2供应端分析：去库进程中断 - The domestic pulp spot price significantly declined in April. The Shandong Yinxing spot price dropped by 100 yuan compared to the end of March, and the Shandong Yingwu price dropped by 260 yuan. The adjustment of broad - leaf pulp was more obvious, and the price difference between needle - leaf and broad - leaf pulp widened to 1950 yuan [12]. - The import quotation of pulp was adjusted. The Arauco Company in Chile kept the price of coniferous pulp Yinxing at 825 US dollars/ton, and the price of broad - leaf pulp Mingxing increased by 20 US dollars/ton to 630 US dollars/ton [13]. - In March 2025, China's pulp import volume was 3.249 million tons, and the cumulative import volume from January to March was 9.639 million tons, a year - on - year increase of 5.0%. The import of bleached coniferous pulp in March was 798,000 tons, a month - on - month decrease of 0.1% and a year - on - year decrease of 6.5% [15]. - The domestic pulp inventory decreased rapidly in the futures market, with a total inventory of 323,937 tons, a decrease of 51,286 tons from the previous month. As of April 18, 2025, the inventory at major Chinese pulp ports was 2.069 million tons, an increase of 55,000 tons from the previous period [17]. - In March 2025, the inventory of bleached coniferous pulp in Europe was 245,900 tons, a month - on - month decrease of 10,700 tons and a year - on - year increase of 24,700 tons. The inventory days were 27 days, the same as the previous month and an increase of 3 days year - on - year [21]. 3.3需求端分析：需求维持弱势 - In March, the year - on - year growth rate of social consumer goods retail was 5.9%, a significant increase of 1.9 percentage points from the previous month. The nominal growth rate of social consumer goods retail in the first quarter was 5.0%, a 1.1 - percentage - point increase from the fourth quarter of last year. In March, China's export amount was 313.91 billion yuan, higher than the average of the past five years and a year - on - year increase of 12.4% [27]. - From January to March 2025, the cumulative output of machine - made paper and cardboard was 38.19 million tons, a year - on - year increase of 5.1%. The output in March was 14.55 million tons, a year - on - year increase of 5.1%. However, the industry's profit continued to decline and recently fell into losses [28]. - The previous price increase of downstream paper products has ended. Currently, due to weak consumption, price increases are difficult, and there may be pressure in the later stage. This week, the price of offset paper dropped by 48 yuan/ton, the price of coated paper dropped by 92 yuan/ton, and the price of white cardboard dropped by 31 yuan/ton [32]. 3.4逻辑与展望：震荡筑底 - The inventory reduction was not smooth in March, and the port inventory is still at a historical high of over 2 million tons. Downstream demand has shifted from peak to off - peak season in April, with no bright spots in paper mill operations. Since February this year, the price difference between coniferous pulp brands and between coniferous and broad - leaf pulp has been widening. Weak demand and expectations have led to a downward trend in pulp prices, but the high basis provides some support [36].

Report Overview - Report Date: April 27, 2025 [1] - Report Title: Lithium Carbonate: Weak Demand Squeezes Upstream Profits, Trades in a Weak Range [2] - Analyst: Shao Wanyi, Investment Consulting Qualification Number: Z0015722 [3] Industry Investment Rating - Not provided in the report Core Viewpoints - The lithium carbonate market faces a situation of weak supply and demand. Weak demand squeezes upstream production profits, leading to a reduction in upstream output. In the short term, with weak demand, the price rebound space is limited, and the market will mainly trade in a weak range [4][6] - The price of the LC2507 contract is expected to trade in the range of 67,000 - 71,000 yuan/ton [7] - For trading strategies, it is recommended to conduct range - bound operations for single - side trading, focus on reverse spreads for inter - period trading, and suggest a 30% buy - hedge ratio and a 10% sell - hedge ratio [7][8] Summary by Directory 1. Market Data - **Price Trends**: The LC2507 contract broke through 70,000 yuan/ton and then oscillated around 68,000 yuan/ton. The 2507 contract closed at 68,180 yuan/ton, down 2,000 yuan/ton week - on - week; the 2505 contract closed at 68,380 yuan/ton, down 1,940 yuan/ton week - on - week; the spot price was 69,800 yuan/ton, down 1,650 yuan/ton week - on - week. The SMM basis (2505 contract) strengthened by 290 yuan/ton to 1,420 yuan/ton, and the spread between the 2505 - 2507 contracts was 200 yuan/ton, strengthening by 60 yuan/ton [3] - **Lithium Industry Chain Spot Prices**: Most products in the lithium industry chain showed price declines. For example, industrial - grade lithium carbonate (99.2% industrial zero - grade) was 68,050 yuan/ton, down 2.30%; battery - grade lithium carbonate was 69,800 yuan/ton, down 2.31% [12] 2. Supply Side of Lithium Salt Upstream - Lithium Ore - **Supply**: This week, lithium carbonate production continued to decline. Due to the cost - price inversion, many external - mining enterprises began to reduce or stop production since mid - April. As lithium prices fall, upstream companies' price - holding mentality is strong, which may lead to a decrease in long - term contract purchases and an increase in spot market purchases, further strengthening the basis [4] 3. Consumption Side of Lithium Salt Midstream - Lithium Salt Products - **Demand**: Affected by US tariffs on China, battery cell manufacturers postponed order notifications to cathode material manufacturers in May. Cathode material manufacturers are in a loss state, and there are concerns about a possible month - on - month decline in production volume. As of last week, the annual new energy vehicle sales were 2.92 million units, with a cumulative year - on - year growth of 33%, but the growth rate was lower than expected [4] - **Inventory**: The number of futures warehouse receipts was 32,000 tons, and the social inventory was basically the same as last week, about 132,000 tons [5] 4. Consumption Side of Lithium Salt Downstream - Lithium Batteries and Materials - **Production and Operation of Downstream Products**: The production and operation data of downstream products such as lithium iron phosphate, ternary materials, and lithium batteries are presented through various charts, including monthly production, monthly operating rates, import and export volumes, and installed capacity [28][29]

- The report includes the construction of dividend points for stock index futures contracts, predicting the dividend points for the next year for indices such as CSI 500, CSI 300, SSE 50, and CSI 1000[10][12][16][18] - The construction process involves estimating the dividend points for the contract's duration, adjusting the basis by removing the impact of dividends, and annualizing the basis[20] - The basis adjustment formula is: Expected dividend-adjusted basis = Actual basis + Expected dividends during the contract period[20] - The annualized basis formula is: Annualized basis = (Actual basis + (Expected) dividend points) / Index price × 360 / Remaining days of the contract[20] - The evaluation of the basis adjustment indicates that the basis for IC, IF, IH, and IM contracts has generally increased, with the basis for IC and IM contracts showing a narrowing discount, while IF and IH contracts show a slight increase in premium[21][27][32][38] Model Backtesting Results - IC contract: Annualized basis discount narrowed to 7.58%[21] - IF contract: Annualized basis discount narrowed to 2.07%[27] - IH contract: Annualized basis premium increased to 0.83%[32] - IM contract: Annualized basis discount narrowed to 10.35%[38] Quantitative Factors and Construction - Cinda-VIX: Reflects the expected future volatility of the underlying asset in the options market, with a term structure indicating different volatility expectations for different periods[63] - Cinda-SKEW: Measures the skewness of implied volatility across different strike prices, capturing market expectations of extreme events and potential risks[72] Factor Backtesting Results - Cinda-VIX values as of April 25, 2025: SSE 50VIX 19.21, CSI 300VIX 19.66, CSI 500VIX 29.03, CSI 1000VIX 28.66[64] - Cinda-SKEW values as of April 25, 2025: SSE 50SKEW 102.81, CSI 300SKEW 104.47, CSI 500SKEW 102.76, CSI 1000SKEW 103.65[72] Evaluation of Models and Factors - The basis adjustment model effectively accounts for the impact of dividends on futures contracts, providing a more accurate basis measurement[20] - The Cinda-VIX and Cinda-SKEW indices offer valuable insights into market sentiment and potential risks, with high SKEW values indicating increased concern over extreme negative events[72]

Report Summary Core Viewpoints - As of April 19, 2025, the soybean harvest rate in Brazil's 2024/25 season was 92.5%, up from 88.3% the previous week and 83.2% the same period last year [1] - In the first three weeks of April, Brazil exported 9,422,639.91 tons of soybeans, with a daily average export volume of 724,818.45 tons, a 9% increase from the daily average export volume of 667,629.19 tons in the whole month of April last year The total export volume in April last year was 14,687,842.09 tons [1] Spot Prices - The report provides the spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from April 16 to April 22, 2025 [2]

Group 1: Core Viewpoints - The high - sulfur cracking spread began to decline this week, the 380 - month spread fluctuated at a high level, and the 380 basis weakened. The low - sulfur cracking spread, month spread, and basis all fluctuated. In terms of fundamentals, on - land inventories in Singapore and ARA continued to accumulate, while US residual oil inventories decreased. Singapore's high - sulfur floating storage increased significantly, the Middle East's high - sulfur floating storage fluctuated, and low - sulfur floating storage decreased. European floating storage increased significantly. In 2025, pay attention to the impact of sanctions on Iran on global heavy - quality valuations. In the Asian region, focus on whether Russian supply will return to the benchmark. The far - month 380 has downside potential. Recently, global and Singapore residual oil inventories have been increasing, so the near - month 380 is expected to face continued pressure. The low - sulfur market remains in a volatile pattern [3][8] Group 2: Rotterdam Fuel Oil Swap Data 3.5% HSF Swap M1 - On April 16, 2025, the price was 397.83. On April 17, it was 408.43, with a change of 10.57 [1] 0.5% VLSFO Swap M1 - On April 16, 2025, the price was 430.85. On April 17, it was 441.13, with a change of 8.40 [1] HSFO - Brent M1 - On April 16, 2025, the value was - 2.30. On April 17, it was - 2.30, with a change of 0.34 [1] 10ppm Gasoil Swap M1 - On April 16, 2025, the price was 595.85. On April 17, it was 607.75, with a change of 10.40 [1] VLSFO - Gasoil M1 - On April 16, 2025, the value was - 165.00. On April 17, it was - 166.62, with a change of - 2.00 [1] LGO - Brent M1 - On April 16, 2025, the value was 16.43. On April 17, it was 15.93, with a change of 0.19 [1] VLSFO - HSFO M1 - On April 16, 2025, the value was 33.02. On April 17, it was 32.70, with a change of - 2.17 [1] Group 3: Singapore Fuel Oil Swap Data 380cst M1 - On April 16, 2025, the price was 413.13. On April 22, it was 423.34, with a change of 3.36 [1] 180cst M1 - On April 16, 2025, the price was 425.63. On April 22, it was 437.60, with a change of 3.81 [1] VLSFO M1 - On April 16, 2025, the price was 462.42. On April 22, it was 476.78, with a change of 3.74 [1] Gasoil M1 - On April 16, 2025, the price was 80.00. On April 22, it was 81.42, with a change of 0.20 [1] 380cst - Brent M1 - On April 16, 2025, the value was 0.96. On April 22, it was 0.55, with a change of 0.24 [1] VLSFO - Gasoil M1 - On April 16, 2025, the value was - 129.58. On April 22, it was - 125.73, with a change of 2.26 [1] Group 4: Singapore Fuel Oil Spot Data FOB 380cst - On April 16, 2025, the price was 416.99. On April 22, it was 422.28, with a change of 5.61 [2] FOB VLSFO - On April 16, 2025, the price was 470.33. On April 22, it was 481.09, with a change of 3.35 [2] 380 Basis - On April 16, 2025, the value was - 0.55. On April 22, it was - 1.35, with a change of 2.70 [2] High - Sulfur Domestic - Foreign Spread - On April 16, 2025, the value was 7.3. On April 22, it was 6.9, with a change of - 0.7 [2] Low - Sulfur Domestic - Foreign Spread - On April 16, 2025, the value was 4.1. On April 22, it was 5.1, with a change of 1.1 [2] Group 5: Domestic FU Data FU 01 - On April 16, 2025, the price was 2637. On April 22, it was 2734, with a change of - 13 [2] FU 05 - On April 16, 2025, the price was 3016. On April 22, it was 3035, with a change of - 13 [2] FU 09 - On April 16, 2025, the price was 2758. On April 22, it was 2863, with a change of - 1 [2] FU 01 - 05 - On April 16, 2025, the value was - 379. On April 22, it was - 301, with a change of 0 [2] FU 05 - 09 - On April 16, 2025, the value was 258. On April 22, it was 172, with a change of - 12 [2] FU 09 - 01 - On April 16, 2025, the value was 121. On April 22, it was 129, with a change of 12 [2] Group 6: Domestic LU Data LU 01 - On April 16, 2025, the price was 3262. On April 22, it was 3352, with a change of 10 [3] LU 05 - On April 16, 2025, the price was 3350. On April 22, it was 3478, with a change of 33 [3] LU 09 - On April 16, 2025, the price was 3274. On April 22, it was 3387, with a change of 13 [3] LU 01 - 05 - On April 16, 2025, the value was - 88. On April 22, it was - 126, with a change of - 23 [3] LU 05 - 09 - On April 16, 2025, the value was 76. On April 22, it was 91, with a change of 20 [3] LU 09 - 01 - On April 16, 2025, the value was 12. On April 22, it was 35, with a change of 3 [3]

Report Industry Investment Rating - Not mentioned in the provided content Report's Core View - The supply of spot goods is tight, and the customs clearance time in some regions has been extended to over 20 days. There are expectations of a huge arrival of Brazilian soybeans in May and June in China. The planting area of new - crop US soybeans is expected to decrease. The USDA April supply - demand report has a neutral impact. On the demand side, the supply of live pigs is expected to increase steadily before August, the inventory of meat and egg poultry is expected to remain high in the first half of the year. The downstream transaction and pick - up of goods have improved. Domestic soybean inventories are increasing but currently low, and soybean meal inventories have dropped significantly to a low level. Based on import cost support, it is recommended to consider buying on dips for far - month contracts [7][8] Summary by Related Catalogs Basis Data - The basis of the soybean meal main contract in Dalian on April 17 was 650, down 161; in Tianjin, it was 670, down 121; in Rizhao, it was 400, down 221. The 43% soybean meal spot basis in Zhangjiagang was 350, down 111; in Dongguan, it was 270, down 41; in Zhanjiang, it was 310, down 21; in Fangcheng, it was 320, down 41. The rapeseed meal spot basis in Guangdong was - 46, down 12 [6] Spread Data - The spot spread between soybean meal and rapeseed meal in Guangdong was 580, down 10; the spread on the main contract was 640, up 26 [7] International Data - The US dollar - to - RMB exchange rate was 7.2502, down 2. The soybean CNF premium was 215.00 cents per bushel [7] Inventory Data - Domestic soybean inventories are increasing but currently low, and soybean meal inventories have dropped significantly to a low level. The number of days of soybean meal inventory for feed enterprises has dropped to a low level [7][8] Supply - Demand Situation - Supply side: Spot supply is tight, and customs clearance time in some regions has been extended. There are expectations of a huge arrival of Brazilian soybeans in May and June in China. As of April 1, the purchase progress for May was 85.2%, June was 53.9%, July was 21.9%, and August was 4.9%. The USDA planting intention report in March lowered the planting area of new - crop US soybeans to 83.495 million acres, and it is expected to further decrease under the trade war. The USDA April supply - demand report has a neutral impact. Demand side: From the inventory, the supply of live pigs is expected to increase steadily before August; the inventory of meat poultry is expected to remain high in the first half of the year, and the inventory of egg poultry is expected to remain high before April. As the spot price drops, the cost - effectiveness of soybean meal increases. In some regions, wheat replaces corn, reducing the use of protein. The downstream transaction and pick - up of goods have improved [7][8]

Report Date - The report is dated April 14, 2025 [3] Core Data Summary Ferrous Metals - Silicon iron (SF506) futures price is 5998, up 2.04% from the previous price, with a historical quantile of 75.80% [1] - Silicon manganese (SM505) futures price is 6070, up 1.91%, historical quantile 44.70% [1] - Rebar (RB2510) futures price change is 0.93%, historical quantile not shown [1] - Hot - rolled coil (HC2510) futures price change is 0.25%, historical quantile not shown [1] - Iron ore (I2509) futures price change and historical quantile are 61.40% and 11.59% respectively [1] - Coke (J2505) futures price is down 1.78%, historical quantile 40.06% [1] - Coking coal (JM2505) futures price is up 20.22%, historical quantile 71.10% [1] Non - ferrous Metals - Copper (CU2505) futures price is 75230, down 0.90%, historical quantile 6.25% [1] - Aluminum (AL2506) futures price is 19695, down 0.58%, historical quantile 17.91% [1] - Alumina (AO2505) futures price is 2763, up 3.86%, historical quantile 56.59% [1] - Zinc (ZN2506) futures price is 22660, up 0.18%, historical quantile 53.54% [1] - Tin (SN2505) futures price is 257450, down 1.42%, historical quantile 3.54% [1] - Nickel (NI2505) futures price is 121300, down 0.58%, historical quantile 24.58% [1] - Stainless steel (SS2506) futures price is 13370, up 5.28%, historical quantile 95.07% [1] - Industrial silicon (SI2505) futures price is 10100, up 6.82%, historical quantile 50.62% [1] - Lithium carbonate (LC2505) futures price is 71600, up 1.91%, historical quantile 63.39% [1] Precious Metals - Gold (AU2506) futures price is 757.8, up 0.06%, historical quantile 96.80% [1] - Silver (AG2506) futures price is 7970.0, up 0.18%, historical quantile 96.90% [1] Agricultural Products - Soybean meal (M2509) futures price is 3120, up 1.23%, historical quantile 25.00% [1] - Soybean oil (Y2509) futures price is 7680.0, up 3.65%, historical quantile 35.80% [1] - Palm oil (P2505) futures price is 8748.0, up 5.17%, historical quantile 67.80% [1] - Rapeseed meal (RM509) futures price is 2690.0, down 5.95%, historical quantile 5.00% [1] - Rapeseed oil (OI505) futures price is 9310.0, up 0.43%, historical quantile 20.10% [1] - Corn (C2505) futures price is 2220, down 2.20%, historical quantile 21.20% [1] - Corn starch (CS2507) futures price is 2663.0, down 0.49%, historical quantile 8.60% [1] - Live hog (LH2509) futures price is 14345.0, up 3.17%, historical quantile 57.10% [1] - Eggs (JD2505) futures price is 3137.0, down 0.22%, historical quantile 30.60% [1] - Cotton (CF505) futures price is 12810.0, up 10.97%, historical quantile 91.30% [1] - Sugar (SR505) futures price is 6086.0, up 2.04%, historical quantile 35.10% [1] - Apples (AP505) futures price is 7600, down 5.70%, historical quantile 5.60% [1] - Red dates (CJ505) futures price is 9020.0, down 6.87%, historical quantile 70.00% [1] Energy and Chemicals - Paraxylene (PX505) futures price is 6136.0, up 1.35%, historical quantile 58.90% [1] - PTA (TA505) futures price is 4358.0, down 1.33%, historical quantile 31.00% [1] - Ethylene glycol (EG2505) futures price is 4279.0, up 1.54%, historical quantile 86.20% [1] - Polyester staple fiber (PF506) futures price is 6136.0, up 2.59%, historical quantile 79.90% [1] - Styrene (EB2505) futures price is 7520.0, up 0.73%, historical quantile 39.80% [1] - Methanol (MA505) futures price is 2392.0, up 4.10%, historical quantile 77.30% [1] - Urea (UR505) futures price is 1910.0, up 2.14%, historical quantile 22.90% [1] - LLDPE (L2509) futures price is 7252.0, up 3.90%, historical quantile 84.90% [1] - PP (PP2509) futures price is 7189.0, up 1.54%, historical quantile 53.30% [1] - PVC (V2505) futures price is 4930.0, down 2.23%, historical quantile 49.00% [1] - Caustic soda (SH202) futures price is 2361.0, up 3.24%, historical quantile 65.80% [1] - LPG (PG2505) futures price is 5298.0, up 20.57%, historical quantile 92.50% [1] - Asphalt (BU2506) futures price is 3425.0, up 3.32%, historical quantile 75.70% [1] - Butadiene rubber (BR2505) futures price is 11775.0, up 1.91%, historical quantile 58.50% [1] - Glass (FG505) futures price is 1152.0, up 0.52%, historical quantile 64.00% [1] - Soda ash (SA505) futures price is 1347.0, up 1.48%, historical quantile 31.36% [1] - Natural rubber (RU2509) futures price is 14995.0, down 3.77%, historical quantile 68.95% [1] Financial Futures - CSI 300 (IF2506) futures price is 3686.6, down 1.73%, historical quantile 3.40% [1] - SSE 50 (IH2506) futures price is 2619.6, down 0.92% [1] - CSI 500 (IC2504) futures price is 5555.8, down 0.46%, historical quantile 46.80% [1] - CSI 1000 (IM2506) futures price is 5672.2, down 3.35%, historical quantile 6.00% [1] - 2 - year Treasury bond (TS2506) futures price is 102.66, down 0.24% [1] - 5 - year Treasury bond (TF2506) futures price is 106.41, up 0.03%, historical quantile 13.50% [1] - 10 - year Treasury bond (T2506) futures price is 108.99, up 0.03% [1] - 30 - year Treasury bond (TL2506) futures price is 136.90, up 0.13%, historical quantile 18.00% [1]