Report Summary 1. Report Industry Investment Rating - No industry investment rating information is provided in the content [1][2][3] 2. Core View of the Report - The report mainly presents a futures basis statistics table on January 9, 2026, including various futures varieties such as non - ferrous metals, precious metals, industrial products, agricultural products, and financial futures, showing their main contract basis rates, changes compared to the previous day, current - month basis, next - month basis, etc [3] 3. Summary by Related Catalogs 3.1 Non - ferrous Metals - Copper (CU): Main contract basis rate is 0.21%, up 0.86% from yesterday, spot price is 102,085 [3] - Aluminum (AL): Main contract basis rate is 0.04%, up 1.23% from yesterday, spot price is 24,000 [3] - Zinc (ZN): Main contract basis rate is 0.52%, up 0.54% from yesterday, spot price is 24,170 [3] - Lead (PB): Main contract basis rate is - 1.26%, down 0.04% from yesterday, spot price is 17,300 [3] - Tin (SN): Main contract basis rate is 0.63%, up 0.69% from yesterday, spot price is 355,050 [3] - Nickel (NI): Main contract basis rate is 4.30%, up 1.01% from yesterday, spot price is 149,050 [3] - Industrial Silicon: Main contract basis rate is 5.96%, up 2.49% from yesterday, spot price is 9,250 [3] 3.2 Precious Metals - Gold (AU): Main contract basis rate is - 0.21%, down 0.24% from yesterday, spot price is 995.86 [3] - Silver (AG): Main contract basis rate is - 0.61%, down 1.00% from yesterday, spot price is 18,338 [3] 3.3 Industrial Products - Rebar (RB): Main contract basis rate is 5.43%, up 0.63% from yesterday, spot price is 3,340 [3] - Hot - rolled Coil (HC): Main contract basis rate is - 1.12%, down 0.76% from yesterday, spot price is 3,280 [3] - Iron Ore: Main contract basis rate is 7.90%, up 3.93% from yesterday, spot price is 877.2 [3] - Coke: Spot price is 1,615, with relevant basis data [3] - Coking Coal: Spot price is 1,097.5, with relevant basis data [3] - Steam Coal (ZC): Main contract basis rate is - 12.65%, up 0.37% from yesterday, spot price is 700 [3] - Ferrosilicon: Main contract basis rate is - 3.49, up 4.70% from yesterday, spot price is 5,470 [3] - Ferromanganese: Spot price and relevant basis data are provided [3] - Glass (FG): Main contract basis rate is - 12.30%, down 0.27% from yesterday, spot price is 1,020 [3] 3.4 Agricultural Products - Soybean: Main contract basis rate is - 8.82%, up 0.35% from yesterday, spot price is 4,000 [3] - Soybean Meal: Spot price is 3,110, with relevant basis data [3] - Rapeseed Meal (RM): Main contract basis rate is 7.72%, up 1.06% from yesterday, spot price is 2,540 [3] - Soybean Oil (Y): Main contract basis rate is 6.87%, up 0.56% from yesterday, spot price is 8,490 [3] - Rapeseed Oil (Ol): Main contract basis rate is 8.31%, down 0.54% from yesterday, spot price is 9,700 [3] - Peanut (PK): Main contract basis rate is 15.59%, up 0.37% from yesterday, spot price is 9,300 [3] - Palm Oil: Main contract basis rate is 0.09%, unchanged from yesterday, spot price is 8,620 [3] - Corn (C): Main contract basis rate is 1.94%, down 0.82% from yesterday, spot price is 2,310 [3] - Corn Starch (CS): Main contract basis rate is 0.94%, down 0.32% from yesterday, spot price is 2,570 [3] - Apple (AP): Main contract basis rate is - 10.2%, up 0.49% from yesterday, spot price is 8,220 [3] - Egg (JD): Main contract basis rate is 9.67%, up 0.07% from yesterday, spot price is 3,300 [3] - Live Pig (LH): Main contract basis rate is 10.07%, down 0.24% from yesterday, spot price is 12,900 [3] 3.5 Soft Commodities - Cotton (CF): Main contract basis rate is 8.49%, up 3.51% from yesterday, spot price is 15,992 [3] - Sugar: Spot price is 5,390, with relevant basis data [3] 3.6 Chemicals - Methanol (MA): Main contract basis rate is 0.85%, down 1.05% from yesterday, spot price is 2,250 [3] - Ethanol (EG): Main contract basis rate is - 3.93, with relevant basis data [3] - PTA: Main contract basis rate is - 0.51%, up 0.27% from yesterday, spot price is 5,060 [3] - Styrene (EB): Main contract basis rate is 1.51%, up 0.82% from yesterday, spot price is 6,910 [3] - Short - fiber (PF): Main contract basis rate is 1.51%, up 1.27% from yesterday, spot price is 6,570 [3] - Plastic: Main contract basis rate is 2.60%, up 2.47% from yesterday, spot price is 6,800 [3] - PVC (V): Main contract basis rate is - 4.38, up 1.09% from yesterday, spot price is 4,690 [3] - Rubber (RU): Main contract basis rate is - 1.679, up 0.98% from yesterday, spot price is 15,850 [3] - 20 - grade Rubber (NR): Main contract basis rate is 2.61%, up 0.06% from yesterday, spot price is 13,406 [3] - Soda Ash (SA): Main contract basis rate is - 3.23%, down 0.08% from yesterday, spot price is 1,199 [3] - Urea (UR): Main contract basis rate is - 1.46%, up 0.77% from yesterday, spot price is 1,750 [3] - Pulp (SP): Main contract basis rate is 1.47%, up 1.67% from yesterday, spot price is 2,585 [3] 3.7 Energy Chemicals - Crude Oil (SC): Main contract basis rate is - 6.42%, down 0.57% from yesterday, spot price is 389.5 [3] - Fuel Oil (FU): Main contract basis rate is 5.10%, down 3.85 from yesterday, spot price is 2,583 [3] - Asphalt (BU): Main contract basis rate is - 1.989, up 0.87% from yesterday, spot price is 3,070 [3] - Low - sulfur Fuel Oil (LU): Main contract basis rate is - 0.71%, down 3.45 from yesterday, spot price is 2,908 [3] 3.8 Stock Index Futures - CSI 300 (IF): Main contract basis rate is 0.41%, down 0.09% from yesterday, spot price is 4,737.7 [3] - SSE 50 (IH): Main contract basis rate is - 0.01%, down 0.05% from yesterday, spot price is 3,122.1 [3] - CSI 500 (IC): Main contract basis rate is 1.03%, up 0.10% from yesterday, spot price is 7,894.5 [3]

Report Summary 1. Report Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core View - The report presents the basis rate statistics of various futures on January 8, 2026, including the main contract basis rate, its change compared to the previous day, the basis of the current month, the next month, and the month after the next, as well as the contract prices and spot prices of different varieties [3]. 3. Summary by Category Metals - **Non - ferrous Metals**: Copper's main contract basis rate is - 0.65%, a decrease of 1.01% from the previous day; aluminum's is - 1.19%, down 0.50%; zinc's is - 0.02%, down 0.87%; tin's is - 0.06%, down 0.11%; nickel's is 3.29%, down 1.59%; industrial silicon's is 3.47%, down 0.64%; lithium carbonate's is 17.50%, down 3.27 [3]. - **Precious Metals**: Gold's main contract basis rate is 0.03%, an increase of 0.33% from the previous day; silver's is 0.39%, an increase of 0.17% [3]. - **Ferrous Metals**: Steel products like rebar have a main contract basis rate of 4.80%, down 0.31%; hot - rolled coil's is - 0.36%, up 0.65%; iron ore's is 3.96%, down 2.14; coke's is - 9.48, down 3.43; coking coal's is - 5.7%, down 7.67; power coal's is - 1303%, up 0.37% [3]. Agricultural Products - **Oilseeds and Oils**: Soybean oil's main contract basis rate is 6.31%, down 0.62%; rapeseed oil's is 8.85%, up 0.42%; peanut's is 15.21%, down 1.38%; palm oil's is 0.09%, down 0.73% [3]. - **Grains**: Corn's main contract basis rate is 2.76%, down 1.20%; corn starch's is 1.26%, down 1.50% [3]. - **Other Agricultural Products**: Apple's main contract basis rate is - 10.78%, up 0.29%; egg's is 9.60%, up 2.93%; live pig's is 10.31%, up 0.66%; cotton's is 4.98%, down 0.78% [3]. Chemicals - **General Chemicals**: Methanol's main contract basis rate is 1.90%, up 1.26%; ethylene glycol's is - 3.84, down 0.25%; PTA's is - 0.78%, up 0.39%; polypropylene's is 4.84%, down 1.03%; styrene's is 0.69%, down 0.25%; polyester staple fiber's is 0.24%, down 0.34% [3]. - **Plastics and Rubbers**: Plastic's main contract basis rate is 0.12%, down 0.65%; PVC's is - 5.41, up 0.20%; natural rubber's is - 2.66, down 0.17%; 20 - number rubber's is 2.55%, down 0.18% [3]. - **Other Chemicals**: Soda ash's main contract basis rate is - 3.15%, up 0.21%; urea's is - 2.23%, down 0.66%; pulp's is - 0.20%, up 0.73% [3]. Energy - **Fossil Fuels**: Crude oil's main contract basis rate is - 5.86, up 0.74%; fuel oil's is 8.95%, up 1.97%; asphalt's is - 2.85, down 0.49%; low - sulfur fuel oil's is 2.73%, up 3.60%; LPG's is 14.98%, up 0.19% [3]. Stock Index Futures - The main contract basis rate of CSI 300 is 0.50%, an increase of 0.23%; SSE 50's is 0.04%, an increase of 0.14%; CSI 500's is 0.93%, an increase of 0.57% [3].

Report Industry Investment Rating No investment rating for the industry is provided in the report. Core Viewpoints of the Report - The overall performance of oil prices is weak, and the market's long - position funds are lackluster. The prices of various energy and chemical products are expected to fluctuate. Specifically, the prices of crude oil, fuel oil, asphalt, polyester, rubber, methanol, polyolefin, and polyvinyl chloride are all expected to be in a state of oscillation. [1][2][4][6][8] Summary by Relevant Catalogs 1. Research Views 1.1 Crude Oil - On Tuesday, the price center of oil prices dropped again. The WTI February contract closed down $1.19 to $57.13 per barrel, a decline of 2.04%. The Brent March contract closed down $1.06 to $60.70 per barrel, a decline of 1.72%. The SC2602 contract closed at 426.1 yuan per barrel, down 1.2 yuan per barrel, a decline of 0.28%. - API data shows that last week, U.S. API crude oil inventories decreased by 2.766 million barrels, compared with an increase of 1.747 million barrels in the previous week. API Cushing crude oil inventories increased by 665,000 barrels, with the previous value being an increase of 84,500 barrels. Gasoline inventories increased by 4.41 million barrels, and distillate inventories increased by 4.926 million barrels. - The U.S. and Venezuela are discussing the export of Venezuelan crude oil to the U.S. There is an expectation that Venezuelan oil supply and logistics may be re - structured, and the total supply is expected to increase. [1] 1.2 Fuel Oil - On Tuesday, the main fuel oil contract FU2603 on the Shanghai Futures Exchange rose 0.73% to 2,479 yuan per ton, and the low - sulfur fuel oil contract LU2603 rose 0.27% to 2,925 yuan per ton. - In the supply side, Singapore is expected to receive a stable arrival of low - sulfur fuel oil arbitrage cargoes and blending components in the next few weeks, which will continuously increase the local inventory. The high - sulfur fuel oil arrivals in Singapore will also continue to increase. It is expected that the overall fuel oil supply in Singapore will be in surplus in January. - In the demand side, the bunkering demand for 0.5% sulfur marine fuel is weak due to holidays, while the high - sulfur marine fuel bunkering demand remains strong. [2] 1.3 Asphalt - On Tuesday, the main asphalt contract BU2602 on the Shanghai Futures Exchange fell 0.35% to 3,144 yuan per ton. - The arrival of diluted asphalt at ports has remained stable in the short term. The raw material supply of domestic refineries in January is not directly affected by the U.S. - Venezuela geopolitical event, but there are fewer cargoes in January - February. The far - month discount quotation of diluted asphalt has rebounded slightly, and there is uncertainty in future raw material supply. - The release of winter storage contracts by major refineries provides some bottom support for the market. It is expected that the asphalt price will be stable and slightly stronger. [2][4] 1.4 Polyester - TA605 closed at 5,150 yuan per ton yesterday, up 2.06%. EG2605 closed at 3,838 yuan per ton, up 2.84%. The PX futures main contract 603 closed at 7,336 yuan per ton, up 1.75%. - The sales of polyester yarn in Jiangsu and Zhejiang are individually differentiated, with an average sales estimate of about 50%. There is a game between the reality and expectation of PX. The polyester operating load may further decline in January - February. The supply of ethylene glycol has slightly narrowed, the demand has weakened, and the port inventory has continued to accumulate. It is expected that the futures price will oscillate. [4] 1.5 Rubber - On Tuesday, the main natural rubber contract RU2605 rose 260 yuan per ton to 16,050 yuan per ton, and the NR main contract rose 205 yuan per ton to 13,010 yuan per ton. - As of the week of January 2, the general trade inventory of natural rubber in Qingdao was 451,200 tons, an increase of 17,300 tons from the previous period, an increase of 3.99%. The inventory in the bonded area of Qingdao was 93,100 tons, an increase of 7,600 tons from the previous period, an increase of 8.89%. - The precipitation in the producing areas has eased, the overseas peak - production season has more than one month left, the raw material prices are still supported, the downstream tire demand has weakened, and the end - of - year automobile policies are waiting for new policies. It is expected that the rubber price will oscillate. [4][6] 1.6 Methanol - On Tuesday, the spot price in Taicang was 2,268 yuan per ton. The supply in January is expected to increase slightly, and the import volume will decline from the high level. In terms of demand, the Ningbo Fude plant is expected to be under maintenance until mid - January, but the new Shandong Lianhong plant is operating normally, and the total olefin demand is expected to have some support. - The decline in Iranian shipments will lead to a decline in arrivals in January, which will support the price, while the profit of MTO plants is currently being continuously compressed, which may form a negative feedback. It is expected that methanol will maintain a relatively strong oscillation. [6] 1.7 Polyolefin - On Tuesday, the mainstream price of East China drawn wire was 6,180 - 6,380 yuan per ton. In terms of supply, there will be some temporary maintenance and shutdown actions in some upstream plants in January, especially PDH plants, and there are no new production capacity investment plans, so the supply is expected to decrease slightly. - In terms of demand, in early January, it will be supported by post - New Year's Day replenishment and pre - Spring Festival order rush. In late January, downstream factories will gradually shut down. It is expected that the polyolefin will still oscillate at the bottom. [6][8] 1.8 Polyvinyl Chloride (PVC) - On Tuesday, the prices of the PVC market in East, North, and South China all increased. The overall supply remains at a high - level oscillation, and the domestic demand has slowed down. The 05 contract is still at a large premium. The PVC market shows a structure of weak reality and strong expectation, and the upward space is limited. It is expected that the PVC price will maintain a bottom - level oscillation. [8] 2. Daily Data Monitoring - The report provides daily data monitoring on the basis of various energy and chemical products, including spot prices, futures prices, basis, basis rates, price changes, and the quantile of the latest basis rate in historical data for multiple varieties such as crude oil, liquefied petroleum gas, asphalt, etc. [9] 3. Market News - PVM Oil Company's Tamas Varga said it is too early to assess the impact of Maduro's arrest on the oil supply - demand balance, but it is obvious that oil supply will be sufficient in 2026. A December survey of market participants showed that respondents expect oil prices to face downward pressure in 2026 due to increased supply and weak demand. - API data shows the changes in U.S. API crude oil inventories, Cushing crude oil inventories, gasoline inventories, and distillate inventories last week. [12] 4. Chart Analysis 4.1 Main Contract Prices - The report provides line charts of the closing prices of main contracts for multiple energy and chemical products from 2022 to 2026, including crude oil, fuel oil, low - sulfur fuel oil, asphalt, etc. [14][16][18] 4.2 Main Contract Basis - The report provides line charts of the basis of main contracts for multiple energy and chemical products from 2022 to 2026, including crude oil, fuel oil, low - sulfur fuel oil, asphalt, etc. [31][33][35] 4.3 Inter - period Contract Spreads - The report provides line charts of the spreads between different contracts for multiple energy and chemical products, such as fuel oil, asphalt, PTA, ethylene glycol, etc. [42][44][47] 4.4 Inter - variety Spreads - The report provides line charts of the spreads between different varieties and the ratios of different varieties for multiple energy and chemical products, such as the spread between domestic and foreign crude oil, the B - W spread of crude oil, the spread between high - and low - sulfur fuel oil, etc. [58][60][62] 4.5 Production Profits - The report provides line charts of the production profits and processing fees of multiple energy and chemical products, such as LLDPE production profit, PP production profit, PTA processing fee, etc. [66][68][69] 5. Team Member Introduction - The report introduces the research team members, including the deputy director of the research institute Zhong Meiyan, the energy and chemical research director Du Bingqin, the natural rubber/polyester analyst Di Yilin, and the methanol/propylene/pure benzene PE/PP/PVC analyst Peng Haibo, including their educational background, honors, and work experience. [71][72][73] 6. Contact Information - The company's address is Unit 703, 6th Floor, No. 729 Yanggao South Road, China (Shanghai) Pilot Free Trade Zone. The company's phone number is 021 - 80212222, the fax is 021 - 80212200, the customer service hotline is 400 - 700 - 7979, and the postal code is 200127. [76]

Report Overview - The report is a daily spread report for all varieties dated December 26, 2025, with investment consulting business qualification (Certificate of Approval [2011] No. 1292) [3] Commodity Analysis Black Series - **Silicon Iron**: The price of 72 silicon iron qualified blocks in Inner Mongolia - Tianjin warehouse receipts is 5695, down 64, with a change of -1.12%, and the historical quantile is 49.30% [1] - **Silicon Manganese**: The price of 6517 silicon manganese in Inner Mongolia - Hubei warehouse receipts is 5840, with a change of -0.10% [1] - **Rebar**: The price of HRB400 20mm in Shanghai is 3310, up 183 from 3127, with a change of 5.89%, and the historical quantile is 69.40% [1] - **Hot - Rolled Coil**: The price of Q235B 4.75mm in Shanghai is 3280 [1] - **Iron Ore**: The converted price of 62.5% Brazilian mixed powder (BRBF) from Vale at Rizhao Port is 846, down 16, with a change of -0.90%, and the historical quantile is 52.50% [1] - **Coke**: The converted price of quasi - first - grade metallurgical coke A13, S0.7, CSR60, MT7 at Rizhao Port is 1723, down 16 from 1739, with a change of -0.90%, and the historical quantile is 56.15% [1] - **Coking Coal**: The converted price of S1.3 G75 main coking coal (Mongolian No. 5) at Shaheyi is 1156, up 32, with a change of 2.89%, and the historical quantile is 34.50% [1] Non - ferrous Metals - **Copper**: The spot price of SMM 1 electrolytic copper is 94760, the futures price is 96210, the basis is - 1450, the basis rate is 0.62%, and the historical quantile is - 1.5% [1] - **Aluminum**: The spot price of SMM A00 aluminum is 21980, the futures price is 22275, the basis is - 295, the basis rate is 1.87%, and the historical quantile is - 1.3% [1] - **Alumina**: The spot price of SMM heavy alumina index is 2646, the futures price is 2729, the basis is - 83, the basis rate is 3.12%, and the historical quantile is 47.79% [1] - **Zinc**: The spot price of SMM 1 zinc ingot is 23010, the futures price is 23065, the basis is - 55, the basis rate is - 0.24%, and the historical quantile is 51.45% [1] - **Tin**: The spot price of SMM 1 tin is 332750, the futures price is 335880, the basis is - 3130, the basis rate is 7.08%, and the historical quantile is - 0.93% [1] - **Nickel**: The spot price of SMM 1 imported nickel is 125410, the futures price is 124150, the basis is 1260, the basis rate is 1.00%, and the historical quantile is 10.41% [1] - **Stainless Steel**: The spot price of 304/2B:2*1240*C in Wuxi Hongwang (including trimming fee) is 13170, the futures price is 12990, the basis is 180, the basis rate is 1.39%, and the historical quantile is 31.75% [1] - **Lithium Carbonate**: The spot price of SMM battery - grade lithium carbonate is 104900, the futures price is 123520, the basis is - 18620, the basis rate is - 15.07%, and the historical quantile is 0.88% [1] - **Industrial Silicon**: The spot price of SMM un - fluxed 215530 is 8832, the futures price is 9250, the basis is - 418, the basis rate is 4.70%, and the historical quantile is 24.95% [1] Precious Metals - **Gold**: The spot price of Shanghai Gold Exchange's gold (AU (T + D)) is 1003.0, the futures price is 1008.8, the basis is - 5.8, the basis rate is - 0.57%, and the historical quantile is 1.20% [1] - **Silver**: The spot price of Shanghai Gold Exchange's silver (AG (T + D)) is 17414.0, the futures price is 17397.0, the basis is 17.0, the basis rate is 0.10%, and the historical quantile is 96.40% [1] Agricultural Products - **Soybean Meal**: The spot price of ordinary protein soybean meal at the Jiangsu Zhangjiagang factory is 3020, the futures price is 2760.0, the basis is 260.0, the basis rate is 9.42%, and the historical quantile is 66.30% [1] - **Soybean Oil**: The spot price of grade - four soybean oil at the Jiangsu Zhangjiagang factory is 8200, the futures price is 7824.0, the basis is 376.0, the basis rate is 4.81%, and the historical quantile is 67.00% [1] - **Palm Oil**: The delivery price of palm oil at Huangpu Port is 8520, the futures price is 8542.0, the basis is - 22.0, the basis rate is - 0.26%, and the historical quantile is 19.70% [1] - **Rapeseed Meal**: The spot price of ordinary rapeseed meal at the Guangdong Zhanjiang factory is 2520, the futures price is 2352.0, the basis is 168.0, the basis rate is 7.14%, and the historical quantile is 79.60% [1] - **Rapeseed Oil**: The spot price of grade - four rapeseed oil at the Jiangsu Nantong factory is 9640, the futures price is 8981.0, the basis is 659.0, the basis rate is 7.34%, and the historical quantile is 93.60% [1] - **Corn**: The flat - hatch price of corn at Xizhou Port is 2280, the futures price is 2189.0, the basis is 91.0, the basis rate is 4.16%, and the historical quantile is 84.80% [1] - **Corn Starch**: The spot price of corn starch at the Jilin Changchun factory is 2620, the futures price is 2484.0, the basis is 136.0, the basis rate is 5.48%, and the historical quantile is 70.60% [1] - **Live Pigs**: The spot price of live pigs (external ternary) at the Henan factory exit is 11800, the futures price is 11460.0, the basis is 340.0, the basis rate is 2.97%, and the historical quantile is 56.30% [1] - **Eggs**: The average price of eggs in Shijiazhuang, Hebei is 2946.0, the futures price is 2820, the basis is 126.0, the basis rate is 4.42%, and the historical quantile is 27.70% [1] - **Cotton**: The arrival price of cotton (3128B) in Xinjiang is 15086, the futures price is 14255.0, the basis is 831.0, the basis rate is 5.83%, and the historical quantile is 35.90% [1] - **Sugar**: The spot price of white sugar at Liuzhou Station is 5420, the futures price is 5269.0, the basis is 151.0, the basis rate is 2.87%, and the historical quantile is 25.20% [1] - **Apples**: The theoretical delivery price of apples is 9208.0, the futures price is 9000, the basis is 208.0, the basis rate is - 2.26%, and the historical quantile is 14.80% [1] - **Red Dates**: The wholesale price of first - grade grey dates in Hebei is 8905.0, the futures price is 8400, the basis is - 505.0, the basis rate is - 5.67%, and the historical quantile is 68.90% [1] Energy and Chemicals - **Para - xylene**: The spot price of para - xylene at the main Chinese ports (CFR, converted to RMB) is 7276.0, the futures price is 7358.0, the basis is - 82.0, the basis rate is - 1.11%, and the historical quantile is 12.80% [1] - **PTA**: The market price (middle price) of purified terephthalic acid (PTA) in East China is 5152.0, the futures price is 5070.0, the basis is 82.0, the basis rate is - 1.59%, and the historical quantile is 22.70% [1] - **Ethylene Glycol**: The market price (middle price) of ethylene glycol (MEG) in East China is 3818.0, the futures price is 3650.0, the basis is 168.0, the basis rate is - 4.40%, and the historical quantile is 4.20% [1] - **Short Fibre**: The market price (mainstream price) of polyester short fibre (1.4D*38mm (direct - spun)) in the East China market is 6540.0, the futures price is 6490.0, the basis is 50.0, the basis rate is - 0.75%, and the historical quantile is 28.20% [1] - **Styrene**: The market price (spot benchmark price) of styrene in East China, China is 6710.0, the futures price is 6638.0, the basis is 72.0, the basis rate is 1.08%, and the historical quantile is 45.20% [1] - **Methanol**: The market price (spot benchmark price) of methanol in Taicang, Jiangsu, China is 2162.0, the futures price is 2145.0, the basis is 17.0, the basis rate is - 0.70%, and the historical quantile is 26.30% [1] - **Urea**: The market price (mainstream price) of small - particle urea in Shandong is 1740.0, the futures price is 1730.0, the basis is 10.0, the basis rate is - 0.57%, and the historical quantile is 13.00% [1] - **LLDPE**: The duty - paid self - pick - up price (middle price) of linear low - density polyethylene LLDPE (film - grade) in Shandong is 6390.0, the futures price is 6325.0, the basis is 65.0, the basis rate is - 1.0%, and the historical quantile is 7.10% [1] - **PP**: The duty - paid self - pick - up price (middle price) of polypropylene PP (wire - drawing grade, melt index 2 - 4) in Zhejiang is 6266.0, the futures price is 6250.0, the basis is 16.0, the basis rate is - 0.26%, and the historical quantile is 20.80% [1] - **PVC**: The market price (mainstream price) of polyvinyl chloride (SG - 5) in the Changzhou market, China is 4757.0, the futures price is 4480.0, the basis is 277.0, the basis rate is - 5.82%, and the historical quantile is 9.80% [1] - **Caustic Soda**: The market price (mainstream price) of 32% ion - membrane caustic soda in the Shandong market (converted to 100%) is 2234.4, the futures price is 2233.0, the basis is 1.4, the basis rate is 0.06%, and the historical quantile is 43.10% [1] - **LPG**: The market price of liquefied petroleum gas in the Guangzhou area is 4528.0, the futures price is 4076.0, the basis is 452.0, the basis rate is 11.09%, and the historical quantile is 64.10% [1] - **Asphalt**: The market price (mainstream price) of heavy - traffic asphalt in Shandong is 2995.0, the futures price is 2920.0, the basis is 75.0, the basis rate is - 2.50%, and the historical quantile is 35.40% [1] - **Butadiene Rubber**: The distribution price of cis - butadiene rubber (Daqing, BR9000) of PetroChina East China is 11285.0, the futures price is 11100.0, the basis is 185.0, the basis rate is - 1.64%, and the historical quantile is 12.60% [1] - **Float Glass**: The market price of 5mm float glass in the Shahe Great Wall Glass (daily) is 1047.0, the futures price is 924.0, the basis is 123.0, the basis rate is - 13.31%, and the historical quantile is 21.21% [1] - **Soda Ash**: The market price of soda ash in Chongqing (daily) is 1184.0, the futures price is 1135.0, the basis is 49.0, the basis rate is - 4.32%, and the historical quantile is 24.78% [1] - **Natural Rubber**: The market price of natural rubber (Yunnan state - owned whole - latex) in Shanghai is 15730.0, the futures price is 15200.0, the basis is 530.0, the basis rate is - 3.49%, and the historical quantile is 63.06% [1] Financial Products - **Stock Index Futures** - **IF2603.CFF**: The spot price is 4642.5, the futures price is 4610.6, the basis is - 31.9, the basis rate is - 0.69%, and the historical quantile is 11.50% [1] - **IH2603.CFE**: The spot price is 3032.8, the futures price is 3034.0, the basis is - 1.2, the basis rate is 0.04%, and the historical quantile is 63.30% [1] - **IC2603.CFE**: The spot price is 7410.7, the futures price is 7320.6, the basis is - 90.1, the basis rate is - 1.21%, and the historical quantile is 4.80% [1] - **IM2603.CFE**: The spot price is 7579.4, the futures price is 7419.0, the basis is - 160.4, the basis rate is - 2.16%, and the historical quantile is 7.40% [1] - **Treasury Bond

Report Overview - The report is a "All-variety Spread Daily Report" dated December 25, 2025, providing price and basis information for various futures and spot products [2]. Industry Investment Rating - Not provided in the report. Core View - Not provided in the report. Summary by Commodity Categories Black Series - **Silicon Iron (SF603)**: The basis rate is 52.30%, the spot price is 5628, and the futures price is 5656, with a change of -0.50% [1]. - **Silicon Manganese (SM603)**: The basis rate is 26.70%, the spot price is 5840, and the futures price is 5835 [1]. - **Rebar (RB2605)**: The basis rate is 69.60%, the spot price is 3320, and the futures price is 3270, with a change of -0.46% [1]. - **Hot Rolled Coil (HC2605)**: The basis rate is 12.20%, the spot price is 3285 [1]. - **Iron Ore (I2605)**: The basis rate is 46.90%, the spot price is 838, and the futures price is 837, with a change of -0.06% [1]. - **Coke (J2605)**: The basis rate is 63.56%, the spot price is 1745, and the futures price is 1746 [1]. - **Coking Coal (JM2605)**: The basis rate is 31.60%, the spot price is 1156, and the futures price is 1132, with a change of 2.12% [1]. Non-ferrous Series - **Copper (CU2602)**: The basis rate is -1.47%, the spot price is 94690, and the futures price is 96100 [1]. - **Aluminum (AL2602)**: The basis rate is -1.34%, the spot price is 22030, and the futures price is 22330, with a change of 1.45% [1]. - **Alumina (AO2605)**: The basis rate is 7.16%, the spot price is 2554 [1]. - **Zinc (ZN2602)**: The basis rate is -0.17%, the spot price is 23190, and the futures price is 23230 [1]. - **Tin (SN2602)**: The basis rate is 2.08%, the spot price is 336350, and the futures price is 341800, with a change of -1.59% [1]. - **Nickel (NI5602)**: The basis rate is -0.63%, the spot price is 127200, and the futures price is 128000 [1]. - **Stainless Steel (SS2602)**: The basis rate is 1.11%, the spot price is 13075, and the futures price is 13220 [1]. - **Lithium Carbonate (LC2605)**: The basis rate is -18.62%, the spot price is 101500, and the futures price is 124720, with a change of -23220 [1]. Precious Metals Series - **Gold (AU2602)**: The basis rate is -0.74%, the spot price is 1007.2, and the futures price is 1014.7, with a change of 0.30% [1]. - **Silver (AG2602)**: The basis rate is 0.60%, the spot price is 17714.0, and the futures price is 17609.0 [1]. Agricultural Products Series - **Soybean Meal (M2605)**: The basis rate is 11.07%, the spot price is 3030, and the futures price is 2728.0, with a change of 302.0 [1]. - **Soybean Oil (Y2605)**: The basis rate is 5.74%, the spot price is 8210, and the futures price is 7764.0, with a change of 446.0 [1]. - **Palm Oil (P2605)**: The basis rate is 0.02%, the spot price is 8490, and the futures price is 8488.0 [1]. - **Rapeseed Meal (RM605)**: The basis rate is 7.51%, the spot price is 2520, and the futures price is 2344.0, with a change of 176.0 [1]. - **Rapeseed Oil (Oleos)**: The basis rate is 6.35%, the spot price is 9550, and the futures price is 8980.0, with a change of 570.0 [1]. - **Corn (C2603)**: The basis rate is 3.83%, the spot price is 2280, and the futures price is 2196.0, with a change of 84.0 [1]. - **Corn Starch (CS2603)**: The basis rate is 5.05%, the spot price is 2620, and the futures price is 2494.0, with a change of 126.0 [1]. - **Live Hogs (H2603)**: The basis rate is 2.35%, the spot price is 11750, and the futures price is 11480.0, with a change of 270.0 [1]. - **Eggs (JD2602)**: The basis rate is -1.93%, the spot price is 2947.0, and the futures price is 2890, with a change of -57.0 [1]. - **Cotton (CF605)**: The basis rate is 6.35%, the spot price is 15081, and the futures price is 14180.0, with a change of 901.0 [1]. - **Sugar (SR605)**: The basis rate is 3.00%, the spot price is 5420, and the futures price is 5262.0, with a change of 158.0 [1]. - **Apples (AP605)**: The basis rate is -2.08%, the spot price is 9000, and the futures price is 9191.0, with a change of -191.0 [1]. - **Red Dates (CJ605)**: The basis rate is 15.10%, the spot price is 8400, and the futures price is 8890.0, with a change of -490.0 [1]. Energy and Chemical Series - **Para-xylene (PX603)**: The basis rate is -0.11%, the spot price is 7294.0, and the futures price is 7286.0 [1]. - **PTA (TA605)**: The basis rate is -1.65%, the spot price is 5094.0, and the futures price is 5010.0 [1]. - **Ethylene Glycol (EG2605)**: The basis rate is -4.53%, the spot price is 3818.0, and the futures price is 3645.0, with a change of -173.0 [1]. - **Polyester Staple Fiber (PF602)**: The basis rate is -0.52%, the spot price is 6484.0, and the futures price is 6450.0 [1]. - **Styrene (EB2602)**: The basis rate is 0.86%, the spot price is 6655.0, and the futures price is 6598.0 [1]. - **Methanol (MA605)**: The basis rate is -0.78%, the spot price is 2172.0, and the futures price is 2155.0 [1]. - **Urea (UR605)**: The basis rate is -0.29%, the spot price is 1735.0, and the futures price is 1730.0 [1]. - **LLDPE (L2605)**: The basis rate is -2.08%, the spot price is 6408.0, and the futures price is 6275.0, with a change of -133.0 [1]. - **PP (PP2605)**: The basis rate is -0.61%, the spot price is 6278.0, and the futures price is 6240.0 [1]. - **PVC (V2605)**: The basis rate is -6.30%, the spot price is 4480.0, and the futures price is 4781.0, with a change of -301.0 [1]. - **Caustic Soda (SH603)**: The basis rate is 0.00%, the spot price is 2250.0, and the futures price is 2250.0 [1]. - **LPG (PG2602)**: The basis rate is 9.70%, the spot price is 4478.0, and the futures price is 4082.0 [1]. - **Asphalt (BU2602)**: The basis rate is -2.54%, the spot price is 2920.0, and the futures price is 2996.0 [1]. - **Butadiene Rubber (BR2602)**: The basis rate is 1.30%, the spot price is 11395.0, and the futures price is 10700.0, with a change of -695.0 [1]. - **Glass (FG605)**: The basis rate is 12.93%, the spot price is 928.0, and the futures price is 1048.0, with a change of -120.0 [1]. - **Soda Ash (SA605)**: The basis rate is -4.13%, the spot price is 1184.0, and the futures price is 1137.0, with a change of -47.0 [1]. - **Natural Rubber (RU2605)**: The basis rate is -3.64%, the spot price is 15650.0, and the futures price is 15100.0 [1]. Financial Series - **IF2603.CFE**: The basis rate is -0.89%, the spot price is 4595.0, and the futures price is 4634.1 [1]. - **IH2603.CFE**: The basis rate is 0.06%, the spot price is 3025.2, and the futures price is 3027.0 [1]. - **IC2603.CFE**: The basis rate is -1.54%, the spot price is 7240.4, and the futures price is 7352.0 [1]. - **IM2603.CFE**: The basis rate is -2.4%, the spot price is 7327.6, and the futures price is 7506.4 [1]. - **2-year Treasury Bond (TS2603)**: The basis rate is -0.06%, the spot price is 100.15, and the futures price is 102.53 [1]. - **5-year Treasury Bond (TF2603)**: The basis rate is -0.05%, the spot price is 106.03, and the futures price is 108.22 [1]. - **10-year Treasury Bond (T2603)**: The basis rate is 0.03%, the spot price is 100.54, and the futures price is 100.54 [1]. - **30-year Treasury Bond (TL2603)**: The basis rate is 0.43%, the spot price is 112.78, and the futures price is 127.51 [1].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View No information provided. 3. Summary by Related Catalog Metals - Copper (CU): The main contract basis rate is -0.54%, down 0.28% from yesterday. The spot price is 92,240 yuan [3]. - Aluminum (AL): The main contract basis rate is -1.18%, down 0.50% from yesterday. The spot price is 21,730 yuan [3]. - Zinc (ZN): The main contract basis rate is 0.46%, down 0.02% from yesterday. The spot price is 23,130 yuan [3]. - Lead (PB): The main contract basis rate is -0.51%, down 0.39% from yesterday. The spot price is 16,725 yuan [3]. - Nickel (NI): The main contract basis rate is 2.66%, up 0.38% from yesterday. The spot price is 116,600 yuan [3]. - Industrial Silicon (SI): The main contract basis rate is 6.73%, down 1.38% from yesterday. The spot price is 9,200 yuan [3]. - Carbonate Lithium (LC): The main contract basis rate is -9.03%, up 0.24% from yesterday. The spot price is 97,570 yuan [3]. - Gold (AU): The main contract basis rate is -0.59%, up 0.10% from yesterday. The spot price is 974.68 yuan [3]. - Silver (AG): The main contract basis rate is -0.37%, down 0.01% from yesterday. The spot price is 15,463 yuan [3]. Building Materials and Energy - Rebar (RB): The main contract basis rate is 6.24%, down 0.44% from yesterday. The spot price is 3,320 yuan [3]. - Hot Rolled Coil (HC): The main contract basis rate is 0.70%, down 0.38% from yesterday. The spot price is 3,300 yuan [3]. - Iron Ore: The main contract basis rate is 6.92%, down 0.47% from yesterday. The spot price is 831.3 yuan [3]. - Coke: The main contract basis rate is 0.72%, down 1.54% from yesterday. The spot price is 1,615 yuan [3]. - Coking Coal (JIM): The main contract basis rate is -0.80%, down 6.02% from yesterday. The spot price is 1,117.5 yuan [3]. - Thermal Coal (ZC): The main contract basis rate is -9.78%, down 1.12% from yesterday. The spot price is 723.0 yuan [3]. - Ferrosilicon (SF): The main contract basis rate is -7.01%, down 0.59% from yesterday. The spot price is 5,200 yuan [3]. - Silicomanganese (SM): The main contract basis rate is -0.17%, down 0.38% from yesterday. The spot price is 5,770 yuan [3]. - Stainless Steel: The main contract basis rate is 2.25%, up 0.07% from yesterday. The spot price is 12,700 yuan [3]. - Glass (FG): The main contract basis rate is -3.0%, down 3.2% from yesterday. The spot price is 1,030 yuan [3]. Agricultural Products - Soybeans (A): The main contract basis rate is -2.5%, up 1.17% from yesterday. The spot price is 3,940 yuan [3]. - Soybean Meal (M): The main contract basis rate is 10.67%, unchanged from yesterday. The spot price is 3,040 yuan [3]. - Rapeseed Meal (RM): The main contract basis rate is 7.26%, down 0.84% from yesterday. The spot price is 2,510 yuan [3]. - Rapeseed Oil (OI): The main contract basis rate is 6.20%, down 0.72% from yesterday. The spot price is 9,500 yuan [3]. - Peanuts (PK): The main contract basis rate is 17.56%, up 0.26% from yesterday. The spot price is 9,400 yuan [3]. - Palm Oil (P): The main contract basis rate is 0.38%, down 0.07% from yesterday. The spot price is 8,400 yuan [3]. - Corn (C): The main contract basis rate is 4.57%, up 0.76% from yesterday. The spot price is 2,290 yuan [3]. - Corn Starch (CS): The main contract basis rate is 2.84%, down 0.26% from yesterday. The spot price is 2,570 yuan [3]. - Apples (AP): The main contract basis rate is 13.98%, up 0.51% from yesterday. The spot price is 7,800 yuan [3]. - Eggs (JD): The main contract basis rate is 6.31%, up 6.05% from yesterday. The spot price is 3,100 yuan [3]. - Hogs (LH): The main contract basis rate is 4.64%, up 1.88% from yesterday. The spot price is 11,850 yuan [3]. - Cotton (CF): The main contract basis rate is 8.45%, down 0.31% from yesterday. The spot price is 15,139 yuan [3]. - Sugar (SR): The main contract basis rate is 5.64%, up 0.37% from yesterday. The spot price is 5,390 yuan [3]. Chemicals - Methanol (MA): The main contract basis rate is -0.07%, up 0.21% from yesterday. The spot price is 2,173 yuan [3]. - Ethanol (EG): The main contract basis rate is -3.24%, down 0.23% from yesterday. The spot price is 3,645 yuan [3]. - PTA (TA): The main contract basis rate is -1.22%, up 0.14% from yesterday. The spot price is 4,690 yuan [3]. - Polypropylene (PP): The main contract basis rate is 8.30%, down 0.43% from yesterday. The spot price is 6,800 yuan [3]. - Styrene (EB): The main contract basis rate is 1.64%, down 0.40% from yesterday. The spot price is 6,490 yuan [3]. - Short - Fiber (PF): The main contract basis rate is 2.24%, down 0.90% from yesterday. The spot price is 6,310 yuan [3]. - Plastic: The main contract basis rate is 8.09%, up 0.05% from yesterday. The spot price is 7,000 yuan [3]. - PVC (V): The main contract basis rate is 14.80%, down 7.40% from yesterday. The spot price is 5,405 yuan [3]. - Rubber (RU): The main contract basis rate is -1.76%, up 0.45% from yesterday. The spot price is 15,050 yuan [3]. - 20 - Numbered Rubber (NR): The main contract basis rate is 4.30%, up 0.60% from yesterday. The spot price is 12,991 yuan [3]. - Soda Ash (SA): The main contract basis rate is -3.86%, down 1.04% from yesterday. The spot price is 1,147 yuan [3]. - Urea (UR): The main contract basis rate is -1.64%, down 3.10% from yesterday. The spot price is 1,680 yuan [3]. - Pulp (SP): The main contract basis rate is 0.45%, up 0.11% from yesterday. The spot price is 5,525 yuan [3]. Energy - Crude Oil (SC): The main contract basis rate is -8.2%, up 0.13% from yesterday. The spot price is 394.5 yuan [3]. - Fuel Oil (FU): The main contract basis rate is 7.68%, up 0.32% from yesterday. The spot price is 2,626 yuan [3]. - Asphalt (BU): The main contract basis rate is -1.42%, up 1.96% from yesterday. The spot price is 2,910 yuan [3]. - Low - Sulfur Fuel Oil (LU): The main contract basis rate is 0.54%, down 0.97% from yesterday. The spot price is 2,947 yuan [3]. - LPG (PG): The main contract basis rate is 10.20%, up 3.31% from yesterday. The spot price is 4,528 yuan [3]. Stock Index Futures - CSI 300 (IF): The main contract basis rate is 0.05%, up 0.02% from yesterday. The spot price is 4,552.8 [3]. - SSE 50 (IH): The main contract basis rate is 0.12%, down 0.03% from yesterday. The spot price is 2,998.5 [3]. - CSI 500 (IC): The main contract basis rate is 0.00%, up 0.12% from yesterday. The spot price is 7,100.8 [3].

1. Report Information - Report title: Stock Index Futures Data Daily Report [1] - Date: December 18, 2025 [2] 2. IM Futures 2.1 Daily Quotes - CSI 1000 closed at 7,272.40, down 0.22%; trading volume was 20,004, down 9%; turnover was 34.9 billion, down 5% [3] - IM2512 closed at 7,275.40, down 0.26%; trading volume was 78,623, down 36%; turnover was 11.48 billion, down 36%; open interest was 50,338, down 35,409 [3] - IM2601 closed at 7,213.00, down 0.16%; trading volume was 39,669, down 9%; turnover was 5.74 billion, down 8%; open interest was 84,085, up 11,570 [3] - IM2603 closed at 7,066.00, down 0.03%; trading volume was 87,621, down 10%; turnover was 12.41 billion, down 9%; open interest was 166,683, up 7,011 [8] - IM2606 closed at 6,822.20, down 0.05%; trading volume was 18,703, down 25%; turnover was 2.56 billion, down 24%; open interest was 73,498, down 1,446 [8] - Total trading volume of the four IM contracts was 224,616, down 65,504 from the previous day; total open interest was 374,604, down 18,274 from the previous day [5] 2.2 Basis and Premium/Discount - The main contract of IM was at a discount of 206.4 points, up 8.34 points from the previous day; the annualized basis rate was -11.46% [5] - The dividend impacts of the four IM contracts were 0.67 points, 0.66 points, 0.67 points, and 42.34 points respectively [5] 2.3 Main Seats - Details of trading volume, long positions, and short positions of the top 20 seats in IM2512, IM2601, IM2603, and IM2606 contracts are provided [19][21][23] 3. IF Futures 3.1 Daily Quotes - CSI 300 closed at 4,552.79, down 0.59%; trading volume was 15,168, down 15%; turnover was 38.21 billion, down 16% [24] - IF2512 closed at 4,550.40, down 0.73%; trading volume was 53,558, down 37%; turnover was 7.32 billion, down 37%; open interest was 37,690, down 24,245 [24] - IF2601 closed at 4,531.20, down 0.73%; trading volume was 30,353, up 7%; turnover was 4.13 billion, up 7%; open interest was 54,550, up 8,789 [24] - IF2603 closed at 4,505.00, down 0.68%; trading volume was 50,112, down 18%; turnover was 6.78 billion, down 18%; open interest was 150,187, up 6,425 [24] - IF2606 closed at 4,455.40, down 0.70%; trading volume was 11,980, down 20%; turnover was 1.6 billion, down 20%; open interest was 39,869, up 1,704 [24] - Total trading volume of the four IF contracts was 146,003, down 43,587 from the previous day; total open interest was 282,296, down 7,327 from the previous day [25] 3.2 Basis and Premium/Discount - The main contract of IF was at a discount of 47.79 points, up 0.09 points from the previous day; the annualized basis rate was -4.16% [25] - The dividend impacts of the four IF contracts were 2.62 points, 6.24 points, 7.43 points, and 37.78 points respectively [25] 3.3 Main Seats - Details of trading volume, long positions, and short positions of the top 20 seats in IF2512, IF2601, IF2603, and IF2606 contracts are provided [37][39][40] 4. IC Futures 4.1 Daily Quotes - CSI 500 closed at 7,100.84, down 0.52%; trading volume was 15,490, down 11%; turnover was 27.55 billion, down 9% [42] - IC2512 closed at 7,101.00, down 0.71%; trading volume was 46,235, down 39%; turnover was 6.6 billion, down 39%; open interest was 34,085, down 22,568 [42] - IC2601 closed at 7,069.80, down 0.45%; trading volume was 30,418, up 4%; turnover was 4.32 billion, up 5%; open interest was 57,737, up 7,456 [42] - IC2603 closed at 6,973.60, down 0.27%; trading volume was 57,027, down 10%; turnover was 7.97 billion, down 9%; open interest was 127,506, up 5,666 [42] - IC2606 closed at 6,776.00, down 0.26%; trading volume was 12,826, down 20%; turnover was 1.74 billion, down 19%; open interest was 44,391, up 1,189 [42] - Total trading volume of the four IC contracts was 146,506, down 38,325 from the previous day; total open interest was 263,719, down 8,257 from the previous day [43] 4.2 Basis and Premium/Discount - The main contract of IC was at a discount of 127.24 points, up 14.59 points from the previous day; the annualized basis rate was -7.16% [43] - The dividend impacts of the four IC contracts were 0.82 points, 0.37 points, 0.82 points, and 66.05 points respectively [43] 4.3 Main Seats - Details of trading volume, long positions, and short positions of the top 20 seats in IC2512, IC2601, IC2603, and IC2606 contracts are provided [53][55][57] 5. IH Futures 5.1 Daily Quotes - SSE 50 closed at 2,998.52, up 0.23%; trading volume was 3,255, down 15%; turnover was 8.27 billion, down 23% [59] - IH2512 closed at 2,995.00, down 0.02%; trading volume was 22,829, down 37%; turnover was 2.05 billion, down 37%; open interest was 16,779, down 11,717 [59] - IH2601 closed at 2,989.20, up 0.02%; trading volume was 10,970, up 14%; turnover was 0.98 billion, up 15%; open interest was 14,464, up 2,148 [59] - IH2603 closed at 2,986.00, down 0.05%; trading volume was 21,452, down 13%; turnover was 1.92 billion, down 13%; open interest was 43,414, up 1,547 [59] - IH2606 closed at 2,976.00, up 0.05%; trading volume was 3,338, down 21%; turnover was 0.3 billion, down 21%; open interest was 11,494, up 20 [59] - Total trading volume of the four IH contracts was 58,589, down 16,253 from the previous day; total open interest was 86,151, down 8,002 from the previous day [59] 4.2 Basis and Premium/Discount - The main contract of IH was at a discount of 12.52 points, down 1.44 points from the previous day; the annualized basis rate was -1.65% [60] - The dividend impacts of the four IH contracts were 9.95 points, 8.67 points, 9.95 points, and 27.98 points respectively [60] 4.3 Main Seats - Details of trading volume, long positions, and short positions of the top 20 seats in IH2512, IH2601, IH2603, and IH2606 contracts are provided [74][76][78]

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core View of the Report - The report presents the spot prices, futures prices, basis, basis rates, historical quantiles, and spot references of various commodities, including ferrous metals, non-ferrous metals, precious metals, agricultural products, energy and chemicals, and financial futures on December 11, 2025. [1] 3. Summary by Commodity Category Ferrous Metals - **Silicon Iron (SF603)**: Spot price is 5478, futures price is 5434, basis is 44, basis rate is 0.81%, and historical quantile is 60.50%. [1] - **Silicon Manganese (SM603)**: Spot price is 5790, futures price is 5724, basis is 66, basis rate is 1.15%, and historical quantile is 38.00%. [1] - **Rebar (RB2605)**: Spot price is 3280, futures price is 3117, basis is 163, basis rate is 5.23%, and historical quantile is 66.50%. [1] - **Hot Rolled Coil (HC2605)**: Spot price is 3280, futures price is 3282, basis is -2, basis rate is -0.06%, and historical quantile is 17.60%. [1] - **Iron Ore (I2605)**: Spot price is 842, futures price is 769, basis is 73, basis rate is 9.45%, and historical quantile is 56.30%. [1] - **Coke (J2601)**: Spot price is 1603, futures price is 1527, basis is 76, basis rate is 4.95%, and historical quantile is 90.22%. [1] - **Coking Coal (JM2605)**: Spot price is 1160, futures price is 1070, basis is 90, basis rate is 8.41%, and historical quantile is 48.10%. [1] Non - Ferrous Metals - **Copper (CU2601)**: Spot price is 91700, futures price is 91850, basis is -150, basis rate is -0.16%, and historical quantile is 32.70%. [1] - **Aluminum (AL2602)**: Spot price is 21770, futures price is 21935, basis is -165, basis rate is -0.75%, and historical quantile is 9.79%. [1] - **Alumina (AO2601)**: Spot price is 2807, futures price is 2477, basis is 330, basis rate is 13.31%, and historical quantile is 87.22%. [1] - **Zinc (ZN2601)**: Spot price is 23000, futures price is 23075, basis is -75, basis rate is -0.33%, and historical quantile is 43.75%. [1] - **Tin (SN2601)**: Spot price is 316700, futures price is 322630, basis is -5930, basis rate is -1.84%, and historical quantile is 1.45%. [1] - **Nickel (NI2601)**: Spot price is 117000, futures price is 117090, basis is -90, basis rate is -0.08%, and historical quantile is 46.66%. [1] - **Stainless Steel (SS2601)**: Spot price is 12970, futures price is 12555, basis is 415, basis rate is 3.31%, and historical quantile is 75.96%. [1] - **Lithium Carbonate (LC2605)**: Spot price is 92700, futures price is 95980, basis is -3280, basis rate is -3.42%, and historical quantile is 14.09%. [1] - **Industrial Silicon (SI2601)**: Spot price is 9200, futures price is 8250, basis is 950, basis rate is 11.52%, and historical quantile is 62.38%. [1] Precious Metals - **Gold (AU2602)**: Spot price is 951.1, futures price is 956.4, basis is -5.3, basis rate is -0.55%, and historical quantile is 2.20%. [1] - **Silver (AG2602)**: Spot price is 14377.0, futures price is 14373.0, basis is 4.0, basis rate is 0.03%, and historical quantile is 91.00%. [1] Agricultural Products - **Soybean Meal (M2605)**: Spot price is 3040, futures price is 2754.0, basis is 286.0, basis rate is 10.38%, and historical quantile is 67.90%. [1] - **Soybean Oil (Y2605)**: Spot price is 8410, futures price is 8000.0, basis is 410.0, basis rate is 5.13%, and historical quantile is 70.10%. [1] - **Palm Oil (P2605)**: Spot price is 8530, futures price is 8528.0, basis is 2.0, basis rate is 0.02%, and historical quantile is 23.00%. [1] - **Rapeseed Meal (RM605)**: Spot price is 2450, futures price is 2329.0, basis is 121.0, basis rate is 5.20%, and historical quantile is 71.20%. [1] - **Rapeseed Oil (OI601)**: Spot price is 9680, futures price is 9443.0, basis is 237.0, basis rate is 2.51%, and historical quantile is 75.40%. [1] - **Corn (C2601)**: Spot price is 2290, futures price is 2241.0, basis is 49.0, basis rate is 2.19%, and historical quantile is 67.40%. [1] - **Corn Starch (CS2601)**: Spot price is 2650, futures price is 2532.0, basis is 118.0, basis rate is 4.66%, and historical quantile is 60.30%. [1] - **Live Hogs (LH2603)**: Spot price is 11300, futures price is 11310.0, basis is -10.0, basis rate is -0.09%, and historical quantile is 44.90%. [1] - **Eggs (JD2601)**: Spot price is 3020, futures price is 3153.0, basis is -133.0, basis rate is -4.22%, and historical quantile is 27.10%. [1] - **Cotton (CF601)**: Spot price is 14830, futures price is 13780.0, basis is 1050.0, basis rate is 7.62%, and historical quantile is 64.90%. [1] - **Sugar (SR605)**: Spot price is 5480, futures price is 5225.0, basis is 255.0, basis rate is 4.88%, and historical quantile is 26.70%. [1] - **Apples (AP605)**: Spot price is 9000, futures price is 9510.0, basis is -510.0, basis rate is -5.36%, and historical quantile is 7.00%. [1] - **Jujubes (CJ605)**: Spot price is 8600, futures price is 9290.0, basis is -690.0, basis rate is -7.43%, and historical quantile is 61.80%. [1] Energy and Chemicals - **Para - Xylene (PX603)**: Spot price is 6774.0, futures price is 6746.0, basis is 28.0, basis rate is 0.42%, and historical quantile is 33.90%. [1] - **PTA (TA601)**: Spot price is 4610.0, futures price is 4616.0, basis is -6.0, basis rate is -0.13%, and historical quantile is 54.10%. [1] - **Ethylene Glycol (EG2601)**: Spot price is 3665.0, futures price is 3682.0, basis is -17.0, basis rate is -0.46%, and historical quantile is 52.80%. [1] - **Polyester Staple Fiber (PF602)**: Spot price is 6275.0, futures price is 6114.0, basis is 161.0, basis rate is 2.63%, and historical quantile is 79.10%. [1] - **Styrene (EB2601)**: Spot price is 6645.0, futures price is 6469.0, basis is 176.0, basis rate is 2.72%, and historical quantile is 63.80%. [1] - **Methanol (MA601)**: Spot price is 2078.0, futures price is 2053.0, basis is 25.0, basis rate is 1.22%, and historical quantile is 56.60%. [1] - **Urea (UR601)**: Spot price is 1700.0, futures price is 1645.0, basis is 55.0, basis rate is 3.34%, and historical quantile is 33.20%. [1] - **LLDPE (L2601)**: Spot price is 6625.0, futures price is 6561.0, basis is 64.0, basis rate is 0.98%, and historical quantile is 42.30%. [1] - **PP (PP2601)**: Spot price is 6345.0, futures price is 6162.0, basis is 183.0, basis rate is 2.97%, and historical quantile is 72.60%. [1] - **PVC (V2601)**: Spot price is 4330.0, futures price is 4328.0, basis is 2.0, basis rate is 0.05%, and historical quantile is 81.60%. [1] - **Caustic Soda (SH603)**: Spot price is 2218.8, futures price is 2110.0, basis is 108.8, basis rate is 9.15%, and historical quantile is 64.50%. [1] - **LPG (PG2601)**: Spot price is 4498.0, futures price is 4242.0, basis is 256.0, basis rate is 6.03%, and historical quantile is 48.20%. [1] - **Asphalt (BU2602)**: Spot price is 2930.0, futures price is 2940.0, basis is -10.0, basis rate is -0.34%, and historical quantile is 50.10%. [1] - **Butadiene Rubber (BR2602)**: Spot price is 10600.0, futures price is 10605.0, basis is -5.0, basis rate is -0.05%, and historical quantile is 28.00%. [1] - **Glass (FG601)**: Spot price is 968.0, futures price is 964.0, basis is 4.0, basis rate is 0.41%, and historical quantile is 77.52%. [1] - **Soda Ash (SA601)**: Spot price is 1104.0, futures price is 1094.0, basis is 10.0, basis rate is 0.91%, and historical quantile is 53.15%. [1] - **Natural Rubber (RU2605)**: Spot price is 14850.0, futures price is 15215.0, basis is -365.0, basis rate is -2.46%, and historical quantile is 76.73%. [1] Financial Futures - **Stock Index Futures**: - **IF2512.CFE**: Spot price is 4591.8, futures price is 4574.2, basis is -17.6, basis rate is -0.39%, and historical quantile is 26.30%. [1] - **IH2512.CFE**: Spot price is 2988.6, futures price is 2980.8, basis is -7.8, basis rate is -0.26%, and historical quantile is 26.70%. [1] - **IC2512.CFE**: Spot price is 7156.0, futures price is 7122.2, basis is -33.8, basis rate is -0.47%, and historical quantile is 37.00%. [1] - **IM2512.CFE**: Spot price is 7408.2, futures price is 7371.4, basis is -36.8, basis rate is -0.50%, and historical quantile is 50.20%. [1] - **Treasury Bond Futures**: - **2 - Year Treasury Bond (TS2603)**: Spot price is 100.09, futures price is 102.46, basis is -0.05, basis rate is -0.05%, and historical quantile is 13.30%. [1] - **5 - Year Treasury Bond (TF2603)**: Spot price is 99.50, futures price is 105.81, basis is -0.09, basis rate is -0.08%, and historical quantile is 16.50%. [1] - **10 - Year Treasury Bond (T2603)**: Spot price is 100.39, futures price is 108.00, basis is 0.08, basis rate is 0.07%, and historical quantile is 26.20%. [1] - **30 - Year Treasury Bond (TL2603)**: Spot price is 127.54, futures price is 112.68, basis is 0.63, basis rate is 0.56%, and historical quantile is 86.70%. [1]

1. Report Information - Report title: Stock Index Futures Data Daily Report [1] - Date: December 10, 2025 [2] 2. IM Futures 2.1 Daily Quotes - The closing price of CSI 1000 was 7,408.24, up 0.37%, with a trading volume of 21,561 lots (down 6%) and a trading value of 36.02 billion yuan (down 8%) [4] - The IM main - contract (IM2512) rose 0.22% to close at 7,371.4 points. The trading volume of IM four - contracts was 177,447 lots, an increase of 36,576 lots from the previous day; the total open interest was 369,233 lots, an increase of 9,226 lots [4][5] 2.2 Basis and Other Indicators - The IM main - contract was at a discount of 36.84 points, down 4.06 points from the previous day; the annualized basis rate was - 18.24% [5] - The dividend impacts of the four IM contracts were 0.34 points, 1.2 points, 1.21 points, and 44.18 points respectively [5] 2.3 Main Seats - For IM2512, the top five seats in terms of trading volume had a total of 46,882 lots, an increase of 11,437 lots from the previous day. The top five seats in terms of long positions had 45,109 lots (an increase of 1,400 lots), and the top five seats in terms of short positions had 56,585 lots (an increase of 1,488 lots) [19] 3. IF Futures 3.1 Daily Quotes - The closing price of CSI 300 was 4,591.83, down 0.14%, with a trading volume of 16,911 lots (down 8%) and a trading value of 40.15 billion yuan (down 11%) [24] - The IF main - contract (IF2512) fell 0.17% to close at 4,574.2 points. The trading volume of IF four - contracts was 122,684 lots, an increase of 23,187 lots from the previous day; the total open interest was 276,464 lots, an increase of 7,169 lots [24][25] 3.2 Basis and Other Indicators - The IF main - contract was at a discount of 17.63 points, down 2.61 points from the previous day; the annualized basis rate was - 14.07% [25] - The dividend impacts of the four IF contracts were 3.54 points, 9.82 points, 10.92 points, and 40.57 points respectively [25] 3.3 Main Seats - For IF2512, the top five seats in terms of trading volume had a total of 75,172 lots, an increase of 12,528 lots from the previous day. The top five seats in terms of long positions had 54,636 lots (a decrease of 1,176 lots), and the top five seats in terms of short positions had 56,894 lots (an increase of 127 lots) [37] 4. IC Futures 4.1 Daily Quotes - The closing price of CSI 500 was 7,155.99, up 0.49%, with a trading volume of 15,397 lots (down 8%) and a trading value of 28.05 billion yuan (down 8%) [42] - The IC main - contract (IC2512) rose 0.4% to close at 7,122.2 points. The trading volume of IC four - contracts was 116,534 lots, an increase of 20,739 lots from the previous day; the total open interest was 252,255 lots, an increase of 2,642 lots [42][43] 4.2 Basis and Other Indicators - The IC main - contract was at a discount of 33.79 points, down 6.86 points from the previous day; the annualized basis rate was - 17.32% [43] - The dividend impacts of the four IC contracts were 0.84 points, 2.37 points, 2.94 points, and 57.32 points respectively [43] 4.3 Main Seats - For IC2512, the top five seats in terms of trading volume had a total of 31,609 lots, an increase of 5,655 lots from the previous day. The top five seats in terms of long positions had 34,243 lots (an increase of 1,249 lots), and the top five seats in terms of short positions had 44,390 lots (an increase of 1,291 lots) [58] 5. IH Futures 5.1 Daily Quotes - The closing price of SSE 50 was 2,988.64, down 0.31%, with a trading volume of 4,151 lots (down 4%) and a trading value of 10.13 billion yuan (down 8%) [64] - The IH main - contract (IH2512) fell 0.35% to close at 2,980.8 points. The trading volume of IH four - contracts was 51,211 lots, an increase of 12,074 lots from the previous day; the total open interest was 96,737 lots, an increase of 4,369 lots [64] 5.2 Basis and Other Indicators - The IH main - contract was at a discount of 7.84 points, down 1.48 points from the previous day; the annualized basis rate was - 9.6% [65] - The dividend impacts of the four IH contracts were 4.68 points, 12.33 points, 13.5 points, and 31.52 points respectively [65] 5.3 Main Seats - For IH2512, the top five seats in terms of trading volume had a total of 35,039 lots, an increase of 9,905 lots from the previous day. The top five seats in terms of long positions had 23,003 lots (an increase of 1,156 lots), and the top five seats in terms of short positions had 27,634 lots (an increase of 651 lots) [80]

知识图强,求实奉献,客户至上,合作共赢 | 现货价格 | 期货价格 | 基差率 | 留注 | 品种/合约 | 基差 | 历史分位数 | 现货参考 | 1.18% | 64 | 折算价:72硅铁合格块:内蒙-天津仓单 | 硅铁 (SF603) | 5444 | 63.10% | 5508 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1.12% | 64 | 折算价:6517硅锰:内蒙-湖北仓单 | 硅罐(SM603) | 5800 | 5736 | 37.50% | 157 | 5.03% | 螺纹钢 (RB2605) | HRB40020mm: 上海 | 3280 | 3123 | 65.20% | | | | | | Q235B: 4.75mm: 上海 | -11 | 热卷 (HC2605) | 3280 | 3291 | -033% | 13.40% | 64 | 779 | 折算价:62.5%巴混粉(BRBF) ...