| 留注 | | | | | | 品种/合约 期货价格 星差 县差率 历史分位数 现货参考 | 现货价格 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 折算价:72硅铁合格块:内蒙-天津仓单 | | | | | | 8 0.15% 硅铁 (SF603) 5470 56.40% | 5478 | | | | 60 | | | | | | 硅罐(SM603) 5730 105% 36.90% 折算价:6517硅锰:内蒙-湖北仓单 | 5790 | | | | 210 | | | | | | 螺纹钢 (RB2605) 3060 6.86% 72.70% HRB40020mm: 上海 | 3270 | | | | 8 | | | | | | 热卷(HC2605) 3232 0.25% 21.60% Q235B: 4.75mm: 上海 | 3240 | | | | 75 | | | | | | 761 9.82% 57.80% 折算价:62.5%巴混粉(BRBF):淡水河谷:日照港 铁矿石 (12605) | 835 | | ...

光期研究 光期黑色：铁矿石基差及价差监测日报 2025 年 1 2 月 1 2 日 1 光大证券 2020 年 半 年 度 业 绩 E V E R B R I G H T S E C U R I T I E S 1.1 合约价差 | 期货合约 | 今日收盘价 | 上日收盘价 | 变化 | 合约价差 | 今日价差 | 上日价差 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | | I05 | 757.0 | 769.0 | -12.0 | I05-I09 | 24.0 | 24.0 | 0.0 | | I09 | 733.0 | 745.0 | -12.0 | I09-I01 | -47.0 | -42.5 | -4.5 | | I01 | 780.0 | 787.5 | -7.5 | I01-I05 | 23.0 | 18.5 | 4.5 | 图表1：05-09合约价差（单位：元/吨） 图表2：01-05合约价差（单位：元/吨） p 2 2.2 基差：图表 p 4 0 20 40 60 80 100 120 2025-03 2025-05 202 ...

| 股指期货价差日报 | 投资咨询业务资格:证监许可【2011】1292号 | Z0016628 | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 叶倩宁 | 2025年12月11日 | 品种 | 历史1年分位数 | 全历史分位数 | 价去 | 最新值 | 较前一日变化 | | | | | | | | | | -17.63 | 50.40% | 26.30% | F期现价差 | -2.60 | H期现价差 | -7.84 | 29.90% | -1.48 | 26.70% | 期现价差 | | | | | | | IC期现价差 | -33.79 | -6,87 | 66,80% | 37.00% | IMINNA | 9,86 | 80,00% | 50.20% | -36.84 | 次月-当月 | 27.00% | 27.00% | -16.60 | -1.40 | | | 李月-当月 | -40.00 ...

| 一 F E E H H H P F 股指期货价差日报 | | --- | | 投资咨询业务资格：证监许可【2011】1292号 2025年12月10日 叶带守 Z0016628 | | 价左 品种 봄 郑 唱 校前一日变化 历史1年分位数 全历史分位数 | | 正期现价关 15.02 6.47 54.50% 30.00% | | HINDANK -6.36 -2.00 32.10% 30.6088 期现价差 | | IC期现价差 26.93 1 44 72.10% 44.90% | | -32.78 -19.95 89.30% IM期面价差 90.0096 | | 次月-崇月 -15.20 0.60 30.30% 28.60% | | 委員 - 景日 -39.40 -2.20 34.80% 28.20% 延月 景月 84.40 0.20 26.20% 22.90% | | 正层期的差 李月-次月 24.20 2.80 38.90% 27.40% | | -69.20 -0.80 23.70% 22.10% 远月-次月 | | 16.30% 元月-季月 -45.00 2.00 18.80% | | 次月-当 ...

| 股指期货价差日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可【2011】1292号 | | | | 叶倩宁 | Z0016628 | | 2025 125202 | | | | | | | 价差 | 品种 | 電新價 | 较前一日变化 | 历史1年分位数 | 全历史分位数 | | F期现价元 | | 8.55 | 1.58 | 63.90% | 40.80% | | 期现价差 | 期见价美 | -4.36 | 0.25 | 39.70% | 36.70% | | IC期现价差 | | 28.37 | 13.73 | 70.00% | 43.00% | | IM期刊价去 | | -42.65 | 12.56 | 85.00% | 86.60% | | 次月-当月 | | -15.80 | 1.60 | 28.20% | 27.90% | | 李月 崇月 | | 37.20 | 1.40 | 38.50% | 29.70% | | 「跨期价差 | 远月-当月 | -84.20 | 2.40 | 26.60% | 22.90 ...

| 股指期货价差日报 | 投资咨询业务资格:证监许可【2011】1292号 | 叶倩宁 | Z0016628 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025年12月4日 | 品种 | 历史1年分位数 | 全历史分位数 | 展新值 | 较前一日变化 | 价差 | | | | | | | | | | | -12.85 | 33.10% | F期则价差 | 56.90% | 5.69 | 2.39 | 35.30% | H期现价差 | -4.68 | 37.20% | 期现价差 | | | | | | | IC期现价差 | 12.15 | 23.50% | -45.96 | 52.80% | IM期观价差 | -52.87 | 38.30% | 23,10 | 90.00% | 2.00 | 次月-当月 | 27.00% | 27,4096 | -16.00 | | | 30.80%6 | 泰月-景月 | ...

Report Industry Investment Rating - Steel: Low-level range operation [3] - Coke: First round of price cut implemented, range operation [8] - Coking Coal: Supply still has disruptions, maintain range operation [12] - Ferroalloys: Limited supply-demand contradictions, maintain range operation [15] Core Views of the Report - Steel: The fundamentals of rebar are weakly balanced, with slightly decreased production and apparent demand, and decreased inventory. The production of hot-rolled coils has increased slightly, the apparent demand has decreased slightly, and the inventory is at the highest level in the same period in recent years. Both are expected to fluctuate in the short term [4][5] - Iron Ore: Iron water production is expected to decrease further, the fundamentals have weakened, and a cautious bearish view is taken [6][7] - Coke: After the fourth round of price increase, the profits of coke enterprises have improved, and inventories have accumulated. Steel mills have initiated the first round of price cuts. It is expected to follow coking coal in the short term [10] - Coking Coal: Domestic raw coal production has decreased, supply disruptions exist, and the market transaction is light. It is expected to repair the basis and maintain range operation [13] - Manganese Silicon: The supply in the production area is decreasing, the demand has improved marginally, and the inventory accumulation speed has slowed down. The upward trend lacks sustainability [16][17] - Ferrosilicon: The industry's losses have deepened, but production is relatively stable, demand has increased slightly, and inventory has decreased for two consecutive weeks. The upward trend lacks sustainability [16][17] Summary by Variety Rebar - **Variety View**: Production and apparent demand decreased slightly, inventory decreased, and the fundamentals are weakly balanced. Iron water production decreased, and steel mills' willingness to reduce production is low [4] - **Operation Suggestion**: Short-term lack of strong driving force, may fluctuate in the range [5] Hot-rolled Coil - **Variety View**: Production increased slightly, apparent demand decreased slightly, and inventory is at the highest level in the same period in recent years [4] - **Operation Suggestion**: Iron water production decreased slightly, steel mills' willingness to reduce production is not strong, and it may fluctuate in the range in the short term [5] Iron Ore - **Variety View**: Iron water production is expected to decrease further, steel mills are destocking, ports are increasing inventory, and the fundamentals have weakened [6] - **Operation Suggestion**: A cautious bearish view is taken, and long positions should avoid the edge for the time being [7] Coke - **Variety View**: After the fourth round of price increase, the profits of coke enterprises have improved, inventories have accumulated, and steel mills have initiated the first round of price cuts. Iron water production has decreased, and most steel mills have maintenance plans [10] - **Operation Suggestion**: A cautious bearish view is taken [11] Coking Coal - **Variety View**: Domestic raw coal production has decreased, supply disruptions exist, the market transaction is light, and downstream restocking needs to be concerned [13] - **Operation Suggestion**: A cautious bearish view is taken [14] Manganese Silicon - **Variety View**: The supply in the production area is decreasing, the demand has improved marginally, and the inventory accumulation speed has slowed down. The new round of steel procurement has not started yet [16] - **Operation Suggestion**: The short-term cost has certain support, but the upward trend lacks sustainability. It is recommended to be cautious [17] Ferrosilicon - **Variety View**: The industry's losses have deepened, but production is relatively stable, demand has increased slightly, and inventory has decreased for two consecutive weeks. The new round of steel procurement has not started yet [16] - **Operation Suggestion**: The supply-demand contradiction is not significant, but the upward trend lacks sustainability. It is expected to operate in the range [17]

| 股指期货价差日报 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025年12月2日 | 投资咨询业务资格:证监许可【2011】1292号 | | | | | 叶倩宁 | Z0016628 | | 价差 | | 品种 | | 最新值 | 较前一日变化 | 历史1年分位数 | 全历史分位数 | | | | F期现价差 | | -21.09 | -0.22 | 44.60% | 22:30% | | 期现价差 | | H期现价差 | | -7.28 | -0.86 | 29.90% | 28.10% | | | | IC期现价差 | | -70.23 | -12.88 | 34.40% | 9.50% | | | | IM期现价差 | | -de 68 | -23.27 | 45.00% | 20.50% | | | | 次月-当月 | | -14.40 | 0.80 | 32.70% | 30.00% | | | | 李月-当月 | | -37,20 | -3.80 | 37.20% | 29.60% | | | | ...

| 股指期货价差日报 | 投资咨询业务资格:证监许可【2011】1292号 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Z0016628 | 叶信宁 | 2025年11月28日 | 全历史分位数 | 最新值 | 历史1年分位数 | 价差 | 品种 | 较前一日变化 | | | | | | | | | F期现价差 | -22.80 | 1.82 | 40.50% | 20,30% | H期现价差 | -2.67 | 27.00% | -9.87 | 21.50% | 期现价差 | | | | | | | 16.40% | IC期现价差 | -55.08 | 0.56 | 41.30% | -6.21 | 24.90% | IM期现价差 | -78.45 | 65.00% | 次月-当月 | -15.60 | -2.20 | 27.4096 | 28.00% | | | 李月-当月 | -32.40 ...

Report Overview - Report Title: "Guangda Futures' Daily Monitoring Report on Iron Ore Basis and Spread" - Date: November 27, 2025 [1] 1. Futures Contract Price and Spread 1.1 Futures Contract Prices - I05 closed at 773.5 yuan/ton, up 4.0 yuan from the previous day [3]. - I09 closed at 748.5 yuan/ton, up 5.5 yuan from the previous day [3]. - I01 closed at 797.0 yuan/ton, up 3.0 yuan from the previous day [3]. 1.2 Futures Contract Spreads - The spread between I05 and I09 was 25.0 yuan/ton, down 1.5 yuan from the previous day [3]. - The spread between I09 and I01 was -48.5 yuan/ton, up 2.5 yuan from the previous day [3]. - The spread between I01 and I05 was 23.5 yuan/ton, down 1.0 yuan from the previous day [3]. 2. Basis Analysis 2.1 Basis Data - For various iron ore varieties, such as Carajás Fines (Kaofen), the basis changed. For example, Carajás Fines' basis was 52 yuan/ton today, down 2 yuan from the previous day [5]. 2.2 Basis Chart - Charts show the basis trends of different iron ore varieties, including Brazilian fines, Australian medium - grade fines, etc. [7][8][9] 3. Exchange Rule Adjustments 3.1 Newly Added Deliverable Varieties - Four new deliverable varieties (Benxi Concentrate, IOC6, KUMBA, and Ukrainian Concentrate) are added, with a brand premium of 0, starting from Contract I2202 [11]. - Four more varieties (Taigang Concentrate, Magang Concentrate, Minmetals Standard Fines, and SP10 Fines) are added as deliverable brands with a brand premium of 0 yuan/ton [11]. 3.2 Brand Premium Adjustments - Only PB Fines, BRBF, and Carajás Fines have a brand premium of 15 yuan/ton, while other deliverable brands have a premium of 0 yuan/ton in the new rules [11]. 3.3 Quality Difference and Premium Adjustments - The allowable range of iron grade is adjusted to ≥56%. Other element limits and corresponding premium - discount rules are also detailed [11]. - The premium value of the iron element is dynamically adjusted by X, with different calculation methods based on the average settlement price of the nearest delivery - month contract [11]. 4. Variety Spread Analysis 4.1 Variety Spread Data - The spread between PB Lump and PB Fines was 77.0 yuan/ton, down 1.0 yuan from the previous day [13]. - The spread between PB Fines and FMG Mixed Fines was 66.0 yuan/ton, up 1.0 yuan from the previous day [13]. 4.2 Variety Spread Charts - Charts display the spread trends of different iron ore varieties, such as lump - fines spreads, high - medium grade fines spreads, etc. [15][16][20] 5. Research Team Introduction - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with rich experience and relevant qualifications in the industry [24]