Report 1: Stock Index Futures Spread Daily Report 1. Industry Investment Rating No information provided. 2. Core View No clear core view presented. 3. Summary by Relevant Content - **Futures - Spot Price Spread**: IF futures - spot price spread was -4.83, H was 2.42, IC was -16.47, and IM was -45.38 [1]. - **Inter - delivery Spread**: For example, IF's next - near delivery spread was -0.40, and H's next - near delivery spread was 0.60 [1]. - **Cross - variety Ratio**: For instance, IC/IF was 1.7290, and IC/IH was 0.0080 [1]. Report 2: Treasury Bond Futures Spread Daily Report 1. Industry Investment Rating No information provided. 2. Core View No clear core view presented. 3. Summary by Relevant Content - **Basis**: TS basis was 1.3432, TF was 1.8720, T was 1.9553, and TL was 0.5772 on January 15, 2026 [2]. - **Inter - delivery Spread**: For example, TS's current - next delivery spread was -0.0040 on January 15, 2026 [2]. - **Cross - variety Spread**: TS - TF was -3.3840, TS - T was -5.6590 on January 15, 2026 [2]. Report 3: Precious Metals Spot - Futures Daily Report 1. Industry Investment Rating No information provided. 2. Core View - The short - term news impact weakens, and the market maintains a strong and volatile trend with reduced fluctuations. Gold long positions above the 20 - day moving average can continue to be held, and out - of - the - money put options can be sold to earn time value [3]. - For silver, the cancellation of photovoltaic export tax rebates after April 1 may lead to a "rush to export" situation. It is recommended to buy on dips with a light position and lock in profits when the price is high [3]. - Platinum and palladium are expected to continue to rise in the medium - to - long - term. In the short - term, they follow the strong trend of gold [3]. 3. Summary by Relevant Content - **Domestic Futures Closing Price**: On January 15, AU2602 contract closed at 1035.20 yuan/g, down 0.52% from the previous day; AG2604 contract closed at 22665 yuan/kg, down 0.43% [3]. - **Foreign Futures Closing Price**: COMEX gold closed at 4620.50 dollars/ounce, down 0.29%; COMEX silver closed at 92.21 dollars/ounce, down 1.05% [3]. - **Spot Price**: London gold was at 4615.52 dollars/ounce, down 0.23%; Shanghai Gold Exchange's gold T + D was at 1033.92 yuan/g, down 0.36% [3]. - **Basis**: Gold TD - Shanghai gold main contract basis was -1.28, and the historical 1 - year quantile was 46.10% [3]. - **Ratio**: COMEX gold/silver ratio was 50.11, up 0.77% [3]. - **Interest Rate and Exchange Rate**: 10 - year US Treasury yield was 4.17%, up 0.5%; 2 - year US Treasury yield was 3.56%, up 1.4% [3]. - **Inventory and Position**: Shanghai Futures Exchange's gold inventory remained unchanged at 100152 kg, and silver inventory increased by 1.54% to 638399 kg [3]. Report 4: Container Shipping Industry Spot - Futures Daily Report 1. Industry Investment Rating No information provided. 2. Core View No clear core view presented. 3. Summary by Relevant Content - **Container Shipping Index**: SCFIS (European route) was 1956.39, up 8.94% from January 5; SCFIS (US West route) was 1323.98, up 5.91% [5]. - **Shanghai Export Container Freight Rate**: SCFI comprehensive index was 1647.39, down 0.54% from December 26; SCFI (European) was 1719 dollars/TEU, up 1.72% [5]. - **Futures Price and Basis**: EC2602 contract closed at 1719.0 points, up 0.06% on January 15; the basis of the main contract was 431.5, up 1.82% [5]. - **Fundamental Data**: Global container shipping capacity supply was 3369.42 million TEU on January 15, almost unchanged from the previous day; Shanghai port's on - time rate was 41.81, up 4.53% in December [5].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - No clear core viewpoints presented in the reports Summary by Directory 1. Stock Index Futures Spread Daily Report - **IF Futures** - The current-futures spread is -1.93, up 0.50 from the previous day, with a 1-year historical quantile of 58.50% and an all-time quantile of 67.50% [1] - The cross-period spreads show various values and changes, e.g., the next-month - current-month spread is 2.60, up 5.80, with a 1-year historical quantile of 65.90% [1] - **IH Futures** - The current-futures spread is 1.93, down 2.74, with a 1-year historical quantile of 77.00% and an all-time quantile of 67.50% [1] - Cross-period spreads also have different values and changes [1] - **IC Futures** - The current-futures spread is -29.90, down 17.82, with a 1-year historical quantile of 73.70% and an all-time quantile of 40.90% [1] - Cross-period spreads vary [1] - **IM Futures** - The current-futures spread is -101.17, up 2.88, with a 1-year historical quantile of 70.00% and an all-time quantile of 16.80% [1] - Cross-period spreads show different values [1] - **Cross-variety Ratios** - Ratios such as CSI 500/CSI 300, CSI 500/SSE 50, etc., have specific values and changes [1] 2. Treasury Bond Futures Spread Daily Report - **Basis** - TS basis is 1.3180, up 0.0083, with a post-listing quantile of 12.90% [2] - TF basis is 1.4635, down 0.0035, with a post-listing quantile of 36.70% [2] - T basis is 1.3385, up 0.0792, with a post-listing quantile of 44.90% [2] - TL basis is 1.5197, up 0.3068, with a post-listing quantile of 51.80% [2] - **Cross-period Spreads** - TS cross-period spreads have different values and changes for different periods [2] - TF cross-period spreads also vary [2] - T cross-period spreads show specific values and changes [2] - TL cross-period spreads have their own characteristics [2] - **Cross-variety Spreads** - Spreads like TS - TF, TS - T, etc., have specific values and changes [2] 3. Container Shipping Industry Spot and Futures Daily Report - **Shipping Indexes** - SCFIS (European route) settlement price index is 1956.39, up 160.6 (8.94%) from January 5th [3] - SCFIS (US West route) is 1323.98, up 73.9 (5.91%) [3] - SCFI comprehensive index is 1647.39, down 8.9 (-0.54%) from December 26th [3] - SCFI for different routes (European, US West, US East) shows different changes [3] - **Futures Prices and Basis** - Futures contracts such as EC2602, EC2604 (main contract), etc., have price changes [3] - The basis of the main contract is 423.8, down 2.7 (-0.63%) [3] - **Fundamental Data** - Global container shipping capacity supply is 3369.48 million TEU, down 0.16 (0.00%) from January 13th [3] - Port - related indicators in Shanghai (quasi - punctuality rate, port calls) and export amount show changes [3] - Overseas economic indicators (eurozone PMI, EU consumer confidence index, US manufacturing PMI) have different trends [3] - OECD comprehensive leading indicators for the G7 group show a 0.06% increase [3]

Report Investment Ratings - No investment ratings provided in the reports Core Views - In the precious metals market, the gold market has completed its correction. Future market attention may shift to the impact of US economic data on Fed policies and geopolitical situations in South America. Platinum and palladium prices may gradually stabilize, with the platinum price rising due to strong overseas markets. Palladium, with a relatively weaker fundamental situation, may follow the trend. The platinum-palladium ratio is expected to rise, presenting a hedging arbitrage opportunity. Silver may face a pullback risk due to global commodity index rebalancing, and investors are advised to maintain a light long position and use options to lock in profits [3] - In the container shipping industry, the freight rates for European and US routes have increased, with significant growth on the US - West route. The fundamental data shows that the global container shipping capacity supply remains stable, while port - related indicators and overseas economic data present a mixed picture [5] Summary by Category Stock Index Futures Spread - **Price Difference Data**: F, H, IC, and IM have different current - spot price differences and inter - period price differences, with varying changes compared to the previous day and percentile rankings in different time frames. There are also cross - variety ratios such as IC/IF, IC/IH, etc., with corresponding changes and percentile rankings [1] Bond Futures - **Basis and Spread Data**: TS, TF, T, and TL have different basis values, inter - period spreads, and cross - variety spreads, with corresponding changes compared to the previous day and percentile rankings since listing [2] Precious Metals - **Domestic Futures**: AU2602, AG2602, PT2606, and PD2606 contracts all declined in price, with varying decline rates [3] - **Foreign Futures**: Contracts for COMEX gold, COMEX silver, NYMEX platinum, and NYMEX palladium all rose in price, with varying increase rates [3] - **Spot Prices**: The spot prices of London gold and London silver rose, while the spot prices of platinum and palladium declined. The prices of gold T + D and silver T + D on the Shanghai Gold Exchange also declined [3] - **Basis and Ratio**: There are different basis values and cross - variety ratios among various precious metals, with corresponding changes [3] - **Interest Rates and Exchange Rates**: The 10 - year US Treasury yield, 2 - year US Treasury yield, 10 - year TIPS Treasury yield, and the US dollar index all changed slightly, while the on - shore RMB exchange rate declined slightly [3] - **Inventory and Holdings**: The inventories of Shanghai Futures Exchange gold and silver, COMEX gold and silver, and the holdings of SPRD gold ETF and SLV silver ETF all changed to different extents [3] Container Shipping Industry - **Freight Index**: The SCFIS for European and US - West routes increased, with a significant increase on the US - West route. The SCFI comprehensive index and the SCFI for US - West and US - East routes also increased, while the SCFI for the European route declined slightly [5] - **Futures Prices and Basis**: The prices of EC2602 (main contract), EC2604, etc. changed slightly, and the basis of the main contract increased [5] - **Fundamental Data**: The global container shipping capacity supply remained unchanged. Port - related indicators such as the port punctuality rate and port calls in Shanghai, and overseas economic data such as the euro - zone composite PMI, EU consumer confidence index, and US manufacturing PMI all changed to different extents [5]

1. Report Industry Investment Rating - No relevant information provided 2. Core Views 2.1 Stock Index Futures - The report presents the latest values, historical quantiles, and changes compared to the previous day of various stock index futures spreads, including price spreads between futures and spot, and spreads between different contract months, as well as cross - variety ratios [1] 2.2 Bond Futures - It shows the latest values, changes, and historical quantiles of basis, cross - period spreads, and cross - variety spreads of different bond futures contracts [2] 2.3 Precious Metals - Gold has seen a correction in the domestic market, while the external market has shown an increase. The future market may focus on US economic data's impact on Fed policies and geopolitical situations in South America. Platinum and palladium may gradually return to stability, with platinum's price center rising. Silver may face callback risks due to global commodity index rebalancing [3] 2.4 Container Shipping Industry - The container shipping index and freight rates have shown certain fluctuations. The European and US - bound routes have different trends in terms of price changes. The futures prices of related contracts also have corresponding changes, and various fundamental data such as shipping capacity supply, port conditions, and overseas economic indicators are presented [5] 3. Summary by Relevant Catalogs 3.1 Stock Index Futures - **Price Spreads between Futures and Spot**: F, H, IC, and IM futures all have corresponding price spreads between futures and spot, with different historical quantiles and changes compared to the previous day. For example, the F futures' price spread between futures and spot is - 30.14, and it has changed by - 1.06 compared to the previous day [1] - **Cross - Period Spreads**: There are various cross - period spreads for different contracts, such as between the next month and the current month, the far month and the next month, etc., with different historical quantiles and changes [1] - **Cross - Variety Ratios**: Ratios such as IC/IF, IC/IH, etc. are presented, along with their historical quantiles and changes [1] 3.2 Bond Futures - **Basis**: The basis of TS, TF, T, and TL bonds is provided, including the latest values, changes compared to the previous day, and historical quantiles [2] - **Cross - Period Spreads**: Cross - period spreads between different contract quarters, such as the current quarter and the next quarter, the current quarter and the far quarter, etc., are shown, with corresponding historical quantiles and changes [2] - **Cross - Variety Spreads**: Spreads between different bond varieties, such as TS - TF, TS - T, etc., are presented, along with their historical quantiles and changes [2] 3.3 Precious Metals - **Domestic Futures Closing Prices**: The closing prices, price changes, and price change ratios of domestic precious metal futures contracts (AU2602, AG2602, etc.) are given [3] - **External Futures Closing Prices**: The closing prices, price changes, and price change ratios of external precious metal futures contracts (COMEX gold, COMEX silver, etc.) are provided [3] - **Spot Prices**: The spot prices, price changes, and price change ratios of precious metals (London gold, London silver, etc.) are presented [3] - **Other Data**: Data such as ratios, interest rates, exchange rates, inventory, and positions are also included, along with their changes [3] 3.4 Container Shipping Industry - **Container Shipping Index**: The settlement price indices of SCFIS (European and US - bound routes) and the Shanghai export container freight rate indices (SCFI) are presented, along with their price changes and price change ratios [5] - **Futures Prices and Basis**: The prices, price changes, and price change ratios of different container shipping futures contracts (EC2602, EC2604, etc.), as well as the basis of the main contract, are given [5] - **Fundamental Data**: Data on shipping capacity supply, port conditions (port on - time rate, port calls), monthly export amount, and overseas economic indicators (PMI, consumer confidence index, etc.) are provided, along with their changes [5]

Report Summary 1. Industry Investment Rating - No industry investment rating information is provided in the reports. 2. Core Views - **Precious Metals**: The expected central price of gold in 2026 will gradually rise, targeting over $4,800. Some investors are pre - positioning in precious metals, leading to increased ETF and derivatives positions. In the short - term, the market will remain strong without clear negative factors. For silver, due to favorable financial and industrial attributes, strong physical demand and tight inventory, the "irrational" price increase may continue. However, investors should watch for regulatory measures and potential price corrections. In the domestic market, the newly - listed futures on Guangzhou Futures Exchange have low liquidity, and there is a risk of short - term price fluctuations. It is recommended to lock in profits and wait for a more stable market after the New Year [3]. - **Container Shipping**: The settlement price indices of container shipping, such as SCFIS and SCFI, have shown varying degrees of increase. The futures prices of container shipping contracts have also changed, and the fundamentals show that the global container shipping capacity supply remains stable, while some overseas economic indicators have slightly declined [5]. 3. Summary by Category **Stock Index Futures Spread** - **Futures - Spot Spread**: The IF futures - spot spread is - 18.84, with a 1 - year historical quantile of 13.10% and an all - time quantile of 49.10%. The IH futures - spot spread is 4.84, with corresponding quantiles of 94.60% and 87.10%. The IC futures - spot spread is - 70.84, and the IM futures - spot spread is - 133.13 [1]. - **Inter - period Spread**: Different inter - period spreads for IF, IH, IC, and IM show various values and quantiles. For example, the next - month minus current - month spread for IF is - 15.00, with a 1 - year historical quantile of 35.60% [1]. - **Cross - variety Ratio**: Ratios such as CSI 500/CSI 300, IC/IF, etc., also have their respective values and quantiles. For instance, the CSI 500/CSI 300 ratio is 1.6016, with a 1 - year historical quantile of 97.90% [1]. **Bond Futures Basis and Spread** - **Basis**: On December 26, 2025, the TS basis is - 0.0682, the TF basis is 0.0192, the T basis is - 0.0127, and the TL basis is - 0.1615, with different historical quantiles [2]. - **Inter - period Spread**: For example, the current - quarter minus next - quarter spread for TS is - 0.0480, with a historical quantile of 15.30% [2]. - **Cross - variety Spread**: The TS - TF spread is - 0.0220, the TS - T spread is - 5.7520, etc., with corresponding historical quantiles [2]. **Precious Metals** - **Domestic and Foreign Futures Closing Prices**: On December 26, 2025, the AU2602 contract closed at 1016.30 yuan/gram, up 0.75% from the previous day. COMEX gold closed at $4,562.00, up 1.26% [3]. - **Spot Prices**: London gold was at $4,532.51 per ounce, up 1.19%. Shanghai Gold Exchange's gold TD was at 1008.80 yuan/gram, up 0.58% [3]. - **Basis**: The gold TD - Shanghai gold futures spread is - 7.50, with a 1 - year historical quantile of 6.80% [3]. - **Price Ratios**: The COMEX gold/silver ratio is 57.26, down 8.66% [3]. - **Interest Rates and Exchange Rates**: The 10 - year US Treasury yield is 4.14%, down 0.2%, and the US dollar index is 98.03, up 0.13% [3]. - **Inventory and Positions**: The Shanghai Futures Exchange's gold inventory increased by 4.25% to 97,692 units, while the COMEX silver inventory decreased by 0.36% to 449,727,730 units [3]. **Container Shipping** - **Shipping Indices**: The SCFIS (European route) settled at 1589.20 points on December 22, up 5.21% from December 15. The SCFI composite index was 1552.92 points on December 19, up 3.08% from December 12 [5]. - **Futures Prices and Basis**: The EC2602 (main contract) closed at 1824.5 on December 26, up 1.38% from the previous day. The basis of the main contract was - 235.3, down 11.78% [5]. - **Fundamentals**: The global container shipping capacity supply remained at 3365.73 million TEU on December 29. The port punctuality rate in Shanghai in November was 40.00%, down 18.50% from October [5].

Group 1: Investment Ratings - No specific industry investment rating is provided in the reports. Group 2: Core Views - The reports mainly present the daily data of futures spreads, including stock index futures, bond futures, precious metals futures, and container shipping futures, such as current prices, historical quantiles, changes from the previous day, and various spread and ratio data, to help investors understand the market situation [1][2][3][4]. Group 3: Summary by Related Catalogs Stock Index Futures Spreads - **Spot - Futures Spreads**: IF was -46.82, with a 1 - year historical quantile of 11.00% and an all - time quantile of 5.60%, down 5.65 from the previous day. IH was -1.83, IC was -132.46, and IM was -15.60 [1]. - **Inter - Period Spreads**: Different contracts of IF, IH, IC, and IM have different spread values and historical quantiles, showing the price differences between different contract periods [1]. - **Cross - Variety Ratios**: Ratios such as CSI 500/CSI 300, CSI 500/SSE 50, and IC/IF are provided, along with their current values, historical quantiles, and changes from the previous day [1]. Bond Futures - **Basis**: TS was 1.5048, TF was 1.0558, T was 1.3050, and TL was 0.8932, with corresponding changes and historical quantiles [2]. - **Inter - Period Spreads**: Different contracts of TS, TF, T, and TL show various inter - period spread values and historical quantiles [2]. - **Cross - Variety Spreads**: Spreads such as TS - TF, TS - T, and TF - T are presented, along with their values, changes, and historical quantiles [2]. Precious Metals Futures and Spot - **Domestic Futures Closing Prices**: AU2602 rose 2.14% to 1000.86 yuan/gram, AG2602 rose 5.42% to 16210 yuan/kilogram, etc. [3]. - **Foreign Futures Closing Prices**: COMEX gold rose 0.10% to 4334.30 dollars/ounce, COMEX silver rose 3.29% to 64.13 dollars/ounce, etc. [3]. - **Spot Prices**: London gold rose 0.11% to 4304.00 dollars/ounce, London silver rose 3.40% to 64.03 dollars/ounce, etc. [3]. - **Basis**: Gold TD - Shanghai gold main contract was -8.74, with a 1 - year historical quantile of 0.40%, etc. [3]. - **Ratios**: COMEX gold/silver ratio decreased 3.09% to 67.59, etc. [3]. - **Interest Rates and Exchange Rates**: 10 - year US Treasury yield rose 0.2% to 4.17%, 2 - year US Treasury yield fell 1.1% to 3.44%, etc. [3]. - **Inventory and Positions**: Shanghai Futures Exchange gold inventory remained unchanged at 91716 kilograms, COMEX gold inventory rose 0.32% to 36120091 ounces, etc. [3]. Container Shipping Industry - **Shipping Indexes**: SCFIS (European route) rose 5.21% to 1589.20 points, SCFIS (US West route) rose 3.00% to 952.10 points, etc. [4]. - **Futures Prices and Basis**: EC2602 (main contract) rose 8.84% to 1871.8, and the basis of the main contract was -282.6, down 116.39% from the previous value [4]. - **Fundamental Data**: Global container shipping capacity supply rose 0.09% to 3364.19 million TEU, Shanghai port on - time rate fell 18.50% to 40.00%, etc. [4].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the reports. 2. Core Views The reports present a comprehensive analysis of various financial markets including stock index futures, bond futures, precious metals, and container shipping. They detail price movements, spreads, and related market indicators for different contracts and time periods, offering insights into market trends and potential investment opportunities. 3. Summary by Related Catalogs Stock Index Futures (Doc 1) - **Price Differences**: Provides price differences for various stock index futures contracts such as IF, IH, IC, and IM, including current - month, next - month, and far - month spreads, as well as inter - period and cross - period spreads. For example, the IF period - to - period spread shows different values and percentage changes [1]. - **Quantile Information**: Presents historical 1 - year and all - time quantiles for price differences, helping to assess the relative position of current spreads [1]. Bond Futures (Doc 2) - **Basis and Spreads**: Details basis values for TS, TF, T, and TL bond futures, along with cross - period and cross - variety spreads. For instance, the T basis on 2025 - 12 - 19 was 1.6707 with a 0.0450 change from the previous day [2]. - **Percentile Data**: Includes the percentile of spreads since the futures contract listing, which is useful for understanding the spread's historical position [2]. Precious Metals (Doc 3) - **Price Movements**: Covers domestic and foreign futures closing prices, spot prices, and their changes for gold, silver, platinum, and palladium. For example, the AU2602 contract price decreased by 0.06% from 980.50 to 979.90 yuan/gram on December 19 [3]. - **Basis and Ratios**: Analyzes basis values between spot and futures prices and price ratios between different precious metals, such as the COMEX gold/silver ratio which decreased by 3.09% to 67.59 [3]. Container Shipping (Doc 5) - **Index Movements**: Tracks the movement of shipping indices like SCFIS and SCFI, showing changes in European and US routes. For example, the SCFIS (European route) increased by 0.10% to 1510.56 points on December 15 [5]. - **Futures and Fundamentals**: Provides futures prices and basis values for container shipping contracts, along with fundamental data such as global container capacity supply, port performance, and overseas economic indicators [5].

1. Report Industry Investment Rating - No information provided in the reports. 2. Core Views - The reports present comprehensive data on various financial products including stock index futures spreads, bond futures spreads, precious metals spot - futures prices, and container shipping industry indexes on December 16, 2025, aiming to help investors analyze market trends and potential investment opportunities through detailed numerical comparisons and changes [1][2][3][5]. 3. Summary by Related Catalogs Stock Index Futures Spreads (Doc 1) - **Price Spreads**: Different contracts (IF, IH, IC, IM) have specific current - spot price spreads, with values like IF's - 6.46, IH's - 3.27, IC's 1.84, and IM's - 1.08. The spreads show changes compared to the previous day and different percentile positions in historical data [1]. - **Inter - period Spreads**: There are multiple inter - period spreads such as next month - current month, far month - current month, etc. For example, IF's next month - current month spread is - 17.80, and it also has changes and historical percentile data [1]. - **Cross - variety Ratios**: Ratios like IC/IF, IC/IH, etc., show different values and changes, with IC/IF at 1.5654 and a change of - 0.0030 [1]. Bond Futures Spreads (Doc 2) - **Basis**: TS, TF, T, and TL basis have specific values on December 15, 2025, with TS basis at 1.6370 and changes compared to the previous day. They also have percentile positions in the data since contract listing [2]. - **Inter - period Spreads**: Each bond futures type has different inter - period spreads such as current quarter - next quarter, etc., with corresponding changes and historical percentile data [2]. - **Cross - variety Spreads**: Spreads between different bond futures types like TS - TF, TS - T, etc., show specific values and changes [2]. Precious Metals Spot - Futures (Doc 3) - **Domestic Futures Closing Prices**: Contracts like AU2602, AG2602, etc. have closing prices on December 15, 2025, and corresponding price changes and percentage changes compared to December 12 [3]. - **Foreign Futures Closing Prices**: COMEX gold, silver, NYMEX platinum, and palladium futures have closing prices on December 15, 2025, with price changes and percentage changes [3]. - **Spot Prices**: London gold, silver, and other spot prices have values on December 15, 2025, and price changes and percentage changes [3]. - **Basis**: The basis of different precious metals shows specific values, changes, and historical percentile positions [3]. - **Price Ratios**: Ratios like COMEX gold/silver, SHFE gold/silver have values and percentage changes [3]. - **Interest Rates and Exchange Rates**: 10 - year US Treasury yield, 2 - year US Treasury yield, etc., have values and percentage changes [3]. - **Inventory and Positions**: Inventories of SHFE gold, silver, and COMEX gold, silver, as well as ETF positions of gold and silver, have values and percentage changes [3]. Container Shipping Industry (Doc 5) - **Shipping Indexes**: SCFIS (European route), SCFIS (US - West route), and SCFI comprehensive index have values on different dates, showing price changes and percentage changes [5]. - **Futures Prices and Basis**: Futures contracts like EC2602 (main contract) have prices on December 12 and December 9, with price changes and percentage changes. The basis of the main contract also has specific values and changes [5]. - **Fundamentals**: Global container shipping capacity supply, port - related indicators in Shanghai, monthly export amount, overseas economic indicators (euro - zone PMI, EU consumer confidence index, US manufacturing PMI), and OECD leading indicators have values and percentage changes [5].

1. Report Industry Investment Rating - No relevant information provided in the documents 2. Core Views - The reports mainly present daily data on various futures, including stock index futures, treasury bond futures, precious metal futures, and container shipping index futures, covering aspects such as price differences, price changes, and related fundamental data [1][2][5][7] 3. Summary by Related Catalogs 3.1 Stock Index Futures - **Price Differences**: The IF, IH, IC, and IM contracts have different current - futures price differences, inter - period price differences, and cross - variety ratios. For example, the IF current - futures price difference is - 6.95, and the historical 1 - year percentile is 68.80% [1] - **Percentiles**: Different contracts have different historical percentiles, reflecting their positions in historical data distributions [1] 3.2 Treasury Bond Futures - **Basis and Cross - Period Price Differences**: Contracts like TS, TF, T, and TL have their respective basis and cross - period price differences, along with changes compared to the previous trading day and percentiles since listing. For example, the TS basis on December 12, 2025, is 1.7040, with a change of - 0.0662 from the previous day [2] - **Cross - Variety Price Differences**: There are cross - variety price differences among different treasury bond futures contracts, such as TS - TF, TS - T, etc. [2] 3.3 Precious Metal Futures - **Prices**: Domestic and foreign futures closing prices, spot prices of precious metals (gold, silver, platinum, palladium) have different degrees of changes. For example, the AU2602 contract on December 12, 2025, closed at 970.66 yuan/gram, up 1.33% from the previous day [5] - **Basis and Ratios**: There are basis and price ratios between different precious metal contracts. For example, the basis of gold TD - Shanghai gold main contract is - 5.86, and the historical 1 - year percentile is 2.80% [5] - **Interest Rates, Exchange Rates, Inventory, and Positions**: Information on interest rates (such as 10 - year US Treasury yields), exchange rates (such as the US dollar index), inventory (such as Shanghai Futures Exchange gold inventory), and positions (such as SPRD gold ETF positions) is also provided [5] 3.4 Container Shipping Index Futures - **Index Prices**: The settlement price index of container shipping (SCFIS for European and US - West routes) and Shanghai export container freight rates (SCFI) have different changes. For example, the SCFIS (European route) on December 8, 2025, is 1509.10, up 1.72% from December 1 [7] - **Futures Prices and Basis**: Futures prices of different contracts (EC2602, EC2604, etc.) and their basis (such as the basis of the main contract) have corresponding changes [7] - **Fundamental Data**: Data on container shipping supply capacity, port - related indicators (port punctuality rate, port calls), export amounts, overseas economic indicators (euro - zone PMI, US manufacturing PMI, etc.) are presented [7]

Group 1: Stock Index Futures Spread 1. Report Industry Investment Rating No relevant content provided. 2. Core View The report presents the latest values, historical quantiles, and changes compared to the previous day for various stock index futures spreads on December 12, 2025, including IF, IH, IC, and IM, as well as cross - variety ratios [1]. 3. Summary by Related Catalog - **Futures - Spot Spreads**: IF futures - spot spread is - 12.58 (1 - year quantile: 5.04%, all - time quantile: 59.40%); IH is - 7.23 (1 - year: 0.61%, all - time: 30.70%); IC is - 8.49 (1 - year: 90.10%, all - time: 71.40%); IM is - 7.40 (1 - year: 95.00%, all - time: 75.60%) [1]. - **Inter - delivery Spreads**: For IF, spreads like next - month minus current - month is - 16.80, etc.; for IH, spreads such as next - month minus current - month is - 7.20; for IC, next - month minus current - month is - 4.20; for IM, next - month minus current - month is - 4.20 [1]. - **Cross - variety Ratios**: Ratios like CSI 500/CSI 300 is 1.5559, IC/IF is 1.5584, etc., are presented with their changes and quantiles [1]. Group 2: Treasury Bond Futures Spread 1. Report Industry Investment Rating No relevant content provided. 2. Core View The report shows the latest values, changes compared to the previous trading day, and percentiles since listing for various treasury bond futures spreads on December 12, 2025, including TS, TF, T, and TL, as well as cross - variety spreads [3]. 3. Summary by Related Catalog - **Basis**: TS basis is 1.7270 (change: - 0.0774, percentile: 35.30%); TF basis is 1.7233 (change: - 0.0742, percentile: 48.90%); T basis is 1.4883 (change: 0.0223, percentile: 51.10%); TL basis is 1.5214 (change: 0.4679, percentile: 51.70%) [3]. - **Inter - delivery Spreads**: For TS, spreads like current - quarter minus next - quarter is - 0.0040; for TF, current - quarter minus next - quarter is - 0.0350; for T, current - quarter minus next - quarter is 0.1700; for TL, current - quarter minus next - quarter is 0.2100 [3]. - **Cross - variety Spreads**: Spreads like TS - TF is - 3.4110, TS - T is - 5.6260, etc., are provided [3]. Group 3: Precious Metals Spot - Futures 1. Report Industry Investment Rating No relevant content provided. 2. Core View The report provides the closing prices, price changes, and percentage changes of domestic and foreign precious metals futures, spot prices, basis, ratios, yields, exchange rates, inventory, and positions on December 11, 2025 [5]. 3. Summary by Related Catalog - **Domestic Futures Closing Prices**: AU2602 contract is 957.90 yuan/g (increase: 1.50, 0.16%); AG2602 contract is 14488 yuan/kg (increase: 115, 0.80%); etc. [5]. - **Foreign Futures Closing Prices**: COMEX gold is 4309.30 (increase: 51.00, 1.20%); COMEX silver is 63.98 (increase: 1.78, 2.85%); etc. [5]. - **Spot Prices**: London gold is 4279.10 (increase: 51.45, 1.22%); London silver is 63.55 (increase: 1.82, 2.94%); etc. [5]. - **Basis**: Gold TD - SHFE gold is - 5.55 (change: - 0.28, 1 - year quantile: 4.40%); Silver TD - SHFE silver is - 41 (change: - 45, 1 - year quantile: 13.20%); etc. [5]. - **Ratios**: COMEX gold/silver is 67.36 (decrease: - 1.10, - 1.61%); SHFE gold/silver is 66.12 (decrease: - 0.42, - 0.64%); etc. [5]. - **Yields and Exchange Rates**: 10 - year US Treasury yield is 4.14% (increase: 0.01, 0.2%); 2 - year US Treasury yield is 3.52% (decrease: - 0.02, - 0.6%); etc. [5]. - **Inventory and Positions**: SHFE gold inventory is 91302 (increase: 3, 0.00%); SHFE silver inventory is 780600 kg (increase: 38755, 5.22%); etc. [5]. Group 4: Container Shipping Industry Spot - Futures 1. Report Industry Investment Rating No relevant content provided. 2. Core View The report presents the settlement price indices, futures prices, basis, and fundamental data of the container shipping industry on December 12, 2025 [6]. 3. Summary by Related Catalog - **Shipping Indices**: SCFIS (European route) is 1509.10 points (increase: 25.4, 1.72%); SCFIS (US West route) is 960.51 (decrease: - 988.3, - 50.71%); SCFI composite index is 1403.13 points (increase: 9.6, 0.69%) [6]. - **Futures Prices and Basis**: EC2602 (main contract) is 1689.0 points (increase: 23.8, 1.43%); basis (main contract) is - 179.9 (change: - 23.8, 15.25%) [6]. - **Fundamental Data**: Global container shipping capacity supply is 3352.62 FTEU (increase: 0.02, 0.00%); Shanghai port on - time rate is 40.00% (decrease: - 9.08, - 18.50%); monthly export amount is 3303.50 billion US dollars (increase: 249.97, 8.19%) [6].