| 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 ...

1. Report Industry Investment Rating - No information provided regarding the report industry investment rating. 2. Core Views - No clear core views are presented in the reports. The documents mainly provide data and statistics on various financial instruments and industries, such as stock index futures spreads, futures spreads, precious metals, and container shipping. 3. Summary by Relevant Catalogs Stock Index Futures Spreads - **Price Differences**: The report provides data on the spreads of various stock index futures, including IF, IH, IC, and IM. For example, the IE spot - futures spread was 15.97 with a change of -3.12 compared to the previous day, and the 1 - year and all - time quantiles were 52.40% and 28.60% respectively [1]. - **Inter - period Spreads**: It details inter - period spreads like the difference between the next - month and current - month contracts, and the far - month and next - month contracts for different futures varieties. For instance, in IF, the next - month - current - month spread was -18.40 with a change of -2.40, and the 1 - year and all - time quantiles were 22.10% and 24.70% [1]. - **Cross - variety Ratios**: Cross - variety ratios such as CSI 500/SSE 300, CSI 1000/SSE 300, and IC/IF are presented. For example, the IC/IF ratio was 1.5413 with a change of 0.0030 [1]. Futures Spreads - **IRR and Basis**: Information on the implied repo rate (IRR) and basis of different futures contracts is given. For example, for the 15 - year bond futures, the IRR was 0.0663 on 2025 - 12 - 04 with a change of 0.0054, and the TF basis was 0.9011 on the same date [2]. - **Inter - period Spreads**: Inter - period spreads for different maturities of futures contracts (TS, TF, T, and TL) are provided. For example, the TS next - quarter - current - quarter spread was 0.0340 on 2025 - 12 - 04 with a 1 - year quantile of 25.90% [2]. - **Cross - variety Spreads**: Cross - variety spreads like TS - TF, TS - T, and TF - T are presented. For example, TS - TF was -3.2270 on 2025 - 12 - 04 with a 1 - year quantile of 16.50% [2]. Precious Metals - **Futures and Spot Prices**: Domestic and foreign futures closing prices, as well as spot prices of precious metals (gold, silver, platinum, and palladium) are reported. For example, the AU2602 contract closed at 953.42 yuan/gram on December 4, 2025, down 0.34% from the previous day [3]. - **Basis and Ratios**: Basis data (e.g., gold TD - Shanghai gold futures) and price ratios (e.g., COMEX gold/silver) are provided. For example, the gold TD - Shanghai gold futures basis was -4.98 with a change of 2.18 and a 1 - year quantile of 7.20% [3]. - **Interest Rates, Exchange Rates, and Inventories**: Information on interest rates (10 - year US Treasury bond yield, 2 - year US Treasury bond yield), exchange rates (US dollar index, offshore RMB exchange rate), and inventories (上期所 and COMEX gold and silver inventories, ETF holdings) is included. For example, the 10 - year US Treasury bond yield was 4.11% on December 4, 2025, up 1.2% from the previous day [3]. Container Shipping Industry - **Shipping Indexes**: Settlement price indexes (SCFIS for European and US - West routes), Shanghai export container freight rates (SCFI comprehensive index, SCFI for different routes) are presented. For example, the SCFIS (European route) was 1483.65 points on December 1, 2025, down 9.50% from November 24 [5]. - **Futures Prices and Basis**: Futures prices of container shipping contracts (EC2602, etc.) and the basis of the main contract are provided. For example, the EC2602 (main contract) was 1585.0 points on December 4, 2025, up 2.92% from the previous day, and the basis of the main contract was -101.4, down 79.54% [5]. - **Fundamental Data**: Data on container shipping capacity supply, port - related indicators (port on - time rate, port calls), export amounts, and overseas economic indicators (eurozone PMI, US manufacturing PMI) are included. For example, the global container shipping capacity supply was 3349.44 million TEU on December 4, 2025, with no change from the previous day [5].

| 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 | ...

| 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% | | | | ...

| 贵金属期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可【2011】1292号 2025年12月1日 | | | | 叶倩宁 | Z0016628 | | 国内期货收盘价 | | | | | | | 品相 | 11月28日 | 11月27日 | 张跃 | 旅跌幅 | 单位 | | AU2602合约 | 953.92 | 947.16 | 6.76 | 0.71% | 元/完 | | AG2602合约 | 12727 | 12525 | 202 | 1.61% | 元/千克 | | PT2606合约 | 430.30 | 405.00 | 25.30 | 6.25% | | | | | | | | 元/克 | | PD2606合约 | 370.60 | 365.00 | 5.60 | 1.53% | | | 外盘期货收盘价 | | | | | | | 而神 | 11月28日 | 11月27日 | 张跃 | 张跌幅 | 单位 | | COMEX黄金主力合约 | 4256.40 | 4196.10 | 60.30 | 1. ...

Report Summary of Multiple Futures 1. General Information - The reports cover multiple futures, including stock index futures, treasury bond futures, precious metal futures, and container shipping futures, with data mainly from November 24 - 27, 2025 [1][2][3][4] 2. Stock Index Futures (SIF) [1] - **Price Differences** - F, H, C, and INMMAR contracts show various changes in spot - futures and inter - period spreads compared to the previous day - For example, F spot - futures spread is - 4.56, with a 23.50% change from the previous day - **Cross - Variety Ratios** - Ratios such as CSI 500 / SSE 300, IC / IF have different values and percentile positions - CSI 500 / SSE 300 is 1.5488, with a 0.0045 change and 73.30% in the past year's percentile 3. Treasury Bond Futures (TBF) [2] - **IRR and Base - Spread** - TS, TF, T, and TL contracts have different implied repo rates (IRR) and base - spreads - TS IRR is 1.7177% on November 25, 2025, with a - 0.0868 change - **Inter - Period and Cross - Variety Spreads** - Different contracts show various inter - period and cross - variety spreads - TS - TF cross - variety spread is - 3.5580 on November 25, 2025 4. Precious Metal Futures (PMF) [3] - **Prices** - Domestic and overseas futures and spot prices have different changes - AU2602 domestic futures contract rose 1.74% from November 24 to 25, while COMEX gold主力 contract fell 0.18% - **Base - Spreads and Ratios** - Gold and silver base - spreads have different values and percentile positions - Gold TD - Shanghai gold主力 base - spread is - 5.81, with a - 1.24 change and 2.40% in the past year's percentile - COMEX gold / silver and SHFE gold / silver ratios also changed 5. Container Shipping Futures (CSF) [4] - **Index and Price** - Shipping indices such as SCFIS and SCFI have different changes - SCFIS (European route) rose 20.75% from November 17 to 24, while SCFI (European) fell 3.53% from November 14 to 21 - Futures prices of EC contracts generally declined, and the base - spread of the main contract increased - **Fundamentals** - Global container shipping capacity supply remained unchanged, while port - related indicators and overseas economic data had different changes - Shanghai port on - time rate increased 14.75% from the previous period, and the eurozone's composite PMI decreased 0.19%

| 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11月26日 | 品种 | 暦就得 | 较前一日变化 | 历史1年分位数 全历史分位数 | 价元 | | | | | | | | | | | -17.40 | 48.70% | 26.30% | F期现价差 | -4.56 | 23.50% | -2.84 | 28.60% | H期观价差 | -9.00 | 期现价差 | | | | | | | -54,60 | 13.24 | 41.30% | 16,60% | C期现价去 | -77.95 | 11.71 | 80.00% | 71.30% | INMMAR | 次月-当月 | -15.80 | 0.00 | 26.60% | 27.80% | | | 季月-当月 | 020 | -2 ...

Report 1: Stock Index Futures Spread Daily Report Core Information - The report presents the latest values, changes from the previous day, and historical quantiles of various stock index futures spreads on November 25, 2025 [1]. Key Points - **Price Spreads**: The current - spot price spreads of IF, IH, IC, and IM are 3.29, -41.37, 6.04, and -61.21 respectively, with changes of -6.16, 54.00%, 54.00%, and 27.31 [1]. - **Inter - period Spreads**: For example, the difference between the next - month and current - month contracts of IF is -15.80, with a change of 37.00 [1]. - **Cross - variety Ratios**: Ratios such as IC/IF are 1.5394, with a change of 0.0106 [1]. Report 2: Treasury Bond Futures Spread Daily Report Core Information - The report shows the IRR, basis, inter - period spreads, and cross - variety spreads of treasury bond futures on November 25, 2025, along with their changes and historical percentiles [2]. Key Points - **IRR and Basis**: The IRR and basis of TS, TF, T, and TL are presented, such as the TS basis being -0.0835 with a change of -0.0869 and a 32.60% percentile [2]. - **Inter - period Spreads**: For TS, the spread between the current - quarter and next - quarter contracts is -0.0120, with a change of -0.0160 and a 19.10% percentile [2]. - **Cross - variety Spreads**: Spreads like TS - TF are -0.1170 [2]. Report 3: Precious Metals Spot - Futures Daily Report Core Information - The report provides domestic and foreign futures closing prices, spot prices, basis, ratios, interest rates, exchange rates, inventory, and positions of precious metals on November 25, 2025 [3]. Key Points - **Prices**: Domestic AU2602 and AG2602 contracts closed at 930.32 and 11808 respectively, with increases of 3.38 and 128 [3]. - **Basis**: The basis of gold TD - Shanghai gold main contract is -4.57, with a change of -0.31 and a 10.80% one - year historical quantile [3]. - **Inventory and Positions**: The Shanghai Futures Exchange's gold inventory remains unchanged at 90426 kg, while silver inventory increased by 13028 to 532299 [3]. Report 4: Container Shipping Industry Spot - Futures Daily Report Core Information - The report includes container shipping indices, futures prices, basis, and fundamental data on November 25, 2025 [5]. Key Points - **Indices**: The SCFIS (European route) index is 1639.37, up 281.7 or 20.75% from November 17 [5]. - **Futures Prices**: The EC2602 (main contract) is 1568.6, up 12.5 or 0.80% from November 21 [5]. - **Fundamental Data**: The global container shipping capacity supply is 3343.24 million TEU, with a negligible change [5].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report Core Views No clear core views are presented in the given reports. The reports mainly provide daily data on various financial products including stock index futures, bond futures, precious metals, and container shipping, without explicit investment - related core views. 3. Summary by Related Catalogs 3.1 Stock Index Futures Spread Daily Report - **Futures - Spot Spreads**: For example, the F futures - spot spread was - 13.19, with a 1 - year historical quantile of 52.00% and an all - time quantile of 32.30%. Different contracts like H, IC, IM also had their respective futures - spot spreads and quantiles [1]. - **Inter - period Spreads**: Such as the spread between the next - month and current - month contracts for different varieties, with values and historical quantiles provided. For instance, the spread between the next - month and current - month contracts of a certain variety was - 14.60, with a 1 - year historical quantile of 28.60% and an all - time quantile of 29.30% [1]. - **Cross - variety Ratios**: Ratios like the ratio of IC to IF was 1.5543, with a change of - 0.0049, and 1 - year and all - time historical quantiles of 86.80% and 86.70% respectively [1]. 3.2 Bond Futures Spread Daily Report - **Basis**: The basis of different bond futures contracts such as TS, TF, T, TL was reported, along with their values, changes, and historical quantiles. For example, the T basis was 1.5950, with a historical quantile of 54.70% [2]. - **Inter - period Spreads**: Spreads between different contract periods (current - quarter, next - quarter, etc.) of bond futures were given, including values, changes, and historical quantiles. For example, the spread between the current - quarter and next - quarter contracts of TS was 0.0020, with a historical quantile of 21.40% [2]. - **Cross - variety Spreads**: Spreads between different bond futures varieties like TS - TF, TS - T were reported, with values, changes, and historical quantiles [2]. 3.3 Precious Metals Spot - Futures Daily Report - **Futures and Spot Prices**: Domestic and foreign futures closing prices, as well as spot prices of gold and silver, were presented, along with their changes and percentage changes. For example, the AU2512 contract of domestic gold futures closed at 937.00 yuan/gram on November 19, with a 2.01% increase [3]. - **Basis**: The basis between different gold and silver contracts (e.g., gold TD - Shanghai gold futures main contract) was reported, including values, changes, and historical quantiles. For example, the basis of gold TD - Shanghai gold futures main contract was - 2.72, with a historical quantile of 48.50% [3]. - **Ratios and Yields**: Ratios such as COMEX gold/silver and yields of US Treasury bonds (10 - year and 2 - year) were provided, along with their changes and percentage changes. For example, the COMEX gold/silver ratio was 79.86, with a - 0.76% change [3]. 3.4 Container Shipping Industry Spot - Futures Daily Report - **Shipping Indexes**: Settlement price indexes of container shipping (SCFIS for European and US - West routes) and Shanghai export container freight rates (SCFI) were reported, along with their changes and percentage changes. For example, the SCFIS (European route) was 1357.67 points on November 17, with a - 9.78% decrease compared to November 10 [5]. - **Futures Prices and Basis**: Futures prices of different container shipping contracts (e.g., EC2602) and their basis were presented, along with changes and percentage changes. For example, the EC2602 (main contract) was 1640.1 on November 19, with a - 2.26% decrease [5]. - **Fundamental Data**: Data on global container shipping capacity supply, port - related indicators (port on - time rate, port calls), export balances, and overseas economic indicators (PMI, consumer confidence index) were provided, along with their changes and percentage changes. For example, the global container shipping capacity supply was 3342.26 million TEU on November 19, with a 0.01% increase [5].

1. Report Summary 1.1 Stock Index Futures Spread Daily Report - **IF Spread Data**: The latest IF spot - futures spread is - 16.65, up 11.09 from the previous day, with a 1 - year historical percentile of 47.90% and an all - time percentile of 27.20%. Different IF inter - period spreads also show various values and changes [1]. - **IH Spread Data**: The IH spot - futures spread is - 2.87, up 5.15 from the previous day, with different historical percentiles. IH inter - period spreads have their own values and changes as well [1]. - **IC Spread Data**: The IC spot - futures spread is - 91.05, up 6.11 from the previous day. IC inter - period spreads show significant differences in values and changes, with many at very low percentiles [1]. - **IM Spread Data**: The IM spot - futures spread is - 128.68, up 2.08 from the previous day. IM inter - period spreads also have distinct values and changes [1]. - **Cross - variety Ratios**: Ratios such as CSI 500/CSI 300, IC/IF, etc., show different values, changes, and historical percentiles [1]. 1.2 Treasury Bond Futures Spread Daily Report - **Basis Data**: The basis of TS, TF, T, and TL shows different values and changes on November 17, 2025, with corresponding historical percentiles [3]. - **Inter - period Spread Data**: Inter - period spreads of TS, TF, T, and TL, including spreads between different contract months like current - quarter to next - quarter, etc., have their own values, changes, and historical percentiles [3]. - **Cross - variety Spread Data**: Cross - variety spreads such as TS - TF, TS - T, etc., show different values and changes on November 17, 2025, with corresponding historical percentiles [3]. 1.3 Precious Metals Spot - Futures Daily Report - **Futures Closing Prices**: Domestic and foreign precious metals futures closing prices, including AU2512, AG2512, COMEX gold, and COMEX silver, show declines on November 17 compared to previous dates, with corresponding percentage changes [5]. - **Spot Prices**: Spot prices of London gold, London silver, and domestic TD products also show declines, with corresponding percentage changes [5]. - **Basis and Ratios**: The basis of different precious metals combinations shows different values, changes, and historical percentiles. Ratios such as COMEX gold/silver and SHFE gold/silver also have their own values and changes [5]. - **Interest Rates, Exchange Rates, Inventory, and Positions**: Interest rates of US Treasury bonds, exchange rates, inventory of precious metals in different exchanges, and positions of ETFs show various changes [5]. 1.4 Container Shipping Industry Spot - Futures Daily Report - **Shipping Indexes**: SCFIS for European and US - West routes shows declines from November 10 to November 17, while SCFI shows mixed changes in different routes from November 7 to November 14 [7]. - **Futures Prices and Basis**: Futures prices of different contracts have different changes, and the basis of the main contract shows a change of - 11.0 with a 9.61% change [7]. - **Fundamental Data**: Global container shipping capacity supply remains unchanged. Port - related indicators in Shanghai, export amounts, overseas economic indicators such as PMI and consumer confidence index, and OECD leading indicators show various changes [7]. 2. Core Views The report comprehensively presents the spread, price, and fundamental data of stock index futures, treasury bond futures, precious metals, and the container shipping industry. These data can help investors understand the current market situation of different asset classes, including price trends, relative value relationships, and market supply - demand fundamentals, so as to make investment decisions [1][3][5][7]. 3. Report Industry Investment Rating No industry investment rating information is provided in the report.