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 3 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 | 775.5 | 777.5 | -2.0 | I05-I09 | 24.0 | 25.0 | -1.0 | | I09 | 751.5 | 752.5 | -1.0 | I09-I01 | -49.0 | -48.5 | -0.5 | | I01 | 800.5 | 801.0 | -0.5 | I01-I05 | 25.0 | 23.5 | 1.5 | 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 -100 -50 0 50 100 150 05 06 07 08 09 10 11 12 01 2101-2105 ...

光期研究 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 | 763.5 | 756.0 | 7.5 | I05-I09 | 27.0 | 25.5 | 1.5 | | I09 | 736.5 | 730.5 | 6.0 | I09-I01 | -54.0 | -55.0 | 1.0 | | I01 | 790.5 | 785.5 | 5.0 | I01-I05 | 27.0 | 29.5 | -2.5 | 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 光期黑色：铁矿石基差及价差监测日报 2025 年 1 1 月 2 5 日 -100 -50 0 50 100 150 05 06 07 08 09 10 11 12 01 2101-2105 2 ...

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints The report presents a daily monitoring of iron ore basis and spread, including futures contract prices, basis data of various iron ore varieties, and spread data between different iron ore varieties, along with corresponding charts and regulatory changes in iron ore futures contracts [3][5][12]. 3. Summary by Related Catalogs Futures Contracts - I05 closed at 757.5 yuan/ton, up 1.0 yuan from the previous day; I09 closed at 734.0 yuan/ton, up 2.0 yuan; I01 closed at 792.0 yuan/ton, up 3.5 yuan [3]. - The spread between I05 - I09 was 23.5 yuan/ton, down 1.0 yuan; I09 - I01 was -58.0 yuan/ton, down 1.5 yuan; I01 - I05 was 34.5 yuan/ton, up 2.5 yuan [3]. Basis - **Data**: The basis of various iron ore varieties such as Carajás fines, BRBF, Newman fines, etc., showed different degrees of decline compared to the previous day [5]. - **Charts**: Provided basis charts for different types of iron ore, including Brazilian fines, Australian medium - grade fines, Australian low - grade fines, and domestic ores [7][8][9]. Regulatory Changes in Iron Ore Futures Contracts - From December 2nd, the main iron ore contract is I2205. Four new deliverable varieties (Benxi concentrate, IOC6, KUMBA, Ukrainian concentrate) are added with brand premiums of 0, starting from the I2202 contract [10]. - Brand premiums of existing varieties are adjusted. Only PB fines, BRBF, and Carajás fines have a brand premium of 15 yuan/ton, and the rest are 0 [10]. - Quality differences and premiums of substitutes are modified, including adjusting the allowable range of iron grade and other element indicators and introducing a dynamic adjustment mechanism for iron element premium [10]. - Four new deliverable brands (Taigang concentrate, Magang concentrate, Minmetals standard fines, SP10 fines) are added with brand premiums of 0 [10]. Variety Spreads - **Data**: The spreads between different iron ore varieties, such as block - powder spreads, high - medium grade powder spreads, and medium - low grade powder spreads, showed various changes compared to the previous day [12]. - **Charts**: Provided spread charts for different types of iron ore spreads, including block - powder spreads, high - medium grade powder spreads, medium - low grade powder spreads, etc. [15][16][20]

Group 1: General Information - The report is "Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report" dated November 18, 2025 [1] Group 2: Futures Contract Information - Futures contract I05 closed at 756.5 yuan/ton today, up 13.0 yuan from the previous day; I09 closed at 732.0 yuan/ton, up 10.5 yuan; I01 closed at 788.5 yuan/ton, up 16.0 yuan [3] - The spread between I05 - I09 is 24.5 yuan/ton today, up 2.5 yuan from the previous day; I09 - I01 is -56.5 yuan/ton, down 5.5 yuan; I01 - I05 is 32.0 yuan/ton, up 3.0 yuan [3] Group 3: Basis Information - For various iron ore varieties, the basis has generally decreased. For example, the basis of Carajás fines decreased by 5 yuan to 62 yuan, and that of BRBF decreased by 5 yuan to 70 yuan [5] Group 4: Contract and Policy Adjustments - Starting from December 2nd, the main iron ore contract is I2205. Four new deliverable varieties (Benxi Concentrate, IOC6, KUMBA, Ukrainian Concentrate) are added with a brand premium of 0, effective from the I2202 contract [10] - The brand premiums of PB fines, BRBF, and Carajás fines are 15 yuan/ton, and the rest are 0 yuan/ton [10] - The allowable range of iron grade is adjusted to ≥56%, and the allowable ranges of silica, alumina, phosphorus, and sulfur are set. The premium and discount for quality differences are more detailed, and the value of X for adjusting the iron element premium is determined semi - annually [10] - Four new deliverable brands (Taigang Concentrate, Magang Concentrate, Minmetals Standard Fines, SP10 Fines) are added with a brand premium of 0 yuan/ton, applicable to the I2312 and subsequent contracts [10][11] Group 5: Variety Spread Information - The spread between PB lump and PB fines is 87.0 yuan/ton today, down 1.0 yuan from the previous day; the spread between PB fines and FMG mixed fines is 66.0 yuan/ton, up 5.0 yuan [12] Group 6: Research Team Information - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with rich experience and relevant qualifications [24]

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core Viewpoints The report presents a daily monitoring analysis of iron ore basis and price spreads, including data on futures contracts, basis of various iron ore varieties, and price spreads between different iron ore products, along with corresponding charts for visualization [3][5][12]. 3. Summary by Relevant Catalogs Futures Contracts - I05 closed at 779.5 yuan/ton today, down 2.0 yuan from the previous day; I09 closed at 758.5 yuan/ton, down 1.5 yuan; I01 closed at 802.5 yuan/ton, down 2.0 yuan [3]. - The I05 - I09 spread was 21.0 yuan/ton today, down 0.5 yuan; the I09 - I01 spread was -44.0 yuan/ton, up 0.5 yuan; the I01 - I05 spread was 23.0 yuan/ton, unchanged [3]. Basis - For various iron ore varieties, such as Carajás fines (卡粉), its today's price was 920 yuan/ton, down 6.0 yuan from the previous day, with a basis of 79 yuan, down 5 yuan; BRBF's price was 842 yuan/ton, down 1.0 yuan, and the basis was 69 yuan, up 1 yuan [5]. Changes in Deliverable Brands - Starting from the I2202 contract, 4 new deliverable varieties are added: Benxi Concentrate (本钢精粉), IOC6, KUMBA, and Ukrainian Concentrate, with a brand premium of 0 yuan/ton [10]. - For existing varieties, only PB fines, BRBF, and Carajás fines have a brand premium of 15 yuan/ton, and the rest have a brand premium of 0 yuan/ton [10]. - The allowable range of iron grade indicators is adjusted to ≥ 56%, and the allowable ranges of silicon dioxide, aluminum oxide, phosphorus, and sulfur are set to ≤ 8.5%, ≤ 3.5%, ≤ 0.15%, and ≤ 0.2% respectively, with more detailed quality premium and discount regulations [10]. - Starting from the I2312 contract, the adjusted deliverable brands and their premiums apply. From the first trading day after the last delivery day of the I2311 contract, the exchange will handle the registration of standard iron ore futures warehouse receipts according to the adjusted deliverable brands and premiums [10][11]. Variety Price Spreads - The PB lump - PB fines spread was 110.0 yuan/ton today, down 4.0 yuan; the PB fines - mixed fines spread was 42.0 yuan/ton, up 1.0 yuan [12]. - The Carajás fines - Newman fines spread was 118.0 yuan/ton, down 6.0 yuan; the Carajás fines - PB fines spread was 115.0 yuan/ton, down 6.0 yuan [12].

Report Information - Report Title: "光期黑色：铁矿石基差及价差监测日报" [1] - Report Date: September 26, 2025 [1] Industry Investment Rating - No information provided in the report Core Viewpoints - No explicit core viewpoints provided in the given report content Detailed Summaries Futures Contract Prices and Spreads - I05 closed at 785.5 yuan/ton today, up 2.5 yuan from the previous day; I09 closed at 765.0 yuan/ton, up 3.0 yuan; I01 closed at 805.5 yuan/ton, up 2.0 yuan [3] - The I05 - I09 spread was 20.5 yuan/ton today, down 0.5 yuan from the previous day; the I09 - I01 spread was -40.5 yuan/ton, up 1.0 yuan; the I01 - I05 spread was 20.0 yuan/ton, down 0.5 yuan [3] Basis Data - Various iron ore varieties showed different price changes and basis values. For example, the price of Carajás fines (卡粉) was 933 yuan/ton today, up 3.0 yuan, with a basis of 90 yuan, up 1 yuan from the previous day [5] Contract Rule Changes - Four new deliverable varieties (本钢精粉, IOC6, KUMBA, Ukraine concentrate) were added, with brand premiums of 0, effective from the I2202 contract [10] - Brand premiums for existing varieties were adjusted. Only PB fines, BRBF, and Carajás fines have a brand premium of 15 yuan/ton, while others are 0 [10] - Quality difference and premium rules for substitutes were modified, including adjusting the allowable range of iron grade and other element indicators and introducing a dynamic adjustment mechanism for iron element premium [10] Variety Spreads - Different variety spreads showed various changes. For example, the PB lump - PB fines spread was 134.0 yuan/ton today, up 1.0 yuan from the previous day; the PB fines - Super Special fines spread was 68.0 yuan/ton, down 2.0 yuan [12] Research Team Introduction - The black research team includes members such as Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with rich industry experience and professional qualifications [24]

Report Overview - Report Title: "光期黑色：铁矿石基差及价差监测日报" - Date: September 19, 2025 - Report Type: Daily monitoring report on iron ore basis and spreads 1. Futures Contract Prices and Spreads 1.1 Futures Contract Prices - I05 closed at 778.5 yuan/ton, down 4.0 yuan from the previous day [3]. - I09 closed at 759.0 yuan/ton, down 4.5 yuan from the previous day [3]. - I01 closed at 800.0 yuan/ton, down 4.5 yuan from the previous day [3]. 1.2 Contract Spreads - The spread between I05 and I09 was 19.5 yuan/ton, up 0.5 yuan from the previous day [3]. - The spread between I09 and I01 was -41.0 yuan/ton, unchanged from the previous day [3]. - The spread between I01 and I05 was 21.5 yuan/ton, down 0.5 yuan from the previous day [3]. 2. Basis Analysis 2.1 Basis Data - The basis of various iron ore varieties showed different changes. For example, the basis of FMG mixed powder increased by 7 yuan to 88 yuan/ton, while the basis of five - mine standard powder decreased by 2 yuan to 44 yuan/ton [5]. 2.2 Basis Charts - Charts for different basis targets such as Brazilian powder ore, Australian medium - grade powder ore, Australian low - grade powder ore, and domestic ore were presented [7][8][9]. 3. Adjustment of Deliverable Brands and Rules - Four new deliverable varieties (Benxi Concentrate, IOC6, KUMBA, Ukrainian Concentrate) were added with a brand premium of 0, effective from the I2202 contract [10]. - The brand premiums of existing varieties were adjusted. Only PB powder, BRBF, and Carajas powder have a brand premium of 15 yuan/ton, and the rest are 0 yuan/ton [10]. - The allowable range of iron grade and other element indicators for substitutes was adjusted, and a dynamic adjustment mechanism for the premium of iron element indicators was introduced [10]. - Four new deliverable brands (Taigang Concentrate, Magang Concentrate, Five - mine Standard Powder, SP10 Powder) were added, and their brand premiums are 0 yuan/ton [10]. 4. Variety Spreads 4.1 Variety Spread Data - For example, the spread between PB block and PB powder increased by 3 yuan to 134 yuan/ton, while the spread between PB powder and mixed powder decreased by 5 yuan to 37 yuan/ton [12]. 4.2 Variety Spread Charts - Charts for different types of variety spreads such as block - powder spreads, high - medium grade powder ore spreads, and others were provided [13][14][15][17][19]

Group 1: Report Information - Report Title: "Light Period Black: Iron Ore Basis and Spread Monitoring Daily Report" [1] - Date: September 12, 2025 [1] Group 2: Contract Spreads - I05 closed at 773.5 yuan/ton, down 7.5 yuan from the previous day; I09 closed at 840.5 yuan/ton, down 7.0 yuan; I01 closed at 795.5 yuan/ton, down 9.5 yuan [3] - The spread of I05 - I09 was -67.0 yuan/ton, down 0.5 yuan; I09 - I01 was 45.0 yuan/ton, up 2.5 yuan; I01 - I05 was 22.0 yuan/ton, down 2.0 yuan [3] Group 3: Basis Data - For various iron ore varieties, prices and basis changed. For example, the price of Carajás Fines was 900 yuan/ton, down 8.0 yuan, and the basis was 64 yuan, up 1 yuan [6] - The price of BRBF was 812 yuan/ton, down 8.0 yuan, and the basis was 43 yuan, up 1 yuan [6] Group 4: Exchange Rule Adjustments - Four new deliverable varieties (Benxi Concentrate, IOC6, KUMBA, Ukrainian Concentrate) were added with a brand premium of 0, effective from the I2202 contract [11] - Brand premiums of existing varieties were adjusted. Only PB Fines, BRBF, and Carajás Fines had a brand premium of 15 yuan/ton, and others were 0 [11] - Quality difference and premium rules for substitutes were modified, including adjusting the allowable range of iron grade and other elements and introducing a dynamic adjustment mechanism for iron element premium [11] - Four new deliverable brands (Taigang Concentrate, Magang Concentrate, Minmetals Standard Fines, SP10 Fines) were added with a brand premium of 0 yuan/ton, applicable to the I2312 and subsequent contracts [11] Group 5: Variety Spreads - The spread of PB Lump - PB Fines was 138.0 yuan/ton, up 2.0 yuan; PB Fines - FMG Mixed Fines was 51.0 yuan/ton, down 3.0 yuan [13] - The spread of Newman Lump - Newman Fines was 139.0 yuan/ton, up 1.0 yuan; PB Fines - Super Special Fines was 90.0 yuan/ton, down 4.0 yuan [13] Group 6: Research Team Introduction - Qiu Yuecheng is the Assistant Director of the Research Institute and the Director of Black Research at Everbright Futures, with nearly 20 years of experience in the steel industry [23] - Zhang Xiaojin is the Director of Resource Product Research at Everbright Futures, with rich experience in the field of power coal [23] - Liu Xi is a black researcher at Everbright Futures, good at fundamental supply - demand analysis based on industrial chain data [23] - Zhang Chunjie is a black researcher at Everbright Futures, with experience in investment trading strategies and spot - futures operations [23]

Group 1: Report Overview - Report Title: "Light Period Black: Iron Ore Basis and Spread Monitoring Daily Report" [1] - Date: September 5, 2025 [1] Group 2: Contract Spreads - I05 closed at 767.5 yuan/ton, up 13.0 yuan from the previous day; I09 closed at 831.0 yuan/ton, up 18.0 yuan; I01 closed at 791.5 yuan/ton, up 14.5 yuan [3] - The spread of I05 - I09 was -63.5 yuan/ton, down 5.0 yuan; I09 - I01 was 39.5 yuan/ton, up 3.5 yuan; I01 - I05 was 24.0 yuan/ton, up 1.5 yuan [3] Group 3: Basis 3.1 Basis Data - The basis of various iron ore varieties changed. For example, the basis of Carajás fines was 62 yuan/ton, down 7 yuan; BRBF was 45 yuan/ton, down 6 yuan; Newman fines was 27 yuan/ton, down 4 yuan [6] 3.2 Basis Chart - There are charts showing the basis of different iron ore types such as Brazilian fines, Australian medium - grade fines, Australian low - grade fines, and domestic ores [8][9][10] Group 4: Exchange Rule Changes - Since December 2, the main iron ore contract has been I2205. Four new deliverable varieties (Benxi Iron Concentrate, IOC6, KUMBA, Ukrainian Iron Concentrate) were added with brand premiums of 0, effective from the I2202 contract [11] - Brand premiums of existing varieties were adjusted. Only PB fines, BRBF, and Carajás fines have a brand premium of 15 yuan/ton, and others are 0 [11] - Quality difference and premium rules for substitutes were modified, including adjusting the allowable range of iron grade and other element indicators and introducing a dynamic adjustment mechanism for iron element premium [11] - Four more deliverable brands (Taigang Iron Concentrate, Magang Iron Concentrate, Minmetals Standard Fines, SP10 Fines) were added with brand premiums of 0, applicable to I2312 and subsequent contracts [11] Group 5: Variety Spreads 5.1 Variety Spread Data - The spread of PB lump - PB fines was 142.0 yuan/ton, down 2.0 yuan; PB fines - mixed fines was 60.0 yuan/ton, down 3.0 yuan; etc. [13] 5.2 Variety Spread Charts - There are multiple charts showing different variety spreads such as lump - powder spreads, high - medium grade powder spreads, medium - low grade powder spreads, etc. [14][16][18][21][22] Group 6: Research Team - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, with rich industry experience and professional qualifications [25]

Report Overview - The report is titled "Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report" dated August 29, 2025, focusing on iron ore futures contracts, basis, and spread analysis [1] 1. Futures Contracts - **Price Changes**: I05 closed at 765.5 yuan/ton, up 12.0 yuan from the previous day; I09 at 811.0 yuan/ton, up 14.5 yuan; I01 at 790.5 yuan/ton, up 15.0 yuan [3] - **Contract Spreads**: The spread of I05 - I09 was -45.5 yuan/ton, down 2.5 yuan; I09 - I01 was 20.5 yuan/ton, down 0.5 yuan; I01 - I05 was 25.0 yuan/ton, up 3.0 yuan [3] 2. Basis 2.1 Basis Data - **Price and Basis Changes**: Various iron ore varieties showed price and basis changes. For example, the price of Carajás fines increased by 12.0 yuan to 891 yuan/ton, and the basis decreased by 2 to 59 yuan/ton [6] 2.2 Basis Charts - **Charts Presented**: There are charts for different types of iron ore including Brazilian fines, Australian medium - grade fines, Australian low - grade fines, and domestic ores, showing their basis trends [8][9] 3. Variety Spreads 3.1 Variety Spread Data - **Spread Changes**: For instance, the spread of PB lump - PB fines was 144.0 yuan/ton, down 1.0 yuan; PB fines - mixed fines was 63.0 yuan/ton, up 1.0 yuan [13] 3.2 Variety Spread Charts - **Charts for Different Spreads**: There are charts for block - powder spreads, high - medium grade fines spreads, medium - low grade fines spreads, etc., presenting the spread trends [14][15] 3.3 More Variety Spread Charts - **Additional Spread Charts**: Include charts for FMG mixed fines - Super Special fines spread, Carajás fines + Super Special fines - 2 * PB fines spread, etc. [20][21] 4. Exchange Rule Adjustments - **Adjustments to Deliverable Brands**: Added 4 deliverable brands (Benxi Concentrate, IOC6, KUMBA, Ukrainian Concentrate) with brand premium of 0 since I2202 contract; adjusted brand premiums of existing varieties; modified substitute quality differences and quality premiums [11] - **Applicable Contracts**: The adjusted deliverable brands and premiums apply to I2312 and subsequent contracts [12] 5. Research Team - **Team Members**: The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, with rich experience in the steel and futures industries [24]