Report Industry Investment Rating - No information provided in the reports. Core Views Futures Index Spread - The report presents the latest values, historical quantiles, and changes compared to the previous day of various futures index spreads, including spot-futures spreads, inter - delivery spreads, and cross - variety ratios [1]. Bond Futures Basis and Spread - It shows the basis, inter - delivery spreads, and cross - variety spreads of different bond futures, along with their latest values, changes, and historical quantiles [2]. Precious Metals - Gold's price has adjusted, and the future market may focus on US economic data's impact on Fed policies and geopolitical situations in South America. Platinum and palladium's trends may stabilize, with platinum's price center rising. Palladium follows, and the platinum - palladium ratio may rise for potential arbitrage. Silver may face short - term callback risks due to index rebalancing, and it's recommended to maintain a light - long position and use options to lock in profits [3]. Container Shipping Industry - The settlement price indices of container shipping routes have shown different degrees of increase. Futures prices of container shipping contracts have minor fluctuations, and the basis of the main contract has changed. Fundamental data such as global container shipping capacity supply, port - related indicators, and overseas economic data are also presented [5]. Summaries by Relevant Catalogs Futures Index Spread - **Spot - Futures Spreads**: F spot - futures spread is - 30.14, H is - 6.13, IC is - 102.77, and IM is - 159.08, with different historical quantiles and changes compared to the previous day [1]. - **Inter - Delivery Spreads**: Different inter - delivery spreads for various futures, like F, H, IC, and IM, show different values, changes, and historical quantiles [1]. - **Cross - Variety Ratios**: Ratios such as CSI 500/CSI 300, IC/IF, etc., have their latest values, changes, and historical quantiles [1]. Bond Futures Basis and Spread - **Basis**: TS basis is - 0.0070, TF is 1.7497, T is 0.1067, and TL is 0.0182, with corresponding changes and historical quantiles [2]. - **Inter - Delivery Spreads**: For different bond futures, inter - delivery spreads between different quarters have their values, changes, and historical quantiles [2]. - **Cross - Variety Spreads**: Spreads like TS - TF, TS - T, etc., are presented with their values, changes, and historical quantiles [2]. Precious Metals - **Domestic Futures Closing Prices**: AU2602 contract closed at 977.56 yuan/g, down 0.74%; AG2602 at 17074 yuan/kg, down 5.88%; PT2606 at 527.25 yuan/g, down 10.61%; PD2606 at 425.20 yuan/g, down 4.97% [3]. - **Foreign Futures Closing Prices**: COMEX gold closed at 4341.90 dollars/ounce, up 0.23%; COMEX silver at 72.27 dollars/ounce, up 1.81%; NYMEX platinum at 2161.80 dollars/ounce, up 4.43%; NYMEX palladium at 1695.50 dollars/ounce, up 2.08% [3]. - **Spot Prices**: London gold at 4332.51 dollars/ounce, up 0.33%; London silver at 72.82 dollars/ounce, up 1.74%; spot platinum at 2132.00 dollars/ounce, down 4.22%; spot palladium at 1641.00 dollars/ounce, down 1.14%. Shanghai Gold Exchange's gold T + D at 974.39 yuan/g, down 0.80%; silver T + D at 17059 yuan/kg, down 5.85%; platinum 9995 at 512 yuan/g, down 9.49% [3]. - **Basis**: Gold TD - Shanghai gold main contract is - 3.17, silver TD - Shanghai silver main contract is - 15, etc., with their changes and historical quantiles [3]. - **Ratios**: COMEX gold/silver is 60.08, down 1.56%; SHFE gold/silver is 57.25, up 5.46%, etc. [3]. - **Interest Rates and Exchange Rates**: 10 - year US Treasury yield is 4.19%, up 0.2%; 2 - year is 3.47%, unchanged; 10 - year TIPS Treasury yield is 1.94%, up 0.5%. Dollar index is 98.46, up 0.21%; on - shore RMB exchange rate is 6.9699, down 0.15% [3]. - **Inventory and Holdings**: SHFE gold inventory is 97704 kg, unchanged; SHFE silver inventory is 691638 kg, down 8.48%; COMEX gold inventory is 36402970 ounces, up 0.41%; COMEX silver inventory is 449773368 ounces, up 0.08%. SPDR gold ETF holdings are 1065 tons, down 0.51%; SLV silver ETF holdings are 16444 tons, unchanged [3]. Container Shipping Industry - **Container Shipping Indices**: SCFIS (European route) is 1742.64 points, up 9.66%; SCFIS (US West route) is 1301.41 points, up 36.69%. SCFI composite index is 1552.92 points, up 3.08%; SCFI (Europe) is 1533 dollars/TEU, down 0.33%; SCFI (US West) is 1992 dollars/FEU, up 11.91%; SCFI (US East) is 2846 dollars/FEU, up 7.32% [5]. - **Futures Prices and Basis**: EC2602 (main) is 1801.3 points, up 0.35%; EC2604 is 1166.0 points, up 0.50%; EC2506 is 1367.9 points, down 0.15%; EC2508 is 1500.0 points, down 0.01%; EC2510 is 1060.0 points, up 0.38%; EC2512 is 1297.0 points, down 0.84%. The basis of the main contract is - 58.7, down 11.82% [5]. - **Fundamental Data**: Global container shipping capacity supply is 3369.00 million TEU, unchanged. Shanghai port on - time rate is 40.00%, down 18.50%; port calls in Shanghai are 345.00, up 5.83%. Monthly export amount is 3303.51 billion dollars, up 8.23%. Eurozone composite PMI is 51.90 points, down 1.70%; EU consumer confidence index is - 13.70, down 0.74%; US manufacturing PMI is 48.20, down 1.03%. G7 group's OECD composite leading indicator is 100.57 points, up 0.06% [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 Industry Investment Rating No relevant content provided. Core Views - For gold prices, short - term, due to rapid capital outflows, the market needs time to repair, and it is recommended to wait and see. The market may focus on US economic data and Fed policies. Long - term, the US macro - economic fundamentals and monetary policy expectations are favorable, and physical demand is strong with potentially tight inventory. After the CME and other exchanges increase margin requirements, the "irrational" price increase may end, and attention should be paid to the possible callback caused by the global commodity index rebalancing. Before the New Year's Day, it is recommended to close or lock positions and wait for the silver price's long - term bullish allocation window [3]. - For platinum and palladium, in the medium - to long - term, they are expected to continue to oscillate upward as they are undervalued relative to gold and driven by capital. In the short - term, the domestic market has relatively low liquidity at the initial stage of listing, and there is a risk of price fluctuations due to possible profit - taking by long - positions, so it is recommended to wait for the situation to stabilize after the New Year [3]. Summary by Related Catalogs 1. Stock Index Futures Spread Daily Report - **Price Difference Data**: Includes information on the current price difference, historical quantile, and changes compared to the previous day for various stock index futures such as F, H, IC, IM, etc., covering different periods like month - to - month, season - to - season, and long - term to short - term. Also provides cross - variety ratio data such as CSI 500/CSI 300, CSI 500/SSE 50, etc. [1] 2. Bond Futures Spread Daily Report - **Price Difference Data**: Presents the basis, cross - period spread, and cross - variety spread data for bond futures including TS, TF, T, TL on December 29, 2025, along with the IRR and the percentile since the contract's listing [2]. 3. Precious Metals Spot - Futures Daily Report - **Price Data**: Domestic and foreign futures closing prices, spot prices for gold, silver, platinum, and palladium on different dates are provided, including the price changes and percentage changes. Also includes basis, ratio, interest rate, exchange rate, inventory, and position data [3]. 4. Container Shipping Industry Spot - Futures Daily Report - **Index Data**: Settlement price indices for SCFIS (European and US West routes) and Shanghai Export Container Freight Index (SCFI) and their changes are presented. - **Futures and Basis Data**: Futures prices and basis data for different contracts of EC are provided, along with their price changes and percentage changes [5]. - **Fundamental Data**: Data on global container shipping capacity supply, port - related indicators in Shanghai, monthly export amounts, overseas economic indicators such as PMI and consumer confidence index, and OECD composite leading indicators are included [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].

1. Report Industry Investment Rating - No information about the industry investment rating is provided in the reports. 2. Core Views - **Precious Metals**: At the end of the year, driven by multiple factors, some investors choose to "pre - emptively" allocate precious metals, with ETF holdings and derivatives positions increasing. In the short - term, without clear negative factors, the market will maintain a strong - side shock. For silver, as the COMEX silver approaches the last trading day, the physical delivery demand decreases, and the increase in domestic inventory may ease the bullish sentiment. During the sharp rise of silver, attention should be paid to the number of open contracts, warehouse receipts, and regulatory measures to prevent the risk of speculative long - positions taking profits at high levels. For platinum and palladium, in the medium - to - long - term, they are expected to continue to rise in a volatile manner due to strong fundamentals and undervalued prices compared to gold. However, in the short - term, there may be significant pullbacks due to low liquidity in the domestic market and regulatory measures [3]. - **Container Shipping**: The settlement price indices of SCFIS for European and US - West routes, and the SCFI comprehensive index and sub - indices for different routes show certain fluctuations. The futures prices of related contracts also change. Fundamentals such as port on - time rates, port calls, export balances, and overseas economic indicators also have corresponding changes, which jointly affect the container shipping market [5]. 3. Summaries by Related Catalogs **Futures Index Price Difference Daily Report** - **Futures - Spot Price Difference**: For example, the IC futures - spot price difference is - 111.64, the IM futures - spot price difference is - 178.78, etc. Each index has different price differences and percentile changes compared to the previous day and historical levels [1]. - **Inter - period Price Difference**: There are various inter - period price differences such as next - month minus current - month, zero - month minus current - month, etc., with different values and percentile changes for different indices [1]. - **Cross - variety Ratio**: Ratios like IC/IF, IC/IH, etc. are provided, along with their latest values, changes from the previous day, and historical percentile positions [1]. **Treasury Bond Futures Price Difference Daily Report** - **Basis**: The TS basis is 1.6874, the TF basis is 1.6734, etc., with corresponding changes and historical percentile positions [2]. - **Inter - period Price Difference**: For different contracts like TF, T, TL, there are inter - period price differences such as current - season minus next - season, with their values, changes, and historical percentile positions [2]. - **Cross - variety Price Difference**: Cross - variety price differences such as TS - TF, TS - T, etc. are presented, along with their values, changes, and historical percentile positions [2]. **Precious Metals Futures - Spot Daily Report** - **Domestic Futures Closing Price**: The AU2602 contract closed at 1014.68 yuan/gram on December 24, with a 0.04% increase; the AG2602 contract closed at 17609 yuan/kilogram, with a 7.10% increase, etc. [3]. - **Foreign Futures Closing Price**: The COMEX gold main contract closed at 4505.40 on December 24, with a - 0.21% decrease; the COMEX silver main contract closed at 71.88 dollars/ounce, with a 0.37% increase, etc. [3]. - **Spot Price**: London gold was at 4479.39 on December 24, with a - 0.12% decrease; Shanghai Gold Exchange silver T + D was at 17714 yuan/kilogram, with a 7.88% increase, etc. [3]. - **Basis**: The gold TD - Shanghai gold main contract basis is - 7.46, with a 0.33 increase and a 1.20% historical one - year percentile; the silver TD - Shanghai silver main contract basis is 105, with a 126 increase and a 99.50% historical one - year percentile, etc. [3]. - **Price Ratio**: The CONEX gold/silver ratio is 62.68, with a - 0.58% decrease; the Shanghai Futures Exchange gold/silver ratio is 57.62, with a - 6.59% decrease, etc. [3]. - **Interest Rates and Exchange Rates**: The 10 - year US Treasury yield is 4.15, with a - 0.7% decrease; the US dollar index is 97.95, with a 0.05% increase, etc. [3]. - **Inventory and Positions**: The Shanghai Futures Exchange gold inventory is 93711, with no change; the COMEX silver inventory is 451352686, with a 0.10% increase, etc. [3]. **Container Shipping Industry Futures - Spot Daily Report** - **Container Shipping Index**: The SCFIS (European route) settlement price index on December 22 is 1589.20 points, with a 5.21% increase compared to December 15; the SCFI comprehensive index on December 19 is 1506.46 points, with a 7.79% increase compared to December 12 [5]. - **Futures Price and Basis**: The EC2602 (main contract) futures price on December 24 is 1795.8 points, with a - 0.60% decrease compared to December 23; the main - contract basis is - 206.6, with a - 4.97% change [5]. - **Fundamental Data**: The global container shipping capacity supply on December 24 is 3364.19 million TEU, with no change; the port on - time rate in Shanghai in November is 40.00, with an 18.50% decrease compared to October; the euro - zone composite PMI in December is 51.90 points, with a - 1.70% decrease compared to November [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]

| 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 ...

1. Report Investment Ratings - No investment ratings are provided in the reports. 2. Core Views - The reports present daily data on various financial products including stock index futures spreads, bond futures spreads, precious metals spot - futures, and container shipping industry spot - futures. They offer detailed information on price changes, historical quantiles, and related market indicators to help investors understand market trends and price relationships. 3. Summary by Category Stock Index Futures Spreads - **Price - Spot Spread**: For example, the IF price - spot spread was - 2.60, the IH price - spot spread was - 7.84, the IC price - spot spread was - 33.79, and the IM price - spot spread was - 36.84 on the reporting date. The historical 1 - year and full - history quantiles of these spreads are also provided [1]. - **Inter - period Spread**: Different contracts' inter - period spreads such as next month - current month, far month - next month are presented with their latest values, changes from the previous day, and historical quantiles [1]. - **Cross - variety Ratio**: Ratios like CSI 500/CSI 300, IC/IF, etc. are given along with their historical quantiles [1]. Bond Futures Spreads - **IRR and Basis**: IRR values and basis data for different bonds are provided, including the 15 - bond set with an IRR of 1.6378, and basis values for T, TF, TS, etc. with their changes from the previous day and historical quantiles [2]. - **Inter - period Spread**: Inter - period spreads for different bond contracts such as TS, TF, T, TL are presented, along with their changes and historical quantiles [2]. - **Cross - variety Spread**: Cross - variety spreads like TS - TF, TF - T, etc. are given with their values and historical quantiles [2]. Precious Metals Spot - Futures - **Domestic and Overseas Futures Closing Prices**: Closing prices of domestic and overseas precious metal futures contracts (such as AU2602, COMEX gold, etc.) on December 10 and December 9 are provided, along with price changes and percentage changes [3]. - **Spot Prices**: Spot prices of precious metals (such as London gold, Shanghai Gold Exchange gold + D, etc.) on December 10 and December 9 are presented, along with price changes and percentage changes [3]. - **Basis and Ratio**: Basis values (e.g., gold TD - Shanghai gold main contract) and price ratios (e.g., COMEX gold/silver) are given with their changes and historical quantiles [3]. - **Interest Rates, Exchange Rates, Inventory, and Positions**: Data on interest rates (10 - year US Treasury yield, etc.), exchange rates (USD index, etc.), inventory (Shanghai Futures Exchange gold inventory, etc.), and positions (SPRD gold ETF position, etc.) are provided [3]. Container Shipping Industry Spot - Futures - **Shipping Index**: Settlement price indices of SCFIS (European and US - West routes) and Shanghai Export Container Freight Index (SCFI) are presented with their changes and percentage changes [5]. - **Futures Prices and Basis**: Futures prices of different contracts (EC2602, etc.) and the basis of the main contract are provided, along with their price changes and percentage changes [5]. - **Fundamental Data**: Data on container shipping industry fundamentals including global container shipping capacity supply, port - related indicators (Shanghai port on - time rate, etc.), monthly export amount, and overseas economic indicators (euro - zone PMI, etc.) are provided [5].