Report Summary 1. Report Industry Investment Rating No information provided in the reports. 2. Core Views No clear core views are presented in the reports. The reports mainly provide daily data on various futures, including price differences, basis, ratios, and related economic indicators. 3. Summary by Related Catalogs 3.1 Stock Index Futures Spread Daily Report - **Price Differences**: Presents price differences of various stock index futures contracts (IF, IH, IC, IM), including spot - futures spreads, inter - period spreads, and cross - variety ratios. For example, IF spot - futures spread is - 15.92, with a change of 3.47 compared to the previous day [1]. - **Percentiles**: Provides historical 1 - year and full - history percentiles for price differences, helping to understand the relative position of current price differences [1]. 3.2 Treasury Bond Futures Spread Daily Report - **Basis**: Displays basis data for different treasury bond futures (TS, TF, T, TL), such as TS basis with a value of 1.6452 and a change of - 0.0090 on July 9, 2025 [2]. - **Inter - period Spreads**: Presents inter - period spreads for different treasury bond futures contracts, including spreads between different quarters [2]. - **Cross - variety Spreads**: Shows cross - variety spreads between different treasury bond futures, like TS - TF with a value of - 3.6960 and a change of - 0.0270 on July 9, 2025 [2]. 3.3 Precious Metals Spot - Futures Daily Report - **Futures and Spot Prices**: Provides domestic and foreign futures closing prices, spot prices, and their changes for gold and silver. For example, AU2508 contract closed at 766.82 yuan/g on July 9, 2025, down 9.40 yuan from the previous day [5]. - **Basis and Ratios**: Displays basis data and price ratios between different precious metal contracts, such as the ratio of COMEX gold to silver being 90.77, up 1.10 from the previous day [5]. - **Interest Rates and Exchange Rates**: Presents data on interest rates (10 - year and 2 - year US Treasury yields, 10 - year TIPS Treasury yield) and exchange rates (US dollar index, offshore RMB exchange rate) [5]. 3.4 Shipping Industry Spot - Futures Daily Report - **Spot Quotes**: Provides spot shipping quotes, including Shanghai - Europe future 6 - week freight rates for different shipping companies and various shipping indices (SCFIS, SCFI) [8]. - **Futures Prices and Basis**: Displays futures prices of shipping contracts and the basis of the main contract. For example, the main contract EC2508 closed at 2012.5 on July 9, 2025, up 6.3 from the previous day [8]. - **Fundamental Data**: Presents fundamental data such as global container shipping capacity supply, port - related indicators, and overseas economic indicators [8]. 3.5 Data/Information Report - **Overseas Data/Information**: Lists overseas economic indicators and financial events, including US Federal Reserve's monetary policy meeting minutes, US initial jobless claims, and EIA natural gas inventory [9]. - **Domestic Data/Information**: Presents domestic economic indicators and financial events for different industries, such as SMM electrolytic copper social inventory, steel - related production and inventory data [9].

Report Industry Investment Rating - Not provided in the documents Core Viewpoints - The reports present the latest data on various futures, including price differences, spreads, ratios, and related economic indicators, providing investors with information for market analysis and decision - making [1][2][4][7] Summary by Related Catalogs 1. Stock Index Futures Spread - **Price Differences**: The latest values of IF, IH, IC, and IM price differences range from - 23.24 to - 200.00, with changes from - 0.50 to 11.42 compared to the previous day, and historical percentiles from 5.30% to 32.70% [1] - **Inter - period Spreads**: For IF, IH, IC, and IM inter - period spreads, the latest values range from - 8.80 to - 329.80, with changes from - 5.00 to 3.20 compared to the previous day, and historical percentiles from 8.60% to 61.30% [1] - **Cross - variety Ratios**: The cross - variety ratios such as CSI 500/CSI 300, IC/IF, etc., have the latest values from 1.4485 to 2.1619, with changes from - 0.0167 to - 0.0016 compared to the previous day, and historical percentiles from 38.60% to 71.30% [1] 2. Treasury Bond Futures Spread - **Basis**: The latest basis values of TS, TF, T, and TL range from 0.0000 to 1.8885, with changes from - 0.0260 to 0.1426 compared to the previous day, and historical percentiles from 7.60% to 65.10% [2] - **Inter - period Spreads**: The inter - period spreads of TS, TF, T, and TL have the latest values from - 0.2340 to 0.2800, with changes from - 0.0400 to 0.0200 compared to the previous day, and historical percentiles from 8.00% to 19.80% [2] - **Cross - variety Spreads**: The cross - variety spreads such as TS - TF, TS - T, etc., have the latest values from - 18.6920 to - 0.0010, and historical percentiles from 1.30% to 2.10% [2] 3. Precious Metals Spot and Futures - **Spot Prices**: COMEX silver rose 0.68% to 37.04 dollars per ounce, London gold rose 0.33% to 3336.94 dollars per ounce, etc. [5] - **Futures Closing Prices**: COMEX gold fell 0.97% to 3336.00 dollars per ounce, AU2508 fell 0.54% to 777.06 yuan per gram, etc. [6] - **Basis**: Gold TD - Shanghai gold main contract was - 5.49, with a historical percentile of 0.80%, and silver TD - Shanghai silver main contract was - 34, with a historical percentile of 27.30% [4] - **Ratios**: COMEX gold/silver ratio was 90.06, down 1.64% [4] - **Interest Rates and Exchange Rates**: 10 - year US Treasury yield rose 1.2% to 4.35%, and the US dollar index fell 0.13% to 96.99 [4] - **Inventory and Positions**: Shanghai Futures Exchange gold inventory increased 16.25% to 21456 kilograms, and COMEX gold inventory decreased 0.71% to 36785583 ounces [4] 4. Container Shipping - **Spot Quotes**: Shanghai - Europe shipping quotes vary, with Maersk down 5.13% to 2978 dollars per FEU and CMA CGM up 11.40% to 4085 dollars per FEU [7] - **Container Shipping Indexes**: SCFIS (European route) rose 9.61% to 2123.24, and SCFIS (US West route) fell 22.28% to 1619.19 [7] - **Futures Prices and Basis**: EC2508 (main contract) fell 2.48% to 1849.9, and the basis (main contract) rose 33.21% to 822.2 [7] - **Fundamental Data**: Global container shipping capacity supply remained unchanged at 3266.65 million TEU, and Shanghai's port punctuality rate rose 46.45% to 42.50 [7] 5. Overseas and Domestic Data/Information - **Overseas Data**: Eurozone's comprehensive PMI rose 0.80% to 50.60, and the US manufacturing PMI index rose 1.03% to 49.00 [7][9] - **Domestic Data**: China's June foreign exchange reserves, iron ore shipments, and other data are to be released, and some data such as SMM electrolytic copper social inventory are expected to be updated [9]

1. Report Industry Investment Rating No industry investment rating information is provided in the reports. 2. Core Views The reports present a comprehensive analysis of various financial products including stock index futures, treasury bond futures, precious metals, shipping, and provide data on price differentials, spreads, ratios, interest rates, exchange rates, inventory, and positions, as well as upcoming economic data releases. 3. Summary by Category Stock Index Futures - **Price Differentials**: The latest values, changes from the previous day, and historical percentile data of various stock index futures price differentials are presented, such as the IF, IH, IC, and IM contracts' price differentials and cross - period spreads [1]. - **Cross - Variety Ratios**: Ratios of different stock index futures, like CSI 500/CSI 300, are provided along with their changes and historical percentiles [1]. Treasury Bond Futures - **Basis and IRR**: The basis and implied repo rate (IRR) data of TS, TF, T, and TL treasury bond futures are given, including their latest values, changes, and historical percentiles [2]. - **Cross - Period and Cross - Variety Spreads**: Cross - period spreads (e.g., current quarter - next quarter) and cross - variety spreads (e.g., TS - TF) are presented with relevant data [2]. Precious Metals - **Spot and Futures Prices**: Spot prices of London gold, London silver, and futures prices of COMEX gold, COMEX silver, and domestic precious metal contracts are provided, along with their changes and percentage changes [4][5][6]. - **Basis, Ratios, and Other Data**: Basis data (e.g., gold TD - Shanghai gold main contract), price ratios (e.g., COMEX gold/silver), interest rates, exchange rates, inventory, and positions are presented [4]. Shipping - **Spot Quotes**: Spot quotes for Shanghai - Europe shipping routes of different shipping companies are given, including their changes and percentage changes [7]. - **Shipping Indexes**: Settlement price indexes such as SCFIS (European route) and SCFI comprehensive index are presented, along with their changes and percentage changes [7]. - **Futures Prices and Basis**: Futures prices of shipping contracts (e.g., EC2602) and the basis of the main contract are provided, along with their changes and percentage changes [7]. - **Fundamental Data**: Data on global container shipping capacity supply, Shanghai port - related indicators, and overseas economic data are presented [7]. Data Calendar - **Overseas Data**: Upcoming economic data releases in the eurozone and the US, such as the eurozone July Sentix investor confidence index and USDA export inspection data, are listed [9]. - **Domestic Data**: Upcoming domestic economic data releases, including China's June foreign exchange reserves and various commodity - related data, are provided [9].

| 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7月4日 | 全历史分位数 | 品种 | 最新值 | 较前一日变化 | 历史1年分位数 | 价差 | | | | | | | | | | | 5.00% | F期现价差 | -50.07 | 9.00% | -0.58 | -22.75 | H期间价差 | 3.00 | 11.40% | 5.70% | 期现价差 | | | | | | | IC期现价差 | 20.00% | -48.66 | -12.31 | 20.40% | IM期现价差 | -14.35 | -206.84 | 25.00% | 1.90% | 次月-当月 | -18.60 | -0.80 | 20.40% | 24.30% | | | 學月-当月 | -28.60 | ...

1. Report Industry Investment Rating - No information provided in the reports. 2. Core Views - The reports mainly present daily data on various financial products, including futures price differences, spot-futures price relationships, and related economic indicators. They aim to help investors understand the current market situation and potential trends in different sectors such as stock index futures, treasury bond futures, precious metals, and shipping industry futures. 3. Summary by Related Catalogs Stock Index Futures Spread Daily Report - **Price Differences**: Provides detailed data on the current values, changes from the previous day, and historical percentile rankings of price differences for various stock index futures contracts, including IF, IH, IC, and IM, in terms of both spot-futures spreads and inter - contract spreads [1]. - **Cross - Variety Ratios**: Presents the current values, changes, and historical percentile rankings of cross - variety ratios such as CSI 500/CSI 300, CSI 500/SSE 50, etc. [1]. Treasury Bond Futures Spread Daily Report - **Basis and Spread Data**: Offers data on the basis (including IRR percentile), inter - contract spreads, and cross - variety spreads for different treasury bond futures contracts like TS, TF, T, and TL, along with their changes and historical percentile rankings [2]. Precious Metals Spot - Futures Daily Report - **Futures and Spot Prices**: Shows domestic and international futures closing prices, spot prices, and their daily changes and percentage changes for gold and silver [5]. - **Basis and Ratios**: Presents basis data (including historical percentile rankings) and price ratios between different precious metal products [5]. - **Interest Rates, Exchange Rates, and Positions**: Provides information on interest rates (such as 10 - year and 2 - year US Treasury yields), exchange rates (like the US dollar index and offshore RMB exchange rate), and inventory and position data for precious metals [5]. Shipping Industry Spot - Futures Daily Report - **Freight Rates**: Includes Shanghai - Europe future 6 - week freight rate references, settlement price indices, and Shanghai export container freight rates, along with their daily and monthly changes [8]. - **Futures Prices and Basis**: Presents futures prices and basis data for shipping industry futures contracts, and their changes and percentage changes [8]. - **Fundamental Data**: Offers data on global container shipping capacity supply, port - related indicators, monthly export amounts, and overseas economic indicators [8]. Trading Calendar - **Overseas and Domestic Data/Info**: Lists overseas and domestic economic indicators and financial events, including their time, data sources, and related countries/regions or product types [10].

| 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6月30日 | 历史1年分位数 | 全历史分位数 | | | | | | | | | | | | | 价差 | 品种 | 成新值 | 较前一日变化 | 5.70% | -45.16 | -3.34 | 9.80% | F期则价差 | | | | | | | | | H期现价差 | -27.57 | -0.10 | 6.50% | 3.20% | 期现价差 | IC期现价差 | 33.20% | -36.73 | -7.68 | 31.90% | 6.57 | 4.00% | IM期现价买 | -166.14 | 20.00% | | 31.10% | 37.30% | 次月-3月 | -9.60 | 3.00 | 1.20 | 46.3 ...

| 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6月26日 | 品种 | 历史1年分位数 | 全历史分位数 | 成新值 | 较前一日变化 | | | | | | | | | | 价元 | -37.27 | 11.40% | 14.37 | 8.10% | F期前份集 | | | | | | | | | | | | H期现价差 | -25.13 | 8.79 | 9.00% | 4.40% | 期现价差 | IC期现价差 | -28.35 | 11.08 | 44.60% | 43.10% | -156.56 | 43.10 | IM期现价差 | 20.00% | 4.20% | | 次月-崇月 | 3.20 | 36.10% | -10.00 | 29.90% | 李月-崇月 | - ...

| 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6月25日 | | | | 叶倩宁 | Z0016628 | | 价差 | 品种 | 服新值 | 较前一日变化 | 历史1年分位数 | 全历史分位数 | | | F期现价差 | -51.63 | 8.87 | 6.50% | 4.70% | | 期现价差 | H期现价差 | -33.92 | -1.95 | 2.40% | 1.20% | | | IC期现价差 | -39.44 | 8.93 | 27.40% | 30.20% | | | IM期现价差 | -199.67 | 27.36 | 15.00% | 1.80% | | | 次月-当月 | -13.20 | 1.80 | 23.30% | 31.00% | | | 季月-当月 | -19.80 | 6.20 | 36.00% | 40.20% | | | 远月-当月 | -50.40 | 3.20 | 41.30% | 35.70% | | ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Reports - The reports present a comprehensive analysis of various futures markets including stock index futures, treasury bond futures, precious metal futures, and shipping industry futures on June 24, 2025. They cover aspects such as price differences, basis, yields, exchange rates, and fundamental data, providing investors with a multi - dimensional view of market conditions [1][2][5][8]. 3. Summaries by Related Catalogs Stock Index Futures - **Price Differences**: The report provides the price differences of various contracts such as IF, IH, IC, and IM, including spot - futures price differences, inter - period price differences, and cross - variety ratios. For example, the IF spot - futures price difference is - 60.50, with a change of 12.54 compared to the previous day [1]. - **Historical Percentiles**: It also shows the historical 1 - year and full - history percentiles of these price differences, which can help investors understand the relative position of current price differences in history [1]. Treasury Bond Futures - **Basis and IRR**: The basis and implied repo rate (IRR) of TS, TF, T, and TL are presented. For instance, the TS basis is 1.8674, with a change of - 0.0681 compared to the previous day, and the IRR percentile is 43.20% [2]. - **Inter - period and Cross - variety Price Differences**: Inter - period price differences and cross - variety price differences are also provided, such as the TS inter - period price difference between the next quarter and the current quarter is - 0.2380 [2]. Precious Metal Futures - **Prices and Changes**: The domestic and foreign futures closing prices, spot prices, basis, and ratios of gold and silver are reported. For example, the AU2508 contract closed at 781.30 yuan/gram on June 23, with a gain of 0.35% [5]. - **Yields and Exchange Rates**: The yields of US Treasury bonds and exchange rates such as the US dollar index and offshore RMB exchange rate are also included, which can affect the prices of precious metals [5]. Shipping Industry Futures - **Spot Quotes**: The spot quotes of shipping companies such as MAERSK, CMA, and MSC are provided, along with the changes in shipping rates. For example, the MAERSK shipping rate decreased by 3.31% from June 23 to June 24 [8]. - **Index and Futures Prices**: The settlement price indices of shipping routes and the prices of shipping futures contracts are reported, as well as the basis of the main contract [8]. - **Fundamental Data**: Data on global container运力 supply, port - related indicators, overseas economic indicators, and OECD leading indicators are presented, which can help analyze the fundamentals of the shipping industry [9]. Data and Information - **Overseas Data**: Economic indicators such as the US first - quarter current account and June consumer confidence index are provided [11]. - **Domestic Data**: Economic indicators and events related to black and non - ferrous metals, energy chemicals, and special commodities in the domestic market are reported, such as port inventories of iron ore and manganese ore [11].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the polyolefin industry, oil price surges suppress the cost - end, profits are compressed to the lowest level of the year, and inventories are differentiated. PE is recommended for positive spreads, while PP is recommended for short - positions in the medium - term [21]. - In the methanol industry, due to geopolitical conflicts, the market has a strong long - position sentiment. Short - term strategies are recommended for positive spreads, and it is necessary to track the situation in Iran and MTO dynamics [30]. - In the PVC and caustic soda industry, caustic soda supply still exerts pressure, demand is weak, and there are inventory risks. PVC has short - term price increases but long - term supply - demand contradictions. It is recommended to wait and see in the short - term and take short - positions in the medium - term [32][35]. - In the urea industry, the short - term futures market is affected by rising Middle - East FOB prices and domestic factory export orders. The market is expected to be in high - level oscillations, with a bullish bias [38]. - In the styrene industry, short - term geopolitical factors drive prices up, but there is a possibility of supply - demand weakening. It is recommended to wait and see in the short - term and look for short - position opportunities in the medium - term [43]. - In the polyester industry, PX, PTA, ethylene glycol, short - fiber, and bottle - chip have different supply - demand situations. Strategies vary from short - term strength to long - term supply - demand balance adjustments [47]. - In the crude oil industry, geopolitical premiums have declined, and the market is likely to continue high - level oscillations in the short - term. It is recommended to wait and see on the spot side and capture volatility - narrowing opportunities on the options side [52]. 3. Summaries According to Relevant Catalogs Polyolefin Industry - **Prices**: L2601, L2509, PP2601, and PP2509 closing prices all increased on June 18 compared to June 17, with increases ranging from 1.25% to 1.38% [21]. - **Inventory**: PE enterprise inventory decreased by 1.83%, and social inventory decreased by 4.56%. PP enterprise inventory increased by 4.52%, and trader inventory increased by 5.31% [21]. - **Operation Rate**: PE device operation rate increased by 2.27%, and downstream weighted operation rate decreased by 1.00%. PP device operation rate increased by 2.1%, and powder operation rate decreased by 1.3% [21]. Methanol Industry - **Prices**: MA2601 and MA2509 closing prices increased on June 18 compared to June 17, with increases of 1.83% and 2.53% respectively. Port prices increased significantly [30]. - **Inventory**: Methanol enterprise inventory decreased by 3.10%, port inventory decreased by 10.09%, and social inventory decreased by 7.52% [30]. - **Operation Rate**: Upstream domestic enterprise operation rate increased by 0.83%, and downstream external - procurement MTO device operation rate increased by 0.85% [30]. PVC and Caustic Soda Industry - **Prices**: PVC and caustic soda futures and spot prices had different changes on June 18 compared to June 17. Caustic soda export profit increased significantly, while PVC export profit decreased [32]. - **Supply**: Caustic soda industry operation rate decreased by 2.6%, and PVC total operation rate data was unavailable. PVC external - procurement calcium carbide method profit increased by 5.5% [33]. - **Demand**: Alumina industry operation rate increased by 2.0%, and PVC downstream product operation rates generally decreased [34][35]. - **Inventory**: Caustic soda had inventory differentiation, with East China de - stocking and Shandong stocking. PVC upstream factory inventory decreased by 0.4%, and total social inventory decreased by 1.8% [35]. Urea Industry - **Prices**: Urea futures prices had different changes on June 18 compared to June 17. Spot prices in different regions also had slight fluctuations [38]. - **Supply**: Domestic urea daily output increased by 1.00%, and production factory operation rate increased by 1.00% [38]. - **Inventory**: Domestic urea factory inventory decreased by 3.49%, and port inventory remained unchanged [38]. Styrene Industry - **Raw Material Prices**: Prices of Brent crude oil, CFR Japan naphtha, CFR Northeast Asia ethylene, and CFR China pure benzene all increased on June 18 compared to June 17 [40]. - **Styrene Prices**: Styrene East China spot price and futures prices increased on June 18 compared to June 17 [41]. - **Operation Rate and Inventory**: Domestic pure benzene comprehensive operation rate increased by 2.9%, styrene operation rate increased by 2.1%. Port inventories of pure benzene and styrene decreased [43]. Polyester Industry - **Prices**: Prices of polyester products such as POY, FDY, DTY, and polyester chips increased on June 18 compared to June 17. PX, PTA, and MEG prices also had different changes [47]. - **Operation Rate**: Asian and Chinese PX operation rates, PTA operation rate, and MEG comprehensive operation rate had different changes [47]. - **Inventory**: MEG port inventory decreased, and PTA and MEG inventories had different trends [47]. Crude Oil Industry - **Prices**: Brent, WTI, and SC crude oil prices had different changes on June 19 compared to June 18. Product oil prices and cracking spreads also had fluctuations [52]. - **Inventory**: EIA data showed that last week's US crude oil inventory unexpectedly decreased, far exceeding market expectations [52]. - **Market Outlook**: Geopolitical premiums have declined, and the market is expected to continue high - level oscillations in the short - term [52].