Report Overview - Report Title: Iron Ore Risk Management Report - Report Date: November 13, 2025 Report Industry Investment Rating - Not provided in the report Core Viewpoint - The prices of iron ore and coking coal have formed a seesaw effect again. The sharp decline in coking coal prices provides room for the rebound of iron ore prices. In the short term, the iron ore price may be repaired, and the decline rate may slow down. However, the overall supply is still excessive, and the inventory at ports continues to accumulate. In general, the short - term price tends to fluctuate with no significant driving force [3] Summary by Relevant Catalogs Price Forecast - The price forecast range for the iron ore 12 - contract in November is 770 - 826, with the current at - the - money option IV at 18.54% and the historical volatility quantile at 11.3% [2] Risk Management Strategy Inventory Management - For those with current iron ore inventory worried about future price drops (long risk exposure), the strategies are: directly shorting iron ore futures (I2512) to lock in profits with a hedging ratio of 25% and an advised entry range of 820 - 830; selling call options (I2512 - C - 830) to collect premiums with a hedging ratio of 30% and selling at high prices [2] Procurement Management - For those who need to purchase iron ore in the future and are worried about price increases (short risk exposure), the strategies are: directly going long on iron ore futures (I2512) to lock in costs with a hedging ratio of 30% and an advised entry range of 780 - 790; selling out - of - the - money put options (I2511 - P - 780), holding long futures positions if the price falls below the strike price, with a hedging ratio of 40% and selling at high prices [2] Core Contradictions - The prices of iron ore and coking coal form a seesaw effect. The sharp decline in coking coal prices provides room for iron ore price rebound. The short - term price may be repaired due to reduced iron ore shipments, improved steel mill profits, weakened coking coal suppression, and a previously high basis. However, the downstream steel market has weak supply and demand, and the high - inventory problem persists. The overall supply is excessive, and the port inventory accumulation trend remains unchanged. There is a short - term structural shortage of iron ore, and the deliverable inventory is low, resulting in a continuously rising basis despite inventory accumulation [3] Influencing Factors Bullish Factors - The basis is rising, and in the medium - to - long - term, both overseas monetary and fiscal policies are loose [4] Bearish Factors - The macro - economy is weakening marginally, with the PMI in China and the US declining month - on - month; iron ore shipments remain at a seasonal high, and port inventory is accumulating above the seasonal level; hot - rolled coil inventory is continuously accumulating above the seasonal level, with production still at a high level and overall demand lacking momentum; steel mills are reducing production but not completely, and the demand for plates is still high; the strength of coking coal squeezes the space for iron ore [4][5][7] Price Data Futures Closing Prices and Basis - On November 13, 2025, the closing prices of the 01, 05, and 09 contracts were 772.5, 745.5, and 723 respectively, with daily changes of - 1.5, - 2, and - 1.5, and weekly changes of - 5, - 10.5, and - 12 respectively. The 01, 05, and 09 bases were 6, 32.5, and 55.5 respectively, with daily changes of - 4, - 4, and - 4, and weekly changes of - 1.5, 3.5, and 5.5 respectively [6] Spot Prices - On November 13, 2025, the prices of Rizhao PB powder and Rizhao Carajás fines were 780 and 880 respectively, with daily changes of - 4 and - 4, and weekly changes of - 5 and - 13 respectively [6] Platts Index - On November 12, 2025, the Platts 58%, 62%, and 65% indexes were 92.45, 103.6, and 115.6 respectively, with daily changes of 1, 1.25, and 1.1, and weekly changes of - 1, - 1.3, and - 1.8 respectively [8] Fundamental Data - As of November 7, 2025, the daily average pig iron output was 234.22, a weekly decrease of 2.14 and a monthly decrease of 7.32; the 45 - port deshipping volume was 320.93, a weekly increase of 0.77 and a monthly decrease of 6.07; the apparent demand for five major steel products was 867, a weekly decrease of 49 and a monthly increase of 116; the global shipping volume was 3069, a weekly decrease of 144.8 and a monthly decrease of 138.5; the Australia - Brazil shipping volume was 2443.3, a weekly decrease of 240.2 and a monthly decrease of 223.2; the 45 - port arrival volume was 2741.2, a weekly decrease of 477.2 and a monthly decrease of 304.6; the 45 - port inventory was 14898.83, a weekly increase of 356.35 and a monthly increase of 874.33; the inventory of 247 steel mills was 9009.94, a weekly increase of 160.08 and a monthly decrease of 36.25; the available days for 247 steel mills were 31.21, a weekly increase of 0.86 and a monthly increase of 0.97 [16]

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report The report presents the performance of major stock indices on November 12, including their price movements, trading volumes, and the impact of sector fluctuations on these indices. It also provides data on the basis and annualized opening costs of stock index futures, as well as the point differences in futures contract roll - overs and their corresponding annualized costs. 3. Summary by Relevant Catalogs Index Trends - On November 12, the Shanghai Composite Index dropped by 0.07% to close at 4000.14 points, with a trading volume of 840.467 billion yuan. The Shenzhen Component Index declined by 0.36% to 13240.62 points, and its trading volume was 1104.567 billion yuan [1]. - The CSI 1000 Index decreased by 0.72%, with a trading volume of 390.482 billion yuan. It opened at 7520.18, closed at 7486.38, reached a high of 7537.76, and a low of 7421.46 [1]. - The CSI 500 Index fell by 0.66%, with a trading volume of 313.84 billion yuan. It opened at 7264.79, closed at 7243.25, had a high of 7305.86, and a low of 7187.87 [1]. - The SSE 50 Index rose by 0.32%, with a trading volume of 136.89 billion yuan. It opened at 3035.03, closed at 3044.3, reached a high of 3059.95, and a low of 3035.03 [1]. - The CSI 300 Index decreased by 0.13%, with a trading volume of 492.309 billion yuan. It opened at 4643.56, closed at 4645.91, had a high of 4669.61, and a low of 4620.99 [1]. Impact of Sector Movements on Index - The CSI 1000 Index dropped 54.41 points from the previous close. The household appliances sector significantly boosted the index, while machinery, electronics, and power equipment sectors pulled it down [3]. - The CSI 500 Index fell 48.36 points from the previous close. The electronics and power equipment sectors had a significant negative impact on the index [3]. - The CSI 300 Index decreased 6.26 points from the previous close. The communication, banking, and household appliances sectors pushed the index up, while the automotive, computer, and power equipment sectors pulled it down [3]. - The SSE 50 Index rose 9.67 points from the previous close. The non - banking finance, banking, and electronics sectors boosted the index, while the power equipment sector had a negative impact [3]. Basis of Stock Index Futures and Annualized Opening Costs - For IM futures, the average daily basis for IM00 was - 39.27, IM01 was - 128.83, IM02 was - 350.34, and IM03 was - 571.66 [14]. - For IC futures, the average daily basis for IC00 was - 32.77, IC01 was - 101.56, IC02 was - 273.36, and IC03 was - 465.94 [14]. - For IF futures, the average daily basis for IF00 was - 8.79, IF01 was - 24.13, IF02 was - 51.93, and IF03 was - 94.33 [14]. - For IH futures, the average daily basis for IH00 was - 2.39, IH01 was - 6.02, IH02 was - 10.81, and IH03 was - 19.79 [14]. Point Differences in Futures Contract Roll - Overs and Annualized Costs - Data for IM futures contract roll - over point differences and annualized costs are presented at different time points from 09:45 to 15:00, along with the corresponding index values of 000852.SH [29]. - Data for IC futures contract roll - over point differences and annualized costs are shown at different time points from 09:45 to 15:00, along with the corresponding index values of 000905.SH [30]. - Data for IF futures contract roll - over point differences and annualized costs are provided at different time points from 09:45 to 15:00, along with the corresponding index values of 000300.SH [26]. - Data for IH futures contract roll - over point differences and annualized costs are given at different time points from 09:45 to 15:00, along with the corresponding index values of 000016.SH [28].

Report Industry Investment Rating - Not provided in the report Core Viewpoints - IC2512 has a discount of 88.05 points, and IM2512 has a discount of 116.58 points, indicating a bearish signal [3] - The previous day, the two markets rebounded after hitting bottom. The high - dividend sector continued to strengthen, while the technology and communication sectors declined and adjusted, showing market divergence, with a neutral outlook [3] - The margin trading balance was 2487.1 billion yuan, an increase of 400 million yuan, indicating a bullish signal [3] - IH2512 has a discount of 1.5 points, and IF2512 has a discount of 17.91 points, showing a neutral situation [3] - The order of performance is IH > IC > IF > IM. IM, IH, IF, and IC are above the 20 - day moving average, indicating a bullish signal [3] - The long positions of IF and IH main contracts increased, while those of IC main contracts decreased, indicating a bullish signal [3] - Currently, the Shanghai Composite Index is fluctuating around the 4000 mark. Benefiting from the good news that the two US parties will end the government shutdown, the global stock markets rebounded. The high - dividend sector strengthened, and the technology and growth sectors declined and adjusted. The overall market is in a high - level shock. It is recommended to appropriately reduce positions on rallies [3] Summary by Related Catalogs Futures Market Index Futures Quotes - For the Shanghai 50 Index (IH), IH2511 had a contract price of 3,046.80 with a 0.38% increase, IH2512 had a contract price of 3,042.80 with a 0.34% increase, IH2603 had a contract price of 3,037.60 with a 0.25% increase, and IH2606 had a contract price of 3,030.00 with a 0.24% increase [4] - For the CSI 300 Index (IF), IF2511 had a contract price of 4,645.00 with a - 0.03% decrease, IF2512 had a contract price of 4,628.00 with a - 0.09% decrease, IF2603 had a contract price of 4,601.00 with a - 0.07% decrease, and IF2606 had a contract price of 4,558.20 with a - 0.08% decrease [4] - For the CSI 500 Index (IC), IC2511 had a contract price of 7,224.00 with a - 0.37% decrease, IC2512 had a contract price of 7,155.20 with a - 0.41% decrease, IC2603 had a contract price of 6,982.40 with a - 0.39% decrease, and IC2606 had a contract price of 6,785.80 with a - 0.45% decrease [4] - For the CSI 1000 Index (IM), IM2511 had a contract price of 7,458.20 with a - 0.38% decrease, IM2512 had a contract price of 7,369.80 with a - 0.43% decrease, IM2603 had a contract price of 7,148.60 with a - 0.42% decrease, and IM2606 had a contract price of 6,919.80 with a - 0.54% decrease [4] Basis and Spread - Provided historical data on the basis and spread of the Shanghai 50 Index and the CSI 500 Index from 2021 to 2025 [7][10] Spot Market Important Index Daily Returns - The Shanghai Composite Index had a - 0.07% change, the Shanghai 50 Index had a 0.32% increase, the CSI 300 Index had a - 0.13% decrease, the Wind All - A Index had a - 0.38% decrease, the CSI 500 Index had a - 0.66% decrease, the Shenzhen Component Index had a - 0.36% decrease, the STAR 50 Index had a - 0.58% decrease, and the ChiNext Index had a - 0.39% decrease [13] Style Index Daily Returns - Different style indices such as the 300 Cycle Index, 300 Non - Cycle Index, Low - P/E Index, etc., showed different daily returns, ranging from - 1.00% to 0.36% [16][20] Market Structure AH - Share Premium - Provided historical data on the AH - share premium index from February 2025 to November 2025 [23] Price - to - Earnings (PE) Ratio - Showed the historical PE ratios of the Shanghai 50, CSI 300, CSI 500, and ChiNext indices from 2004 to 2025 [26] Price - to - Book (PB) Ratio - Presented the historical PB ratios of the Shanghai 50, CSI 300, CSI 500, and ChiNext indices from 2004 to 2025 [28] Market Funding Stock Market Fund Inflow - Provided historical data on A - share fund net inflow and the CSI 300 Index from 2021 to 2025 [30] Margin Trading Balance - Showed the historical margin trading balance and the CSI 300 Index from 2021 to 2025 [32] Northbound Capital Inflow - Provided historical data on the net inflow of northbound capital from 2021 to 2024 [34] Capital Cost - Showed the historical data of SHIBOR overnight, SHIBOR one - week, and SHIBOR two - week rates from February 2025 to November 2025 [40] Market Sentiment Trading Activity - Provided historical data on the turnover rates of the Shanghai 50, CSI 300, CSI 500, and ChiNext indices from 2022 to 2025 [43][44][46][47] Publicly - Offered Hybrid Fund Positions - Provided related data on publicly - offered hybrid fund positions, with data sourced from Wind [48] Other Indicators Index Dividend Yield and 10 - Year Treasury Yield - Showed the historical data of the dividend yields of the Shanghai 50, CSI 300, CSI 500, and CSI 1000 indices and the 10 - year treasury yield from 2015 to 2025 [52] RMB Exchange Rate - Provided the historical exchange rate data of the US dollar against the RMB from 2021 to 2025 [54] New Account Openings and Shanghai Composite Index Tracking - Related to the tracking of new account openings and the Shanghai Composite Index, specific data not detailed [55] Newly - Established Fund Scale Changes - Included the changes in the newly - established scales of stock - type, hybrid, and bond - type funds, specific data not detailed [57][59][61]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View The report presents the daily arbitrage data of various futures varieties on November 13, 2025, including basis, inter - period spreads, and inter - variety spreads of power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. 3. Summary by Category 3.1 Power Coal - **Basis and Inter - period Spreads**: The basis of power coal on November 12, 2025, was 32.6 yuan/ton, showing an upward trend compared to previous days. The spreads of 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month were all 0 [2]. 3.2 Energy Chemicals - **Energy Commodities**: For fuel oil, the basis on November 12, 2025, was 4.45 yuan/ton. The ratio of crude oil to asphalt and other data such as INE crude oil basis were also presented [7]. - **Chemical Commodities** - **Basis**: On November 12, 2025, the basis of rubber was - 470 yuan/ton, methanol was - 13 yuan/ton, PTA was - 85 yuan/ton, LLDPE was 312 yuan/ton, PVC was - 106 yuan/ton, and PP was 35 yuan/ton [9]. - **Inter - period Spreads**: For example, the 5 - month minus 1 - month spread of rubber was 85 yuan/ton, and that of methanol was 105 yuan/ton [10]. - **Inter - variety Spreads**: On November 12, 2025, the spread of LLDPE - PVC was 2199 yuan/ton, LLDPE - PP was 329 yuan/ton, PP - PVC was 1870 yuan/ton, and PP - 3*methanol was 149 yuan/ton [10]. 3.3 Black Metals - **Basis**: On November 12, 2025, the basis of螺纹钢 was 162.0 yuan/ton,铁矿石 was 6.0 yuan/ton,焦炭 was - 84.5 yuan/ton, and焦煤 was 216.0 yuan/ton [20]. - **Inter - period Spreads**: The 5 - month minus 1 - month spread of螺纹钢 was 60.0 yuan/ton,铁矿石 was - 270 yuan/ton,焦炭 was 1435 yuan/ton, and焦煤 was 58.5 yuan/ton [19]. - **Inter - variety Spreads**: On November 12, 2025, the ratio of螺/矿 was 3.94,螺/焦炭 was 17972,焦炭/焦煤 was 1.3889, and螺 - 热卷 was - 219.0 yuan/ton [19]. 3.4 Non - ferrous Metals - **Domestic Market Basis**: On November 12, 2025, the basis of copper was - 190 yuan/ton, aluminum was - 160 yuan/ton, zinc was - 70 yuan/ton, lead was - 250 yuan/ton, nickel was 2060 yuan/ton, and tin was - 1440 yuan/ton [28]. - **London Market**: On November 12, 2025, the LME升贴水 of copper was (14.10), aluminum was (27.55), zinc was 128.30, lead was (23.90), nickel was (203.90), and tin was 51.00. The沪伦比 and CIF and domestic spot prices were also provided [33]. 3.5 Agricultural Products - **Basis**: On November 12, 2025, the basis of豆一 was - 107 yuan/ton,豆二 was 294.81 yuan/ton,豆粕 was - 9 yuan/ton,豆油 was 242 yuan/ton, and玉米 was - 17 yuan/ton [41]. - **Inter - period Spreads**: For example, the 5 - month minus 1 - month spread of豆一 was 43 yuan/ton,豆二 was - 216 yuan/ton [41]. - **Inter - variety Spreads**: On November 12, 2025, the ratio of豆一/玉米 was 1.89,豆二/玉米 was 1.73,豆油/豆粕 was 2.71,豆粕 - 菜粕 was 564 yuan/ton,豆油 - 棕榈油 was - 478 yuan/ton,菜油 - 豆油 was 1538 yuan/ton, and玉米 - 玉米淀粉 was - 312 yuan/ton [40]. 3.6 Stock Index Futures - **Basis**: On November 12, 2025, the basis of沪深300 was 17.91,上证50 was 1.50,中证500 was 88.05, and中证1000 was 116.58 [52]. - **Inter - period Spreads**: The次月 - 当月 spread of沪深300 was - 158,上证50 was - 38,中证500 was - 706, and中证1000 was - 916 [52].

1. Report Industry Investment Rating - No information provided in the given reports. 2. Core Views - The reports present the latest data on various financial products including stock index futures spreads, precious metal futures and spot prices, container shipping industry indices, and related market indicators, offering a snapshot of the market conditions on November 13, 2025 [1][4][6]. 3. Summary by Related Catalogs Stock Index Futures Spreads - **IF**: The current - spot spread was -17.91, up 7.46 from the previous day, with a 1 - year historical quantile of 44.60% and an all - time quantile of 25.70%. Different inter - period spreads also showed specific values and changes [1]. - **IH**: The current - spot spread was -1.50, up 0.13, with a 1 - year historical quantile of 46.30% and an all - time quantile of 48.10%. Inter - period spreads had their own values and changes [1]. - **IC**: The current - spot spread was -88.05, up 30.56, with a 1 - year historical quantile of 28.60% and an all - time quantile of 5.30%. Inter - period spreads also had corresponding data [1]. - **IM**: The current - spot spread was -116.58, down 8.14, with a 1 - year historical quantile of 95.00% and an all - time quantile of 16.20%. Inter - period spreads were presented as well [1]. - **Cross - variety Ratios**: Ratios such as CSI 500/CSI 300, IC/IF, etc., showed specific values and changes, along with their historical quantiles [1]. Bond Futures Spreads - **Basis**: TS basis had an IRR of 1.5571, down 0.0174, with a historical quantile of 24.30%. Other bond basis data like TF, T, and TL also had their values and changes [3]. - **Inter - period Spreads**: For different bonds like TS, TF, T, and TL, inter - period spreads had specific values and changes, along with their historical quantiles [3]. - **Cross - variety Spreads**: Spreads between different bond futures such as TS - TF, TS - T, etc., were reported with their values and changes [3]. Precious Metals - **Domestic Futures**: AU2512 contract closed at 945.76 yuan/g on November 12, down 0.33% from the previous day. AG2512 contract closed at 12073 yuan/kg, up 1.62% [4]. - **Foreign Futures**: COMEX gold主力 contract closed at 4201.40, up 1.65%. COMEX silver主力 contract closed at 53.23 dollars/ounce, up 4.22% [4]. - **Spot Prices**: London gold was at 4194.61 dollars/ounce, up 1.68%. London silver was at 53.26 dollars/ounce, up 3.99% [4]. - **Basis**: Gold TD - Shanghai gold主力 had a basis of -1.45, up 0.93, with a 1 - year historical quantile of 74.20%. Silver TD - Shanghai silver主力 had a basis of 19, up 34, with a 1 - year historical quantile of 98.30% [4]. - **Ratios**: COMEX gold/silver ratio was 78.93, down 2.47%. Shanghai Futures Exchange gold/silver ratio was 78.34, down 1.92% [4]. - **Interest Rates and Exchange Rates**: 10 - year US Treasury yield was 4.08%, down 1.2%. The US dollar index was 99.48, unchanged [4]. - **Inventory and Positions**: Inventories of gold and silver in domestic and foreign exchanges showed different changes, and ETF positions also had slight changes [4]. Container Shipping Industry - **Indices**: SCFIS (European route) was 1504.80, up 24.50% compared to November 3. SCFI comprehensive index was 1495.10, down 3.59% compared to October 31 [6]. - **Futures Prices and Basis**: Futures contracts like EC2602, EC2604, etc., had price changes. The basis of the main contract was 32.7, up 72.9 from the previous day [6]. - **Fundamentals**: Global container shipping capacity supply was 3339.88 million TEU, up 0.04%. Shanghai port on - time rate was 49.08%, up 14.75% [6].

Report Overview - The report focuses on the freight futures market, mainly analyzing the prices, trends, and influencing factors of European line freight futures contracts, as well as recent news and market conditions [2]. 1. Futures Contract Price and Change 1.1 Futures Contract Prices and Fluctuations - EC2512: The price was 1749.4, with a change of 0.119%, and the trading volume was 22970, and the open interest decreased by 4048 to 21157 [2]. - EC2602: The price was 1636.6, a decrease of 3.19%, the trading volume was 27879, and the open interest increased by 3551 to 32901 [2]. - EC2604: The price was 1172.0, a decrease of 1.33%, the trading volume was 5188, and the open interest increased by 73 to 15483 [2]. - EC2606: The price was 1364.7, a decrease of 4.16%, the trading volume was 532, and the open interest increased by 144 to 1567 [2]. - EC2608: The price was 1472.1, a decrease of 4.712%, the trading volume was 336, and the open interest decreased by 5 to 1208 [2]. - EC2610: The price was 1129.9, a decrease of 0.67%, the trading volume was 609, and the open interest increased by 225 to 1833 [2]. 1.2 Month - to - Month Spread - EC2512 - 2504: The spread was 577.4, with a daily increase of 19.1 and a weekly decrease of 142.5 [2]. - EC2512 - 2602: The spread was 112.8, with a daily increase of 57.2 and a weekly decrease of 203.4 [2]. - EC2502 - 2604: The spread was 464.6, with a daily decrease of 38.1 and a weekly increase of 60.9 [2]. 2. Index Data 2.1 Index Values and Changes - Data Index: Updated weekly on Mondays. As of 2025/11/10, it was 1504.80 points, an increase of 24.50% from the previous period and a decrease of 7.92% expected in the next period [2]. - SCFI (European Line): Updated weekly on Wednesdays. As of 2025/11/7, it was 1323 dollars/TEU, a decrease of 1.56% from the previous period [2]. - CCFI: Updated weekly on Wednesdays. As of 2025/11/7, it was 1366.85 points, an increase of 3.25% from the previous period and an expected increase of 2.37% in the next period [2]. - NCFI: Updated weekly on Wednesdays. As of 2025/11/7, it was 911.73 points, a decrease of 5.8% from the previous period and an expected increase of 17.43% in the next period [2]. 3. Market Analysis and Outlook 3.1 Market Movement on Wednesday - In the morning, the market oscillated, and in the afternoon, it dropped across the board due to the news that the Houthi rebels officially announced to stop attacking merchant ships in the Red Sea [2]. 3.2 Outlook for Different Contracts - EC2512: Its valuation is neutral and will gradually follow the delivery logic. The freight rate in late November will determine the implementation degree of the price - holding in December. It is expected to mainly follow the changes in spot prices and the rhythm of shipping companies' price announcements in the future [2]. - EC2602: Its valuation is more difficult to anchor. In the short term, it is expected to mainly follow the trend of EC2512. If the peak - season cargo - booking situation is gradually realized in the future, it may have more room for growth. The peak freight rate usually occurs 4 - 5 weeks before the Spring Festival (mid - January next year) [3]. - EC2604: It is a off - season contract. In the short term, it will maintain a narrow - range oscillation in the peak - season logic. Considering the expected greater supply pressure next year and the off - season in April, a short - selling strategy on rallies is recommended [3]. 4. Recent European Line Quotation Situation 4.1 Cargo - Booking Situation - In week 45, the cargo - booking situation was good; in week 46, the PA cargo - receiving improved slightly, but the shipping capacity in this week was extremely low. The pressure increased in the second half of November. Among them, PA improved, while MSK faced increased cargo - receiving pressure, and the pressure on OA decreased due to sailings suspension compared with the first half of the month [4]. 4.2 Price Levels - In week 46, the average landed price was 2000 dollars (equivalent to 1400 points on the futures). Shipping companies announced a price increase to 2365 - 2950 dollars for the second half of November, but MSK opened the booking at 2250 dollars (a 50 - dollar increase from the previous period). It is expected that the quotes of other shipping companies will be gradually lowered this week, and they may also announce a price increase for December [4]. - In week 47, the offline PA price was around 2000 dollars, OA was 2200 - 2400 dollars, and MSK was 2000 dollars. OOCL lowered the online price for November by 300 dollars to 2600 dollars [4]. - On Tuesday, MSK opened the booking for week 48 at 1900 - 2000 dollars, equivalent to 1340 - 1400 dollars on the futures [4]. 5. Related News - On 11/12, the Houthi rebels issued a statement saying that they would end their targeted actions against maritime interests related to Israel and stop armed attacks on merchant ships passing through the Red Sea. However, they warned that if the enemy continued to invade Gaza, they would resume military operations and the navigation ban on Israeli ships [5]. - On 11/12, Hamas stated that it had completed the first phase of the cease - fire agreement. A senior Hamas member said that the previous cease - fire agreement was only a "preliminary agreement" and not a final comprehensive one. The first - phase implementation of the Gaza cease - fire agreement had been in place for a month, but the second - phase negotiation had not started yet. Israeli Prime Minister Netanyahu said that Israel was determined to enforce the cease - fire agreement with a "heavy hand" in Gaza and Lebanon [5].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - **Protein Meal**: The short - term price of soybean meal is expected to rise with the import cost, and the crushing margin will recover, which will stimulate ship purchases. In the medium term, the expectation of a loose global soybean supply remains unchanged, and it is still recommended to sell on rebounds [5]. - **Oils**: Palm oil is recommended to be viewed with a range - bound perspective. If there are signals of a decline in production, a bullish approach can be adopted [10]. - **Sugar**: After the rebound strength of Zhengzhou sugar fades, look for opportunities to short [13]. - **Cotton**: The cotton price is expected to continue to fluctuate in the short term [16]. - **Eggs**: In the short term, the price is expected to be relatively strong, and it is advisable to wait and see or conduct short - term trading. In the medium term, pay attention to the upper pressure and wait to sell on rebounds [19]. - **Pigs**: The current strategy first recommends reverse spreads, and second, wait to sell on rebounds [22]. 3. Summary by Related Catalogs Protein Meal - **Market Information**: Overnight, CBOT soybeans rose slightly. Brazilian soybean premiums were stable on Wednesday, and the cost of imported soybeans remained unchanged. The domestic soybean meal spot price was stable, with the East China price at 2,990 yuan/ton. MYSTEEL statistics showed that the domestic port soybean inventory exceeded 10 million tons last week. MYSTEEL predicted that the soybean crushing volume of oil mills this week would be 2.1579 million tons, compared with 1.8057 million tons last week [2]. - **Strategy**: The short - term price of soybean meal is expected to rise with the import cost, and the crushing margin will recover, which will stimulate ship purchases. In the medium term, the expectation of a loose global soybean supply remains unchanged, and it is still recommended to sell on rebounds [5]. Oils - **Market Information**: ITS and AMSPEC data showed that the export volume of Malaysian palm oil from November 1 - 10 decreased by 9.5% - 12.28% compared with the same period last month. SPPOMA data showed that the production of Malaysian palm oil in the first 5 days of November increased by 6.8% month - on - month, and the production from November 1 - 10 decreased by 2.16% compared with the same period last month. The 2025/26 annual rapeseed production in Australia is expected to be 6.3 million tons. Malaysia's 2025 crude palm oil production will increase by 3.4% year - on - year to a record 20 million tons. On Wednesday, the domestic oil prices showed a differentiated trend [7]. - **Strategy**: Palm oil is recommended to be viewed with a range - bound perspective. If there are signals of a decline in production, a bullish approach can be adopted [10]. Sugar - **Market Information**: On Wednesday, the Zhengzhou sugar futures price continued to fluctuate. The closing price of the Zhengzhou sugar January contract was 5,478 yuan/ton, a decrease of 2 yuan/ton or 0.04% from the previous trading day. The survey showed that the sugar production in the central and southern regions of Brazil is expected to increase by 7.8% to 1.92 million tons in the second half of October. Datagro lowered its forecast for the global sugar market surplus in the 2025/26 season to 1 million tons [12]. - **Strategy**: After the rebound strength of Zhengzhou sugar fades, look for opportunities to short [13]. Cotton - **Market Information**: On Wednesday, the Zhengzhou cotton futures price continued to fluctuate. The closing price of the Zhengzhou cotton January contract was 13,515 yuan/ton, a decrease of 45 yuan/ton or 0.33% from the previous trading day. As of the week of November 7, the spinning mill operating rate was 65.4%. On November 11, the purchase index of machine - picked cotton in Xinjiang decreased by 0.02 yuan/kg to 6.23 yuan/kg, and the purchase index of hand - picked cotton decreased by 0.02 yuan/kg to 6.92 yuan/kg [15]. - **Strategy**: The cotton price is expected to continue to fluctuate in the short term [16]. Eggs - **Market Information**: The national egg price was generally stable with a slight decline yesterday. The average price in the main production areas dropped by 0.01 yuan to 2.95 yuan/jin. The supply was stable, the market demand was average, and it is expected that today's egg price will be mainly stable with a few narrow adjustments [18]. - **Strategy**: In the short term, the price is expected to be relatively strong, and it is advisable to wait and see or conduct short - term trading. In the medium term, pay attention to the upper pressure and wait to sell on rebounds [19]. Pigs - **Market Information**: The domestic pig price mainly declined yesterday. The average price in Henan dropped by 0.14 yuan to 11.84 yuan/kg, in Sichuan dropped by 0.1 yuan to 11.43 yuan/kg, and in Guangxi dropped by 0.13 yuan to 11.46 yuan/kg. The demand was weak, and it is expected that today's pig price will continue to decline [21]. - **Strategy**: The current strategy first recommends reverse spreads, and second, wait to sell on rebounds [22].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The domestic civil LPG market may show a pattern of stronger in the south and weaker in the north, with an overall expectation of a peak season [1]. - The contraction of PDH profits may lead to a decline in propane demand, and the current domestic market valuation is high and may fall [1]. - The international propane market is in a loose pattern, and attention should be paid to weather and US cold wave conditions [1]. 3) Summary by Related Content Day - to - Day Changes - In the civil gas market on Wednesday, prices in East China were 4378 (-9), in Shandong 4440 (+40), and in South China 4490 (+0). The price of ether - post carbon four was 4630 (+0). The lowest delivery location was East China, with a basis of 85 (+68), and the 12 - 01 month spread was 96 (+11). FEI was 498.71 (+3.71) and CP was 473.71 (+5.71) dollars/ton [1]. - The PG main contract fluctuated. The basis was 102 (+116), the 12 - 01 month spread was 72 (-8), and the number of warehouse receipts was 4444 (+250). The cheapest delivery product was East China civil LPG at 4374; prices in Shandong were 4380 (+80), in East China 4374 (+95), and in South China 4450 (+50). The price of Shandong ether - post carbon four was 4500 (+80) [1]. - The external market price declined; the domestic - foreign spread strengthened, with PG - CP reaching 137 (+4), PG - FEI reaching 113 (+15.6), and FEI - MB reaching 153 (-1.8). The CIF discount of propane in East China was 85 US dollars (+6), and the freight rate was basically flat. The FEI - MOPI spread widened, and the switching window remained open, with the latest value at - 73 (-6) [1]. Weekly Viewpoints - The cracking spread of naphtha changed little and remained at a relatively high level this year. The profit of PDH production of propylene in Shandong decreased significantly (some plants were shut down), the profit of alkylation plants rebounded, the production gross profit of MTBE changed little, and the export profit fluctuated [1]. - Domestic production decreased, factory inventories were basically flat, the arrival potential was limited, terminal sales improved, and port inventories decreased. The PDH operating rate was 75.49% (+1.6) due to Li Huayi Weiyuan operating at full capacity, while Binhua, Xintai, and Haiwei shut down successively [1].

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Report's Core View The report presents the daily and weekly changes in various indicators of the asphalt market, including basis, spreads, trading volume, open interest, prices of different grades, and refinery profits, along with the price of Brent crude oil [3]. 3. Summary by Relevant Indicators Basis and Spreads - **Basis**: On November 12, the Shandong basis (+80)(Hongrun) was -2983, the East China basis (Zhenjiang warehouse) was -3063, and the South China basis (Foshan warehouse) was -3063, all with a daily change of -13 [3]. - **Spreads**: The 12 - 01 spread was 0 with a daily change of -1; the 12 - 03 spread was -47 with a daily change of -8; the 01 - 02 spread was -19 with a daily change of -5 [3]. Trading Volume and Open Interest - **Trading Volume**: The trading volume of the BU main contract (01) on November 12 was 237,856, a decrease of 76,306 (-5%) compared to the previous day [3]. - **Open Interest**: The open interest on November 12 was 345,731, an increase of 6,060 (8%) compared to the previous day [3]. Prices - **BU Main Contract (01)**: The price on November 12 was 3063, an increase of 13 compared to the previous day [3]. - **Brent Crude Oil**: The price on November 12 was 65.2, an increase of 1.1 compared to the previous day [3]. - **Asphalt Prices**: On November 10, the prices of Jingbo, Hongrun, Zhenjiang warehouse, and Foshan warehouse were 2990, 2950, 3170, and 3230 respectively [3]. Profits - **Asphalt Ma Rui Profit**: On November 12, it was 34, a decrease of 34 compared to the previous day [3]. - **Ma Rui - type Refinery Comprehensive Profit**: On November 12, it was -796, a decrease of 40 compared to the previous day [3].

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core View of the Report The report presents the daily arbitrage data of various futures varieties on November 12, 2025, including basis, inter - period spreads, and inter - variety spreads for different commodity categories such as thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. 3. Summary by Category 3.1 Thermal Coal - Basis data from November 5 to November 11, 2025, shows that the basis increased from - 2.4 yuan/ton on November 5 to 29.6 yuan/ton on November 11 [1][2]. 3.2 Energy Chemicals - **Energy Commodities**: Basis data for fuel oil, INE crude oil, and crude oil/asphalt from November 5 to November 11, 2025, is provided, with values such as - 74.14, - 31.93, etc. [7]. - **Chemical Commodities**: - Basis data for rubber, methanol, PTA, LLDPE, V, and PP from November 5 to November 11, 2025, shows different trends. For example, the basis of rubber changed from - 500 yuan/ton on November 5 to - 395 yuan/ton on November 11 [9]. - Inter - period spreads for rubber, methanol, PTA, etc., are presented, such as the 5 - month minus 1 - month spread for rubber being 75 yuan/ton [10]. - Inter - variety spreads for LLDPE - PVC, LLDPE - PP, etc., are given, with values like 2203 yuan/ton for LLDPE - PVC on November 11 [10]. 3.3 Black Metals - Basis data for rebar, iron ore, coke, and coking coal from November 5 to November 11, 2025, shows fluctuations. For example, the basis of rebar increased from 146 yuan/ton on November 5 to 175 yuan/ton on November 11 [20]. - Inter - period spreads for rebar, iron ore, coke, and coking coal are provided, such as the 5 - month minus 1 - month spread for rebar being 61 yuan/ton [19]. - Inter - variety spreads for rebar/iron ore, rebar/coke, etc., are given, with values like 3.97 for rebar/iron ore on November 11 [19]. 3.4 Non - Ferrous Metals - **Domestic Market**: Basis data for copper, aluminum, zinc, lead, nickel, and tin from November 5 to November 11, 2025, shows different trends. For example, the basis of copper changed from - 350 yuan/ton on November 5 to 20 yuan/ton on November 11 [29]. - **London Market**: LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data for copper, aluminum, etc., on November 11, 2025, are presented. For example, the LME spread of copper is (21.28) [32]. 3.5 Agricultural Products - Basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from November 5 to November 11, 2025, shows fluctuations. For example, the basis of soybeans No.1 changed from - 103 yuan/ton on November 5 to - 92 yuan/ton on November 11 [39]. - Inter - period spreads for soybeans No.1, soybeans No.2, etc., are provided, such as the 5 - month minus 1 - month spread for soybeans No.1 being 44 yuan/ton [39]. - Inter - variety spreads for soybeans No.1/corn, soybeans No.2/corn, etc., are given, with values like 1.90 for soybeans No.1/corn on November 11 [38][39]. 3.6 Stock Index Futures - Basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from November 5 to November 11, 2025, shows different trends. For example, the basis of CSI 300 changed from 30.66 on November 5 to 25.37 on November 11 [50]. - Inter - period spreads for CSI 300, SSE 50, CSI 500, and CSI 1000 are provided, such as the next - month minus current - month spread for CSI 300 being - 144 [50].