1. Report Industry Investment Ratings No information regarding industry investment ratings is provided in the reports. 2. Core Views of the Reports 2.1 Fats and Oils Industry - Palm oil: Malaysian crude palm oil futures may gradually rebound and reach 4,500 ringgit, and then start an upward trend. Domestic palm oil futures will remain range - bound and may follow the Malaysian trend to rise later, with a view of near - term weakness and long - term strength [1]. - Soybean oil: Analysts expect the NOPA member's soybean oil inventory in August 2025 to drop by 5.8% compared to July. In China, downstream consumption has increased, but overall demand is down year - on - year, and soybean supply is sufficient, resulting in a situation of both long and short factors. Currently, soybean oil supply is abundant, and the basis price fluctuates narrowly [1]. 2.2 Corn and Corn Starch Industry - In the short term, the corn market has a loose supply - demand situation, and the futures price will fluctuate weakly. In the medium term, it will remain weak, and investors are advised to be cautious about short - selling [2]. 2.3 Sugar Industry - ICE raw sugar prices are expected to maintain a bottom - oscillating pattern between 15 - 17 cents per pound. Domestic sugar futures may stabilize around 5,500 due to the raw sugar rebound, but the rebound space is limited, and a strategy of short - selling on rallies is recommended [6]. 2.4 Cotton Industry - In the short term, domestic cotton prices may oscillate within a range, and after the new cotton is listed, prices will face pressure [7]. 2.5 Egg Industry - Egg prices may rise to the annual high due to increased demand from traders, but the high inventory and cold - storage egg release may limit the increase. After traders finish restocking next week, egg prices in some areas may decline slightly [9]. 2.6 Meal Industry - The supply - weak demand pattern of US soybeans continues to suppress the price. Brazilian premiums are strong, providing cost support for the domestic market. In China, concerns about future supply are alleviated, and the soybean meal inventory of oil mills has returned to a high level. The cost support for domestic meals is strong, and the 01 contract is expected to operate in the range of 3,050 - 3,150 [11]. 2.7 Pig Industry - The spot price of pigs is under pressure due to increased slaughter, but the decline space is limited. Demand is slowly recovering, but it is uncertain whether it can absorb the supply. After a short - term rebound, there may be further downside potential, and both futures and spot prices are expected to continue to bottom - out [13][14]. 3. Summary by Related Catalogs 3.1 Fats and Oils Industry 3.1.1 Price Changes - Soybean oil: The spot price in Jiangsu remained unchanged at 8,610 yuan/ton; the futures price of Y2601 increased by 28 yuan to 8,076 yuan/ton, with a 0.72% increase; the basis of Y2601 decreased by 28 yuan to 534 yuan/ton, a 9.80% decline [1]. - Palm oil: The spot price in Guangdong remained at 9,320 yuan/ton; the futures price of P2601 increased by 112 yuan to 9,174 yuan/ton, a 1.24% increase; the basis of P2601 decreased by 112 yuan to 146 yuan/ton, a 43.41% decline [1]. - Rapeseed oil: The spot price in Jiangsu decreased by 100 yuan to 9,940 yuan/ton; the futures price of Ol601 increased by 15 yuan to 9,511 yuan/ton, a 0.16% increase; the basis of Ol601 decreased by 115 yuan to 429 yuan/ton, a 21.14% decline [1]. 3.1.2 Spread Changes - Soybean oil inter - delivery spread 01 - 05 decreased by 4 yuan to 300 yuan/ton, a 1.32% decline; palm oil inter - delivery spread 01 - 05 increased by 14 yuan to 248 yuan/ton, a 5.98% increase; rapeseed oil inter - delivery spread 01 - 05 increased by 28 yuan to 380 yuan/ton, a 7.76% increase [1]. 3.2 Corn and Corn Starch Industry 3.2.1 Corn - The futures price of corn 2511 decreased by 30 yuan to 2,167 yuan/ton, a 1.37% decline; the basis increased by 30 yuan to 143 yuan/ton, a 26.55% increase; the 11 - 3 spread decreased by 19 yuan to - 5 yuan/ton, a 135.71% decline [2]. 3.2.2 Corn Starch - The futures price of corn starch 2511 decreased by 31 yuan to 2,443 yuan/ton, a 1.25% decline; the basis increased by 31 yuan to 117 yuan/ton, a 36.05% increase; the 11 - 3 spread decreased by 19 yuan to - 42 yuan/ton, an 82.61% decline [2]. 3.3 Sugar Industry 3.3.1 Futures Market - The futures price of sugar 2601 increased by 9 yuan to 5,517 yuan/ton, a 0.16% increase; the 1 - 5 spread remained unchanged at 23 yuan/ton; the main contract's open interest decreased by 2,891 lots to 381,607 lots, a 0.75% decline; the number of warehouse receipts decreased by 274 lots to 11,325 lots, a 2.36% decline [6]. 3.3.2 Spot Market - The spot price in Nanning and Kunming remained unchanged. The Nanning basis decreased by 9 yuan to 364 yuan/ton, a 2.41% decline; the Kunming basis decreased by 9 yuan to 329 yuan/ton, a 2.66% decline [6]. 3.3.3 Industry Situation - National sugar production increased by 119.89 million tons to 1,116.21 million tons, a 12.03% increase; sales increased by 114 million tons to 1,000 million tons, a 12.87% increase; the national sales ratio increased by 0.66 percentage points to 89.60%; the industrial inventory increased by 5.78 million tons to 116 million tons, a 5.24% increase [6]. 3.4 Cotton Industry 3.4.1 Futures Market - The futures price of cotton 2605 increased by 30 yuan to 13,850 yuan/ton, a 0.22% increase; the futures price of cotton 2601 increased by 22 yuan to 13,882 yuan/ton, a 0.18% increase; the 5 - 1 spread increased by 5 yuan to - 35 yuan/ton; the main contract's open interest decreased by 8,077 lots to 498,295 lots, a 1.60% decline; the number of warehouse receipts decreased by 118 lots to 4,899 lots, a 2.35% decline [7]. 3.4.2 Spot Market - The Xinjiang arrival price of 3128B decreased by 15 yuan to 15,167 yuan/ton; the CC Index: 3128B increased by 1 yuan to 15,249 yuan/ton; the FC Index:M: 1% increased by 17 yuan to 13,388 yuan/ton [7]. 3.4.3 Industry Situation - Commercial inventory decreased by 33.85 million tons to 148.17 million tons, an 18.6% decline; industrial inventory decreased by 3.19 million tons to 89.23 million tons, a 3.5% decline; imports increased by 2 million tons to 5 million tons, a 66.7% increase [7]. 3.5 Egg Industry - The futures price of the egg 11 - contract increased by 103 yuan to 3,143 yuan per 500 kg, a 3.39% increase; the futures price of the egg 10 - contract increased by 103 yuan to 3,126 yuan per 500 kg, a 3.41% increase; the basis increased by 19 yuan to 515 yuan per 500 kg, a 3.81% increase [9]. 3.6 Meal Industry 3.6.1 Soybean Meal - The spot price of Jiangsu soybean meal decreased by 20 yuan to 3,030 yuan/ton, a 0.66% decline; the futures price of M2601 decreased by 37 yuan to 3,042 yuan/ton, a 1.20% decline; the basis increased by 17 yuan to - 12 yuan/ton, a 58.62% increase [11]. 3.6.2 Rapeseed Meal - The spot price of Jiangsu rapeseed meal decreased by 50 yuan to 2,600 yuan/ton, a 1.89% decline; the futures price of RM2601 decreased by 27 yuan to 2,504 yuan/ton, a 1.07% decline; the basis increased by 23 yuan to 96 yuan/ton, a 31.94% increase [11]. 3.7 Pig Industry 3.7.1 Futures Market - The futures price of the main pig contract increased by 20 yuan to 13,275 yuan/ton, a 0.15% increase; the 11 - 1 spread decreased by 35 yuan to - 470 yuan/ton, an 8.05% decline; the main contract's open interest increased by 2,009 lots to 81,062 lots, a 2.54% increase [13]. 3.7.2 Spot Market - The spot price in Henan decreased by 150 yuan to 13,300 yuan/ton; in Shandong, it decreased by 250 yuan to 13,300 yuan/ton; in Sichuan, it decreased by 300 yuan to 13,050 yuan/ton; in Liaoning, it decreased by 200 yuan to 12,900 yuan/ton [13].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The Huaxia Securities view is to wait for the bond market to return to fundamental pricing, focus on trading long - term bonds, and the anti - decline of credit bonds may continue under loose funds. The current bond market is weak, with long - term interest rates reversing multiple times during the day. Policy factors, the stock - bond seesaw, and bond fund redemption fee reforms have impacted the bond market. The bullet strategy is theoretically better, and 10Y and 30Y bonds are suitable for intraday trading. There are opportunities in the spread compression of some high - coupon local bonds. Credit bonds are more anti - decline under loose funds [2]. - The seller's view is that the bond market sentiment remains low, and most expect a sideways movement. Currently, 22% of institutions are bullish, 56% are neutral, and 22% are bearish [2]. - The buyer's view is that over 60% of buyers are neutral. Overall, the sentiment of fixed - income buyers is bullish, and the sentiment index has risen. Currently, 20% of institutions are bullish, 68% are neutral, and 12% are bearish [2]. 3. Summary by Relevant Catalogs 3.1 Seller and Buyer Market 3.1.1 Seller Market情绪指数与利率债 - The weighted sentiment index this week is - 0.02, and the unweighted index is 0, both lower than last week. The overall view of institutions is neutral - bearish, with 6 bullish, 15 neutral, and 6 bearish institutions [10]. 3.1.2 Buyer Market情绪指数与利率债 - The weighted sentiment index this week is 0.05, and the unweighted index is 0.08, both higher than last week. The overall view of institutions is neutral - bullish, with 5 bullish, 17 neutral, and 3 bearish institutions [11]. 3.1.3 Credit Bonds - Market hot topics include the stock - bond seesaw and public fund fee reforms. The stock - bond seesaw leads to intensified capital diversion from the bond market, increased pressure on bond fund redemptions, and the public fund fee reform triggers a structural adjustment on the liability side, causing a full - scale increase in credit bond yields [16][17]. 3.1.4 Convertible Bonds - This week, institutions generally hold a neutral - bullish view. 40% of institutions are bullish, and 60% are neutral [20]. 3.2 Treasury Bond Futures Tracking 3.2.1 Futures Trading - Futures prices generally declined. As of September 12, the prices of TS/TF/T/TL contracts were 102.38 yuan, 105.60 yuan, 107.71 yuan, and 115.27 yuan respectively, with changes of - 0.01 yuan, + 0.01 yuan, - 0.24 yuan, and - 1.08 yuan compared to last Friday. The trading volume and open interest of each contract increased [24]. 3.2.2 Spot Bond Trading - The turnover rate of 30Y treasury bonds decreased to 4.00% on September 12, down 0.52 pct from last week. The turnover rate of interest - rate bonds and 10Y China Development Bank bonds increased [33][36]. 3.2.3 Basis Trading - The basis of TS and TF contracts widened, while that of T and TL contracts narrowed. The net basis of most contracts widened, and the IRR of main contracts showed mixed trends [40][43]. 3.2.4 Inter - period and Inter - variety Spreads - Except for the narrowing of the inter - period spread of the TL contract, the inter - period spreads of other contracts widened. Except for the narrowing of the 2*TS - TF spread, the inter - variety spreads of other contracts widened [51].

Report 1: Stock Index Futures Spread Daily Report Core Data Summary - **Spot-Futures Spreads**: The IF spot-futures spread was 1.20, down 12.76 from the previous day; the IH was 0.06, down 7.06; the IC was -9.64, down 7.75; the IM was -30.08, down 18.00 [1]. - **Inter - Delivery Spreads**: For example, the next - near spread of IF was -6.20, up 1.40; the far - near spread of IM was -45.20, up 58.60 [1]. - **Cross - Variety Ratios**: The ratio of CSI 500 to SSE 50 was 2.4078, up 0.0201; the ratio of CSI 1000 to SSE 300 was 1.6415, up 0.0145 [1]. Report 2: Bond Futures Basis and Spread Daily Report Core Data Summary - **Basis**: The TF basis on September 12, 2025, was 1.1549, up 0.0604; the T basis was 0.9678 [2]. - **Inter - Delivery Spreads**: The current - next spread of TS was -0.0280, up 0.0300 on September 12, 2025 [2]. - **Cross - Variety Spreads**: The spread between TS and TF was -3.2200, down 0.0400 on September 12, 2025 [2]. Report 3: Precious Metals Spot - Futures Daily Report Core Data Summary - **Futures Closing Prices**: The domestic AU2510 contract closed at 834.22 yuan/gram on September 12, up 3.44; the AG2510 contract closed at 10035 yuan/kg, up 237 [3]. - **Spot Prices**: London gold was 3642.64 dollars/ounce on September 12, up 9.10; London silver was 42.16, up 0.66 [3]. - **Basis**: The basis of gold TD - SHFE gold was -3.88, up 0.81; the basis of silver TD - SHFE silver was -1, up 25 [3]. - **Ratios**: The ratio of COMEX gold to silver was 86.24, down 1.09; the ratio of SHFE gold to silver was 83.13, down 1.66 [3]. Report 4: Container Shipping Industry Spot - Futures Daily Report Core Data Summary - **Spot Quotes**: The Shanghai - Europe future 6 - week freight rate of MAERSK was 1705 dollars/FEU on September 12, down 81 [4]. - **Container Shipping Indexes**: The SCFIS (European route) settlement price index on September 8 was 1556.46, down 217.1 from September 1 [4]. - **Futures Prices and Basis**: The EC2602 contract closed at 1497.4 points on September 11, down 26.6; the basis of the main contract was 125.9, down 203.8 [4]. - **Fundamental Data**: The global container shipping capacity supply on September 14 was 3302.99 TEU, down 0.20 [4].

1. General Information - The reports cover multiple industries including oils and fats, sugar, cotton, eggs, corn, pigs, and meal products, dated September 15, 2025 [1][4][5][8][11][14][17] 2. Industry - Specific Investment Ratings - No industry investment ratings are provided in the reports 3. Core Views Oils and Fats - CBOT soybean oil may fall again due to seasonal decline in consumption and potential high - throughput of factories. The basis of spot soybean oil will have limited short - term fluctuations. Malaysian palm oil futures are in a consolidation phase, facing potential downward pressure from increasing production and weak export data. The Dalian palm oil futures may follow suit and face a risk of downward break - through. The September 13 USDA report on soybeans is neutral to bearish, and the industrial demand for US soybean oil decreases after summer [1] Sugar - The raw sugar price is expected to maintain a bottom - side oscillation between 15 - 17 cents per pound. Domestic sugar has high inventory pressure, and the short - term futures may stabilize around 5500, but the rebound space is limited. A short - selling strategy on rallies is recommended [4] Cotton - In the short term, domestic cotton prices may fluctuate within a range. As new cotton is expected to be listed in the future, prices may face downward pressure [5] Eggs - Egg prices may rise to the annual high due to increased demand from traders, but the high inventory and cold - storage egg release may limit the increase. After traders finish restocking next week, egg prices in some areas may decline slightly [8][9] Corn - In the short term, the corn market will gradually shift to a supply - demand loosening situation, with the futures oscillating weakly. In the medium term, the bearish situation remains, and a short - selling strategy on rallies is advisable [11] Pigs - The spot pig prices have limited room for further decline due to farmers' reluctance to sell at low prices and secondary fattening. However, considering the supply recovery and uncertain demand, the prices may continue to bottom - out after a short - term rebound [15] Meal Products - The global soybean supply - demand situation has some changes, with US soybean production increasing and the global stocks - to - use ratio slightly decreasing. In China, the concern about future supply is alleviated, and the spot market is loose. However, due to cost support, the decline space of domestic meal products is limited [17] 4. Industry - Specific Summaries Oils and Fats - **Soybean Oil**: The spot price in Jiangsu is 8610 yuan, up 70 yuan (0.82%) from September 11. The Y2601 futures price is 8018 yuan, down 8 yuan (- 0.10%). The basis of Y2601 is 592 yuan, up 78 yuan (15.18%) [1] - **Palm Oil**: The spot price of 24 - degree palm oil in Guangdong is 9320 yuan, up 100 yuan (1.08%). The P2601 futures price is 9062 yuan, down 52 yuan (- 0.57%). The basis of P2601 is 258 yuan, up 152 yuan (143.40%). The September import cost in Guangzhou Port is 9679.8 yuan, up 39.2 yuan (0.41%), and the import profit is - 618 yuan, down 91 yuan (- 17.31%) [1] - **Rapeseed Oil**: The spot price of Grade 4 rapeseed oil in Jiangsu is 10040 yuan, up 100 yuan (1.01%). The OI601 futures price is 9547 yuan, down 21 yuan (- 0.53%) [1] Sugar - **Futures Market**: The price of Sugar 2601 is 5540 yuan, down 16 yuan (- 0.29%); Sugar 2605 is 5517 yuan, down 7 yuan (- 0.13%); ICE raw sugar is 15.81 cents per pound, up 0.01 cent (0.06%). The 1 - 5 spread is 23 yuan, down 9 yuan (- 28.13%) [4] - **Spot Market**: The price in Nanning is 5890 yuan, unchanged; in Kunming is 5855 yuan, up 5 yuan (0.09%). The import price of Brazilian sugar within the quota is 4418 yuan, up 20 yuan (0.45%); outside the quota is 5611 yuan, up 26 yuan (0.47%) [4] - **Industry Situation**: The national cumulative sugar production is 1116.21 million tons, up 119.89 million tons (12.03%); sales are 1000.00 million tons, up 114.00 million tons (12.87%). The cumulative sales ratio in the country is 89.60%, up 0.66 percentage points (0.74%); in Guangxi is 89.04%, up 0.62 percentage points (0.70%) [4] Cotton - **Futures Market**: The price of Cotton 2605 is 13820 yuan, up 25 yuan (0.18%); Cotton 2601 is 13860 yuan, up 25 yuan (0.18%); ICE US cotton is 66.76 cents per pound, up 0.02 cent (0.03%). The 5 - 1 spread is - 40 yuan, unchanged [5] - **Spot Market**: The Xinjiang arrival price of 3128B cotton is 15182 yuan, down 4 yuan (- 0.03%); CC Index 3128B is 15248 yuan, down 1 yuan (- 0.01%); FC Index M 1% is 13371 yuan, up 18 yuan (0.13%) [5] - **Industry Situation**: The commercial inventory is 148.17 million tons, down 33.85 million tons (- 18.6%); industrial inventory is 89.23 million tons, down 3.19 million tons (- 3.5%). The import volume is 5.00 million tons, up 2.00 million tons (66.7%) [5] Eggs - **Futures Market**: The price of Egg 11 contract is 3040 yuan per 500KG, down 4 yuan (- 0.13%); Egg 10 contract is 3023 yuan per 500KG, down 20 yuan (- 0.66%). The 11 - 10 spread is 17 yuan, up 16 yuan (1600.00%) [8] - **Spot Market**: The egg - producing area price is 3.54 yuan per jin, up 0.07 yuan (1.92%); the basis is 496 yuan per 500KG, up 70 yuan (16.56%) [8] - **Industry Situation**: The price of egg - laying chicken chicks is 2.60 yuan per chick, down 0.40 yuan (- 13.33%); the price of culled chickens is 4.61 yuan per jin, down 0.01 yuan (- 0.22%); the egg - feed ratio is 2.50, up 0.07 (2.88%); the breeding profit is - 17.89 yuan per chick, up 4.71 yuan (20.84%) [8] Corn - **Corn**: The price of Corn 2511 is 2197 yuan, down 5 yuan (- 0.23%); the Jinzhou Port flat - hatch price is 2310 yuan, unchanged. The basis is 113 yuan, up 5 yuan (4.63%); the 11 - 3 spread is 14 yuan, down 2 yuan (- 12.50%) [11] - **Corn Starch**: The price of Corn Starch 2511 is 2474 yuan, down 3 yuan (- 0.12%); the Changchun spot price is 2560 yuan, unchanged; the Weifang spot price is 2800 yuan, unchanged. The basis is 86 yuan, up 3 yuan (3.61%); the 11 - 3 spread is - 23 yuan, up 4 yuan (14.81%) [11] Pigs - **Futures Market**: The price of Live Pig 2511 is 13255 yuan, down 65 yuan (- 0.49%); Live Pig 2601 is 13690 yuan, down 40 yuan (- 0.29%). The 11 - 1 spread is - 435 yuan, down 25 yuan (- 6.10%) [15] - **Spot Market**: The price in Henan is 13450 yuan, down 50 yuan; in Shandong is 13550 yuan, up 50 yuan; in Sichuan is 13350 yuan, unchanged; in Liaoning is 13100 yuan, unchanged; in Guangdong is 14390 yuan, up 100 yuan; in Hunan is 13210 yuan, unchanged; in Hebei is 13400 yuan, unchanged [15] - **Industry Situation**: The daily slaughter volume of sample points is 148973, up 965 (0.65%); the weekly white - strip price is 0.00 yuan, down 20.1 yuan (- 100.00%); the weekly piglet price is 26.00 yuan, unchanged; the weekly sow price is 32.51 yuan, unchanged; the weekly slaughter weight is 128.32 kg, up 0.1 kg (0.07%); the weekly self - breeding profit is 17 yuan, down 35.8 yuan (- 68.02%); the weekly purchased - pig breeding profit is - 162 yuan, down 35.7 yuan (- 28.27%); the monthly fertile sow inventory is 40420000 heads, down 10000 heads (- 0.02%) [15] Meal Products - **Soybean Meal**: The price of Jiangsu soybean meal is 3050 yuan, up 20 yuan (0.66%); M2601 futures price is 3079 yuan, down 9 yuan (- 0.29%); the basis of M2601 is - 29 yuan, up 29 yuan (50.00%). The import crushing profit for US Gulf shipments is not given; for Brazilian November shipments is 60, down 18 (- 30.0%) [17] - **Rapeseed Meal**: The price of Jiangsu rapeseed meal is 2650 yuan, up 20 yuan (0.76%); RM2601 futures price is 2531 yuan, down 36 yuan (- 1.40%); the basis of RM2601 is 119, up 56 (88.89%). The import crushing profit for Canadian November shipments is 815, down 66 (- 7.49%) [17] - **Soybeans**: The price of Harbin soybeans is 3980 yuan, unchanged; the futures price of the main soybean contract is 3959 yuan, up 14 yuan (0.35%); the basis is 21, down 14 (- 40.00%). The price of imported soybeans in Jiangsu is 3900 yuan, up 100 yuan (2.63%); the futures price of the main soybean - two contract is 3759 yuan, up 4 yuan (0.11%); the basis is 141, up 96 (213.33%) [17] - **Spreads**: The 01 - 05 spread of soybean meal is 259, down 20 (- 7.17%); the 01 - 05 spread of rapeseed meal is 125, down 22 (- 14.97%); the oil - meal ratio of the spot is 2.82, up 0.004 (0.16%); the oil - meal ratio of the main contract is 2.70, up 0.003 (0.12%); the spot soybean - rapeseed meal spread is 400, unchanged; the 2601 spread is 548, up 27 (5.18%) [17]

Report Industry Investment Rating - Not provided Core View of the Report - The demand recovery of ethylene glycol is facing challenges, and it is expected to continue its weak and volatile trend in the short term. Currently, ethylene glycol is in a situation of weak supply and demand. The cost side restricts the price from falling sharply, but there is no new cost support. The demand side lacks incremental boost, and the high inventory suppresses market sentiment. The short - term price may continue to oscillate at a low level, and if the demand fails to substantially improve, the lower support may be tested [1][3] Summary by Relevant Catalogs Day - to - Day Market Summary - **主力合约与基差**: On September 12, the price of the ethylene glycol main contract oscillated downward to 4,272 yuan/ton, a decrease of 30 yuan/0.7% from the previous day. The East China spot price also fell to 4,380 yuan/ton (-25 yuan), but the basis widened by 30 yuan to 138 yuan/ton. The inter - delivery spread showed an intensified contango, with the 5 - 9 spread widening negatively to - 89 yuan/ton, indicating deepening concerns about future supply [2] - **持仓与成交**: The trading volume of the main contract remained around 134,000 lots, while the open interest increased by 8,245 lots to 317,000 lots, suggesting intensified long - short game [2] - **供给端**: The total ethylene glycol operating rate remained stable at 71.24%. The operating rates of oil - based and coal - based plants were flat at 74.6% and 66.74% respectively. The coal - based profit continued to be deeply in the red at 368 yuan/ton, with no further expansion of losses but lack of repair momentum [2] - **需求端**: The load of polyester factories was 89.42%, and that of Jiangsu and Zhejiang looms was 63.43%, both remaining flat for more than two weeks. Due to the off - season pressure in the terminal textile industry, the downstream replenishment demand was weak and could not effectively drive the raw materials [3] - **库存端**: The inventory at the East China main port increased by 59,000 tons to 485,700 tons in a single week. The inventory in Zhangjiagang soared by 40.6% to 180,000 tons. Although the weekly arrival volume decreased by 39.7% to 101,700 tons, the port inventory accumulation reflected that the source digestion speed lagged far behind the arrival rhythm, highlighting the inventory pressure [3] - **震荡偏弱运行**: Ethylene glycol is in a situation of weak supply and demand. The coal - based loss restricts the price from falling sharply, but the fluctuations of crude oil and naphtha have not provided new cost support for oil - based profits. The polyester and loom loads are stable but lack incremental boost, and the high - level inventory suppresses market sentiment. The short - term price may continue to oscillate at a low level [3] Industrial Chain Price Monitoring - **期货与现货价格**: The main contract price of MEG futures was 4,272 yuan/ton on September 12, down 30 yuan (-0.7%) from the previous day. The East China spot price was 4,380 yuan/ton, down 25 yuan (-0.57%) [4] - **价差情况**: The MEG basis widened by 30 yuan to 138 yuan/ton. The 1 - 5 spread increased by 1 yuan to - 47 yuan/ton, the 5 - 9 spread decreased by 31 yuan to - 89 yuan/ton, and the 9 - 1 spread increased by 30 yuan to 136 yuan/ton [4] - **利润情况**: The coal - based profit remained at - 368 yuan/ton, with no change [4] - **开工负荷**: The overall ethylene glycol operating rate was 71.2%, and the coal - based and oil - based operating rates were 66.7% and 74.6% respectively, all remaining unchanged. The polyester factory load was 89.4%, and the Jiangsu and Zhejiang loom load was 63.4%, also unchanged [4] - **库存与到港量**: The East China main port inventory increased by 59,000 tons to 486,000 tons, and the Zhangjiagang inventory increased by 52,000 tons to 180,000 tons, a surge of 40.62%. The arrival volume decreased by 67,000 tons to 101,700 tons, a decrease of 39.72% [4] Industrial Dynamics and Interpretation - On September 12, the East China US - dollar market followed the domestic market to weaken. In the morning, the negotiation price of October shipments was in the range of 512 - 515 US dollars/ton, and in the afternoon, that of near - month shipments was in the range of 514 - 517 US dollars/ton, with no reported transactions [5] - On September 12, the mainstream market price fell, but the ethylene glycol price in the South China market had reached a low level, and the quotations of holders remained stable. The market negotiation atmosphere was cold, with the current price around 4,460 yuan/ton for delivery [5] - On September 12, due to concerns about oversupply, the international crude oil price declined, the cost - side support weakened, and the spot basis was weak. The current negotiation price in East China was around 4,370 yuan/ton [5] - On September 12, the spot quotation in the Shaanxi ethylene glycol market was lowered, with the average market price around 3,970 yuan/ton for self - pick - up [5] Appendix: Big Model Inference Process - The decrease in the main contract price and the increase in the basis may indicate that the spot is more resistant to decline or the market has a weak future expectation [22] - The increase in open interest and the significant change in the 5 - 9 spread may reflect the bearish sentiment towards the far - month contract [22] - The stable supply - side operating rate and the unchanged demand - side load, combined with the inventory accumulation, suggest weak demand and difficult de - stocking [23] - Given the high inventory pressure, weak demand, and certain cost - side support, the ethylene glycol price may continue to be weak and may even decline further [23]

1. Report Industry Investment Rating - No industry investment rating information is provided in the reports. 2. Core Views - The reports mainly present the daily data of stock index futures spreads, treasury bond futures spreads, precious metals spot - futures, container shipping industry, and capital flow and key positions changes, including the latest values, changes compared with the previous day, historical quantiles, etc., to help investors understand the market trends and price relationships of different financial products [1][2][3][5]. 3. Summary by Related Catalogs Stock Index Futures Spreads - **Price - Spot Spreads**: IF price - spot spread is - 12.96, down 2.91; IH is - 1.79, up 1.44; IC is - 12.54, down 68.71; IM is - 79.17, down 18.94 [1]. - **Inter - period Spreads**: Different contracts' inter - period spreads show various changes, such as IF's far - month to current - month spread is - 54.20, down 7.20 [1]. - **Cross - variety Ratios**: Ratios like CSI 500/CSI 300, IC/IF also have specific values and changes, e.g., CSI 500/CSI 300 is 1.5594, down 0.0025 [1]. Treasury Bond Futures Spreads - **IRR and Basis**: TS IRR is 1.4442, down 0.0180; TF basis is 1.3160; T basis is 1.0310 [2]. - **Inter - period Spreads**: For example, TS's current - season to next - season spread is 0.0300, down 0.0040 [2]. - **Cross - variety Spreads**: TS - TF is - 3.0750, up 0.1170 [2]. Precious Metals Spot - Futures - **Futures Closing Prices**: Domestic AU2510 contract is 833.42 yuan/g, down 1.06; AG2510 contract is 9796 yuan/kg, down 50. Foreign COMEX gold is 3680.40 dollars/ounce, up 16.60 [3]. - **Spot Prices**: London gold is 3639.81 dollars/ounce, up 15.64; Shanghai Gold Exchange's gold T + D is 829.72 yuan/g, down 2.19 [3]. - **Basis**: Gold TD - Shanghai gold main contract is - 3.70, down 1.13; silver TD - Shanghai silver main contract is - 12, down 13 [3]. - **Ratios, Rates, and Other Data**: COMEX gold/silver ratio is 88.36, down 0.23; 10 - year US Treasury yield is 4.04%, down 0.04% [3]. Container Shipping Industry - **Spot Quotes**: For Shanghai - Europe routes, MAERSK's rate is 1786 dollars/FEU, down 65 [5]. - **Shipping Indexes**: SCFIS (European route) settlement price index is 1566.46, down 207.1; SCFI (European) is 1315 dollars/TEU, down 166.0 [5]. - **Futures Prices and Basis**: EC2602 contract price is 1527.4, unchanged; the basis of the main contract is 132.0, down 207.1 [5]. - **Fundamental Data**: Global container shipping capacity supply is 3299.69 FTEU, unchanged; Shanghai port on - time rate is 32.58%, down 1.99% [5]. Capital Flow and Key Positions Changes - No valid data is provided in the given report for this part.

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the reports. 2. Core Views The reports present a comprehensive analysis of various futures markets, including stock index futures, bond futures, precious metals futures, container shipping futures, and also provide information on trading calendars and potential data releases. They offer detailed data on price changes, spreads, ratios, and related market indicators for different futures products, which can help investors understand market trends and potential investment opportunities. 3. Summary by Directory Stock Index Futures - **Price and Spread Data**: The report provides detailed data on the price differences between futures and spot prices, as well as inter - period spreads for different stock index futures such as IF, IH, IC, and IM. For example, the IF spot - futures spread is - 22.55, down 13.11 from the previous day [1]. - **Historical Percentiles**: It also includes historical 1 - year and full - history percentiles of these spreads, which can help investors assess the relative position of current spreads in historical data. For instance, the historical 1 - year percentile of the IF spot - futures spread is 31.40% [1]. Bond Futures - **IRR and Basis**: Data on the implied repo rate (IRR) and basis for different bond futures (TS, TF, T, TL) are presented. For example, the TS IRR is 1.5138, down 0.0400 from the previous day, and the T basis is 1.3586, up 0.3549 [2]. - **Inter - period and Cross - product Spreads**: Inter - period spreads (e.g., current quarter - next quarter) and cross - product spreads (e.g., TS - TF) are provided, along with their historical percentiles, which can assist investors in analyzing the relative value between different bond futures contracts [2]. Precious Metals Futures - **Price Changes**: The report shows price changes in domestic and foreign precious metals futures, spot prices, and related spreads. For example, the AU2510 contract price increased by 1.97% from August 29th to September 1st, and the COMEX gold price rose by 1.13% [4]. - **Basis and Ratio Analysis**: It also includes basis data (e.g., gold TD - Shanghai gold main contract) and ratio analysis (e.g., COMEX gold/silver ratio), which can help investors understand the relationship between different precious metals prices [4]. Container Shipping Futures - **Spot and Index Data**: Spot quotes for container shipping from Shanghai to Europe by different shipping companies are provided, along with various container shipping indices such as SCFIS and SCFI. For example, the MAERSK Shanghai - Europe freight rate decreased by 1.74% from September 1st to September 2nd [6]. - **Futures Prices and Basis**: Futures prices of different container shipping contracts (e.g., EC2602, EC2510) and their basis are presented, which can help investors analyze the relationship between futures and spot prices in the container shipping market [6]. Trading Calendar - **Data and Event Schedule**: The report lists overseas and domestic economic data and events to be released on September 2nd, 2025. Overseas events include euro - zone CPI data and US manufacturing PMI data, while domestic events cover inventory and production data for various commodities such as manganese ore, iron ore, and glass [7].

Report Industry Investment Ratings No relevant information provided. Core Views of the Reports Fats and Oils Industry - Palm oil futures are expected to return to 4500 ringgit, and the domestic palm oil futures may gradually rise after the adjustment, with a view of near - term weakness and long - term strength. US soybean oil has a downward space in the short term, while domestic soybean oil may see a decrease in inventory and a rise in the spot basis in the future [1]. Corn Industry - The short - term corn futures are in a rebound and consolidation stage, and the medium - term situation remains weak. It is advisable to consider shorting on rallies [2]. Sugar Industry - The international raw sugar is expected to consolidate in the 15 - 17 cents/pound range. The domestic sugar price will maintain a wide - range oscillation, and the 01 contract is expected to oscillate narrowly around 5500 - 5700 [7]. Cotton Industry - The cotton price center has risen, but there is no obvious upward driving force. It is expected to maintain a high - level oscillation in the range of 13500 - 14500 yuan/ton [8]. Pig Industry - The spot price of pigs is stabilizing with slight fluctuations. It is recommended to wait and see, and pay attention to the support levels of the 11 and 01 contracts [9]. Meal Industry - The domestic meal prices have limited downward space. It is advisable to wait for the market to stabilize and then go long at low levels in the 3000 - 3050 range [11]. Egg Industry - Egg prices may rebound in early September, but the overall increase is limited, maintaining a bearish view [15]. Summary by Related Catalogs Fats and Oils Industry - **Price Changes**: On August 29, Y2601 decreased by 0.52%, and the palm oil futures price also showed certain fluctuations. The price of soybean oil and palm oil in the spot market also changed to different degrees [1]. - **Fundamentals**: Malaysian palm oil production growth is lower than export growth, and the market expects limited inventory growth at the end of August. The US biodiesel policy for soybean oil is unclear, and the domestic demand for soybean oil is improving [1]. Corn Industry - **Price Changes**: On September 1, 2025, the price of corn 2511 increased by 0.27%, and the price of corn starch 2511 increased by 0.32%. The spot prices and spreads also changed [2]. - **Fundamentals**: Northeast corn traders have insufficient inventory, but there is supplementary auction grain. Spring corn in North China is gradually on the market, and the new - season corn has a large expected increase in production. The demand side has relatively sufficient inventory and weak purchasing enthusiasm [2]. Sugar Industry - **Price Changes**: On September 1, 2025, the price of sugar 2601 increased by 0.04%, and the price of ICE raw sugar decreased by 0.97%. The spot prices and spreads also changed [7]. - **Fundamentals**: The supply of raw sugar is expected to increase, but the Brazilian sugar production may be revised down. The 09 contract is affected by beet warehouse receipts, and the demand side is relatively stable during the double festivals [7]. Cotton Industry - **Price Changes**: On September 1, 2025, the price of cotton 2509 increased by 0.73%, and the price of cotton 2601 increased by 1.21%. The spot prices and spreads also changed [8]. - **Fundamentals**: The supply of new cotton is yet to be verified, the inventory is relatively tight before the new cotton is on the market, the demand has improved marginally since August, but the downstream improvement is not obvious [8]. Pig Industry - **Price Changes**: On September 1, 2025, the price of live pigs 2511 decreased by 0.26%, and the price of live pigs 2601 decreased by 0.50%. The spot prices and spreads also changed [9]. - **Fundamentals**: The spot price of pigs is stabilizing, the slaughter volume has increased, and the market demand is expected to improve with the approach of the school season and cooler weather, but there may be a wave of concentrated slaughter before the double festivals [9]. Meal Industry - **Price Changes**: On September 1, 2025, the price of soybean meal M2601 increased by 0.53%, and the price of rapeseed meal RM2601 increased by 1.21%. The spot prices, spreads, and crushing margins also changed [11]. - **Fundamentals**: The expected high yield of US soybeans suppresses the market, the Sino - US negotiation has no substantial progress, and the domestic supply concern has eased [11]. Egg Industry - **Price Changes**: On September 1, 2025, the price of egg 09 contract increased by 0.28%, and the price of egg 10 contract increased by 0.31%. The spot prices, spreads, and related indicators also changed [14]. - **Fundamentals**: The number of newly - opened laying hens in September may decrease, and the demand will weaken after the Mid - Autumn Festival [15].

Report Industry Investment Rating No relevant content provided. Core Viewpoints No clear core viewpoints presented in the provided reports. Summary by Related Catalogs 1. Stock Index Futures Spread Daily Report - **Futures - Spot Spread**: IF futures - spot spread is -3.59, down 8.97 from the previous day; IH is 1.02, down 1.12; IC is -47.67, down 5.37; IM is -61.07, up 4.46 [1]. - **Inter - Delivery Spread**: For example, IF's next - to - current month spread is -7.40, down 4.40; H's is -20.40, down 3.20 [1]. - **Cross - Variety Ratio**: Ratios like CSI 500/CSI 300 is 1.5640, up 0.0085; IC/IF is 1.5546, up 0.0104 [1]. 2. Treasury Bond Futures Spread Daily Report - **Basis**: IRR for 15 - bond is 1.4476, down 0.0217; TF basis is 1.2758, up 0.0468; T basis is 0.9147, up 0.5196; TL basis is 0.5493, up 0.9191 [2]. - **Inter - Delivery Spread**: TS's current - to - next quarter spread is -0.0720, up 0.0040; TF's is 0.1750, down 0.0350; T's is 0.4500, down 0.0100 [2]. - **Cross - Variety Spread**: TS - TF is -3.1600, down 0.0460; TS - T is -5.5950, down 0.0610; TF - T is -2.4350, down 0.0150 [2]. 3. Precious Metals Spot - Futures Daily Report - **Futures Closing Prices**: AU2510 contract closed at 781.12 yuan/g on Aug 26, up 1.94 from Aug 25; AG2510 closed at 9354 yuan/kg, down 40 [7]. - **Spot Prices**: London gold was at 3393.47 dollars/ounce on Aug 26, up 27.86; London silver was at 38.60 dollars/ounce, up 0.05 [7]. - **Basis**: Gold TD - Shanghai gold main contract basis is -4.29, down 0.45; silver TD - Shanghai silver main contract basis is -43, down 13 [7]. 4. Container Shipping Industry Spot - Futures Daily Report - **Spot Quotes**: Maersk's Shanghai - Europe 6 - week future freight rate is 2235 dollars/FEU on Aug 27, down 118 from Aug 26; CMA CGM is 2591 dollars/FEU, up 23 [8]. - **Container Shipping Index**: SCFIS (European route) settlement price index on Aug 25 is 1990.20, down 190.0 from Aug 18; SCFIS (US West route) is 1041.38, down 64.9 [8]. - **Futures Prices and Basis**: EC2602 contract on Aug 26 is 1469.3, down 27.6 from Aug 25; EC2510 (main contract) is 1318.9, down 39.1; basis of the main contract is 573.6, down 160.9 [8]. - **Fundamentals**: Global container shipping capacity supply on Aug 27 is 3292.63 million TEU, unchanged from Aug 26; Shanghai port on - time rate in July is 32.58%, down 1.99 from the previous month [8]. 5. Trading Calendar - **Overseas Data/Information**: US API crude oil inventory for the week ending Aug 22 is reported at 4:30; EIA crude oil inventory is reported at 22:30 [9]. - **Domestic Data/Information**: Steel Union's weekly production and sales survey of 523 mines for coking coal is in the evening; China's port commercial crude oil inventory (in 10,000 tons) is reported at 14:30 [9].

1. Investment Ratings - The provided reports do not mention any industry investment ratings. 2. Core Views - The reports offer a comprehensive analysis of various financial products, including stock index futures, Treasury bond futures, precious metals, container shipping, and relevant economic data. They present current price information, price changes, and historical percentile data for different contracts and indicators, enabling investors to understand market trends and potential investment opportunities. 3. Summary by Directory Stock Index Futures Spread Daily Report - **Price Differences**: Presents the current price differences and historical percentile data of various stock index futures contracts, including F, H, IC, and IM. For example, the F period - spot price difference is 5.38, with a historical 1 - year percentile of 86.40% [1]. - **Cross - Period Spreads**: Details the cross - period spreads of different contracts, such as the next - month minus the current - month spread, the far - month minus the current - month spread, etc. For instance, the next - month minus the current - month spread of F is - 3.00, with a change of 3.20 compared to the previous day [1]. - **Cross - Variety Ratios**: Provides cross - variety ratios, like the ratio of IC to IF, which is 1.5442, with a historical 1 - year percentile of 96.70% [1]. Treasury Bond Futures Spread Daily Report - **Basis**: Displays the basis of different Treasury bond futures, including TS, TF, T, and TL. For example, the TS basis is 1.4868, with a change of - 0.0340 compared to the previous day and a historical percentile of 20.50% [2]. - **Cross - Period Spreads**: Covers the cross - period spreads of different Treasury bond futures contracts. For instance, the current - quarter minus the next - quarter spread of TS is - 0.0760, with a change of - 0.0720 compared to the previous day and a historical percentile of 12.50% [2]. - **Cross - Variety Spreads**: Presents cross - variety spreads, such as the spread between TS and TF, which is - 3.1140, with a change of - 0.0620 compared to the previous day and a historical percentile of 13.30% [2]. Precious Metals Spot - Futures Daily Report - **Futures Prices**: Shows the closing prices and price changes of domestic and foreign precious metal futures contracts. For example, the AU2510 contract price is 779.18 yuan/gram, with a rise of 5.78 yuan and a rise rate of 0.75% compared to the previous day [4]. - **Spot Prices**: Provides the spot prices and price changes of precious metals, including London gold, London silver, and Shanghai Gold Exchange T + D products. For instance, the London gold price is 3365.61 dollars/ounce, with a fall of 5.63 dollars and a fall rate of - 0.17% compared to the previous day [4]. - **Other Indicators**: Includes indicators such as the difference between gold TD and Shanghai gold futures, the ratio of COMEX gold to silver, interest rates, exchange rates, inventory, and positions [4]. Container Shipping Industry Spot - Futures Daily Report - **Spot Quotes**: Offers spot quotes for container shipping, such as the freight rates of different shipping companies on the Shanghai - Europe route. For example, the MAERSK freight rate is 2353 dollars/FEU, with a rise of 80 dollars and a rise rate of 3.52% compared to the previous day [6]. - **Container Shipping Index**: Presents the settlement price index and price changes of container shipping, including SCFIS (European route) and SCFIS (US West route). For instance, the SCFIS (European route) settlement price index is 1990.20, with a fall of 190.0 and a fall rate of - 8.71% compared to the previous day [6]. - **Futures Prices and Basis**: Displays the futures prices and basis of container shipping contracts. For example, the EC2602 futures price is 1496.9, with a rise of 31.9 and a rise rate of 2.18% compared to the previous day, and the basis of the main contract is 544.5, with a fall of 205.7 and a fall rate of - 27.42% compared to the previous day [6]. - **Fundamental Data**: Covers fundamental data such as global container shipping capacity supply, port - related indicators, export differences, and overseas economic indicators [6]. Overseas and Domestic Data/Information Report - **Overseas Data**: Lists overseas economic indicators and financial events, including the US durable goods orders monthly rate, the Brazilian agricultural product production survey results, etc. [8] - **Domestic Data**: Presents domestic economic indicators and financial events, such as the expiration of 3000 billion yuan of 1 - year medium - term lending facilities (MLF), the inventory and port throughput of manganese ore in Qinzhou Port, etc. [8]