Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The cotton market has support below and pressure above in the near term. There is continuous pressure from new cotton supply, but yarn mills are actively replenishing their inventories. In the long term, policies and weather are the key factors. The strategies are to conduct reverse arbitrage on the January - May spread when prices are high and to layout long positions for distant - month contracts when prices are low [4] Group 3: Summary According to Relevant Data Domestic Cotton Futures - CF01 on November 5 was 13615, up 80 (0.59%) from November 4; CF05 was 13620, up 65 (0.48%); CF01 - 05 was - 5, up 15 from the previous day [3] Domestic Cotton Spot - In Xinjiang on November 5, the price was 14627, down 13 (-0.09%); in Henan it was 14856, down 34 (-0.23%); in Shandong it was 14873, unchanged (0.00%); Xinjiang - main continuous basis was 1012, down 93 [3] Domestic Yarn Futures and Spot - Domestic yarn futures CY on November 5 was 19820, up 25 (0.13%); domestic yarn spot C32S price index was 20520, unchanged (0.00%) [3] US Cotton Spot - CT (USD/磅) was unchanged at 65.15; the arrival price was 75.20, down 0.3 (-0.40%); 1% quota pick - up price was 13158, down 51 (-0.39%); sliding - scale duty pick - up price was 14069, down 29 (-0.21%) [3] Spread Data - The yarn - cotton spread (futures) was 6205, down 55; the yarn - cotton spread (spot) was 911, up 22 [3] Other Data - The domestic - foreign spread (spot) was 1715, up 51 [4]

Report Industry Investment Rating - Not provided in the content Core Views - The fundamentals of pure benzene remain weak as port inventories rise again, indicating weak downstream提货 demand, while domestic pure benzene operating rates have bottomed out and rebounded [1][3] - For styrene, short - term maintenance continues, factory inventory pressure eases, port inventories start to decline, and the port basis rebounds slightly with improved low - level trading [3] Summary by Directory 1. Pure Benzene and EB's Basis Structure and Inter - Period Spreads - Figures include pure benzene's main basis, spot - M2 paper - cargo spread, and inter - period spreads of pure benzene and EB [8][11][16] 2. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Figures cover various production profits and price spreads such as naphtha processing fee, pure benzene's FOB and CFR price spreads, and styrene's non - integrated production profit and import profit [20][23][32] 3. Inventories and Operating Rates of Pure Benzene and Styrene - Figures show pure benzene's East China port inventory and operating rate, and styrene's East China port inventory, commercial inventory, factory inventory, and operating rate [39][41][44] 4. Operating Rates and Production Profits of Styrene's Downstream Products - Figures present the operating rates and production profits of EPS, PS, and ABS [50][52][54] 5. Operating Rates and Production Profits of Pure Benzene's Downstream Products - Figures display the operating rates and production profits of caprolactam, phenol - ketone, aniline, adipic acid, and other downstream products [58][62][71] Strategies - Unilateral: None [4] - Basis and Inter - Period: Go long on the spread of EB2512 - EB2601 at low levels [4] - Cross - Product: None [4]

Report Summary 1. Report Information - The report is the Maike Futures Basis Statistics Table, dated November 6, 2025, 9:00 [2] 2. Core Information - **Data Sources**: Wind Financial Terminal, Steel Union Data Terminal. Some quotes are weekly updated data, and some spot quotes differ from the benchmark deliverable [3] - **Calculation Formula**: The basis rate is the main contract basis rate, calculated as (spot price - main contract price) / main contract price. The historical minimum and maximum basis rates are calculated based on samples from January 1, 2015, to the present [3] 3. Commodity Basis Rate Details - **Non - ferrous Metals**: - Copper (CU): Current month basis rate -0.11%, next month -0.30%, spot price 85332, source SMM 1 electrolytic copper [4] - Aluminum (AL): Current month -0.23%, next month -0.05%, spot 21300, source SMM A00 aluminum [4] - Zinc (ZN): Current month -0.49%, next month -0.02%, spot 22500, source SMM 0 zinc ingot [4] - Lead (PB): Current month -1.00%, next month 0.12%, spot 17325, source SMM 1 aluminum ingot [4] - Tin (T): Current month -0.26%, next month -0.54%, spot 281300, source SMM 1 tin [4] - Nickel (NI): Current month 0.93%, next month -0.30%, spot 120950, source SMM 1 electrolytic nickel [4] - Lithium Carbonate (LC): Current month 1.87%, next month 0.16%, spot 80440, source domestic 99.5% [4] - **Precious Metals**: - Gold (AU): Current month -0.30%, spot 909.53, source AuT + D: Shanghai Gold Exchange [4] - Silver (AG): Current month -0.32%, next month -0.35%, spot 11240, source Ag(T + D): Shanghai Gold Exchange [4] - **Industrial Metals and Others**: - Industrial Silicon (TA): Current month 5.47%, next month 0.76%, spot 9450, source SMM Huaniantongshi 223 silicon [4] - Iron Ore: Current month 5.86%, next month -1.43%, spot 821.5, source PB powder: 61%: Qingdao [4] - Steel Products: - Rebar (RB): Current month 4.83%, next month 0.03%, spot 3170, source HRB400: 20mm: Shanghai [4] - Hot - Rolled Coil (HC): Current month -0.09%, next month -0.5%, spot 3250, source Q235B: 4.75mm: Shanghai [4] - Stainless Steel: Current month 2.51%, next month 0.08%, spot 12850, source B04/2B: 2.0*1219: Ansteel Liuzhou Wuxi [4] - Glass (FG): Current month 3.01%, next month 0.75%, spot 1130, source North China 5mm float market price [4] - **Agricultural Products**: - Soybeans: Current month -4.92%, next month -1.5%, spot 3920, source domestic third - grade soybeans: Harbin [4] - Soybean Meal (M): Current month -2.20%, next month -3.03%, spot 2980, source ordinary protein soybean meal: Zhangjiagang [4] - Rapeseed Meal (RM): Current month 4.85%, next month -1.28%, spot 2660, source ordinary rapeseed meal: Nantong [4] - Vegetable Oils: - Soybean Oil (V): Current month 2.97%, next month -0.87%, spot 8380, source first - grade soybean oil: Zhangjiagang [4] - Rapeseed Oil (Ol): Current month 3.65%, next month 0.18%, spot 9750, source rapeseed oil: Jiangsu [4] - Peanut Oil (PK): Current month 10.28%, next month 0.14%, spot 8600, source Baisha peanuts: 45% oil content, 9% water content, Changtu [4] - Palm Oil (P): Current month -0.47%, next month 0.07%, spot 8220, source 24 - degree palm oil: Guangdong [4] - Grains: - Corn (C): Current month 1.45%, next month 0.05%, spot 2165, source second - grade national standard corn at Bayuquan Port [4] - Corn Starch (CS): Current month 2.41%, next month -0.29%, spot 2510, source factory - price corn starch: Changchun [4] - Others: - Apples (AP): Current month -12.75%, next month -0.78%, spot 7800, source Qixia, Luochuan paper - bagged red apples above 80 [4] - Eggs (JD): Current month 16.07%, next month -1.95%, spot 2700, source eggs: Cangzhou, Hebei [4] - Pigs (LH): Current month 0.04%, next month -2.23%, spot 11950, source external - one - yuan pigs in Henan [4] - Cotton (CF): Current month 8.89%, next month -0.76%, spot 14825, source cotton price index 328: Xinjiang [4] - **Chemicals**: - Sugar (SR): Current month 5.13%, next month 0.58%, spot 5720, source daily sugar: Liuzhou [4] - Methanol (MA): Current month -1.2%, next month -1.10%, spot 2115, source methanol: East China [4] - Ethanol (EG): Current month 1.81%, next month -0.08%, spot 3985, source ethanol: East China [4] - PTA (TA): Current month -1.30%, next month 0.09%, spot 4540, source PTA: East China [4] - Polypropylene (PP): Current month 7.84%, next month 1.13%, spot 7000, source market price of Hangzhou Shaoxing Sanyuan T30S [4] - Styrene (EB): Current month -0.09%, next month -0.82%, spot 6315, source styrene: East China [4] - Short - Fiber (PF): Current month 3.63%, next month 0.23%, spot 6400, source Fangxiang semi - bright pure - white 1.56*38mm polyester [4] - Plastic (Plastic): Current month 4.49%, next month 0.55%, spot 7120, source Yangzi Petrochemical DFDA - 7042: Hangzhou [4] - PVC (V): Current month 16.54%, next month 0.80%, spot 5405, source calcium carbide method: East China region [4] - Rubber (RU): Current month -3.37%, next month -1.52%, spot 14350, source Thai - produced: Qingdao Free Trade Zone [4] - 20 - Numbered Rubber (NR): Current month 8.71%, next month 0.29%, spot 12974, source Thai 20 standard rubber: Qingdao Free Trade Zone [4] - Soda Ash (SA): Current month -4.13%, next month -0.82%, spot 1145, source market price in Shahe, Chongqing [4] - Urea (UR): Current month -3.85%, next month -0.18%, spot 1570, source small - particle urea: Henan [4] - Pulp (SP): Current month 2.61%, next month -1.40%, spot 5500, source bleached softwood pulp: Silver Star: Chile [4] - **Energy**: - Crude Oil (SC): Current month -6.9%, next month -0.43%, spot 435.0, source Chinese Shengli: Circum - Pacific [4] - Fuel Oil (FU): Current month 3.95%, next month 0.33%, spot 2851, source bonded marine fuel oil 380CST: Zhoushan [4] - Asphalt (BU): Current month -0.82%, next month -0.10%, spot 3140, source heavy - traffic asphalt: market price: Shandong [4] - Low - Sulfur Fuel Oil (LU): Current month -1.6%, spot 3283, source marine fuel oil 0.5% low - sulfur: Singapore [4] - LPG (PG): Current month 2.81%, next month -0.85%, spot 4398, source market price: Guangzhou [4] - **Stock Index Futures**: - CSI 300 (IF): Current month 0.02%, next month 0.67%, spot 4627.3 [4] - SSE 50 (IH): Current month 0.18%, next month 0.02% [4] - CSI 500 (IC): Current month 0.07%, next month 1.71% [4]

Report Industry Investment Rating No relevant content provided. Core Viewpoints No clear core viewpoints are presented in the reports. The reports mainly provide various data on different financial products such as stock index futures spreads, bond futures spreads, precious metals, and container shipping. Summary by Relevant Catalogs Stock Index Futures Spreads - **IF期现价差**: The latest value is -29.70, down -11.10 from the previous day, with a 1 - year historical quantile of 27.80% and an all - time historical quantile of 13.60% [1]. - **IH期现价差**: The latest value is -4.77, down -5.02 from the previous day, with a 1 - year historical quantile of 31.10% and an all - time historical quantile of 34.70% [1]. - **IC期现价差**: The latest value is -116.23, down -22.22 from the previous day, with a 1 - year historical quantile of 13.50% and an all - time historical quantile of 2.00% [1]. - **IM期现价差**: The latest value is -151.33, down -11.21 from the previous day, with a 1 - year historical quantile of 50.00% and an all - time historical quantile of 9.80% [1]. - **跨品种比值**: For example, the ratio of CSI 500 to SSE 300 is 1.5612, down -0.0147 from the previous day, with a 1 - year historical quantile of 84.00% and an all - time historical quantile of 64.90% [1]. Bond Futures Spreads - **IRR and Basis**: For example, the IRR of a certain bond is 1.7186, down -0.0401 from the previous day, with a historical percentile since listing of 33.40% [4]. - **跨期价差**: For TS, the spread between the current quarter and the next quarter is 0.0400, up 0.0020 from the previous day, with a historical percentile of 31.40% [4]. - **跨品种价差**: For example, the spread between TS and TF is -3.5320, up 0.0020 from the previous day, with a historical percentile of 8.30% [4]. Precious Metals - **Domestic Futures Closing Prices**: The AU2512 contract closed at 915.58 yuan/gram on November 4, down -7.00 yuan or -0.76% from November 3. The AG2512 contract closed at 11238 yuan/kilogram, down -217 yuan or -1.89% [5]. - **Foreign Futures Closing Prices**: The COMEX gold主力 contract closed at 3941.30 dollars/ounce on November 4, down -72.40 dollars or -1.80% from November 3. The COMEX silver主力 contract closed at 46.90 dollars, down -1.01 dollars or -2.12% [5]. - **Spot Prices**: London gold was at 3931.95 dollars/ounce on November 4, down -69.12 dollars or -1.73% from November 3. London silver was at 47.12 dollars/ounce, down -0.95 dollars or -1.97% [5]. - **Basis**: The basis of gold TD - Shanghai gold主力 is 0.10, up 2.48 from the previous value, with a 1 - year historical quantile of 93.90% [5]. - **Ratios**: The ratio of COMEX gold to silver is 84.05, up 0.27 or 0.32% from the previous day [5]. - **Interest Rates and Exchange Rates**: The 10 - year US Treasury yield is 4.10%, down -0.03% from the previous day. The US dollar index is 100.21, up 0.33 or 0.33% [5]. - **Inventory and Positions**: The Shanghai Futures Exchange gold inventory is 87816, unchanged from the previous day. The Shanghai Futures Exchange silver inventory is 665610 kilograms, up 6759 kilograms or 1.03% [5]. Container Shipping - **Spot Quotes**: MAERSK's Shanghai - Europe 6 - week future freight rate reference is 2457 dollars/FEU on November 4, up 199 dollars or 8.81% from November 3 [7]. - **Shipping Indexes**: The SCFIS (European route) settlement price index is 1208.71 on November 3, down -104.0 or -7.92% from October 27. The SCFIS (US West route) is 1267.15, up 159.8 or 14.43% [7]. - **Futures Prices and Basis**: The EC2602 contract is 1593.7 on November 4, up 1.5 or 0.09% from November 3. The basis of the main contract is -276.3, down -1.5 or 0.55% [7]. - **Fundamentals**: The global container shipping capacity supply is 3335.89 million TEU on November 4, unchanged from November 3. The Shanghai port on - time rate in September is 42.77%, up 24.46 percentage points or 133.59% from August [7].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View The report presents the arbitrage data of various futures varieties on November 5, 2025, including basis, inter - month spreads, and inter - commodity spreads for power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. 3. Summary by Directory Power Coal - Basis data for different dates from October 29 to November 4, 2025, shows that the basis was - 31.4 on October 29 - 30, - 31.4 on October 31, - 21.4 on November 3, and - 13.4 on November 4. The spreads of 5 - month vs 1 - month, 9 - month vs 1 - month, and 9 - month vs 5 - month were all 0.0 during this period [1][2] Energy Chemicals Energy Commodities - Basis data for fuel oil, INE crude oil, and the ratio of crude oil to asphalt are provided for different dates from October 29 to November 4, 2025. For example, the basis of fuel oil was - 75.56 on October 29 [7] Chemical Commodities - Basis data for rubber, methanol, PTA, LLDPE, V, and PP are presented for different dates. For instance, the basis of rubber was - 875 on October 29, - 600 on October 30, - 285 on October 31, - 445 on November 3, and - 275 on November 4 [9] - Inter - month spreads for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the 5 - month vs 1 - month spread of rubber is 75 [11] - Inter - commodity spreads for LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol are provided for different dates [11] Black Metals - Basis data for rebar, iron ore, coke, and coking coal are shown for different dates from October 29 to November 4, 2025. For example, the basis of rebar was 117 on October 29, 104 on October 30 - 31, 131 on November 3, and 146 on November 4 [21] - Inter - month spreads for rebar, iron ore, coke, and coking coal are presented. For example, the 5 - month vs 1 - month spread of rebar is 67.0 [20] - Inter - commodity spreads for rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil are provided for different dates [20] Non - Ferrous Metals Domestic Market - Domestic basis data for copper, aluminum, zinc, lead, nickel, and tin are given for different dates from October 29 to November 4, 2025. For example, the basis of copper was - 930 on October 29, - 30 on October 30, 750 on October 31, - 490 on November 3, and 650 on November 4 [28] London Market - LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data for copper, aluminum, zinc, lead, nickel, and tin are provided for November 4, 2025 [33] Agricultural Products - Basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc. are presented for different dates from October 29 to November 4, 2025. For example, the basis of soybeans No.1 was - 133 on October 29, - 123 on October 30, - 122 on October 31, - 96 on November 3, and - 35 on November 4 [39] - Inter - month spreads for soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc. are given. For example, the 5 - month vs 1 - month spread of soybeans No.1 is 41 [39] - Inter - commodity spreads for soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc. are provided for different dates [39] Stock Index Futures - Basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 are shown for different dates from October 29 to November 4, 2025. For example, the basis of CSI 300 was 15.24 on October 29, 19.91 on October 30, 9.27 on October 31, 18.60 on November 3, and 29.70 on November 4 [50] - Inter - month spreads for CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, the spread of the next - month vs current - month for CSI 300 is - 67.0 [52]

Group 1: Stock Index Futures Spread Daily Report Report Industry Investment Rating - Not provided Core View - The report presents the latest values, changes from the previous day, historical 1 - year percentiles, and all - time percentiles of stock index futures spreads, including IF, IH, IC, and IM for both spot - futures spreads and inter - period spreads, as well as cross - variety ratios [1]. Summary by Relevant Catalog - **IF Spreads**: IF spot - futures spread is - 18.60, down 9.34 from the previous day, with a 1 - year percentile of 40.90% and an all - time percentile of 24.70%. For inter - period spreads, differences exist among different contract combinations [1]. - **IH Spreads**: IH spot - futures spread is 0.25, down 3.40 from the previous day, with a 1 - year percentile of 57.30% and an all - time percentile of 57.90%. Inter - period spreads also show various values and changes [1]. - **IC Spreads**: IC spot - futures spread is - 94.00, down 5.40 from the previous day, with a 1 - year percentile of 22.50% and an all - time percentile of 4.00%. Inter - period spreads have significant differences in different combinations [1]. - **IM Spreads**: IM spot - futures spread is - 140.12, down 1.64 from the previous day, with a 1 - year percentile of 65.00% and an all - time percentile of 11.30%. Inter - period spreads vary across different contracts [1]. - **Cross - Variety Ratios**: Ratios such as CSI 500/CSI 300, CSI 500/SSE 50, etc., are presented with their latest values, changes, and percentiles [1]. Group 2: Treasury Bond Futures Spread Daily Report Report Industry Investment Rating - Not provided Core View - The report shows the latest values, changes from the previous day, and percentiles since listing of basis, inter - period spreads, and cross - variety spreads of treasury bond futures, including TS, TF, T, and TL [3]. Summary by Relevant Catalog - **Basis**: For TS, TF, T, and TL, the basis values are 1.7072, 1.8596, 1.7662, and 1.3845 respectively on November 3, 2025, with corresponding changes and percentiles [3]. - **Inter - period Spreads**: Each type of treasury bond futures has different inter - period spreads (e.g., current quarter - next quarter, current quarter - far quarter) with their own values, changes, and percentiles [3]. - **Cross - Variety Spreads**: Spreads between different types of treasury bond futures (e.g., TS - TF, TS - T) are presented with their values, changes, and percentiles [3]. Group 3: Precious Metals Spot - Futures Daily Report Report Industry Investment Rating - Not provided Core View - The report provides domestic and foreign futures closing prices, spot prices, basis, FRA, interest rates, exchange rates, inventory, and positions of precious metals (gold and silver), along with their changes and percentiles [4]. Summary by Relevant Catalog - **Domestic Futures**: AU2512 contract closed at 922.58 yuan/gram on November 3, up 0.66 yuan (0.07%) from the previous day. AG2512 contract closed at 11455 yuan/kg, up 14 yuan (0.12%) [4]. - **Foreign Futures**: COMEX gold and silver futures prices decreased on November 3 compared to the previous day, with COMEX gold down 0.62% and COMEX silver down 0.99% [4]. - **Spot Prices**: London gold and silver, and Shanghai Gold Exchange's T + D prices also changed, with London gold down 0.04% and London silver down 1.21% [4]. - **Basis**: The basis of gold TD - Shanghai gold main contract decreased by 1.48, with a 1 - year percentile of 55.80%. The basis of silver TD - Shanghai silver main contract increased by 18, with a 1 - year percentile of 71.40% [4]. - **FRA and Ratios**: COMEX gold/silver ratio increased by 0.37%, while the Shanghai Futures Exchange gold/silver ratio decreased by 0.05% [4]. - **Interest Rates and Exchange Rates**: 10 - year US Treasury yield increased by 0.5%, the US dollar index increased by 1.52%, and the offshore RMB exchange rate decreased by 0.82% [4]. - **Inventory and Positions**: Some inventories decreased, such as COMEX gold inventory down 0.44% and COMEX silver inventory down 0.02%. SPRD gold ETF position decreased by 0.11% [4]. Group 4: Container Shipping Industry Spot - Futures Daily Report Report Industry Investment Rating - Not provided Core View - The report includes spot quotes, container shipping indices, futures prices, basis, and fundamental data of the container shipping industry, showing their changes and related percentage changes [6]. Summary by Relevant Catalog - **Spot Quotes**: Spot freight rates from Shanghai to Europe of different shipping companies changed on November 4, 2025. For example, MAERSK increased by 8.81%, while CMA decreased by 0.58% [6]. - **Container Shipping Indices**: SCFIS (European route) decreased by 7.92%, while SCFIS (US West route) increased by 14.43%. Shanghai Export Container Freight Index also had different changes in different routes [6]. - **Futures Prices and Basis**: All futures contracts of EC series increased on November 3 compared to the previous day. The basis of the main contract (EC2512) decreased by 12.4 (4.73%) [6]. - **Fundamental Data**: Global container shipping capacity supply remained unchanged. Port on - time rate in Shanghai increased by 133.59%, while port calls decreased by 9.59%. Monthly export volume increased by 2.15%. Overseas economic indicators also changed, such as the eurozone's composite PMI increasing by 1.95% [6].

Report Information - Report Name: Baocheng Futures Variety Arbitrage Data Daily Report (November 4, 2025) [1] - Report Source: Baocheng Futures 1. Report Industry Investment Rating - Not provided in the report 2. Report Core View - The report presents the basis, inter - month spreads, and inter - commodity spreads data of various futures varieties including thermal coal, energy and chemical products, black metals, non - ferrous metals, agricultural products, and stock index futures on different dates from October 28 to November 3, 2025, with the aim of providing reference data for investors [1][5][21][27][42][53] 3. Summary by Directory 3.1 Thermal Coal - The basis data for thermal coal from October 28 to November 3, 2025, are - 31.4, - 31.4, - 31.4, - 31.4, - 21.4 respectively. The spreads of 5 - 1 month, 9 - 1 month, and 9 - 5 month are all 0.0 [1][2] 3.2 Energy and Chemical Products 3.2.1 Energy Commodities - Basis data for fuel oil, INE crude oil, and crude oil/asphalt from October 28 to November 3, 2025, are presented. For example, the basis of fuel oil is - 49.21 on November 3, 2025 [7] 3.2.2 Chemical Commodities - **Basis**: Basis data of rubber, methanol, PTA, LLDPE, V, and PP from October 28 to November 3, 2025, are provided. For instance, the basis of rubber is - 445 on November 3, 2025 [9] - **Inter - month Spreads**: The inter - month spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are reported. For example, the 5 - 1 month spread of rubber is 80 [11] - **Inter - commodity Spreads**: The inter - commodity spreads (LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3*methanol) from October 28 to November 3, 2025, are given. For example, the LLDPE - PVC spread is 2230 on November 3, 2025 [11] 3.3 Black Metals - **Inter - month Spreads**: The inter - month spreads (5 - 1 month, 9(10) - 1 month, 9(10) - 5 month) of rebar, iron ore, coke, and coking coal are presented. For example, the 5 - 1 month spread of rebar is 64.0 [20] - **Inter - commodity Spreads**: The inter - commodity spreads (rebar/iron ore, rebar/coke, coke/coking coal, rebar - hot rolled coil) from October 28 to November 3, 2025, are provided. For example, the rebar/iron ore ratio is 3.91 on November 3, 2025 [20] - **Basis**: Basis data of rebar, iron ore, coke, and coking coal from October 28 to November 3, 2025, are reported. For example, the basis of rebar is 131.0 on November 3, 2025 [21] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The basis data of copper, aluminum, zinc, lead, nickel, and tin from October 28 to November 3, 2025, are given. For example, the basis of copper is - 490 on November 3, 2025 [28] 3.4.2 London Market - LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on November 3, 2025, are presented. For example, the LME spread of copper is (14.44) [36] 3.5 Agricultural Products - **Basis**: Basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc. from October 28 to November 3, 2025, are provided. For example, the basis of soybeans No.1 is - 96 on November 3, 2025 [43] - **Inter - month Spreads**: The inter - month spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc. are reported. For example, the 5 - 1 month spread of soybeans No.1 is 36 [43] - **Inter - commodity Spreads**: The inter - commodity spreads (soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc.) from October 28 to November 3, 2025, are given. For example, the soybeans No.1/corn ratio is 1.92 on November 3, 2025 [43] 3.6 Stock Index Futures - **Basis**: Basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from October 28 to November 3, 2025, are presented. For example, the basis of CSI 300 is 18.60 on November 3, 2025 [54] - **Inter - month Spreads**: The inter - month spreads (next month - current month, next quarter - current quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are reported. For example, the next month - current month spread of CSI 300 is - 38.2 [56]

Report Summary 1. Report Industry Investment Rating No information provided in the report about the industry investment rating. 2. Report Core View The report presents the basis data of various commodities as of October 31, 2025, including macro, black, energy - chemical, non - ferrous, and agricultural products, aiming to show the price relationship between spot and futures of different commodities [2][3][4][5]. 3. Summary by Category Macro - IF: Spot price was 4641, down 69. Basis was 9, corresponding to the 2512 contract, with a basis deviation of 0.26 [2]. - IH: Spot price was 3012, down 35. Basis was - 4, corresponding to the 2512 contract, with a basis deviation of - 0.56 [2]. - IC: Spot price was 7331, down 55. Basis was 89, corresponding to the 2512 contract, with a basis deviation of 0.75 [2]. Black - For example, Shanghai's rebar spot price was 3230, unchanged. Basis was 124, corresponding to the 2601 contract, with a basis deviation of 0.48 [3]. - Tianjin Port's coke spot price was 1710, unchanged. Basis was - 67, corresponding to the 2601 contract, with a basis deviation of - 0.45 [3]. Energy - Chemical - Port methanol spot price was 2125, unchanged. Basis was - 55, corresponding to a third - party provided contract, with a basis deviation of - 0.88 [3]. - East China's PTA spot price was 4514, up 16. Basis was - 72, corresponding to a third - party provided contract, with a basis deviation of - 0.68 [3]. Non - Ferrous - Copper spot price was 87540, down 510. Basis was 0, corresponding to a third - party provided contract, with a basis deviation of - 0.26 [4]. - Aluminum spot price was 21280, up 80. Basis was 0, corresponding to a third - party provided contract, with a basis deviation of 0.27 [4]. Agricultural Products - Jiangsu's 43% soybean meal spot price was 2970, up 30. Basis was - 51, corresponding to the 2601 contract, with a basis deviation of - 0.21 [5]. - Jiangsu's first - grade soybean oil spot price was 8460, up 60. Basis was 332, corresponding to the 2601 contract, with a basis deviation of 0.25 [5].

Report Summary 1. Report Industry Investment Rating - No information provided. 2. Core Viewpoints - No information provided. 3. Summary by Relevant Catalogs 3.1. Basis and Spread - The Shandong basis (+80) (Hongrun) changed from 126 on 9/30 to 6 on 10/30, with a daily change of 10 on 10/30 [3]. - The East China basis (Zhenjiang warehouse) was 66 on 9/30 and 106 on 10/30, with no daily change on 10/30 [3]. - The South China basis (Foshan warehouse) increased from 56 on 9/30 to 126 on 10/30, with a daily change of 20 on 10/30 [3]. - The 12 - 01 spread changed from 17 on 9/30 to 15 on 10/30, with a daily change of -2 on 10/30 [3]. - The 12 - 03 spread decreased from 5 on 9/30 to -6 on 10/30, with a daily change of -7 on 10/30 [3]. - The 01 - 02 spread was -5 on 9/30 and -5 on 10/30, with a daily change of -1 on 10/30 [3]. 3.2. Futures Contracts - The BU main contract (01) price dropped from 3424 on 9/30 to 3254 on 10/30, with a daily change of -20 on 10/30 [3]. - The trading volume decreased from 229,798 on 9/30 to 212,219 on 10/30, with a daily change of -21,636 (-9%) on 10/30 [3]. - The open interest decreased from 316,935 on 9/30 to 338,671 on 10/30, with a daily change of -1,392 on 10/30 [3]. - The warehouse receipts decreased from 13,040 on 9/30 to 9,120 on 10/30, with a daily change of -800 on 10/30 [3]. 3.3. Spot Market - Brent crude oil price changed from 65.4 on 9/30 to 65.0 on 10/30, with a daily change of 0.1 on 10/30 [3]. - Jingbo asphalt price decreased from 3580 on 9/30 to 3260 on 10/30, with a daily change of -20 on 10/30 [3]. - Honghai asphalt price decreased from 3470 on 9/30 to 3180 on 10/30, with a daily change of -10 on 10/30 [3]. - Zhenjiang warehouse asphalt price decreased from 3490 on 9/30 to 3360 on 10/30, with a daily change of -20 on 10/30 [3]. - Foshan warehouse asphalt price was 3480 on 9/30 and 3380 on 10/30, with no daily change on 10/30 [3]. 3.4. Profits - The asphalt - Ma Rui profit decreased from 379 on 9/30 to 247 on 10/30, with a daily change of -12 on 10/30 [3]. - The Ma Rui - type refinery comprehensive profit decreased from 838 on 9/30 to 690 on 10/30, with a daily change of -6 on 10/30 [3].

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating provided in the content. Group 2: Report's Core View - For Shanghai Nickel (SHFE Nickel 2512), it is expected to fluctuate widely around the 20 - day moving average, with some support from the cost line below. The overall situation is affected by macro - factors, with a long - term surplus pattern. The short - term situation is affected by factors such as nickel ore price, nickel iron price, and inventory [2]. - For Stainless Steel (Stainless Steel 2512), it is expected to operate with wide fluctuations around the 20 - day moving average. The spot price has declined, and the cost line has loosened downward [4]. Group 3: Summaries According to Related Catalogs 1. Price Information - **Nickel Price**: On October 31, the Shanghai Nickel main contract closed at 120,590 yuan, down 390 yuan from the previous day; LME Nickel was at 15,250 yuan, unchanged. The spot prices of various nickel types all decreased slightly. For example, SMM1 electrolytic nickel was 121,950 yuan, down 250 yuan [11]. - **Stainless Steel Price**: The stainless steel main contract closed at 12,655 yuan on October 31, down 70 yuan from the previous day. The spot prices of cold - rolled 304*2B stainless steel in different regions also decreased [11]. 2. Inventory Information - **Nickel Inventory**: As of October 31, LME nickel inventory was 252,102 tons, an increase of 462 tons; SHFE nickel warehouse receipts were 31,388 tons, a decrease of 144 tons. The total inventory increased by 318 tons [14]. - **Stainless Steel Inventory**: On October 31, the inventory in Wuxi was 598,700 tons, in Foshan was 306,100 tons, and the national inventory was 1,031,100 tons, a month - on - month increase of 3,700 tons. The 300 - series inventory was 651,900 tons, a month - on - month increase of 2,600 tons. The stainless steel futures warehouse receipts were 73,657 tons, a decrease of 120 tons [19][20]. 3. Cost Information - **Nickel Ore and Nickel Iron Price**: The prices of red - soil nickel ore CIF with different grades remained unchanged on October 31 compared to the previous day. The price of high - nickel ferronickel decreased slightly, and the price of low - nickel ferronickel remained unchanged. The sea freight also remained stable [23]. - **Stainless Steel Production Cost**: The traditional production cost of stainless steel was 12,852 yuan, the scrap steel production cost was 13,012 yuan, and the low - nickel + pure nickel production cost was 16,669 yuan [25]. - **Nickel Import Cost**: The calculated import price was 122,291 yuan/ton [28]. 4. Factors Affecting the Market - **Positive Factors**: The price of nickel ore is firm, which provides some support to the cost line [6]. - **Negative Factors**: Domestic production continues to increase significantly year - on - year, there is no new growth point in demand, and the long - term surplus pattern remains unchanged. Both domestic and overseas inventories are accumulating [6].