Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report indicates that the international soybean market is currently in a relatively loose supply - demand situation. The US soybean market shows a relatively strong trend due to increased exports, but the Brazilian soybean market may face price pressure in the medium - term. Domestic soybean meal and rapeseed meal prices are under downward pressure, with soybean meal performing stronger than rapeseed meal. The recommended trading strategy is to stay on the sidelines for both single - side trading and arbitrage, and to use the strategy of selling wide straddles for options [3][4][7]. 3. Summary by Section 3.1 Market Review - The US soybean oil market rumors of postponed biodiesel incentive measures, leading to a decline in the US soybean oil futures price, and the US soybean futures price showed high - level fluctuations. The domestic soybean meal and rapeseed meal futures prices declined, with the spread between soybean meal and rapeseed meal slightly widening, and the inter - month spreads of both also declined [3]. 3.2 Fundamentals - The monthly supply - demand report was bullish, but the US soybean futures price faced downward pressure after the report. The US soybean balance sheet can support the price, and future prices will be more affected by exports and crushing. South American supply factors are increasing, with Brazil's new crop sowing progressing rapidly, and most institutions expect a bumper harvest. Argentina's old - crop soybean exports and crushing are increasing, but the export growth space may be limited. Overall, the international soybean market supply - demand is relatively loose [4]. - The domestic spot market is in a loose supply - demand situation, with increasing oil mill operating rates, sufficient supply, and increasing提货量. As of November 14, the actual soybean crushing volume was 2.0776 million tons, the operating rate was 57.15%, soybean inventory was 7.4771 million tons, a decrease of 1.87% from the previous week and an increase of 40.92% year - on - year. Rapeseed meal demand is gradually weakening, and the supply pressure persists [5]. 3.3 Macroeconomic Factors The macro - economic impact on the market is expected to be limited after the short - term reaction, and the market will focus more on fundamental changes. The US government ended the shutdown, and China - US negotiations sent positive signals. China resumed the soybean import qualifications of three US companies, but the impact on the long - term market supply is uncertain [6]. 3.4 Logic Analysis - The US soybean price is expected to fluctuate at a high level, and the Brazilian soybean price is expected to be under pressure and fluctuate. The domestic soybean meal price is under pressure in the medium - to - long - term, and soybean meal performs stronger than rapeseed meal. The inter - month spreads of soybean meal will fluctuate, and those of rapeseed meal may continue to decline [7]. 3.5 Trading Strategies - Single - side trading: It is recommended to stay on the sidelines. - Arbitrage: Stay on the sidelines. - Options: Use the strategy of selling wide straddles [8].

Report Overview - Report Title: "光期黑色：铁矿石基差及价差监测日报" - Date: November 20, 2025 [1] 1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints - The report provides daily monitoring data on iron ore basis and spreads, including futures contract prices, spreads between different contracts, basis data of various iron ore varieties, and spreads between different iron ore varieties [3][5][12] 3. Summary by Relevant Catalogs 3.1 Futures Contract Prices and Spreads - **Futures Contract Prices**: The closing prices of I05, I09, and I01 contracts are 755.0 yuan/ton, 730.0 yuan/ton, and 791.5 yuan/ton respectively, with changes of -2.5 yuan/ton, -4.0 yuan/ton, and -0.5 yuan/ton compared to the previous day [3] - **Contract Spreads**: The spreads of I05 - I09, I09 - I01, and I01 - I05 are 25.0 yuan/ton, -61.5 yuan/ton, and 36.5 yuan/ton respectively, with changes of 1.5 yuan/ton, -3.5 yuan/ton, and 2.0 yuan/ton compared to the previous day [3] 3.2 Basis - **Basis Data**: The basis of various iron ore varieties such as Carajás fines, BRBF, Newman fines, etc. is provided, along with their prices, changes, delivery costs, and basis changes compared to the previous day [5] - **Basis Charts**: Charts showing the basis of different types of iron ore (Brazilian fines, Australian medium - grade fines, Australian low - grade fines, and domestic ores) are presented [7][8][9] 3.3 Adjustment of Deliverable Brands - **New Deliverable Brands**: Four new deliverable brands (Benxi concentrate, IOC6, KUMBA, Ukrainian concentrate) are added to the I2202 contract, and four more (Taigang concentrate, Magang concentrate, Wugang standard fines, SP10 fines) are added later. The brand premiums for all these new brands are 0 [10] - **Adjustment of Brand Premiums**: Only PB fines, BRBF, and Carajás fines have a brand premium of 15 yuan/ton, while the premiums of other deliverable brands are adjusted to 0 [10] - **Adjustment of Substitute Quality Differences and Premiums**: The allowable range of iron grade is adjusted to ≥56%, and the allowable ranges of silica, alumina, phosphorus, and sulfur are set. A dynamic adjustment mechanism (X) for the premium of iron element is introduced [10] 3.4 Variety Spreads - **Variety Spread Data**: Spreads between different iron ore varieties such as PB lump - PB fines, Carajás fines - Newman fines, etc. are provided, along with their changes compared to the previous day [12] - **Variety Spread Charts**: Charts showing different types of variety spreads (lump - fines spreads, high - medium grade fines spreads, medium - low grade fines spreads, etc.) are presented [15][16][20][21] 3.5 Black Research Team Introduction - The report introduces several members of the black research team, including their positions, work experience, and professional qualifications [24]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View - Not provided in the given content. 3. Summary by Categories Metals - **Ferrous Metals**: For silicon - manganese (SM601), the futures price is 5870, the spot price is 5642, with a change of 150 and a rate of 4.89%, and a historical quantile of 63.10%. For hot - rolled coil (HC2601), the futures price is 3280, with a change rate of 19.10% and a historical quantile of 64. Other ferrous metals like iron ore, coke, and coking coal also have their corresponding price, change, and quantile data [1]. - **Non - Ferrous Metals**: Copper (CU2601) has a futures price of 86080, a spot price of 86115, with a historical quantile of 49.58%. Aluminum (AL2601) has a futures price of 21570, a spot price of 21550, with a historical quantile of 52.91%. Other non - ferrous metals such as zinc, tin, and nickel also have detailed price and quantile information [1]. Precious Metals - Gold (AU2512) has a futures price of 937.0, a spot price of 934.3, with a historical quantile of 26.40%. Silver (AG2602) has a futures price of 12150.0, a spot price of 12148.0, with a historical quantile of 89.80% [1]. Agricultural Products - For soybeans, the futures price of soybean meal (M2601) is 2980, and the spot price of common protein soybean meal in Jiangsu Zhangjiagang is 3022.0, with a historical quantile of 32.00%. For oils, the futures price of soybean oil (Y2601) is 8356.0, and the spot price of fourth - grade soybean oil in Jiangsu Zhangjiagang is 8560, with a historical quantile of 41.60%. Other agricultural products like palm oil, rapeseed meal, and corn also have relevant price and quantile data [1]. Energy and Chemicals - For petrochemicals, the futures price of paraxylene (PX601) is 6818.0, and the spot price of paraxylene at China's main port is 6870.0, with a historical quantile of 17.10%. For plastics, the futures price of linear low - density polyethylene (LLDPE) (L2601) is 6833.0, and the spot price in Shandong is 6855.0, with a historical quantile of 28.90%. Other energy and chemical products such as PTA, ethylene glycol, and PVC also have their price and quantile details [1]. Financial Futures - For stock index futures, IF2512.CFE has a futures price of 4555.0, with a historical quantile of 32.30%. For bond futures, 2 - year bond (TS2512) has a futures price of 102.46, with a historical quantile of 23.20%. Other financial futures like 5 - year, 10 - year, and 30 - year bonds also have corresponding data [1].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report Core Views No clear core views are presented in the given reports. The reports mainly provide daily data on various financial products including stock index futures, bond futures, precious metals, and container shipping, without explicit investment - related core views. 3. Summary by Related Catalogs 3.1 Stock Index Futures Spread Daily Report - **Futures - Spot Spreads**: For example, the F futures - spot spread was - 13.19, with a 1 - year historical quantile of 52.00% and an all - time quantile of 32.30%. Different contracts like H, IC, IM also had their respective futures - spot spreads and quantiles [1]. - **Inter - period Spreads**: Such as the spread between the next - month and current - month contracts for different varieties, with values and historical quantiles provided. For instance, the spread between the next - month and current - month contracts of a certain variety was - 14.60, with a 1 - year historical quantile of 28.60% and an all - time quantile of 29.30% [1]. - **Cross - variety Ratios**: Ratios like the ratio of IC to IF was 1.5543, with a change of - 0.0049, and 1 - year and all - time historical quantiles of 86.80% and 86.70% respectively [1]. 3.2 Bond Futures Spread Daily Report - **Basis**: The basis of different bond futures contracts such as TS, TF, T, TL was reported, along with their values, changes, and historical quantiles. For example, the T basis was 1.5950, with a historical quantile of 54.70% [2]. - **Inter - period Spreads**: Spreads between different contract periods (current - quarter, next - quarter, etc.) of bond futures were given, including values, changes, and historical quantiles. For example, the spread between the current - quarter and next - quarter contracts of TS was 0.0020, with a historical quantile of 21.40% [2]. - **Cross - variety Spreads**: Spreads between different bond futures varieties like TS - TF, TS - T were reported, with values, changes, and historical quantiles [2]. 3.3 Precious Metals Spot - Futures Daily Report - **Futures and Spot Prices**: Domestic and foreign futures closing prices, as well as spot prices of gold and silver, were presented, along with their changes and percentage changes. For example, the AU2512 contract of domestic gold futures closed at 937.00 yuan/gram on November 19, with a 2.01% increase [3]. - **Basis**: The basis between different gold and silver contracts (e.g., gold TD - Shanghai gold futures main contract) was reported, including values, changes, and historical quantiles. For example, the basis of gold TD - Shanghai gold futures main contract was - 2.72, with a historical quantile of 48.50% [3]. - **Ratios and Yields**: Ratios such as COMEX gold/silver and yields of US Treasury bonds (10 - year and 2 - year) were provided, along with their changes and percentage changes. For example, the COMEX gold/silver ratio was 79.86, with a - 0.76% change [3]. 3.4 Container Shipping Industry Spot - Futures Daily Report - **Shipping Indexes**: Settlement price indexes of container shipping (SCFIS for European and US - West routes) and Shanghai export container freight rates (SCFI) were reported, along with their changes and percentage changes. For example, the SCFIS (European route) was 1357.67 points on November 17, with a - 9.78% decrease compared to November 10 [5]. - **Futures Prices and Basis**: Futures prices of different container shipping contracts (e.g., EC2602) and their basis were presented, along with changes and percentage changes. For example, the EC2602 (main contract) was 1640.1 on November 19, with a - 2.26% decrease [5]. - **Fundamental Data**: Data on global container shipping capacity supply, port - related indicators (port on - time rate, port calls), export balances, and overseas economic indicators (PMI, consumer confidence index) were provided, along with their changes and percentage changes. For example, the global container shipping capacity supply was 3342.26 million TEU on November 19, with a 0.01% increase [5].

1. Report Summary 1.1 Stock Index Futures Spread Daily Report - **IF Spread Data**: The latest IF spot - futures spread is - 16.65, up 11.09 from the previous day, with a 1 - year historical percentile of 47.90% and an all - time percentile of 27.20%. Different IF inter - period spreads also show various values and changes [1]. - **IH Spread Data**: The IH spot - futures spread is - 2.87, up 5.15 from the previous day, with different historical percentiles. IH inter - period spreads have their own values and changes as well [1]. - **IC Spread Data**: The IC spot - futures spread is - 91.05, up 6.11 from the previous day. IC inter - period spreads show significant differences in values and changes, with many at very low percentiles [1]. - **IM Spread Data**: The IM spot - futures spread is - 128.68, up 2.08 from the previous day. IM inter - period spreads also have distinct values and changes [1]. - **Cross - variety Ratios**: Ratios such as CSI 500/CSI 300, IC/IF, etc., show different values, changes, and historical percentiles [1]. 1.2 Treasury Bond Futures Spread Daily Report - **Basis Data**: The basis of TS, TF, T, and TL shows different values and changes on November 17, 2025, with corresponding historical percentiles [3]. - **Inter - period Spread Data**: Inter - period spreads of TS, TF, T, and TL, including spreads between different contract months like current - quarter to next - quarter, etc., have their own values, changes, and historical percentiles [3]. - **Cross - variety Spread Data**: Cross - variety spreads such as TS - TF, TS - T, etc., show different values and changes on November 17, 2025, with corresponding historical percentiles [3]. 1.3 Precious Metals Spot - Futures Daily Report - **Futures Closing Prices**: Domestic and foreign precious metals futures closing prices, including AU2512, AG2512, COMEX gold, and COMEX silver, show declines on November 17 compared to previous dates, with corresponding percentage changes [5]. - **Spot Prices**: Spot prices of London gold, London silver, and domestic TD products also show declines, with corresponding percentage changes [5]. - **Basis and Ratios**: The basis of different precious metals combinations shows different values, changes, and historical percentiles. Ratios such as COMEX gold/silver and SHFE gold/silver also have their own values and changes [5]. - **Interest Rates, Exchange Rates, Inventory, and Positions**: Interest rates of US Treasury bonds, exchange rates, inventory of precious metals in different exchanges, and positions of ETFs show various changes [5]. 1.4 Container Shipping Industry Spot - Futures Daily Report - **Shipping Indexes**: SCFIS for European and US - West routes shows declines from November 10 to November 17, while SCFI shows mixed changes in different routes from November 7 to November 14 [7]. - **Futures Prices and Basis**: Futures prices of different contracts have different changes, and the basis of the main contract shows a change of - 11.0 with a 9.61% change [7]. - **Fundamental Data**: Global container shipping capacity supply remains unchanged. Port - related indicators in Shanghai, export amounts, overseas economic indicators such as PMI and consumer confidence index, and OECD leading indicators show various changes [7]. 2. Core Views The report comprehensively presents the spread, price, and fundamental data of stock index futures, treasury bond futures, precious metals, and the container shipping industry. These data can help investors understand the current market situation of different asset classes, including price trends, relative value relationships, and market supply - demand fundamentals, so as to make investment decisions [1][3][5][7]. 3. Report Industry Investment Rating No industry investment rating information is provided in the report.

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the reports. 2. Core Views The reports mainly present the daily price differences, price changes, and relevant data of various financial products including stock index futures, treasury bond futures, precious metals, and container shipping indices. These data can help investors understand the market trends and relative valuations of different products. 3. Summary by Related Catalogs Stock Index Futures - **IF, IH, IC, IM期现价差**: The latest values of IF, IH, IC, and IM期现价差 are -16.65, -2.87, -91.05, and -128.68 respectively, with changes of 11.09, 5.15, 6.11, and 2.08 compared to the previous day. Their historical 1 - year percentiles are 47.90%, 39.30%, 27.40%, and 65.00% respectively, and the full - historical percentiles are 27.20%, 41.40%, 4.50%, and 14.30% respectively [1]. - **IF, IH, IC, IM跨期价差**: Different combinations of IF, IH, IC, and IM跨期价差 show various values, changes, and percentiles. For example, the IF跨期价差 of “次月 - 当月” is -14.40, with a change of -0.80, a historical 1 - year percentile of 29.00%, and a full - historical percentile of 29.60% [1]. - **跨品种比值**: Ratios such as “中证500/沪深300”, “IC/IF” etc. are presented, with corresponding changes and percentiles. For instance, “中证500/沪深300” is 1.5736, with a change of 0.0102, a historical 1 - year percentile of 90.10%, and a full - historical percentile of 67.90% [1]. Treasury Bond Futures - **基差**: The latest values of TS, TF, T, and TL基差 are 1.6915, 1.5952, 0.0842, and 1.9316 respectively, with changes of -0.0256, -0.0166, -0.0315, and -0.0414 compared to the previous day. Their percentiles since listing are 32.00%, 42.70%, 52.60%, and 71.30% respectively [3]. - **跨期价差**: Different combinations of TS, TF, T, and TL跨期价差 have different values, changes, and percentiles. For example, the TS跨期价差 of “当季 - 下季” is 0.0640, with a change of 0.0080 and a percentile of 37.50% [3]. - **跨品种价差**: Values and changes of “TS - TF”, “TS - T” etc. are provided. For example, “TS - TF” is -3.4250, with a change of -0.0040 and a percentile of 10.60% [3]. Precious Metals - **期货收盘价**: The 11 - 17 closing prices of AU2512 and AG2512 contracts are 929.46 and 11933 respectively, with changes of -23.74 (-2.49%) and -418 (-3.38%) compared to 11 - 14. The 11 - 17 closing prices of COMEX黄金 and silver主力 contracts are 4045.10 and 50.05 respectively, with changes of -39.30 (-0.96%) and -0.35 (-0.69%) compared to 11 - 14 [5]. - **现货价格**: The 11 - 17 prices of London gold and silver are 4044.51 and 50.18 respectively, with changes of -37.65 (-0.92%) and -0.34 (-0.67%) compared to 11 - 14. The 11 - 17 prices of gold and silver TD are 930.22 and 11970 respectively, with changes of -17.76 (-1.87%) and -356 (-2.89%) compared to 11 - 14 [5]. - **基差**: The values, changes, and historical 1 - year percentiles of “黄金TD - 沪金主力”, “白银TD - 沪银主力” etc. are given. For example, “黄金TD - 沪金主力” is 0.76, with a change from -5.22 and a historical 1 - year percentile of 96.70% [5]. - **比值、利率与汇率、库存与持仓**: Ratios like “COMEX金/银”, “上期所金/银”, interest rates of 10 - year and 2 - year US Treasury bonds, dollar index, and inventory and持仓 data of precious metals are presented with corresponding changes [5]. Container Shipping - **集运指数**: The 11 - 17 values of SCFIS (European route) and SCFIS (US West route) are 1357.67 and 1238.42 respectively, with changes of -147.1 (-9.78%) and -91.3 (-6.87%) compared to 11 - 10. The 11 - 14 values of SCFI综合指数, SCFI (European), and SCFI (US West) etc. are also provided with corresponding changes [7]. - **期货价格及基差**: The 11 - 13 prices of EC2602, EC2604 etc. contracts are presented with changes compared to 11 - 12. The 11 - 13基差(主力) is -125.4, with a change of -11.0 compared to the previous value [7]. - **基本面数据**: Data on global container运力供给, Shanghai port准班率, 港口挂靠情况, monthly出口舍额, overseas economic indicators such as eurozone综合PMI, EU consumer confidence index, US制造业PM指数, and OECD综合领先指标 are provided with their respective changes [7].

Report Industry Investment Rating No relevant content provided. Core View of the Report No explicit core view is presented in the provided reports. The reports mainly offer data on various financial products such as stock index futures, bond futures, precious metals, and container shipping, including prices, price changes, and historical quantiles. Summary by Relevant Catalogs Stock Index Futures Spread Daily Report - **Price and Spread Data**: The report provides current values, changes from the previous day, 1 - year historical quantiles, and all - time historical quantiles for various stock index futures price spreads, including IF, IH, IC, and IM. For example, the IF spot - futures spread is - 27.74, with a 15.60% change from the previous day [1]. - **Cross - variety Ratios**: It also presents cross - variety ratios such as CSI 200/CSI 300, CSI 500/CSI 300, etc., along with their current values, changes, and historical quantiles [1]. Bond Futures Spread Daily Report - **Basis and Spread Data**: The report shows basis data for TS, TF, T, and TL bond futures, including current values, changes from the previous day, and historical quantiles since listing. For instance, the TS basis is 1.3494, with a 0.0020 change from the previous day [2]. - **Cross - period and Cross - variety Spreads**: It provides cross - period spreads (e.g., current quarter - next quarter) and cross - variety spreads (e.g., TS - TF) for different bond futures, along with their values, changes, and historical quantiles [2]. Precious Metals Spot - Futures Daily Report - **Price Data**: The report includes domestic and foreign futures closing prices, spot prices, basis, gold - to - silver ratios, interest rates, exchange rates, inventory, and positions for precious metals (gold and silver). For example, the AU2512 contract closed at 953.20 on November 14, down 0.83% from the previous day [3]. - **Basis and Ratio Changes**: It shows changes in basis and gold - to - silver ratios, such as the gold TD - Shanghai gold main contract basis being - 5.22, with a - 2.67 change [3]. Container Shipping Industry Spot - Futures Daily Report - **Index and Price Data**: The report provides settlement price indices for container shipping (SCFIS for European and US - West routes), Shanghai export container freight rates, futures prices, and basis for container shipping contracts. For example, the SCFIS (European route) settlement price index was 1504.80 on November 10, up 24.50% from November 3 [5]. - **Fundamental Data**: It includes fundamental data such as global container shipping capacity supply, port - related indicators (quasi - on - time rate, port calls), monthly export amounts, and overseas economic indicators (PMI, consumer confidence index) [5].

1. Report Information - Report Title: "Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report" [1] - Report Date: November 13, 2025 [1] 2. Core Viewpoints - The report provides a daily monitoring of iron ore futures contract prices, spreads, and basis data, along with information on changes in deliverable brands and their associated rules [3][5][10] 3. Summary by Directory 3.1 Futures Contract Prices and Spreads - Futures Contract Prices: I05 closed at 747.5 yuan/ton, up 10.5 yuan from the previous day; I09 closed at 724.5 yuan/ton, up 7.5 yuan; I01 closed at 774.0 yuan/ton, up 11.0 yuan [3] - Contract Spreads: The I05 - I09 spread was 23.0 yuan/ton, up 3.0 yuan; the I09 - I01 spread was -49.5 yuan/ton, down 3.5 yuan; the I01 - I05 spread was 26.5 yuan/ton, up 0.5 yuan [3] 3.2 Basis Data - Various iron ore varieties' basis data are presented, including today's price, previous day's price, change, delivery cost, today's basis, previous day's basis, and change. Most basis values decreased compared to the previous day [5] 3.3 Changes in Deliverable Brands and Rules - Starting from December 2, 2025, the main iron ore contract is I2205. Four new deliverable varieties (Benxi Concentrate, IOC6, KUMBA, and Ukrainian Concentrate) are added with a brand premium of 0, effective from the I2202 contract [10] - Brand premiums for existing varieties are adjusted. Only PB powder, BRBF, and Carajas powder have a brand premium of 15 yuan/ton, while others are 0 yuan/ton [10] - Quality difference and premium rules for substitutes are modified, including adjusting the allowable range of iron grade and other element indicators, and introducing a dynamic adjustment mechanism for iron element premium values [10] 3.4 Variety Spreads - Multiple variety spreads are provided, such as PB block - PB powder, Newman block - Newman powder, etc. Some spreads increased while others decreased compared to the previous day [12]

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].

1. Report Industry Investment Rating - No relevant information provided in the reports. 2. Core Views - The reports present daily data on various futures, including stock index futures, treasury bond futures, precious metal futures, and container shipping futures. They show price changes, spreads, and related market indicators for these futures on November 10 - 11, 2025 [1][2][4][5]. 3. Summary by Related Catalogs Stock Index Futures - **Price Differences**: The reports provide data on the price differences between futures and spot prices, as well as inter - period and cross - variety price differences for IF, IH, IC, and IM futures. For example, the IF period - spot price difference was - 23.05, a change of - 3.66 from the previous day [1]. - **Percentiles**: Historical 1 - year and full - historical percentiles are given for each price difference, which can help investors understand the relative position of current price differences in history. For instance, the historical 1 - year percentile of the IF period - spot price difference was 37.20% [1]. Treasury Bond Futures - **IRR and Basis**: The internal rate of return (IRR) and basis data are provided for TS, TF, T, and TL treasury bond futures. For example, the TS basis was 1.5852, a change of - 0.0211 from the previous day, and the IRR percentile was 25.70% [2]. - **Inter - period and Cross - variety Spreads**: Data on inter - period spreads (e.g., current quarter - next quarter) and cross - variety spreads (e.g., TS - TF) are presented, along with their percentiles since listing [2]. Precious Metal Futures - **Prices**: Domestic and foreign futures closing prices, as well as spot prices, are provided for gold and silver. For example, the AU2512 contract closed at 935.98 yuan/gram on November 10, a rise of 14.72 yuan from November 7 [4]. - **Spreads and Ratios**: The reports show basis spreads, cross - variety ratios, and changes in interest rates and exchange rates. For example, the COMEX gold/silver ratio was 81.81 on November 10, a decrease of 1.30 from the previous value [4]. Container Shipping Futures - **Index and Price**: The settlement price indices of SCFIS for European and US - West routes, as well as the Shanghai Export Container Freight Index (SCFI), are provided. Futures prices and basis spreads for different contracts are also given. For example, the SCFIS (European route) was 1504.80 on November 10, a 24.50% increase from November 3 [5]. - **Fundamentals**: Data on container shipping fundamentals, such as global container shipping capacity supply, port punctuality, and overseas economic indicators, are presented. For example, the global container shipping capacity supply was 3338.60 million TEU on November 10, a marginal increase from the previous day [5].