Group 1: Stock Index Futures Spread Daily Report Core View - Presents the price spreads of stock index futures on August 20, 2025, including period - current spreads, inter - period spreads, and cross - variety ratios, along with their changes from the previous day and historical quantile information [1] Summary by Category - **Period - Current Spreads**: The F period - current spread is - 7.17, the H period - current spread is 2.98, the IC period - current spread is - 55.31, and the IM period - current spread is - 65.45 [1] - **Inter - period Spreads**: Different combinations of inter - period spreads for F, IH, IC, and IM are provided, showing various numerical values and changes [1] - **Cross - variety Ratios**: Ratios such as CSI 500/SSE 50, CSI 1000/CSI 300, and IC/IF are presented, with their current values, changes, and historical quantiles [1] Group 2: Bond Futures Basis and Spread Report Core View - Provides the basis, inter - period spreads, and cross - variety spreads of bond futures on August 19, 2025, along with their changes from the previous day and historical quantile information [2] Summary by Category - **Basis**: The TS basis is 1.2318, the TF basis is 1.1138, the T basis is 1.0701, and the TL basis is 1.1098 [2] - **Inter - period Spreads**: Different combinations of inter - period spreads for TS, TF, T, and TL are provided, showing various numerical values and changes [2] - **Cross - variety Spreads**: Spreads such as TS - TF, TS - T, and TF - TL are presented, with their current values, changes, and historical quantiles [2] Group 3: Precious Metals Spot - Futures Daily Report Core View - Presents the prices of domestic and foreign precious metals futures, spot prices, basis, ratios, interest rates, exchange rates, inventory, and positions on August 19, 2025, along with their changes from the previous day [4] Summary by Category - **Futures and Spot Prices**: Domestic and foreign gold and silver futures and spot prices show different degrees of decline [4] - **Basis**: The basis of different combinations of precious metals shows various numerical values and changes, with historical quantiles provided [4] - **Ratios**: Ratios such as COMEX gold/silver and SHFE gold/silver are presented, with their current values, changes, and percentage changes [4] - **Interest Rates and Exchange Rates**: The 10 - year US Treasury yield, 2 - year US Treasury yield, 10 - year TIPS Treasury yield, US dollar index, and offshore RMB exchange rate show different degrees of change [4] - **Inventory and Positions**: The inventory of precious metals on SHFE and COMEX and the positions of ETFs show different degrees of change [4] Group 4: Container Shipping Industry Spot - Futures Daily Report Core View - Presents the spot quotes, container shipping indexes, futures prices, basis, fundamental data of the container shipping industry on August 19, 2025, and relevant data for previous months, along with their changes and percentage changes [6] Summary by Category - **Spot Quotes**: The spot quotes of Shanghai - Europe shipping routes of different shipping companies show different degrees of rise and fall [6] - **Container Shipping Indexes**: The settlement price indexes of SCFIS and the Shanghai Export Container Freight Index show different degrees of rise and fall [6] - **Futures Prices and Basis**: The futures prices of different contracts of EC show different degrees of rise and fall, and the basis of the main contract declines [6] - **Fundamental Data**: The global container shipping capacity supply remains unchanged, and indicators such as port on - time rate, port call situation, monthly export amount, and overseas economic data show different degrees of change [6] Group 5: Overseas and Domestic Data/Information Report Core View - Lists the economic indicators and financial events of overseas and domestic markets on different dates and times, along with their data sources [8] Summary by Category - **Overseas Data/Information**: Includes the eurozone's CPI data and the US's API and EIA crude oil inventory data [8] - **Domestic Data/Information**: Covers the production and sales of double - coking coal, China's one - year loan prime rate, China's port commercial crude oil inventory, and other data [8]

1. Report Industry Investment Rating - There is no information about the industry investment rating in the provided reports. 2. Core Views - The reports mainly present the daily data of different futures, including price differences, closing prices, spot prices, and related economic indicators, aiming to help investors understand the market trends and price fluctuations of various futures [1][2][3][4][5]. 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Spread Daily Report - **Price Differences**: The report provides the latest values, changes from the previous day, historical 1 - year percentiles, and all - time percentiles of stock index futures' term - to - spot spreads and inter - term spreads for different varieties such as IF, IH, IC, and IM [1]. - **Calculation Methods**: It explains the calculation methods of term - to - spot spreads, inter - term spreads, and cross - variety ratios [1]. 3.2 Treasury Bond Futures Spread Daily Report - **Price Differences**: Presents the latest values, changes from the previous trading day, and percentiles since listing of the basis, inter - term spreads, and cross - variety spreads of different treasury bond futures varieties (TS, TF, T, TL) [2]. - **Calculation Notes**: Provides notes on the calculation of basis, percentiles, and spreads [2]. 3.3 Precious Metals Spot - Futures Daily Report - **Prices**: Shows the closing prices of domestic and foreign futures, spot prices, basis, ratios, interest rates, exchange rates, inventory, and positions of precious metals (gold and silver) on different dates, along with their price changes and percentage changes [3]. 3.4 Container Shipping Industry Spot - Futures Daily Report - **Spot Quotes**: Lists the spot quotes of shipping companies on the Shanghai - Europe route and their price changes and percentage changes [4]. - **Indices**: Provides the settlement price indices of shipping routes and Shanghai export container freight rates, along with their price changes and percentage changes [4]. - **Futures and Basis**: Presents the futures prices, price changes, and basis of container shipping futures contracts [4]. - **Fundamentals**: Includes data on shipping capacity supply, port - related indicators, export amounts, and overseas economic indicators, along with their changes and percentage changes [4]. 3.5 Trading Calendar - **Data Sources**: Specifies the time, data sources, and economic indicators or financial events of overseas and domestic data and information [5]. 3.6 Fund Flow and Key Seats' Position Changes Daily Report - The content of this report is incomplete and cannot be effectively summarized.

Report Industry Investment Rating - No relevant information provided Core View - Pure benzene port inventory has decreased again due to a slowdown in Chinese arrivals and upcoming Korean aromatics maintenance in August - September, with limited subsequent inventory accumulation but still existing inventory pressure. For styrene, port inventory has entered a seasonal decline cycle, but downstream demand improvement is limited [3] Summary by Directory 1. Basis Structure and Inter - Period Spreads of Pure Benzene and EB - Pure benzene: The main basis is - 115 yuan/ton (- 26), and the spread between East China pure benzene spot and M2 is 0 yuan/ton (+ 5). Near - month BZ paper cargo - distal BZ2603 spread and BZ2603 - BZ2605 inter - period spread are recommended for reverse arbitrage when high [1][4] - Styrene: The main basis is 55 yuan/ton (- 5), and the EB2509 - 2510 inter - period spread is recommended for reverse arbitrage when high [1][4] 2. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Pure benzene: CFR China processing fee is 177 dollars/ton (- 3), FOB Korea processing fee is 163 dollars/ton (- 4), and the US - Korea spread is 83.8 dollars/ton (+ 4) [1] - Styrene: Non - integrated production profit is - 306 yuan/ton (+ 8), expected to gradually compress, and the EB - BZ spread is recommended to be shorted when high [1][4] 3. Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene: Port inventory is 14.60 tons (- 1.70), and the operating rate is not provided in the given text [1] - Styrene: East China port inventory is 148,800 tons (- 10,200), East China commercial inventory is 69,500 tons (+ 3,000), and the operating rate is 77.7% (- 1.2) [1] 4. Operating Rates and Production Profits of Styrene Downstream - EPS: Production profit is 218 yuan/ton (- 10), and the operating rate is 43.67% (- 10.58) - PS: Production profit is - 52 yuan/ton (- 30), and the operating rate is 55.00% (+ 1.70) - ABS: Production profit is 100 yuan/ton (- 23), and the operating rate is 71.10% (+ 5.20) [2] 5. Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam: Production profit is - 1715 yuan/ton (- 25), and the operating rate is 88.41% (- 1.79) - Phenol - acetone: Production profit is - 672 yuan/ton (+ 0), and the operating rate is 77.00% (+ 4.00) - Aniline: Production profit is 101 yuan/ton (+ 261), and the operating rate is 73.46% (- 0.48) - Adipic acid: Production profit is - 1504 yuan/ton (+ 0), and the operating rate is 54.40% (- 10.40) [1]

1. Report Industry Investment Ratings No specific report industry investment ratings are provided in the content. 2. Core Views of the Report - The overall market risk preference remains high. For stock index futures, it is recommended to continue holding long positions; for stock index options, it is advisable to appropriately reduce the directional exposure of small - cap stocks in the short term; for treasury bond futures, the bond market sentiment is relatively warm [1][2][3]. 3. Summary by Relevant Catalogs 3.1 Market Views 3.1.1 Stock Index Futures - **View**: Continue to hold long positions. The basis of IF, IH, IC, and IM current - month contracts are - 8.47 points, - 1.51 points, - 38.14 points, and - 34.15 points respectively, with a month - on - month change of - 2.38 points, 0.31 points, - 7.57 points, and - 7.24 points. The spreads between current - month and next - month contracts are 13.6 points, - 1.0 point, 73.0 points, and 78.0 points, with a month - on - month change of 3.2 points, - 0.4 point, 9.4 points, and 6.2 points. The total open interest changes are 7431 lots, 2077 lots, 3443 lots, and 4114 lots. The upward trend of the market has not changed. In August, the tone is still positive due to factors such as strong capital inflow, low probability of mid - report disappointment, and the weakening US dollar index. It is recommended to continue holding IM long positions [8]. 3.1.2 Stock Index Options - **View**: Appropriately reduce the directional exposure of small - cap stocks in the short term. The underlying market showed mixed trends and was in a volatile state. The trading volume of the options market was 6 billion and 60 million yuan, a 16.85% increase from the previous day. The sentiment indicators remained similar to the previous day, with the MO skew reaching a half - year high, indicating continued defensive sentiment in the small - cap segment. Volatility increased in small - cap and ChiNext stocks. It is recommended to continue the medium - term covered call strategy and reduce the short - term directional exposure of small - cap stocks [2][9]. 3.1.3 Treasury Bond Futures - **View**: The bond market sentiment is warm. Most treasury bond futures closed higher, with the 30 - year, 10 - year, and 5 - year main contracts rising by 0.03%, 0.05%, and 0.05% respectively, and the 2 - year main contract remaining flat. The yields of major inter - bank interest - rate bonds generally declined. Although the central bank conducted a net withdrawal of 12.25 billion yuan in the open market, the capital market remained loose. The central bank's 70 - billion - yuan 3 - month outright reverse repurchase operation is beneficial to the bond market. However, the high market risk preference and potential factors such as the increase in long - term bond supply in the third quarter and the introduction of growth - stabilizing policies may have an impact on the bond market. Different strategies are proposed for different trading purposes [3][10][11]. 3.2 Economic Calendar - The economic calendar includes data such as the US factory orders in June, the US ISM non - manufacturing PMI in July, China's trade balance in July, the UK central bank's benchmark interest rate in August, the US initial jobless claims in the week ending August 2nd, and China's M2 money supply annual rate in July [12]. 3.3 Important Information and News Tracking - **Export**: In the first seven months, ASEAN was China's largest trading partner, with a total trade value of 4.29 trillion yuan, a 9.4% increase. The EU was the second - largest trading partner, with a total trade value of 3.35 trillion yuan, a 3.9% increase. The US was the third - largest trading partner, with a total trade value of 2.42 trillion yuan, an 11.1% decrease. China's total imports and exports to the Belt and Road Initiative countries increased by 5.5% [13]. - **Retail and Commerce**: The Shanghai SASAC launched a campaign for the rejuvenation of local state - owned time - honored brands, aiming to promote brand development through various measures such as open cooperation, improving market - oriented operation mechanisms, and attracting professional talents [13]. - **Power**: Shandong Province issued a reform plan for the market - based on - grid electricity price of new energy, stating that the on - grid electricity of new energy projects such as wind and solar power will enter the power market, and the on - grid electricity price will be determined through market transactions [14]. - **Education**: The state - wide policy of exempting preschool education fees for all children in the senior class of kindergartens is expected to benefit about 12 million people this autumn [14]. 3.4 Derivatives Market Monitoring - The content only lists the categories of stock index futures data, stock index options data, and treasury bond futures data, but no specific data is provided [15][19][31].

Group 1: Report's Core View - The port accelerated inventory accumulation this week. Overseas methanol production remained at a high level, increasing the pressure of arrivals in August. The Xingxing MTO device in the port area started a one - month maintenance at the end of July. In the inland area, there will still be some maintenance in the northwest in August, and the production will not fully recover until late August. The traditional downstream demand showed certain resilience, and the inventory of inland methanol factories decreased further. Overall, the inland market was stronger than the port market [3] Group 2: Market Data Inland Market - Q5500 Ordos thermal coal was 470 yuan/ton (unchanged), and the production profit of coal - based methanol in Inner Mongolia was 695 yuan/ton (+25). The inland methanol prices varied by region: Inner Mongolia North Line was 2110 yuan/ton (+25), Inner Mongolia South Line was 2100 yuan/ton (unchanged), Shandong Linyi was 2383 yuan/ton (+10), Henan was 2250 yuan/ton (unchanged), and Hebei was 2275 yuan/ton (+25). The inland factory inventory was 293,688 tons (-30,832), and the northwest factory inventory was 185,500 tons (-30,500). The inland factory's pending orders were 240,800 tons (+10,075), and the northwest factory's pending orders were 122,800 tons (+10,800) [1] Port Market - The methanol price in Taicang was 2388 yuan/ton (+15), the basis was - 8 yuan/ton (+16), CFR China was 268 US dollars/ton (+1), and the import price difference in East China was 13 yuan/ton (-3). The port inventory increased, with the total port inventory at 925,480 tons (+117,080), Jiangsu port inventory at 498,000 tons (+79,000), Zhejiang port inventory at 144,000 tons (-9000), and Guangdong port inventory at 170,000 tons (+15,000). The downstream MTO operating rate was 85.27% (+0.32%) [2] Regional Price Differences - There were various regional price differences, such as the Lubei - Northwest - 280 price difference of - 45 yuan/ton (-25), the Taicang - Inner Mongolia - 550 price difference of - 272 yuan/ton (-10), etc [2] Group 3: Strategy - Unilateral: Wait and see - Inter - period: Do reverse arbitrage when the MA09 - 01 inter - period spread is high - Cross - variety: Shrink the PP2601 - 3MA2601 spread when it is high [4] Group 4: Report Directory Summary Methanol Basis & Inter - period Structure - The report included multiple figures related to methanol basis and inter - period spread, such as the methanol Taicang basis and the main contract, and the spreads between different methanol futures contracts [7][22][24] Methanol Production Profit, MTO Profit, and Import Profit - Figures related to production profit (e.g., Inner Mongolia coal - based methanol production profit), MTO profit (e.g., East China MTO profit), and import profit (e.g., Taicang methanol - CFR China import price difference) were presented [26][34] Methanol Production and Inventory - Figures showed methanol port inventory, MTO/P operating rate, inland factory inventory, and China's methanol operating rate [36][38] Regional Price Differences - Figures presented various regional price differences, such as Lubei - Northwest, East China - Inner Mongolia, etc [44][48][51] Traditional Downstream Profits - Figures showed the production profits of traditional downstream products like Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE, and Henan dimethyl ether [52][60]

1. Report Industry Investment Rating - The rating for the bond market is "volatile" [4] 2. Core Viewpoints of the Report - Imposing VAT on treasury bond interest is bearish for the bond market in the long run. The theoretical negative impact on the 10Y treasury bond rate is about 10BP, but the actual impact should be less than the theoretical value [1][9] - The policy will cause price differentiation between new and old bond varieties in the short term, and existing bonds will gain a scarcity premium due to the tax - exemption advantage [1][9] - The policy will affect the CTD bonds of treasury bond futures, and the probability of CTD bond switching varies among different contracts [1] - The inter - period spread of treasury bond futures will be affected by the policy, and different strategies are recommended for different contracts [2][16][17] 3. Summary by Relevant Catalogs 3.1 Impact of Treasury Bond Interest Taxation on CTD Switching - **Policy Purpose**: The main purpose of imposing VAT on treasury bond interest is to improve the bond market price formation mechanism, and increasing fiscal revenue is a relatively secondary goal [8] - **Long - term Impact on the Bond Market**: After taxation, the coupon attractiveness of treasury bonds decreases, institutional bond - allocation willingness declines, and some funds flow to risk assets, leading to a decrease in bond - market sentiment. Newly issued bonds need to increase the coupon rate to compensate for the tax cost [9] - **Impact on CTD Bonds**: The CTD bonds of different contracts have different probabilities of switching to new bonds. For example, the CTD bonds of TL contracts are unlikely to switch; the 09 contracts of T, TF, and TS are also unlikely to switch; T2512 has a certain probability of switching; T2603 and TS2603 have a high probability of switching, and TF2603 has a certain probability of switching [1][12][15] 3.2 Impact of Treasury Bond Interest Taxation on Inter - period Spreads and Strategy Recommendations - **TL Contracts**: The spread of TL09 - 12 contracts has widened. The current spread has basically priced in existing factors, and subsequent trends are more affected by market sentiment. The spread is expected to rise in shock [16] - **T Contracts**: The T09 - 12 spread is high. A narrowing strategy has a certain cost - effectiveness, but continuous narrowing is not recommended. Short - term opportunities can be sought when the bond - market sentiment recovers [17] - **TF and TS Contracts**: The cost - effectiveness of the narrowing strategy for TF and TS09 - 12 contracts is lower than that of T contracts. If the market sentiment is weak, the inter - period spread may rise slightly [20][21] - **12 - 03 Contracts**: The arbitrage strategy for 12 - 03 contracts is not recommended. The 03 contracts have low liquidity, and the CTD bonds of most 2603 contracts have a high probability of switching to new bonds, resulting in a high theoretical central spread [26] - **Long - term Trend**: The central spread of inter - period spreads will gradually rise. The long - term upward logic of treasury bonds is changing, and the cost - effectiveness of going long on treasury bonds has decreased [27]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The resumption of VAT collection on bonds has a short - term positive and long - term negative impact on the bond market, but the overall impact is controllable. In the short term, the cost - performance of existing bonds and credit bonds has increased, and the bond market has risen stage by stage. In the long term, it may be unfavorable to the bond market. The probability of the bond market breaking through the previous low has decreased, and it may still fluctuate in the range of 1.65% - 1.70%. Attention should be paid to the primary issuance rate of new bonds after August 8 and the impact of macro factors on the risk preference of the bond market [2]. - When summarizing the views of fixed - income sellers on the resumption of VAT collection, there are bullish, neutral/ bearish views. Half of the fixed - income sellers are bullish on the bond market this week, but the sentiment has declined compared with last week. The sentiment of fixed - income buyers is relatively cautious, and nearly 70% are neutral [3]. Summary According to the Directory 1. Seller and Buyer Markets 1.1 Seller Market Sentiment Index and Interest - rate Bonds - The weighted index of the seller sentiment this week is 0.33, and the unweighted index is 0.47, both showing a decline compared with last week. The current institutions generally hold a neutral - to - bullish view, with 15 bullish, 14 neutral, and 1 bearish. 50% of the institutions are bullish, and 47% are neutral, and 3% are bearish [13]. 1.2 Buyer Market Sentiment Index and Interest - rate Bonds - The weighted sentiment index of buyers this week is 0.08, and the unweighted index is 0.11, with the unweighted index decreasing by 0.08 compared with last week. Currently, institutions generally hold a neutral - to - bullish view, with 6 bullish, 19 neutral, and 3 bearish. 21% of the institutions are bullish, 68% are neutral, and 11% are bearish [14]. 1.3 Credit Bonds - Market hot topics include preventive redemptions of wealth management products and a decline in the scale of credit - bond ETFs. The preventive redemptions of wealth management products are due to the central bank's continuous net withdrawal and tightened capital, leading to selling pressure on credit bonds. The growth of credit - bond ETFs has slowed down, and the subsequent increase in ETFs may fall short of expectations [19]. 1.4 Convertible Bonds - Institutions generally hold a neutral - to - bullish view this week, with 10 bullish and 3 neutral. 77% of the institutions are bullish, and 23% are neutral [22]. 2. Treasury Bond Futures Tracking 2.1 Futures Trading - As of August 1, the prices of TS/TF/T/TL contracts of treasury bonds have all increased, while the trading volume, open interest, and trading - to - open - interest ratio have all decreased [26][27]. 2.2 Spot Bond Trading - On August 1, the turnover rates of 30 - year treasury bonds and interest - rate bonds decreased, while the turnover rate of 10 - year China Development Bank bonds increased [32][36]. 2.3 Basis Trading - As of August 1, the basis and net basis of the main contracts have all narrowed, and the IRR has generally increased [41][44]. 2.4 Inter - delivery Spread and Inter - variety Spread - The inter - delivery spread of the TL contract has widened, while the spreads of other main contracts have narrowed. Among the inter - variety spreads, except for the 2*TF - T contract, the spreads of other main contracts have narrowed [51][52].

Core Insights - The article emphasizes the importance of understanding stock index futures as indicators of market trends, akin to meteorological signals in climate changes [1][6][7] Group 1: Stock Index Futures and Market Trends - The "cross-period price difference" in stock index futures reflects market expectations for future trends, with a positive spread indicating optimism and a negative spread signaling increased short-term risk [2] - In Q3 2023, the price difference for the CSI 300 stock index futures expanded from +5 points to +20 points, predicting a subsequent rise in the index driven by improved consumption data, resulting in a 15% excess return for traders who monitored these changes [2] - A volatility ratio between price difference and spot index often indicates an impending acceleration in trends, successfully capturing three major upward movements in tech stocks in 2024 [2] Group 2: Open Interest and Market Sentiment - Changes in open interest can reveal the true intentions of capital flows, with a continuous increase in total open interest and a long-short ratio exceeding 1.5 indicating accumulating trend strength [3] - In Q1 2024, a significant increase in institutional accounts in the long positions of the CSI 500 stock index futures from 30% to 45% led to an 8% rise in the index within a month [3] - A sudden drop in open interest alongside price declines can signal potential market bottoms, as seen in October 2023 when the open interest for the SSE 50 stock index futures decreased by 15% while price declines slowed [3] Group 3: Arbitrage Opportunities - The "risk-free zone" in futures trading indicates when stock index futures prices deviate significantly from spot indices, prompting arbitrage activities to restore balance [5] - In mid-2024, a quantitative team initiated arbitrage when the price difference reached 7%, achieving a 2.3% risk-free return within 14 trading days [5] - The flow of arbitrage funds can signal market conditions, with increased positive arbitrage indicating potential overvaluation of the spot index, while active negative arbitrage may suggest a market bottom [5] Group 4: Contract Rollovers and Capital Movements - The "migration pattern" during contract rollovers reveals the trajectory of major capital movements, with a high rollover transfer rate correlating with subsequent trend strength [6] - In Q2 2024, a rapid increase in the rollover transfer rate for the CSI 1000 stock index futures from 20% to 80% predicted a 12% rise in small-cap stocks [6] - An expansion of backwardation during rollovers may indicate pessimistic expectations for the long-term market, as evidenced by a warning of adjustment risks in Q3 2023 [6]

1. Investment Ratings No investment ratings for the industries are provided in the reports. 2. Core Views Oils and Fats Industry - Palm oil: The market's concern about the end - of - month inventory growth will support the market. The futures of crude palm oil may start an upward trend. It is recommended to go long on dips. - Soybean oil: The digestion of the US biodiesel policy has ended. The domestic spot trading is light, but the market sentiment may improve in August [1]. Meal Industry - The US soybean remains in a bottom - oscillating pattern. The domestic soybean and soybean meal inventories are rising, and the basis is oscillating at a low level. It is recommended to wait and see [2]. Livestock (Pig) Industry - The pig spot market is weak. The short - term pig price is not optimistic, with the near - month contract facing strong resistance. It is not advisable to short the far - month contract blindly [4]. Corn Industry - In the short term, the corn market is not active, with the futures oscillating. In the long run, the supply may be tight in the third quarter and loose in the fourth quarter [6]. Sugar Industry - Internationally, the raw sugar price may bottom out, but the overall trend is bearish. Domestically, the supply - demand situation is marginally loose, with the futures expected to oscillate at a high level in the short term [8]. Egg Industry - The egg demand may first decrease and then increase this week. The egg price in some regions may decline next week, but the spot price still has some upward potential [11]. Cotton Industry - The short - term domestic cotton price may oscillate within a range, and the price may face pressure after the new cotton is launched [14]. 3. Summary by Industry Oils and Fats Industry - **Prices**: On July 28 - 29, the spot and futures prices of soybean oil, palm oil, and rapeseed oil showed different changes, with the basis and spreads also fluctuating. - **Inventory and Market Outlook**: Palm oil inventory concerns support the market, and soybean oil may improve in August [1]. Meal Industry - **Prices and Spreads**: The prices of soybean meal, rapeseed meal, and soybeans changed, with the spreads such as the inter - period spreads and oil - meal ratios also showing fluctuations. - **Market Situation**: The US soybean is at the bottom, and the domestic supply and demand situation affects the meal market [2]. Livestock (Pig) Industry - **Prices and Indicators**: The futures and spot prices of pigs changed, along with indicators such as the basis, spreads, and slaughter volume. - **Market Outlook**: The short - term pig price is not optimistic, and the far - month contract needs cautious operation [4]. Corn Industry - **Prices and Indicators**: The prices of corn and corn starch futures and spot, along with indicators such as the basis, spreads, and inventory, changed. - **Market Outlook**: The short - term market is inactive, and the long - term supply - demand situation varies [6]. Sugar Industry - **Prices and Indicators**: The futures and spot prices of sugar, along with indicators such as the basis, spreads, and inventory, changed. - **Market Outlook**: The international raw sugar is bearish, and the domestic supply - demand is marginally loose [8]. Egg Industry - **Prices and Indicators**: The prices of eggs, egg - related products, and indicators such as the basis, spreads, and production costs changed. - **Market Outlook**: The demand may fluctuate, and the price may decline and then rise [11]. Cotton Industry - **Prices and Indicators**: The futures and spot prices of cotton, along with indicators such as the basis, spreads, and inventory, changed. - **Market Outlook**: The short - term price oscillates, and the long - term price may face pressure [14].

1. Report Industry Investment Rating - No information provided in the reports. 2. Core Views - The reports present data on various types of futures, including stock index futures, Treasury bond futures, precious metal futures, and container shipping futures, as well as related spot prices, spreads, and other indicators. They show the latest values, changes from the previous day, historical quantiles, and other information to help investors understand the market conditions of different futures products [1][2][4][6]. 3. Summary by Related Catalogs Stock Index Futures - **Price Spread Data**: The report provides detailed price spread data for IF, IH, IC, and IM stock index futures, including spot - futures spreads and inter - period spreads. For example, the IF spot - futures spread is - 7.84, with a change of 2.73 from the previous day, and the historical 1 - year quantile is 40.90% [1]. Treasury Bond Futures - **IRR and Basis**: Information on IRR, basis, and price spreads for TS, TF, T, and TL Treasury bond futures is given. For instance, the TS basis is 1.5781, with a change of 0.0115 from the previous day, and the historical quantile is 23.00% [2]. Precious Metal Futures - **Price and Spread**: It shows the closing prices of domestic and foreign precious metal futures, spot prices, and basis. For example, the AU2510 contract closed at 778.74 yuan/gram on July 24, down 1.79% from the previous day, and the gold TD - Shanghai gold main contract basis is - 3.64 [4]. Container Shipping Futures - **Spot and Futures Prices**: The report includes spot quotes for Shanghai - Europe container shipping, container shipping index data, futures prices, and basis. For example, the MAERSK spot price for Shanghai - Europe on July 25 is 3104 dollars/FEU, up 0.16% from the previous day, and the EC2602 futures contract price on July 24 is 1562.3, up 5.75% from the previous day [6]. Data and Information Calendar - **Domestic and Overseas Data**: It lists domestic and overseas economic data and events to be released, such as the US June durable goods orders monthly rate, and domestic 2000 billion yuan 1 - year MLF due on a certain day [9].