Report 1: Stock Index Futures Spread Daily Report - **Report Industry Investment Rating**: Not provided - **Core View**: Presents detailed data on stock index futures spreads, including price differences, changes from the previous day, and historical quantiles for various futures contracts and cross - variety ratios [1] - **Summary by Related Content**: - **Spread Data**: Displays current and historical quantiles of price differences for multiple futures contracts such as IF, IH, IC, and IM, including spot - futures spreads, inter - period spreads, and cross - variety ratios [1] - **Quantile Analysis**: Compares current spread values with historical data, showing the position of the current value within the historical distribution [1] Report 2: Treasury Bond Futures Spread Daily Report - **Report Industry Investment Rating**: Not provided - **Core View**: Provides information on the basis, inter - period spreads, and cross - variety spreads of treasury bond futures, along with their changes and historical quantiles [2] - **Summary by Related Content**: - **Basis Data**: Lists the basis values of different treasury bond futures contracts (TS, TF, T, TL) and their changes from the previous day, along with historical quantiles [2] - **Inter - period Spread Data**: Presents inter - period spreads for different contract months and their changes and historical quantiles [2] - **Cross - variety Spread Data**: Shows cross - variety spreads between different treasury bond futures contracts and their changes [2] Report 3: Precious Metals Spot - Futures Daily Report - **Report Industry Investment Rating**: Not provided - **Core View**: Analyzes the prices, basis, ratios, and related market indicators of domestic and foreign precious metals futures and spot markets [7] - **Summary by Related Content**: - **Price Data**: Compares the closing prices of domestic and foreign precious metals futures and spot markets on different days, showing price changes and percentage changes [7] - **Basis Data**: Calculates the basis between different precious metals contracts and their historical quantiles [7] - **Ratio Data**: Presents the ratios between different precious metals contracts and their changes [7] - **Interest Rate and Exchange Rate Data**: Lists the current and previous values of interest rates and exchange rates and their changes [7] Report 4: Shipping Industry Spot - Futures Daily Report - **Report Industry Investment Rating**: Not provided - **Core View**: Analyzes the shipping industry's freight rates, index data, futures prices, basis, and fundamental data [12] - **Summary by Related Content**: - **Freight Rate Data**: Compares the shipping freight rates of different shipping companies between different days, showing price changes and percentage changes [12] - **Index Data**: Presents the settlement price indices of different shipping routes and their changes [12] - **Futures Price and Basis Data**: Lists the futures prices of different contracts and the basis of the main contract and their changes [12] - **Fundamental Data**: Includes data on shipping capacity supply, port - related indicators, export amounts, and overseas economic indicators [12] Report 5: Data/Information Calendar Report - **Report Industry Investment Rating**: Not provided - **Core View**: Lists overseas and domestic economic indicator data and financial events for different time periods [15] - **Summary by Related Content**: - **Overseas Data/Information**: Includes macro - data, agricultural product - related data, and CFTC position reports from different countries and regions [15] - **Domestic Data/Information**: Contains economic indicators and financial events for different domestic commodity sectors such as black and non - ferrous metals, energy and chemicals, and special commodities [15]

| 股指期货价差日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可【2011】1292号 | | | | | | | 2025年6月25日 | | | | 叶倩宁 | Z0016628 | | 价差 | 品种 | 服新值 | 较前一日变化 | 历史1年分位数 | 全历史分位数 | | | F期现价差 | -51.63 | 8.87 | 6.50% | 4.70% | | 期现价差 | H期现价差 | -33.92 | -1.95 | 2.40% | 1.20% | | | IC期现价差 | -39.44 | 8.93 | 27.40% | 30.20% | | | IM期现价差 | -199.67 | 27.36 | 15.00% | 1.80% | | | 次月-当月 | -13.20 | 1.80 | 23.30% | 31.00% | | | 季月-当月 | -19.80 | 6.20 | 36.00% | 40.20% | | | 远月-当月 | -50.40 | 3.20 | 41.30% | 35.70% | | ...

| 股指期货价差日报 | 投资咨询业务资格:证监许可【2011】1292号 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Z0016628 | 叶倩宁 | 2025年6月23日 | | | | | | | | | | | | | | | 品种 | 最新值 | 较前一日变化 | 历史1年分位数 | 全历史分位数 | 价差 | F期现价差 | -73.04 | -70.35 | 1.60% | 2.40% | | | | | | | H期现价差 | -32.00 | 1.60% | -38.32 | 0.60% | 期现价差 | IC期现价差 | -51.11 | -52.08 | 17.60% | 18.80% | IM期到价差 | 1.20% | -211.79 | -213.97 | 5.00% | | -44.80 | 5.80% | 次月-景月 | -2.80 | 0.40% | -75.60 ...

| 股指期货价差日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 [2011] 1292号 | | | | | | | 2025年6月19日 | | | | 叶倩宁 | Z0016628 | | 价差 | 品种 | 服新值 | 较前一日变化 | 历史1年分位数 | 全历史分位数 | | | F期现价差 | -2.77 | -0.99 | 59.8096 | 53.20% | | 期现价差 | H期现价差 | -2.52 | 0.63 | 42.20% | 45.60% | | | IC期现价差 | -7.87 | -5.36 | 81.90% | 72.30% | | | IM期现价差 | -11.19 | 0.28 | 90.00% | 63.40% | | | 次月-当月 | -41.00 | 0.00 | 1.20% | 6.70% | | | 季月-崇月 | -70.60 | -1.20 | 10.6096 | 14.30% | | | 远月-当月 | -99.20 | 2.00 | 17.20% | 19.00% ...

Report Industry Investment Ratings - Bullish: Aluminum, Palm Oil, Soybean Oil, Rapeseed Oil [1] - Bearish: Coke, Coking Coal, BR Rubber [1] - Neutral: Gold, Silver, Copper, Alumina, Nickel, Stainless Steel, Tin, Industrial Silicon, Polysilicon, Lithium Carbonate, Rebar, Hot Rolled Coil, Iron Ore, Ferro - Silicon, Glass, Soda Ash, Cotton, Pulp, Crude Oil, Asphalt, Shanghai Rubber, PTA, Ethylene Glycol, Short Fiber, Pure Benzene, Styrene, PP, PVC, Aluminum Oxide, LPG, Container Shipping European Line [1] Core Views - Geopolitical conflicts are intensifying, and options tools can be used to hedge uncertainties [1] - Asset shortage and weak economy are beneficial to bond futures, but the central bank has recently warned of interest - rate risks, suppressing the upward trend [1] - The situation has slightly eased, and the gold price may return to a volatile state in the short term; the long - term upward logic remains solid [1] - The market should pay attention to tariff - related developments and domestic and foreign economic data changes due to the repeated market sentiment affected by the Middle East geopolitical risks and the resilience of China's May economic data [1] Summaries by Industry Categories Macro - finance - Asset shortage and weak economy are favorable for bond futures, but short - term central bank warnings on interest - rate risks suppress the upward movement [1] Non - ferrous metals - Copper: Market risk appetite has declined, downstream demand has entered the off - season, and there is a risk of price correction after the copper price has risen [1] - Aluminum: Domestic electrolytic aluminum inventory has continued to decline, and the risk of a short squeeze still exists, with the aluminum price remaining strong; alumina spot price is relatively stable, while the futures price is weak, and the futures discount is obvious [1] - Nickel: The Middle East geopolitical risk persists, and the domestic May economic data shows resilience. The nickel price is in a short - term weak shock, and there is still pressure from the long - term surplus of primary nickel [1] - Stainless steel: The price of nickel iron has fallen, steel mill price limits are fluctuating, spot sales are weak, and social inventory has slightly increased. The short - term futures price is in a weak shock, and there is still long - term supply pressure [1] - Tin: The supply contradiction of tin ore has intensified in the short term, and the increase in Wa State's tin ore production still takes time, so the short - term tin price is in a high - level shock [1] Energy and chemicals - Crude oil: Geopolitical tensions are easing, and the price has fallen. The chemical industry as a whole has followed the decline in the crude oil price [1] - PTA: The spot basis remains strong, PXN is expected to be compressed due to the delay of Northeast PX device maintenance and market rumors of the postponement of Zhejiang reforming device maintenance [1] - Ethylene Glycol: It continues to reduce inventory, and the arrival volume will decrease. Polyester production cuts have an impact on the market [1] - Short fiber: In the case of a high basis, the cost is closely related to the price. Short - fiber factories have started maintenance plans [1] - Pure benzene and styrene: The price of pure benzene has started to weaken, the load of styrene devices has increased, and the basis has also weakened [1] - PP: The price is in a volatile and slightly downward trend, with limited support from maintenance [1] - PVC: After the end of maintenance and the commissioning of new devices, the downstream enters the seasonal off - season, and the supply pressure increases [1] - Alumina: The electricity price has dropped, and non - aluminum demand is weaker than last year. The market is trading the price - cut expectation in advance [1] - LPG: Geopolitical sentiment has eased, and the price premium is expected to be repaired [1] Agricultural products - Palm oil, soybean oil, and rapeseed oil: The US biodiesel RVO quota proposal exceeds market expectations, which may tighten the global oil supply - demand situation, and they are considered bullish in the short term [1] - Cotton: There are short - term disturbances in US cotton, and the long - term macro uncertainty is strong. The domestic cotton price is expected to be in a weak shock [1] - Sugar: Brazil's 2025/26 sugar production is expected to reach a record high, but the oil price may affect the sugar production through the sugar - alcohol ratio [1] - Corn: The overall supply - demand situation in the corn year is tight, and the short - term price is expected to be in a shock [1] - Bean粕: Before the release of the USDA planting area report at the end of the month, the futures price is expected to be in a shock [1] - Pulp: The current demand is light, but the downward space is limited, and it is recommended to wait and see [1] - Hog: The inventory is being repaired, the slaughter weight is increasing, and the futures price is relatively stable [1] Others - Container Shipping European Line: There is a situation of strong expectation and weak reality. The peak - season contracts can be lightly tested for long positions, and attention should be paid to arbitrage opportunities [1]

Report Industry Investment Rating No relevant content provided. Core View of the Report No overall core view is presented in the reports. The documents mainly offer data on various futures, including stock index futures, treasury bond futures, precious metals futures, and container shipping futures, along with some economic indicators and market information. Summary by Related Catalogs Stock Index Futures - **IF期现价差**: Latest value -4.00, changed by 50.0096 compared to the previous day, with historical 1 - year and full - history percentiles of 3.79 and 55.30% respectively [1]. - **IH期现价差**: Latest value -6.61, changed by 4.62, with historical 1 - year and full - history percentiles of 31.10% and 31.90% respectively [1]. - **IC期现价差**: Latest value -11.61, changed by -0.37, with historical 1 - year and full - history percentiles of 75.00% and 66.30% respectively [1]. - **IM期现价差**: Latest value 1.75, with historical 1 - year and full - history percentiles of 90.00% and 50.20% respectively [1]. - **跨品种比值**: For example, 中证500/沪深300 is 1.4889, changed by 0.0034, with historical 1 - year and full - history percentiles of 64.70% and 42.30% respectively [1]. Treasury Bond Futures - **基差**: TS基差 is 1.7699, changed by -0.0486, with a 33.80% percentile since listing; TF基差 is 1.6670, changed by 0.0449, with a 45.40% percentile since listing; T基差 is 1.7095, changed by 0.0064, with a 58.60% percentile since listing; TL基差 is 1.7864, changed by 0.3188, with a 63.80% percentile since listing [2]. - **跨期价差**: Different contracts have various values and changes, such as TS当季 - 下季 is -0.1180, changed by 0.0200, with an 8.00% percentile [2]. - **跨品种价差**: TS - TF is -3.6790, changed by 0.0320, with a 3.20% percentile; TS - T is -6.5490, changed by 0.0070, with a 1.40% percentile; TF - T is -2.8700, changed by -0.0250, with a 1.00% percentile [2]. Precious Metals Futures - **国内期货收盘价**: AU2508合约 is 792.30 yuan/gram, down 2.06 yuan (-0.26%) from June 13; AG2508合约 is 8858 yuan/kilogram, up 67 yuan (0.76%) [5]. - **外盘期货收盘价**: COMEX黄金主力合约 is 3404.30 dollars/ounce, down 48.30 dollars (-1.40%); COMEX白银主力合约 is 36.37 dollars, unchanged [5]. - **现货价格**: London gold is 3383.62 dollars/ounce, down 49.73 dollars (-1.45%); London silver is 36.29 dollars, unchanged [5]. - **基差**: 黄金TD - 沪金主力 is -4.37, down 0.87, with a 5.20% historical 1 - year percentile; 白银TD - 沪银主力 is -23, down 25, with a 46.10% historical 1 - year percentile [5]. - **比价**: COMEX金/银 is 93.60, down 1.33 (-1.40%); 上期所金/银 is 89.44, down 0.92 (-1.01%) [5]. Container Shipping Futures - **现货报价**: MAERSK马士基's Shanghai - Europe future 6 - week freight rate is 2796 dollars/FEU, down 28 dollars (-2.03%); CMA达飞 is 3857 dollars/FEU, up 71 dollars (1.88%) [8]. - **集运指数**: SCFIS (European route) settlement price index is 1697.63, up 74.8 (4.61%); SCFIS (US West route) is 2908.68, up 723.6 (33.12%) [8]. - **期货价格及基差**: EC2602 is 1453.6, down 19.2 (-1.30%); EC2508 (主力) is 2030.0, down 38.0 (-1.84%); 基差 (主力) is -236.7, up 78.4 (-24.89%) [8]. - **基本面数据**: Global container shipping capacity supply is 3248.57 FILEU, unchanged; Shanghai port on - time rate is 42.50, up 13.48 (46.45%) compared to April [8]. Data and Information - **海外数据/资讯**: Eurozone's June ZEW economic sentiment index, US May import price index monthly rate, US May industrial production monthly rate, etc. are to be released [10]. - **国内数据/资讯**: There is 1820 billion yuan of 1 - year medium - term lending facility (MLF) due today; various inventory and production data of different commodities are to be updated [10].

Report Summary 1. Market Performance - On June 12, the four major A-share stock indices showed mixed performance. The Shanghai Composite Index rose 0.01% to close at 3402.66 points, the Shenzhen Component Index fell 0.11% to 10234.33 points, the ChiNext Index rose 0.26% to 2067.15 points, and the STAR 50 Index fell 0.3% to 977.97 points. Market turnover was 13,036 billion yuan, an increase of 169 billion yuan from the previous day [2]. - In terms of industry sectors, non-ferrous metals (+1.4%), media (+1.33%), and beauty care (+1.31%) led the gains, while household appliances (-1.77%), coal (-1.14%), and food and beverages (-1.13%) led the losses [2]. - From the perspective of market strength, IC > IM > IH > IF, with the number of rising/flat/falling stocks being 2,325/224/2,864 respectively. Institutions, main players, large investors, and retail investors had net capital inflows of -5 billion, -87 billion, -18 billion, and 111 billion yuan respectively, with changes of 0, -43 billion, +34 billion, and +9 billion yuan [2]. - For the basis of the next-month contracts of IM, IC, IF, and IH, they were 132.42, 99.53, 50.6, and 45.28 points respectively, with annualized basis yields of -19.8%, -15.89%, -12.04%, and -15.58%, and three-year historical quantiles of 4%, 6%, 2%, and 1% respectively. The futures-spot price difference remained at a relatively low level [2]. - On June 12, most yields of treasury bond futures rose. Among the active contracts, the implied interest rate of the two-year bond was 1.347, up 1.06 bps from the previous day; the five-year bond was 1.472, up 0.84 bps; the ten-year bond was 1.581, up 0.6 bps; and the thirty-year bond was 1.934, down 0.32 bps [3]. 2. Trading Strategies - For stock index futures, in the short term, due to the deep discount of small-cap stock indices, it is speculated to be the result of the scale expansion of neutral products since this year. With the bond bull market not restarted yet, the proportion of short positions in neutral strategies may still be high, so the deep discount may continue, leading to market fluctuations. A short-cycle band strategy is recommended. In the medium to long term, the view of being bullish on the economy is maintained. Buying IF, IC, and IM forward contracts on dips is recommended. For near-month contracts, there is a risk of a decline in micro-cap stocks, which may drag down the IC and IM indices, so caution is advised [3]. - For treasury bond futures, the current spot bonds show a characteristic of strong supply and weak demand, but this pattern is expected to change. Firstly, the maturity scale of government bonds in June has increased, and the net supply rhythm of government bonds may flatten. Secondly, there is a possibility of a reduction in the long-term liability cost of insurance in July. Thirdly, the domestic market risk preference has returned to a defensive style, and the allocation demand for the bond market may increase. In the futures market, the price of the CTD bond of near-month contracts is low, and combined with the relatively high IRR level recently, the short-side delivery willingness is strong, putting pressure on the price of near-month contracts and leading to a premium in far-month contracts. The positions of T and TL have increased, while those of TF and TS have decreased, indicating strong long-side strength at the long end, possibly betting on a further decline in future policy interest rates. A strategy of short-term long and long-term short is recommended, buying T and TL on dips in the short term and hedging T and TL on rallies in the long term [5]. 3. Economic Data - High-frequency data shows that the recent import and export sentiment has rebounded [13].

o eo 2025-05-09 2025-01-09 2025-03-09 2025-04-09 2025 - TS00-TS01 — TS00-TS02 — TS01-TS02 TL跨期价差 -0. AH 2025-04-09 2025-05-09 2025-01-09 2025-02-09 2025-03-09 | 股指期货价差日报 | | --- | | 投资咨询业务资格:证监许可【2011】1292号 Z0016628 叶倩宁 | | 价差 品种 最新值 较前一日变化 历史1年分位数 | | F期现价差 -24.47 -7.02 25.00% 17.40% | | 期现价差 IC期现价差 -39.79 -0.54 30.20% | | 26.20% | | 次月-当月 -36.80 -1.20 6.50% 8.80% | | 李月-崇月 -67.20 -1.80 12.70% 16.00% 元月-当月 -95.80 2.00 15.90% 19.70% | | IF跨期价差 李月-次月 -30.40 -0.60 14.30% 21.50% | | 元月-次月 -59.00 3.20 33.10% 26 ...

Group 1: Report Industry Investment Ratings - Bullish: Gold, Silver, Crude Oil, Fuel Oil, Ethanol [1] - Bearish: Polycrystalline Silicon, Lithium Carbonate, Coking Coal, Coke, Logs, PTA, Short - Fiber, PVC [1] - Neutral (Oscillating): Stock Index, Treasury Bonds, Copper, Aluminum, Alumina, Nickel, Stainless Steel, Tin, Industrial Silicon, Rebar, Hot - Rolled Coil, Iron Ore, Manganese Silicon, Silicon Ferrosilicon, Glass, Soda Ash, Palm Oil, Soybean Oil, Rapeseed Oil, Cotton, Sugar, Corn, Soybeans, Pulp, Live Pigs, Asphalt, Natural Rubber, BR Rubber, Ethylene Glycol, Styrene, Urea, Methanol, Seasonal Products, PVC, Caustic Soda, LPG, Container Shipping on European Routes [1] Group 2: Report's Core View - The short - term fluctuations of stock indices are dominated by overseas variables, and they are expected to oscillate strongly in the short term, but be cautious about the repeated signals of Sino - US tariffs [1]. - Asset scarcity and a weak economy are beneficial to bond futures, but the central bank's short - term interest - rate risk warning restricts the upward space [1]. - The prices of various commodities are affected by factors such as supply and demand, policies, and international relations. For example, the price of copper is affected by supply and Sino - US relations; the price of aluminum is affected by inventory and downstream demand [1]. Group 3: Summary by Industry Macro - Finance - Stock Index: Overseas variables dominate short - term fluctuations, expected to oscillate strongly with caution about tariff signal repetitions [1]. - Treasury Bonds: Asset scarcity and weak economy are favorable, but central - bank interest - rate risk warning restricts upward space [1]. Non - Ferrous Metals - Gold: Expected to run strongly in the short term with a solid long - term upward logic [1]. - Silver: Technically broken through, expected to run strongly but beware of a pull - back [1]. - Copper: The Sino - US leaders' call boosts the price, but sufficient supply restricts the upward space [1]. - Aluminum: Low inventory supports the price, but weakening downstream demand may lead to a weakening oscillation [1]. - Alumina: Spot price rising, futures price falling due to increased production [1]. - Nickel: Expected to oscillate in the short term, with long - term surplus pressure [1]. - Stainless Steel: Follows macro - oscillations in the short term, with long - term supply pressure [1]. - Tin: Supply contradiction intensifies in the short term, expected to oscillate at a high level [1]. - Industrial Silicon: High supply in the northwest, resuming production in the southwest, low demand, and high inventory pressure [1]. Ferrous Metals - Rebar and Hot - Rolled Coil: In the window period of peak - to - off - peak season, with loose cost and supply - demand patterns and no upward driving force [1]. - Iron Ore: Expecting the peak of molten iron, with supply increase in June [1]. - Manganese Silicon: Short - term supply - demand balance, with high warehouse - receipt pressure [1]. - Silicon Ferrosilicon: Cost is affected by coal, but production reduction makes supply - demand tight [1]. - Glass: Weak supply and demand, with prices continuing to weaken [1]. - Soda Ash: Direct demand is okay, but terminal demand is weak, with medium - term over - supply and price pressure [1]. - Coking Coal and Coke: Spot prices continue to weaken, and the futures can be shorted [1]. Agricultural Products - Sugar: Brazilian sugar production is expected to hit a record high, but oil prices may affect production [1]. - Corn: Supply - demand tightening supports a strong oscillation, but the increase is limited by substitute grains [1]. - Soybeans: Expected to oscillate due to the lack of strong upward driving force [1]. - Pulp: Demand is weak, but the downward space is limited [1]. - Logs: Supply is loose, demand is weak, and short - selling is recommended [1]. - Live Pigs: Inventory is sufficient, and futures are stable [1]. Energy and Chemicals - Crude Oil and Fuel Oil: Sino - US calls, geopolitical situations, and the summer peak season support the prices [1]. - Asphalt: Affected by cost, inventory, and demand [1]. - Natural Rubber: Futures - spot price difference returns, cost support weakens, and inventory decreases [1]. - BR Rubber: Fundamentals are loose in the short term, and long - term factors need attention [1]. - PTA: Actual production hits a new high, and sales are difficult [1]. - Ethylene Glycol: Coal - to - ethylene glycol profit expands, and inventory is decreasing [1]. - Styrene: Speculative demand weakens, inventory rises, and the basis weakens [1]. - Urea: Expected to rebound due to export demand [1]. - Methanol: Entering the inventory - accumulation stage, with weak traditional demand [1]. - PVC: Supply pressure increases due to the end of maintenance and new device production [1]. - Caustic Soda: Spot is strong in the short term, but the price - reduction expectation is traded in advance [1]. - LPG: Prices are weak and oscillate in a narrow range [1]. Others - Container Shipping on European Routes: The contract in the peak season can be lightly tested for long positions, and attention should be paid to arbitrage opportunities [1].

Investment Rating - No investment rating for the industry is provided in the report. Core Views - For stock index futures, short - term band strategies are advisable due to deep discounts on small - cap stock indices. In the medium - to - long - term, it's recommended to allocate IF, IC, and IM forward contracts on dips. Near - month contracts of IC and IM should be treated with caution [3]. - For bond futures, it's suggested to take short - term long and long - term short positions. Short - term, buy T and TL on dips; medium - to - long - term, hedge T and TL on rallies [4]. Summary by Directory 1. Stock Index Futures and Spot Market Performance - On June 6, A - share major indices mostly declined, with the Shanghai Composite Index rising 0.04% to 3385.36 points, while the Shenzhen Component Index, ChiNext Index, and STAR 50 Index fell 0.19%, 0.45%, and 0.48% respectively. Market trading volume was 1177.2 billion yuan, a decrease of 139.7 billion yuan from the previous day. Industries like non - ferrous metals, communication, and petroleum and petrochemical led the gains, while beauty care, textile and apparel, and food and beverage led the losses. In terms of market strength, IF>IH>IC>IM. The number of rising, flat, and falling stocks were 2600, 210, and 2602 respectively. Institutional, main, large - scale, and retail investors' net capital inflows were - 76, - 118, 12, and 182 billion yuan respectively, with changes of - 114, - 77, +38, and +153 billion yuan [2]. - The basis of IM, IC, IF, and IH next - month contracts were 146.64, 107.08, 55.98, and 46.05 points respectively, with annualized basis yields of - 19.22%, - 14.99%, - 11.65%, and - 13.81% respectively, and three - year historical quantiles of 5%, 7%, 2%, and 4% respectively. The futures - spot price difference remained at a low level [3]. 2. Bond Futures and Spot Market Performance - On June 6, bond futures yields declined across the board. Among active contracts, the implied yields of two - year, five - year, ten - year, and thirty - year bonds decreased by 0.93bps, 1.56bps, 6.03bps, and 4.02bps respectively compared to the previous day [3]. - For the current active 2509 contract, the CTD bonds, yield changes, net basis, and IRR of 2 - year, 5 - year, 10 - year, and 30 - year bond futures are provided. In the bond market, the current supply - strong and demand - weak pattern may change in the future. The short - term strategy is to buy T and TL on dips, and the medium - to - long - term strategy is to hedge T and TL on rallies [4]. 3. Economic Data - High - frequency data shows a recent rebound in import and export sentiment [11].