Report Overview - Report Title: Full Variety Spread Daily Report [4] - Report Date: November 6, 2025 [3] - Data Sources: Wind, Mysteel, GF Futures Research Institute [5] Industry Investment Rating - Not provided in the document Core Viewpoints - Not provided in the document Summary by Commodity Category Ferrous Metals - **Silicon Iron (SF601)**: Spot price 5578, futures price 5560, basis 18, basis rate 0.32%, historical quantile 58.50% [1] - **Silicon Manganese (SM601)**: Spot price 5890, futures price 5776, basis 114, basis rate 1.97%, historical quantile 47.00% [1] - **Rebar (RB2601)**: Spot price 3180, futures price 3024, basis 156, basis rate 5.16%, historical quantile 65.00% [1] - **Hot Rolled Coil (HC2601)**: Spot price 3270, futures price 3253, basis 17, basis rate 0.52%, historical quantile 24.40% [1] - **Iron Ore (I2601)**: Spot price 844, futures price 776, basis 68, basis rate 8.74%, historical quantile 53.50% [1] - **Coke (J2601)**: Spot price 1732, futures price 1753, basis -21, basis rate -1.18%, historical quantile 51.26% [1] - **Coking Coal (JM2601)**: Spot price 1369, futures price 1269, basis 101, basis rate 7.92%, historical quantile 52.20% [1] Non - Ferrous Metals - **Copper (CU2512)**: Spot price 85335, futures price 85670, basis -335, basis rate -0.30%, historical quantile 18.12% [1] - **Aluminum (AL2512)**: Spot price 21300, futures price 21395, basis -95, basis rate -0.44%, historical quantile 23.54% [1] - **Alumina (AO2601)**: Spot price 2862, futures price 2772, basis 90, basis rate 3.26%, historical quantile 52.42% [1] - **Zinc (ZN2512)**: Spot price 22430, futures price 22650, basis -220, basis rate -0.97%, historical quantile 11.04% [1] - **Tin (SN2512)**: Spot price 281300, futures price 282090, basis -790, basis rate -0.28%, historical quantile 25.20% [1] - **Nickel (NI2512)**: Spot price 119950, futures price 120030, basis -80, basis rate -0.07%, historical quantile 48.95% [1] - **Stainless Steel (SS2512)**: Spot price 12970, futures price 12535, basis 435, basis rate 3.47%, historical quantile 83.04% [1] - **Lithium Carbonate (LC2601)**: Spot price 80500, futures price 79140, basis 1360, basis rate 1.72%, historical quantile 79.29% [1] - **Industrial Silicon (SI2601)**: Spot price 9450, futures price 9020, basis 430, basis rate 4.77%, historical quantile 30.30% [1] Precious Metals - **Gold (AU2512)**: Spot price 909.5, futures price 912.3, basis -2.7, basis rate -0.30%, historical quantile 26.30% [1] - **Silver (AG2512)**: Spot price 11240.0, futures price 11276.0, basis -36.0, basis rate -0.32%, historical quantile 21.40% [1] Agricultural Products - **Soybean Meal (M2601)**: Spot price 2980, futures price 3073.0, basis -93.0, basis rate -3.03%, historical quantile 21.20% [1] - **Soybean Oil (Y2601)**: Spot price 8320, futures price 8138.0, basis 182.0, basis rate 2.24%, historical quantile 36.60% [1] - **Palm Oil (P2601)**: Spot price 8510, futures price 8590.0, basis -80.0, basis rate -0.93%, historical quantile 7.60% [1] - **Rapeseed Meal (RM601)**: Spot price 2650, futures price 2537.0, basis 113.0, basis rate 4.45%, historical quantile 66.60% [1] - **Rapeseed Oil (Oleo1)**: Spot price 9780, futures price 9407.0, basis 373.0, basis rate 3.97%, historical quantile 85.30% [1] - **Corn (C2601)**: Spot price 2150, futures price 2134.0, basis 16.0, basis rate 0.75%, historical quantile 50.40% [1] - **Corn Starch (CS2601)**: Spot price 2550, futures price 2451.0, basis 99.0, basis rate 4.04%, historical quantile 46.70% [1] - **Live Hogs (LH2601)**: Spot price 11950, futures price 11945.0, basis 5.0, basis rate 0.04%, historical quantile 43.40% [1] - **Eggs (JD2512)**: Spot price 2730, futures price 3217.0, basis -487.0, basis rate -15.14%, historical quantile 7.90% [1] - **Cotton (CF601)**: Spot price 14627, futures price 13615.0, basis 1012.0, basis rate 7.43%, historical quantile 59.30% [1] - **Sugar (SR601)**: Spot price 5720, futures price 5441.0, basis 279.0, basis rate 5.13%, historical quantile 46.00% [1] - **Apples (AP601)**: Spot price 8840, futures price 8940.0, basis -100.0, basis rate -1.11%, historical quantile 14.80% [1] - **Jujubes (CJ601)**: Spot price 9150, futures price 9740.0, basis -590.0, basis rate -6.05%, historical quantile 69.70% [1] Energy and Chemicals - **Para - Xylene (PX601)**: Spot price 6701.0, futures price 6650.0, basis 51.0, basis rate -1.61%, historical quantile 12.10% [1] - **PTA (TA601)**: Spot price 4530.0, futures price 4600.0, basis -70.0, basis rate -1.96%, historical quantile 20.00% [1] - **Ethylene Glycol (EG2601)**: Spot price 3985.0, futures price 3914.0, basis 71.0, basis rate 1.07%, historical quantile 75.00% [1] - **Polyester Staple Fiber (PF512)**: Spot price 6330.0, futures price 6176.0, basis 154.0, basis rate 2.15%, historical quantile 74.20% [1] - **Styrene (EB2512)**: Spot price 6315.0, futures price 6321.0, basis -6.0, basis rate 4.73%, historical quantile 75.40% [1] - **Methanol (MA601)**: Spot price 2082.0, futures price 2141.0, basis -59.0, basis rate 1.03%, historical quantile 54.40% [1] - **Urea (UR601)**: Spot price 1580.0, futures price 1633.0, basis -53.0, basis rate -2.20%, historical quantile 5.50% [1] - **LLDPE (L2601)**: Spot price 6925.0, futures price 6814.0, basis 111.0, basis rate 1.88%, historical quantile 57.60% [1] - **PP (PP2601)**: Spot price 6550.0, futures price 6491.0, basis 59.0, basis rate 1.39%, historical quantile 48.90% [1] - **PVC (V2601)**: Spot price 4540.0, futures price 4638.0, basis -98.0, basis rate -3.82%, historical quantile 33.10% [1] - **Caustic Soda (SH601)**: Spot price 2500.0, futures price 2303.0, basis 197.0, basis rate 5.50%, historical quantile 70.70% [1] - **LPG (PG2512)**: Spot price 4398.0, futures price 4278.0, basis 120.0, historical quantile 48.20% [1] - **Asphalt (BU2601)**: Spot price 3140.0, futures price 3166.0, basis -26.0, basis rate 11.37%, historical quantile 93.40% [1] - **Butadiene Rubber (BR2601)**: Spot price 10200.0, futures price 10235.0, basis -35.0, basis rate 2.93%, historical quantile 62.20% [1] - **Glass (FG601)**: Spot price 1048.0, futures price 1097.0, basis -49.0, basis rate -4.68%, historical quantile 60.29% [1] - **Soda Ash (SA601)**: Spot price 1145.0, futures price 1195.0, basis -50.0, basis rate -4.37%, historical quantile 21.21% [1] - **Natural Rubber (RU2601)**: Spot price 14350.0, futures price 14850.0, basis -500.0, basis rate -3.48%, historical quantile 70.61% [1] Financial Futures - **IF2512.CFE**: Spot price 4627.3, futures price 4596.6, basis -30.7, basis rate -0.67%, historical quantile 12.70% [1] - **IH2512.CFE**: Spot price 3008.0, futures price 3002.6, basis -5.4, basis rate -0.18%, historical quantile 32.90% [1] - **IC2512.CFE**: Spot price 7229.3, futures price 7108.0, basis -121.3, basis rate -1.71%, historical quantile 1.60% [1] - **IM2512.CFE**: Spot price 7464.9, futures price 7310.8, basis -154.1, basis rate -2.1%, historical quantile 9.50% [1] - **2 - Year Treasury Bond (TS2512)**: Spot price 100.04, futures price 102.49, basis -0.04, basis rate -0.04%, historical quantile 16.10% [1] - **5 - Year Treasury Bond (TF2512)**: Spot price 99.63, futures price 106.00, basis -0.06, basis rate -0.06%, historical quantile 19.20% [1] - **10 - Year Treasury Bond (T2512)**: Spot price 100.63, futures price 108.63, basis 0.00, basis rate 0.00%, historical quantile 15.20% [1] - **30 - Year Treasury Bond (TL2512)**: Spot price 131.45, futures price 116.44, basis 0.21, basis rate 0.18%, historical quantile 28.90% [1]

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 Overview - The report is titled "Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report" dated October 30, 2025, focusing on iron ore futures contract spreads, basis, and variety spreads [1] 1. Contract Spreads - **Price Changes**: I05 closed at 781.5 yuan/ton, up 13 yuan from the previous day; I09 closed at 760 yuan/ton, up 13 yuan; I01 closed at 804.5 yuan/ton, up 12 yuan [3] - **Spread Changes**: The I05 - I09 spread remained unchanged at 21.5 yuan/ton; the I09 - I01 spread increased by 1 yuan to -44.5 yuan/ton; the I01 - I05 spread decreased by 1 yuan to 23 yuan/ton [3] 2. Basis 2.1 Basis Data - **Price Changes**: Most iron ore varieties saw price increases, with the largest increase of 11 yuan for Wugang Standard Powder, and some remaining unchanged [5] - **Basis Changes**: All varieties' basis decreased, with the largest decrease of 12 yuan for Ansteel Concentrate, Benxi Concentrate, Taigang Concentrate, and Magang Concentrate [5] 2.2 Basis Charts - Basis charts are provided for different types of iron ore including Brazilian powder, Australian medium - grade powder, Australian low - grade powder, domestic ore, etc [7][8][9] 3. Variety Spreads 3.1 Variety Spread Data - **Spread Changes**: Some spreads decreased, such as PB Block - PB Powder by 1 yuan; some increased, like the spread between Carajás Fines and Newman Powder increased by 5 yuan [12] 3.2 Variety Spread Charts - Charts are presented for various variety spreads including block - powder spreads, high - medium grade powder spreads, medium - low grade powder spreads, etc [14][16][18][20] Regulatory Changes - Since December 2, the main iron ore contract is I2205. Four new deliverable varieties (Benxi Concentrate, IOC6, KUMBA, Ukrainian Concentrate) are added with brand premiums of 0 starting from the I2202 contract. New rules adjust brand premiums and quality differentials and premiums [10] - Four more varieties (Taigang Concentrate, Magang Concentrate, Wugang Standard Powder, SP10 Powder) are added as deliverable brands with brand premiums of 0 for I2312 and subsequent contracts [10] Research Team - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, with rich industry experience and professional qualifications [23]

1. Report Industry Investment Rating - No information provided in the reports. 2. Core Views - There is no explicit core view presented in the reports. The reports mainly present various data related to different financial products such as stock index futures, treasury bond futures, precious metals, and container shipping. 3. Summary by Relevant Catalogs Stock Index Futures (IF, IH, IC, IM) - **IF**: The current - spot price difference is -15.24, with a change of 7.14 from the previous day, and the historical 1 - year and all - time percentiles are 45.00% and 29.10% respectively. Different inter - period spreads show various values and changes, e.g., the spread between the next - month and current - month contracts is -10.80, with a change of 2.00 [1]. - **IH**: The current - spot price difference is 1.78, with a change of 0.60 from the previous day, and the historical 1 - year and all - time percentiles are 66.30% and 66.90% respectively. Inter - period spreads also have their own values and changes, like the spread between the next - month and current - month contracts is -0.80, with a change of -1.20 [1]. - **IC**: The current - spot price difference is -90.97, with a change of 19.06 from the previous day, and the historical 1 - year and all - time percentiles are 24.50% and 4.50% respectively. Inter - period spreads show significant variations, for example, the spread between the January and current - month contracts is -401.60, with a change of -0.80 [1]. - **IM**: The current - spot price difference is -122.72, with a change of 20.90 from the previous day, and the historical 1 - year and all - time percentiles are 85.00% and 13.70% respectively. Inter - period spreads have specific values and changes, such as the spread between the next - month and current - month contracts is -73.20, with a change of 1.20 [1]. - **Cross - variety Ratios**: Ratios like CSI 500/Shanghai Composite 300, CSI 500/Shanghai Composite 50, and others are provided, along with their changes and percentiles. For example, the ratio of CSI 500/Shanghai Composite 50 is 2.4423, with a change of 0.0358, and the historical 1 - year and all - time percentiles are 94.20% and 75.20% respectively [1]. Treasury Bond Futures (TS, TF, T, TL) - **Basis**: TS basis is 1.9462, with a change of -0.0759, and the percentile since listing is 52.30%. TF basis is 1.9288, with a change of -0.0031, and the percentile is 56.20%. T basis is 2.0877, with a change of -0.0425, and the percentile is 71.40%. TL basis is 2.2535, with a change of 0.0762, and the percentile is 80.90% [3]. - **Inter - period Spreads**: Different inter - period spreads for each type of treasury bond futures are presented. For example, for TS, the spread between the current - quarter and next - quarter contracts is 0.0860, with no change from the previous day, and the percentile is 43.20% [3]. - **Cross - variety Spreads**: Spreads between different types of treasury bond futures are given. For example, the spread between TS and TF is -3.4940, with a change of -0.0650, and the percentile is 8.70% [3]. Precious Metals (Gold and Silver) - **Futures Prices**: Domestic AU2512 contract closed at 910.88 on October 29, up 1.05% from the previous day. AG2512 contract closed at 11338, up 2.62%. In the foreign market, COMEX gold closed at 3941.70, down 0.67%, and COMEX silver closed at 47.28, up 0.29% [5]. - **Spot Prices**: London gold was at 3929.66, down 0.56%, and London silver was at 47.49, up 0.98%. Shanghai Gold TD was at 912.42, up 1.75%, and Shanghai Silver TD was at 11351, up 3.23% [5]. - **Basis and Ratios**: Basis values and their changes, as well as ratios like COMEX gold/silver and Shanghai Futures Exchange gold/silver, are provided. For example, the basis of gold TD - Shanghai gold futures is 1.54, with a change of 6.23, and the historical 1 - year percentile is 98.70% [5]. - **Interest Rates, Exchange Rates, and Inventories**: Interest rates of US Treasury bonds, exchange rates, and inventories of precious metals in different exchanges and ETF holdings are presented. For example, the 10 - year US Treasury bond yield is 4.08%, up 2.3% from the previous day [5]. Container Shipping - **Spot Quotes**: Spot quotes for shipping from Shanghai to Europe by different companies are provided. For example, MAERSK's price is 2445 dollars/FEU, up 2.09% from the previous day, while CMA CGM's price is 2788 dollars/FEU, down 4.06% [6]. - **Shipping Indexes**: SCFIS (European route) settlement price index is 1312.71, up 15.11% from October 20. Other indexes like SCFI composite index and its sub - indexes for different routes also show their values and changes [6]. - **Futures Prices and Basis**: Futures prices of different contracts (EC2602, EC2604, etc.) and the basis of the main contract are provided. For example, the price of EC2602 is 1606.0, up 3.70% from the previous day, and the basis of the main contract (EC2512) is -208.6, down 23.21% [6]. - **Fundamental Data**: Data on global container shipping capacity supply, port - related indicators, export balances, and overseas economic indicators are presented. For example, the global container shipping capacity supply remains unchanged at 3330.07 million IFU, and the port on - time rate in Shanghai in September is 42.77%, up 133.59% from August [6].

Group 1: Stock Index Futures Spread - The report presents the price spread data of various stock index futures on October 29, 2025, including IF, IH, IC, and IM. It shows the changes compared to the previous day, the latest values, and the historical quantiles [1]. - For example, the IF spot - futures spread is -22.37, with a historical 1 - year quantile of 37.20% and an all - time quantile of 63.50% [1]. - The report also provides cross - period spreads and cross - variety ratios for different stock index futures [1]. Group 2: Treasury Bond Futures Spread - On October 29, 2025, the report shows the basis, cross - period spreads, and cross - variety spreads of Treasury bond futures such as TS, TF, T, and TL [2]. - For instance, the TS basis is 1.5509, with a change of -0.0241 compared to the previous day and a 24.00% percentile since listing [2]. - The cross - period spreads and cross - variety spreads are also presented with their respective changes and historical quantiles [2]. Group 3: Precious Metals Spot - Futures - On October 29, 2025, the report details the domestic and foreign futures closing prices, spot prices, basis, ratios, interest rates, exchange rates, and inventory positions of precious metals [4]. - Domestic AU2512 and AG2512 contracts decreased by -3.51% and -3.03% respectively compared to the previous day [4]. - The COMEX gold futures decreased by -0.72%, while the COMEX silver futures increased by 0.66% [4]. Group 4: Container Shipping Industry Spot - Futures - The report on October 29, 2025, covers the spot quotes, container shipping indices, futures prices, basis, and fundamental data of the container shipping industry [6]. - Some shipping companies' spot rates like MAERSK, ONE, and EMC increased, while CMA decreased [6]. - The SCFIS (European and US - West routes) and SCFI indices all showed significant increases [6]. - Fundamental data includes changes in global container capacity supply, port - related indicators, export amounts, and overseas economic data [6].

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the given content. 2. Report Core View The report presents the daily price spreads of various futures and spot commodities across multiple sectors including ferrous metals, non - ferrous metals, precious metals, agricultural products, and energy chemicals on October 28, 2025. It includes data such as futures prices, spot prices, basis, basis rates, and historical quantiles for each commodity. [1] 3. Summary by Commodity Sectors Ferrous Metals - **Silicon - based Alloys**: For silicon iron (SF601), the futures price is 2598 with a 2.55% change, the spot price is 5950, and the basis is 3352 with a basis rate of 52.10%. For silicon manganese (SM601), the futures price is not fully shown, the spot price is 5802, and the basis is 148 with a basis rate of 2.55%. [1] - **Steel Products**: The futures price of rebar (RB2601) is 3210 with a 3.55% change, the spot price of HRB400 20mm in Shanghai is 3100, and the basis is - 110 with a basis rate of - 3.43%. The futures price of hot - rolled coil (HC2601) is 3299, and the spot price of Q235B 4.75mm in Shanghai is 3330, with a basis of 31 and a basis rate of 0.94%. [1] - **Iron Ore and Coking Coal**: The futures price of iron ore (I2601) is - 134 with a - 7.51% change, the spot price of 62.5% Brazilian mixed powder at Rizhao Port is 1780, and the basis is 1914 with a basis rate of 107.53%. The futures price of coke (J2601) is 1646, the spot price of quasi - first - grade metallurgical coke at Rizhao Port is 1780, and the basis is 134 with a basis rate of 8.14%. The futures price of coking coal (JM2601) is 1329, the spot price of S1.3 G75 main coking coal at Shaheyi is 1264, and the basis is - 65 with a basis rate of - 4.9%. [1] Non - Ferrous Metals - **Copper**: The futures price of copper (CU2512) is 88215 with a - 0.18% change, the spot price of 1 electrolytic copper is 88370, and the basis is 155 with a basis rate of 0.18%. [1] - **Aluminum and Alumina**: The futures price of aluminum (AL2512) is 21160 with a - 0.94% change, the spot price of SMM A00 aluminum is 21360, and the basis is 200 with a basis rate of 0.94%. The futures price of alumina (AO2601) is 2829, the spot price of SMM alumina index is 2881, and the basis is 52 with a basis rate of 1.84%. [1] - **Other Non - Ferrous Metals**: For zinc (ZN2512), the futures price is 22140 with a - 1.01% change, the spot price of 1 zinc ingot is 22365, and the basis is 225 with a basis rate of 1.01%. For tin (SN2512), the futures price is 283500 with a - 1.13% change, the spot price of 1 tin is 286720, and the basis is 3220 with a basis rate of 1.13%. [1] Precious Metals - **Gold and Silver**: The futures price of gold (AU2512) is 930.3 with a - 0.41% change, the spot price of Shanghai Gold Exchange gold (T + D) is 934.1, and the basis is 3.8 with a basis rate of 0.41%. The futures price of silver (AG2512) is 11345 with a - 0.43% change, the spot price of Shanghai Gold Exchange silver (T + D) is 11394, and the basis is 49 with a basis rate of 0.43%. [1] Agricultural Products - **Oilseeds and Oils**: The futures price of soybean meal (M2601) is 2932 with a - 1.09% change, the spot price of common protein soybean meal in Jiangsu Zhangjiagang is 2900, and the basis is - 32 with a basis rate of - 1.09%. The futures price of soybean oil (V2601) is 8390 with a 1.89% change, the spot price of fourth - grade soybean oil in Jiangsu Zhangjiagang is 8234, and the basis is - 156 with a basis rate of - 1.86%. [1] - **Other Agricultural Products**: For palm oil (P2601), the futures price is 9010 with a - 0.99% change, the spot price at Huangpu Port is 9100, and the basis is 90 with a basis rate of 1.0%. For rapeseed meal (RM601), the futures price is 2335 with a 5.78% change, the spot price in Guangdong Zhanjiang is 2470, and the basis is 135 with a basis rate of 5.78%. [1] Energy Chemicals - **Petrochemicals**: The futures price of paraxylene (PX601) is 6626 with a - 1.61% change, the spot price at Chinese main ports is 6729, and the basis is 103 with a basis rate of 1.55%. The futures price of PTA (TA601) is 4520 with a 1.95% change, the spot price in East China is 4616, and the basis is 96 with a basis rate of 2.13%. [1] - **Other Chemicals**: For methanol (MA601), the futures price is 2230 with a 0.97% change, the spot price in Jiangsu Taicang is 2268, and the basis is 38 with a basis rate of 1.7%. For urea (UR601), the futures price is 1610 with a - 2.2% change, the spot price in Shandong is 1640, and the basis is 30 with a basis rate of 1.83%. [1]

Report Industry Investment Rating - No information provided in the reports. Core Views - The reports present daily data on various futures, including stock index futures, treasury bond futures, precious metal futures, and container shipping industry futures, covering aspects such as price differences, price changes, and related market indicators [1][2][3][5]. Summary by Related Catalogs Stock Index Futures - **Price Differences**: The latest values, changes from the previous day, and historical quantiles of price differences (including spot - futures and inter - period price differences) for IF, IH, IC, and IM are provided. For example, the IC spot - futures price difference is - 161.25, with a change of - 15.31 from the previous day, and a 1 - year historical quantile of 80.00% [1]. Treasury Bond Futures - **IRR and Basis**: The IRR and basis data of TS, TF, T, and TL are presented, along with their changes from the previous trading day and historical quantiles. For instance, the TF basis on 2025 - 10 - 21 is 1.5006, with a change of - 0.0220, and a historical quantile of 38.40% [2]. - **Inter - period and Cross - variety Price Differences**: The inter - period price differences (such as current quarter - next quarter) and cross - variety price differences (such as TS - TF) are given, including their latest values, changes, and historical quantiles [2]. Precious Metal Futures - **Prices**: The closing prices of domestic and foreign precious metal futures (AU2512, COMEX gold, etc.), spot prices (London gold, etc.), and their changes and price - to - price ratios are reported. For example, the closing price of the AU2512 contract on October 21 is 994.06 yuan/gram, with a price increase of 23.74 and a growth rate of 2.45% [3]. - **Basis and Ratios**: The basis between different precious metal products (such as gold TD - Shanghai gold futures) and price - to - price ratios (such as COMEX gold/silver) are provided, along with their historical quantiles [3]. - **Interest Rates, Exchange Rates, Inventory, and Positions**: Data on interest rates (10 - year US Treasury bond yield), exchange rates (US dollar index), inventory (Shanghai Futures Exchange gold inventory), and positions (SPRD gold ETF position) are presented [3]. Container Shipping Industry Futures - **Spot Quotes**: Spot quotes for shipping routes from Shanghai to Europe by different shipping companies (MAERSK, CMA, etc.) and their price changes are given. For example, the MAERSK shipping price on October 22 is 2211 US dollars/FEU, with an increase of 367 and a growth rate of 19.90% [5]. - **Shipping Indexes**: The settlement price indexes of shipping routes (SCFIS European route, SCFIS US West route) and Shanghai export container freight rates (SCFI comprehensive index) and their changes are reported [5]. - **Futures Prices and Basis**: The futures prices of different contracts (EC2602, EC2512) and the basis of the main contract are provided, along with their changes [5]. - **Fundamental Data**: Data on shipping capacity supply, foreign trade - related indicators (Shanghai port on - time rate), overseas economic indicators (eurozone comprehensive PMI), and OECD comprehensive leading indicators are presented [5].

1. Report Industry Investment Rating - The report does not provide an industry investment rating. 2. Core View of the Report - The supply of live pigs is postponed, and the price center continues to move down [1]. 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking - **Spot Prices**: The spot price of live pigs in Henan is 11,280 yuan/ton, in Sichuan is 10,800 yuan/ton, and in Guangdong is 11,460 yuan/ton, with year - on - year increases of 150 yuan/ton, 150 yuan/ton, and 100 yuan/ton respectively [1]. - **Futures Prices**: The prices of live pig futures contracts 2511, 2601, and 2603 are 11,165 yuan/ton, 11,905 yuan/ton, and 11,540 yuan/ton respectively, with year - on - year decreases of 235 yuan/ton, 290 yuan/ton, and 125 yuan/ton respectively [1]. - **Trading Volume and Open Interest**: The trading volume of live pig futures contract 2511 is 33,489 lots, a decrease of 9,492 lots from the previous day, with an open interest of 41,232 lots, a decrease of 3,573 lots. The trading volume of contract 2601 is 80,026 lots, an increase of 28,549 lots, with an open interest of 105,012 lots, an increase of 14,112 lots. The trading volume of contract 2603 is 16,872 lots, an increase of 951 lots, with an open interest of 77,419 lots, an increase of 1,948 lots [1]. 3.2 Market Information - Shennong's Yunnan and Guangxi warehouses registered 90 lots of warehouse receipts, and Guizhou Zhenfeng Fuyuan registered 21 lots of warehouse receipts [2]. 3.3 Trend Intensity - The trend intensity is - 2, indicating the most bearish view [3]. 3.4 Futures Research - **Basis**: The basis of live pig futures contracts 2511, 2601, and 2603 are 55 yuan/ton, 365 yuan/ton, and - 165 yuan/ton respectively, with year - on - year changes of 115 yuan/ton, 385 yuan/ton, and - 625 yuan/ton [4]. - **Spreads**: The spreads of live pig futures contracts 11 - 1 and 1 - 3 are 440 yuan/ton and - 260 yuan/ton respectively, with year - on - year changes of 275 yuan/ton and - 740 yuan/ton [4].

Report Title - Palm Oil: Tax Increase Supports B50, Focus on Downward Support for Palm Oil; Soybean Oil: Range-Bound, Monitor China-US Economic and Trade Relations [1] Report Date - October 17, 2025 [1] Industry Investment Rating - Not provided Core Views - Palm oil is supported by tax increase for B50, and attention should be paid to its downward support; soybean oil is expected to trade within a range, and the China-US economic and trade relations should be monitored [1] Summary by Relevant Catalogs Fundamental Tracking - **Futures Data**: The closing prices and price changes of palm oil, soybean oil, rapeseed oil, Malaysian palm oil, and CBOT soybean oil futures are presented, along with trading volume and open interest changes [1] - **Spot Data**: Spot prices and price changes of palm oil, soybean oil, rapeseed oil, and Malaysian palm oil are provided, as well as spot basis data [1] - **Spread Data**: Futures spreads between different oil varieties and spreads within the same variety are given, including changes compared to previous trading days [1] Macro and Industry News - From October 1 - 15, 2025, Malaysian palm oil yield per unit area increased by 5.76% month-on-month, oil extraction rate increased by 0.21% month-on-month, and production increased by 6.86% month-on-month, according to SPPOMA data [2] - On Thursday, CBOT soybean futures closed higher, with the benchmark contract up 0.5% due to strong domestic demand offsetting trade concerns [3] - China has not completed most of its soybean procurement for December and January shipments due to high Brazilian soybean premiums [4] - Speculative funds net bought 3500 lots of soybeans on Thursday, compared to 4000 lots on Wednesday [4] - The NOPA's September soybean crushing volume was 197.863 million bushels, a 4.24% increase from the previous month and an 11.6% increase year-on-year, setting the fourth-highest monthly record and the highest for the same period in history [4] - The US urged South Korea to increase soybean imports [5] Trend Intensity - The trend intensity of palm oil and soybean oil is both rated as 1, indicating a neutral outlook [6]

Report Overview - The report is titled "Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report" dated October 16, 2025, provided by Guangqi Research [1] Report Industry Investment Rating - No investment rating is provided in the report Core Viewpoints - The report presents daily monitoring data on iron ore futures contracts, basis, and variety spreads, along with relevant policy adjustments to the iron ore futures contract delivery rules [3][5][10] Summary by Directory Futures Contracts and Spreads - **Contract Prices**: I05 closed at 754.0 yuan/ton, down 7.0 yuan from the previous day; I09 closed at 733.0 yuan/ton, down 6.5 yuan; I01 closed at 776.5 yuan/ton, down 5.5 yuan [3] - **Contract Spreads**: The I05 - I09 spread was 21.0 yuan/ton, down 0.5 yuan; the I09 - I01 spread was -43.5 yuan/ton, down 1.0 yuan; the I01 - I05 spread was 22.5 yuan/ton, up 1.5 yuan [3] Basis - **Basis Data**: The basis of various iron ore varieties showed different changes. For example, the basis of BRBF increased by 2 yuan to 60 yuan/ton, and the basis of super special powder increased by 3 yuan to 148 yuan/ton [5] - **Basis Policy Adjustments**: Starting from December 2nd, the main iron ore contract is I2205. The delivery rules have been adjusted, including adding 4 deliverable varieties, adjusting brand premiums and discounts, and modifying substitute quality differences and quality premiums and discounts [10] Variety Spreads - **Spread Data**: The PB block - PB powder spread was 131.0 yuan/ton, up 1.0 yuan; the PB powder - super special powder spread was 72.0 yuan/ton, down 3.0 yuan [12] - **Spread Charts**: The report provides multiple spread charts to visually display the changes in spreads over time [13][17]