1. Report Industry Investment Rating - No information provided in the report. 2. Core View of the Report - This report is the Baocheng Futures variety arbitrage data daily report for November 18, 2025, presenting the basis, inter - period, and inter - variety data of various commodities including thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1]. 3. Summary by Related Catalogs 3.1 Thermal Coal - The basis of thermal coal on November 17, 2025, was 32.6 yuan/ton, consistent with November 14 - 13, 2025, and up from 29.6 yuan/ton on November 11, 2025. The 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads were all 0 [2]. 3.2 Energy Chemicals 3.2.1 Energy Commodities - The basis data of fuel oil, crude oil/asphalt, INE crude oil from November 11 - 17, 2025, were presented, such as the basis of fuel oil being - 21.45 on November 17, 2025 [7]. 3.2.2 Chemical Commodities - **Basis**: The basis of rubber, methanol, PTA, LLDPE, V, and PP from November 11 - 17, 2025, was provided. For example, the basis of rubber was - 515 yuan/ton on November 17, 2025 [9]. - **Inter - period**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol were given. For instance, the 5 - 1 month spread of rubber was 75 yuan/ton [10]. - **Inter - variety**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from November 11 - 17, 2025, were presented. For example, the LLDPE - PVC spread was 2263 yuan/ton on November 17, 2025 [10]. 3.3 Black Metals - **Basis**: The basis of rebar, iron ore, coke, and coking coal from November 11 - 17, 2025, was shown. For example, the basis of rebar was 143.0 yuan/ton on November 17, 2025 [20]. - **Inter - period**: The 5 - 1 month, 9(10) - 1 month, and 9(10) - 5 month spreads of rebar, iron ore, coke, and coking coal were provided. For example, the 5 - 1 month spread of rebar was 52 yuan/ton [19]. - **Inter - variety**: The inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from November 11 - 17, 2025, were presented. For example, the rebar/iron ore ratio was 3.94 on November 17, 2025 [19]. 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis of copper, aluminum, zinc, lead, nickel, and tin from November 11 - 17, 2025, was given. For example, the basis of copper was 50 yuan/ton on November 17, 2025 [29]. 3.4.2 London Market - The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss of LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) on November 17, 2025, were presented. For example, the LME spread of copper was (32.62) [34]. 3.5 Agricultural Products - **Basis**: The basis of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from November 11 - 17, 2025, was provided. For example, the basis of soybeans No.1 was - 158 yuan/ton on November 17, 2025 [41]. - **Inter - period**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton were given. For example, the 5 - 1 month spread of soybeans No.1 was 30 yuan/ton [41]. - **Inter - variety**: The inter - variety spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch from November 11 - 17, 2025, were presented. For example, the soybeans No.1/corn ratio was 1.92 on November 17, 2025 [40]. 3.6 Stock Index Futures - **Basis**: The basis of CSI 300, SSE 50, CSI 500, and CSI 1000 on November 11 - 17, 2025, was shown. For example, the basis of CSI 300 was 16.65 on November 17, 2025 [52]. - **Inter - period**: The next - month - current - month and next - quarter - current - quarter spreads of CSI 300, SSE 50, CSI 500, and CSI 1000 were provided. For example, the next - month - current - month spread of CSI 300 was - 158 [52].

Report Information - Report Title: All-variety Spread Daily Report [4] - Date: November 14, 2025 [3] - Data Sources: Wind, Mystel, GF Futures Research Institute [5] Commodity Market Analysis Ferrous Metals - **Silicon Iron (SF601)**: Spot price is 5506, futures price is 5870, basis is 364, basis rate is 6.19%, and historical quantile is 47.10% [1] - **Silicon Manganese (SM601)**: Spot price is 5756, futures price is not provided, basis and basis rate data are incomplete [1] - **Rebar (RB2601)**: Spot price is 3046, futures price is 3270, basis is -224, basis rate is -6.85%, and historical quantile is 64.20% [1] - **Hot Rolled Coil (HC2601)**: Spot and futures price data are incomplete [1] - **Iron Ore (I2601)**: Spot price is 841, futures price is 873, basis is -32, basis rate is -3.67%, and historical quantile is 8.81% [1] - **Coke (J2601)**: Spot price is 1689, futures price is 1686, basis is 3, basis rate is 0.18%, and historical quantile is 64.51% [1] - **Coking Coal (JM2601)**: Spot price is 1301, futures price is 1214, basis is 87, basis rate is 7.17%, and historical quantile is 48.40% [1] Non-ferrous Metals - **Copper (CU2512)**: Spot price is 87550, futures price is 87210, basis is 340, basis rate is 0.39%, and historical quantile is 17.50% [1] - **Aluminum (AL2601)**: Spot price is 21920, futures price is 22050, basis is -130, basis rate is -0.59%, and historical quantile is 16.45% [1] - **Alumina (AO2601)**: Spot price is 2851, futures price is 2840, basis is 11, basis rate is 0.39%, and historical quantile is 27.53% [1] - **Zinc (ZN2512)**: Spot price is 22740, futures price is 22560, basis is 180, basis rate is 0.79%, and historical quantile is 16.87% [1] - **Tin (SN2512)**: Spot price is 298140, futures price is 296000, basis is 2140, basis rate is 0.72%, and historical quantile is 8.95% [1] - **Nickel (NI2512)**: Spot price is 119150, futures price is 118930, basis is 220, basis rate is 0.18%, and historical quantile is 68.33% [1] - **Stainless Steel (SS2601)**: Spot price is 12475, futures price is 12920, basis is -445, basis rate is -3.57%, and historical quantile is 83.90% [1] - **Lithium Carbonate (LC2601)**: Spot price is 87840, futures price is 84350, basis is 3490, basis rate is 3.97%, and historical quantile is 13.87% [1] - **Industrial Silicon (212601)**: Spot price is 9145, futures price is 9500, basis is -355, basis rate is -3.88%, and historical quantile is 25.66% [1] Precious Metals - **Gold (AU2512)**: Spot price is 958.7, futures price is 961.2, basis is -2.6, basis rate is -0.27%, and historical quantile is 30.40% [1] - **Silver (AG2512)**: Spot price is 12588.0, futures price is 12563.0, basis is 25.0, basis rate is 0.20%, and historical quantile is 39.00% [1] Agricultural Products - **Soybean Meal (M2601)**: Spot price is 3071.0, futures price is 3000, basis is 71.0, basis rate is 2.31%, and historical quantile is 25.60% [1] - **Soybean Oil (Y2601)**: Spot price is 8490, futures price is 8316.0, basis is 174.0, basis rate is 2.09%, and historical quantile is 35.80% [1] - **Palm Oil (P2601)**: Spot price is 8670, futures price is 8752.0, basis is -82.0, basis rate is -0.94%, and historical quantile is 7.90% [1] - **Rapeseed Meal (RM601)**: Spot price is 2610, futures price is 2492.0, basis is 118.0, basis rate is 4.74%, and historical quantile is 68.20% [1] - **Rapeseed Oil (OI601)**: Spot price is 10300, futures price is 9975.0, basis is 325.0, basis rate is 3.26%, and historical quantile is 83.20% [1] - **Corn (C2601)**: Spot price is 2200, futures price is 2186.0, basis is 14.0, basis rate is 0.64%, and historical quantile is 49.70% [1] - **Corn Starch (CS2601)**: Spot price is 2550, futures price is 2507.0, basis is 43.0, basis rate is 1.72%, and historical quantile is 21.20% [1] - **Live Hogs (LH2601)**: Spot price is 12000, futures price is 11860.0, basis is 140.0, basis rate is 1.18%, and historical quantile is 47.60% [1] - **Eggs (JD2512)**: Spot price is 3040.0, futures price is 2840, basis is 200.0, basis rate is 6.58%, and historical quantile is 19.20% [1] - **Cotton (CF601)**: Spot price is 13490.0, futures price is 14614, basis is -1124.0, basis rate is -7.69%, and historical quantile is 8.33% [1] - **Sugar (SR601)**: Spot price is 5760, futures price is 5512.0, basis is 248.0, basis rate is 4.50%, and historical quantile is 6.40% [1] - **Apples (AP601)**: Spot price is 8840, futures price is 9504.0, basis is -664.0, basis rate is -6.99%, and historical quantile is 1.60% [1] - **Red Dates (CJ601)**: Spot price is 9195.0, futures price is 8900, basis is 295.0, basis rate is 3.21%, and historical quantile is 75.90% [1] Energy and Chemicals - **Paraxylene (PX601)**: Spot price is 6756.0, futures price is 6836.0, basis is -80.0, basis rate is -1.17%, and historical quantile is 13.50% [1] - **PTA (TA601)**: Spot price is 4575.0, futures price is 4700.0, basis is -125.0, basis rate is -2.66%, and historical quantile is 13.30% [1] - **Ethylene Glycol (EG2601)**: Spot price is 3945.0, futures price is 3892.0, basis is 53.0, basis rate is 1.36%, and historical quantile is 78.10% [1] - **Polyester Staple Fiber (PF602)**: Spot price is 6295.0, futures price is 6224.0, basis is 71.0, basis rate is 1.14%, and historical quantile is 61.70% [1] - **Styrene (EB2512)**: Spot price is 6437.0, futures price is 6440.0, basis is -3.0, basis rate is -0.05%, and historical quantile is 25.70% [1] - **Methanol (MA601)**: Spot price is 2103.0, futures price is 2072.0, basis is 31.0, basis rate is 1.47%, and historical quantile is 19.30% [1] - **Urea (UR601)**: Spot price is 1600.0, futures price is 1658.0, basis is -58.0, basis rate is -3.50%, and historical quantile is 3.80% [1] - **LLDPE (L2601)**: Spot price is 6865.0, futures price is 6818.0, basis is 47.0, basis rate is 0.69%, and historical quantile is 36.60% [1] - **PP (PP2601)**: Spot price is 6495.0, futures price is 6480.0, basis is 15.0, basis rate is 0.23%, and historical quantile is 29.50% [1] - **PVC (V2601)**: Spot price is 4586.0, futures price is 4510.0, basis is 76.0, basis rate is 1.66%, and historical quantile is 64.50% [1] - **Caustic Soda (SH601)**: Spot price is 2468.8, futures price is 2337.0, basis is 131.8, basis rate is 5.64%, and historical quantile is 70.40% [1] - **LPG (PG2512)**: Spot price is 4498.0, futures price is 4324.0, basis is 174.0, basis rate is 3.87%, and historical quantile is 41.50% [1] - **Asphalt (BU2601)**: Spot price is 3029.0, futures price is 3010.0, basis is 19.0, basis rate is 0.63%, and historical quantile is 48.60% [1] - **Butadiene Rubber (BR2601)**: Spot price is 10480.0, futures price is 10300.0, basis is 180.0, basis rate is 1.72%, and historical quantile is 12.00% [1] - **Glass (FG601)**: Spot price is 1056.0, futures price is 1028.0, basis is 28.0, basis rate is 2.72%, and historical quantile is 68.69% [1] - **Soda Ash (SA601)**: Spot price is 1239.0, futures price is 1194.0, basis is 45.0, basis rate is 3.63%, and historical quantile is 24.57% [1] - **Natural Rubber (RU2601)**: Spot price is 15390.0, futures price is 14800.0, basis is 590.0, basis rate is 3.99%, and historical quantile is 64.89% [1] Financial Futures - **Stock Index Futures**: - **IF2512.CFE**: Spot price is 4702.1, futures price is 4677.0, basis is -25.1, basis rate is -0.54%, and historical quantile is 18.00% [1] - **IH2512.CFE**: Spot price is 3073.7, futures price is 3068.8, basis is 4.9, basis rate is 0.16%, and historical quantile is 34.40% [1] - **IC2512.CFE**: Spot price is 7355.3, futures price is 7269.0, basis is 86.3, basis rate is 1.19%, and historical quantile is 5.60% [1] - **IM2512.CFE**: Spot price is 7590.6, futures price is 7478.4, basis is 112.2, basis rate is 1.50%, and historical quantile is 16.80% [1] - **Treasury Bond Futures**: - **TS2512**: Spot price is 102.46, futures price is 100.04, basis is 0.01, basis rate is 0.01%, and historical quantile is 22.70% [1] - **TF2512**: Spot price is 105.88, futures price is 106.51, basis is -0.11, basis rate is -0.10%, and historical quantile is 26.60% [1] - **T2512**: Spot price is 108.42, futures price is 106.51, basis is 0.19, basis rate is 0.16%, and historical quantile is 29.80% [1] - **TL2512**: Spot price is 131.08, futures price is 116.13, basis is 0.19, basis rate is 0.16%, and historical quantile is 26.60% [1]

Report 1: Stock Index Futures Spread Daily Report Core View - Presents the latest data on stock index futures spreads including price differences between futures and spot, inter - period spreads, and cross - variety ratios, along with their changes from the previous day and historical percentile rankings [1] Summary by Category - **Futures - Spot Price Differences**: F futures - spot price difference is - 7.17, H is - 4.87, IC is - 86.29, and IM is - 112.18 with various percentage changes and historical percentile rankings [1] - **Inter - period Spreads**: Different inter - period spreads such as next month - current month, quarterly month - current month, etc. are provided for IF, IH, IC, and IM, showing their values, changes, and historical percentile rankings [1] - **Cross - variety Ratios**: Ratios like CSI 500/CSI 300, IC/IF, etc. are given with their values, changes, and historical percentile rankings [1] Report 2: Treasury Bond Futures Spread Daily Report Core View - Displays the latest data on treasury bond futures spreads including basis, inter - period spreads, and cross - variety spreads, along with their changes from the previous day and historical percentile rankings [2] Summary by Category - **Basis**: TS basis is 1.5208, TF is 1.2620, T is 1.3841, and TL is 1.2692 with corresponding changes and historical percentile rankings [2] - **Inter - period Spreads**: Inter - period spreads for TS, TF, T, and TL such as current quarter - next quarter, current quarter - distant quarter, etc. are presented with their values, changes, and historical percentile rankings [2] - **Cross - variety Spreads**: Spreads like TS - TF, TS - T, etc. are provided with their values, changes, and historical percentile rankings [2] Report 3: Precious Metals Spot - Futures Daily Report Core View - Provides the latest data on precious metals including domestic and foreign futures closing prices, spot prices, basis, price ratios, interest rates, exchange rates, and inventory and position data, along with their changes [4] Summary by Category - **Futures Closing Prices**: Domestic AU2512 contract closed at 961.22 yuan/gram, AG2512 at 12588 yuan/kilogram; foreign COMEX gold at 4174.50, COMEX silver at 52.23 dollars/ounce with corresponding changes [4] - **Spot Prices**: London gold at 4170.87, London silver at 52.33 dollars/ounce, Shanghai Gold Exchange gold T + D at 958.67 yuan/gram, silver T + D at 12563 yuan/kilogram with corresponding changes [4] - **Basis**: Gold TD - Shanghai gold main contract basis is - 2.55, silver TD - Shanghai silver main contract basis is - 25 with corresponding changes and historical percentile rankings [4] - **Price Ratios**: COMEX gold/silver ratio is 79.93, Shanghai Futures Exchange gold/silver ratio is 76.36 with corresponding changes [4] - **Interest Rates and Exchange Rates**: 10 - year US Treasury yield is 4.11%, 2 - year is 3.58%, 10 - year TIPS Treasury yield is 1.83%, US dollar index is 99.18, offshore RMB exchange rate is 7.0974 with corresponding changes [4] - **Inventory and Position**: Shanghai Futures Exchange gold inventory is 90426, silver inventory is 584014 kilograms; COMEX gold and silver inventories, registered warrants, and ETF positions are provided with their changes [4] Report 4: Container Shipping Industry Spot - Futures Daily Report Core View - Offers the latest data on the container shipping industry including spot quotes, freight indices, futures prices, basis, and fundamental data, along with their changes [5] Summary by Category - **Spot Quotes**: Shanghai - Europe future 6 - week freight rates from different shipping companies show various changes [5] - **Freight Indices**: SCFIS (European route) settled at 1504.80, SCFIS (US West route) at 1329.71; Shanghai Export Container Freight Index and its sub - indices show different changes [5] - **Futures Prices and Basis**: EC2512 (main contract) futures price is 1782.3 with a 1.88% increase, and the basis (main contract) is 21.7 with a - 33.64% change [5] - **Fundamental Data**: Global container shipping capacity supply remains unchanged; Shanghai port on - time rate, port calls, monthly export amount, overseas economic indicators, and OECD leading indicators show different changes [5]

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

Report Industry Investment Rating - No information provided on the industry investment rating Core View of the Report - Pure benzene port inventory decreased slightly, but its basis and processing fee continued to be weak. Domestic production capacity utilization of pure benzene has bottomed out and rebounded, with the impact of previous sanctions on refinery operations easing, and the pressure of incoming shipments increasing intermittently. Downstream demand remained weak, with styrene in concentrated maintenance, phenol production declining again, CPL production at a low level, and adipic acid production rebounding [2]. - Styrene ports continued to experience a slight reduction in inventory, with short - term low - level production capacity utilization, and maintenance only decreasing at the end of November. EB factory inventory further decreased, and port inventory began to decline. However, attention should be paid to downstream demand, as EPS production capacity utilization dropped rapidly, ABS and PS production capacity utilization remained low, and the inventory of the three major hard plastics only slightly decreased from high levels [2]. Summary by Directory 1. Pure Benzene and EB's Basis Structure, Inter - period Spreads - Figures related to pure benzene basis and inter - period spreads include the pure benzene main contract basis, pure benzene spot - M2 paper cargo spread, and pure benzene continuous first - contract to continuous third - contract spread [7][10]. - Figures related to EB basis and inter - period spreads include the EB main contract basis and the styrene continuous first - contract to continuous third - contract spread [15][18]. 2. Pure Benzene and Styrene Production Profits, Domestic - Foreign Spreads - Figures related to production profits and spreads include styrene non - integrated production profit, pure benzene FOB US Gulf - FOB South Korea spread, naphtha processing fee, pure benzene FOB South Korea - naphtha CFR Japan spread, pure benzene import profit, and styrene import profit [21][24][33]. 3. Pure Benzene and Styrene Inventory, Production Capacity Utilization - For pure benzene, figures show the East China port inventory and production capacity utilization [39]. - For styrene, figures cover the East China port inventory, production capacity utilization, East China commercial inventory, and factory inventory [42][44]. 4. Styrene Downstream Production Capacity Utilization and Production Profits - Figures display the production capacity utilization and production profits of EPS, PS, and ABS [52][53][57]. 5. Pure Benzene Downstream Production Capacity Utilization and Production Profits - Figures show the production capacity utilization and production profits of caprolactam, phenol - ketone, aniline, adipic acid, and other downstream products [60][68][73]. Strategy - Unilateral: No strategy provided [3]. - Basis and Inter - period: Consider a long - short spread strategy for EB2512 - EB2601 at low prices and a short - long spread strategy for BZ2603 - BZ2605 at high prices [3]. - Cross - variety: No strategy provided [3].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summary by Categories Ferrous Metals - **Silicon Iron (SF601)**: The spot price is 5588, the futures price is 5578, the basis is 10, and the basis rate is 0.18%. The historical quantile is 55.40% [1]. - **Silicon Manganese (SM601)**: The spot price is 5890, the futures price is 5820, the basis is 70, and the basis rate is 1.20%. The historical quantile is 38.70% [1]. - **Rebar (RB2601)**: The spot price is 3190, the futures price is 3044, the basis is 146, and the basis rate is 4.80%. The historical quantile is 62.00% [1]. - **Hot - Rolled Coil (HC2601)**: The spot price is 3270, the futures price is 3252, the basis is 18, and the basis rate is 0.95%. The historical quantile is 24.70% [1]. - **Iron Ore (I2601)**: The spot price (converted price of 62.5% Brazilian mixed powder) is 836, the futures price is 765, the basis is 71, and the basis rate is 9.32%. The historical quantile is 55.90% [1]. - **Coke (J2601)**: The spot price is 1744, the futures price is 1732, the basis is 11, and the basis rate is 0.64%. The historical quantile is 56.62% [1]. - **Coking Coal (JM2601)**: The spot price is 1354, the futures price is 1266, the basis is 89, and the basis rate is 6.99%. The historical quantile is 48.60% [1]. Non - Ferrous Metals - **Copper (CU2512)**: The spot price is 86535, the futures price is 86480, the basis is 55, and the basis rate is 0.06%. The historical quantile is 51.04% [1]. - **Aluminum (AL2601)**: The spot price is 21725, the futures price is 21490, the basis is 235, and the basis rate is 1.08%. The historical quantile is 3.33% [1]. - **Alumina (AO2601)**: The spot price is 2854, the futures price is 2829, the basis is 25, and the basis rate is 0.89%. The historical quantile is 31.05% [1]. - **Zinc (ZN2512)**: The spot price is 22500, the futures price is 22670, the basis is - 170, and the basis rate is - 0.5%. The historical quantile is 19.16% [1]. - **Tin (SN2512)**: The spot price is 285800, the futures price is 286560, the basis is - 760, and the basis rate is - 0.27%. The historical quantile is 26.25% [1]. - **Nickel (NI2512)**: The spot price is 119800, the futures price is 119680, the basis is 120, and the basis rate is 0.10%. The historical quantile is 62.29% [1]. - **Stainless Steel (SS2512)**: The spot price is 12970, the futures price is 12605, the basis is 365, and the basis rate is 2.90%. The historical quantile is 72.10% [1]. - **Lithium Carbonate (LC2601)**: The spot price is 87240, the futures price is 80750, the basis is - 6490, and the basis rate is - 7.44%. The historical quantile is 4.84% [1]. - **Industrial Silicon (215601)**: The spot price is 9500, the futures price is 9290, the basis is 210, and the basis rate is 2.26%. The historical quantile is 18.71% [1]. Precious Metals - **Gold (AU2512)**: The spot price (Shanghai Gold Exchange's gold spot AU (T + D)) is 933.0, the futures price is 936.0, the basis is - 3.0, and the basis rate is - 0.32%. The historical quantile is 22.30% [1]. - **Silver (AG2512)**: The spot price (Shanghai Gold Exchange's silver spot AG (T + D)) is 11719.0, the futures price is 11726.0, the basis is - 7.0, and the basis rate is - 0.06%. The historical quantile is 93.40% [1]. Agricultural Products - **Soybean Meal (M2601)**: The spot price (Jiangsu Zhangjiagang factory price) is 3063.0, the futures price is 3010, the basis is 53, and the basis rate is 1.73%. The historical quantile is 29.60% [1]. - **Soybean Oil (Y2601)**: The spot price (Jiangsu Zhangjiagang factory price of grade - four soybean oil) is 8420, the futures price is 8228.0, the basis is 192.0, and the basis rate is 2.33%. The historical quantile is 39.10% [1]. - **Palm Oil (P2601)**: The spot price (delivery price at Huangpu Port) is 8690.0, the futures price is 8630, the basis is 60.0, and the basis rate is 0.59%. The historical quantile is 65.20% [1]. - **Rapeseed Meal (RM601)**: The spot price (Guangdong Zhanjiang factory price) is 2630, the futures price is 2527.0, the basis is 103.0, and the basis rate is 4.08%. The historical quantile is 32.10% [1]. - **Rapeseed Oil (Oleo1)**: The spot price (Jiangsu Nantong factory price of grade - four rapeseed oil) is 9890, the futures price is 9587.0, the basis is 303.0, and the basis rate is 3.16%. The historical quantile is 81.00% [1]. - **Corn (C2601)**: The spot price (free - on - board price at Xizhou Port) is 2170, the futures price is 2164.0, the basis is 6.0, and the basis rate is 0.28%. The historical quantile is 44.50% [1]. - **Corn Starch (CS2601)**: The spot price (Jilin Changchun factory price) is 2550, the futures price is 2479.0, the basis is 71.0, and the basis rate is 2.86%. The historical quantile is 32.10% [1]. - **Live Hogs (LH2601)**: The spot price (Henan factory price of live hogs (external ternary)) is 12050, the futures price is 11955.0, the basis is 95.0, and the basis rate is 0.79%. The historical quantile is 46.50% [1]. - **Eggs (JD2512)**: The spot price (average price in Hebei Shijiazhuang) is 3176.0, the futures price is 2910, the basis is 266.0, and the basis rate is 8.38%. The historical quantile is 71.70% [1]. - **Cotton (CF601)**: The spot price (Xinjiang arrival price of cotton 3128B) is 14671, the futures price is 13580.0, the basis is 1091.0, and the basis rate is 8.03%. The historical quantile is 71.70% [1]. - **Sugar (SR601)**: The spot price (spot price of white sugar at Liuzhou Station) is 5730, the futures price is 5475.0, the basis is 255.0, and the basis rate is 4.66%. The historical quantile is 43.50% [1]. - **Apples (AP601)**: The spot price (delivery theoretical price) is 9159.0, the futures price is 8840, the basis is 319.0, and the basis rate is 3.48%. The historical quantile is 7.80% [1]. - **Red Dates (CJ601)**: The spot price (wholesale price of first - grade grey dates in Hebei) is 9585.0, the futures price is 9000, the basis is 585.0, and the basis rate is 6.10%. The historical quantile is 69.70% [1]. Energy and Chemicals - **Paraxylene (PX601)**: The spot price (CFR spot price at Chinese main ports, converted to RMB) is 6852.0, the futures price is 6793.0, the basis is 59.0, and the basis rate is 0.86%. The historical quantile is 16.20% [1]. - **PTA (TA601)**: The spot price (market price (intermediate price) in East China) is 4704.0, the futures price is 4625.0, the basis is 79.0, and the basis rate is 1.68%. The historical quantile is 23.50% [1]. - **Ethylene Glycol (EG2601)**: The spot price (market price (intermediate price) in East China) is 4020.0, the futures price is 3953.0, the basis is 67.0, and the basis rate is 1.69%. The historical quantile is 81.70% [1]. - **Polyester Staple Fiber (PF512)**: The spot price (market price (mainstream price) in East China market) is 6238.0, the futures price is 6335.0, the basis is - 97.0, and the basis rate is - 1.55%. The historical quantile is 66.80% [1]. - **Styrene (EB2512)**: The spot price (market price in East China, China, spot benchmark price) is 6315.0, the futures price is 6345.0, the basis is - 30.0, and the basis rate is 0.48%. The historical quantile is 35.40% [1]. - **Methanol (MA601)**: The spot price (market price in Jiangsu Taicang, China, spot benchmark price) is 2060.0, the futures price is 2101.0, the basis is - 41.0, and the basis rate is 1.95%. The historical quantile is 14.40% [1]. - **Urea (UR601)**: The spot price (market price (mainstream price) in Shandong area) is 1660.0, the futures price is 1620.0, the basis is 40.0, and the basis rate is 2.41%. The historical quantile is 6.10% [1]. - **LLDPE (L2601)**: The spot price (tax - paid self - pick - up price (intermediate price) of linear low - density polyethylene (film grade) in Shandong) is 6850.0, the futures price is 6802.0, the basis is 48.0, and the basis rate is 0.71%. The historical quantile is 36.60% [1]. - **PP (PP2601)**: The spot price (tax - paid self - pick - up price (intermediate price) of polypropylene (拉丝级, melt index 2 - 4) in Zhejiang) is 6500.0, the futures price is 6480.0, the basis is 20.0, and the basis rate is 0.31%. The historical quantile is 30.60% [1]. - **PVC (V2601)**: The spot price (market price (mainstream price) in Changzhou market, China) is 4614.0, the futures price is 4520.0, the basis is 94.0, and the basis rate is 2.04%. The historical quantile is 58.80% [1]. - **Caustic Soda (SH601)**: The spot price (market price (mainstream price) in Shandong market, converted to 100%) is 2500.0, the futures price is 2349.0, the basis is 151.0, and the basis rate is 6.43%. The historical quantile is 72.40% [1]. - **LPG (PG2512)**: The spot price (market price in Guangzhou area) is 4448.0, the futures price is 4323.0, the basis is 125.0, and the basis rate is 2.89%. The historical quantile is 38.10% [1]. - **Asphalt (BU2601)**: The spot price (market price (mainstream price) in Shandong area) is 3036.0, the futures price is 3010.0, the basis is 26.0, and the basis rate is 0.36%. The historical quantile is 46.80% [1]. - **Butadiene Rubber (BR2601)**: The spot price (distribution price in China, cis - butadiene rubber (Daqing, BR9000) in CNPC East China) is 10275.0, the futures price is 10200.0, the basis is 75.0, and the basis rate is 0.73%. The historical quantile is 20.50% [1]. - **Glass (FG601)**: The spot price (market price of float glass 5mm large board in Shahe, Shahe Great Wall Glass) is 1069.0, the futures price is 1032.0, the basis is 37.0, and the basis rate is 3.59%. The historical quantile is 65.96% [1]. - **Soda Ash (SA601)**: The spot price (market price of heavy soda ash in Shahe) is 1226.0, the futures price is 1176.0, the basis is 50.0, and the basis rate is 4.25%. The historical quantile is 21.21% [1]. - **Natural Rubber (RU2601)**: The spot price (market price in Shanghai, natural rubber (Yunnan state - owned full - latex)) is 15110.0, the futures price is 14550.0, the basis is 560.0, and the basis rate is 3.85%. The historical quantile is 66.73% [1]. Financial Products - **Stock Index Futures** - **IF2512.CFE**: The spot price is 4695.1, the futures price is 4672.0, the basis is - 23.1, and the basis rate is - 0.49%. The historical quantile is 19.90% [1]. - **IH2512.CFE**: The spot price is 3054.0, the futures price is 3053.9, the basis is 0.1, and the basis rate is 0.00%. The historical quantile is 57.

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report Core View The report presents the price information of various futures and spot commodities, including black series, non - ferrous metals, precious metals, agricultural products, and energy chemicals, as well as the basis, basis rate, and historical quantile of these products. It aims to provide investors with a comprehensive view of the market price differences between futures and spot commodities. 3. Summary by Related Catalogs Black Series - **Silicon - based Alloys**: For silicon iron (SF601), the spot price is 5500, the futures price is 2658, and the historical quantile is 73.00%. For silicon manganese (SM601), the spot price is 3199%, the futures price is 3230, and the historical quantile is 54.10% [1]. - **Steel Products**: The spot price of HRB400 20mm in Shanghai is not provided, and the futures price of rebar (RB2601) is not given either. For hot - rolled coil (HC2601), the historical quantile is 26.60%. The spot price of Q235B 4.75mm in Shanghai is 3308 [1]. - **Iron Ore**: The spot price of 62.5% Brazilian mixed powder (BRBF) at Rizhao Port is 864, the futures price of iron ore (I2601) is not provided, and the historical quantile is 51.00% [1]. - **Coking Coal and Coke**: For coke (J2601), the spot price is 1777, the futures price is 1721, and the historical quantile is 35.17%. For coking coal (JM2601), the spot price is 1286, and the historical quantile is 49.70% [1]. Non - Ferrous Metals - **Copper**: The spot price of copper (CU2512) is 87570, the futures price is 87010, the basis is 560, the basis rate is 0.64%, and the historical quantile is 89.37% [1]. - **Aluminum**: The spot price of aluminum (AL2512) is 21300, the futures price is 21280, the basis is - 20, the basis rate is - 0.109%, and the historical quantile is 51.66% [1]. - **Other Non - Ferrous Metals**: Information on zinc, alumina, tin, etc. is also provided, including their spot prices, futures prices, basis, basis rates, and historical quantiles [1]. Precious Metals - **Gold**: The spot price of gold (AU2512) is 921.0, the futures price is 6126, the basis is - 0.10%, the basis rate is - 0.9, and the historical quantile is 75.10% [1]. - **Silver**: The spot price of silver (AG2512) is 11410.0, the futures price is 11441.0, the basis is - 31.0, the basis rate is - 0.27%, and the historical quantile is 28.20% [1]. Agricultural Products - **Oilseeds and Oils**: Information on soybean meal, soybean oil, palm oil, rapeseed meal, rapeseed oil, etc. is presented, including their spot prices, futures prices, basis, basis rates, and historical quantiles [1]. - **Grains and Livestock**: For corn, corn starch, pork, eggs, etc., relevant price and quantile information is provided [1]. Energy Chemicals - **Petrochemicals**: For para - xylene (PX601), PTA (TA601), ethylene glycol (EG2601), etc., the report shows their spot prices, futures prices, basis, basis rates, and historical quantiles [1]. - **Other Chemicals**: Information on styrene, methanol, urea, etc. is also included, with details of their price differences and quantiles [1].

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]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The price of lithium carbonate is expected to fluctuate strongly but face pressure at the upper level. The driving factors for the upward breakthrough of lithium carbonate prices mainly come from three aspects: strong energy storage demand that can last until the first quarter of next year, continuous warehouse receipt cancellation, high apparent consumption and high destocking, and the fact that the resumption of mines is less than expected and one - time fees need to be paid, which falsifies the previous upper - level suppression. The price of the futures main contract is expected to range from 75,000 to 85,000 yuan/ton. It is not recommended for inter - period trading, and it is suggested to increase the proportion of selling hedging and build positions in a pyramid shape [3][4]. Summary by Relevant Catalogs 1. This Week's Price Trend - The price of lithium carbonate futures contracts was strong, breaking through 80,000 yuan/ton. The 2511 contract closed at 78,920 yuan/ton, up 3,220 yuan/ton week - on - week, and the 2601 contract closed at 79,520 yuan/ton, up 3,740 yuan/ton week - on - week. The spot price rose 2,050 yuan/ton week - on - week to 75,400 yuan/ton. The SMM spot - futures basis (2511 contract) fell 1,170 yuan/ton to - 3,520 yuan/ton, and the Fubao trader premium/discount quote was - 340 yuan/ton, down 150 yuan/ton week - on - week. The spread between the 2511 - 2601 contracts was - 600 yuan/ton, 520 yuan/ton weaker than the previous week [1]. 2. Supply and Demand Fundamentals Inventory - Lithium carbonate inventory decreased by 2,292 tons compared with last week to 130,366 tons. The destocking speed increased in October, and the apparent consumption was in a growing state. The speed of futures warehouse receipt inventory slowed down significantly, and the expected recipient changed from downstream to traders [2]. Supply - The weekly output and operating rate of lithium carbonate reached new highs again. The weekly output reached 21,308 tons, and the operating rate was 55.2%. The biggest variable this week was that the market expectation of the resumption of production at Jianxiaowo was lower than expected [2]. Demand - The energy storage market expectation was strong. Downstream cathode and battery manufacturers had high enthusiasm for spot procurement, and the willingness for physical delivery on the futures market was low. The price of 6F continued to rise to 93,000 yuan/ton, and the prices of cathode materials and batteries continued to rise [2]. 3. Outlook Unilateral - The price is expected to fluctuate strongly, but there is pressure at the upper level. The price of the futures main contract is expected to range from 75,000 to 85,000 yuan/ton [3]. Inter - period - Not recommended. The upward movement of the unilateral price weakens the basis, but the inventory is expected to continue to be destocked [4]. Hedging - It is recommended to increase the proportion of selling hedging and build positions in a pyramid shape [4].

Group 1: Report Information - Report Title: Urea Futures Basis Report [2] - Report Date: October 24, 2025 [3] Group 2: Price Information - Urea Futures Prices: The main urea contract stabilized and rebounded. The January contract increased by 34 yuan/ton week-on-week to 1638 yuan/ton; the May contract increased by 35 yuan/ton week-on-week to 1710 yuan/ton; the September contract increased by 36 yuan/ton week-on-week to 1740 yuan/ton [4]. - Spot Prices: The overall weekly change in spot prices was between -20 and 20 yuan/ton. With the improvement of weather, agricultural demand gradually started, terminal sales improved, downstream factories started to purchase, the operating load of compound fertilizer factories rebounded, and the autumn fertilizer cleanup was in progress. However, the continuity of agricultural demand is expected to be short, and there is currently no significant upward driving force, limiting the upside of the futures market [4]. Group 3: Basis Information - Basis Weakening: The futures price increase was greater than the spot price increase, and the basis of the main contract weakened weekly. Taking Shandong as the benchmark, the basis of the 01 contract decreased by 44 yuan/ton weekly to -88 yuan/ton, the basis of the 05 contract decreased by 45 yuan/ton weekly to -160 yuan/ton, and the basis of the 09 contract decreased by 46 yuan/ton weekly to -190 yuan/ton [4]. - Regional Basis Data: The report also provides the basis data for different regions (Shandong, Henan, Hebei, Anhui, Jiangsu, Hubei), including the latest basis, historical maximum, minimum, and average values [3]. Group 4: Spread Information - Term Structure: Urea maintained a contango structure with near-term contracts weaker than far-term contracts. The 1 - 5 spread was -72 yuan/ton, increasing by 1 yuan/ton weekly [4].