1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The short - term view is that the Shanghai zinc futures (ZN2510) are expected to fluctuate and consolidate. The previous trading day saw a rebound in Shanghai zinc with increased trading volume. Both long and short positions reduced, with the reduction of short positions being slightly more. Technically, the price is above the 60 - day moving average with weak support, short - term indicator KDJ is rising and operating in the weak area, the trend indicator is declining, long - position strength is rising, short - position strength is falling, and the long - short forces are starting to be in a stalemate [20]. 3. Summary According to Relevant Catalogs 3.1 Fundamentals - In April 2025, global zinc plate production was 1153000 tons, consumption was 1130200 tons, with a supply surplus of 22700 tons. From January to April, production was 4451400 tons, consumption was 4507900 tons, with a supply shortage of 56500 tons. From January to April, global zinc ore production was 4040600 tons, which is a bullish factor [2]. 3.2 Basis - The spot price is 22240, and the basis is - 35, indicating a neutral situation [2]. 3.3 Inventory - On August 22, LME zinc inventory decreased by 1300 tons to 68075 tons compared to the previous day, and the SHFE zinc inventory warrants increased by 503 tons to 32791 tons compared to the previous day, showing a neutral situation. The LME inventory warrants continue to decrease, and the SHFE warrants remain at a high level [2][6][7]. 3.4 Market Trends - The previous trading day, Shanghai zinc showed a fluctuating rebound trend, closing below the 20 - day moving average, and the 20 - day moving average was downward, which is a bearish factor [2]. 3.5 Main Positions - The main net position is long, changing from short to long, which is a bullish factor [2]. 3.6 Futures Market Quotes on August 22 - For different delivery months of zinc futures, there were price changes. For example, for the 2510 contract, the previous settlement was 22285, the opening price was 22215, the highest price was 22290, the lowest price was 22200, the settlement reference price was 22245, down 10 from the previous settlement and down 40 from another reference. The trading volume was 88662 lots, and the open interest was 107792 lots, a decrease of 2634 lots [3]. 3.7 Domestic Spot Market Quotes on August 22 - The prices of various zinc - related products such as zinc concentrate, zinc ingot, galvanized sheet, etc. showed different degrees of decline. For example, the price of zinc concentrate in Linzhou was 16930 yuan/ton, down 20 yuan/ton; the price of zinc ingot in Aoshang was 22240 yuan/ton, down 20 yuan/ton [4]. 3.8 National Main Market Zinc Ingot Inventory Statistics (August 11 - 21, 2025) - The total inventory of zinc ingots in major Chinese markets increased from 99000 tons on August 11 to 117400 tons on August 21. Compared with August 14, it increased by 7200 tons; compared with August 18, it increased by 2300 tons [5]. 3.9 Futures Exchange Zinc Warehouse Receipt Report on August 22 - The total zinc warehouse receipts in the futures exchange were 32791 tons, an increase of 503 tons. In different regions, the warehouse receipts in Guangdong decreased by 475 tons, and those in Tianjin increased by 978 tons [6]. 3.10 LME Zinc Inventory Distribution and Statistics on August 22 - The LME zinc inventory was 68075 tons, a decrease of 1300 tons compared to the previous day, with a registered warrant of 41825 tons and a cancelled warrant of 26250 tons, and the cancellation ratio was 38.56% [7]. 3.11 National Main City Zinc Concentrate Price Summary on August 22 - The prices of zinc concentrate in different regions such as Jiyuan, Kunming, etc. mostly decreased by 20 yuan/ton, with the price in most regions being 16930 yuan/ton [9]. 3.12 National Market Zinc Ingot Smelter Price Quotes on August 22 - The prices of zinc ingots from different smelters such as Chengshan Yunda, Liaoning Huludao Zinc Industry, etc. all decreased by 30 yuan/ton [13]. 3.13 June 2025 Domestic Refined Zinc Production - The planned production value in June was 459700 tons, the actual production was 471800 tons, a month - on - month increase of 11.67%, a year - on - year decrease of 2.36%, and 2.63% higher than the planned value. The capacity utilization rate was 87.10%, and the planned production in July was 470300 tons [15]. 3.14 Shanghai Futures Exchange Member Zinc Trading and Position Ranking on August 22 - For the zn2510 contract, in terms of trading volume, the top three were CITIC Futures (23380 lots, a decrease of 512 lots), Dongzheng Futures (21436 lots, a decrease of 359 lots), and Guotai Junan (16197 lots, a decrease of 2421 lots). In terms of long positions, the top three were CITIC Futures (15360 lots, a decrease of 633 lots), Guotai Junan (5620 lots, an increase of 70 lots), and Dongzheng Futures (5377 lots, a decrease of 66 lots). In terms of short positions, the top three were CITIC Futures (11446 lots, an increase of 93 lots), Dongzheng Futures (8542 lots, a decrease of 790 lots), and Guotai Junan (7752 lots, an increase of 73 lots) [18].

Price and Basis - Futures prices have declined while the basis has strengthened, with steel billet prices down by 10 to 3080 yuan. The actual transaction price for rebar in East China is 3170 yuan per ton, with the October futures contract at a discount of 51 yuan to the spot price. Hot-rolled coil is priced at 3400 yuan per ton, with the main contract at a discount of 39 yuan to the spot price [1]. Cost and Profit - On the cost side, coking coal production has seen fluctuations, with overall operating rates and output not recovering significantly. After a decline in inventory, there are signs of a potential accumulation again. Iron ore inventories at ports have slightly increased, while steel production remains high, and seasonal demand for steel is declining. Expectations for a contraction in coking coal supply persist, and while iron ore demand remains high, a slight accumulation is expected, leading to a weaker cost support on a month-on-month basis. As prices weaken, steel profits are declining, with profits ranked from high to low as follows: steel billet > hot-rolled coil > rebar > cold-rolled coil [1]. Supply - From January to July, iron element production increased by 18 million tons, a growth rate of 3.1%. Month-on-month, August production rebounded compared to July, mainly due to a significant increase in daily scrap steel consumption. Current molten iron production is stable at 2.41 million tons, with daily scrap steel consumption at 55800 tons, up by 0.6% month-on-month. The total production of the five major materials increased by 64000 tons to 8.78 million tons. By product type, rebar production decreased by 58000 tons to 2.15 million tons, while hot-rolled coil production increased by 96000 tons to 3.25 million tons. Since July, production of the five major materials has exceeded demand, leading to inventory pressure due to last year's low production base in August [1][2]. Demand - From January to July, the apparent demand for the five major materials remained flat year-on-year (-0.2%), while the production decline was greater than the apparent demand (-1.3%). The increase in iron element production (+3%) is primarily directed towards non-five major materials and steel billets. Domestic demand has decreased year-on-year, while external demand has increased significantly, with direct and indirect steel exports rising. Overall steel demand has increased year-on-year, with average daily production rising and apparent demand remaining flat, while inventory has decreased year-on-year. Month-on-month, the seasonal decline was not significant, and the impact of tariffs on demand was offset by the increase in direct exports. Apparent demand for rebar has decreased, dragging down overall apparent demand. The apparent demand for the five major materials decreased by 22000 tons to 8.53 million tons, with rebar demand down by 5000 tons to 1.95 million tons, while hot-rolled coil demand increased by 6500 tons to 3.21 million tons [2]. Inventory - This week saw a significant accumulation of inventory, primarily among traders, with little increase in steel mill inventories. The inventory of the five major materials increased by 25000 tons to 14.41 million tons, with rebar inventory up by 20000 tons to 6.07 million tons and hot-rolled coil inventory up by 4000 tons to 3.6144 million tons. By product type, rebar supply has increased while demand has decreased, leading to significant inventory accumulation; for sheet materials, both supply and demand are weak, resulting in minimal inventory accumulation [2]. Outlook - Molten iron production remains stable, with weekly data indicating a slight increase in the production of the five major materials and a slowdown in inventory accumulation, alongside a rebound in apparent demand. Data shows signs of a bottoming out, but levels remain within the off-peak season. August demand saw a significant month-on-month decline, primarily due to poor rebar demand, affecting the spread between rebar and hot-rolled coil, which has widened to around 290. The market remains weak, with steel prices declining. There is an expectation for a rebound in demand during the peak season from September to October, and considering the situation of steel demand and coking coal supply, steel prices are expected to maintain a high-level oscillation pattern. A long position is suggested for trading, with October hot-rolled coil and rebar prices referenced at 3350 yuan and 3150 yuan, respectively [3][4].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - In the medium to long term, speculative demand has significantly declined due to market sentiment. Although some steel mills have received oral production - restriction notices, the supply of rebar is expected to be less affected. Rebar demand will be significantly suppressed, and short - term prices are under pressure. Iron ore demand has some resilience, but supply is growing faster than demand, so there is a risk of correction. The supply - demand fundamentals of float glass and soda ash are weakening [64][68]. - In the short term, the main contracts of the black series are oscillating weakly. It is recommended to conduct band trading. The main contracts of glass and soda ash lack upward drivers in the short term and are waiting for the start of the demand side [65][69]. 3. Summary by Relevant Catalogs Black Series Weekly Market Review - Rebar (RB2510): The closing price of the futures main contract decreased from 3188 on August 15th to 3119 on August 22nd, a decrease of 69 or 2.16%. The spot price was 3280, and the basis was 161 [3]. - Hot - rolled coil (HC2510): The closing price of the futures main contract decreased from 3439 to 3361, a decrease of 78 or 2.27%. The spot price was 3400, and the basis was 39 [3]. - Iron ore (I2601): The closing price of the futures main contract decreased from 776 to 770, a decrease of 6 or 0.77%. The spot price was 778, and the basis was 8 [3]. - Coke (J2601): The closing price of the futures main contract decreased from 1730 to 1679, a decrease of 51 or 2.95%. The spot price was 1620, and the basis was - 59 [3]. - Coking coal (JM2601): The closing price of the futures main contract decreased from 1230 to 1162, a decrease of 68 or 5.53%. The spot price was 1350, and the basis was 188 [3]. - Glass (FG601): The closing price of the futures main contract decreased from 1211 to 1173, a decrease of 38 or 3.14%. The spot price was 1230, and the basis was 57 [3]. - Soda ash (SA601): The closing price of the futures main contract decreased from 1395 to 1326, a decrease of 69 or 4.95%. The spot price was 1315, and the basis was - 11 [3]. Rebar - **Profit**: On August 21st, the blast - furnace profit of rebar was 74 yuan/ton, a decrease of 57 yuan/ton compared to August 14th [7]. - **Supply**: As of August 22nd, the blast - furnace operating rate was 83.36%, a decrease of 0.23 percentage points; the daily average hot - metal output was 240.75 tons, an increase of 0.09 tons; the rebar output was 214.65 tons, a decrease of 5.8 tons [12]. - **Demand**: In the week of August 22nd, the apparent consumption of rebar was 194.8 tons, a week - on - week increase of 4.86 tons. As of August 21st, the trading volume of construction steel by mainstream traders was 93523 tons [16]. - **Inventory**: In the week of August 22nd, the social inventory of rebar was 432.51 tons, a week - on - week increase of 17.58 tons; the in - plant inventory was 174.53 tons, a week - on - week increase of 2.27 tons [21]. Iron Ore - **Supply**: In the week of August 15th, the global iron - ore shipment volume was 3406.6 tons, a week - on - week increase of 359.9 tons; the arrival volume at 47 ports in China was 2703.1 tons, a week - on - week increase of 131.5 tons [26]. - **Inventory**: In the week of August 22nd, the inventory of imported iron ore at 47 ports in China was 14444.2 tons, a week - on - week increase of 62.63 tons; the inventory of imported iron ore at 247 steel enterprises was 9065.47 tons, a week - on - week decrease of 70.93 tons [29]. - **Demand**: In the week of August 22nd, the daily average port - clearing volume of imported iron ore at 47 ports in China was 341.04 tons, a week - on - week decrease of 5.76 tons. As of August 21st, the trading volume at major Chinese ports was 91.7 tons [34]. Float Glass - **Supply**: In the week of August 22nd, the number of operating float - glass production lines was 223, the same as last week; the weekly output was 1117025 tons, the same as last week. As of August 21st, the capacity utilization rate was 79.78%, and the operating rate was 75.34%, both the same as last week [39]. - **Inventory**: In the week of August 22nd, the in - plant inventory of float glass was 6360.6 million weight - boxes, an increase of 18 million weight - boxes compared to August 15th; the available days of in - plant inventory were 27.2 days, a week - on - week increase of 0.1 days [43]. - **Demand**: As of July 31st, the order days of glass - deep - processing downstream manufacturers were 9.55 days, an increase of 0.25 days compared to July 15th [47]. Soda Ash - **Supply**: In the week of August 22nd, the capacity utilization rate of soda ash was 88.48%, an increase of 1.16 percentage points compared to last week; the output was 77.14 tons, an increase of 1.01 tons compared to last week [52]. - **Inventory**: As of August 22nd, the in - plant inventory of soda ash was 191.08 tons, an increase of 1.7 tons compared to August 15th [57]. - **Sales - to - production Ratio**: As of August 22nd, the sales - to - production ratio of soda ash was 97.8%, an increase of 1.57 percentage points compared to August 15th [61].

Report Summary 1. Index Trends - On August 21st, the Shanghai Composite Index rose 0.13% to 3771.1 points with a trading volume of 997.42 billion yuan; the Shenzhen Component Index fell 0.06% to 11919.76 points with a trading volume of 1426.32 billion yuan [1]. - The CSI 1000 Index fell 0.71% with a trading volume of 516.51 billion yuan; the CSI 500 Index fell 0.36% with a trading volume of 404.12 billion yuan; the SSE 50 Index rose 0.53% with a trading volume of 136.49 billion yuan; the CSI 300 Index rose 0.39% with a trading volume of 558.52 billion yuan [1]. 2. Impact of Sector Movements on Indexes - The CSI 1000 dropped 52.12 points compared to the previous close, with sectors like power equipment, machinery, and electronics pulling the index down [2]. - The CSI 500 dropped 23.9 points, with the media sector pulling it up and non - bank finance, power equipment, and electronics pulling it down [2]. - The CSI 300 rose 16.67 points, driven up by sectors such as banks, pharmaceuticals, and communications [2]. - The SSE 50 rose 15.19 points, boosted by banks, communications, and petroleum and petrochemicals [2]. 3. Stock Index Futures Basis and Annualized Opening Costs - For IM contracts, IM00 had an average daily basis of - 60.53, IM01 of - 107.71, IM02 of - 212.17, and IM03 of - 364.91 [13]. - For IC contracts, IC00 had an average daily basis of - 60.14, IC01 of - 98.23, IC02 of - 184.34, and IC03 of - 310.15 [13]. - For IF contracts, IF00 had an average daily basis of - 9.13, IF01 of - 16.06, IF02 of - 28.63, and IF03 of - 49.68 [13]. - For IH contracts, IH00 had an average daily basis of 0.85, IH01 of 0.7, IH02 of 2.49, and IH03 of 5.13 [13]. 4. Stock Index Futures Roll - over Point Differences and Annualized Costs - For IM contracts, data on roll - over point differences and their annualized costs at different time points from 09:45 to 15:00 are provided, e.g., at 09:45, IM00 - 01 was - 73.02267 [24]. - For IC contracts, similar data are given, such as at 09:45, IC00 - 01 was - 68.64222 [21]. - For IF contracts, at 09:45, IF00 - 01 was - 12.31678 [22]. - For IH contracts, at 09:45, IH00 - 01 was 0.707 [23].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - South Korean petrochemical companies may cut 2.7 - 3.7 million tons of naphtha cracking capacity, which boosts the downstream prices of domestic olefin derivatives. South Korea's cracked pure benzene accounts for 3.5% of the total overseas pure benzene capacity, and its styrene accounts for 16% of overseas styrene capacity, potentially supporting overseas styrene prices. However, both products face significant inventory pressure, and the spread may have a greater impact on EB supply than BZ [3]. - The high - level inventory of pure benzene at ports has slightly declined. The basis of pure benzene has recently stabilized and strengthened slightly. With South Korean aromatics undergoing maintenance from August to September, the import pressure has not increased further. The overall downstream开工 rate remains relatively high, driving the de - stocking of pure benzene, but the de - stocking amplitude is expected to be limited [3]. - The port inventory of styrene has accumulated again. The downstream EPS and PS开工 rates continue to rise, but the inventory of EPS and PS has not continued to decline further, and ABS still maintains a state of high inventory and low开工 rate. The actual inventory pressure of EB still exists [3]. Summary by Directory 1. Pure Benzene and EB's Basis Structure and Inter - Period Spread - The pure benzene main contract basis is - 110 yuan/ton (+0), and the styrene main contract basis is 26 yuan/ton (+31 yuan/ton). The spread between East China pure benzene spot and M2 is 0 yuan/ton (-10 yuan/ton) [1]. 2. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Pure benzene: CFR China processing fee is 173 dollars/ton (+0 dollars/ton), FOB South Korea processing fee is 157 dollars/ton (-1 dollar/ton), and the US - South Korea spread is 51.6 dollars/ton (-3.0 dollars/ton). Downstream production profits: caprolactam is - 1845 yuan/ton (-25), phenol - acetone is - 701 yuan/ton (+50), aniline is - 204 yuan/ton (-43), and adipic acid is - 1331 yuan/ton (+5) [1]. - Styrene: Non - integrated production profit is - 298 yuan/ton (+45 yuan/ton), and it is expected to gradually compress [1]. 3. Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene: Port inventory is 14.40 million tons (-0.20 million tons), and the开工 rate of downstream products varies. Caprolactam开工 rate is 91.86% (-1.86%), phenol开工 rate is 78.00% (+1.00%), aniline开工 rate is 70.10% (-1.47%), and adipic acid开工 rate is 65.50% (+3.80%) [1]. - Styrene: East China port inventory is 161,500 tons (+12,700 tons), East China commercial inventory is 76,500 tons (+7,000 tons), and the开工 rate is 78.5% (+0.4%) [1]. 4. Operating Rates and Production Profits of Styrene Downstream - EPS production profit is 58 yuan/ton (-35 yuan/ton), PS production profit is - 122 yuan/ton (-15 yuan/ton), ABS production profit is - 88 yuan/ton (-39 yuan/ton). EPS开工 rate is 60.98% (+2.90%), PS开工 rate is 57.50% (+1.10%), and ABS开工 rate is 71.10% (+0.00%) [2]. 5. Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam production profit is - 1845 yuan/ton (-25), phenol - acetone production profit is - 701 yuan/ton (+50), aniline production profit is - 204 yuan/ton (-43), and adipic acid production profit is - 1331 yuan/ton (+5) [1]. Strategies - Unilateral: Hold a wait - and - see attitude towards both pure benzene and styrene [4]. - Basis and Inter - Period: Hold a wait - and - see attitude [4]. - Cross - Variety: Expand the EB - BZ spread on dips in the short term, as the reduction of South Korean cracking capacity has a greater impact on EB than BZ [4].

Report Industry Investment Rating - Not provided in the content Core View of the Report - The report presents the daily arbitrage data of various futures varieties of Baocheng Futures on August 22, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1][5][21][27][39][50] Summary by Category Power Coal - The table shows the basis and spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of power coal from August 15 to August 21, 2025. The basis on August 21 was - 97.4 yuan/ton, and the spreads were all 0.0 [1][2] Energy and Chemicals Energy Commodities - Data on the basis of energy commodities (fuel oil, INE crude oil, crude oil/asphalt) from August 15 to August 21, 2025 are provided, along with the ratio of crude oil to asphalt and other information [7] Chemical Commodities - The basis data of chemical commodities (rubber, methanol, PTA, LLDPE, V, PP) from August 15 to August 21, 2025 are presented. For example, the basis of rubber on August 21 was - 920 yuan/ton [9] - The table shows the inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of chemical commodities (rubber, methanol, PTA, LLDPE, PVC, PP, ethylene glycol) and inter - variety spreads (LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3*methanol) from August 15 to August 21, 2025 [11] Black Metals - The basis data of black metals (rebar, iron ore, coke, coking coal) from August 15 to August 21, 2025 are given. For instance, the basis of rebar on August 21 was 199.0 yuan/ton [21] - The inter - period spreads (5 - 1 month, 9(10) - 1 month, 9(10) - 5 month) and inter - variety spreads (rebar/iron ore, rebar/coke, coke/coking coal, rebar - hot - rolled coil) of black metals are presented [20] Non - Ferrous Metals Domestic Market - The domestic basis data of non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) from August 15 to August 21, 2025 are shown. For example, the basis of copper on August 21 was 220 yuan/ton [28] London Market - Data on LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) on August 21, 2025 are provided, including LME premium/discount, Shanghai - London ratio, CIF, domestic spot price, and import profit and loss [34] Agricultural Products - The basis data of agricultural products (soybean No.1, soybean No.2, soybean meal, soybean oil, corn, etc.) from August 15 to August 21, 2025 are presented [39] - The inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of agricultural products (soybean No.1, soybean No.2, soybean meal, soybean oil, rapeseed meal, etc.) are shown [39] - The inter - variety spreads (soybean No.1/corn, soybean No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, etc.) of agricultural products from August 15 to August 21, 2025 are provided [39] Stock Index Futures - The basis data of stock index futures (CSI 300, SSE 50, CSI 500, CSI 1000) from August 15 to August 21, 2025 are given. For example, the basis of CSI 300 on August 21 was 5.87 [51] - The inter - period spreads (next month - current month, next quarter - current quarter) of stock index futures are presented [53]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The LPG market shows a pattern of increasing supply and weakening demand, with the spot price center shifting downward. The PG futures market rebounds due to the improvement in the international spot market and the low valuation of the futures. It is expected to continue the weak and volatile consolidation trend [1]. 3) Summary by Related Catalogs Market Data - **Spot Prices**: From August 15 to August 21, 2025, the prices of South China LPG remained at 4520, East China LPG increased from 4410 to 4398, and Shandong LPG rose from 4420 to 4500. The CFR South price of propane increased from 563 to 573, and the CIF Japan price of propane rose from 527 to 540 [1]. - **Daily Changes**: On August 21, compared with the previous day, the prices of South China LPG remained unchanged, East China LPG increased by 8, Shandong LPG increased by 20, the CFR South price of propane increased by 8, and the CIF Japan price of propane increased by 4 [1]. - **Futures Market**: The PG futures market shows a small rebound. The basis strengthened to 105 (-31), and the 09 - 10 spread was -493 (-29). The cheapest deliverable was East China civil gas at 4398 on Thursday [1]. Weekly View - **Market Conditions**: The international market is volatile, with freight rates generally in a high - level volatile state. The waiting time at the Panama Canal for VLGCs has decreased. The FEI and CP have increased, and the production profit of PP made from FEI and CP has weakened [1]. - **Fundamentals**: The unloading volume has decreased, chemical demand has slightly increased, and port inventories have decreased by 2.06%. Refinery commodity volume has decreased by 1.68%. Factory inventories have increased by 0.07%. The PDH operating rate is 76.33% (+2.49pct), and the combustion demand is still weak but gradually coming to an end [1].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the content. 2. Core Viewpoints No core viewpoints are presented in the given content. 3. Summary by Relevant Catalogs Futures Contracts - BU主力合约价格从7月23日的3594降至8月21日的3465，日度变化为11，周度变化为 -38 [4] - BU06价格从3391变为3342，日度变化27，周度变化4 [4] - BU09价格从3594变为3496，日度变化3，周度变化 -38 [4] - BU12价格从3460变为3373，日度变化19，周度变化 -33 [4] - BU03价格从3406变为3340，日度变化20，周度变化0 [4] Trading Volume and Open Interest - 成交量从7月23日的300486变为8月21日的194917，日度变化 -27620，周度变化18196 [4] - 持仓量从459411变为424013，日度变化 -5954，周度变化 -20467 [4] - 合计从42950变为30940，日度变化 -200，周度变化 -1100 [4] Market Prices - 山东市场价从3845变为3510，日度变化 -20，周度变化 -130 [4] - 华东市场价从3780变为3720，日度变化0，周度变化 -10 [4] - 华南市场价从3590变为3490，日度变化 -20，周度变化 -40 [4] - 华北市场价从3730变为3660，日度变化 -10，周度变化 -30 [4] - 东北市场价维持3880，日度和周度变化均为0 [4] Spot Prices - 京博 (海韵) 价格维持3670，日度和周度变化均为0 [4] - 露海(鑫渤海) 价格从3730变为3660，日度变化 -10，周度变化 -30 [4] Basis and Calendar Spreads - 山东 - 华东价差从 -90变为 -210，日度变化 -20，周度变化 -120 [4] - 山东 - 东北价差从 -85变为 -370，日度变化 -20，周度变化 -130 [4] - 华东 - 华南价差从190变为230，日度变化20，周度变化30 [4] - 山东基差从251变为45，日度变化 -31，周度变化 -92 [4] - 华东基差从186变为256，日度变化 -11，周度变化28 [4] - 华南基差从 -4变为25，日度变化 -31，周度变化 -2 [4] - 03 - 06月差从15变为 -2，日度变化 -7，周度变化 -4 [4] - 06 - 09月差从 -203变为 -154，日度变化24，周度变化42 [4] - 09 - 12月差从134变为123，日度变化 -16，周度变化 -5 [4] - 12 - 03月差从54变为33，日度变化 -1，周度变化 -33 [4] - 连一 - 连二月差从36变为42，日度变化 -8，周度变化11 [4] Crack Spreads and Profits - 沥青Brent裂差从30变为74（部分数据缺失） [4] - 沥青马瑞利润从 -42变为 -1（部分数据缺失） [4] - 普通炼厂综合利润从447变为496（部分数据缺失） [4] - 马瑞型炼厂综合利润从724变为762（部分数据缺失） [4] - 进口利润(韩国 - 华东) 从 -52变为 -131，日度变化0，周度变化 -5 [4] - 进口利润（新加坡 - 华南）从 -962变为 -1058，日度变化 -18，周度变化 -31 [4] Related Prices - Brent原油价格从68.6变为66.8，日度变化1.1，周度变化0.0 [4] - 汽油山东市场价从7799变为7655，日度变化7，周度变化 -77 [4] - 柴油山东市场价从6562变为6516，日度变化12，周度变化 -46 [4] - 渣油山东市场价维持3660，日度变化0，周度变化30 [4]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - No clear core viewpoints are presented in the given content 3. Summaries by Related Catalogs Ferrous Metals - **Silicon Iron (SF51)**: The spot price is 5728, the futures price is 5622, the basis is 106, and the basis rate is 1.89% with a historical quantile of 70.60% [1] - **Silicon Manganese (SM601)**: The spot price is 6020, the futures price is 5836, the basis is 184, and the basis rate is 3.15% with a historical quantile of 56.80% [1] - **Rebar (RB2510)**: The spot price is 3402, the futures price is 3290, the basis is 112, and the basis rate is 5.04% with a historical quantile of 65.70% [1] - **Hot - Rolled Coil (HC2510)**: The spot price is 3430, the futures price is 3402, the basis is 28, and the basis rate is 0.82% with a historical quantile of 29.10% [1] - **Iron Ore (I2601)**: The spot price is 826, the futures price is 769, the basis is 57, and the basis rate is 7.35% with a historical quantile of 47.10% [1] - **Coke (J2601)**: The spot price is 1678, the futures price is 1624, the basis is 54, and the basis rate is 3.21% with a historical quantile of 32.64% [1] - **Coking Coal (JM2601)**: The spot price is 1175, the futures price is 1163, the basis is 12, and the basis rate is 1.03% with a historical quantile of 27.90% [1] Non - Ferrous Metals - **Copper (CU2509)**: The spot price is 79100, the futures price is 78890, the basis is 210, and the basis rate is 0.27% with a historical quantile of 67.29% [1] - **Aluminum (AL2510)**: The spot price is 20590, the futures price is 20545, the basis is 45, and the basis rate is 0.22% with a historical quantile of 63.12% [1] - **Alumina (AO2601)**: The spot price is 3245, the futures price is 3120, the basis is 125, and the basis rate is 4.01% with a historical quantile of 66.07% [1] - **Zinc (ZN2510)**: The spot price is 22205, the futures price is 22130, the basis is 75, and the basis rate is 0.34% with a historical quantile of 33.95% [1] - **Tin (SN2509)**: The spot price is 268090, the futures price is 266200, the basis is 1890, and the basis rate is 0.70% with a historical quantile of 10.41% [1] - **Nickel (NI2510)**: The spot price is 120825, the futures price is 120330, the basis is 495, and the basis rate is 0.41% with a historical quantile of 80.00% [1] - **Stainless Steel (SS2510)**: The spot price is 13270, the futures price is 12885, the basis is 385, and the basis rate is 2.99% with a historical quantile of 77.68% [1] - **Lithium Carbonate (LC2511)**: The spot price is 87540, the futures price is 85700, the basis is 1840, and the basis rate is 2.10% with a historical quantile of 27.31% [1] - **Industrial Silicon (212511)**: The spot price is 9250, the futures price is 8390, the basis is 860, and the basis rate is 10.25% with a historical quantile of 57.57% [1] Precious Metals - **Gold (AU2510)**: The spot price is 772.7, the futures price is 769.8, the basis is 2.9, and the basis rate is 0.37% with a historical quantile of 24.00% [1] - **Silver (AG2510)**: The spot price is 9042.0, the futures price is 9022.0, the basis is 20.0, and the basis rate is 0.22% with a historical quantile of 42.80% [1] Agricultural Products - **Soybean Meal (M2601)**: The spot price is 3160.0, the futures price is 2980, the basis is 180.0, and the basis rate is 5.70% with a historical quantile of 4.20% [1] - **Soybean Oil (Y2601)**: The spot price is 8500, the futures price is 8414.0, the basis is 86.0, and the basis rate is 1.02% with a historical quantile of 10.70% [1] - **Palm Oil (P2601)**: The spot price is 9554.0, the futures price is 9500, the basis is 54.0, and the basis rate is 0.57% with a historical quantile of 7.50% [1] - **Rapeseed Meal (RM601)**: The spot price is 2627.0, the futures price is 2610, the basis is 17.0, and the basis rate is 0.65% with a historical quantile of 44.50% [1] - **Rapeseed Oil (Ol601)**: The spot price is 9950, the futures price is 9828.0, the basis is 122.0, and the basis rate is 1.24% with a historical quantile of 49.40% [1] - **Corn (C2511)**: The spot price is 2260, the futures price is 2170.0, the basis is 90.0, and the basis rate is 4.15% with a historical quantile of 86.80% [1] - **Corn Starch (CS2511)**: The spot price is 2730, the futures price is 2489.0, the basis is 241.0, and the basis rate is 9.68% with a historical quantile of 94.60% [1] - **Live Hogs (H251)**: The spot price is 13850, the futures price is 13775.0, the basis is 75.0, and the basis rate is 0.54% with a historical quantile of 44.00% [1] - **Eggs (JD2510)**: The spot price is 3310, the futures price is 3072.0, the basis is 238.0, and the basis rate is 7.75% with a historical quantile of 51.20% [1] - **Cotton (CF601)**: The spot price is 15080, the futures price is 14055.0, the basis is 1025.0, and the basis rate is 7.29% with a historical quantile of 62.50% [1] - **Sugar (SR601)**: The spot price is 6030, the futures price is 5676.0, the basis is 354.0, and the basis rate is 6.24% with a historical quantile of 6.65% [1] - **Apples (AP510)**: The spot price is 8600, the futures price is 8064.0, the basis is 536.0, and the basis rate is 6.24% with a historical quantile of 42.00% [1] - **Jujubes (CJ601)**: The spot price is 11530.0, the futures price is 8300, the basis is 3230.0, and the basis rate is 28.01% with a historical quantile of 3.00% [1] Energy and Chemicals - **Paraxylene (PX511)**: The spot price is 6894.8, the futures price is 6844.0, the basis is 50.8, and the basis rate is 0.74% with a historical quantile of 40.20% [1] - **PTA (TA601)**: The spot price is 4778.0, the futures price is 4705.0, the basis is 73.0, and the basis rate is 1.53% with a historical quantile of 25.40% [1] - **Ethylene Glycol (EG2601)**: The spot price is 4515.0, the futures price is 4477.0, the basis is 38.0, and the basis rate is 0.85% with a historical quantile of 72.90% [1] - **Polyester Staple Fiber (PF510)**: The spot price is 6504.0, the futures price is 6490.0, the basis is 14.0, and the basis rate is 0.22% with a historical quantile of 40.20% [1] - **Styrene (EB2510)**: The spot price is 7285.0, the futures price is 7275.0, the basis is 10.0, and the basis rate is 0.14% with a historical quantile of 24.80% [1] - **Methanol (MA601)**: The spot price is 2424.0, the futures price is 2300.0, the basis is 124.0, and the basis rate is 5.12% with a historical quantile of 7.40% [1] - **Urea (UR601)**: The spot price is 1776.0, the futures price is 1770.0, the basis is - 6.0, and the basis rate is 0.34% with a historical quantile of 10.70% [1] - **LLDPE (L2601)**: The spot price is 7347.0, the futures price is 7255.0, the basis is 92.0, and the basis rate is 1.25% with a historical quantile of 4.00% [1] - **PP (PP2601)**: The spot price is 7056.0, the futures price is 7050.0, the basis is 6.0, and the basis rate is 0.09% with a historical quantile of 21.60% [1] - **PVC (V2601)**: The spot price is 5008.0, the futures price is 4720.0, the basis is 288.0, and the basis rate is 5.75% with a historical quantile of 8.70% [1] - **Caustic Soda (SH601)**: The spot price is 2655.0, the futures price is 2625.0, the basis is 30.0, and the basis rate is 1.13% with a historical quantile of 43.60% [1] - **LPG (PG2510)**: The spot price is 4478.0, the futures price is 4354.0, the basis is 124.0, and the basis rate is 2.85% with a historical quantile of 37.80% [1] - **Asphalt (BU2510)**: The spot price is 3530.0, the futures price is 3454.0, the basis is 76.0, and the basis rate is 2.20% with a historical quantile of 66.80% [1] - **Butadiene Rubber (BR2510)**: The spot price is 11900.0, the futures price is 11715.0, the basis is 185.0, and the basis rate is 1.58% with a historical quantile of 49.60% [1] - **Glass (FG601)**: The spot price is 1162.0, the futures price is 1072.0, the basis is 90.0, and the basis rate is 8.40% with a historical quantile of 34.03% [1] - **Soda Ash (SA601)**: The spot price is 1209.0, the futures price is 1309.0, the basis is - 100.0, and the basis rate is 8.27% with a historical quantile of 5.88% [1] - **Natural Rubber (RU2601)**: The spot price is 15675.0, the futures price is 14600.0, the basis is 1075.0, and the basis rate is 7.36% with a historical quantile of 23.75% [1] Stock Index Futures - **IF2509.CFF**: The spot price is 4271.4, the futures price is 4270.0, the basis is - 1.4, and the basis rate is 0.03% with a historical quantile of 58.30% [1] - **IH2509.CFE**: The spot price is 2851.2, the futures price is 2847.0, the basis is 4.2, and the basis rate is 0.15% with a historical quantile of 80.70% [1] - **IC2509.CFE**: The spot price is 6728.1, the futures price is 6695.2, the basis is - 32.9, and the basis rate is 0.49% with a historical quantile of 37.40% [1] - **IM2509.CFE**: The spot price is 7305.5, the futures price is 7276.0, the basis is - 29.5, and the basis rate is 0.40% with a historical quantile of 46.90% [1] Treasury Bond Futures - **2 - Year Treasury Bond (TS2509)**: The spot price is 102.32, the futures price is 100.26, the basis is 0.02, and the basis rate is 0.02% with a historical quantile of 34.10% [1] - **5 - Year Treasury Bond (TF2509)**: The spot price is 105.45, the futures price is 100.48, the basis is 0.06, and the basis rate is 0.06% with a historical quantile of 36.80% [1] - **10 - Year Treasury Bond (T2509)**: The spot price is 107.94, the futures price is 100.37, the basis is 0.05, and the basis rate is 0.05% with a historical quantile of 21.70% [1] - **30 - Year Treasury Bond (TL2509)**: The spot price is 131.12, the futures price is 116.24, the basis is 0.01, and the basis rate is

Report Industry Investment Rating No relevant content provided. Core Views The reports present a comprehensive overview of various financial markets, including stock index futures, treasury bond futures, precious metals, container shipping, and provide schedules of economic data releases. Each section details the latest market data, price changes, and relevant indicators, offering insights for investors to assess market trends and potential investment opportunities. Summary by Directory Stock Index Futures Spread Daily Report - The F spot-futures spread is -1.40, with a change of 5.78 from the previous day, and a 1-year historical percentile of 58.30%. Other spreads such as H spot-futures spread, IC and IM inter - period spreads also show different values and changes [1]. - Cross - variety ratios like CSI 500/SSE 300, CSI 200/CSI 50, etc., have their own latest values, changes, and historical percentiles [1]. Treasury Bond Futures Spread Daily Report - For basis, the TS basis has an IRR of 1.2502, a latest value of 0.0243, and a change of - 0.0023 from the previous day, with a percentile of 11.20% since listing. Similar data is provided for TF, T, and TL basis [2]. - Inter - period spreads for TS, TF, T, and TL show different values and changes, as well as their respective historical percentiles [2]. - Cross - variety spreads such as TS - TF, TS - T, etc., also have corresponding values, changes, and historical percentiles [2]. Precious Metals Spot - Futures Daily Report - Domestic futures closing prices: The AU2510 contract closed at 772.68 yuan/gram, down 2.38 yuan (-0.31%) from the previous day; the AG2510 contract closed at 9042 yuan/kg, down 145 yuan (-1.58%) [6]. - Foreign futures closing prices: The COMEX gold main contract closed at 3392.20 US dollars/ounce, up 33.30 dollars (0.99%); the COMEX silver main contract closed at 37.90 US dollars/ounce, up 0.57 dollars (1.51%) [6]. - Spot prices: London gold was at 3347.34 US dollars/ounce, up 31.82 dollars (0.96%); London silver was at 37.86 US dollars/ounce, up 0.48 dollars (1.28%) [6]. - Basis, price ratios, interest rates, exchange rates, inventory, and position data are also provided [6]. Container Shipping Industry Spot - Futures Daily Report - Spot quotes: MAERSK's Shanghai - Europe freight rate was 2364 US dollars/FEU, up 6 dollars (0.25%); CMA CGM's was 2913 US dollars/FEU, up 34 dollars (1.18%), etc. [8]. - Shipping indices: The SCFIS (European route) settlement price index was 2180.17, down 55.3 (-2.47%); the SCFIS (US West route) was 1106.29, up 24.1 (2.23%) [8]. - Futures prices and basis: The EC2602 contract was at 1532.0, down 3.4 (-0.22%); the basis of the main contract was 700.2, down 43.0 (-5.79%) [8]. - Fundamental data: Global container shipping capacity supply remained unchanged at 3289.97 FTEU; Shanghai port on - time rate was 32.58, down 1.99 (-5.76%) [8]. Overseas and Domestic Data/Information Report - Overseas data includes economic indicators such as eurozone 8 - month manufacturing PMI, consumer confidence index, and US initial jobless claims, etc. [9]. - Domestic data includes steel production, inventory, and utilization rate, as well as various commodity data such as coal, coke, and lithium carbonate [10].