Report 1: Stock Index Futures Spread Daily Report Core Data - **Futures-Spot Spread**: F futures-spot spread was 35.98, up 2.63 from the previous day, at the 9.10% historical percentile; H futures-spot spread was 5.49, up 4.66, at the 82.70% historical percentile. IC futures-spot spread was -240.11, down 28.19, at the 0.40% historical percentile; IM futures-spot spread was -281.07, down 21.79, at the 5.00% historical percentile [1]. - **Inter - Delivery Spread**: For IF, the spread between the next - month and current - month contracts was -14.80, down 1.80. For other spreads like far - month minus next - month, there were various values and changes [1]. - **Cross - Variety Ratios**: Ratios such as CSI 500/CSI 300, CSI 1000/CSI 300, and IC/IH had different values, changes, and historical percentiles [1]. Report 2: Treasury Bond Futures Spread Daily Report Core Data - **IRR and Basis**: On September 23, 2025, TS basis had an IRR of 1.4835, down 0.0248 from the previous day, at the 20.60% percentile since listing; TF basis had an IRR of 1.4550, down 0.0067, at the 36.50% percentile; T basis had an IRR of 1.4427, up 0.0779, at the 49.80% percentile; TL basis had an IRR of 1.2299, up 0.4924, at the 33.60% percentile [2]. - **Inter - Delivery Spread**: For TS, the spread between current - quarter and next - quarter was 0.0760, up 0.0100, at the 41.30% percentile. Similar data were provided for other contracts and spreads [2]. - **Cross - Variety Spread**: Spreads like TS - TF, TS - T, and TF - T had specific values, changes, and historical percentiles [2]. Report 3: Precious Metals Futures - Spot Daily Report Core Data - **Futures and Spot Prices**: On September 23, 2025, the AU2512 contract closed at 855.44 yuan/gram, up 8.94 yuan or 1.06% from the previous day; the AG2512 contract closed at 10349 yuan/kg, up 32 yuan or 0.31%. COMEX gold and silver futures also had corresponding price changes [5]. - **Basis**: The basis of gold TD - Shanghai gold futures was -5.86, up 0.71 from the previous day, at the 1.60% historical percentile; the basis of silver TD - Shanghai silver futures was -74, unchanged, at the 0.40% historical percentile [5]. - **Ratios, Interest Rates, and Exchange Rates**: Ratios such as COMEX gold/silver and上期所 gold/silver had changes. Interest rates like the 10 - year US Treasury yield and exchange rates like the US dollar index also had fluctuations [5]. - **Inventory and Position**: The inventory of Shanghai Futures Exchange gold increased by 2.76% to 59013 kg; the inventory of COMEX silver increased by 0.45% to 526748211 [5]. Report 4: Container Shipping Industry Futures - Spot Daily Report Core Data - **Freight Rates**: SCFI (US West) was 1636, down 734.0 or -30.97% from the previous period; SCFI (US East) was 2557, down 750.0 or -22.68% [9][10]. - **Futures Prices and Basis**: Contracts like EC2602, EC2604, etc., had price declines. The basis of the main contract (EC2510) was -166.4, down 152.1 from the previous day, with a huge percentage change of 1066.76% [9]. - **Fundamentals**: Global container shipping capacity supply remained unchanged at 3309.29 FTEU on September 24. The port punctuality rate in Shanghai decreased from 32.58 in July to 18.31 in August, a decline of 43.80% [9]. Report 5: Spot Quotes for Container Shipping Core Data - **Shanghai - Europe Future 6 - Week Freight Rates**: On September 22, MAERSK's freight rate was 1576 US dollars/FEU, up 40 US dollars or 2.60% from the previous day; CMA CGM's rate had a 5.98% increase; MSC's rate remained unchanged [12].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Views of the Report - Copper prices may experience short - term range - bound fluctuations. Night - time copper prices closed 0.07% lower. Concentrate supply remains tight, squeezing smelting profits, but smelting output continues to grow rapidly. Multiple factors are intertwined, and attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [2]. - Zinc prices may have short - term wide - range weak fluctuations. Night - time zinc prices closed 0.25% lower. Zinc concentrate processing fees have generally increased, and smelting profits have turned positive, with smelting output expected to continue rising. Short - term supply - demand differences may tilt towards oversupply [2]. Group 3: Summary by Related Catalog Copper - Night - time copper prices closed 0.07% lower. Concentrate supply is tight, and smelting profits are under pressure, but smelting output shows high growth. The power industry has positive growth, photovoltaic installation is surging but future growth may slow, auto production and sales are positive, home appliance output growth is slowing, and the real estate market is weak. Copper prices may range - bound, and factors like the US dollar, smelting output, and downstream demand should be monitored [2]. Zinc - Night - time zinc prices closed 0.25% lower. Zinc concentrate processing fees are rising, smelting profits are positive, and smelting output is expected to rise. Galvanized sheet inventory is increasing weekly. Infrastructure investment has a small positive cumulative growth rate, auto production and sales are positive, home appliance output growth is slowing, and the real estate market is weak. Zinc prices may have wide - range weak fluctuations, and attention should be paid to the US dollar, smelting output, and downstream demand [2]. Market Data - Copper: Domestic previous - day futures closing price is 80,190 yuan/ton, domestic basis is 45 yuan/ton, previous - day LME 3 - month closing price is 10,002 dollars/ton, LME spot premium is - 72.44 dollars/ton, LME inventory is 147,650 tons with a daily change of - 1,225 tons [2]. - Aluminum: Domestic previous - day futures closing price is 20,750 yuan/ton, domestic basis is - 30 yuan/ton, previous - day LME 3 - month closing price is 2,655 dollars/ton, LME spot premium is 4.14 dollars/ton, LME inventory is 513,900 tons with no daily change [2]. - Zinc: Domestic previous - day futures closing price is 22,080 yuan/ton, domestic basis is - 85 yuan/ton, previous - day LME 3 - month closing price is 2,900 dollars/ton, LME spot premium is 45.99 dollars/ton, LME inventory is 47,825 tons with a daily change of - 1,000 tons [2]. - Nickel: Domestic previous - day futures closing price is 121,400 yuan/ton, domestic basis is - 1,260 yuan/ton, previous - day LME 3 - month closing price is 15,200 dollars/ton, LME spot premium is - 177.45 dollars/ton, LME inventory is 228,444 tons with a daily change of - 6 tons [2]. - Lead: Domestic previous - day futures closing price is 17,125 yuan/ton, domestic basis is - 120 yuan/ton, previous - day LME 3 - month closing price is 2,000 dollars/ton, LME spot premium is - 45.16 dollars/ton, LME inventory is 220,300 tons with a daily change of - 2,375 tons [2]. - Tin: Domestic previous - day futures closing price is 272,510 yuan/ton, domestic basis is - 3,280 yuan/ton, previous - day LME 3 - month closing price is 34,020 dollars/ton, LME spot premium is - 115.00 dollars/ton, LME inventory is 2,505 tons with a daily change of - 140 tons [2].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The market opened high and moved low on Monday. In the morning, it might have been trading on the price support in mid - October (CMA price increase) and the suspension of the China - Europe Railway Express (with limited actual impact), and then the decline was likely affected by the falling spot prices. The basis for October was around 60 points, and the spread between October and December was - 560 (-20) [1]. - The price is still falling in early October. There is an expected price increase in late October, but under the suppression of the off - season, the expectation may not be well - realized, and it is more likely to stabilize. In the medium term, there are multiple upward drivers [1]. - The valuation of the December contract is not low. The 02 contract may have a higher cost - performance ratio for long - allocation than the December contract because the Spring Festival in 2026 is relatively late (February 17, 2026), and the settlement price of the 02 contract may be higher. The current valuation of the 04 contract is also high, and as an off - season contract, it is more suitable for short - allocation in the short term, but its low liquidity may make it vulnerable to fluctuations. Therefore, the long - 02 and short - 04 spread trading can be considered. In addition, attention should be paid to the fluctuations caused by pre - holiday position reduction, and the risk of capital position transfer for the October contract with a large number of open positions [1]. 3. Summary by Relevant Catalogs 3.1 Futures Market Information - **Futures Contract Prices and Changes**: The closing prices of EC2510, EC2512, EC2602, EC2604, and EC2606 were 1093.7, 1653.9, 1573.6, 1275.0, and 1454.5 respectively, with changes of 4.11%, 1.47%, 0.71%, 2.00%, and 1.07%. The open interest of EC2510, EC2512, EC2602, EC2604, and EC2606 was 46030 (-1685), 21956 (-124), 7398 (122), 8922 (81), and 0 (-33) respectively [1]. - **Monthly Spreads**: The spreads of EC2510 - 2512, EC2512 - 2602 were - 560.2 and 80.3 respectively, with month - on - month changes of 19.3 and 12.8, and week - on - week changes of - 56.1 and - 21.4 [1]. 3.2 Spot Market Information - **Spot Freight Indexes**: The SCHIC SCFI (European line) was 1440.24 dollars/TEU on September 15 and 1052 dollars/TEU on September 19, with decreases of 8.06% and 8.84% compared to the previous period. The CCFI was 1470.97 points on September 19, a decrease of 4.31% from the previous period. The NCFI was 673.61 points on September 19, a decrease of 7.65% from the previous period [1]. 3.3 Recent European Line Quotation Information - **Week 39 (End of September)**: The average quotation was 1600 US dollars (equivalent to 1150 points on the futures market). MSK's quotation was initially 1500 US dollars and then rose to 1570 US dollars. The PA Alliance's quotation was 1550 - 1600 US dollars, and the OA Alliance's was 1600 - 1720 US dollars [2]. - **Weeks 40 - 41 (Early October)**: The average quotation was 1450 US dollars (equivalent to 1030 points on the futures market). MSK's quotation was 1400 US dollars, the PA Alliance's was 1300 - 1500 US dollars (YML's 1300 US dollars was the lowest of the year), and the OA Alliance's was 1400 - 1600 US dollars [2]. - **Monday Changes**: OOCL's price dropped 50 to 1400 US dollars, and MSC's dropped 100 to 1490 US dollars. HPL - SPOT quoted 1435 for early October, 2035 for late October, and 2525 for November (HPL - SPOT's quotations usually fluctuate greatly and have limited reference value) [2]. 3.4 Related News - As of September 22, 2025, 157 out of 193 UN member states had recognized the State of Palestine. Israel stated that its war goal "is not limited to Gaza", and the rift in the Western world's consensus on Israel's policy was gradually widening [3].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Copper prices may experience short - term range - bound fluctuations. The night - session copper price rose 0.29%. Concentrate supply remains tight, squeezing smelting profits, yet smelting output continues to grow rapidly. The power industry shows positive growth, PV installation surges year - on - year but future growth may slow; auto production and sales are positive; home appliance output growth slows; the real estate sector remains weak. Multiple factors are intertwined [2]. - Zinc prices may have short - term wide - range weak fluctuations. The night - session zinc price dropped 0.61%. Zinc concentrate processing fees are generally rising, turning smelting profits positive, and smelting output is expected to continue to increase. Galvanized sheet inventory increased weekly. Infrastructure investment has a small positive cumulative growth rate, auto production and sales are positive, home appliance output growth slows, and the real estate sector remains weak. Short - term supply - demand differences may tilt towards oversupply [2]. Group 3: Summary by Related Catalog Copper - Night - session copper price closed up 0.29%. Smelting output is growing despite tight concentrate supply and pressured profits. The power industry has positive growth, PV installation has a sharp year - on - year increase with possible future slowdown, auto production and sales are positive, home appliance output growth slows, and real estate is weak. Copper prices may have range - bound fluctuations. Attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [2]. Zinc - Night - session zinc price closed down 0.61%. Zinc concentrate processing fees are rising, leading to positive smelting profits and expected output increase. Galvanized sheet inventory increased weekly. Infrastructure investment has a small positive cumulative growth rate, auto production and sales are positive, home appliance output growth slows, and real estate is weak. Zinc prices may have wide - range weak fluctuations. Suggest to focus on the US dollar, smelting output, and downstream demand [2]. Market Data - Copper: Domestic previous - day futures closing price was 79,910 yuan/ton, domestic basis was 50 yuan/ton, LME 3 - month closing price was 9,997 dollars/ton, LME spot premium was - 64.90 dollars/ton, LME inventory was 148,875 tons with a daily decrease of 900 tons [2]. - Aluminum: Domestic previous - day futures closing price was 20,780 yuan/ton, domestic basis was - 20 yuan/ton, LME 3 - month closing price was 2,676 dollars/ton, LME spot premium was 5.43 dollars/ton, LME inventory was 513,900 tons with a daily increase of 30,125 tons [2]. - Zinc: Domestic previous - day futures closing price was 22,045 yuan/ton, domestic basis was - 75 yuan/ton, LME 3 - month closing price was 2,899 dollars/ton, LME spot premium was 50.91 dollars/ton, LME inventory was 48,825 tons with a daily decrease of 150 tons [2]. - Nickel: Domestic previous - day futures closing price was 121,500 yuan/ton, domestic basis was - 1,680 yuan/ton, LME 3 - month closing price was 15,270 dollars/ton, LME spot premium was - 179.40 dollars/ton, LME inventory was 228,450 tons with a daily decrease of 18 tons [2]. - Lead: Domestic previous - day futures closing price was 17,150 yuan/ton, domestic basis was - 115 yuan/ton, LME 3 - month closing price was 2,003 dollars/ton, LME spot premium was - 43.72 dollars/ton, LME inventory was 222,675 tons with a daily decrease of 2,675 tons [2]. - Tin: Domestic previous - day futures closing price was 268,770 yuan/ton, domestic basis was 1,910 yuan/ton, LME 3 - month closing price was 34,220 dollars/ton, LME spot premium was - 124.41 dollars/ton, LME inventory was 2,645 tons with no daily change [2].

Report Industry Investment Rating - Not provided in the content Core Views - For pure benzene, domestic attention is on the commissioning progress of Yulong Cracking Unit 2. There will be concentrated new capacity additions from August to September. Domestic existing unit operations are still stable, while the rhythm of imports has slowed down. Downstream pick - up has reached its peak and declined but remains at a decent level, leading to a decline in port inventory. Downstream operations of pure benzene are recovering from the bottom, but overall operations are still low, and short - term maintenance of styrene has dragged down the rigid demand for pure benzene [3]. - For styrene, downstream pick - up during the peak season remains at a relatively high level, and port inventory is waiting to be further reduced. Currently, the absolute level of port inventory is still high. There will be short - term maintenance in the first and middle of September, leading to a decline in operations, and port inventory has started to decline. However, operations may recover in the second half of September. Among styrene's downstream products, the operations of ABS and PS have slightly declined, EPS operations are decent, and ABS has a large inventory pressure [3]. Summary by Directory 1. Pure Benzene and EB's Basis Structure and Inter - Period Spreads - Relevant figures include the pure benzene main contract basis and futures price, pure benzene main contract basis, pure benzene spot - M2 paper cargo spread, pure benzene continuous first - contract to continuous third - contract spread, EB main contract trend & basis, EB main contract basis, and styrene continuous first - contract to continuous third - contract spread [9][14][20] 2. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Relevant figures cover naphtha processing fees, the difference between FOB Korea pure benzene and CFR Japan naphtha, non - integrated styrene production profits, the difference between FOB US Gulf pure benzene and FOB Korea pure benzene, the difference between FOB US Gulf pure benzene and CFR China pure benzene, the difference between FOB Rotterdam pure benzene and CFR China pure benzene, pure benzene import profits, styrene import profits, the difference between FOB US Gulf styrene and CFR China styrene, and the difference between FOB Rotterdam styrene and CFR China styrene [22][25][33][40] 3. Inventory and Operating Rates of Pure Benzene and Styrene - Relevant figures are pure benzene inventory at East China ports, pure benzene operating rate, styrene inventory at East China ports, styrene operating rate, styrene commercial inventory in East China, and styrene factory inventory [42][44][47] 4. Operating Rates and Production Profits of Styrene's Downstream Products - Relevant figures involve EPS operating rate and production profit, PS operating rate and production profit, and ABS operating rate and production profit [53][55][58] 5. Operating Rates and Production Profits of Pure Benzene's Downstream Products - Relevant figures include caprolactam operating rate and production profit, phenol - acetone operating rate and production profit, aniline operating rate and production profit, adipic acid operating rate and production profit, PA6 regular spinning bright production profit, nylon filament production profit, bisphenol A production profit, PC production profit, epoxy resin E - 51 production profit, pure MDI production profit, and polymer MDI production profit [63][65][74][86] Strategies - Unilateral: None [4] - Basis and Inter - Period: Go for a positive spread arbitrage when the EB2510 - EB2511 spread is low [4] - Cross - Product: Temporarily go for widening the EB2510 - BZ2603 spread when it is low [4]

Group 1: Report Overview - Report Title: "Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report" [1] - Date: September 18, 2025 [1] Group 2: Futures Contract Information - I05 closed at 782.5 yuan/ton, up 0.5 yuan from the previous day; I09 closed at 763.5 yuan/ton, up 1.0 yuan; I01 closed at 804.5 yuan/ton, up 1.0 yuan [3] - The spread between I05 - I09 was 19.0 yuan/ton, down 0.5 yuan; I09 - I01 was -41.0 yuan/ton, unchanged; I01 - I05 was 22.0 yuan/ton, up 0.5 yuan [3] Group 3: Basis Data - For various iron ore varieties, prices and basis values changed. For example, the price of Carajás fines (Carajás) was 919 yuan/ton, up 3.0 yuan, and the basis was 76 yuan, up 2 yuan [5] - Some varieties saw price decreases, like PB fines, whose price dropped by 2.0 yuan to 795 yuan/ton, and the basis decreased by 3 yuan to 40 yuan [5] Group 4: Exchange Rule Adjustments - Four new deliverable varieties were added: Benxi concentrate, IOC6, KUMBA, and Ukrainian concentrate, with brand premiums of 0, effective from the I2202 contract [10] - Brand premiums of existing varieties were adjusted, with only PB fines, BRBF, and Carajás fines having a premium of 15 yuan/ton, and others at 0 yuan/ton [10] - Quality difference and premium rules for substitutes were modified, including adjusting the allowable range of iron grade and other element indicators and introducing a dynamic adjustment mechanism for iron element premium [10] Group 5: Variety Spread Data - The spread between PB lump and PB fines was 131.0 yuan/ton, down 2.0 yuan; the spread between PB fines and FMG mixed fines was 42.0 yuan/ton, down 3.0 yuan [12] - Some spreads increased, such as the spread between Carajás fines and PB fines, which rose by 5.0 yuan to 124.0 yuan/ton [12] Group 6: Research Team Introduction - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with rich industry experience and relevant qualifications [22]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - In the pure benzene market, attention is on the commissioning progress of Yulong Cracking 2. From August to September, there is a concentrated increase in new production capacity, with domestic existing plants operating, and a slowdown in the rhythm of imports. Downstream提货 has reached its peak and declined, but the volume is still acceptable, leading to a decline in port inventories. However, the downstream operations of pure benzene remain weak, with significant inventory pressure in the CPL - PA6 - nylon industry chain, and a decline in CPL operations. Aniline operations have also decreased again, with inventory pressure in the MDI downstream of aniline. Phenol operations have also decreased, affected by bisphenol A. The previously stable - operating styrene is gradually undergoing maintenance, which may affect the demand for pure benzene提货, and the downstream performance is below expectations [3]. - In the styrene market, the volume of downstream提货 in the peak season remains at a relatively high level. The port basis of EB continues to strengthen slightly, and the port inventory of EB still needs further reduction. Currently, the absolute level of port inventory is still relatively high. There will be short - term maintenance of EB in the first and middle of September, with operations gradually reaching a peak and then declining, and port inventories starting to decline. However, operations will pick up again in the second half of September. Among the downstream of EB, the recovery of PS and EPS operations is satisfactory, and the operations of ABS have also increased from a low level, but the inventory pressure is large [3]. Summary by Directory 1. Pure Benzene and EB's Basis Structure and Inter - term Spreads - Pure benzene: The main basis of pure benzene is - 82 yuan/ton (+1), and the spot - M2 spread of East China pure benzene is - 15 yuan/ton (+10 yuan/ton) [1]. - Styrene: The main basis of styrene is 42 yuan/ton (+5 yuan/ton) [1]. 2. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Pure benzene: The CFR China processing fee of pure benzene is 136 US dollars/ton (+6 US dollars/ton), and the FOB South Korea processing fee is 116 US dollars/ton (+7 US dollars/ton). The US - South Korea spread of pure benzene is 53.6 US dollars/ton (-6.0 US dollars/ton) [1]. - Styrene: The non - integrated production profit of styrene is - 368 yuan/ton (+1 yuan/ton), and it is expected to gradually compress [1]. 3. Inventories and Operating Rates of Pure Benzene and Styrene - Pure benzene: The port inventory of pure benzene is 13.40 million tons (-1.00 million tons) [1]. - Styrene: The East China port inventory of styrene is 159,000 tons (-17,500 tons), the East China commercial inventory is 78,000 tons (-9,000 tons), and the operating rate is 75.0% (-4.8%) [1]. 4. Operating Rates and Production Profits of Styrene's Downstream - EPS: The production profit is 142 yuan/ton (+15 yuan/ton), and the operating rate is 61.02% (+8.49%) [2]. - PS: The production profit is - 108 yuan/ton (+15 yuan/ton), and the operating rate is 61.90% (+0.90%) [2]. - ABS: The production profit is - 216 yuan/ton (+18 yuan/ton), and the operating rate is 70.00% (+1.00%) [2]. 5. Operating Rates and Production Profits of Pure Benzene's Downstream - Caprolactam: The production profit is - 1875 yuan/ton (-35), and the operating rate is 86.21% (-4.21%) [1]. - Phenol - ketone: The production profit is - 247 yuan/ton (+0), and the operating rate of phenol is 70.50% (+1.50%) [1]. - Aniline: The production profit is - 29 yuan/ton (+70), and the operating rate is 65.21% (-2.75%) [1]. - Adipic acid: The production profit is - 1378 yuan/ton (+14), and the operating rate is 64.20% (+4.20%) [1]. Strategies - Unilateral: None [4]. - Basis and Inter - term: Do a positive spread for the EB2510 - EB2511 spread when it is low [4]. - Cross - variety: Do a widening spread for the EB2510 - BZ2603 spread in the short - term when it is low [4].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - With oil prices falling, the PG spot market is weak, and both civil gas and ether - post carbon four prices have declined. The overall market is expected to remain weak due to sufficient supply from incoming resources and a decline in chemical demand, especially with the drop in PDH, alkylation, and MTBE operating rates [1] 3. Summary by Relevant Catalog Price Changes - **Spot Prices**: Civil gas prices in East China are at a low of 4507 (+0), in Shandong 4500 (+0), and in South China 4550 (-40). Ether - post carbon four is at 4760 (-40). The lowest delivery location is Shandong [1] - **Futures Prices**: The PG main contract fluctuates strongly. The cheapest deliverable is Shandong civil gas at 4500. The basis weakens to 51 (-74), the 10 - 11 month spread is 49 (-20), and the 11 - 12 month spread is 62 (+3) [1] - **External Prices**: FEI and CP drop slightly by 2 dollars to 550 and 546 dollars/ton respectively. FEI month - spread is +1, MB month - spread is unchanged, and CP month - spread is -2.5. The internal - external price difference decreases slightly [1] Market Conditions - **Inventory**: Port and factory inventories increase as inbound shipments decrease, outbound shipments increase slightly, but demand narrows [1] - **Demand**: Chemical demand drops. PDH operating rate is 70.49% (-2.61), with some plants resuming, others under maintenance or reducing loads. Alkylation and MTBE operating rates also decline [1] - **Arbitrage and Freight**: The US - Asia arbitrage window closes. Freight rates continue to rise, with the US Gulf - Japan at 155 (+11) and the Middle East - Far East at 82 (+7) [1]

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoint The report presents the spot prices, futures prices, basis, basis rates, historical quantiles, and spot references of various commodities across multiple sectors on September 10, 2025, including black metals, non - ferrous metals, precious metals, agricultural products, energy chemicals, and financial products [1][2][3]. 3) Summary by Category Black Metals - The commodities include ferrosilicon (SF511), ferromanganese (SM601), rebar (RB2601), hot - rolled coil (HC2601), iron ore (I2601), coke (J2601), and coking coal (JM2601). For example, the spot price of ferrosilicon (SF511) is 5688, the futures price is 5620, the basis is 68, the basis rate is 1.21%, and the historical quantile is 65.20% [1]. Non - Ferrous Metals - Commodities such as copper (CU2510), aluminum (AL2510), alumina (AO2601), zinc (ZN2510), tin (SN2510), nickel (NI510), stainless steel (SS2511), lithium carbonate (LC2511), and industrial silicon (SI2511) are covered. For instance, the spot price of copper (CU2510) is 79890, the futures price is 79650, the basis is 240, the basis rate is 0.30%, and the historical quantile is 70.62% [1]. Precious Metals - Gold (AU2510) and silver (AG2510) are included. The spot price of gold (AU2510) is 831.9, the futures price is 834.5, the basis is - 2.6, the basis rate is - 0.31%, and the historical quantile is 30.40% [2]. Agricultural Products - Commodities like soybean meal (M2601), soybean oil (Y2601), palm oil (P2601), rapeseed meal (RM601), rapeseed oil (OI601), corn (C2511), corn starch (CS2511), live pigs (H2511), eggs (JD2510), cotton (CF601), sugar (SR601), apples (AP601), and red dates (CJ601) are presented. For example, the spot price of cotton (CF601) is 15253, the futures price is 13835.0, the basis is 1418.0, the basis rate is 10.25%, and the historical quantile is 92.10% [3]. Energy Chemicals - Commodities such as p - xylene (PX511), PTA (TA601), ethylene glycol (EG2601), polyester staple fiber (PF511), styrene (EB2510), methanol (MA601), urea (UR601), LLDPE (L2601), PP (PP2601), PVC (V2601), caustic soda (SH601), LPG (PG2510), asphalt (BU2511), butadiene rubber (BR2510), glass (FG601), soda ash (SA601), and natural rubber (RU2601) are analyzed. For example, the spot price of ethylene glycol (EG2601) is 4440.0, the futures price is 4322.0, the basis is 118.0, the basis rate is 2.73%, and the historical quantile is 91.90% [3]. Financial Products - Financial products include stock index futures (IF2509.CFE, IH2509.CFE, IC2509.CFE, IM2509.CFE) and treasury bond futures (2 - year bond (TS2512), 5 - year bond (TF2512), 10 - year bond (T2512), 30 - year bond (TL2512)). For example, the spot price of IF2509.CFE is 4436.3, the futures price is 4426.2, the basis is - 10.1, the basis rate is - 0.23%, and the historical quantile is 36.40% [3].

Report Summary 1. Report Industry Investment Rating There is no information about industry investment rating in the provided documents. 2. Core View There is no clear core view presented in the given content. It mainly lists the price information of various commodities including base metals, precious metals, agricultural products, energy and chemical products, and stock index futures. 3. Summary by Categories Metals - **Ferrous Metals**: For silicon iron (SF511), the spot price is 5520, the futures price is 5628, and the basis is 108 with a basis rate of 3.80%. For silicon manganese (SM601), the spot price is 5950, the futures price is 5732, and the basis is 218. For rebar (RB2601), the spot price is 3230, the futures price is 3106, and the basis is 124 with a basis rate of 3.99%. For hot - rolled coil (HC2601), the spot price is 3340, the futures price is 3299, and the basis is 41 with a basis rate of 1.24%. For iron ore (I2601), the spot price is 823, the futures price is 1603, and the basis is - 777 with a basis rate of - 46%. For coke (J2601), the spot price is 1594, the futures price is 1603, and the basis is - 9 with a basis rate of - 0.5498. For coking coal (JM2601), the spot price is 1106, the futures price is 1114, and the basis is - 8 with a basis rate of - 0.72% [1]. - **Non - ferrous Metals**: For copper (CU2510), the spot price is 80520, the futures price is 80110, and the basis is 410 with a basis rate of 0.51%. For aluminum (AL2510), the spot price is 20730, the futures price is 20710, and the basis is 20 with a basis rate of 0.10%. For zinc (ZN2510), the spot price is 22285, the futures price is 22170, and the basis is 115 with a basis rate of 0.5296%. For tin (SN2510), the spot price is 273100, the futures price is 273120, and the basis is - 20 with a basis rate of - 0.0073%. For nickel (NISE10), the spot price is 121775, the futures price is 121790, and the basis is - 15 with a basis rate of - 0.01%. For stainless steel (SS2510), the spot price is 13320, the futures price is 5662, and the basis is 405 with a basis rate of 3.14%. For lithium carbonate (LC2511), the spot price is 75900, the futures price is 71880, and the basis is 4020 with a basis rate of 5.59%. For industrial silicon (SI2511), the spot price is 9100, the futures price is 8490, and the basis is 610 with a basis rate of 7.18% [1]. Precious Metals - For gold (AU2510), the spot price is 814.9, the futures price is 810.0, and the basis is 4.9 with a basis rate of 0.60%. For silver (AG2510), the spot price is 9780.0, the futures price is 9820.0, and the basis is - 40.0 with a basis rate of - 0.41% [1]. Agricultural Products - For soybean meal (M2601), the spot price is 2990, the futures price is 3066.0, and the basis is - 76.0 with a basis rate of - 2.48%. For soybean oil (Y2601), the spot price is 8500, the futures price is 8366.0, and the basis is 134.0 with a basis rate of 1.60%. For palm oil (P2601), the spot price is 9340, the futures price is 9368.0, and the basis is - 28.0 with a basis rate of - 0.30%. For rapeseed meal (RM601), the spot price is 2580, the futures price is 2521.0, and the basis is 59.0 with a basis rate of 2.34%. For rapeseed oil (Ole01), the spot price is 9860, the futures price is 9727.0, and the basis is 133.0 with a basis rate of 1.37%. For corn (C2511), the spot price is 2290, the futures price is 2193.0, and the basis is 97.0 with a basis rate of 4.42%. For corn starch (CS2511), the spot price is 2620, the futures price is 2487.0, and the basis is 133 with a basis rate of 5.35%. For live pigs (LH251), the spot price is 14150, the futures price is 13550.0, and the basis is 600.0 with a basis rate of 4.43%. For eggs (JD2510), the spot price is 3270, the futures price is 3011.0, and the basis is 259.0 with a basis rate of 8.60%. For cotton (CF601), the spot price is 15373, the futures price is 1383.0, and the basis is 13990.0 with a basis rate of 9.89%. For white sugar (SR601), the spot price is 5562.0, the futures price is 5134.0, and the basis is 428.0 with a basis rate of 7.70%. For apples (AP510), the spot price is 8600, the futures price is 8332.0, and the basis is 268.0 with a basis rate of 3.22%. For red dates (C1601), the spot price is 11325.0, the futures price is 10722.0, and the basis is 603 with a basis rate of 6.10% [1]. Energy and Chemical Products - For p - xylene (PX511), the spot price is 6901.0, the futures price is 6810.0, and the basis is 91.0 with a basis rate of 1.34%. For PTA (TA601), the spot price is 4732.0, the futures price is 4685.0, and the basis is 47.0 with a basis rate of 0.99%. For ethylene glycol (EG2601), the spot price is 4420.0, the futures price is 4331.0, and the basis is 89.0 with a basis rate of 2.05%. For styrene (EB2510), the spot price is 7060.0, the futures price is 7040.0, and the basis is 20.0 with a basis rate of 0.28%. For methanol (MA601), the spot price is 2382.0, the futures price is 2257.5, and the basis is 124.5 with a basis rate of 5.23%. For urea (UR601), the spot price is 1710.0, the futures price is 1714.0, and the basis is - 4.0 with a basis rate of - 0.23%. For LLDPE (L2601), the spot price is 7247.0, the futures price is 7250.0, and the basis is - 3.0 with a basis rate of - 0.04%. For PP (PP2601), the spot price is 6954.0, the futures price is 6965.0, and the basis is - 11.0 with a basis rate of - 0.16%. For PVC (V2601), the spot price is 4878.0, the futures price is 4680.0, and the basis is 198.0 with a basis rate of 4.06%. For caustic soda (SH601), the spot price is 2718.8, the futures price is 2612.0, and the basis is 106.8 with a basis rate of 4.09%. For LPG (PG2510), the spot price is 4408.0, the futures price is 4416.0, and the basis is - 8.0 with a basis rate of - 0.18%. For asphalt (BU2510), the spot price is 3550.0, the futures price is 3550.0, and the basis is 0.0 with a basis rate of 0.00%. For butadiene rubber (BR2510), the spot price is 12100.0, the futures price is 12099.5, and the basis is 0.5 with a basis rate of 0.004%. For glass (FG601), the spot price is 1135.0, the futures price is 1040.0, and the basis is 95.0 with a basis rate of 8.90%. For soda ash (SA601), the spot price is 1276.0, the futures price is 1176.0, and the basis is 100.0 with a basis rate of 8.43%. For natural rubber (RU2601), the spot price is 15885.0, the futures price is 15050.0, and the basis is 835.0 with a basis rate of 5.26% [1]. Stock Index Futures and Bond Futures - **Stock Index Futures**: For IF2509.CFF, the spot price is 4459.8, the futures price is 4430.0, and the basis is 29.8 with a basis rate of 0.67%. For IH2509.CHE, the spot price is 2961.0, the futures price is 2949.0, and the basis is 12.0 with a basis rate of 0.41%. For IC2509.CFE, the spot price is 6868.5, the futures price is 6788.8, and the basis is 79.7 with a basis rate of 1.17%. For IM2509.CFE, the spot price is 7206.9, the futures price is 7142.6, and the basis is 64.3 with a basis rate of 0.90% [1]. - **Bond Futures**: For 2 - year bond (TS2512), the spot price is 102.44, the futures price is 100.00, and the basis is 2.44 with a basis rate of 2.43%. For 5 - year bond (TF2512), the spot price is 99.45, the futures price is 105.69, and the basis is - 6.24 with a basis rate of - 6.27%. For 10 - year bond (T2512), the spot price is 106.50, the futures price is 108.12, and the basis is - 1.62 with a basis rate of - 1.52%. For 30 - year bond (TL2512), the spot price is 132.79, the futures price is 117.03, and the basis is 15.76 with a basis rate of 13.47% [1][4].