Group 1: Report Industry Investment Rating - Not provided in the report Group 2: Report's Core View - The prices of most energy and chemical products are expected to fluctuate. For crude oil, due to macro - uncertainties and the fading of geopolitical premiums, it will continue to fluctuate pending the OPEC meeting's production increase decision. High - sulfur fuel oil may have a short - term rebound, but it is recommended to short the high - sulfur cracking spread on rallies. For asphalt, it is recommended to short the cracking spread on rallies. Polyester products like TA and EG are also expected to fluctuate. Rubber is expected to fluctuate weakly, and methanol and other products will maintain a fluctuating trend [1][3][4][5] Group 3: Summary by Relevant Catalogs 1. Research Views - **Crude Oil**: On Thursday, WTI 8 - month contract closed down 0.45 dollars to 67 dollars/barrel, with a decline of 0.67%. Brent 9 - month contract closed down 0.31 dollars to 68.8 dollars/barrel, with a decline of 0.45%. SC2508 closed up 3.3 yuan/barrel to 507 yuan/barrel, with an increase of 0.66%. The US June non - farm payroll data exceeded expectations, and the unemployment rate dropped to 4.1%. The Fed Chairman Powell said that a July rate cut is "still under consideration". With macro - uncertainties and the fading of geopolitical premiums, the oil price will continue to fluctuate pending the OPEC meeting's production increase decision [1] - **Fuel Oil**: On Thursday, the main fuel oil contract FU2509 on the SHFE closed up 1.05% to 2987 yuan/ton, and the low - sulfur fuel oil contract LU2509 closed up 0.89% to 3623 yuan/ton. As of July 2, the fuel oil inventory in Fujairah decreased by 139.1 million barrels (13.46%) week - on - week. The high - sulfur fundamentals are slightly stronger than the low - sulfur ones. High - sulfur prices may have a short - term rebound, but it is recommended to short the high - sulfur cracking spread on rallies. The domestic low - sulfur supply remains sufficient, and the internal - external price difference is expected to remain low [3] - **Asphalt**: On Thursday, the main asphalt contract BU2509 on the SHFE closed up 0.25% to 3588 yuan/ton. This week, the shipment volume of 54 domestic asphalt enterprises decreased by 14.3% week - on - week, and the capacity utilization rate of 69 modified asphalt enterprises decreased by 0.8% week - on - week. The pricing center may shift back to the north after the peak season in the north. It is recommended to short the cracking spread on rallies [3] - **Polyester**: TA509 closed down 1% at 4746 yuan/ton, EG2509 closed down 0.26% at 4288 yuan/ton, and PX 509 closed down 0.74% at 6740 yuan/ton. The downstream demand is weak, and the production and sales of polyester yarn are weak. TA and EG prices are expected to fluctuate [4] - **Rubber**: On Thursday, the main rubber contract RU2509 closed down 110 yuan/ton to 14015 yuan/ton. The tire production load decreased, the rubber inventory increased slightly, and the rubber price is expected to fluctuate weakly [5] - **Methanol**: With the recovery of Iranian plants, the subsequent imports will increase. The MTO profit is being compressed, and the short - term methanol price will maintain a fluctuating trend [5] - **Polyolefins**: The supply is at a high level but the increase is limited, the total inventory is slowly decreasing, and the price center moves with the cost [7] - **Polyvinyl Chloride**: As the downstream enters the off - season, the fundamentals are under pressure, but the arbitrage and hedging space is narrowing. The PVC price is expected to continue to fluctuate [7] 2. Daily Data Monitoring - The report provides the spot prices, futures prices, basis, basis rates, and their changes for various energy and chemical products such as crude oil, liquefied petroleum gas, asphalt, etc. on July 3 and July 2, 2025 [9] 3. Market News - Iran's Foreign Minister said that Iran will continue to engage with the UN nuclear watchdog. The US June non - farm payroll data exceeded expectations, the unemployment rate dropped to 4.1%, and the Fed Chairman Powell said that a July rate cut is "still under consideration" [11] 4. Chart Analysis 4.1 Main Contract Prices - The report presents the closing price charts of main contracts for various energy and chemical products from 2021 to 2025, including crude oil, fuel oil, low - sulfur fuel oil, etc. [13][14][15] 4.2 Main Contract Basis - It shows the basis charts of main contracts for various products such as crude oil, fuel oil, etc. over a certain period [33][34][35] 4.3 Inter - period Contract Spreads - The report provides the spread charts between different contracts for products like fuel oil, asphalt, etc. [45][46][50] 4.4 Inter - product Spreads - It includes the spread and ratio charts between different products such as crude oil internal - external markets, fuel oil high - low sulfur, etc. [61][63][65] 4.5 Production Profits - The report shows the cash - flow and profit charts for products like ethylene - based ethylene glycol and PP [70] 5. Team Member Introduction - The report introduces the members of the energy and chemical research team, including their positions, educational backgrounds, honors, and professional experiences [77][78][79]

Report Information - Report Title: Fuel Oil Morning Report - Research Team: Energy and Chemicals Team of the Research Center - Date: July 4, 2025 [2] Core Viewpoints - This week, the high-sulfur cracking fluctuated and declined, the near-month spread decreased, and the EW weakened rapidly. The 380 8-9 spread dropped to $4.25, the basis oscillated at a low level, the FU07 internal and external spread oscillated at -$5, and the 09 spread oscillated at +$10. There was a large amount of delivery goods in the near month, maintaining a loose pattern. [4] - The 0.5 cracking in Singapore rebounded, the spread decreased to around $5, the basis weakened slightly, and oscillated at $6. The LU internal and external spread remained strong, with the 09 oscillating at around $17. [7] - This week, the onshore inventory in Singapore increased, the floating storage oscillated at a high level, the low-sulfur floating storage decreased slightly, the onshore inventory in ARA increased slightly, but the inventory was still at the lowest level in the same period in history, the floating storage inventory oscillated, and the low-sulfur floating storage increased. The onshore inventory in Fujairah increased significantly, and the floating storage decreased slightly. [7] - This week, the geopolitical risk was lifted. Recently, the fuel oil exports from Iran and Iraq remained at a high level, and Egypt's net imports reached a new high. The high-sulfur fundamentals were in an oscillating pattern. Recently, the high-sulfur was still in the peak power generation season, the near-month internal and external spreads of FU were suppressed, the valuation was low, and the game continued. Subsequently, pay attention to the shipping situation in the Middle East. The LU internal and external spreads were running at a high level, and pay attention to the domestic production situation. [7] Data Summary Rotterdam Market | Product | Change | | --- | --- | | 3.5% HSF Swap M1 | +$2.03 | | 0.5% VLSFO Swap M1 | +$6.35 | | HSFO-Brent M1 | -$0.30 | | 10ppm Gasoil Swap M1 | +$10.10 | | VLSFO-GO M1 | -$3.75 | | LGO-Brent M1 | +$1.48 | | VLSFO-HSFO M1 | +$4.32 | [3] Singapore Market Swap Data | Product | Change | | --- | --- | | 380cst M1 | +$2.80 | | 180cst M1 | +$3.46 | | VLSFO M1 | +$4.37 | | GO M1 | +$0.94 | | 380cst-Brent M1 | -$0.39 | | VLSFO-GO M1 | -$2.59 | [6] Spot Data | Product | Change | | --- | --- | | FOB 380cst | +$0.30 | | FOB VLSFO | +$3.62 | | 380 Basis | -$1.50 | | High-sulfur Internal and External Spread | -$1.5 | | Low-sulfur Internal and External Spread | +$0.2 | [3] Domestic Market FU Data | Product | Change | | --- | --- | | FU 01 | +18 | | FU 05 | +14 | | FU 09 | +27 | | FU 01 - 05 | +4 | | FU 05 - 09 | -13 | | FU 09 - 01 | +9 | [3] LU Data | Product | Change | | --- | --- | | LU 01 | +27 | | LU 05 | +25 | | LU 09 | +27 | | LU 01 - 05 | +2 | | LU 05 - 09 | -2 | | LU 09 - 01 | 0 | [4]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The overall performance of industrial products is strong, and the prices of most non - ferrous metals show different trends. The price of copper may continue to rise in the short term but the growth rate is expected to slow down; the price of aluminum is expected to be strong in the short term; the price of lead is generally strong, but the increase of Shanghai lead is limited; the price of zinc is boosted by the market structure; the price of tin is expected to fluctuate within a certain range; the price of nickel may show a downward trend; the price of lithium carbonate may fluctuate and adjust; the price of alumina is recommended to short at high prices; the price of stainless steel is expected to be weak; the price of cast aluminum alloy may be volatile [1][3][4][5][6][7][9][11][12][14] 3. Summary by Metal Type Copper - **Price**: LME copper closed up 0.67% to $10,010/ton, and SHFE copper closed at 80,090 yuan/ton. The expected operating range of SHFE copper is 80,000 - 81,500 yuan/ton, and LME copper 3M is 9,850 - 10,100 dollars/ton [1] - **Inventory**: LME inventory increased by 2,000 to 93,250 tons. SHFE copper warehouse receipts increased by 0.03 to 25,000 tons [1] - **Market Situation**: The supply of copper raw materials remains tight, and the inventory is structurally low. However, the consumption toughness of electrolytic copper is decreasing, and China's exports are increasing [1] Aluminum - **Price**: LME aluminum closed up 0.48% to $2,614/ton, and SHFE aluminum closed at 20,715 yuan/ton. The expected operating range of SHFE aluminum is 20,600 - 20,850 yuan/ton, and LME aluminum 3M is 2,580 - 2,640 dollars/ton [3] - **Inventory**: SHFE aluminum weighted contract positions increased by 13,000 to 693,000 lots, and futures warehouse receipts decreased slightly to 28,000 tons. Domestic three - place aluminum ingot inventory decreased by 0.05 to 329,000 tons [3] - **Market Situation**: The domestic "anti - involution competition" expectation warms up the commodity sentiment, and the aluminum inventory is at a low level, supporting the price [3] Lead - **Price**: SHFE lead index closed up 0.41% to 17,178 yuan/ton, and LME lead 3S rose by 1 to $2,042/ton [4] - **Inventory**: SHFE lead futures inventory was 46,400 tons, and domestic social inventory slightly increased to 52,300 tons [4] - **Market Situation**: The supply of primary lead remains high, and the supply of recycled lead is in short supply. The price of lead - acid batteries stops falling and rebounds, but the weak domestic consumption restricts the increase of SHFE lead [4] Zinc - **Price**: SHFE zinc index closed down 0.10% to 22,194 yuan/ton, and LME zinc 3S fell by 26.5 to $2,713/ton [5] - **Inventory**: SHFE zinc futures inventory was 6,600 tons, and domestic social inventory slightly increased to 80,600 tons [5] - **Market Situation**: The supply of zinc ore remains high, and the TC continues to rise. The LME market zinc Cash - 3S structure rises rapidly, which boosts the zinc price [5] Tin - **Price**: It is expected that the domestic tin price will fluctuate in the range of 250,000 - 280,000 yuan/ton, and the LME tin price will fluctuate in the range of 31,000 - 34,000 dollars/ton [6] - **Inventory**: As of June 27, 2025, the national main market tin ingot social inventory was 9,266 tons, an increase of 361 tons from last Friday [6] - **Market Situation**: The short - term supply of tin ore is in short supply, and the upstream enterprises are reluctant to sell, but the terminal demand is weak, and the upstream and downstream of the industrial chain are in a stalemate [6] Nickel - **Price**: It is recommended to short at high prices. The short - term operating range of SHFE nickel main contract is 115,000 - 128,000 yuan/ton, and LME nickel 3M is 14,500 - 16,500 dollars/ton [7] - **Inventory**: No significant inventory data provided - **Market Situation**: The supply - demand surplus pattern of refined nickel remains unchanged, and the cost support weakens, which may lead to a downward trend [7] Lithium Carbonate - **Price**: The MMLC evening quotation was 61,577 yuan, up 0.65%. The reference operating range of the Guangzhou Futures Exchange lithium carbonate 2509 contract is 62,900 - 65,300 yuan/ton [9] - **Inventory**: The salt factory may face inventory accumulation pressure before the peak season [9] - **Market Situation**: The low - level varieties are tough, and the lithium carbonate price may fluctuate and adjust [9] Alumina - **Price**: The alumina index rose 4.23% to 3,058 yuan/ton. It is recommended to short at high prices, and the reference operating range of the domestic main contract AO2509 is 2,850 - 3,300 yuan/ton [11] - **Inventory**: The Wednesday futures warehouse receipts were 21,300 tons, a decrease of 600 tons from the previous day [11] - **Market Situation**: The policy of Guinea may lead to the increase of bauxite price, and the overall commodity market is bullish [11] Stainless Steel - **Price**: The stainless steel main contract closed at 12,670 yuan/ton, up 0.88%. The spot market is expected to remain weak [12] - **Inventory**: The social inventory decreased to 1,154,400 tons, a decrease of 0.25% [12] - **Market Situation**: The stainless steel market is in the traditional off - season, with weak demand and a pattern of oversupply [12] Cast Aluminum Alloy - **Price**: The AD2511 contract closed up 0.3% to 19,885 yuan/ton. The price is expected to be volatile in the short term [14] - **Inventory**: The social inventory of recycled aluminum alloy ingots in Foshan, Ningbo, and Wuxi increased by about 200 to 21,000 tons [14] - **Market Situation**: The supply and demand are weak, and the price is mainly affected by the aluminum price [14]

Report Industry Investment Rating No relevant information provided. Core Views Oils and Fats - For palm oil, there is potential for the crude palm oil futures to break through previous highs, but beware of the risk of price pull - back around the MPOB report. The domestic Dalian palm oil futures may continue to rise in the short - term. For soybean oil, the US Senate's fiscal expenditure bill may boost consumption and support prices in the long - term, while the domestic soybean oil basis decline is limited due to import cost support [1]. Sugar - The increase in the ethanol blending ratio in Brazilian gasoline supports a small rebound in raw sugar prices, but the global supply surplus limits the rebound height. The domestic market may maintain a bullish sentiment in the short - term, but a bearish view is held after the rebound considering future imports [3]. Eggs - The national egg supply is sufficient, demand is general, and downstream procurement is cautious. Egg prices are expected to be stable first, then decline slightly in the short - term, and remain stable later [7]. Cotton - The short - term supply shortage of old - crop cotton is difficult to resolve, but the long - term supply is expected to be sufficient. The downstream industry is weakening, so cotton prices are likely to fluctuate within a range [10]. Meal - US soybeans are rebounding, and Brazilian soybean prices are rising. The domestic soybean and soybean meal inventories are increasing, and the basis is stable. The soybean meal market is currently bottom - grinding, and attention should be paid to the 2950 support level [12]. Corn - The spot price of corn is firm, but the futures price has declined due to import auctions. In the medium - term, the supply shortage and increasing consumption may support price increases. Short - term operations are recommended [14]. Pigs - The spot price of pigs is oscillating strongly. The market sentiment may be bullish in the short - term, but there is pressure on the 09 contract above 14,500 [18][19]. Summary by Related Catalogs Oils and Fats - **Futures and Spot Prices**: On July 2, soybean oil spot price was 8260, futures price (Y2509) was 8018; palm oil spot price (Guangdong 24 - degree) was 8460, futures price (P2509) was 8440; rapeseed oil spot price (Jiangsu fourth - grade) was 9730, futures price (OI509) was 9618 [1]. - **Basis and Spread**: The basis of soybean oil (Y2509) was 242, down 26; the basis of palm oil (P2509) was 20, down 74; the basis of rapeseed oil (OI509) was 111, down 42. The soybean oil 09 - 01 spread was 44, up 2; the palm oil 09 - 01 spread was - 10, up 14; the rapeseed oil 09 - 01 spread was 32.65% [1]. Sugar - **Futures and Spot Prices**: On July 2, the price of sugar 2601 was 5580, down 16; the price of sugar 2509 was 5766, down 9. The spot price in Nanning was 6070, down 20 [3]. - **Industry Data**: The cumulative national sugar production was 1116.21 million tons, up 119.89 million tons; the cumulative national sugar sales were 811.38 million tons, up 152.10 million tons [3]. Eggs - **Futures and Spot Prices**: On July 2, the price of the egg 09 contract was 3678, down 6; the price of the egg 08 contract was 3544, down 24. The egg产区 price was 2.60, unchanged [7]. - **Industry Data**: The price of day - old chicks was 4.00, unchanged; the price of culled hens was 4.62, up 0.18; the egg - feed ratio was 2.24, down 0.09; the breeding profit was - 33.26, down 5.38 [7]. Cotton - **Futures and Spot Prices**: On July 2, the price of cotton 2509 was 13805, up 60; the price of cotton 2601 was 13820, up 65. The ICE US cotton主力 price was 67.96, down 0.08 [10]. - **Industry Data**: The commercial inventory was 312.69 million tons, down 33.18 million tons; the industrial inventory was 93.01 million tons, down 1.10 million tons [10]. Meal - **Futures and Spot Prices**: On July 2, the price of soybean meal (Jiangsu) was 2840, unchanged; the price of soybean meal futures (M2509) was 2944, down 17. The price of rapeseed meal (Jiangsu) was 2470, down 20; the price of rapeseed meal futures (RM2509) was 2578, down 8 [12]. - **Industry Data**: The Brazilian 8 - month shipping schedule's import crushing profit was - 16, down 14.4%; the Canadian 11 - month shipping schedule's import crushing profit was 107, unchanged [12]. Corn - **Futures and Spot Prices**: On July 2, the price of corn 2509 was 2363, down 20; the price of corn starch 2509 was 2731, down 12 [14]. - **Industry Data**: The import profit of corn was 579, down 1; the import profit of corn starch was - 100, down 5 [14]. Pigs - **Futures and Spot Prices**: On July 2, the price of the pig 2511 contract was 13550, up 160; the price of the pig 2509 contract was 14340, up 475. The spot price in Henan was 15100, up 50 [18]. - **Industry Data**: The daily sample slaughter volume was 136895, down 1775; the weekly white - strip price was 20.43, up 0.1 [18].

Report Summary 1. Industry Investment Rating - Not provided in the given report 2. Core Viewpoints - The anti-involution signal of coke and coking coal is fermenting, and the market is expected to be volatile and bullish [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: - JM2509 closed at 843.5 yuan/ton, up 29 yuan or 3.56% from the previous day, with a trading volume of 1,189,983 lots, an open interest of 529,227 lots, and a decrease of 35,195 lots in open interest [1]. - J2509 closed at 1,442 yuan/ton, up 53.5 yuan or 3.85% from the previous day, with a trading volume of 30,166 lots, an open interest of 49,728 lots, and an increase of 162 lots in open interest [1]. - **Spot Prices**: - For coking coal, prices of some varieties like Linfen low-sulfur main coking coal increased, while others remained stable. For example, Linfen low-sulfur main coking coal rose 10 yuan to 1,180 yuan/ton [1]. - For coke, the Rizhao Port quasi-primary price index increased by 20 yuan to 1,160 yuan/ton, and the coke warehouse receipt cost rose 22 yuan to 1,277 yuan/ton [1]. - **Basis and Spreads**: - The basis of JM2509 and J2509 for different varieties showed various changes. For example, the basis of JM2509 for Shanxi decreased by 29 yuan to 50.5 yuan/ton [1]. - The spreads between different contracts (e.g., JM2509 - JM2601 and J2509 - J2601) also changed. JM2509 - JM2601 decreased by 5.5 yuan to -48 yuan, while J2509 - J2601 increased by 1.5 yuan to -37.5 yuan [1] 3.2 Price and Positioning - **Northern Port Coking Coal Quotes**: - Jingtang Port's Shanxi main coking coal ex-warehouse price was 1,250 yuan/ton. Qingdao Port, Lianyungang, Rizhao Port, and Tianjin Port's Australian main coking coal ex-warehouse prices were 1,215 yuan/ton, 1,215 yuan/ton, 1,130 yuan/ton, and 1,205 yuan/ton respectively [1]. - **July 2 CCI Metallurgical Coal Index**: - S1.3 G75 main coking coal (Shanxi coal) in Jiexiu was 955 yuan/ton (unchanged). S1.3 G75 main coking coal (Meng 5) in Shaheyi was 858 yuan/ton (unchanged), and S1.3 G75 main coking coal (Meng 3) in Shaheyi was 844 yuan/ton (up 11 yuan) [2] - **Positioning**: - On July 2, for the coking coal JM2509 contract, long positions of the top 20 members on the DCE decreased by 15,497 lots, and short positions decreased by 26,478 lots. For the coke J2509 contract, long positions decreased by 194 lots, and short positions increased by 317 lots [3] 3.3 Trend Intensity - The trend intensity of coke is 0, and the trend intensity of coking coal is 0 [3]

Report Overview - Report Date: July 2, 2025 - Report Title: Index Futures Basis Series: Maintaining the Strategy of Basis Convergence - Analysts: Yu Kan, Li Honglei 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The futures market's characteristic of following the upward movement but not the downward movement may indicate investors' expectations for the index market. Coupled with the improvement of fundamentals and the continuation of the low - interest - rate environment, the report is optimistic about the further improvement of the index beta, which will drive the basis to rise. Regulatory policies may bring trillions of incremental funds to the market, increasing the certainty of the index's upward trend. Currently, the basis has returned to a historical low, and the previous strategy ideas can be continued, including enhancing the long - position substitution strategy, mainly using near - month hedging for short - position hedging, and adopting the term reverse arbitrage strategy for inter - period arbitrage [6][20][26] 3. Summary by Directory 3.1 Recent Basis Review - **Market Performance in June**: The A - share market in June showed a "low - first - then - high" structural trend. At the beginning and middle of the month, despite favorable policies, the market risk appetite was not significantly repaired. In the last week, with multiple positive factors, the market risk appetite rapidly increased, trading volume significantly expanded, and the index rose rapidly. Small and micro - cap stocks led the gains, with a monthly increase of over 5% [6][7][8] - **Basis Changes**: In June, the arbitrage trading of eating the basis increased. The basis of IC and IM has been continuously converging since mid - June, while IH and IF remained stable throughout the month. At the end of the month, due to market adjustments and institutional profit - taking pressure, the basis widened rapidly, and each variety's basis returned to a low level in the past three years. The intraday 1 - minute frequency basis of each variety remained highly consistent, indicating systematic expectations. The futures market's characteristic of following the upward movement but not the downward movement reflects investors' expectations for the index market [6][14][20] - **Strategy Performance in June**: The return of the long - position substitution strategy further increased. The excess returns of the IC and IM main contracts compared to the index increased to 2.8% and 12.6% respectively, nearly 2% higher than in May. For short - position hedging, near - month contracts had lower costs, especially in the IC variety. In inter - period arbitrage, the long - far - month and short - near - month strategy gained some profits but suffered a retracement at the end of the month [22] - **Product - End Strategy Adjustment**: In June, there were adjustments in the strategy positions of the product end, showing the characteristics of quick entry and exit. Index - related products were stable with a slight decline, but the scale of A500ETF stabilized and rebounded, and the new issuance of index - enhanced products increased compared to May. The neutral strategy suffered a certain retracement, but the long - short positions increased as the hedging cost decreased. The long - position substitution strategy of futures was evident, and the CTA strategy's futures positions increased rapidly during the index's rise but decreased rapidly at the end of the month, causing the basis to fall back to a historical low and creating an arbitrage space [24][25] 3.2 Long - Position Roll - Over Performance Review - **Performance Data**: In the past 250 trading days, the annualized excess returns of IF, IH, IC, and IM in the long - position roll - over strategy were - 3.6%, 0.9%, 2.1%, and - 4.1% respectively. The benchmark portfolio was set as a weighted combination based on the previous trading day's closing positions of each contract, without considering handling fees. The trading prices in the calculation were the TWAP prices in the first half - hour of the opening [38] 3.3 Short - Position Roll - Over Performance Review - **Performance Data**: In the past 250 trading days, the annualized excess returns of IF, IH, IC, and IM in the short - position roll - over strategy were - 0.2%, - 0.5%, 1.2%, and - 0.3% respectively [45]

1. Index Trends - On July 01, the Shanghai Composite Index rose 0.39% to close at 3457.75 points, with a trading volume of 553.557 billion yuan; the Shenzhen Component Index rose 0.11% to close at 10476.29 points, with a trading volume of 912.459 billion yuan [1]. - The CSI 1000 Index rose 0.28%, with a trading volume of 334.302 billion yuan, opening at 6358.06, closing at 6373.77, with a daily high of 6373.77 and a low of 6308.06 [1]. - The CSI 500 Index rose 0.33%, with a trading volume of 213.596 billion yuan, opening at 5915.8, closing at 5934.67, with a daily high of 5936.92 and a low of 5890.11 [1]. - The SSE 50 Index rose 0.21%, with a trading volume of 66.144 billion yuan, opening at 2714.97, closing at 2717.71, with a daily high of 2721.4 and a low of 2708.19 [1]. 2. Impact of Sector Movements on Indexes - The CSI 1000 rose 17.59 points from the previous close. Sectors such as Medicine and Biology, Non - ferrous Metals, and Basic Chemicals significantly pulled the index up, while Non - Banking Finance and Computer sectors pulled it down [3]. - The CSI 500 rose 19.28 points from the previous close. Sectors like Medicine and Biology, Electronics, and Non - ferrous Metals significantly pulled the index up, while Power Equipment and Computer sectors pulled it down [3]. - The SSE 50 rose 5.72 points from the previous close. Sectors including Banking, Non - ferrous Metals, and Medicine and Biology significantly pulled the index up, while Power Equipment, Food and Beverage, and Electronics sectors pulled it down [3]. 3. Futures Basis and Annualized Opening Costs - IM00 had an average daily basis of - 77.15, IM01 of - 151.38, IM02 of - 226.11, and IM03 of - 403.9 [13]. - IC00 had an average daily basis of - 57.04, IC01 of - 105.34, IC02 of - 158.75, and IC03 of - 282.0 [13]. - IF00 had an average daily basis of - 27.6, IF01 of - 43.21, IF02 of - 52.91, and IF03 of - 86.83 [13]. - IH00 had an average daily basis of - 20.26, IH01 of - 24.66, IH02 of - 26.31, and IH03 of - 27.13 [13]. 4. Futures Roll - over Point Differences and Annualized Costs - The report provides data on the roll - over point differences and their annualized costs for IM, IC, IF, and IH futures contracts at different 15 - minute intervals throughout the trading day [22][24][26].

1. Report Industry Investment Rating - No information provided in the reports. 2. Core Views - The reports mainly present daily data on various financial products, including futures price differences, spot-futures price relationships, and related economic indicators. They aim to help investors understand the current market situation and potential trends in different sectors such as stock index futures, treasury bond futures, precious metals, and shipping industry futures. 3. Summary by Related Catalogs Stock Index Futures Spread Daily Report - **Price Differences**: Provides detailed data on the current values, changes from the previous day, and historical percentile rankings of price differences for various stock index futures contracts, including IF, IH, IC, and IM, in terms of both spot-futures spreads and inter - contract spreads [1]. - **Cross - Variety Ratios**: Presents the current values, changes, and historical percentile rankings of cross - variety ratios such as CSI 500/CSI 300, CSI 500/SSE 50, etc. [1]. Treasury Bond Futures Spread Daily Report - **Basis and Spread Data**: Offers data on the basis (including IRR percentile), inter - contract spreads, and cross - variety spreads for different treasury bond futures contracts like TS, TF, T, and TL, along with their changes and historical percentile rankings [2]. Precious Metals Spot - Futures Daily Report - **Futures and Spot Prices**: Shows domestic and international futures closing prices, spot prices, and their daily changes and percentage changes for gold and silver [5]. - **Basis and Ratios**: Presents basis data (including historical percentile rankings) and price ratios between different precious metal products [5]. - **Interest Rates, Exchange Rates, and Positions**: Provides information on interest rates (such as 10 - year and 2 - year US Treasury yields), exchange rates (like the US dollar index and offshore RMB exchange rate), and inventory and position data for precious metals [5]. Shipping Industry Spot - Futures Daily Report - **Freight Rates**: Includes Shanghai - Europe future 6 - week freight rate references, settlement price indices, and Shanghai export container freight rates, along with their daily and monthly changes [8]. - **Futures Prices and Basis**: Presents futures prices and basis data for shipping industry futures contracts, and their changes and percentage changes [8]. - **Fundamental Data**: Offers data on global container shipping capacity supply, port - related indicators, monthly export amounts, and overseas economic indicators [8]. Trading Calendar - **Overseas and Domestic Data/Info**: Lists overseas and domestic economic indicators and financial events, including their time, data sources, and related countries/regions or product types [10].

Report Industry Investment Ratings No relevant content provided. Core Views of the Reports Oils and Fats - Palm oil may briefly surge upward after oscillating and consolidating, while Dalian palm oil futures may briefly dip to 8,200 yuan. For soybeans, the USDA quarterly report has limited impact on CBOT soybeans, and the market expects ample supply and future high yields, but the report may show a decrease in US soybean oil inventory at the end of May. Domestically, the demand for soybean oil is weak, inventories are increasing, and the decline in spot basis quotes is limited [1]. Corn - The overall bullish trend of corn remains unchanged, but the pace is slow. In the short - term, the spot price is generally stable, with the price in the Northeast remaining firm and that in North China showing local declines. In the long - term, the supply - demand gap supports the upward movement of corn prices. Attention should be paid to the wheat market and policy information [3]. Meal - Supported by US soybean oil, US soybeans strengthened last night. The USDA's new planting area report had a neutral impact. The technical support for US soybeans has increased, and the market is showing signs of stabilization. In China, the inventories of soybeans and soybean meal are rising, the basis is stable, and attention should be paid to the sustainability of demand. There are opportunities to buy at low points [6]. Livestock (Pigs) - The spot price of pigs has not escaped the oscillating pattern. The short - term sentiment may be strong, but the 09 contract is under pressure due to the postponed inventory of live pigs [8][9]. Sugar - The increase in the ethanol blending ratio in Brazilian gasoline supports a slight rebound in raw sugar prices, but the global supply is becoming more abundant, limiting the rebound. The domestic market may maintain a bullish sentiment for some time, but considering future imports, the market is expected to turn bearish after the rebound [12]. Cotton - The contradiction of tight old - crop inventory in the upstream supply cannot be resolved in the short term, but the long - term supply is expected to be sufficient. The downstream industry is weakening, and the demand is sluggish. Cotton prices are expected to maintain a range - bound pattern [13]. Eggs - The supply of eggs in China is sufficient, the demand is average, and downstream procurement is cautious. Egg prices are expected to be stable first, then decline slightly in the short term, and remain stable later [14]. Summary by Related Catalogs Oils and Fats - **Soybean Oil**: The spot price in Jiangsu was 8,240 yuan on July 1, unchanged from the previous day. The futures price of Y2509 was 7,972 yuan, down 0.15%. The basis was 268 yuan, up 4.69%. The warehouse receipts remained unchanged at 20,582 [1]. - **Palm Oil**: The spot price of 24 - degree palm oil in Guangdong was 8,430 yuan on July 1, up 0.36%. The futures price of P2509 was 8,336 yuan, up 0.07%. The basis was 94 yuan, up 34.29%. The import cost was 8,719.3 yuan, and the import profit was - 383 yuan [1]. - **Rapeseed Oil**: The spot price in Jiangsu was 9,630 yuan on July 1, up 0.52%. The futures price of OI2509 was 9,477 yuan, up 0.66%. The basis was - 12 yuan, down 7.27% [1]. Corn - **Corn**: The flat - hatch price at Jinzhou Port was 2,383 yuan, up 0.21%. The 9 - 1 spread was 103 yuan, up 0.98%. The import profit was 580 yuan, up 3.52%. The number of remaining vehicles at Shandong deep - processing plants in the morning increased by 182.87% [3]. - **Corn Starch**: The futures price of corn starch 2509 was 2,743 yuan, up 0.37%. The basis was - 23 yuan, down 76.92%. The 9 - 1 spread was 65 yuan, up 8.33% [3]. Meal - **Soybean Meal**: The spot price in Jiangsu was 2,840 yuan, unchanged. The futures price of M2509 was 2,961 yuan, unchanged. The basis was - 121 yuan, unchanged. The import crushing profit for Brazilian soybeans in August was 111 yuan, up 3.7% [6]. - **Rapeseed Meal**: The spot price in Jiangsu was 2,490 yuan, up 0.81%. The futures price of RM2509 was 2,586 yuan, up 0.54%. The basis was - 96 yuan, up 5.88%. The import crushing profit for Canadian rapeseed in November was 107 yuan, down 47.03% [6]. Livestock (Pigs) - **Futures**: The main contract price was 11,850 yuan, up 9.72%. The price of the 2507 contract was 13,935 yuan, up 0.61%, and that of the 2509 contract was 13,865 yuan, down 0.04%. The 7 - 9 spread was - 70 yuan, down 450% [8]. - **Spot**: The spot prices in various regions increased, with the price in Henan at 15,050 yuan, up 100 yuan; in Shandong at 15,250 yuan, up 150 yuan; etc. [8]. Sugar - **Futures**: The price of the 2601 contract was 5,596 yuan, down 0.57%. The price of the 2509 contract was 5,775 yuan, down 0.55%. The price of ICE raw sugar was 15.70 cents per pound, down 3.03% [12]. - **Spot**: The spot price in Nanning was 6,090 yuan, up 0.16%. The import cost of Brazilian sugar (in - quota) was 4,334 yuan, down 1.90% [12]. - **Industry**: The national sugar production increased by 12.03% year - on - year, and the sales increased by 23.07% [12]. Cotton - **Futures**: The price of the 2509 contract was 13,745 yuan, up 0.04%. The price of the 2601 contract was 13,755 yuan, down 0.04%. The price of ICE US cotton was 67.96 cents per pound, down 0.12% [13]. - **Spot**: The arrival price in Xinjiang was 15,187 yuan, up 0.46%. The CC Index 3128B was 15,212 yuan, up 0.38% [13]. - **Industry**: The inventory in the north decreased by 9.6% month - on - month, and the industrial inventory decreased by 1.2% [13]. Eggs - **Futures**: The price of the 09 contract was 3,684 yuan per 500 kg, down 0.14%. The price of the 08 contract was 3,568 yuan per 500 kg, up 0.06% [14]. - **Spot**: The egg price in the production area was 2.60 yuan per catty, down 1.43%. The base price was - 964 yuan per 500 kg, down 4.31% [14].

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints - USDA planting area report and quarterly inventory report adjustments are limited, with an overall neutral impact [8] - The US soybean supply and demand balance sheet maintains a tight expectation, and the CBOT US soybean futures and domestic soybean meal futures are more sensitive to the weather in US production areas [8] - Under the current China - US tariff policy, domestic soybean meal is expected to reduce inventory in the fourth quarter, supporting the expected gradual increase of the soybean meal futures price center. It is recommended to adopt a strategy of buying on dips for the far - month M01 contract [8] 3. Summary by Related Catalogs 3.1 Basis and Spread Data - For 43% soybean meal spot basis (against the main contract) on July 1st, the basis in Dalian is - 11, in Rizhao is - 81, in Tianjin is - 41, in Zhangjiagang is - 121, in Dongguan is - 111, in Zhanjiang is - 111, and in Fangcheng is - 111 [6] - The rapeseed meal spot basis in Guangdong is - 96, with a decline of - 54 [6] - The M9 - M1 spread and M9 - RM9 spread are presented, and the RM9 - 1 spread has values such as 280, 1200, etc. in different periods [6][7] - The spot price difference between soybean meal and rapeseed meal in Guangdong is 375, with a decline of - 14, and the main - contract price difference is 360 [7] 3.2 Exchange Rate, Profit, and Premium Data - The US dollar - RMB exchange rate is 7.1122, and the E - type soybean import premium is 111.00 cents per bushel [7] - The import soybean futures gross profit is 232 yuan per ton, with no change [7] 3.3 Inventory Data - Information on China's port soybean inventory, major domestic oil mills' soybean inventory, major domestic oil mills' soybean meal inventory, and feed enterprises' soybean meal inventory days from 2020 - 2025 is presented [7] 3.4 Supply and Demand Analysis - Supply: In June, July, and August in China, the expected arrival volume of Brazilian soybeans is over 10 million tons per month. The new - crop US soybean supply - demand balance sheet is tight, with the US soybean good - to - excellent rate dropping to 66%, lower than the same period last year. The weather in the US soybean - growing areas will be favorable for growth in the next two weeks [7] - Demand: Pig supply is expected to increase steadily before November, poultry inventory remains high, soybean meal has a high cost - performance ratio, feed addition ratio increases, and提货 is at a high level. In some areas, wheat replaces corn, reducing the demand for protein [7][8] - Inventory: As of last Friday, domestic soybeans and soybean meal continued to accumulate inventory. Currently, soybean inventory is at a historical high for the same period, while soybean meal inventory is at a historical low, and feed enterprises' soybean meal inventory days continue to rise [8]