Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View - Silicon ferroalloy (silicon iron and ferromanganese) is expected to experience wide - range oscillations, with Silicon iron affected by sector sentiment resonance and ferromanganese supported by price - holding sentiment at the ore end [1] 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data** - Silicon iron 2601 closed at 5588, up 62 from the previous trading day, with a trading volume of 165,588 and an open interest of 162,088. Silicon iron 2605 closed at 5654, up 62, with a trading volume of 3,798 and an open interest of 10,807 [1] - Ferromanganese 2601 closed at 5820, up 60, with a trading volume of 213,766 and an open interest of 354,763. Ferromanganese 2605 closed at 5878, up 64, with a trading volume of 15,756 and an open interest of 45,381 [1] - **Spot Data** - The price of silicon iron (FeSi75 - B) in Inner Mongolia was 5220 yuan/ton, and the price of ferromanganese (FeMn65Si17) in Inner Mongolia was 5620 yuan/ton. The price of manganese ore (Mn44 block) was 40.0 yuan/ton - degree, and the price of semi - coke (small material) in Shenmu was 820 yuan/ton [1] - **Spread Data** - The spot - futures spread of silicon iron (spot - 01 futures) was - 368 yuan/ton, down 62. The spot - futures spread of ferromanganese (spot - 01 futures) was - 200 yuan/ton, down 60 [1] - The near - far month spread of silicon iron 2601 - 2605 was - 66 yuan/ton, unchanged. The near - far month spread of ferromanganese 2601 - 2605 was - 58 yuan/ton, down 4 [1] - The cross - variety spread of ferromanganese 2601 - silicon iron 2601 was 232 yuan/ton, down 2. The cross - variety spread of ferromanganese 2605 - silicon iron 2605 was 224 yuan/ton, up 2 [1] 3.2 Macro and Industry News - **Coal and Coke News** - On November 6th, the starting price of Hongliulin lump coal, the raw material for semi - coke, was 720 yuan/ton, up 45 yuan/ton from the previous period. The auction volume was 7.8 tons, down 2.8 tons. The average transaction price was 783.36 yuan/ton, up 78.39 yuan/ton. The lowest auction price was 773 yuan/ton, and the highest was 790 yuan/ton [1] - **Ferroalloy Price News** - On November 10th, the price of 72 silicon iron in Shaanxi was 5100 - 5200 (+50), in Ningxia 5200 - 5250, in Qinghai 5200 - 5250 (+25), in Gansu 5150 - 5250, and in Inner Mongolia 5150 - 5250. The price of 75 silicon iron in Shaanxi was 5700, in Ningxia 5650 - 5700, in Qinghai 5600 - 5700, in Gansu 5650 - 5700, and in Inner Mongolia 5650 - 5700. The FOB price of 72 silicon iron was 1020 - 1040 (-10), and that of 75 was 1110 - 1130 dollars/ton. The northern quotation of 6517 ferromanganese was 5550 - 5600 yuan/ton, and the southern quotation was 5600 - 5650 yuan/ton [2] - **Ferroalloy Tendering News** - A large steel group in Hebei tendered 16,000 tons of ferromanganese in November, 500 tons less than in October. The tender notice for 75B silicon iron was for 2716 tons, 240 tons less than in October [3] - **Ferroalloy Production News** - From January to October 2025, the total national production of ferromanganese was 903.96 million tons, with Inner Mongolia producing 438.51 million tons, accounting for 48.5% of the national total. There are currently 28 operating factories in Inner Mongolia, and 13 have new production capacities, which are expected to be launched from November 2025 to the first three quarters of 2026. The current monthly production of ferromanganese in the factories to be put into operation from the end of 2025 to the first three quarters of 2026 is about 16.1 million tons, and the subsequent new monthly production is expected to be about 25.9 million tons. Over 90% of the new production capacity is for 6517 [3] 3.3 Trend Intensity - The trend intensity of silicon iron is 0, and that of ferromanganese is 0, indicating a neutral view on both [4]

Report 1: Stock Index Futures Spread Daily Report Core View The report presents the latest values, changes from the previous day, historical 1 - year percentiles, and full - historical percentiles of various stock index futures spreads, including price - spread, inter - period spread, and cross - variety ratio [1]. Summary by Category - **Price - spread**: The positive price - spread is - 22.60 with a change of 8.05. For different varieties like IF, IH, IC, and IM, their price - spreads and changes are detailed, such as IC price - spread being - 99.32 with a change of 22.02 [1]. - **Inter - period spread**: Various inter - period spreads like next - month minus current - month, far - month minus near - month are given for different futures varieties. For example, for IF, the next - month minus current - month is - 13.00 with a change of 1.20 [1]. - **Cross - variety ratio**: Ratios such as CSI 500/CSI 300, IC/IF are presented, along with their changes and percentiles. For instance, the IC/IF ratio is 1.5514 with a change of - 0.0051 [1]. Report 2: Treasury Bond Futures Spread Daily Report Core View The report shows the latest values, changes from the previous trading day, and percentiles since listing of IRR, basis, inter - period spread, and cross - variety spread of different treasury bond futures [2]. Summary by Category - **Basis**: The basis values of TS, TF, T, and TL futures are provided, along with their changes and percentiles. For example, the T basis is 1.8116 with a change of 0.0822 [2]. - **Inter - period spread**: Inter - period spreads like current - quarter minus next - quarter, current - quarter minus far - quarter are detailed for different futures. For example, for TS, the current - quarter minus next - quarter is 0.0480 with a change of 0.0060 [2]. - **Cross - variety spread**: Cross - variety spreads such as TS - TF, TS - T are given. For example, the TS - TF spread is - 3.4690 with a change of 0.0570 [2]. Report 3: Precious Metals Spot - Futures Daily Report Core View The report provides the closing prices of domestic and foreign futures, spot prices, basis, ratio, interest rate, exchange rate, inventory, and position data of precious metals, along with their changes and percentiles [4]. Summary by Category - **Futures and Spot Prices**: Domestic futures closing prices of AU2512 and AG2512, foreign futures closing prices of COMEX gold and silver, and spot prices of London gold and silver, Shanghai Gold Exchange T + D are presented with their changes. For example, the AU2512 contract price is 917.80 with a change of 5.54 [4]. - **Basis**: The basis values of gold and silver in different markets like gold TD - Shanghai gold main contract, London gold - COMEX gold are given, along with their changes and percentiles [4]. - **Ratio**: Ratios such as COMEX gold/silver, Shanghai Futures Exchange gold/silver are provided with their changes [4]. - **Interest Rate and Exchange Rate**: Data on 10 - year US Treasury yield, 2 - year US Treasury yield, etc., and exchange rates like the US dollar index and offshore RMB exchange rate are presented with their changes [4]. - **Inventory and Position**: Inventory data of Shanghai Futures Exchange and COMEX for gold and silver, and position data of ETFs are given with their changes [4]. Report 4: Container Shipping Industry Spot - Futures Daily Report Core View The report offers settlement price indices, futures prices, basis, fundamental data including supply, foreign - trade related indicators, and overseas economic data of the container shipping industry [6]. Summary by Category - **Settlement Price Index**: SCFIS for European and US - West routes, and Shanghai Export Container Freight Index for different routes are presented with their changes. For example, the SCFIS (European route) is 1208.71 with a change of - 104.0 [6]. - **Futures Price and Basis**: Futures prices of different contracts like EC2602, EC2512 (main contract), and the basis of the main contract are given with their changes [6]. - **Fundamental Data**: Global container shipping capacity supply, Shanghai port - related indicators (quasi - punctuality rate, berthing situation), monthly export amount, and overseas economic indicators (euro - zone PMI, EU consumer confidence index) are provided with their changes [6].

Group 1: Report Industry Investment Rating - No information provided in the reports Group 2: Core Views - The reports present the latest data and changes in the price spreads, basis, and other indicators of stock index futures, treasury bond futures, precious metals futures, and container shipping futures on November 6 - 7, 2025, including price differences, historical quantiles, and percentage changes [1][2][4][6] Group 3: Summaries by Related Catalogs Stock Index Futures - **Price Spreads**: The current - spot price spreads, inter - period price spreads, and cross - period price spreads of IF, IH, IC, and IM are presented, along with their changes from the previous day and historical quantiles. For example, the current - spot price spread of IC is - 99.32, with a change of 22.02 from the previous day [1] - **Cross - Variety Ratios**: Ratios such as CSI 500/CSI 300, IC/IF, etc., are provided, including their values, changes, and historical quantiles [1] Treasury Bond Futures - **Basis**: The basis of TS, TF, T, and TL is presented, including the latest values, changes from the previous day, and historical quantiles. For example, the basis of T is 1.8116, with a change of 0.0822 from the previous day [2] - **Inter - Period Price Spreads**: Inter - period price spreads such as current - next quarter, current - far quarter, etc., are provided, along with their changes and historical quantiles [2] - **Cross - Variety Price Spreads**: Cross - variety price spreads such as TS - TF, TS - T, etc., are presented, including their values, changes, and historical quantiles [2] Precious Metals Futures - **Futures Closing Prices**: Domestic and foreign futures closing prices of gold and silver are provided, including their changes and percentage changes. For example, the AU2512 contract closed at 917.80 yuan/g on November 6, with a 0.61% increase [4] - **Spot Prices**: Spot prices of London gold, London silver, etc., are presented, including their changes and percentage changes [4] - **Basis**: The basis of gold and silver, such as gold TD - Shanghai gold main contract, is provided, along with its changes and historical quantiles [4] - **Ratios**: Ratios such as COMEX gold/silver, SHFE gold/silver are presented, including their values and changes [4] - **Interest Rates and Exchange Rates**: Values, changes, and percentage changes of 10 - year US Treasury yields, 2 - year US Treasury yields, etc., are provided [4] - **Inventory and Positions**: Inventory and position data of gold and silver in SHFE, COMEX, etc., are presented, including their changes and percentage changes [4] Container Shipping Futures - **Index Data**: SCFIS (European and US West routes), SCFI comprehensive index, etc., are provided, including their changes and percentage changes [6] - **Futures Prices and Basis**: Futures prices of EC2602, EC2512 (main contract), etc., and the basis of the main contract are presented, along with their changes and percentage changes [6] - **Fundamental Data**: Data on global container shipping capacity supply, port on - time rates, port calls, monthly export amounts, and overseas economic indicators are provided, including their changes and percentage changes [6]

Group 1: Stock Index Futures Spread Daily Report Report Industry Investment Rating - Not provided Core View - The report presents the latest values, changes from the previous day, historical 1 - year percentiles, and all - time percentiles of stock index futures spreads, including IF, IH, IC, and IM for both spot - futures spreads and inter - period spreads, as well as cross - variety ratios [1]. Summary by Relevant Catalog - **IF Spreads**: IF spot - futures spread is - 18.60, down 9.34 from the previous day, with a 1 - year percentile of 40.90% and an all - time percentile of 24.70%. For inter - period spreads, differences exist among different contract combinations [1]. - **IH Spreads**: IH spot - futures spread is 0.25, down 3.40 from the previous day, with a 1 - year percentile of 57.30% and an all - time percentile of 57.90%. Inter - period spreads also show various values and changes [1]. - **IC Spreads**: IC spot - futures spread is - 94.00, down 5.40 from the previous day, with a 1 - year percentile of 22.50% and an all - time percentile of 4.00%. Inter - period spreads have significant differences in different combinations [1]. - **IM Spreads**: IM spot - futures spread is - 140.12, down 1.64 from the previous day, with a 1 - year percentile of 65.00% and an all - time percentile of 11.30%. Inter - period spreads vary across different contracts [1]. - **Cross - Variety Ratios**: Ratios such as CSI 500/CSI 300, CSI 500/SSE 50, etc., are presented with their latest values, changes, and percentiles [1]. Group 2: Treasury Bond Futures Spread Daily Report Report Industry Investment Rating - Not provided Core View - The report shows the latest values, changes from the previous day, and percentiles since listing of basis, inter - period spreads, and cross - variety spreads of treasury bond futures, including TS, TF, T, and TL [3]. Summary by Relevant Catalog - **Basis**: For TS, TF, T, and TL, the basis values are 1.7072, 1.8596, 1.7662, and 1.3845 respectively on November 3, 2025, with corresponding changes and percentiles [3]. - **Inter - period Spreads**: Each type of treasury bond futures has different inter - period spreads (e.g., current quarter - next quarter, current quarter - far quarter) with their own values, changes, and percentiles [3]. - **Cross - Variety Spreads**: Spreads between different types of treasury bond futures (e.g., TS - TF, TS - T) are presented with their values, changes, and percentiles [3]. Group 3: Precious Metals Spot - Futures Daily Report Report Industry Investment Rating - Not provided Core View - The report provides domestic and foreign futures closing prices, spot prices, basis, FRA, interest rates, exchange rates, inventory, and positions of precious metals (gold and silver), along with their changes and percentiles [4]. Summary by Relevant Catalog - **Domestic Futures**: AU2512 contract closed at 922.58 yuan/gram on November 3, up 0.66 yuan (0.07%) from the previous day. AG2512 contract closed at 11455 yuan/kg, up 14 yuan (0.12%) [4]. - **Foreign Futures**: COMEX gold and silver futures prices decreased on November 3 compared to the previous day, with COMEX gold down 0.62% and COMEX silver down 0.99% [4]. - **Spot Prices**: London gold and silver, and Shanghai Gold Exchange's T + D prices also changed, with London gold down 0.04% and London silver down 1.21% [4]. - **Basis**: The basis of gold TD - Shanghai gold main contract decreased by 1.48, with a 1 - year percentile of 55.80%. The basis of silver TD - Shanghai silver main contract increased by 18, with a 1 - year percentile of 71.40% [4]. - **FRA and Ratios**: COMEX gold/silver ratio increased by 0.37%, while the Shanghai Futures Exchange gold/silver ratio decreased by 0.05% [4]. - **Interest Rates and Exchange Rates**: 10 - year US Treasury yield increased by 0.5%, the US dollar index increased by 1.52%, and the offshore RMB exchange rate decreased by 0.82% [4]. - **Inventory and Positions**: Some inventories decreased, such as COMEX gold inventory down 0.44% and COMEX silver inventory down 0.02%. SPRD gold ETF position decreased by 0.11% [4]. Group 4: Container Shipping Industry Spot - Futures Daily Report Report Industry Investment Rating - Not provided Core View - The report includes spot quotes, container shipping indices, futures prices, basis, and fundamental data of the container shipping industry, showing their changes and related percentage changes [6]. Summary by Relevant Catalog - **Spot Quotes**: Spot freight rates from Shanghai to Europe of different shipping companies changed on November 4, 2025. For example, MAERSK increased by 8.81%, while CMA decreased by 0.58% [6]. - **Container Shipping Indices**: SCFIS (European route) decreased by 7.92%, while SCFIS (US West route) increased by 14.43%. Shanghai Export Container Freight Index also had different changes in different routes [6]. - **Futures Prices and Basis**: All futures contracts of EC series increased on November 3 compared to the previous day. The basis of the main contract (EC2512) decreased by 12.4 (4.73%) [6]. - **Fundamental Data**: Global container shipping capacity supply remained unchanged. Port on - time rate in Shanghai increased by 133.59%, while port calls decreased by 9.59%. Monthly export volume increased by 2.15%. Overseas economic indicators also changed, such as the eurozone's composite PMI increasing by 1.95% [6].

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report Silicon ferroalloy and manganese ferroalloy are expected to experience wide - range fluctuations due to sector sentiment and supply - demand disturbances [1]. 3) Summary by Related Catalogs Fundamental Tracking - **Futures Data**: For silicon ferroalloy, the closing price of SiFe2601 is 5526, up 26 from the previous trading day, with a trading volume of 118,520 and an open interest of 158,005; SiFe2605 has a closing price of 5604, up 38, a trading volume of 2,227, and an open interest of 8,437. For manganese ferroalloy, MnSi2601 has a closing price of 5794, up 22, a trading volume of 161,410, and an open interest of 350,214; MnSi2605 has a closing price of 5846, up 30, a trading volume of 11,640, and an open interest of 42,056 [1]. - **Spot Data**: The price of silicon ferroalloy FeSi75 - B in Inner Mongolia is 5250 yuan/ton, silicon manganese FeMn65Si17 in Inner Mongolia is 5650 yuan/ton (down 10 yuan/ton from the previous day), manganese ore Mn44 block is 39.8 yuan/ton - degree, and semi - coke small material in Shenmu is 760 yuan/ton [1]. - **Spread Data**: The spot - January futures spread of silicon ferroalloy is - 276 yuan/ton (down 26 yuan/ton), that of manganese ferroalloy is - 144 yuan/ton (down 32 yuan/ton). The near - far month spread of silicon ferroalloy (SiFe2601 - 2605) is - 78 yuan/ton (down 12 yuan/ton), and that of manganese ferroalloy (MnSi2601 - 2605) is - 52 yuan/ton (down 8 yuan/ton). The cross - variety spread of MnSi2601 - SiFe2601 is 268 yuan/ton (down 4 yuan/ton), and that of MnSi2605 - SiFe2605 is 242 yuan/ton (down 8 yuan/ton) [1]. Macroeconomic and Industry News - **Price Information**: On November 3, 2025, the price of 72 silicon ferroalloy in Shaanxi is 5100 - 5200 yuan/ton, in Ningxia is 5200 - 5250 yuan/ton (down 50 yuan/ton), in Qinghai is 5150 - 5250 yuan/ton (down 25 yuan/ton), in Gansu is 5200 - 5250 yuan/ton, and in Inner Mongolia is 5150 - 5250 yuan/ton (down 25 yuan/ton). The price of 75 silicon ferroalloy in Shaanxi is 5700 - 5750 yuan/ton (down 25 yuan/ton), in Ningxia is 5700 - 5750 yuan/ton, in Qinghai is 5700 - 5750 yuan/ton, in Gansu is 5700 - 5800 yuan/ton, and in Inner Mongolia is 5700 - 5750 yuan/ton (down 50 yuan/ton). The FOB price of 72 silicon ferroalloy is 1030 - 1050 dollars/ton, and 75 is 1110 - 1130 dollars/ton (down 10 dollars/ton). The northern quotation of 6517 silicon manganese is 5550 - 5650 yuan/ton (down 25 yuan/ton), and the southern quotation is 5600 - 5700 yuan/ton [1]. - **Electricity Price and Market**: In October 2025, the electricity price for silicon ferroalloy production in Qinghai was settled. The off - peak electricity price is 0.375 - 0.42 yuan/kWh, and the full - load electricity price is 0.43 - 0.44 yuan/kWh, up 3 - 6 cents, resulting in an inverted cost situation. The futures market opened lower and rose slightly, and the factory market price in the morning was relatively stable [1]. - **Production Forecast**: From January to October 2025, the total production of silicon manganese was about 9.0396 million tons, with 6517 silicon manganese accounting for 88.4% of the total. The production from April to June was at a low level, and it has rebounded significantly since July. It is expected that the production of 6517 silicon manganese will continue to increase from November to December, and the monthly production may exceed 900,000 tons. The production and proportion of medium - and high - silicon silicon manganese are slowly rising, mainly due to new production capacity and the conversion from 6517 production. The demand for special medium - silicon silicon manganese from downstream stainless - steel mills has increased significantly [3]. Trend Intensity The trend intensity of silicon ferroalloy is 0, and that of manganese ferroalloy is 0, indicating a neutral view. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [4].

Report Summary 1. Report Industry Investment Rating - The report does not provide an industry investment rating [1] 2. Core Viewpoints - Silicon ferroalloy and manganese ferroalloy are expected to experience weak and volatile trends due to sector sentiment and supply - demand disturbances [1] 3. Summary by Relevant Contents a. Fundamental Data Tracking - **Futures Data**: For silicon ferroalloy futures, SiFe2601 closed at 5500 yuan/ton, down 50 yuan from the previous trading day, with a trading volume of 151,902 and an open interest of 163,466; SiFe2605 closed at 5566 yuan/ton, down 82 yuan, with a trading volume of 1,745 and an open interest of 7,516. For manganese ferroalloy futures, MnSi2601 closed at 5772 yuan/ton, down 70 yuan, with a trading volume of 218,323 and an open interest of 352,439; MnSi2605 closed at 5816 yuan/ton, down 74 yuan, with a trading volume of 13,655 and an open interest of 39,646 [1] - **Spot Data**: The price of silicon ferroalloy (FeSi75 - B) in Inner Mongolia was 5250 yuan/ton; the price of silicon - manganese (FeMn65Si17) in Inner Mongolia was 5660 yuan/ton, down 20 yuan. The price of manganese ore (Mn44 block) was 39.8 yuan/ton - degree, and the price of semi - coke (small material) in Shenmu was 760 yuan/ton [1] - **Price Difference Data**: The spot - futures price difference for silicon ferroalloy (spot - 01 futures) was - 250 yuan/ton, up 50 yuan; for manganese ferroalloy, it was - 112 yuan/ton, up 50 yuan. The near - far month price difference for silicon ferroalloy (SiFe2601 - 2605) was - 66 yuan/ton, and for manganese ferroalloy (MnSi2601 - 2605) was - 44 yuan/ton. The cross - variety price difference for MnSi2601 - SiFe2601 was 272 yuan/ton, down 20 yuan; for MnSi2605 - SiFe2605 was 250 yuan/ton, up 8 yuan [1] b. Macro and Industry News - **Product Price Information**: On October 31st, the price of 72 silicon ferroalloy in Shaanxi was 5100 - 5200 yuan/ton, in Ningxia 5250 - 5300 yuan/ton, in Qinghai 5200 - 5250 yuan/ton (+25), in Gansu 5200 - 5250 yuan/ton, and in Inner Mongolia 5200 - 5250 yuan/ton. The price of 75 silicon ferroalloy in Shaanxi was 5700 - 5800 yuan/ton, in Ningxia 5700 - 5750 yuan/ton, in Qinghai 5700 - 5750 yuan/ton, in Gansu 5700 - 5800 yuan/ton, and in Inner Mongolia 5750 - 5800 yuan/ton. The FOB price of 72 silicon ferroalloy was 1030 - 1050 dollars/ton, and 75 was 1110 - 1130 dollars/ton (-10). The northern quotation of 6517 silicon - manganese was 5600 - 5650 yuan/ton (+50), and the southern quotation was 5600 - 5700 yuan/ton [1] - **Production Information**: In October, the production of manganese ferroalloy factories in Ningxia was basically unchanged, with individual factories switching from high - silicon silicon - manganese to 6517 at the end of the month, having little impact on production. The total production of silicon - manganese in Ningxia was about 21.07 million tons, of which 6517 production was about 19.97 million tons. In Inner Mongolia, some factories reduced production or switched production at the end of the month, while some resumed production after the National Day, with overall production still showing a slight increase. The total production of silicon - manganese in Inner Mongolia in October was about 45.48 million tons, of which 6517 production was about 36.53 million tons. In October, there were 77 silicon ferroalloy enterprises in production nationwide, with 249 submerged arc furnaces in operation. The average monthly start - up rate of silicon ferroalloy in October was 50.83%, a slight decrease of 0.05% compared to September. The production was expected to be 48.9 million tons, an increase of 1.02 million tons compared to September, a growth rate of 2.13%, and a decrease of 0.55 million tons compared to the same period last year, a year - on - year decrease of 1.11%. From January to October 2025, the cumulative production was 459.6 million tons, an increase of 1.71 million tons compared to the same period last year, a growth rate of 0.37% [1][3] - **Inventory Information**: As of this Friday, the manganese ore inventory at Tianjin Port was 377.64 million tons, a decrease of 0.65 million tons from the previous period; at Qinzhou Port, it was 47.77 million tons, a decrease of 8.76 million tons; at Caofeidian Port, it was 0 million tons with no inbound or outbound manganese ore this week; at Fangchenggang Port, it was 0.2 million tons, a decrease of 0.4 million tons. As of October 31st, the total manganese ore inventory was 425.61 million tons, a decrease of 9.81 million tons from the previous period [3] c. Trend Intensity - The trend intensity of silicon ferroalloy is 0, and that of manganese ferroalloy is also 0, indicating a neutral outlook [4]

Report Industry Investment Rating - Gold: Neutral [8] - Silver: Neutral [8] - Arbitrage: Sell short the gold-silver ratio on rallies [8] - Options: Postpone [9] Core View - The Fed is likely to continue cutting interest rates in October, and the market has fully priced in this expected rate cut. Coupled with factors that reduce short-term risk aversion, precious metals are expected to continue to show a volatile trend [8]. Summary According to Related Catalogs Market Analysis - The U.S. Senate failed to pass the procedural vote on the "2025 Fiscal Year Continuing Appropriations and Extension Act" for the 13th time, so the government shutdown will continue. ADP will launch weekly employment data, and the first report shows that the average number of private-sector jobs in the U.S. increased by 14,250 in the four weeks ending October 11 [1]. Futures Quotes and Volumes - On October 28, 2025, the Shanghai Gold futures main contract opened at 926.92 yuan/gram and closed at 901.38 yuan/gram, down 3.51% from the previous trading day. The trading volume was 41,087 lots, and the open interest was 129,725 lots. The night session closed at 905.06 yuan/gram, up 0.41% from the afternoon session. The Shanghai Silver futures main contract opened at 11,268.00 yuan/kg and closed at 11,049.00 yuan/kg, down 3.03% from the previous trading day. The trading volume was 1,052,828 lots, and the open interest was 321,876 lots. The night session closed at 11,180 yuan/kg, up 1.19% from the afternoon session [2]. U.S. Treasury Yield and Spread Monitoring - On October 28, 2025, the U.S. 10-year Treasury yield closed at 3.974%, down 0.19 BP from the previous trading day. The spread between the 10-year and 2-year Treasuries was 0.492%, up 0.21 BP from the previous trading day [3]. Position and Volume Changes of Gold and Silver on the SHFE - On October 28, 2025, on the Au2508 contract, the long positions decreased by 541 lots, and the short positions decreased by 242 lots. The total trading volume of Shanghai Gold contracts was 643,413 lots, a change of 24.38% from the previous trading day. On the Ag2508 contract, the long positions increased by 2 lots, and the short positions decreased by 2 lots. The total trading volume of Shanghai Silver contracts was 1,760,723 lots, a change of 35.58% from the previous trading day [4]. Precious Metal ETF Position Tracking - The gold ETF position was 1,038.92 tons, unchanged from the previous trading day. The silver ETF position was 15,210 tons, a decrease of 131 tons from the previous trading day [5]. Precious Metal Arbitrage Tracking - On October 28, 2025, the domestic gold premium was 20.15 yuan/gram, and the domestic silver premium was -625.43 yuan/kg. The price ratio of the main gold and silver contracts on the SHFE was about 81.58, down 0.49% from the previous trading day, and the overseas gold-silver ratio was 85.07, up 0.90% from the previous trading day [6]. Fundamentals - On October 28, 2025, the trading volume of gold on the Shanghai Gold Exchange's T+d market was 67,744 kg, a change of 21.58% from the previous trading day. The trading volume of silver was 765,416 kg, a change of 17.10% from the previous trading day. The gold delivery volume was 11,166 kg, and the silver delivery volume was 16,830 kg [7].

1. Report Industry Investment Rating No information provided in the given reports. 2. Report Core Views No explicit core views are presented in the reports. The reports mainly provide data on various financial products such as stock index futures spreads, bond futures spreads, precious metals, and container shipping, including the latest values, changes from the previous day, historical quantiles, etc. 3. Summary According to Relevant Catalogs 3.1 Stock Index Futures Spreads - **Futures - Spot Spreads**: For example, the F futures - spot spread is -0.34 with a 1 - year historical quantile of 32.70%, and the IC futures - spot spread is -98.73 with a 1 - year historical quantile of 19.20% [1]. - **Inter - delivery Spreads**: Such as the difference between the next - month and current - month contracts, e.g., for F, the next - month minus current - month is -13.60 with a 1 - year historical quantile of 30.30% [1]. - **Cross - Variety Ratios**: For instance, the IC/IF ratio is 1.5448 with a 1 - year historical quantile of 85.20% [1]. 3.2 Bond Futures Spreads - **Basis**: On October 24, 2025, the TS basis is 1.2902 with a 1 - year historical quantile of 12.50%, and the TF basis is 1.5400 with a 1 - year historical quantile of 40.10% [2]. - **Inter - delivery Spreads**: For example, the difference between the current - quarter and next - quarter contracts for T is 0.3300 with a 1 - year historical quantile of 43.60% [2]. - **Cross - Variety Spreads**: On October 24, 2025, the TS - TF spread is -3.2830 with a 1 - year historical quantile of 12.80% [2]. 3.3 Precious Metals - **Futures and Spot Prices**: On October 24, 2025, the AU2512 contract closed at 938.10, down -0.44% from the previous day, and the COMEX gold主力 contract closed at 4126.90, down -0.39% [3]. - **Basis**: The gold TD - Shanghai gold主力 basis is -2.77 with a 1 - year historical quantile of 44.50%, and the silver TD - Shanghai silver主力 basis is -15 with a 1 - year historical quantile of 67.80% [3]. - **Price Ratios**: The COMEX gold/silver ratio is 85.25, up 0.10% from the previous day, and the Shanghai Futures Exchange gold/silver ratio is 82.78, up 0.74% [3]. - **Interest Rates and Exchange Rates**: The 10 - year US Treasury yield is 4.02, up 0.2% from the previous day, and the US dollar index is 98.94, up 0.01% [3]. - **Inventory and Holdings**: The Shanghai Futures Exchange gold inventory is 87015 kg, unchanged from the previous day, and the COMEX gold inventory is 38877087, down -0.21% [3]. 3.4 Container Shipping - **Spot Quotes**: On October 27, 2025, the MAERSK price for Shanghai - Europe in the next 6 weeks is 2364 dollars/FEU, down -0.38% from the previous day, and the CMA CGM price is 3425 dollars/FEU, up 3.54% [4]. - **Shipping Indexes**: The SCFIS (European route) settlement price index on October 20 is 1140.38 points, up 10.52% from October 13, and the SCFIS (US West route) is 863.46 points, up 0.11% [4]. - **Futures Prices and Basis**: On October 24, 2025, the EC2602 contract is 1601.0, up 1.20% from the previous day, and the basis of the main contract is -368.6, down 8.89% [4]. - **Fundamentals**: The global container shipping capacity supply on October 27 is 3327.99 million TEU, unchanged from the previous day. The port punctuality rate in Shanghai in August is 42.77, up 133.59% from the previous month [4].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Gold is in a high - level adjustment, and silver has seen a rapid price decline as the spot contradiction eases. The gold - silver ratio has risen from 78.6 to 85.6, mainly due to the sharp drop in silver prices. The first target for silver's downward movement is $47.5, and the second is $43 - 44. Gold needs a monthly - level price adjustment, but its bottom support is stronger than silver's [3]. - The US economic outlook is complex. Although the real demand is not weak, the expectations are affected by policies. The US government shutdown has continued for four weeks, and 10 - month hard data may be missing. Soft data shows an improvement in October's Markit manufacturing, services, and composite PMIs compared to September, with the new orders composite index reaching its highest level this year. However, the manufacturing employment index has dropped to a three - month low [3]. 3. Summary by Relevant Catalogs 3.1 Transaction Aspect (Price, Spread, Inventory, Capital, and Position) 3.1.1 Overseas Spot - Futures Price Spread - This week, the spread between London spot and COMEX gold主力 fell to - $15.345 per ounce, and the spread between COMEX gold continuous and COMEX gold主力 was - $22.7 per ounce [9]. - The spread between London spot and COMEX silver主力 rose to $0.2135 per ounce, and the spread between COMEX silver continuous and COMEX silver主力 was - $0.27 per ounce [12]. 3.1.2 Domestic Spot - Futures Price Spread - This week, the gold spot - futures price spread was - 2.77 yuan per gram, at the lower end of the historical range [16]. - The silver spot - futures price spread was - 15 yuan per gram, at the upper end of the historical range [19]. 3.1.3 Monthly Spread - This week, the gold monthly spread was 7.12 yuan per gram, at the upper end of the historical range [23]. - The silver monthly spread was 46 yuan per gram, at the upper end of the historical range [27]. 3.1.4 Cross - Month Positive Arbitrage Delivery Cost - For gold, the total cost of buying TD and selling Shanghai gold was 4.20 yuan per gram, and the cost of buying Shanghai gold December contract and selling June contract was 15.69 yuan per gram [30][31]. - For silver, the total cost of buying TD and selling Shanghai silver was 50.54 yuan per kilogram, and the cost of buying Shanghai silver December contract and selling June contract was 178.05 yuan per kilogram [32][33]. 3.1.5 Deferred Fee Payment Direction - This week, the gold exchange's deferred fee for gold was mainly paid by longs to shorts, indicating strong delivery power. The same was true for silver [34]. 3.1.6 Inventory and Position - to - Inventory Ratio - This week, COMEX gold inventory decreased by 0.23 million ounces, and the registered warrant ratio rose to 51.3%. COMEX silver inventory decreased by 389 tons to 15,456 tons, and the registered warrant ratio dropped to 33.7%. Gold futures inventory increased by 2.41 tons, and silver futures inventory decreased by 255 tons to 664 tons [36][38][41]. 3.1.7 CFTC Non - Commercial Position - This week, the non - commercial net long position of COMEX CFTC gold increased slightly, while that of silver decreased slightly [43]. 3.1.8 ETF Position - This week, the gold SPDR ETF inventory increased by 12.31 tons, and the silver SLV ETF inventory increased by 77.59 tons [49][51]. 3.1.9 Gold - Silver Ratio - This week, the gold - silver ratio fell from 78.6 to 85.6 [54]. 3.1.10 COMEX Gold Delivery Volume and Gold - Silver Lease Rate - This week, the 3 - month gold lease rate was - 0.13%, and the 3 - month silver lease rate was 13.86% [57]. 3.2 Core Drivers of Gold 3.2.1 Gold and Real Interest Rate - This week, the correlation between gold and real interest rate recovered, and the 10 - year TIPS continued to decline [62]. 3.2.2 Inflation and Retail Sales Performance - Not summarized in detail as only relevant charts are provided without specific text analysis [67] 3.2.3 Non - Farm Employment Performance - Not summarized in detail as only relevant charts are provided without specific text analysis [70] 3.2.4 Industrial Manufacturing Cycle and Financial Conditions - Not summarized in detail as only relevant titles are provided without specific content [75] 3.2.5 Economic Surprise Index and Inflation Surprise Index - Not summarized in detail as only relevant titles are provided without specific content [77] 3.2.6 Fed Rate - Cut Probability - Not summarized in detail as only a title is provided without specific content [79]

Report 1: Stock Index Futures Spread Daily Report Core View - Presents the latest values, historical 1 - year and full - history percentiles, and changes compared to the previous day of various stock index futures spreads (including inter - period spreads and basis spreads) on October 17, 2025 [1]. Summary by Relevant Catalog - **Basis Spreads**: For example, the IF basis spread is - 0.20, the IC basis spread is - 169.53, and the IM basis spread is - 196.84. Different contracts have corresponding basis spread values and percentile data [1]. - **Inter - period Spreads**: Such as the "next month - current month", "quarter month - current month", etc. Each spread has its own latest value, change, and percentile information [1]. Report 2: Treasury Bond Futures Spread Daily Report Core View - Displays the latest values, changes compared to the previous trading day, and percentiles since listing of various spreads (including basis spreads and inter - period spreads) of Treasury bond futures on October 17, 2025 [2]. Summary by Relevant Catalog - **Basis Spreads**: The TS basis is - 0.0217, the TF basis is 1.5010, the T basis is 1.6211, and the TL basis is 0.1552, with corresponding percentile and change data [2]. - **Inter - period Spreads**: Different inter - period spreads like "current quarter - next quarter", "next quarter - far quarter" have their values, changes, and percentiles [2]. - **Cross - variety Spreads**: Spreads such as TS - TF, TS - T, etc. are presented with their data [2]. Report 3: Precious Metals Spot - Futures Daily Report Core View - Provides the closing prices of domestic and foreign precious metals futures, spot prices, basis spreads, ratios, interest rates, exchange rates, inventory, and positions on October 17, 2025 [3]. Summary by Relevant Catalog - **Futures and Spot Prices**: Domestic AU2512 contract closed at 966.42, and foreign COMEX gold closed at 4344.30. Spot London gold was at 4326.48, etc., with corresponding price changes and percentage changes [3]. - **Basis Spreads**: Gold TD - Shanghai gold main contract basis is 0.87, and silver TD - Shanghai silver main contract basis is - 36, with historical 1 - year percentile data [3]. - **Ratios, Interest Rates, and Exchange Rates**: Ratios like COMEX gold/silver, and interest rates of 10 - year and 2 - year US Treasury bonds, as well as the US dollar index and offshore RMB exchange rate are provided [3]. - **Inventory and Positions**: Information on inventories of Shanghai Futures Exchange and COMEX, and positions of ETFs are given [3]. Report 4: Container Shipping Industry Spot - Futures Daily Report Core View - Shows the spot quotes, container shipping indices, futures prices, basis spreads, and fundamental data of the container shipping industry on October 17, 2025 [4]. Summary by Relevant Catalog - **Spot Quotes**: Spot quotes of shipping routes from Shanghai to Europe by different shipping companies (e.g., MAERSK, CMA) are presented with price changes and percentage changes [4]. - **Container Shipping Indices**: Settlement price indices of European and US - West routes, and Shanghai export container freight indices have corresponding price changes and percentage changes [4]. - **Futures Prices and Basis Spreads**: Futures prices of different contracts (e.g., EC2602, EC2604) and the basis spread of the main contract are provided [4]. - **Fundamental Data**: Data on global container shipping capacity supply, port - related indicators in Shanghai, monthly export amounts, and overseas economic indicators are presented [4].