交易咨询业务资格：证监许可【2012】1091号 1、基本面：由于供应充足且需求疲软，亚洲高硫燃料油市场结构进一步走弱。此前，380CST高硫燃料油现货价 差在截至2月20日的一周内触及近11个月高点后，已连续第三个交易日下跌；得益于壳牌对3月装船的船货持续强 劲的出价，新加坡含硫0.5%船用燃料油的现货价差为升水1.88美元/吨。数据显示，目前现货升水是自1月29日以 来的最高水平；中性 2、基差：新加坡高硫燃料油412.82美元/吨，基差为-19元/吨，新加坡低硫燃料油为489.45美元/吨，基差为-28元 /吨，现货偏平水期货；中性 3、库存：新加坡燃料油2月11日当周库存为2637.9万桶，增加85万桶；偏空 4、盘面：价格在20日线上方，20日线偏上；偏多 5、主力持仓：高硫主力持仓空单，空增，偏空；低硫主力持仓空单，空减，偏空 6、预期：目前高硫燃料油市场供应充足，而下游船用燃料需求没能提供太多支撑，给市场结构带来压力，隔夜 地缘担忧暂无加重迹象，油价震荡调整运行，燃油窄幅震荡。FU2605：2890-2940区间运行，LU2605：3450-3490 区间运行 近期多空分析 利多： 2026-0 ...

Report Summary 1. Core View - Confirmation of off - season during peak season and the start of the release of the "reservoir" for the pig industry [1] 2. Fundamental Data - **Spot Prices**: Henan spot price is 12,430 yuan/ton, down 450 yuan; Sichuan spot price is 11,650 yuan/ton, unchanged; Guangdong spot price is 11,860 yuan/ton, down 200 yuan [2] - **Futures Prices**: The price of live - hog 2603 is 10,860 yuan/ton, down 135 yuan; live - hog 2605 is 11,625 yuan/ton, down 60 yuan; live - hog 2607 is 12,195 yuan/ton, down 50 yuan [2] - **Trading Volume and Open Interest**: For live - hog 2603, trading volume is 28,725 lots, down 8,149 lots, and open interest is 65,988 lots, down 8,876 lots; for live - hog 2605, trading volume is 48,568 lots, down 19,829 lots, and open interest is 143,321 lots, down 1,148 lots; for live - hog 2607, trading volume is 4,422 lots, down 3,540 lots, and open interest is 50,102 lots, down 154 lots [2] - **Price Spreads**: The basis of live - hog 2603 is 1,570 yuan/ton, down 315 yuan; the basis of live - hog 2605 is 805 yuan/ton, down 390 yuan; the basis of live - hog 2607 is 235 yuan/ton, down 400 yuan; the spread between live - hog 2603 and 2605 is - 765 yuan/ton, down 75 yuan; the spread between live - hog 2605 and 2607 is - 570 yuan/ton, down 10 yuan [2] 3. Market Information - Guangxi Yangxiang registered 100 lots of warehouse receipts for the March contract; Dekang registered 525 lots; Fuyuan registered 22 lots [3] 4. Trend Intensity - The trend intensity is - 2, indicating the most bearish view [4]

Report Industry Investment Rating No relevant information provided. Core View of the Report The report presents the daily arbitrage data of various futures varieties on February 9, 2026, including the basis, inter - period spreads, and inter - variety spreads of power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. Summary by Directory 1. Power Coal - **Basis and Inter - period Spreads**: The basis and inter - period spreads (5 - 1 month, 9 - 5 month, 9 - 1 month) of power coal from February 2 to February 6, 2026, are presented. For example, on February 6, 2026, the basis was - 106 yuan/ton [2]. 2. Energy Chemicals (1) Energy Commodities - **Basis and Ratios**: The basis and ratios (such as crude oil/bitumen) of fuel oil, INE crude oil, etc. from February 2 to February 6, 2026, are provided. For instance, on February 6, 2026, the basis of INE crude oil was 7.63 yuan/ton [7]. (2) Chemical Commodities - **Basis**: The basis of rubber, methanol, PTA, LLDPE, PVC, and PP from February 2 to February 6, 2026, is given. For example, on February 6, 2026, the basis of rubber was - 80 yuan/ton [9]. - **Inter - period Spreads**: The inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented. For example, the 5 - 1 month spread of rubber was - 535 yuan/ton [10]. - **Inter - variety Spreads**: The inter - variety spreads (LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3*methanol) from February 2 to February 6, 2026, are shown. For example, on February 6, 2026, the LLDPE - PVC spread was 1776 yuan/ton [10]. 3. Black Metals - **Basis**: The basis of螺纹钢, iron ore, coke, and coking coal from February 2 to February 6, 2026, is provided. For example, on February 6, 2026, the basis of螺纹钢 was 133.0 yuan/ton [21]. - **Inter - period Spreads**: The inter - period spreads (5 - 1 month, 9(10) - 1 month, 9(10) - 5 month) of螺纹钢, iron ore, coke, and coking coal are presented. For example, the 5 - 1 month spread of螺纹钢 was - 80 yuan/ton [20]. - **Inter - variety Spreads**: The inter - variety spreads (螺/矿, 螺/焦炭, 焦炭/焦煤, 螺 - 热卷) from February 2 to February 6, 2026, are shown. For example, on February 6, 2026, the 螺/矿 ratio was 4.04 [20]. 4. Non - ferrous Metals (1) Domestic Market - **Basis**: The domestic basis of copper, aluminum, zinc, lead, nickel, and tin from February 2 to February 6, 2026, is given. For example, on February 6, 2026, the basis of copper was - 270 yuan/ton [29]. (2) London Market - **LME Spreads, Ratios, and Import Profits/Losses**: The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profits/losses of copper, aluminum, zinc, lead, nickel, and tin on February 6, 2026, are presented. For example, the LME spread of copper was (70.95) [35]. 5. Agricultural Products - **Basis**: The basis of soybeans (bean one, bean two), soybean meal, soybean oil, corn, etc. from February 2 to February 6, 2026, is provided. For example, on February 6, 2026, the basis of bean one was - 218 yuan/ton [39]. - **Inter - period Spreads**: The inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of soybeans, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are presented. For example, the 5 - 1 month spread of soybeans was - 43 yuan/ton [39]. - **Inter - variety Spreads**: The inter - variety spreads (soybean one/corn, soybean two/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, corn - corn starch) from February 2 to February 6, 2026, are shown. For example, on February 6, 2026, the soybean one/corn ratio was 1.93 [39]. 6. Stock Index Futures - **Basis**: The basis of CSI 300, SSE 50, CSI 500, and CSI 1000 from February 2 to February 6, 2026, is provided. For example, on February 6, 2026, the basis of CSI 300 was 4.70 [51]. - **Inter - period Spreads**: The inter - period spreads (next month - current month, next quarter - current quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, the next month - current month spread of CSI 300 was - 50.8 [51].

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core View The report presents the daily arbitrage data of various futures commodities on February 6, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - month spreads, and inter - commodity spreads. 3. Summary by Category Power Coal - Basis data: From January 30 to February 5, 2026, the basis was - 107 to - 109 yuan/ton, and the spreads of May - January, September - January, and September - May were all 0 [1][2] Energy Chemicals - **Energy commodities**: Basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from January 30 to February 5, 2026 are provided, such as the basis of INE crude oil on February 5 was 4.17 yuan/ton [7] - **Chemical commodities**: - Basis data of rubber, methanol, PTA, LLDPE, PVC, and PP from January 30 to February 5, 2026 are presented. For example, the basis of rubber on February 5 was - 275 yuan/ton [9] - Inter - month spreads: The inter - month spreads (May - January, September - January, September - May) of rubber, methanol, PTA, etc. are given. For instance, the May - January spread of rubber was - 560 yuan/ton [10] - Inter - commodity spreads: The inter - commodity spreads of LLDPE - PVC, LLDPE - PP, etc. from January 30 to February 5, 2026 are provided. For example, the LLDPE - PVC spread on February 5 was 1731 yuan/ton [10] Black Metals - Basis data: The basis of rebar, iron ore, coke, and coking coal from January 30 to February 5, 2026 are shown. For example, the basis of rebar on February 5 was 109.0 yuan/ton [21] - Inter - month spreads: The inter - month spreads of rebar, iron ore, coke, and coking coal are provided, including May - January, September(10) - January, and September(10) - May spreads [20] - Inter - commodity spreads: The inter - commodity spreads of rebar/iron ore, rebar/coke, etc. from January 30 to February 5, 2026 are presented. For example, the rebar/iron ore ratio on February 5 was 4.02 [20] Non - Ferrous Metals - **Domestic market**: The domestic basis of copper, aluminum, zinc, lead, nickel, and tin from January 30 to February 5, 2026 are given. For example, the basis of copper on February 5 was - 460 yuan/ton [28] - **London market**: On February 5, 2026, the LME spreads (LME copper: (77.58)), LME - Shanghai ratios, CIF prices, domestic spot prices, and import profit and loss of LME non - ferrous metals are provided [35] Agricultural Products - Basis data: The basis of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from January 30 to February 5, 2026 are shown. For example, the basis of soybeans No.1 on February 5 was - 222 yuan/ton [41] - Inter - month spreads: The inter - month spreads of soybeans No.1, soybeans No.2, soybean meal, etc. are provided, covering May - January, September - January, and September - May spreads [41] - Inter - commodity spreads: The inter - commodity spreads of soybeans No.1/corn, soybeans No.2/corn, etc. from January 30 to February 5, 2026 are presented. For example, the soybeans No.1/corn ratio on February 5 was 1.94 [40][41] Stock Index Futures - Basis data: The basis of CSI 300, SSE 50, CSI 500, and CSI 1000 from January 30 to February 5, 2026 are given. For example, the basis of CSI 300 on February 5 was 133.85 [53] - Inter - month spreads: The inter - month spreads (next - to - current month, next - quarter to current - quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are provided [53]

光期研究 -50 0 50 100 150 200 09 10 10 10 11 11 12 12 01 01 02 02 03 03 04 04 05 2105-2109 2205-2209 2305-2309 2405-2409 2505-2509 2605-2609 光期黑色：铁矿石基差及价差监测日报 2026 年 2 月 4 日 1 光大证券 2020 年 半 年 度 业 绩 E V E R B R I G H T S E C U R I T I E S 1.1 合约价差 | 期货合约 | 今日收盘价 | 上日收盘价 | 变化 | 合约价差 | 今日价差 | 上日价差 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | | I05 | 777.5 | 783.0 | -5.5 | I05-I09 | 17.5 | 17.0 | 0.5 | | I09 | 760.0 | 766.0 | -6.0 | I09-I01 | 11.0 | 12.5 | -1.5 | | I01 | 749.0 | 753.5 | -4.5 | I01-I05 | ...

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core Viewpoints - The spot freight rate for the European container shipping route is expected to continue declining before the Spring Festival. The average price of 40 - foot containers in the third week of February will drop to around $2080. There is currently a discount of about 200 - 300 points in the market. With a deep discount and strong expectations, there is relatively little room for real - level gaming, and the focus is more on the expected - level gaming [1]. - The market is highly correlated with the sentiment of the commodity market recently. Attention should be paid to the intraday impact of commodity sentiment on the EC. The main event at the expected level is the pre - April 1 export rush of products such as photovoltaic. It may bring the cargo volume equivalent to about 2 container ships of 18,000 - 23,000 TEU, which is unlikely to cause full - load cabins in the post - holiday off - season but may lead to price increases by shipping companies, price stabilization, or even a slight upward trend in freight rates. Attention should be paid to the release of shipping companies' price increase notices and the possible falsification of expectations [1]. 3. Summary by Relevant Catalogs EC Contract Volume and Price - EC2602: The latest trading price is 1737.8 points, with a daily increase of 1.15%. The trading volume is 612 (a decrease of 318 compared to the previous period), and the open interest on one side is 1883 (a decrease of 456 compared to the previous period). The net long position of the top 20 members is - 205 [2]. - EC2604: The latest trading price is 1237.9 points, with a daily increase of 5.22%. The trading volume is 29296 (a decrease of 3522 compared to the previous period), and the open interest on one side is 34229 (an increase of 423 compared to the previous period). The net long position of the top 20 members is - 1655 [2]. - EC2606: The latest trading price is 1533.7 points, with a daily increase of 2.57%. The trading volume is 3147 (a decrease of 2797 compared to the previous period), and the open interest on one side is 13458 (an increase of 860 compared to the previous period). The net long position of the top 20 members is 0 [2]. - EC2608: The latest trading price is 1597.9 points, with a daily increase of 1.32%. The trading volume is 353 (a decrease of 778 compared to the previous period), and the open interest on one side is 1479 (an increase of 29 compared to the previous period) [2]. - EC2610: The latest trading price is 1128.6 points, with a daily increase of 1.37%. The trading volume is 1355 (a decrease of 1149 compared to the previous period), and the open interest on one side is 7677 (a decrease of 207 compared to the previous period) [2]. - EC2612: The latest trading price is 1439 points, with a daily increase of 3.18%. The trading volume is 29 (a decrease of 11 compared to the previous period), and the open interest on one side is 128 (an increase of 7 compared to the previous period) [2]. - Total: The total trading volume is 34792, and the total open interest on one side is 58854. The net long position of the top 20 members is - 1860 [2]. Latest Spot Freight Rates - European Routes - Weekly Spot Index: The SCFIS is 1792.14 points, with a week - on - week decrease of 3.6%. The SCFI is $1418/TEU, with a week - on - week decrease of 4.8% [4]. - Daily Spot Freight Rates: The TCI (20GP) is $1604/TEU, with a day - on - day decrease of 3.3%. The TCI (40GP) is $2725/FEU, with a day - on - day decrease of 2.4% [4]. Basis Spread - The basis of the previous trading day was 554.24 points, and the basis of the day before the previous trading day was 607.54 points, with a change of - 53.3 points [6].

Report Summary 1) Report Industry Investment Rating - Not mentioned in the provided content 2) Core View of the Report - After the adjustment, the overall risk of the market has basically been released, and investors can gradually build long positions in IC and IH contracts [2] 3) Summary According to Relevant Catalogs Market Analysis - The Fed kept its policy unchanged. Nine government departments launched the "Happy Shopping during the Spring Festival" special event from February 15 - 23, 2026, covering six aspects of consumption [1] - The US ISM Manufacturing PMI in January rose to 52.6, much higher than the expected 48.5, hitting a new high since August 2022, driven by robust growth in new orders and output [1] - In the spot market, the three major A - share indexes adjusted. The Shanghai Composite Index fell 2.48% to close at 4015.75 points, and the ChiNext Index fell 2.46%. Most sector indexes declined, with only the food and beverage and banking sectors closing higher. The trading volume of the Shanghai and Shenzhen stock markets was about 2.6 trillion yuan. Overseas, the three major US stock indexes all closed higher, with the Dow Jones rising 1.05% to 49407.66 points [1] - In the futures market, the basis of stock index futures dropped significantly. The trading volume of stock index futures increased, and only the open interest of IM increased simultaneously [1] Strategy - The domestic market gradually digested the impact of overseas liquidity expectation fluctuations. The CSI 500 and CSI 1000 were more volatile and affected. After the adjustment, investors can gradually build long positions in IC and IH [2] Macro - economic Charts - Charts include the relationship between the US dollar index and A - share trends, the US Treasury yield and A - share trends, the RMB exchange rate and A - share trends, and the US Treasury yield and A - share style trends [5][7][9] Spot Market Tracking Charts - The daily performance table of domestic major stock indexes shows the closing prices and daily changes on February 2, 2026, and February 1, 2026. The Shanghai Composite Index fell 2.48%, the Shenzhen Component Index fell 2.69%, the ChiNext Index fell 2.46%, etc. [11] - Charts include the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance [5][12] Futures Market Tracking Charts - The table of stock index futures trading volume and open interest shows the trading volume and open interest of IF, IH, IC, and IM on the day and their changes. For example, the trading volume of IF was 191408 with an increase of 12207, and the open interest was 313881 with a decrease of 18763 [13] - Charts include the open interest and open - interest ratio of each contract, and the net open interest of foreign investors in each contract [5][14][16][23][25][28][29] - The table of stock index futures basis shows the basis of each contract (futures - spot) for different delivery months and their changes [36] - The table of stock index futures inter - delivery spreads shows the spreads and their changes between different delivery months for each contract [40][41] - Charts include the basis and inter - delivery spreads of each contract [5][19][20][21][22][23][24][25][26][37][38][42][45]

集运欧线数据日报 2026/2/3 最新观点 集运欧线：EC下跌3.06%。节前现货运价仍将延续下行为主，2月第三周大柜均价降至2080美元左右，测算下来 目前市场仍有200-300点左右的贴水，深贴水和强预期下现实层面可博弈的空间相对较小，更多还是集中于预 期层面的博弈。近期商品市场降温，预计也会对市场情绪形成一定压制。比较主要的事件是4月1日前光伏等产 品的抢出口，结合去年8月9月光伏抢出口的测算来看，可带来大概2艘18000-23000TEU的集装箱船货量，对于 节后淡季来说较难带来爆舱，但更多可能会带来船司的表价提涨和运价的企稳甚至小幅上行，为市场带来现实 层面的驱动，重点关注后续船司涨价函的公布情况可能带来的预期证伪。 | | | | | EC合约量价 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 最新成交价 | 最新涨跌幅 | 成交量 | 持仓量单边 | 多单持仓 | 空单持仓 | 净多持仓 | | | （点） | （%） | 环比变化 | 环比变化 | (前20会员) | (前20会员) | (前20会员) | ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report No information provided. 3. Summary by Commodity Categories Ferrous Metals - **Silicon Iron (SF603)**: Spot price is 5632, futures price is 5628, basis is -4, and historical quantile is 54.90% [1]. - **Silicon Manganese (SM603)**: Spot price is 5940, futures price is 2835, basis is 108, and historical quantile is 46.30% [1]. - **Rebar (RB2605)**: Spot price is 3240, futures price is 3123, and historical quantile is 52.10% [1]. - **Hot - Rolled Coil (HC2605)**: Spot price is 3270, futures price is 3280, basis is -10, and historical quantile is -0.30% [1]. - **Iron Ore (I2605)**: Historical quantile of the converted price of 62.5% Brazilian mixed powder is 78.70% [1]. - **Coke (J2605)**: Historical quantile of the converted price of quasi - first - grade metallurgical coke is 78.70% [1]. - **Coking Coal (JM2605)**: Spot price is 1156, historical quantile of the converted price of S1.3 G75 main coking coal is 35.30% [1]. Non - Ferrous Metals - **Copper (CU2603)**: Spot price is 103060, futures price is 101660, basis is -1400, and historical quantile is 1.45% [1]. - **Aluminum (AL2603)**: Spot price is 25640, futures price is 24260, basis is -1380, and historical quantile is 0.20% [1]. - **Alumina (AO2605)**: Spot price is 2811, futures price is 2626, basis is -185, and historical quantile is -6.58% [1]. - **Zinc (ZN2603)**: Information about SMM 1 zinc ingot average price is provided [1]. - **Tin (SN2603)**: Spot price is 443800, futures price is 436600, basis is -7200, and historical quantile is 1.62% [1]. - **Nickel (MISE03)**: Spot price is 142900, futures price is 144370, basis is -1470, and historical quantile is 9.58% [1]. - **Stainless Steel (SS2603)**: Spot price is 14670, futures price is 14465, basis is 505, and historical quantile is 39.48% [1]. - **Lithium Carbonate (LC2605)**: Spot price is 172000, futures price is 166280, and historical quantile is 99.11% [1]. - **Industrial Silicon (SI2605)**: Spot price is 9250, futures price is 8760, basis is 490, and historical quantile is 31.19% [1]. Precious Metals - **Gold (AU2604)**: Spot price is 1186.2, futures price is 1184.0, basis is -2.2, and historical quantile is -0.20% [1]. - **Silver (AG2604)**: Spot price is 29310.0, futures price is 29219.0, basis is 91.0, and historical quantile is 0.30% [1]. Agricultural Products - **Soybean Meal (M2605)**: Spot price is 3070, futures price is 2782.0, and historical quantile is 69.20% [1]. - **Soybean Oil (Y2605)**: Spot price is 8690, futures price is 8326.0, basis is 364.0, and historical quantile is 65.60% [1]. - **Palm Oil (P2605)**: Spot price is 9220, futures price is 9270.0, basis is -50.0, and historical quantile is 11.40% [1]. - **Rapeseed Meal (RM605)**: Spot price is 2480, futures price is 2297.0, basis is 183.0, and historical quantile is 81.80% [1]. - **Rapeseed Oil (Oleos)**: Spot price is 10160, and historical quantile is 96.90% [1]. - **Corn (C2603)**: Spot price is 2360, futures price is 2274.0, basis is 100.0, and historical quantile is 77.60% [1]. - **Corn Starch (CS2603)**: Spot price is 2630, futures price is 2530.0, and historical quantile is 46.20% [1]. - **Live Pigs (H2603)**: Spot price is 13150, futures price is 11270.0, basis is 1880.0, and historical quantile is 90.50% [1]. - **Eggs (JD2603)**: Spot price is 3960, futures price is 3048.0, basis is 912.0, and historical quantile is 89.10% [1]. - **Cotton (CF605)**: Spot price is 15650, futures price is 14940.0, basis is 710.0, and historical quantile is 26.60% [1]. - **Sugar (SR605)**: Spot price is 5330, futures price is 5187.0, basis is 143.0, and historical quantile is 21.40% [1]. - **Apples (AP605)**: Spot price is 9532.0, futures price is 9400, basis is -132.0, and historical quantile is 17.90% [1]. - **Red Dates (CJ605)**: Spot price is 8830.0, futures price is 8000, basis is -830.0, and historical quantile is 50.90% [1]. Energy and Chemicals - **Paraxylene (PX603)**: Spot price is 7392.0, futures price is 7397.0, basis is -90.0, and historical quantile is 32.80% [1]. - **PTA (TA605)**: Spot price is 5370.0, futures price is 5280.0, and historical quantile is 20.20% [1]. - **Ethylene Glycol (EG2605)**: Spot price is 3970.0, futures price is 3845.0, basis is -125.0, and historical quantile is 13.10% [1]. - **Styrene (EB2603)**: Spot price is 7785.0, futures price is 8015.0, basis is 230.0, and historical quantile is 70.10% [1]. - **Methanol (MA605)**: Spot price is 2290.0, futures price is 2339.0, basis is -49.0, and historical quantile is 11.70% [1]. - **Urea (UR605)**: Spot price is 1760.0, futures price is 1799.0, and historical quantile is 7.00% [1]. - **LLDPE (L2605)**: Spot price is 6825.0, futures price is 6967.0, basis is -142.0, and historical quantile is 1.60% [1]. - **PP (PP2605)**: Spot price is 6778.0, futures price is 6740.0, basis is -38.0, and historical quantile is -0.56% [1]. - **PVC (V2605)**: Spot price is 4700.0, futures price is 4913.0, basis is -213.0, and historical quantile is 25.10% [1]. - **Caustic Soda (SH603)**: Spot price is 1872.0, futures price is 1969.0, basis is -97.0, and historical quantile is 29.00% [1]. - **LPG (PG2603)**: Spot price is 4848.0, futures price is 4286.0, basis is 562.0, and historical quantile is 74.10% [1]. - **Asphalt (BU2603)**: Spot price is 3210.0, futures price is 3410.0, basis is -200.0, and historical quantile is 12.50% [1]. - **Butadiene Rubber (BR2603)**: Spot price is 13000.0, futures price is 13265.0, basis is -265.0, and historical quantile is 14.48% [1]. - **Glass (FG605)**: Spot price is 932.0, futures price is 1067.0, basis is -135.0, and historical quantile is 18.48% [1]. - **Soda Ash (SA605)**: Information about the market price in Chongqing and Shahe is provided [1]. - **Natural Rubber (RU2605)**: Spot price is 15950.0, futures price is 16360.0, basis is -410.0, and historical quantile is 66.94% [1]. Financial Futures - **IF2603.CFE**: Spot price is 4732.8, futures price is 4718.0, basis is 14.8, and historical quantile is 93.60% [1]. - **IH2603.CFE**: Spot price is 3069.8, futures price is 3060.6, basis is 9.2, and historical quantile is 94.30% [1]. - **IC2603.CFE**: Spot price is 8622.0, futures price is 8601.2, basis is 20.8, and historical quantile is 98.30% [1]. - **IM2603.CFE**: Spot price is 8399.8, futures price is 8377.8, basis is -22.0, and historical quantile is 55.60% [1]. - **2 - Year Treasury Bond (TS2603)**: Spot price is 102.39, futures price is 100.09, basis is 0.01, and historical quantile is 32.10% [1]. - **5 - Year Treasury Bond (TF2603)**: Spot price is 105.86, futures price is 99.67, basis is 0.04, and historical quantile is 34.30% [1]. - **10 - Year Treasury Bond (T2603)**: Spot price is 108.19, futures price is 100.58, basis is 0.08, and historical quantile is 28.00% [1]. - **30 - Year Treasury Bond (TL2603)**: Spot price is 126.60, futures price is 112.09, basis is 0.35, and historical quantile is 51.70% [1].

1. Report Industry Investment Ratings - No information about industry investment ratings is provided in the reports. 2. Core Views 2.1 Futures Index Spread - The report presents the latest values, historical quantiles, and changes compared to the previous day of various futures index spreads, including price spreads and cross - period spreads of IF, IH, IC, and IM, as well as cross - variety ratios [1]. 2.2 Treasury Bond Futures Spread - It shows the latest values, changes compared to the previous trading day, and historical quantiles of basis, cross - period spreads, and cross - variety spreads of different treasury bond futures (TS, TF, T, TL) [2]. 2.3 Precious Metals Spot and Futures - The market for precious metals is expected to maintain a strong and volatile trend. For gold, it is recommended to take profit on long positions at high prices and use call options instead of long positions. For silver, although there are factors suppressing and supporting the price, it is suggested to maintain a light - position long - buying strategy on dips. For platinum and palladium, the price center continues to rise, but the upward space may be limited, and a low - buying strategy is recommended [3]. 2.4 Container Shipping Industry Spot and Futures - The settlement price indices of container shipping routes have declined, while the futures prices of container shipping contracts have generally increased. The supply of container shipping capacity has slightly increased, and some foreign trade - related indicators and overseas economic indicators have shown certain changes [4]. 3. Summary by Directory 3.1 Futures Index Spread - **Price Spreads**: The latest values of IF, IH, IC, and IM price spreads are 14.81, 94.30, 20.84, and - 21.99 respectively, with high historical quantiles [1]. - **Cross - period Spreads**: The cross - period spreads of different contracts show various changes and historical quantiles, such as the cross - period spread between the next month and the current month of IF being 5.00, with a historical quantile of 98.30% [1]. - **Cross - variety Ratios**: The cross - variety ratios of different futures varieties also have corresponding latest values, changes, and historical quantiles, like the IC/IF ratio being 0.0101, with a historical quantile of 99.10% [1]. 3.2 Treasury Bond Futures Spread - **Basis**: The basis of TS, TF, T, and TL on January 28, 2026, are 1.3579, 1.1624, 1.0471, and 0.8136 respectively, with different historical quantiles [2]. - **Cross - period Spreads**: The cross - period spreads of different contracts of TF, T, and TL show various values and changes, for example, the cross - period spread between the current quarter and the next quarter of TF is - 0.0450, with a historical quantile of 21.40% [2]. - **Cross - variety Spreads**: The cross - variety spreads between different treasury bond futures, such as TS - TF, TS - T, etc., also have corresponding values and changes [2]. 3.3 Precious Metals Spot and Futures - **Domestic Futures Closing Prices**: On January 28, 2026, the closing prices of AU2604, AG2604, PT2606, and PD2606 contracts are 1186.20, 29219, 694.80, and 504.00 respectively, with different price changes and price change rates [3]. - **Foreign Futures Closing Prices**: The closing prices of COMEX gold, COMEX silver, NYMEX platinum, and NYMEX palladium on January 28, 2026, are 5411.00, 116.62, 2705.10, and 2095.50 respectively, with corresponding price changes and price change rates [3]. - **Spot Prices**: The spot prices of London gold, London silver, etc., also have price changes and price change rates, for example, the spot price of London gold on January 28, 2026, is 5413.81, with a price change of 233.58 and a price change rate of 4.51% [3]. - **Basis**: The basis of different precious metals shows different values and historical quantiles, such as the basis of gold TD - Shanghai gold main contract being - 2.16, with a historical quantile of 46.10% [3]. - **Ratios**: The ratios of different precious metals, such as COMEX gold/silver, have corresponding values and changes [3]. - **Interest Rates and Exchange Rates**: The 10 - year US Treasury bond yield, 2 - year US Treasury bond yield, etc., have different values and changes [3]. - **Inventory and Positions**: The inventories and positions of different precious metals, such as the inventory of Shanghai Futures Exchange gold and silver, have corresponding changes [3]. 3.4 Container Shipping Industry Spot and Futures - **Container Shipping Indices**: The settlement price indices of SCFIS (European route) and SCFIS (US West route) on January 26, 2026, are 1859.31 and 1294.32 respectively, with price decreases and price change rates of - 4.86% and - 0.84% respectively [4]. - **Shanghai Export Container Freight Rates**: The SCFI comprehensive index and the freight rates of different routes have declined, for example, the SCFI comprehensive index on January 23, 2026, is 1457.86, with a price decrease of - 116.3 and a price change rate of - 7.39% [4]. - **Futures Prices and Basis**: The futures prices of different container shipping contracts have generally increased, and the basis of the main contract has decreased, for example, the price of EC2604 (main contract) on January 28, 2026, is 1229.0, with a price increase of 35.1 and a price change rate of 2.94%, and the basis of the main contract is 630.3, with a price decrease of - 35.1 and a price change rate of - 5.27% [4]. - **Fundamental Data**: The global container shipping capacity supply has slightly increased, and some foreign trade - related indicators and overseas economic indicators have shown certain changes, such as the port on - time rate in Shanghai increasing by 4.53% [4].