Group 1: Metals and Minerals - 72-silicon ferrosilicon qualified block in Inner Mongolia - Tianjin warehouse receipt has a conversion price of 5744, with a futures price of 5828 and a basis rate of 1.46% [1] - 6517-silicon manganese in Inner Mongolia - Hubei warehouse receipt has a futures price of 6070, a spot price of 6050, and a basis rate of 0.33% [1] - HRB400 20mm rebar in Shanghai has a futures price of 3189, and Q235B 4.75mm hot - rolled coil in Shanghai has a futures price of 3432 [1] - 62.5% Brazilian mixed powder (BRBF) from Vale at Rizhao Port has a conversion price, with a futures price change of - 4.22% [1] - Quasi - first - grade metallurgical coke A13, S0.7, CSR60, MT7 at Rizhao Port has a futures price change and historical quantile data [1] - S1.3 G75 main coking coal (Meng 5) at Shaheyi has a futures price of 1191, a spot price of 1214, and a basis rate of - 1.89% [1] - Copper (CU2509) has a futures price of 79435, a spot price of 78950, and a basis rate of 0.61% [1] - Aluminum (AL2509) has a futures price of 20715, a spot price of 20710, and a basis rate of - 0.02% [1] - Zinc (ZN2509) has a futures price of 22480, a spot price of 22440, and a basis rate of - 0.18% [1] - Tin (SN2509) has a high historical quantile of 87.70% [1] - Nickel (NISE09) has a futures price of 121200, a spot price of 122700, and a basis rate of 1.24% [1] - Stainless steel (SS2510) has a futures price of 13025, a spot price of 13370, and a basis rate of 2.65% [1] - Alumina (AO2601) has a futures price of 3240, a spot price of 3248, and a basis rate of 0.25% [1] Group 2: Agricultural Products - Soybean meal (M2601) has a futures price of 2990, a spot price of 3157, and a basis rate of 7.50% [1] - Soybean oil (Y2601) has a futures price of 8520, a spot price of 8610, and a basis rate of 1.06% [1] - Palm oil (P2601) has a futures price of 9368, a spot price of 9370, and a basis rate of 0.02% [1] - Rapeseed meal (RM509) has a futures price of 2686, a spot price of 2540, and a basis rate of - 5.44% [1] - Rapeseed oil (Ol601) has a futures price of 9840, a spot price of 9940, and a basis rate of 1.02% [1] - Corn (C2509) has a futures price of 2281, a spot price of 2320, and a basis rate of 1.71% [1] - Corn starch (CS2509) has a futures price of 2648, a spot price of 2730, and a basis rate of 3.10% [1] - Live pigs (H251) have a futures price of 13900, and the spot price is the same, with a basis rate of 0.00% [1] - Eggs (JD2510) have a futures price of 3090, a spot price of 3189, and a basis rate of - 3.10% [1] - Cotton (CF601) has a futures price of 15060, a spot price of 14155, and a basis rate of 6.39% [1] - Sugar (SR601) has a futures price of 5659, a spot price of 6040, and a basis rate of 6.73% [1] - Apples (AP510) have a futures price of 8600, and the spot price is related to the delivery theoretical price [1] - Red dates (CJ601) have a futures price of 8300, a spot price of 11460, and a basis rate of - 27.57% [1] Group 3: Energy and Chemicals - Para - xylene (PX511) has a futures price of 6614, a spot price of 6775.2, and a basis rate of 2.44% [1] - PTA (TA601) has a futures price of 4640, a spot price of 4630, and a basis rate of - 0.22% [1] - Ethylene glycol (EG2509) has a futures price of 4367, a spot price of 4450, and a basis rate of 1.90% [1] - Polyester staple fiber (PF510) has a futures price of 6338, a spot price of 6475, and a basis rate of 2.16% [1] - Styrene (EB2509) has a futures price of 7238, a spot price of 7345, and a basis rate of 1.48% [1] - Methanol (MA601) has a futures price of 2340, a spot price of 2350, and a basis rate of 0.43% [1] - Urea (UR601) has a futures price of 1726, a spot price of 1720, and a basis rate of - 0.35% [1] - LLDPE (L2601) has a futures price of 7287, a spot price of 7300, and a basis rate of 0.18% [1] - PP (PP2601) has a futures price of 7085, a spot price of 7080, and a basis rate of - 0.07% [1] - PVC (V2509) has a futures price of 4970, a spot price of 4900, and a basis rate of - 1.41% [1] - Caustic soda (SH509) has a futures price of 2530, a spot price of 2562.5, and a basis rate of 1.28% [1] - LPG (PG2509) has a futures price of 3858, a spot price of 440, and a basis rate of 11.40% [1] - Asphalt (BU2510) has a futures price of 3472, a spot price of 3640, and a basis rate of 4.84% [1] - Butadiene rubber (BR2509) has a futures price of 11645, a spot price of 11800, and a basis rate of 1.33% [1] - Glass (FG601) has relevant price and basis data [1] - Soda ash (SA601) has a futures price of 1284, a spot price of 1400, and a basis rate of - 9.03% [1] - Natural rubber (RU2601) has a futures price of 15635, a spot price of 14800, and a basis rate of - 5.64% [1] Group 4: Financial Futures - IF2509.CFF has a futures price of 4173.3, a spot price of 4163.8, and a basis rate of - 0.23% [1] - IH2509.CFE has relevant price and basis data [1] - IC2509.CFE has a futures price of 6380.2, a spot price of 6429.8, and a basis rate of - 0.78% [1] - IM2509.CFE has a futures price of 6929.2, a spot price of 6976.5, and a basis rate of - 0.68% [1] - 2 - year Treasury bond (TS2509) has a futures price of 102.35, a spot price (adjusted) of 100.29, and a basis rate calculation related to the conversion factor [1] - 5 - year Treasury bond (TF2509) has a futures price of 105.69, a spot price (adjusted) of 100.67, and a basis rate calculation related to the conversion factor [1] - 10 - year Treasury bond (T2509) has a futures price of 108.35, a spot price (adjusted) of 100.73, and a basis rate calculation related to the conversion factor [1] - 30 - year Treasury bond (TL2509) has a futures price of 117.82, a spot price of 133.02, and a basis rate calculation related to the conversion factor [1]

Report Information - Report Title: PVC Futures Morning Report - Report Date: August 14, 2025 - Analyst: Jin Zebin from Dayue Futures Investment Consulting Department Industry Investment Rating - Not provided in the report Core Views - Supply pressure increased this week and is expected to continue rising next week due to reduced maintenance and increased production scheduling [8]. - Current demand may remain sluggish, with downstream overall and some product开工率 below historical averages [8]. - Both calcium carbide and ethylene production methods are in a state of loss, but the double - ton price difference is higher than the historical average, which may lead to increased production scheduling [8]. - The base price indicates that the spot is at a discount to the futures, and the overall inventory is at a high level. The main position holds a net short position, and the shorts are increasing [8]. - PVC2601 is expected to fluctuate in the range of 4961 - 5071, and continuous attention should be paid to macro - policies and export dynamics [8]. Summary by Directory 1. Daily Views - **Supply**: In July 2025, PVC production was 2.00461 million tons, a month - on - month increase of 0.67%. This week, the sample enterprise capacity utilization rate was 79.46%, a month - on - month increase of 0.03 percentage points. Calcium carbide method enterprise production was 336,105 tons, a month - on - month increase of 3.55%, and ethylene method enterprise production was 139,810 tons, a month - on - month increase of 9.48%. Next week, maintenance is expected to decrease, and production scheduling is expected to increase significantly [8]. - **Demand**: The overall downstream开工率 was 42.85%, a month - on - month increase of 0.80 percentage points, lower than the historical average. Some downstream product开工率 such as profiles, pipes, and films decreased month - on - month, while the paste resin开工率 increased. Shipping costs are expected to decline, and domestic PVC export prices are advantageous, but current demand may remain sluggish [8]. - **Cost**: The profit of the calcium carbide method was - 252.2756 yuan/ton, a month - on - month increase in losses of 104.00%. The profit of the ethylene method was - 488.965 yuan/ton, a month - on - month increase in losses of 2.00%. The double - ton price difference was 2683.25 yuan/ton, unchanged month - on - month, higher than the historical average, which may lead to increased production scheduling [8]. - **Basis**: On August 13, the price of East China SG - 5 was 4950 yuan/ton, and the basis of the 01 contract was - 217 yuan/ton, with the spot at a discount to the futures. Bearish [8]. - **Inventory**: Factory inventory was 337,163 tons, a month - on - month decrease of 2.36%. Calcium carbide method factory inventory was 259,778 tons, a month - on - month decrease of 3.49%. Ethylene method factory inventory was 77,385 tons, a month - on - month increase of 1.62%. Social inventory was 480,800 tons, a month - on - month increase of 7.32%. The number of days of inventory in production enterprises was 5.6 days, a month - on - month decrease of 3.44%. Bearish [8]. - **Disk**: MA20 was upward, and the futures price of the 01 contract closed below MA20. Neutral [8]. - **Main Position**: The main position held a net short position, and the shorts increased. Bearish [8]. - **Expectation**: The cost of both calcium carbide and ethylene methods weakened, and the overall cost weakened. Supply pressure increased this week, and production scheduling is expected to increase next week. Overall inventory is at a high level, and current demand may remain sluggish. PVC2601 is expected to fluctuate in the range of 4961 - 5071 [8]. 2. PVC Futures Market - **Yesterday's Market Overview**: The report provides detailed data on yesterday's PVC futures and spot prices, spreads, inventory,开工率, and other indicators [15]. - **Basis Trend**: The report presents the basis trend chart of PVC futures, which helps to understand the relationship between spot and futures prices [17]. - **Spread Analysis**: Analyzes the spread of the main PVC futures contracts, which is of reference value for hedging and arbitrage [23]. 3. PVC Fundamental Analysis - **Calcium Carbide Method - Semi - coke**: It shows the price, cost - profit,开工率, and inventory trends of semi - coke materials used in the calcium carbide method from 2022 to 2025 [27]. - **Calcium Carbide Method - Calcium Carbide**: Presents the price, cost - profit,开工率, maintenance loss, and production trends of calcium carbide from 2019 to 2025 [30]. - **Calcium Carbide Method - Liquid Chlorine and Raw Salt**: Displays the price and production trends of liquid chlorine and raw salt from 2019 to 2025 [32]. - **Calcium Carbide Method - Caustic Soda**: Analyzes the price, cost - profit,开工率, production, maintenance volume, and inventory trends of 32% caustic soda in Shandong from 2019 to 2025 [34]. - **Calcium Carbide Method - Caustic Soda (Comprehensive)**: Further analyzes the cost - profit, apparent consumption, double - ton price difference, and inventory trends of caustic soda in Shandong from 2019 to 2025 [37]. - **PVC Supply Trend**: Analyzes the capacity utilization rate, profit, daily production, weekly maintenance volume, and weekly production of PVC from 2018 to 2025 [38]. - **PVC Demand Trend**: Analyzes the daily sales volume of traders, weekly pre - sales volume, weekly production - sales rate, apparent consumption, downstream average开工率, and开工率 of various downstream products of PVC from 2019 to 2025 [43]. - **PVC Inventory**: Displays the trends of exchange warehouse receipts, calcium carbide method factory inventory, ethylene method factory inventory, social inventory, and production enterprise inventory days from 2019 to 2025 [59]. - **Ethylene Method**: Analyzes the import volume of vinyl chloride and dichloroethane, PVC export volume, FOB price difference of the ethylene method, and import price difference of vinyl chloride from 2018 to 2025 [61]. - **Supply - Demand Balance Sheet**: Provides the export, demand, social inventory, factory inventory, production, and import data of PVC from June 2024 to July 2025 [64].

Group 1: Report Overview - Investment Rating: Not mentioned - Core View: The report analyzes the July stock index basis market. In the short - term, the risk preference in the futures market has declined, and the short - side power has increased marginally. In the medium - to - long - term, the index is expected to rise and the discount to converge this year, but the subsequent upward momentum may weaken, and the discount convergence may slow down [5][22] Group 2: Recent Basis Review - Market Trends: In July, the market revolved around domestic and overseas mainlines. Domestically, the "anti - involution" concept boosted the market, which then cooled down. Overseas, the US tariff negotiations affected the dollar index and domestic assets. The market sentiment was mainly optimistic, with high trading volume and continuous inflow of leveraged funds. Most broad - based indices had strong monthly lines, and small - and micro - cap stocks were still strong, while large - cap indices were dragged down by the banking sector [5][6] - Basis Changes: By July 31, 2025, the quarterly contract annualized basis rates of IH, IF, IC, and IM were 1.19%, - 2.02%, - 9.65%, and - 11.6% respectively. IH, IF, and IC were basically flat compared to the end of last month, and the IM discount slightly converged. The basis support weakened in July, and the basis turned down earlier than the index. The intraday 1 - minute frequency basis divergence among varieties increased, indicating a decline in risk preference [8][15] - Product - side Situation: Index - related products saw net outflows, with the scale of four broad - based index ETFs and A500ETF and index - enhanced products declining. The new issuance of index - enhanced products continued. The positions of private - equity neutral strategies increased, and the short - side power strengthened marginally. The CTA strategy maintained a relatively high net long position in stock index futures and was optimistic about the index and futures [17][18] - Strategy Performance: In July, the excess return of long - side substitution relative to the index was about 1%. The short - side hedging cost of IC and IM current - month contracts was lower than that of quarterly contracts by about 0.5%. The inter - period spread was affected by contract roll - over and declined at the end of the month [21] Group 3: Long - side Roll - over Performance Review - Performance Data: As of July 2025, the annualized excess returns of IF, IH, IC, and IM long - side roll - over strategies in the past 250 trading days were - 3.6%, 0.5%, 1.5%, and - 4.6% respectively [26] Group 4: Short - side Roll - over Performance Review - Performance Data: As of July 2025, the annualized excess returns of IF, IH, IC, and IM short - side roll - over strategies in the past 250 trading days were - 0.5%, - 0.3%, 2.0%, and - 0.1% respectively [33]

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - The current situation is a combination of weak reality and strong expectations. The spot price of live pigs has dropped rapidly due to limited downstream digestion capacity during the off - season of consumption, and the market's expectation of price increases from late July to early August may lead to more concentrated slaughtering and continued weak operation of the spot market. The macro - sentiment has strong support for the far - end, and the spread structure has switched to a reverse spread. Attention should be paid to stop - loss and take - profit. The short - term support level for the LH2509 contract is 13,500 yuan/ton, and the pressure level is 15,000 yuan/ton [3]. - The trend intensity is 0, indicating a neutral view [2]. 3. Summary by Relevant Catalogs Fundamental Tracking - **Spot Prices**: The spot price of live pigs in Henan is 13,930 yuan/ton (a year - on - year increase of 50 yuan/ton), in Sichuan is 13,500 yuan/ton (unchanged year - on - year), and in Guangdong is 15,440 yuan/ton (unchanged year - on - year) [1]. - **Futures Prices**: The prices of the live pig 2509, 2511, and 2601 contracts are 14,075 yuan/ton (a year - on - year decrease of 75 yuan/ton), 14,105 yuan/ton (a year - on - year decrease of 20 yuan/ton), and 14,390 yuan/ton (a year - on - year decrease of 10 yuan/ton) respectively [1]. - **Trading Volume and Open Interest**: The trading volume of the live pig 2509 contract is 33,288 lots (an increase of 1463 lots compared to the previous day), with an open interest of 53,049 lots (a decrease of 1758 lots compared to the previous day); the trading volume of the 2511 contract is 12,422 lots (a decrease of 1590 lots), with an open interest of 49,996 lots (an increase of 1377 lots); the trading volume of the 2601 contract is 14,003 lots (a decrease of 30 lots), with an open interest of 41,852 lots (a decrease of 951 lots) [1]. - **Basis**: The basis of the live pig 2509 contract is - 145 yuan/ton (a year - on - year increase of 125 yuan/ton) [1]. Market Logic - Group companies are actively reducing the weight of pigs recently. Due to the off - season of consumption and limited downstream digestion capacity, the spot price has dropped rapidly, indicating that the previous price increase relied more on inventory - building sentiment. The market's expectation of price increases from late July to early August may lead to more concentrated slaughtering and continued weak operation of the spot market. The macro - sentiment has strong support for the far - end, resulting in a weak reality and strong expectation situation, and the spread structure has switched to a reverse spread. Attention should be paid to stop - loss and take - profit. The short - term support level for the LH2509 contract is 13,500 yuan/ton, and the pressure level is 15,000 yuan/ton [3]. Trend Intensity - The trend intensity is 0, with a range of [-2, 2]. A value of - 2 represents the most bearish view, and 2 represents the most bullish view. A value of 0 indicates a neutral view [2].

Report Information - Report Title: Iron Ore Daily Report - Report Date: July 29, 2025 - Report Author: Commodity Research Institute, Black Research and Development Report [1][2] Core Data Futures Prices - DCE01: 770.5, up 13.5 from yesterday; DCE05: 749.0, up 11.0; DCE09: 798.0, up 12.0 [3] - I01 - I05: 21.5, up 2.5; I05 - I09: -49.0, down 1.0; I09 - I01: 27.5, down 1.5 [3] Spot Prices - PB powder: 770, down 12 from the day before yesterday; Newman powder: 766, down 11; Mac powder: 756, down 10 [3] - The optimal deliverable is PB powder, with a standard - converted price of 811, 01 - factory - warehouse basis of 46, 05 - factory - warehouse basis of 65, and 09 - factory - warehouse basis of 17 [3] Price Spreads - Spot variety spreads: e.g., Carajás fines - PB powder: 99, down 1; Newman powder - Jinbuba powder: 23, down 1 [3] - Import profits: e.g., Carajás fines: -4, up 4; Newman powder: 10, up 9 [3] Indexes - Platts 62% iron ore price: 100.1, down 2.5; Platts 65% iron ore price: 114.6, down 2.2; Platts 58% iron ore price: 87.4, down 2.1 [3] - Inner - outer market US - dollar spreads: e.g., SGX main - DCE01: 8.8, down 0.6; SGX main - DCE05: 11.2, down 0.8; SGX main - DCE09: 5.2, down 0.4 [3] Charts - The report includes multiple charts showing data such as the basis of the optimal deliverable against different contracts, cross - period arbitrage spreads, import profits of different iron ore varieties, price spreads between different iron ore products, and inner - outer market US - dollar spreads [8][9][10]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report presents the spot prices, futures prices, basis, basis rates, historical quantiles, and spot references of various commodities on July 29, 2025, covering multiple sectors such as ferrous metals, non - ferrous metals, energy chemicals, and agricultural products. 3. Summary by Commodity Sectors Ferrous Metals - Iron ore (12509): Spot price is 813, futures price is 786, basis is 27, basis rate is 3.39%, historical quantile is not provided, and the reference is the converted price of 62.5% Brazilian mixed powder (BRBF) at Rizhao Port [1]. - Coke (J2509): Data incomplete. - Coking coal (JM2509): Spot price is 1260, futures price is 1101, basis is 160, basis rate is 14.49%, historical quantile is 69.30%, and the reference is the converted price of S1.3 G75 main coking coal (Meng 5) at Shaheyi [1]. Non - Ferrous Metals - Copper (CU2509): Spot price is 79075, futures price is 79000, basis is 75, basis rate is 0.09%, historical quantile is 50.20%, and the reference is the SMM 1 electrolytic copper average price [1]. - Aluminum (AL2509): Spot price is 20660, futures price is 20615, basis is 45, basis rate is 0.22%, historical quantile is 61.87%, and the reference is the SMM A00 aluminum average price [1]. - Zinc (ZN2509): Data incomplete. - Tin (SN2509): Spot price is 268800, futures price is 267880, basis is 920, basis rate is 0.34%, historical quantile is 71.66%, and the reference is the SMM 1 tin average price [1]. - Lithium carbonate (LC2509): Spot price is 73900, futures price is 73120, basis is 780, basis rate is 1.07%, historical quantile is 62.77%, and the reference is the SMM battery - grade lithium carbonate average price [1]. - Industrial silicon (SI2509): Spot price is 9950, futures price is 8915, basis is 1035, basis rate is 11.61%, historical quantile is not provided, and the reference is the SMM flux 215530 average price [1]. Precious Metals - Gold (AU2510): Spot price is 771.6, futures price is 774.8, basis is - 3.2, basis rate is - 0.41%, historical quantile is 18.60%, and the reference is the Shanghai Gold Exchange gold spot AU (T + D) [1]. - Silver (AG2510): Spot price is 9186.0, futures price is 9212.0, basis is - 26.0, basis rate is - 0.28%, historical quantile is 32.70%, and the reference is the Shanghai Gold Exchange silver spot AG (T + D) [1]. Agricultural Products - Rapeseed meal (RM509): Spot price is 2540, futures price is 2660.0, basis is - 120.0, historical quantile is 15.90%, and the reference is the ex - factory price of ordinary rapeseed meal in Zhanjiang, Guangdong [1]. - Rapeseed oil (OI509): Spot price is 9490, futures price is 9406.0, basis is 84.0, basis rate is 0.89%, historical quantile is 36.50%, and the reference is the ex - factory price of grade - four rapeseed oil in Nantong, Jiangsu [1]. - Corn (C2509): Spot price is 2350, futures price is 2319.0, basis is 31.0, basis rate is 1.34%, historical quantile is 63.30%, and the reference is the f.o.b. price of corn at Xizhou Port [1]. - Corn starch (CS2509): Partially incomplete data, with the price in Changchun, Jilin being 2740 for spot and 2683.0 for futures, basis is 57.0, basis rate is 2.12%, historical quantile is 26.00% [1]. - Live pigs (LH2509): Spot price is 14080, futures price is 14125.0, basis is - 45.0, basis rate is - 0.32%, historical quantile is 41.30%, and the reference is the ex - factory price of live pigs (outside ternary) in Henan [1]. - Eggs (JD2509): Spot price is 3040, futures price is 3576.0, basis is - 536.0, basis rate is - 14.99%, historical quantile is 5.90%, and the reference is the average price of eggs in Shijiazhuang, Hebei [1]. - PTA (TA509): Spot price is 4800.0, futures price is 4812.0, basis is - 12.0, basis rate is - 0.29%, historical quantile is 47.10%, and the reference is the market price (mid - price) of purified terephthalic acid (PTA) in East China [1]. - Ethylene glycol (EG2509): Spot price is 4500.0, futures price is 4436.0, basis is 64.0, basis rate is 1.44%, historical quantile is 83.00%, and the reference is the market price (mid - price) of ethylene glycol (MEG) in East China [1]. - Polyester staple fiber (PF509): Spot price is 6610.0, futures price is 6482.0, basis is 128.0, basis rate is 1.97%, historical quantile is 73.60%, and the reference is the market price (dominant price) of polyester staple fiber (1.4D*38mm (direct - spun)) in the East China market [1]. - Styrene (EB2509): Spot price is 7370.0, futures price is 7358.0, basis is 12.0, basis rate is 0.16%, historical quantile is 28.90%, and the reference is the market price (spot benchmark price) of styrene in East China, China [1]. - LLDPE (L2509): Spot price is 7340.0, futures price is 7335.0, basis is 5.0, basis rate is 0.07%, historical quantile is 21.10%, and the reference is the duty - paid self - pick - up price (mid - price) of linear low - density polyethylene LLDPE (film - grade) in Shandong [1]. - PP (PP2509): Spot price is 7165.0, futures price is 7130.0, basis is 35.0, basis rate is 0.49%, historical quantile is 31.40%, and the reference is the duty - paid self - pick - up price (mid - price) of polypropylene PP (drawn - grade, melt index 2 - 4) in Zhejiang [1]. - Caustic soda (SH509): Spot price is 2593.8, futures price is 2593.0, basis is 0.8, basis rate is 0.03%, historical quantile is 48.00%, and the reference is the market price (dominant price) of caustic soda (32% ion - membrane caustic soda) in the Shandong market, converted to 100% [1]. - LPG (PG2509): Spot price is 4448.0, futures price is 3992.0, basis is 456.0, basis rate is 11.42%, historical quantile is 62.90%, and the reference is the market price of liquefied petroleum gas in the Guangzhou area [1]. - Asphalt (BU2509): Spot price is 3775.0, futures price is 3569.0, basis is 206.0, basis rate is 5.77%, historical quantile is 82.70%, and the reference is the market price (dominant price) of asphalt (heavy - traffic asphalt) in the Shandong area [1]. - Glass (FG509): Spot price is 1200.0, futures price is 1223.0, basis is - 23.0, basis rate is - 1.98%, historical quantile is 57.77%, and the reference is the market price of 5mm large - plate glass in Shahe, from Shahe Great Wall Glass (daily) [1]. - Soda ash (SA509): Spot price is 1320.0, futures price is 1316.0, basis is 4.0, basis rate is 0.30%, historical quantile is 33.61%, and the reference is the market price of heavy - quality soda ash in Shahe (daily) [1]. - Cotton (CF509): Spot price is 15473, futures price is 14075.0, basis is 1398.0, basis rate is 9.93%, and the reference is the factory - arrival price of cotton 3128B in Xinjiang [1]. - Apples (AP510): Spot price is 8600, futures price is 8052.0, basis is 548.0, basis rate is 6.81%, historical quantile is 43.40%, and the reference is the theoretical delivery price of apples (daily/Steel Union) [1]. - Red dates (CJ601): Spot price is 8300, futures price is 10695.0, basis is - 2395.0, basis rate is - 22.39%, historical quantile is 6.50%, and the reference is the wholesale price of first - grade grey dates in Hebei (Steel Union) [1]. Energy and Chemicals - Urea (UR509): Spot price is 1780.0, futures price is 1738.0, basis is 42.0, basis rate is 2.42%, historical quantile is 24.00%, and the reference is the market price (dominant price) of urea (small - particle) in the Shandong area [1]. - Methanol (MA509): Spot price is 2392.5, futures price is 2404.0, basis is - 11.5, basis rate is - 0.48%, historical quantile is 27.30%, and the reference is the market price (spot benchmark price) of methanol in Taicang, Jiangsu, China [1]. - PVC (V2509): Spot price is 5100.0, futures price is 5149.0, basis is - 49.0, basis rate is - 0.99%, historical quantile is 67.80%, and the reference is the market price (dominant price) of polyvinyl chloride (SG - 5) in the Changzhou market, China [1]. - Natural rubber (RU2509): Spot price is 15100.0, futures price is 15065.0, basis is 35.0, basis rate is 0.23%, historical quantile is 96.87%, and the reference is the Shanghai market price of natural rubber (Yunnan state - owned full - latex) [1]. Others - Alumina (AO2509): Spot price is 3244, futures price is 3243, basis rate is 0.03%, historical quantile is 33.48%, and the reference is the SMM alumina index average price [1]. - Nickel (NI2509): Spot price is 122500, futures price is 121620, basis is 880, basis rate is 0.72%, historical quantile is 85.62%, and the reference is the SMM 1 imported nickel average price [1]. - Stainless steel (SS2509): Spot price is 13070, futures price is 12840, basis is 230, basis rate is 1.79%, historical quantile is 44.42%, and the reference is 304/2B:2*1240*C from Wuxi Hongwang (including trimming fee) [1]. - Silicon iron (SF509): Spot price is 5878, futures price is 5840, basis is 38, basis rate is 0.65%, historical quantile is 63.00%, and the reference is the converted price of 72 - silicon iron qualified blocks from Inner Mongolia to Tianjin warehouse receipts [1]. - Silicon manganese (SM509): Spot price is 5970, futures price is 6028, basis is - 58, basis rate is - 0.96%, historical quantile is 17.80%, and the reference is the converted price of 6517 silicon manganese from Inner Mongolia to Hubei warehouse receipts [1]. - Rebar (RB2510): Spot price is 3390, futures price is 3248, basis is 142, basis rate is 4.37%, and the reference is HRB400 20mm in Shanghai [1]. - Hot - rolled coil (HC2510): Spot price is 3440, futures price is 3397, basis is 43, basis rate is 1.27%, and the reference is Q235B: 4.75mm in Shanghai [1].

Report Summary 1) Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2) Core Viewpoint of the Report There is no clear core viewpoint presented in the given content. It mainly provides a comprehensive list of various commodity futures and their corresponding spot prices, futures prices, basis, basis rates, historical quantiles, and spot references. 3) Summary by Categories Metals - **Iron Ore (12509)**: Spot price not clear, futures price 813, basis 27, basis rate 3.39%, historical quantile not provided, reference: 62.5% BRBF (Vale) at Rizhao Port [1] - **Coke (J2509)**: No data provided [1] - **Coking Coal (JM2509)**: Spot price 1260, futures price 1101, basis 160, basis rate 14.49%, historical quantile 69.30%, reference: S1.3 G75 Main Coking Coal (Meng 5) at Shaheyi [1] - **Copper (CU2509)**: Spot price 79075, futures price 79000, basis 75, basis rate 0.09%, historical quantile 50.20%, reference: SMM 1 Electrolytic Copper Average Price [1] - **Aluminum (AL2509)**: Spot price 20660, futures price 20615, basis 45, basis rate 0.22%, historical quantile 61.87%, reference: SMM A00 Aluminum Average Price [1] - **Zinc (ZN2509)**: No data provided [1] - **Tin (SN2509)**: Spot price 268800, futures price 267880, basis 920, basis rate 0.34%, historical quantile 71.66%, reference: SMM 1 Tin Average Price [1] - **Gold (AU2510)**: Spot price 771.6, futures price 774.8, basis -3.2, basis rate -0.41%, historical quantile 18.60%, reference: Shanghai Gold Exchange Gold Spot AU (T+D) [1] - **Silver (AG2510)**: Spot price 9186.0, futures price 9212.0, basis -26.0, basis rate -0.28%, historical quantile 32.70%, reference: Shanghai Gold Exchange Silver Spot AG (T+D) [1] - **Alumina (AO2509)**: Spot price 3244, futures price 3243, basis not clear, basis rate 0.03%, historical quantile 33.48%, reference: SMM Alumina Index Average Price [1] - **Nickel (NISE09)**: Spot price 122500, futures price 121620, basis 880, basis rate 0.72%, historical quantile 85.62%, reference: SMM 1 Imported Nickel Average Price [1] - **Stainless Steel (SS2509)**: Spot price 13070, futures price 12840, basis 230, basis rate 1.79%, historical quantile 44.42%, reference: 304/2B:2*1240*C: Wuxi Hongwang (Including Trimming Fee) [1] - **Silicon Iron (SF509)**: Spot price 5878, futures price 5840, basis 38, basis rate 0.65%, historical quantile 63.00%, reference: Converted Price: 72 Silicon Iron Qualified Blocks: Inner Mongolia - Tianjin Warehouse Receipt [1] - **Silicon Manganese (SM509)**: Spot price 5970, futures price 6028, basis -58, basis rate -0.96%, historical quantile 17.80%, reference: Converted Price: 6517 Silicon Manganese: Inner Mongolia - Hubei Warehouse Receipt [1] - **Rebar (RB2510)**: Spot price 3390, futures price 3248, basis 142, basis rate 4.37%, reference: HRB400 20mm: Shanghai [1] - **Hot Rolled Coil (HC2510)**: Spot price 3440, futures price 3397, basis 43, basis rate 1.27%, reference: Q235B: 4.75mm: Shanghai [1] Chemicals and Energy - **Carbonate Lithium (LC2509)**: Spot price 73900, futures price 73120, basis 780, basis rate 1.07%, historical quantile 62.77%, reference: SMM Battery - Grade Carbonate Lithium Average Price [1] - **Industrial Silicon (SI2509)**: Spot price 9950, futures price 8915, basis 1035, basis rate 11.61%, reference: SMM Annual Flux 215530 Average Price [1] - **PTA (TA509)**: Spot price 4800.0, futures price 4812.0, basis -12.0, basis rate -0.29%, historical quantile 47.10%, reference: Market Price (Middle Price): Purified Terephthalic Acid (PTA): East China Region [1] - **Ethylene Glycol (EG2509)**: Spot price 4500.0, futures price 4436.0, basis 64.0, basis rate 1.44%, historical quantile 83.00%, reference: Market Price (Middle Price): Ethylene Glycol (MEG): East China Region [1] - **Polyester Staple Fiber (PF509)**: Spot price 6610.0, futures price 6482.0, basis 128.0, basis rate 1.97%, historical quantile 73.60%, reference: Market Price (Mainstream Price): Polyester Staple Fiber (1.4D*38mm (Direct Spinning)): East China Market [1] - **Styrene (EB2509)**: Spot price 7370.0, futures price 7358.0, basis 12.0, basis rate 0.16%, historical quantile 28.90%, reference: China: East China: Market Price (Spot Benchmark Price): Styrene [1] - **LLDPE (L2509)**: Spot price 7340.0, futures price 7335.0, basis 5.0, basis rate 0.07%, historical quantile 21.10%, reference: Duty - Paid Self - Pick - up Price (Middle Price): Linear Low - Density Polyethylene LLDPE (Film Grade): Shandong [1] - **PP (PP2509)**: Spot price 7165.0, futures price 7130.0, basis 35.0, basis rate 0.49%, historical quantile 31.40%, reference: Duty - Paid Self - Pick - up Price (Middle Price): Polypropylene PP (Drawing Grade, Melt Index 2 - 4): Zhejiang [1] - **Caustic Soda (SH509)**: Spot price 2593.8, futures price 2593.0, basis 0.8, basis rate 0.03%, historical quantile 48.00%, reference: Market Price (Mainstream Price) Caustic Soda (32% Ion - Membrane Caustic Soda): Shandong Market: Converted to 100% [1] - **LPG (PG2509)**: Spot price 4448.0, futures price 3992.0, basis 456.0, basis rate 11.42%, historical quantile 62.90%, reference: Market Price: Liquefied Petroleum Gas: Guangzhou Region [1] - **Asphalt (BU2509)**: Spot price 3775.0, futures price 3569.0, basis 206.0, basis rate 5.77%, historical quantile 82.70%, reference: Market Price (Mainstream Price): Asphalt (Heavy - Traffic Asphalt): Shandong Region [1] - **Butadiene Rubber (BR2509)**: No data provided [1] - **Glass (FG509)**: Spot price 1200.0, futures price 1223.0, basis -23.0, basis rate -1.98%, historical quantile 57.77%, reference: Float Glass: 5mm: Large Plate: Market Price: Shahe: Shahe Great Wall Glass (Daily) [1] - **Soda Ash (SA509)**: Spot price 1320.0, futures price 1316.0, basis 4.0, basis rate 0.30%, historical quantile 33.61%, reference: Soda Ash: Heavy - Duty: Market Price: Shahe (Daily) [1] - **Urea (UR509)**: Spot price 1780.0, futures price 1738.0, basis 42.0, basis rate 2.42%, historical quantile 24.00%, reference: Market Price (Mainstream Price): Urea (Small Granules): Shandong Region [1] - **Methanol (MA509)**: Spot price 2392.5, futures price 2404.0, basis -11.5, basis rate -0.48%, historical quantile 27.30%, reference: China: Jiangsu Taicang: Market Price (Spot Benchmark Price): Methanol [1] - **PVC (V2509)**: Spot price 5100.0, futures price 5149.0, basis -49.0, basis rate -0.99%, historical quantile 67.80%, reference: China: Changzhou Market: Market Price (Mainstream Price): Polyvinyl Chloride (SG - 5) [1] - **Butadiene Rubber (BR9000)**: Spot price 12100.0, futures price 11955.0, basis 145.0, basis rate 1.21%, historical quantile 44.10%, reference: China: Distribution Price: Butadiene Rubber (Daqing, BR9000): PetroChina East China [1] - **Natural Rubber (RU2509)**: Spot price 15100.0, futures price 15065.0, basis 35.0, basis rate 0.23%, historical quantile 96.87%, reference: Shanghai Market Price: Natural Rubber (Yunnan State - Owned Full - Latex) [1] Agricultural Products - **Rapeseed Meal (RM509)**: Spot price 2540, futures price 2660.0, basis -120.0, historical quantile 15.90%, reference: Guangdong Zhanjiang Factory Price: Common Rapeseed Meal [1] - **Rapeseed Oil (O1509)**: Spot price 9490, futures price 9406.0, basis 84.0, basis rate 0.89%, historical quantile 36.50%, reference: Jiangsu: Nantong: Factory Price: Fourth - Grade Rapeseed Oil [1] - **Corn (C2509)**: Spot price 2350, futures price 2319.0, basis 31.0, basis rate 1.34%, historical quantile 63.30%, reference: FOB Price: Corn: Xizhou Port [1] - **Corn Starch (CS2509)**: Some data missing, reference: Jilin: Changchun: Factory Price: Corn Starch [1] - **Live Hogs (LH2509)**: Spot price 14080, futures price 14125.0, basis -45.0, basis rate -0.32%, historical quantile 41.30%, reference: Henan Factory Price: Live Hogs (External Ternary) [1] - **Eggs (JD2509)**: Spot price 3040, futures price 3576.0, basis -536.0, basis rate -14.99%, historical quantile 5.90%, reference: Hebei: Shijiazhuang: Average Price: Eggs [1] - **Cotton (CF509)**: Spot price 15473, futures price 14075.0, basis 1398.0, basis rate 9.93%, reference: Xinjiang: Factory - Arrival Price: Cotton: 3128B [1] - **Apples (AP510)**: Spot price 8600, futures price 8052.0, basis 548.0, basis rate 6.81%, historical quantile 43.40%, reference: Apples: Delivery Theoretical Price (Daily/Steel Union) [1] - **Jujubes (CJ601)**: Spot price 8300, futures price 10695.0, basis -2395.0, basis rate -22.39%, historical quantile 6.50%, reference: Grey Jujubes: First - Grade: Wholesale Price: Hebei (Steel Union) [1] - **Soybean Meal (M2509)**: Spot price 2860, futures price 2990.0, basis -130.0, basis rate -4.35%, historical quantile 15.30%, reference: Jiangsu·Zhangjiagang: Factory Price: Common Protein Soybean Meal [1] - **Soybean Oil (Y2509)**: Spot price 8180, futures price 8120.0, basis 60.0, basis rate 0.74%, historical quantile 4.30%, reference: Jiangsu: Zhangjiagang: Factory Price: Fourth - Grade Soybean Oil [1] - **Palm Oil (P2509)**: Spot price 8940, futures price 8946.0, basis -6.0, basis rate -0.07%, historical quantile 15.20%, reference: Delivery Price: Palm Oil: Huangpu Port [1] - **Sugar (SR509)**: Spot price 6120, futures price 5845.0, basis 275.0, basis rate 4.70%, historical quantile 53.80%, reference: Spot Price: White Sugar: Liuzhou Platform [1] - **Paraxylene (PX509)**: Spot price 7018.2, futures price 6890.0, basis 128.2, basis rate 1.86%, historical quantile 61.40%, reference: China Main Port: Spot Price (CFR): Paraxylene: Converted to RMB [1] Financial Futures - **IF2509.CFF**: Spot price 4135.8, futures price 4122.0, basis -13.8, basis rate -0.34%, historical quantile 30.10% [1] - **IC2509.CFE**: Some data missing [1] - **IM2509.CFE**: Spot price 6730.0, futures price 6602.0, basis -128.0, basis rate -1.94%, historical quantile 9.60% [1] - **2 - Year Treasury Bond (TS2509)**: Spot price 100.27, futures price 102.36, basis 0.00, historical quantile 25.50%, conversion factor 0.9796 [1] - **10 - Year Treasury Bond (T2509)**: Spot price 100.79, futures price 108.40, basis 0.05, basis rate 0.04%, historical quantile 20.80%, conversion factor provided [1] - **5 - Year Treasury Bond (TF2509)**: Spot price 100.71, futures price 105.72, basis 0.04, basis rate 0.04%, historical quantile 32.50%, conversion factor 0.9522 [1] - **30 - Year Treasury Bond (TL2509)**: Spot price 134.26, futures price 118.80, basis 0.26, basis rate 0.22%, historical quantile 35.20%, conversion factor 1.12

Report Industry Investment Ratings - No information provided in the reports. Core Views - No clear core views are presented in the reports. The documents mainly contain data on various financial products such as stock index futures, treasury bond futures, precious metals, container shipping, and trading calendars. Summary by Relevant Catalogs Stock Index Futures (Doc 1) - **IF期现价差**: The latest value is -13.82, a change of -2.66 from the previous day, with a 1 - year historical quantile of 32.70% and an all - time quantile of 30.10% [1]. - **IH期现价差**: The latest value is 3.03, a change of 1.75 from the previous day, with a 1 - year historical quantile of 74.50% and an all - time quantile of 75.00% [1]. - **IC期现价差**: The latest value is -101.42 [1]. - **IM期现价差**: The latest value is -27.17, a change of -127.98 from the previous day, with a 1 - year historical quantile of 70.00% and an all - time quantile of 9.60% [1]. - **跨期价差**: There are various values for different contracts (e.g., IF跨期价差, IH跨期价差, IC跨期价差, IM跨期价差) with corresponding changes and quantiles [1]. - **跨品种比值**: For example, IC/IF is 1.5095, a change of -0.0007 from the previous day, with a 1 - year historical quantile of 84.40% and an all - time quantile of 66.70% [1]. Treasury Bond Futures (Doc 2) - **基差**: TS基差 is 1.5937, TF基差 is 1.4203, T基差 is 1.4264, and TL基差 is 1.3256 on 2025 - 07 - 28, with corresponding changes and historical quantiles [2]. - **跨期价差**: Different contracts (TS跨期价差, TF跨期价差, T跨期价差, TL跨期价差) have their own values, changes, and historical quantiles [2]. - **跨品种价差**: For example, TS - TF is -3.3580 on 2025 - 07 - 28, with a change of -0.0980 [2]. Precious Metals (Doc 4) - **期货收盘价**: Domestic and foreign futures contracts (AU2510, AG2510, COMEX黄金主力合约, COMEX白银主力合约) have their closing prices, changes, and percentage changes from different dates [4]. - **现货价格**: London gold, London silver, 上金所黄金T + D, and 上金所白银T + D have their prices, changes, and percentage changes [4]. - **基差**: For example, 黄金TD - 沪金主力 is -3.20, with a change of 0.51 from the previous value, and a 1 - year historical quantile of 23.60% [4]. - **比价**: CONEX종(暗 is 86.46, a change of -0.65 from the previous value, with a percentage change of -0.75% [4]. - **利率与汇率**: 10 - year US Treasury yield is 4.42, a change of 0.02 from the previous value, with a percentage change of 0.5% [4]. - **库存与持仓**: 上期所黄金库存 is 30258, with no change from the previous value [4]. Container Shipping (Doc 6) - **现货报价**: Shipping rates from Shanghai to Europe for different shipping companies (MAERSK马士基, CMA达飞, etc.) have their prices, changes, and percentage changes on 2025 - 07 - 29 compared to 2025 - 07 - 28 [6]. - **集运指数**: SCFIS (欧洲航线) settlement price index is 2316.56 on 2025 - 07 - 28, a change of -83.9 from 2025 - 07 - 21, with a percentage change of -3.50% [6]. - **期货价格及基差**: EC2602 has a price of 1541.0 on 2025 - 07 - 28, a change of 22.2 from 2025 - 07 - 25, with a percentage change of 1.46% [6]. - **基本面数据**: Global container shipping capacity supply is 3272.71 on 2025 - 07 - 29, with no change from the previous day [6]. Trading Calendar (Doc 7) - **海外数据/资讯**: At 22:00, there will be data on US June JOLTs job openings (in millions) and US July Conference Board consumer confidence index [7]. - **国内数据/资讯**: For example, at 17:00, there will be data on the arrival forecast of MEG in the main ports of East China (in million tons) [7].

Report Industry Investment Rating No relevant content provided. Core Viewpoints No clear core viewpoints are presented in the reports. The documents mainly provide various data on different futures and related market indicators. Summary by Category 1. Stock Index Futures - **Price - Spread Data**: On July 29, 2025, the IF, IH, IC, and IM futures showed different values in terms of spot - futures spreads, inter - period spreads, and cross - variety ratios. For example, the IF spot - futures spread was - 13.82, with a change of - 2.66 from the previous day, and its 1 - year historical quantile was 32.70% [1]. - **Ratio Data**: Cross - variety ratios such as CSI 500/CSI 300, IC/IF, etc., also had specific values and changes. For instance, the IC/IF ratio was 1.5095, with a change of - 0.0007 [1]. 2. Treasury Bond Futures - **IRR and Basis**: As of July 28, 2025, the IRR of TS was 1.5937, and the basis of TF was 1.4203, with corresponding changes and historical quantiles [2]. - **Inter - period and Cross - variety Spreads**: Different inter - period spreads (e.g., current - quarter to next - quarter) and cross - variety spreads (e.g., TS - TF) had specific values and historical quantiles [2]. 3. Precious Metals - **Price Changes**: From July 25 to July 28, 2025, domestic and foreign precious metal futures and spot prices changed. For example, the AU2510 contract price decreased from 777.32 to 774.78 yuan/gram, a decline of - 0.33% [4]. - **Basis and Ratio**: The basis and ratio of precious metals also changed. For example, the gold TD - Shanghai gold main contract basis was - 3.20, with a change of 0.51 from the previous value, and its 1 - year historical quantile was 23.60% [4]. 4. Container Shipping Industry - **Spot Quotes**: On July 29, 2025, the spot quotes of shipping companies on the Shanghai - Europe route had different changes. For example, MAERSK's quote increased by 3.03% to 3235 dollars/FEU [6]. - **Index Data**: Shipping indices such as SCFIS and SCFI showed different degrees of decline. For instance, SCFIS (European route) decreased by - 3.50% from July 21 to July 28, 2025 [6]. 5. Trading Calendar - **Overseas Data**: On July 29, 2025, at 22:00, data on US June JOLTs job vacancies and US July Conference Board consumer confidence index were to be released [7]. - **Domestic Data**: Data on various domestic commodities such as manganese silicon, iron ore, polyester, glass, and polysilicon were expected to be updated on the same day, including inventory, port throughput, and production - sales ratios [7].

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the reports. 2. Core Views There are no explicit core views presented in the reports. The reports mainly provide data on various futures, including price differentials, closing prices, and related indicators. 3. Summary by Category 3.1 Stock Index Futures Spread - **IF期现价差**: 32.30%, down 16.75, 5.94 in historical 1 - year percentile, 25.90% in all - time percentile [1] - **IH期现价差**: 2.48, up 5.34, 74.10% in historical 1 - year percentile, 72.20% in all - time percentile [1] - **IC期现价差**: - 98.81, up 5.65, 8.10% in historical 1 - year percentile, 2.80% in all - time percentile [1] - **IM期现价差**: - 138.47, up 6.80, 90.00% in historical 1 - year percentile, 8.20% in all - time percentile [1] 3.2 Treasury Bond Futures Spread - **TS基差 (2025 - 07 - 18)**: 1.5570, up 0.0032, 22.20% in listed - since percentile [2] - **TF基差 (2025 - 07 - 18)**: 1.6510, up 0.0085, 44.60% in listed - since percentile [2] - **T基差 (2025 - 07 - 18)**: 1.3735, up 0.0708, 46.80% in listed - since percentile [2] - **TL基差 (2025 - 07 - 18)**: 1.7138, up 0.2243, 60.70% in listed - since percentile [2] 3.3 Precious Metals Spot - Futures - **AU2510合约 (7月17日)**: 776.28 yuan/g, down 0.38, - 0.05% [4] - **AG2510合约 (7月17日)**: 9166 yuan/kg, up 14, 0.15% [4] - **COMEX黄金主力合约 (7月17日)**: 3345.40, down 8.80, - 0.26% [4] - **COMEX白银主力合约 (7月17日)**: 38.44 dollars/ounce, up 0.31, 0.81% [4] 3.4 Container Shipping Industry Spot - Futures - **SCFIS (欧洲航线) (7月14日)**: 2421.94, up 163.9, 7.26% [7] - **SCFIS (美西航线) (7月14日)**: 1266.59, down 291.2, - 18.69% [7] - **EC2602 (7月18日)**: 1495.1, up 9.4, 0.63% [7] - **EC2510 (主力) (7月18日)**: 1613.0, up 31.7, 2.00% [7] 3.5 Trading Calendar - **海外数据/资讯**: Include US 6 - month Conference Board Leading Index monthly rate, Brazil secex report, USDA export inspection and crop growth data [9] - **国内数据/资讯**: Cover global manganese ore shipments, iron ore shipments and arrivals, SMM electrolytic copper social inventory, etc [9]