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]

Report Industry Investment Rating - No information provided in the given documents. Core Views of the Reports 1. **Stock Index Futures Spread Daily Report** - Provides detailed data on stock index futures price differences including current values, historical quantiles, and changes from the previous day for various contracts and spreads [1]. 2. **Bond Futures Spread Daily Report** - Presents data on bond futures basis, inter - period spreads, and cross - variety spreads, including values, historical quantiles, and changes from the previous trading day [2]. 3. **Precious Metals Spot - Futures Daily Report** - Gold prices dropped sharply with the rapid exit of funds. It is recommended to wait and see in the short term. Long - term investors can wait for a pullback. Silver prices are expected to rise in the long run. Platinum and palladium are expected to rise in the medium - to - long - term, but there are short - term price fluctuations [3]. 4. **Container Shipping Industry Spot - Futures Daily Report** - Shipping indices such as SCFIS and SCFI showed an upward trend. Futures prices and basis had different changes, and fundamental data on supply, trade, and overseas economies were presented [5]. Summary by Relevant Catalogs 1. **Stock Index Futures Spread Daily Report** - **Price Differences**: Data on F, H, IC, IM futures - spot spreads and various inter - period spreads are provided, along with their historical quantiles and changes from the previous day [1]. - **Cross - Variety Ratios**: Ratios of CSI 500/CSI 300, IC/IF, etc. are presented, including current values, changes, and historical quantiles [1]. 2. **Bond Futures Spread Daily Report** - **Basis**: Basis data for TS, TF, T, TL are provided, including values, changes, and historical quantiles [2]. - **Inter - period Spreads**: Inter - period spreads for different contracts of TS, TF, T, TL are presented, along with their values, changes, and historical quantiles [2]. - **Cross - Variety Spreads**: Cross - variety spreads such as TS - TF, TS - T are provided, including values, changes, and historical quantiles [2]. 3. **Precious Metals Spot - Futures Daily Report** - **Futures Closing Prices**: Domestic and foreign futures closing prices of gold, silver, platinum, and palladium are presented, along with their changes and percentage changes [3]. - **Spot Prices**: Spot prices of London gold, silver, platinum, and domestic precious metals are provided, including changes and percentage changes [3]. - **Basis**: Basis data for gold and silver are presented, including current and previous values, changes, and historical quantiles [3]. - **Ratios**: Ratios such as COMEX gold/silver, NYMEX platinum/palladium are provided, including changes and percentage changes [3]. - **Interest Rates and Exchange Rates**: Data on 10 - year US Treasury yields, 2 - year US Treasury yields, etc. are presented, including changes and percentage changes [3]. - **Inventory and Positions**: Inventory data of Shanghai Futures Exchange and COMEX, and ETF positions are provided, including changes and percentage changes [3]. 4. **Container Shipping Industry Spot - Futures Daily Report** - **Shipping Indices**: SCFIS and SCFI indices for different routes are presented, including changes and percentage changes [5]. - **Futures Prices and Basis**: Futures prices and basis data for different contracts are provided, including changes and percentage changes [5]. - **Fundamental Data**: Data on global container shipping capacity supply, port - related indicators, overseas economic indicators, and OECD leading indicators are presented, including changes and percentage changes [5].

1. Report Industry Investment Ratings - No information about industry investment ratings is provided in the reports [1][2][3][4] 2. Core Views of the Reports 2.1. Index Futures Spread Report - Presents detailed data on various index futures spreads including IF, IH, IC, and IM, such as current values, changes from the previous day, historical 1 - year and all - time percentiles [1] 2.2. Bond Futures Basis and Spread Report - Provides data on bond futures basis (TS, TF, T, TL) and spreads, including IRR, current values, changes from the previous day, and percentiles since listing [2] 2.3. Precious Metals Spot - Futures Report - In the long - term, gold prices may rise due to early capital allocation. Short - term, the market will be in a strong - side shock. For silver, beware of the risk of speculative long - positions taking profits at high levels. Platinum and palladium are expected to rise in the medium - to - long - term, but there may be short - term corrections [3] 2.4. Container Shipping Industry Spot - Futures Report - Shows data on container shipping indexes, futures prices, basis, and fundamental data, including shipping capacity supply, port - related indicators, export amounts, and overseas economic data [4] 3. Summary of Each Report by Section 3.1. Index Futures Spread Report 3.1.1. Spread Data - IF spread: F - period spread is 7.12, H - period spread is 1.16, with corresponding changes and percentiles [1] - IH, IC, IM spreads: Provide current values, changes, and percentiles for different spread types (e.g., inter - period spreads) [1] 3.1.2. Cross - Variety Ratios - Ratios such as CSI 500/CSI 300, CSI 500/SSE 50, etc., with current values, changes, and percentiles [1] 3.2. Bond Futures Basis and Spread Report 3.2.1. Basis Data - TS, TF, T, TL basis: Provide IRR, current values, changes, and percentiles since listing [2] 3.2.2. Spread Data - Inter - period spreads for TF, T, TL, and cross - variety spreads (e.g., TS - TF, TS - T) with current values, changes, and percentiles [2] 3.3. Precious Metals Spot - Futures Report 3.3.1. Futures Closing Prices - Domestic futures (AU2602, AG2602, etc.) and foreign - market futures (COMEX gold, COMEX silver, etc.) with closing prices, changes, and percentage changes [3] 3.3.2. Spot Prices - London gold, London silver, and domestic spot prices (SGE gold, SGE silver, etc.) with prices, changes, and percentage changes [3] 3.3.3. Basis and Ratios - Basis data (e.g., gold TD - Shanghai gold main contract) and price ratios (e.g., COMEX gold/silver) with current values, changes, and percentiles [3] 3.3.4. Interest Rates and Exchange Rates - 10 - year US Treasury yield, 2 - year US Treasury yield, etc., with current values, changes, and percentage changes [3] 3.3.5. Inventory and Positions - Shanghai Futures Exchange gold and silver inventories, COMEX gold and silver inventories, etc., with values, changes, and percentage changes [3] 3.4. Container Shipping Industry Spot - Futures Report 3.4.1. Shipping Indexes - SCFIS (European and US - West routes), SCFI comprehensive index, and its sub - indexes (European, US - West, US - East) with prices, changes, and percentage changes [4] 3.4.2. Futures Prices and Basis - Futures contract prices (EC2602, EC2604, etc.) and basis (main contract) with values, changes, and percentage changes [4] 3.4.3. Fundamental Data - Shipping capacity supply, port - related indicators (Shanghai port on - time rate, port calls), export amounts, and overseas economic data (eurozone PMI, US manufacturing PMI, etc.) with values, changes, and percentage changes [4]

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - With the peak of autumn maintenance in European and American refineries passing, their operations are gradually resuming, and the most critical period for gasoline supply may have passed. The rhythmic arrival of pure benzene at ports has increased pressure, leading to a further rise in port inventories and suppressing the performance of pure benzene processing fees. Downstream operations remain at a low level during the off - season, with styrene maintaining low - load maintenance, CPL operations dropping further from a low level, and the operations of phenol, aniline, and adipic acid slightly increasing, but terminal demand remains weak [3]. - Overseas, South Korea's Daehan, Lotte, and Hyundai have officially announced a merger and will shut down Lotte's 1.1 million - ton cracking unit. Attention should be paid to whether Lotte's styrene units in South Korea will stop production. In China, port inventories have risen again. Although styrene is still in a low - operation maintenance stage and the resumption plan has been postponed, downstream operations during the off - season are still low. The operation of EPS, which has obvious seasonality, continues to decline, the operation of PS rebounds but inventory pressure remains, and the finished - product inventory pressure of ABS remains high while its operation stays at a low level [3]. 3. Summary by Related Catalogs I. Pure Benzene and EB's Basis Structure, Inter - Period Spreads - Relevant figures include the basis of the pure benzene main contract, the price of the pure benzene main futures contract, the spread between pure benzene spot and M2 paper goods, the spread between the first - and third - consecutive contracts of pure benzene, the trend and basis of the EB main contract, the basis of the EB main contract, and the spread between the first - and third - consecutive contracts of styrene [7][10][15] II. Pure Benzene and Styrene Production Profits, Domestic and Foreign Spreads - Relevant figures cover naphtha processing fees, the difference between FOB South Korea pure benzene and CFR Japan naphtha, the production profit of non - integrated styrene units, the difference between FOB US Gulf pure benzene and FOB South Korea pure benzene, the difference between FOB US Gulf pure benzene and CFR China pure benzene, the difference between FOB Rotterdam pure benzene and CFR China pure benzene, pure benzene import profit, styrene import profit, the difference between FOB US Gulf styrene and CFR China styrene, and the difference between FOB Rotterdam styrene and CFR China styrene [18][21][36] III. Pure Benzene and Styrene Inventories, Operating Rates - Relevant figures involve the inventory of pure benzene in East China ports, the operating rate of pure benzene, the inventory of styrene in East China ports, the operating rate of styrene, the commercial inventory of styrene in East China, and the factory inventory of styrene [38][40][43] IV. Styrene Downstream Operating Rates and Production Profits - Relevant figures include the operating rate and production profit of EPS, the operating rate and production profit of PS, and the operating rate and production profit of ABS [51][56][58] V. Pure Benzene Downstream Operating Rates and Production Profits - Relevant figures cover the operating rates of caprolactam, phenol - ketone, aniline, and adipic acid, as well as the production profits of caprolactam, phenol - ketone, aniline, adipic acid, PA6 regular - spinning bright, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymer MDI [62][71][75]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In the pure benzene market, with the peak of autumn maintenance in European and American refineries passing and the resumption of refinery operations, the most critical period for gasoline supply may have passed. The rhythmical arrival of pure benzene at ports increases the pressure, leading to a further rise in port inventories at the beginning of the week, which suppresses the performance of pure benzene processing fees. Downstream operations are still at a low level, with the operation rate of phenol rising, while those of aniline and adipic acid declining. Styrene is still in the maintenance period and is expected to resume operations at the end of the month [2]. - In the styrene market, port inventories did not continue to decline, and the arrival of goods increased rhythmically. Styrene is still in the low - operation maintenance stage, and the resumption plan has been postponed. Attention now shifts to the downstream. Currently, downstream operations are still at a low level. The operation rate of EPS, which has obvious seasonality, is expected to further decline at the end of the year, while those of ABS and PS are slightly rising from a low level, and there is still inventory pressure on PS and ABS [2]. 3. Summary by Relevant Catalogs I. Pure Benzene and EB's Basis Structure, Inter - Period Spreads - Not elaborated in detail in the summary part, only mentioned figures related to pure benzene's basis and futures contracts, and EB's basis and spreads [1][7][12] II. Pure Benzene and Styrene Production Profits, Internal - External Spreads - Pure benzene: The CFR China processing fee is 101 dollars/ton (-10 dollars/ton), and the FOB South Korea processing fee is 89 dollars/ton (-9 dollars/ton). The profit of downstream products varies, with caprolactam at -850 yuan/ton (+275), phenol - acetone at -415 yuan/ton (+0), aniline at 499 yuan/ton (+3), and adipic acid at -1245 yuan/ton (+23) [1]. - Styrene: The non - integrated production profit is -223 yuan/ton (+30 yuan/ton), with an expected gradual compression [1]. III. Pure Benzene and Styrene Inventories, Operation Rates - Pure benzene: The port inventory is 16.40 tons (+1.70 tons), and the downstream operation rate is generally low, with the phenol operation rate rising, and those of aniline and adipic acid falling [1][2]. - Styrene: The East China port inventory is 164,200 tons (+15,900 tons), the East China commercial inventory is 94,200 tons (+6,900 tons), and the operation rate is 69.0% (-0.3%). It is still in the maintenance period, and the resumption plan is postponed [1][2]. IV. Styrene Downstream Operation and Production Profits - EPS production profit is 105 yuan/ton (-10 yuan/ton), operation rate is 56.27% (+4.64%); PS production profit is 5 yuan/ton (+40 yuan/ton), operation rate is 55.90% (+0.50%); ABS production profit is -493 yuan/ton (+2 yuan/ton), operation rate is 72.40% (+0.60%). EPS is expected to have a further decline in operation rate at the end of the year, while ABS and PS have a slight increase from a low level, and there is still inventory pressure on PS and ABS [1][2]. V. Pure Benzene Downstream Operation and Production Profits - Caprolactam operation rate is 88.23% (+2.18%), phenol operation rate is 79.00% (+12.00%), aniline operation rate is 75.68% (-4.49%), adipic acid operation rate is 55.50% (-6.50%). The production profits of downstream products vary as mentioned above [1]. 4. Strategies - Unilateral: No strategy provided. - Basis and Inter - Period: Consider a positive inter - period spread arbitrage for EB2512 - EB2601 at low prices. - Cross - Variety: Consider widening the spread for EB2512 - BZ2603 at low prices [3].

Report 1: Stock Index Futures Spread Daily Report Core View - Presents the latest data on stock index futures spreads including price differences between futures and spot, inter - period spreads, and cross - variety ratios, along with their changes from the previous day and historical percentile rankings [1] Summary by Category - **Futures - Spot Price Differences**: F futures - spot price difference is - 7.17, H is - 4.87, IC is - 86.29, and IM is - 112.18 with various percentage changes and historical percentile rankings [1] - **Inter - period Spreads**: Different inter - period spreads such as next month - current month, quarterly month - current month, etc. are provided for IF, IH, IC, and IM, showing their values, changes, and historical percentile rankings [1] - **Cross - variety Ratios**: Ratios like CSI 500/CSI 300, IC/IF, etc. are given with their values, changes, and historical percentile rankings [1] Report 2: Treasury Bond Futures Spread Daily Report Core View - Displays the latest data on treasury bond futures spreads including basis, inter - period spreads, and cross - variety spreads, along with their changes from the previous day and historical percentile rankings [2] Summary by Category - **Basis**: TS basis is 1.5208, TF is 1.2620, T is 1.3841, and TL is 1.2692 with corresponding changes and historical percentile rankings [2] - **Inter - period Spreads**: Inter - period spreads for TS, TF, T, and TL such as current quarter - next quarter, current quarter - distant quarter, etc. are presented with their values, changes, and historical percentile rankings [2] - **Cross - variety Spreads**: Spreads like TS - TF, TS - T, etc. are provided with their values, changes, and historical percentile rankings [2] Report 3: Precious Metals Spot - Futures Daily Report Core View - Provides the latest data on precious metals including domestic and foreign futures closing prices, spot prices, basis, price ratios, interest rates, exchange rates, and inventory and position data, along with their changes [4] Summary by Category - **Futures Closing Prices**: Domestic AU2512 contract closed at 961.22 yuan/gram, AG2512 at 12588 yuan/kilogram; foreign COMEX gold at 4174.50, COMEX silver at 52.23 dollars/ounce with corresponding changes [4] - **Spot Prices**: London gold at 4170.87, London silver at 52.33 dollars/ounce, Shanghai Gold Exchange gold T + D at 958.67 yuan/gram, silver T + D at 12563 yuan/kilogram with corresponding changes [4] - **Basis**: Gold TD - Shanghai gold main contract basis is - 2.55, silver TD - Shanghai silver main contract basis is - 25 with corresponding changes and historical percentile rankings [4] - **Price Ratios**: COMEX gold/silver ratio is 79.93, Shanghai Futures Exchange gold/silver ratio is 76.36 with corresponding changes [4] - **Interest Rates and Exchange Rates**: 10 - year US Treasury yield is 4.11%, 2 - year is 3.58%, 10 - year TIPS Treasury yield is 1.83%, US dollar index is 99.18, offshore RMB exchange rate is 7.0974 with corresponding changes [4] - **Inventory and Position**: Shanghai Futures Exchange gold inventory is 90426, silver inventory is 584014 kilograms; COMEX gold and silver inventories, registered warrants, and ETF positions are provided with their changes [4] Report 4: Container Shipping Industry Spot - Futures Daily Report Core View - Offers the latest data on the container shipping industry including spot quotes, freight indices, futures prices, basis, and fundamental data, along with their changes [5] Summary by Category - **Spot Quotes**: Shanghai - Europe future 6 - week freight rates from different shipping companies show various changes [5] - **Freight Indices**: SCFIS (European route) settled at 1504.80, SCFIS (US West route) at 1329.71; Shanghai Export Container Freight Index and its sub - indices show different changes [5] - **Futures Prices and Basis**: EC2512 (main contract) futures price is 1782.3 with a 1.88% increase, and the basis (main contract) is 21.7 with a - 33.64% change [5] - **Fundamental Data**: Global container shipping capacity supply remains unchanged; Shanghai port on - time rate, port calls, monthly export amount, overseas economic indicators, and OECD leading indicators show different changes [5]

Report Industry Investment Rating - No information provided on the industry investment rating Core View of the Report - Pure benzene port inventory decreased slightly, but its basis and processing fee continued to be weak. Domestic production capacity utilization of pure benzene has bottomed out and rebounded, with the impact of previous sanctions on refinery operations easing, and the pressure of incoming shipments increasing intermittently. Downstream demand remained weak, with styrene in concentrated maintenance, phenol production declining again, CPL production at a low level, and adipic acid production rebounding [2]. - Styrene ports continued to experience a slight reduction in inventory, with short - term low - level production capacity utilization, and maintenance only decreasing at the end of November. EB factory inventory further decreased, and port inventory began to decline. However, attention should be paid to downstream demand, as EPS production capacity utilization dropped rapidly, ABS and PS production capacity utilization remained low, and the inventory of the three major hard plastics only slightly decreased from high levels [2]. Summary by Directory 1. Pure Benzene and EB's Basis Structure, Inter - period Spreads - Figures related to pure benzene basis and inter - period spreads include the pure benzene main contract basis, pure benzene spot - M2 paper cargo spread, and pure benzene continuous first - contract to continuous third - contract spread [7][10]. - Figures related to EB basis and inter - period spreads include the EB main contract basis and the styrene continuous first - contract to continuous third - contract spread [15][18]. 2. Pure Benzene and Styrene Production Profits, Domestic - Foreign Spreads - Figures related to production profits and spreads include styrene non - integrated production profit, pure benzene FOB US Gulf - FOB South Korea spread, naphtha processing fee, pure benzene FOB South Korea - naphtha CFR Japan spread, pure benzene import profit, and styrene import profit [21][24][33]. 3. Pure Benzene and Styrene Inventory, Production Capacity Utilization - For pure benzene, figures show the East China port inventory and production capacity utilization [39]. - For styrene, figures cover the East China port inventory, production capacity utilization, East China commercial inventory, and factory inventory [42][44]. 4. Styrene Downstream Production Capacity Utilization and Production Profits - Figures display the production capacity utilization and production profits of EPS, PS, and ABS [52][53][57]. 5. Pure Benzene Downstream Production Capacity Utilization and Production Profits - Figures show the production capacity utilization and production profits of caprolactam, phenol - ketone, aniline, adipic acid, and other downstream products [60][68][73]. Strategy - Unilateral: No strategy provided [3]. - Basis and Inter - period: Consider a long - short spread strategy for EB2512 - EB2601 at low prices and a short - long spread strategy for BZ2603 - BZ2605 at high prices [3]. - Cross - variety: No strategy provided [3].

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

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the reports. 2. Report Core Views The reports mainly present the latest data on various futures, including price differences, basis, ratios, and related economic indicators, without explicitly stating a core view. 3. Summary by Category a. Stock Index Futures - **Price Differences**: The report provides the latest values, changes from the previous day, and historical quantiles of price differences for various stock index futures such as IF, IH, IC, and IM, including spot-futures price differences and inter - period price differences [1]. - **Cross - Variety Ratios**: It presents cross - variety ratios such as CSI 500/CSI 300, IC/IF, etc., along with their changes and historical quantiles [1]. b. Treasury Bond Futures - **Basis and Cross - Period Spreads**: The report shows the latest values, changes from the previous day, and historical quantiles of basis and cross - period spreads for TS, TF, T, and TL treasury bond futures, as well as cross - variety spreads [2]. c. Precious Metals Futures - **Prices and Changes**: It provides domestic and foreign futures closing prices, spot prices, basis, ratios, interest rates, exchange rates, inventory, and positions of precious metals (gold and silver), along with their changes [3]. d. Shipping Industry Futures - **Spot Quotes and Indexes**: The report includes spot quotes for Shanghai - Europe shipping, shipping index settlement prices, and Shanghai export container freight rates, along with their changes [6]. - **Futures Prices and Basis**: It presents futures prices and basis for shipping futures contracts, as well as fundamental data such as shipping capacity supply, foreign trade - related indicators, and overseas economic data [6]. e. Trading Calendar - **Data and Information**: The report lists overseas and domestic data/information, including macro - data, agricultural products, black and non - ferrous metals, energy chemicals, and special commodities, along with their release times and data sources [7].