1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The "Guojin Securities Fixed Income - Bond Market Micro - trading Thermometer" reading continued to rise to 57%, up 3 percentage points from the previous period. Some indicators' positions increased, while others decreased. The proportion of indicators in the over - heated range remained at 35% [15][21]. 3. Summary According to Relevant Catalogs 3.1. Micro - trading Thermometer Reading - The micro - trading thermometer reading continued to rise to 57%. The positions of institutional leverage, policy spread, bond fund profit - taking pressure, stock - bond ratio, and overall market turnover rate increased by 48, 18, 18, 16, and 12 percentage points respectively. The TL/T long - short ratio and commodity ratio positions also rose by 11 percentage points. However, the position values of fund - small and medium - sized bank buying volume, long - term treasury bond trading volume ratio, and listed company wealth management buying volume decreased by 33, 18, and 15 percentage points respectively [3][15]. 3.2. Proportion of Indicators in the Over - heated Range - Among the 20 micro - indicators, 7 (35%) were in the over - heated range, 7 (35%) were in the neutral range, and 6 (30%) were in the cold range. The long - term treasury bond trading volume ratio and listed company wealth management buying volume dropped from the over - heated range to the cold range; institutional leverage and policy spread rose from the neutral range to the over - heated range; the overall market turnover rate rose from the cold range to the neutral range [4][21]. 3.3. Long - term Treasury Bond Trading Volume Ratio - In the trading heat indicators, the proportion of indicators in the over - heated range remained at 67%, the proportion in the neutral range rose to 33%, and the proportion in the cold range dropped to 0%. The overall market turnover rate position increased by 12 percentage points, rising from the cold range to the neutral range; institutional leverage position increased by 48 percentage points, rising from the neutral range to the over - heated range; the long - term treasury bond trading volume ratio position decreased by 18 percentage points, dropping from the over - heated range to the neutral range [6][22]. 3.4. Bond Fund Profit - taking Pressure - In the institutional behavior indicators, the proportion of indicators in the over - heated range dropped to 25%, the proportion in the neutral range remained at 13%, and the proportion in the cold range rose to 63%. The listed company wealth management buying volume position decreased by 15 percentage points to 58%, dropping from the over - heated range to the neutral range; the fund - small and medium - sized bank buying volume position decreased by 33 percentage points to 31%, dropping from the neutral range to the cold range [7][26]. 3.5. Policy Spread - The yield of 3 - year treasury bonds continued to decline, the policy spread narrowed by 2bp to 0bp, and the position value rose slightly by 18 percentage points to 76%, rising from the neutral range to the over - heated range. The credit spread and agricultural development - state - owned development spread remained the same as the previous period, the IRS - SHIBOR 3M spread widened by 3bp, and the average spread of the three widened slightly by 1bp to 17bp. Its position value decreased by 4 percentage points to 61%, still in the neutral range [8][32]. 3.6. Stock - Bond Ratio - Among the ratio indicators, the proportion of indicators in the cold range remained at 75%, and the proportion in the neutral range remained at 25%. The position values of stock - bond, commodity, and real estate ratios increased by 16, 11, and 18 percentage points to 57%, 56%, and 51% respectively, all still in the neutral range [9][34].

Group 1: Investment Ratings - No investment rating for the industry is provided in the report [1] Group 2: Core Views - The future market may be more affected by US economic data's impact on Fed policy expectations and geopolitical disruptions. In the short - term, the precious metals market will maintain a strong oscillation, with gold's upward momentum increasing above the 20 - day moving average, and long positions should continue to be held [1] - Driven by factors such as capital sentiment, the short - term silver price trend is strong and hard to predict the peak, but the market fluctuates greatly. It is recommended to pay attention to risk control measures of exchanges, maintain the idea of buying on dips with light positions and lock in profits in a timely manner [1] - Platinum and palladium, supported by macro - financial attributes and a tight supply pattern, form a linkage with the rising trend of gold, and their price centers continue to rise. Given the current RMB appreciation, the overseas market prices perform stronger than the domestic ones, and it is recommended to buy on dips [1] Group 3: Summary by Relevant Catalogs Domestic Futures Closing Prices - The AU2604 contract rose 27.68 yuan/g to 1143.32 yuan/g, a 2.48% increase from January 23rd to January 26th - The AG2604 contract rose 2242 yuan/ten grams to 27207 yuan/ten grams, an 8.98% increase - The PT2606 contract rose 58.80 yuan/g to 744.70 yuan/g, an 8.57% increase - The PD2606 contract rose 36.85 yuan/g to 534.80 yuan/g, a 7.40% increase [1] Foreign Futures Closing Prices - The COMEX gold主力 contract rose 21.70 to 5004.80, a 0.44% increase - The COMEX silver主力 contract rose 0.63 to 103.89, a 0.61% increase - The NYMEX platinum主力 contract fell 197.60 to 2575.60 dollars/ounce, a 7.13% decrease - The NYMEX palladium主力 contract fell 54.50 to 1992.50, a 2.66% decrease [1] Spot Prices - London gold rose 28.57 to 5009.88, a 0.57% increase - London silver rose 0.53 to 103.87, a 0.52% increase - Platinum rose 106.00 to 2811.00 dollars/ounce, a 3.92% increase - Palladium rose 116.00 to 2092.00, a 5.87% increase - Shanghai Gold Exchange's gold T + D rose 33.91 yuan/g to 1144.26 yuan/g, a 3.05% increase - Shanghai Gold Exchange's silver T + D rose 2525 yuan/ten grams to 27513 yuan/ten grams, a 10.10% increase - Shanghai Gold Exchange's platinum 9995 rose 52 yuan/g to 733 yuan/g, a 7.59% increase [1] Basis - The basis of gold TD - Shanghai gold主力 increased 6.23 to 0.94, at the 46.10% quantile of the past year - The basis of silver TD - Shanghai silver主力 increased 283 to 306, at the 60.60% quantile of the past year - The basis of London gold - COMEX gold increased 6.87 to 5.08, at the 99.60% quantile of the past year - The basis of London silver - COMEX silver decreased 0.10 to - 0.02, at the 69.00% quantile of the past year [1] Price Ratios - The COMEX gold/silver ratio fell 0.08 to 48.17, a 0.17% decrease - The Shanghai Futures Exchange gold/silver ratio fell 2.67 to 42.02, a 5.96% decrease - The NYMEX platinum/palladium ratio fell 0.06 to 1.29, a 4.58% decrease - The Guangzhou Futures Exchange platinum/palladium ratio rose 0.02 to 1.39, a 1.09% increase [1] Interest Rates and Exchange Rates - The 10 - year US Treasury yield fell 0.02 to 4.22, a 0.5% decrease - The 2 - year US Treasury yield fell 0.04 to 3.56, a 1.1% decrease - The 10 - year TIPS Treasury yield fell 0.02 to 1.90, a 1.0% decrease - The US dollar index fell 0.45 to 97.05, a 0.47% decrease - The on - shore RMB exchange rate rose 0.0006 to 6.9492, a 0.01% increase [1] Inventory and Positions - The Shanghai Futures Exchange's gold inventory rose 1020 to 103050 ten grams, a 1.00% increase - The Shanghai Futures Exchange's silver inventory fell 7280 to 573810, a 1.25% decrease - The COMEX gold inventory fell 202778 to 35941502, a 0.56% decrease - The COMEX silver inventory fell 1183026 to 415241837, a 0.28% decrease - The COMEX gold registered warehouse receipts fell 386 to 18845680, a 0.00% decrease - The COMEX silver registered warehouse receipts remained unchanged at 114262775 - The SPDR gold ETF position remained unchanged at 1087 - The SLV silver ETF position fell 115.58 to 15974, a 0.72% decrease [1]

| 国债期货价差日报 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可【2011】1292号 2025年12月4日 | | | | | | Z0019608 熊客健 | | 种类 | 日期 | 品种 | IRR (%) | 最新值 | 较前一交易目变化 | 上市以来百分位数 | | | 2025-12-03 | TS基差 | 1.6478 | -0.0609 | -0.0231 | 30.00% | | | 2025-12-03 | TF基差 | 1.7661 | -0.0921 | -0.0493 | 50.60% | | 基差 | 2025-12-03 | T基产 | 1.9644 | -0.0373 | -0.0906 | 68.60% | | | 2025-12-03 | TL 泉元 | 2.0675 | 0.3058 | -0.3083 | 75.50% | | | 2025-12-03 | 当季 下空 | | 0.0120 | -0.0160 | 26.10% | | TS跨期价差 | 2025-12 ...

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the reports. 2. Core Views The reports mainly present the daily data of various futures, including price differences, spreads, basis, ratios, interest rates, exchange rates, inventories, and positions. They also show the spot prices and freight rates in related industries, aiming to help investors understand the market trends and price relationships of different futures and related products. 3. Summary by Category **Stock Index Futures** - **Price Differences**: For different stock index futures such as IF, IH, IC, and IM, the current values, changes compared to the previous day, and historical percentile data of price differences (including term - current price differences and inter - term price differences) are provided. For example, the IF term - current price difference is - 35.98, with a historical 1 - year percentile of 18.80% and a full - history percentile of 9.10% [1]. - **Inter - term Spreads**: The inter - term spreads (e.g., next month - current month, quarterly month - current month) of various stock index futures are reported, along with their changes and historical percentile data. For instance, the next month - current month spread of IF is - 14.80, with a change of - 1.80, a historical 1 - year percentile of 28.60%, and a full - history percentile of 24.50% [1]. - **Cross - variety Ratios**: Ratios between different stock index futures (e.g., CSI 500/SSE 50, CSI 1000/CSI 300) are presented, including their current values, changes, and historical percentile data. For example, the CSI 500/SSE 50 ratio is 5.4596, with a change of - 0.0130, a full - history percentile of 98.30%, and a historical 1 - year percentile of 75.20% [1]. **Bond Futures** - **IRR and Basis**: The implied repo rate (IRR) and basis data of different bond futures (such as TF, T, TL, TS) are provided, including their current values, changes compared to the previous trading day, and historical percentile data. For example, the TF basis is 1.6050, with a change of - 0.0210 and a historical percentile of 41.30% [2]. - **Inter - term Spreads**: The inter - term spreads (e.g., current quarter - next quarter, next quarter - subsequent quarter) of various bond futures are reported, along with their changes and historical percentile data. For instance, the current quarter - next quarter spread of TF is 0.1200, with a change of 0.0000 and a historical percentile of 42.40% [2]. - **Cross - variety Spreads**: Spreads between different bond futures (e.g., TS - TF, TS - T) are presented, including their current values, changes, and historical percentile data. For example, the TS - TF spread is - 3.2430, with a change of 0.0360 and a historical percentile of 12.70% [2]. **Precious Metals** - **Futures and Spot Prices**: The closing prices of domestic and foreign precious metal futures (AU2512, AG2512, COMEX gold, COMEX silver) and spot prices (London gold, London silver, Shanghai Gold Exchange T + D) are reported, along with their changes and percentage changes. For example, the AU2512 contract closed at 860.00 yuan/gram on September 24, up 4.56 yuan or 0.53% from the previous day [4]. - **Basis and Ratios**: The basis between spot and futures prices and the ratios between different precious metals are presented, including their current values, changes, and percentage changes. For instance, the gold TD - Shanghai gold futures basis is - 3.73, up 2.13 from the previous value, with a historical 1 - year percentile of 22.40% [4]. - **Interest Rates and Exchange Rates**: The current values, changes, and percentage changes of relevant interest rates (10 - year US Treasury yield, 2 - year US Treasury yield) and exchange rates (US dollar index, offshore RMB exchange rate) are reported. For example, the 10 - year US Treasury yield is 4.16%, up 0.04 percentage points or 1.0% from the previous day [4]. - **Inventories and Positions**: The inventory data of precious metals in the Shanghai Futures Exchange (gold and silver) and the positions of ETFs are provided, including their current values, changes, and percentage changes. For example, the Shanghai Futures Exchange gold inventory is 60543 kilograms, up 1530 kilograms or 2.59% from the previous day [4]. **Container Shipping Industry** - **Spot Freight Rates**: The spot freight rates of different shipping companies on the Shanghai - Europe route (MAERSK, CMA, MSC, etc.) are reported, along with their changes and percentage changes. For example, the MAERSK freight rate is 1576 US dollars/FEU on September 22, up 40 US dollars or 2.60% from the previous day [6]. - **Shipping Indexes**: The settlement price indexes of container shipping (SCFIS for European and US - West routes, SCFI comprehensive index, etc.) are presented, including their changes and percentage changes. For instance, the SCFIS (European route) index is 1254.92 points on September 22, down 185.3 points or - 12.87% from September 15 [6]. - **Futures Prices and Basis**: The futures prices of container shipping (EC2602, EC2506, etc.) and the basis of the main contract are reported, along with their changes and percentage changes. For example, the EC2602 futures price is 1588.1 on September 24, up 52.5 or 3.42% from the previous day [6]. - **Fundamental Data**: The supply of global container shipping capacity, port - related indicators (port punctuality rate, port berthing situation in Shanghai), monthly export volume, and overseas economic indicators (eurozone composite PMI, EU consumer confidence index, US manufacturing PMI) are provided, including their环比 changes and percentage changes. For example, the port punctuality rate in Shanghai in August is 18.31%, down 14.27 percentage points or - 43.80% from July [6].

1. Report Industry Investment Rating - No information about the industry investment rating is provided in the reports. 2. Core Views - The reports present the latest data on various futures, including stock index futures, treasury bond futures, precious metal futures, and container shipping futures, such as price differences, basis, ratios, and related fundamental data, but do not explicitly state a unified core view. 3. Summary by Related Catalogs Stock Index Futures - **Price Differences and Percentiles**: On September 24, 2025, the F and H futures-spot price differences were 35.98 and 5.49 respectively, with changes of 2.63 and 4.66 from the previous day. The IC and IM futures-spot price differences were -240.11 and -281.07, with changes of -28.19 and -21.79 [1]. - **Inter - period Price Differences**: There are various inter - period price differences for IF, H, IC, and IM, such as the "next month - current month" price differences and "far month - current month" price differences, with different historical percentile rankings and changes from the previous day [1]. - **Cross - variety Ratios**: There are multiple cross - variety ratios, like the ratios of IC/IH, IF/IH, and IM/IF, with corresponding changes and historical percentile rankings [1]. Treasury Bond Futures - **Basis and IRR**: On September 23, 2025, the IRR for TS basis was 1.4835, TF basis was 1.4550, T basis was 1.4427, and TL basis was 1.2299, with corresponding changes from the previous day and historical percentile rankings [2]. - **Inter - period Price Differences**: There are different inter - period price differences for TS, TF, T, and TL, such as "current quarter - next quarter" and "next quarter - far quarter", with historical percentile rankings and changes [2]. - **Cross - variety Price Differences**: Cross - variety price differences like TS - TF, TS - T, and TF - T are provided, with corresponding changes and historical percentile rankings [2]. Precious Metal Futures - **Futures and Spot Prices**: On September 23, 2025, the AU2512 contract closed at 855.44 yuan/gram, up 1.06% from the previous day. The AG2512 contract closed at 10349 yuan/kg, up 0.31%. The COMEX gold and silver futures also had corresponding price changes [5]. - **Basis and Ratios**: The basis values of gold and silver, such as "gold TD - Shanghai gold main contract" and "silver TD - Shanghai silver main contract", are provided, along with historical percentile rankings. Ratios like COMEX gold/silver and Shanghai Futures Exchange gold/silver are also given [5]. - **Interest Rates, Exchange Rates, and Inventories**: Information on 10 - year and 2 - year US Treasury yields, the US dollar index, and offshore RMB exchange rate is provided. Inventory data for gold and silver in domestic and foreign exchanges, as well as ETF holdings, are also presented [5]. Container Shipping Futures - **Spot and Futures Prices**: The SCFI (US East) and SCFI (US West) had significant price drops. The futures prices of various EC contracts also changed, with the basis of the main contract increasing significantly [9][10]. - **Fundamental Data**: Global container shipping capacity supply remained unchanged. The port punctuality rate in Shanghai decreased, while the number of port calls increased. Some overseas economic indicators, such as the eurozone's composite PMI and the US manufacturing PMI, showed positive changes [9].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views The reports are a series of daily reports on different futures, including stock index futures, treasury bond futures, precious metal futures, and container shipping industry futures. They present the latest values, historical quantiles, price changes, and other data of various futures contracts and related indicators, helping investors understand the market trends and price relationships in different futures markets. 3. Summary by Related Catalogs Stock Index Futures Spread Daily Report - **Price Spread Data**: Provides the latest values, historical 1 - year quantiles, and all - time quantiles of price spreads for different stock index futures contracts (IF, IH, IC, IM), including spot - futures spreads and inter - period spreads [1]. - **Calculation Notes**: Defines the calculation methods for price spreads and quantiles, such as spot - futures spread = main contract closing price - spot index closing price, and the quantiles are calculated based on the past year and the entire futures listing period [1]. Treasury Bond Futures Spread Daily Report - **IRR and Basis**: Presents the implied repo rate (IRR), basis, and their changes for different treasury bond futures contracts (TS, TF, T, TL), along with the percentile rankings since the contract listing [3]. - **Inter - period and Cross - variety Spreads**: Provides the inter - period spreads (e.g., current quarter - next quarter) and cross - variety spreads (e.g., TS - TF) for different treasury bond futures contracts, including their latest values, changes, and percentile rankings [3]. Precious Metal Futures Spot - Futures Daily Report - **Price and Spread Data**: Includes domestic and foreign futures closing prices, spot prices, basis, and price ratios for precious metals (gold and silver). Also provides data on interest rates, exchange rates, inventory, and positions [5]. - **Price Changes**: Shows the price changes and percentage changes of precious metal futures and spot prices from the previous day, as well as the changes in basis and price ratios [5]. Container Shipping Industry Spot - Futures Daily Report - **Spot Quotes and Indexes**: Presents the spot quotes for container shipping from Shanghai to Europe, and the settlement price indexes and price changes of container shipping indexes (SCFIS, SCFI) for different routes (European and US West) [7]. - **Futures Prices and Fundamentals**: Provides the futures prices and price changes of container shipping index futures contracts, as well as fundamental data such as container shipping capacity supply, port performance indicators, and overseas economic indicators [7].

Report Industry Investment Rating No relevant information provided. Core Viewpoints No clear core viewpoints are presented in the reports. Summary by Related Catalogs 1. Stock Index Futures Spread Daily Report - **Price Spread Data**: The latest values, changes from the previous day, 1 - year historical quantiles, and full - historical quantiles of various stock index futures price spreads (including period - to - period spreads and spot - futures spreads) are presented. For example, the IF spot - futures spread is 1.20, down 12.76 from the previous day, with a 1 - year historical quantile of 74.50% and a full - historical quantile of 48.50% [1]. 2. Bond Futures Basis and Spread Daily Report - **Basis and Spread Data**: The report shows the basis, spread, and their changes, as well as the quantiles since the contract's listing for different bond futures (such as TS, TF, T, TL). For instance, the TF basis on September 12, 2025, is 1.1549, up 0.0604 from the previous day, with a 28.00% quantile since listing [2]. 3. Precious Metals Spot - Futures Daily Report - **Price and Spread Data**: It includes domestic and foreign futures closing prices, spot prices, basis, ratios, interest rates, exchange rates, inventory, and positions of precious metals. For example, the AU2510 contract's closing price on September 12 is 834.22 yuan/gram, up 3.44 yuan from the previous day, with a 0.41% increase [3]. 4. Container Shipping Industry Spot - Futures Daily Report - **Spot and Futures Data**: The report provides spot quotes, container shipping indices, futures prices, basis, and fundamental data. For example, the SCFIS (European route) settlement price index on September 8 is 1556.46, down 217.1 from September 1, with a 12.24% decrease [4].

Report 1: Stock Index Futures Spread Daily Report Core View - Presents the latest values, changes from the previous day, and historical quantiles of various stock index futures spreads and cross - variety ratios on August 25, 2025 [1] Summary by Relevant Catalog - **IF Spreads**: The current - to - next - month spread is - 13.00, down 0.60 from the previous day; the far - month to current - month spread is 5.20, up 0.20 [1] - **IH Spreads**: The current - to - next - month spread is 2.20, down 6.20 from the previous day; the far - month to current - month spread is 34.80, down 242.60 [1] - **IC Spreads**: The current - to - next - month spread is - 46.80, down 1.00 from the previous day; the far - month to current - month spread is - 312.60, up 19.50 [1] - **IM Spreads**: The current - to - next - month spread is - 109.20, up 1.60 from the previous day; the far - month to current - month spread is - 265.80, up 2.20 [1] - **Cross - Variety Ratios**: The ratio of CSI 500 to SSE 50 is 2.3297, down 0.0126 from the previous day; the ratio of CSI 1000 to SSE 300 is 1.6818, down 0.0097 [1] Report 2: Treasury Bond Futures Spread Daily Report Core View - Displays the latest values, changes from the previous trading day, and historical quantiles of various treasury bond futures spreads and cross - variety spreads on August 25, 2025 [2] Summary by Relevant Catalog - **TS Spreads**: The basis is 1.1805, up 0.0273 from the previous day; the current - to - next - season spread is - 0.0040, up 0.0180 [2] - **TF Spreads**: The basis is 1.2096, up 0.1018 from the previous day; the current - to - next - season spread is 0.1050, up 0.0550 [2] - **T Spreads**: The basis is 0.8328, up 0.5664 from the previous day; the current - to - next - season spread is 0.2550, up 0.1300 [2] - **TL Spreads**: The basis is 0.5625, up 1.0072 from the previous day; the current - to - next - season spread is 0.5100, up 0.0500 [2] - **Cross - Variety Spreads**: The spread between TS and TF is - 3.0520, up 0.0720 from the previous day; the spread between TF and T is - 2.2900, up 0.2600 [2] Report 3: Precious Metals Spot - Futures Daily Report Core View - Provides domestic and foreign futures closing prices, spot prices, basis, ratios, interest rates, exchange rates, inventory, and positions of precious metals on August 25, 2025 [10] Summary by Relevant Catalog - **Domestic Futures Closing Prices**: The AU2510 contract closed at 773.40 yuan/gram, down 0.22% from the previous day; the AG2510 contract closed at 9192 yuan/kilogram, up 0.33% [10] - **Foreign Futures Closing Prices**: The COMEX gold main contract closed at 3417.20 US dollars/ounce, up 1.00%; the COMEX silver main contract closed at 38.88, up 2.05% [10] - **Spot Prices**: London gold was at 3371.24 US dollars/ounce, up 0.97%; London silver was at 38.89, up 2.01% [10] - **Basis**: The basis of gold TD - Shanghai gold main contract is - 1.77, up 1.69 from the previous day; the basis of silver TD - Shanghai silver main contract is - 10, up 8 [10] - **Ratios**: The ratio of COMEX gold to silver is 87.89, down 1.03% from the previous day; the ratio of SHFE gold to silver is 84.14, down 0.55% [10] - **Interest Rates and Exchange Rates**: The 10 - year US Treasury yield is 4.26%, down 1.6%; the US dollar index is 97.72, down 0.94% [10] - **Inventory and Positions**: The SHFE gold inventory is 37455 kilograms, up 2.22%; the SHFE silver inventory is 1109123, down 0.53% [10] Report 4: Container Shipping Industry Spot - Futures Daily Report Core View - Shows spot quotes, container shipping indices, futures prices, basis, and fundamental data of the container shipping industry on August 25, 2025 [11] Summary by Relevant Catalog - **Spot Quotes**: The Shanghai - Europe 6 - week future freight rate of MAERSK is 2273 US dollars/FEU, down 3.28% from the previous day; that of CMA CGM is 2464, down 0.61% [11] - **Container Shipping Indices**: The SCFIS (European route) settlement price index is 2180.17, down 2.47% from August 11; the SCFIS (US West route) is 1106.29, up 2.23% [11] - **Futures Prices and Basis**: The EC2602 futures price is 1465.0, down 3.17% from the previous day; the basis of the main contract is 750.2, down 1.99% [11] - **Fundamental Data**: The global container shipping capacity supply is 3293.04 FTEU, unchanged; the port on - time rate in Shanghai is 32.58%, down 5.76% [11] Report 5: Trading Calendar Core View - Lists overseas and domestic data and information release schedules on August 25, 2025 [12] Summary by Relevant Catalog - **Overseas Data/Information**: The US will release USDA export inspection and crop growth data; HAD will release Brazilian secex reports [12] - **Domestic Data/Information**: For manganese silicon, data on global manganese ore shipments, arrivals, and port inventories will be released; for crude oil, Shandong local refinery crude oil arrivals will be released at 14:00 [12]

Report Industry Investment Rating No relevant information provided. Core Viewpoints No clear core viewpoints are presented in the reports. The documents mainly provide various data on different financial products such as stock index futures, treasury bond futures, precious metals, and container shipping. Summary by Related Catalogs Stock Index Futures - **Price and Spread Data**: On August 14, 2025, the latest prices and spreads of various stock index futures (IH, IC, IM) were reported, including price differences between current and future contracts, and their historical percentile rankings. For example, the IH current - futures spread was 5.82, with a change of 86.90% and a historical percentile of 3.23 and 84.40% [1]. Treasury Bond Futures - **Price and Spread Data**: On August 14, 2025, data on treasury bond futures (TS, TF, T, TL) were presented, including basis, inter - period spreads, and cross - variety spreads. For instance, the T basis was 1.6133, with a change of - 0.0139 and a historical percentile of 55.20% [2]. Precious Metals - **Price and Related Data**: On August 14, 2025, domestic and foreign futures closing prices, spot prices, basis, ratios, interest rates, exchange rates, inventory, and positions data of precious metals (gold and silver) were reported. For example, the AU2510 contract closed at 777.72 yuan/gram on August 13, up 1.68 yuan or 0.22% from the previous day [6]. Container Shipping - **Price and Fundamental Data**: On August 14, 2025, data on container shipping were provided, including spot quotes, freight indices, futures prices, basis, and fundamental data. For example, the Shanghai - Europe future 6 - week freight rate of MAERSK increased by 6.08% to 2651 US dollars/FEU on August 13 compared to the previous day [8]. Data and Information - **Overseas and Domestic Data**: Overseas data include economic indicators such as GDP, PMI, and consumer confidence indices of the eurozone and the US, as well as agricultural and energy - related data. Domestic data cover various industries such as steel, energy, and chemicals, including production, inventory, and utilization rate data [11].

Report on Stock Index Futures Spread Core View - Presents the latest values, historical quantiles, and daily changes of various spread indicators for stock index futures including IF, IH, IC, and IM on July 31, 2025 [1]. Summary by Category - **Futures - Spot Spread**: IF's futures - spot spread is -14.84, with a 32.30% change from the previous day and a 28.70% historical 1 - year quantile; IH's is 0.65, IC's is -99.29, and IM's is -114.28 [1]. - **Inter - delivery Spread**: Different inter - delivery spreads for IF, IH, IC, and IM are presented, showing their latest values, changes, and historical quantiles [1]. - **Cross - variety Ratio**: Ratios such as CSI 500/CSI 300, IC/IF, etc. are provided, along with their latest values, changes, and historical quantiles [1]. Report on Bond Futures Spread Core View - Displays the latest values, changes, and historical quantiles of indicators like IRR, basis, inter - delivery spread, and cross - variety spread for bond futures on July 31, 2025 [2]. Summary by Category - **IRR**: For example, the IRR of a certain bond on July 30, 2025, is 1.5292, with a 0.0063 change from the previous day and a 21.20% historical quantile [2]. - **Basis**: TF's basis on July 30, 2025, is 0.0007, T's is 1.4179, etc. [2]. - **Inter - delivery Spread**: TS, TF, T, and TL's inter - delivery spreads are presented, including their latest values, changes, and historical quantiles [2]. - **Cross - variety Spread**: Spreads such as TS - TF, TS - T, etc. are provided, along with their latest values, changes, and historical quantiles [2]. Report on Precious Metals Futures - Spot Core View - Compares the closing prices of domestic and foreign precious metals futures, spot prices, basis, ratios, interest rates, exchange rates, inventory, and positions on July 30, 2025 [4]. Summary by Category - **Futures Closing Price**: Domestic AU2510 contract closed at 773.78 yuan/gram on July 30, 2025, with a 0.30% increase; COMEX gold closed at 3327.90 dollars/ounce, up 0.08% [4]. - **Spot Price**: London gold was at 3275.05 dollars/ounce on July 30, 2025, down 1.53%; Shanghai Gold Exchange's gold T + D was at 769.48 yuan/gram, up 0.30% [4]. - **Basis**: The basis of gold TD - Shanghai gold main contract is -4.30, with a -0.05 change and an 8.40% historical 1 - year quantile [4]. - **Ratio**: The ratio of COMEX gold to silver is 89.52, up 3.34% [4]. - **Interest Rate and Exchange Rate**: The 10 - year US Treasury yield is 4.38, up 0.9% [4]. - **Inventory and Position**: The inventory of Shanghai Futures Exchange's gold increased by 7.03% to 33462 [4]. Report on Container Shipping Industry Futures - Spot Core View - Analyzes the spot quotes, container shipping indices, futures prices, basis, and fundamental data of the container shipping industry on July 31, 2025 [6]. Summary by Category - **Spot Quote**: The 6 - week future freight reference from Shanghai to Europe for MAERSK is 3003 dollars/FEU on July 31, 2025, down 0.06% [6]. - **Container Shipping Index**: SCFIS (European route) settled at 2316.56 on July 28, 2025, down 3.50% from July 21 [6]. - **Futures Price and Basis**: EC2602 contract closed at 1532.0 points on July 30, 2025, up 0.70%; the basis of the main contract is 802.4, down 1.15% [6]. - **Fundamental Data**: Global container shipping capacity supply remains unchanged at 3273.16 FTEU on July 31, 2025; the port punctuality rate in Shanghai is 34.57, down 18.66% [6]. Report on Trading Calendar Core View - Lists overseas and domestic economic indicators and financial events on July 31, 2025 [7]. Summary by Category - **Overseas Data/Info**: At 2:00, the US Federal Reserve announced the interest rate decision (upper limit) and the FOMC released the interest rate resolution; at 17:00, the eurozone announced the June unemployment rate [7]. - **Domestic Data/Info**: At 9:30, China announced the July official manufacturing PMI; at 15:00, SMM announced the total social inventory of electrolytic copper [7].