关注教会会 贵金属期现日报 | 股指期货价差日报 | 投资咨询业务资格:证监许可【2011】1292号 | 叶倩宁 | Z0016628 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025年9月25日 | 品种 | 全历史分位数 | 最新值 | 较前一日变化 | 历史1年分位数 | 价差 | | | | | | | | | | | -35.98 | 18.80% | 9.10% | 上期验价差 | 2.63 | H期现价差 | 85.80% | 82.70% | 5 49 | 4.66 | 期现价差 | | | | | | | -166,71 | IC期现价差 | 73.40 | 1.60% | 0.10% | IM期现价差 | -231.02 | 50.05 | 20.00% | 1.20% | 次月-当月 | -14.80 | -1,80 | 28.60% | 24.50% | | | 季月-崇月 ...

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].

| 股指期货价差日报 | 投资咨询业务资格：征监许可【2011】1292号 2025年0月22日 | 叶倩宁 | Z0016628 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 最新值 | 历史1年分位数 | 品种 | 全历史分位数 | 价差 | 较前一日变化 | F期现价差 | -37.52 | -26.61 | 16.30% | 8.40% | | | | | | | H期现价差 | 期现价差 | 3 66 | 5.68 | 75.00% | 78,10% | IC期现价差 | -186.35 | 0.40% | 0.00% | -158.07 | IM期现价差 | -247.39 | -225.79 | 5.0096 | 0.10% | | 次月-当月 | -23.00 | -11.80 | 19.20% | 19.50% | 李月-当月 | -45.60 | -6,60 | 19.60% | 24. ...

| 股指期货价差日报 | 投资咨询业务资格:证监许可【2011】1292号 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Z0016628 | 叶倩宁 | 2025年9月15日 | 历史1年分位数 | 全历史分位数 | | | | | | | | | | | | | 品种 | 最新值 | 较前一日变化 | 价去 | 66.30% | F期现价差 | 1.20 | -12.76 | 74.50% | | | | | | | | | H期视价差 | 0.06 | -7.06 | 53.60% | 57.30% | 朗现价差 | IC期现价差 | -9.64 | -7.75 | 85.20% | 72.40% | IM期现价差 | -30.08 | -18.00 | 70.00% | 48.50% | | 次月-当月 | -6.20 | 1.40 | 44.60% | 44.40% | 李月-当月 | - ...

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].

Group 1: Stock Index Futures Spread Daily Report Core Viewpoints - The report presents the latest values, changes from the previous day, 1 - year historical percentiles, and all - time percentiles of various stock index futures spreads and cross - variety ratios on July 22, 2025 [1]. Summary by Category - **Futures - Spot Spreads**: For example, the F futures - spot spread is - 20.81, down 4.06 from the previous day, with a 1 - year percentile of 30.70% and an all - time percentile of 21.70% [1]. - **Inter - delivery Spreads**: Such as the F inter - delivery spread, where the season - month minus the current - month is - 41.00, down 32.20, with a 1 - year percentile of 20.00% and an all - time percentile of 26.40% [1]. - **Cross - Variety Ratios**: For instance, the IC/IF ratio is 1.4898, up 0.0051, with a 1 - year percentile of 62.20% and an all - time percentile of 60.20% [1]. Group 2: Treasury Bond Futures Spread Daily Report Core Viewpoints - The report provides data on IRR, basis, inter - delivery spreads, and cross - variety spreads of treasury bond futures on July 22, 2025, including their changes and historical percentiles [2]. Summary by Category - **IRR**: The 15 - year IRR is 1.6099, down 0.0053 from the previous day, with a historical percentile of 24.90% [2]. - **Basis**: For example, the T basis is 1.5727, down 0.0409, with a historical percentile of 53.80% [2]. - **Inter - delivery Spreads**: Like the TS inter - delivery spread, the current - season minus the alternate - season is - 0.0080, with a historical percentile of 11.60% [2]. - **Cross - Variety Spreads**: Such as the TS - TF spread, which is - 3.5350 on July 22, 2025, up 0.0210, with a historical percentile of 8.10% [2]. Group 3: Precious Metals Futures - Spot Daily Report Core Viewpoints - The report shows the domestic and foreign futures closing prices, spot prices, basis, ratios, interest rates, exchange rates, inventory, and holdings of precious metals on July 22, 2025, along with their changes [4]. Summary by Category - **Futures Closing Prices**: The AU2510 contract closed at 781.70 yuan/gram on July 21, up 4.68 (0.60%) from July 18 [4]. - **Spot Prices**: The London gold price was 3396.67 dollars/ounce on July 21, up 47.01 (1.40%) from July 18 [4]. - **Basis**: The gold TD - Shanghai gold主力 basis is - 4.70, down 1.05, with a 1 - year percentile of 5.60% [4]. - **Ratios**: The COMEX gold/silver ratio is 86.91, down 0.42 (- 0.48%) [4]. - **Interest Rates and Exchange Rates**: The 10 - year US Treasury yield is 4.38%, down 0.06 (- 1.4%) [4]. - **Inventory and Holdings**: The SPRD gold ETF holding is 947 tons, up 3.44 (0.36%) [4]. Group 4: Container Shipping Industry Futures - Spot Daily Report Core Viewpoints - The report offers information on Shanghai - Europe future 6 - week freight rates, container shipping indices, futures prices, basis, and fundamental data on July 22, 2025 [7]. Summary by Category - **Freight Rates**: The CMA CGM's Shanghai - Europe future 6 - week freight rate is 4226 dollars/FEU on July 21, up 124 (3.78%) from July 20 [7]. - **Indices**: The SCFIS (European route) settlement price index is 2400.50 points on July 21, down 21.4 (- 0.89%) from July 14 [7]. - **Futures Prices and Basis**: The EC2602 contract closed at 1486.4 on July 21, down 8.7 (- 0.58%) from July 18, and the basis of the main contract is 956.5, down 22.1 (- 2.26%) [7]. - **Fundamental Data**: The global container shipping capacity supply is 3271.67 on July 22, unchanged from July 21 [7]. Group 5: Trading Calendar Core Viewpoints - The report lists overseas and domestic data and information release schedules on July 22, 2025, including various economic indicators and events [9]. Summary by Category - **Overseas Data**: Such as New Zealand's log exports [9]. - **Domestic Data**: For example, the inventory of manganese ore by variety and the throughput of manganese ore in Qinzhou Port for manganese - silicon [9].

1. Report Industry Investment Rating No industry investment rating information is provided in the reports. 2. Core Views The reports present a comprehensive analysis of various financial products including stock index futures, treasury bond futures, precious metals, shipping, and provide data on price differentials, spreads, ratios, interest rates, exchange rates, inventory, and positions, as well as upcoming economic data releases. 3. Summary by Category Stock Index Futures - **Price Differentials**: The latest values, changes from the previous day, and historical percentile data of various stock index futures price differentials are presented, such as the IF, IH, IC, and IM contracts' price differentials and cross - period spreads [1]. - **Cross - Variety Ratios**: Ratios of different stock index futures, like CSI 500/CSI 300, are provided along with their changes and historical percentiles [1]. Treasury Bond Futures - **Basis and IRR**: The basis and implied repo rate (IRR) data of TS, TF, T, and TL treasury bond futures are given, including their latest values, changes, and historical percentiles [2]. - **Cross - Period and Cross - Variety Spreads**: Cross - period spreads (e.g., current quarter - next quarter) and cross - variety spreads (e.g., TS - TF) are presented with relevant data [2]. Precious Metals - **Spot and Futures Prices**: Spot prices of London gold, London silver, and futures prices of COMEX gold, COMEX silver, and domestic precious metal contracts are provided, along with their changes and percentage changes [4][5][6]. - **Basis, Ratios, and Other Data**: Basis data (e.g., gold TD - Shanghai gold main contract), price ratios (e.g., COMEX gold/silver), interest rates, exchange rates, inventory, and positions are presented [4]. Shipping - **Spot Quotes**: Spot quotes for Shanghai - Europe shipping routes of different shipping companies are given, including their changes and percentage changes [7]. - **Shipping Indexes**: Settlement price indexes such as SCFIS (European route) and SCFI comprehensive index are presented, along with their changes and percentage changes [7]. - **Futures Prices and Basis**: Futures prices of shipping contracts (e.g., EC2602) and the basis of the main contract are provided, along with their changes and percentage changes [7]. - **Fundamental Data**: Data on global container shipping capacity supply, Shanghai port - related indicators, and overseas economic data are presented [7]. Data Calendar - **Overseas Data**: Upcoming economic data releases in the eurozone and the US, such as the eurozone July Sentix investor confidence index and USDA export inspection data, are listed [9]. - **Domestic Data**: Upcoming domestic economic data releases, including China's June foreign exchange reserves and various commodity - related data, are provided [9].

1. Report Industry Investment Rating - No information provided in the reports. 2. Core Views - The reports mainly present daily data on various financial products, including futures price differences, spot-futures price relationships, and related economic indicators. They aim to help investors understand the current market situation and potential trends in different sectors such as stock index futures, treasury bond futures, precious metals, and shipping industry futures. 3. Summary by Related Catalogs Stock Index Futures Spread Daily Report - **Price Differences**: Provides detailed data on the current values, changes from the previous day, and historical percentile rankings of price differences for various stock index futures contracts, including IF, IH, IC, and IM, in terms of both spot-futures spreads and inter - contract spreads [1]. - **Cross - Variety Ratios**: Presents the current values, changes, and historical percentile rankings of cross - variety ratios such as CSI 500/CSI 300, CSI 500/SSE 50, etc. [1]. Treasury Bond Futures Spread Daily Report - **Basis and Spread Data**: Offers data on the basis (including IRR percentile), inter - contract spreads, and cross - variety spreads for different treasury bond futures contracts like TS, TF, T, and TL, along with their changes and historical percentile rankings [2]. Precious Metals Spot - Futures Daily Report - **Futures and Spot Prices**: Shows domestic and international futures closing prices, spot prices, and their daily changes and percentage changes for gold and silver [5]. - **Basis and Ratios**: Presents basis data (including historical percentile rankings) and price ratios between different precious metal products [5]. - **Interest Rates, Exchange Rates, and Positions**: Provides information on interest rates (such as 10 - year and 2 - year US Treasury yields), exchange rates (like the US dollar index and offshore RMB exchange rate), and inventory and position data for precious metals [5]. Shipping Industry Spot - Futures Daily Report - **Freight Rates**: Includes Shanghai - Europe future 6 - week freight rate references, settlement price indices, and Shanghai export container freight rates, along with their daily and monthly changes [8]. - **Futures Prices and Basis**: Presents futures prices and basis data for shipping industry futures contracts, and their changes and percentage changes [8]. - **Fundamental Data**: Offers data on global container shipping capacity supply, port - related indicators, monthly export amounts, and overseas economic indicators [8]. Trading Calendar - **Overseas and Domestic Data/Info**: Lists overseas and domestic economic indicators and financial events, including their time, data sources, and related countries/regions or product types [10].