Group 1: Stock Index Futures Spread Daily Report Report Industry Investment Rating - Not provided Core View - The report presents the latest values, changes from the previous day, 1 - year historical percentiles, and all - time historical percentiles of stock index futures spreads including IF, IH, IC, and IM, as well as cross - variety ratios [1]. Summary by Related Catalog - **Spot - Futures Spread**: IF spot - futures spread is - 77.95, down 2.78 from the previous day, with 1 - year and all - time percentiles of 3.20% and 2.30% respectively; IH is - 22.91, down 3.03, with 10.60% and 5.70%; IC is - 193.12, down 14.71, with 2.80% and 0.30%; IM is - 258.53, down 36.02, with 15.00% and 0.60% [1]. - **Cross - Period Spread**: Different cross - period spreads for IF, IH, IC, and IM are provided, showing their latest values, changes, and percentiles [1]. - **Cross - Variety Ratio**: Ratios such as CSI 500/CSI 300, CSI 500/SSE 50, etc. are presented, along with their changes and percentiles [1]. Group 2: Treasury Bond Futures Spread Daily Report Report Industry Investment Rating - Not provided Core View - The report shows the latest values, changes from the previous trading day, and percentiles since listing of basis, cross - period spreads, and cross - variety spreads of treasury bond futures [5]. Summary by Related Catalog - **Basis**: TS basis is 1.0707, up 0.0606, with a 7.00% percentile since listing; TF is 1.0953, up 0.0940, with 25.50%; T is 1.1640, down 0.0059, with 39.10%; TL is 0.5152, up 0.0568, with 19.30% [5]. - **Cross - Period Spread**: Cross - period spreads for TS, TF, T, and TL are given, including their latest values, changes, and percentiles [5]. - **Cross - Variety Spread**: Spreads such as TS - TF, TS - T, etc. are presented, along with their changes and percentiles [5]. Group 3: Precious Metals Spot - Futures Daily Report Report Industry Investment Rating - Not provided Core View - The report provides domestic and foreign futures closing prices, spot prices, basis, ratios, interest rates, exchange rates, inventory, and positions of precious metals, and gives investment suggestions [6]. Summary by Related Catalog - **Futures Closing Prices**: Domestic AU2606 contract closed at 1014.88 yuan/gram, up 1.62%; AG2606 at 17707 yuan/kg, up 1.25%. Foreign COMEX gold closed at 4540.40, up 1.13%; COMEX silver at 70.18, up 0.59% [6]. - **Spot Prices**: London gold is 4513.52, up 0.45%; London silver is 70.04, up 0.45%. Shanghai Gold Exchange's gold T + D is 1008.96 yuan/gram, up 1.66%; silver T + D is 17560 yuan/kg, up 0.53% [6]. - **Basis**: Gold TD - Shanghai gold main contract is - 5.92, up 0.29, with a 46.10% 1 - year percentile; silver TD - Shanghai silver main contract is - 147, down 125, with 60.60% [6]. - **Ratios**: COMEX gold/silver is 64.70, up 0.54%; Shanghai Futures Exchange gold/silver is 57.32, up 0.37% [6]. - **Interest Rates and Exchange Rates**: 10 - year US Treasury yield is 4.35%, down 2.0%; 2 - year is 3.82%, down 1.5%. US dollar index is 100.51, up 0.33% [6]. - **Inventory and Positions**: Shanghai Futures Exchange gold inventory is 106644 kg, unchanged; COMEX gold inventory is 31536505, down 0.56%. SPDR gold ETF position is 1046, down 0.33%; SLV silver ETF position is 15288, down 0.79% [6]. - **Investment Suggestions**: For gold, try to buy call options when the price drops below 4400 dollars. For silver, sell call options above 19000 yuan. For platinum and palladium, platinum fluctuates between 1850 - 2000 dollars, palladium between 1450 - 1600 dollars, and try to buy platinum at low prices [6].

1. Report Industry Investment Rating - No information about the report industry investment rating is provided in the documents [1][2][3] 2. Report Core Views Futures Index Spread Report - Presents the latest values, changes from the previous day, historical 1 - year percentiles, and all - time percentiles of various futures index spreads, including IF, IH, IC, and IM, as well as cross - variety ratios. [1] Treasury Bond Futures Spread Report - Displays the latest data on basis, cross - period spreads, and cross - variety spreads of Treasury bond futures such as TS, TF, T, and TL, along with their changes and percentiles since listing. [2] Precious Metals Spot - Futures Report - Shows the closing prices of domestic and foreign precious metals futures, spot prices, basis, price ratios, interest rates, exchange rates, inventory, and positions. It also provides short - and medium - term investment views on precious metals. [3] 3. Summary by Relevant Catalog Futures Index Spread - **IF**: The latest E period - spot spread is - 87.47, with a change of - 1.14 from the previous day, and a 1 - year percentile of 1.20%. Various cross - period spreads are also presented, such as the next - month - to - current - month spread of - 17.80, with a change of 4.60 and a 1 - year percentile of 29.50%. [1] - **IH**: The H period - spot spread is - 29.53, down 9.28 from the previous day, and the 1 - year percentile is 3.60%. Different cross - period spreads are given, like the next - month - to - current - month spread of - 1.00, with a change of 4.60 and a 1 - year percentile of 59.00%. [1] - **IC**: The IC period - spot spread is - 237.67, a decrease of 49.89 from the previous day, and the 1 - year percentile is 0.80%. Multiple cross - period spreads are shown, for example, the next - month - to - current - month spread of - 63.80, with a change of 16.20 and a 1 - year percentile of 22.20%. [1] - **IM**: The IM period - spot spread is - 273.78, down 60.12 from the previous day, and the 1 - year percentile is 5.00%. Cross - period spreads are also included, such as the next - month - to - current - month spread of 47.10, with a change of 20.10 and a 1 - year percentile of - 55.60. [1] - **Cross - variety Ratios**: Ratios like CSI 500/CSI 300 are 1.7119, with a change of 0.0141, and a 1 - year percentile of 82.30%. [1] Treasury Bond Futures Spread - **Basis**: TS basis is 1.1768, up 0.0388 from the previous day, with a listing - since percentile of 8.80%. TF basis is 1.1019, up 0.0989, and the percentile is 25.70%. T basis is 1.1709, up 0.0144, and the percentile is 39.30%. TL basis is 0.6769, down 0.0236, and the percentile is 13.10%. [2] - **Cross - period Spreads**: For example, in TS, the current - quarter - to - next - quarter spread is - 0.0060, up 0.0060, and the percentile is 24.90%. [2] - **Cross - variety Spreads**: TS - TF is - 3.4150, up 0.0220, and the percentile is 17.80%. [2] Precious Metals Spot - Futures - **Domestic Futures Closing Prices**: AU2606 contract closed at 1013.96 yuan/gram on March 25, up 36.68 yuan or 3.75% from March 24. AG2606 contract closed at 18111 yuan/kilogram, up 1026 yuan or 6.01%. [3] - **Foreign Futures Closing Prices**: COMEX gold closed at 4503.30, up 28.40 or 0.63%. COMEX silver remained unchanged at 71.45. [3] - **Spot Prices**: London gold was at 4505.31, up 33.29 or 0.74%. London silver was at 71.18, down 0.10 or - 0.14%. [3] - **Basis**: Gold TD - Shanghai gold main contract basis is 0.48, down 0.23, and the 1 - year percentile is 46.10%. [3] - **Price Ratios**: COMEX gold/silver is 63.03, up 0.40 or 0.63%. [3] - **Interest Rates and Exchange Rates**: 10 - year US Treasury yield is 4.33%, down 0.06 or - 1.4%. Dollar index is 99.63, up 0.40 or 0.41%. [3] - **Inventory and Positions**: Shanghai Futures Exchange gold inventory remained unchanged at 106743. COMEX gold inventory decreased by 70802 to 31945633. [3] - **Investment Views**: In the short - term, gold may fall again. Buy call options around 4400 - 4450 dollars. Silver may rise if the US - Iran war eases, or fall back to 60 - 65 dollars if the situation escalates. Platinum fluctuates between 1850 - 2000 dollars, and palladium between 1450 - 1600 dollars. [3]

Group 1: Futures Data - The Friday settlement price of 10 - year Treasury bond futures T2606.CFE is 108.235 with a weekly decline of 0.29%, and T2609.CFE is 108.210 with a weekly decline of 0.30% [8] - The Friday settlement price of 5 - year Treasury bond futures TF2606.CFE is 105.965 with a weekly decline of 0.16%, and TF2609.CFE is 105.795 with a weekly decline of 0.16% [8] - The Friday settlement price of 2 - year Treasury bond futures TS2606.CFE is 102.470 with a weekly decline of 0.04%, and TS2609.CFE is 102.490 with a weekly decline of 0.04% [8] - The Friday settlement price of 30 - year Treasury bond futures TL2606.CFE is 111.110 with a weekly decline of 1.47%, and TL2609.CFE is 110.830 with a weekly decline of 1.48% [8] Group 2: Spread Data - The inter - delivery spread of T2606 - T2609 is 0.025 with a weekly increase of 0.015, TF2606 - TF2609 is 0.170 with a weekly increase of 0.005, and TS2606 - TS2609 is - 0.020 with a weekly increase of 0.004 [8] - The cross - variety spreads: 2TS - T is 301.645 with a weekly increase of 0.166, 2TF - T is 103.695 with a weekly decline of 0.020, and TS - TF is 98.975 with a weekly increase of 0.093 [8] Group 3: Spot Bond Yields - The Friday closing price of 1Y Treasury bond yield is 1.28% with a weekly decline of 0.90 BP, 2Y is 1.35% with a weekly increase of 0.53 BP, 3Y is 1.37% with a weekly increase of 0.75 BP, 5Y is 1.56% with a weekly increase of 2.69 BP, 7Y is 1.70% with a weekly increase of 3.72 BP, 10Y is 1.81% with a weekly increase of 3.33 BP, 30Y is 2.37% with a weekly increase of 8.52 BP [8] - The Friday closing price of 1Y China Development Bank bond yield is 1.49% with a weekly decline of 1.36 BP, 3Y is 1.62% with a weekly decline of 1.45 BP, 5Y is 1.72% with a weekly decline of 0.27 BP, 7Y is 1.84% with a weekly decline of 0.48 BP, 10Y is 1.96% with a weekly increase of 0.60 BP, 30Y is 2.50% with a weekly increase of 8.52 BP [8] Group 4: Funding Rates - The Friday price of bank - to - bank pledged repo rate DR001 is 1.32% with a weekly increase of 0.22 BP, DR007 is 1.46% with a weekly increase of 4.67 BP, DR014 is 1.49% with a weekly increase of 2.15 BP [8] - The Friday price of SHIBOR rate SHIBOR1M is 1.53% with a weekly decline of 0.87 BP, SHIBOR3N is 1.54% with a weekly decline of 1.28 BP [8] Group 5: Other Information - The OMO rate is 1.4%, and the range is 10% - 20% [15] - There is information about TACO, with a 30% ratio and a quantity of 100, and related to G7 TACO [15] - The IOER is 0.35%, and there are some related quantity and rate information such as 100 at 1.4%, 20 at 0.4%, 80 at 1.65%, 25bp for 1Y and 10bp [18]

Report Information - Report Title: Treasury Bond Derivatives Weekly Report - Date: March 6, 2026 - Author: Xu Liang Z0002220 - Reviewer: Tang Yun Z0002422 - Consulting Business Qualification: Shanghai Securities Regulatory Commission License [2012] No. 1515 [1] Industry Investment Rating - Not provided Core Views - There are both positive and negative factors affecting the treasury bond market Positive factors include the central bank's continuous net injection of liquidity, which supports the downward trend of the 10 - year treasury bond yield, and the inflow of funds into the bond market due to intensive policies during the Two Sessions, leading to a narrowing of the spread and a decline in yields Negative factors include the increasing expectation of CPI recovery, which may raise yields due to inflation pressure, and the central bank's renewal of MLF, which causes short - term yields to rise and the market sentiment to be bearish [2] - The current yield is approaching the support area It is recommended to pay attention to price - comparison opportunities and maintain a wait - and - see or light - short strategy [2] Summary by Related Content Treasury Bond Yields and Interest Rates - The report shows the trends of 2Y, 5Y, 10Y, 30Y, and 7Y treasury bond yields from June 2024 to December 2025, as well as the trends of deposit - type institutional pledged repurchase weighted interest rates (1 - day and 7 - day) and 7 - day reverse repurchase rate from December 2023 to December 2025 [3] Treasury Bond Term Spreads - The trends of the 7Y - 2Y and 30Y - 7Y treasury bond term spreads from June 2024 to December 2025 are presented [4] Treasury Bond Futures Basis - The report shows the basis trends of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures' current - quarter contracts at different time points [7][8][9][11] Inter - delivery Spreads - The inter - delivery spreads (current - quarter minus next - quarter) of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures are presented at different time points [13][12][17][15] Cross - variety Spreads - The cross - variety spreads of TS*4 - T and T*3 - TL are shown at different time points [18][19] Trading Volume - The trading volumes of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures from December 2015 to December 2025 and from June 2024 to December 2025 are presented [16]

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - **Likely Positive Factors**: The central bank conducted large - scale net reverse repurchase operations, injecting 44.8 billion yuan, leading to loose liquidity. The increased demand of institutions to hold bonds during the holiday supports the price of 10 - year treasury bonds [2]. - **Likely Negative Factors**: Structural interest rate cuts have been implemented, weakening the expectation of monetary easing. There is a large supply pressure of local government bonds. The inter - bank capital market has tightened, with a decline in reverse repurchase operations, putting pressure on the market [2]. - **Trading Advice**: It is recommended to wait and see the post - holiday market and pay attention to changes in the capital market and supply pressure [2]. Group 3: Data Summaries Treasury Bond Yields - The report shows the trends of 2Y, 5Y, 7Y, 10Y, and 30Y treasury bond yields from 2024/06 to 2025/12 [3]. Funding Rates - The trends of the weighted average interest rate of pledged repurchase by deposit - taking institutions for 1 - day and 7 - day tenors, as well as the 7 - day reverse repurchase rate, are presented from 2023/12 to 2025/12 [3]. Treasury Bond Term Spreads - The trends of the 7Y - 2Y and 30Y - 7Y treasury bond spreads are shown from 2024/06 to 2025/12 [4]. Treasury Bond Futures Positions - The positions of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures are presented from 2015/12 to 2025/12 [6]. Treasury Bond Futures Trading Volumes - The trading volumes of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures are shown from 2024/06 to 2025/12 [7]. Treasury Bond Futures Basis - The basis of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures for the current quarter contracts are presented at different time points [8][9][10][13]. Treasury Bond Futures Inter - delivery Spreads - The inter - delivery spreads (current quarter - next quarter) of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures are shown at different time points [16][17]. Treasury Bond Futures Cross - variety Spreads - The cross - variety spreads of TS*4 - T and T*3 - TL are presented at different time points [18][19].

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View - The silicon iron and manganese silicon sectors are experiencing low - level fluctuations due to real - estate sentiment disturbances [1] 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking - **Futures Data** - Silicon iron 2603: closing price 5492, up 16 from the previous trading day, volume 5,859, open interest 9,618 [1] - Silicon iron 2605: closing price 5486, up 16 from the previous trading day, volume 104,314, open interest 224,182 [1] - Manganese silicon 2603: closing price 5710, up 14 from the previous trading day, volume 7,664, open interest 18,340 [1] - Manganese silicon 2605: closing price 5752, up 14 from the previous trading day, volume 140,366, open interest 453,701 [1] - **Spot Data** - Silicon iron (FeSi75 - B, Inner Mongolia): price 5170 yuan/ton, down 30 from the previous trading day [1] - Silicon manganese (FeMn65Si17, Inner Mongolia): price 5600 yuan/ton, down 20 from the previous trading day [1] - Manganese ore (Mn44 block): price 42.8 yuan/ton - degree [1] - Semi - coke (small material, Shenmu): price 695 yuan/ton, down 50 from the previous trading day [1] - **Price Difference Data** - Silicon iron (spot - 05 futures): - 316 yuan/ton, down 46 [1] - Manganese silicon (spot - 05 futures): - 152 yuan/ton, down 34 [1] - Silicon iron 2603 - 2605: 6 yuan/ton, unchanged [1] - Manganese silicon 2603 - 2605: - 42 yuan/ton, unchanged [1] - Manganese silicon 2603 - silicon iron 2603: 218 yuan/ton, down 2 [1] - Manganese silicon 2605 - silicon iron 2605: 266 yuan/ton, down 2 [1] 3.2 Macro and Industry News - **Silicon Iron and Manganese Silicon Prices** - On February 25th, 72 silicon iron prices in different regions: Shaanxi 5200 - 5300, Ningxia 5200 - 5300 (- 25), Qinghai 5200 - 5300, Gansu 5250 - 5300, Inner Mongolia 5250 - 5300; 75 silicon iron prices: Shaanxi 5950 - 6000, Ningxia 5800 - 5900 (+ 25), Qinghai 5800 - 5900, Gansu 5750 - 5850, Inner Mongolia 5900 - 5950. Silicon iron FOB: 72 1070 - 1090(+ 10), 75 1120 - 1150 (+ 10) (USD/ton, tax - included) [1] - Silicon manganese 6517: northern quote 5600 - 5650 (- 25) yuan/ton; southern quote 5750 - 5800 (- 25) yuan/ton [1] - **Tendering Information** - Zhongtian Changzhou tendered 1700 tons of manganese silicon yesterday, with 700 tons awarded at 5800 yuan/ton (acceptance, tax - included, delivered to the factory). Before the Spring Festival, Nantong Zhongtian awarded 5500 tons at 5825 yuan/ton [3] - **Manganese Ore Market** - Manganese ore quotes are running firmly. South African ore is affected by news of postponed and reduced shipments from some mines in February - March, and traders have a prominent sentiment of holding prices and testing for price increases [3] 3.3 Trend Intensity - Silicon iron trend intensity: 0; Manganese silicon trend intensity: 0 [3]

1. Report Information - Report Title: Financial Futures Weekly Report [1] - Date: January 9, 2026 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 2. Report Industry Investment Rating No relevant information provided. 3. Core Viewpoints - For the stock index, the A - share market showed a "good start" at the beginning of the year. With the strengthening of the domestic economic improvement expectation, the slow - bull pattern of A - shares is gradually stabilizing. Long - term bullish thinking should be maintained, and the strategy is to buy on dips. IF and IC may perform relatively better [7][10]. - For treasury bonds, in January, bond yields may first rise and then fall. In the short term, the rebound sustainability of the bond market may be weak, and the release of fundamental data next week may provide new information and guidance [78][81][82]. - For shipping indices, the spot high may be approaching. Considering the increasing expectation of Red Sea route resumption after the Spring Festival, attention should be paid to the short - selling opportunity of the April contract in the off - season and the positive spread arbitrage opportunity between the 02 and 04 contracts [99]. 4. Summary by Directory Stock Index Market Review - The A - share market had a "good start" at the beginning of the year, with the Shanghai Composite Index breaking through 4100 points and the total market turnover exceeding 3 trillion yuan. From January 5th to 9th, 2026, the A - share market rose with increased volume. Small and medium - cap stocks performed more strongly, and the futures market was stronger than the spot market [7]. - The US economic data shows resilience, and the Fed official Milan expects about 150 basis points of interest rate cuts in 2026. Domestically, CPI and PPI data are positive, and the policies to expand domestic demand and promote consumption are taking effect. The performance of high - growth sectors such as military industry and high - end manufacturing is strong, while some traditional industries face pressure [10]. 成交持仓分析 - The trading volume of stock index futures increased. The average daily trading volumes of IF, IH, IC, and IM increased by 2.82, 1.02, 3.90, and 2.77 million lots respectively compared with last week [11]. - The open interest of stock index futures generally increased. The average daily open interests of IF, IH, IC, and IM increased by 1.05, 0.49, 2.33, and 0.99 million lots respectively compared with last week [11]. 基差、跨期价差及跨品种价差分析 - The basis narrowed. The annualized basis rates of all major contracts increased compared with the previous week [16]. - The spreads between the next - month and current - month contracts of IF, IH, IC, and IM were negative, and the spreads between the current - quarter and current - month contracts generally narrowed [24]. - The CSI 300 was stronger than the SSE 50, and small and medium - cap stocks performed better [25]. 行业板块概况 - In the CSI 300, the materials, medicine, and information sectors led the gains, while only the communication sector declined. In the CSI 500, the communication, information, and industrial sectors led the gains, and the financial sector had the smallest increase [27]. - At the first - level industry level, the comprehensive, national defense and military industry, and media sectors led the gains, and only the banking sector declined [32]. 估值比较 - As of January 9th, the rolling price - to - earnings ratios of the CSI 300, SSE 50, CSI 500, and CSI 1000 were at relatively high historical levels [34]. Treasury Bonds This Week's Market Review - **Treasury Bond Futures Market**: Due to the implementation of the new public fund fee regulations and concerns about the supply peak of interest - rate bonds, treasury bond futures fell from Monday to Wednesday and rebounded on Thursday. The long - term futures performed stronger than the spot in the long - end, while the short - end was the opposite. Currently, there is no positive arbitrage space for all major contracts, and attention should be paid to shorting the 30 - year basis. It is not recommended to participate in the inter - period strategy, and the flattening strategy is recommended [40][41][44]. - **Bond Spot Market**: The yields of most treasury bond spots increased this week. The A - share strength and supply concerns suppressed the bond market. The US bond yields first decreased and then increased, with little change overall [64]. - **Funding Situation**: After the New Year, the central bank withdrew funds, and the funding situation remained stable. The funding rates declined across the board [70][73]. - **Interest Rate Derivatives**: The yields of most interest rate swap varieties declined this week, and the liquidity expectation was stable [76]. Market Analysis - **Recent Market Logic**: In December, the bond market was weakly volatile. In January, as the negative factors gradually materialized, the bond market may first face pressure and then have a chance of low - level recovery [78]. - **This Week's Fundamental Situation**: The December inflation data was better than expected. CPI and PPI showed a positive trend, indicating a mild recovery of inflation [79]. - **Next Week's Bond Market Outlook**: In the short term, the bond market lacks clear direction, and the rebound sustainability may be weak. The release of fundamental data next week may provide new guidance [81][82]. Next Week's Open - Market Maturities and Important Economic Calendar - There are a large amount of reverse repurchase and other open - market operations maturing next week, and important economic data such as December social financing and import - export data will be released [84]. Shipping Index Market Review - Shipping companies lowered their quotes for late January, causing the EC futures to rise first and then fall significantly in the second half of the week [85]. 集运市场情况 - **Spot Market**: The price increase in December was well - implemented, and the quotes remained stable in the first half of January. However, shipping companies' price cuts for late January may indicate an inflection point in the spot market [90]. - **Supply - Demand Fundamentals**: In terms of supply, the European container capacity is still higher than the same period in previous years. With the potential delivery of new ships, the capacity may continue to grow. In the Red Sea area, the resumption of routes by major shipping companies may lead to short - term port congestion and long - term over - supply. In terms of demand, the European demand is expected to improve slowly, and the boost to shipping prices may be limited [95][96]. Market Outlook - The spot high may be approaching. Attention should be paid to the short - selling opportunity of the April contract in the off - season and the positive spread arbitrage opportunity between the 02 and 04 contracts [99].

Report Industry Investment Rating - Not provided in the given documents Core Views of the Reports 1. **Stock Index Futures Spread Daily Report** - Presents detailed data on the latest values, changes from the previous day, historical 1 - year and all - time quantiles of various stock index futures spreads and cross - variety ratios, including IF, IH, IC, and IM [1] 2. **Interest Rate Futures Basis and Spread Daily Report** - Provides data on the basis, cross - period spreads, and cross - variety spreads of TS, TF, T, and TL interest rate futures, along with their changes and percentiles since listing [2] 3. **Precious Metals Spot - Futures Daily Report** - Future market may focus on the impact of US economic data on Fed policy and geopolitical situation in South America. Precious metals are expected to maintain high volatility in January. Suggestions include long - position gold allocation on dips, light long - position silver trading with option hedging, and long - position platinum trading due to its strong external market performance [3] 4. **Container Shipping Industry Spot - Futures Daily Report** - Shows the increase in settlement price indices and Shanghai export container freight rates. Futures prices of container shipping indices have also risen, and there are changes in fundamental data such as supply, port indicators, and overseas economic indicators [7][8] Summary of Relevant Catalogs 1. **Stock Index Futures Spread Daily Report** - **Spread Data**: Includes IF, IH, IC, and IM futures' spot - futures spreads, cross - period spreads, and cross - variety ratios, with specific values, changes, and quantiles [1] 2. **Interest Rate Futures Basis and Spread Daily Report** - **Basis Data**: TS, TF, T, and TL futures' basis values, changes, and percentiles since listing [2] - **Cross - Period Spread Data**: Cross - period spreads of different contracts and their changes and percentiles [2] - **Cross - Variety Spread Data**: Cross - variety spreads among different interest rate futures and their changes and percentiles [2] 3. **Precious Metals Spot - Futures Daily Report** - **Futures Closing Price**: Domestic and foreign precious metals futures closing prices, price changes, and percentage changes [3] - **Spot Price**: Spot prices of various precious metals, price changes, and percentage changes [3] - **Basis**: Basis values of different precious metals, price changes, and 1 - year quantiles [3] - **Ratio**: Ratios of different precious metals, price changes, and percentage changes [3] - **Interest Rate and Exchange Rate**: 10 - year and 2 - year US Treasury yields, 10 - year TIPS Treasury yields, US dollar index, and offshore RMB exchange rate, along with their changes and percentage changes [3] - **Inventory and Position**: Inventory and position data of precious metals, changes, and percentage changes [3] 4. **Container Shipping Industry Spot - Futures Daily Report** - **Settlement Price Index**: SCFIS for European and US West routes, with price changes and percentage changes [7] - **Shanghai Export Container Freight Rate**: SCFI comprehensive index, European, US West, and US East routes, with price changes and percentage changes [7] - **Futures Price and Basis**: Futures prices of different container shipping index contracts, price changes, percentage changes, and basis value changes of the main contract [7] - **Fundamental Data**: Global container shipping capacity supply, Shanghai port indicators (quasi - arrival rate, berthing situation), monthly export amount, overseas economic indicators (euro - zone PMI, EU consumer confidence index, US manufacturing PMI, OECD leading indicators), with their changes and percentage changes [7] - **Spot Quotation**: Spot freight rates of Shanghai - Europe routes for different shipping companies, price changes, and percentage changes [8]

1. Report's Industry Investment Rating - No information provided 2. Core Viewpoints - For ferrosilicon, the steel tender pricing is settled, and caution should be exercised regarding market sentiment. For silicomanganese, the inquiry sentiment is strong after the holiday, and waiting for the steel tender settlement [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking 3.1.1 Futures Market - Ferrosilicon 2603 closed at 5672, down 78 from the previous trading day, with a trading volume of 225,315 and an open interest of 218,692. Ferrosilicon 2605 closed at 5628, down 78, with a trading volume of 28,644 and an open interest of 47,924. Silicomanganese 2603 closed at 5920, down 22, with a trading volume of 146,560 and an open interest of 267,767. Silicomanganese 2605 closed at 5936, down 12, with a trading volume of 66,562 and an open interest of 206,794 [1] 3.1.2 Spot Market - The aggregated price of ferrosilicon FeSi75 - B in Inner Mongolia was 5320 yuan/ton. The price of silicomanganese FeMn65Si17 in Inner Mongolia was 5650 yuan/ton. The price of manganese ore Mn44 block was 42.5 yuan/ton - degree. The price of semi - coke small material in Shenmu was 760 yuan/ton [1] 3.1.3 Price Spreads - The spot - futures spread of ferrosilicon (spot - 03 futures) was - 352 yuan/ton, up 78. The spot - futures spread of silicomanganese (spot - 03 futures) was - 270 yuan/ton, up 22. The near - far month spread of ferrosilicon 2603 - 2605 was 44 yuan/ton, unchanged. The near - far month spread of silicomanganese 2603 - 2605 was - 16 yuan/ton, down 10. The cross - variety spread of silicomanganese 2603 - ferrosilicon 2603 was 248 yuan/ton, up 56. The cross - variety spread of silicomanganese 2605 - ferrosilicon 2605 was 308 yuan/ton, up 66 [1] 3.2 Macro and Industry News - On January 4, the prices of 72 ferrosilicon in different regions were: Shaanxi 5150 - 5300 (+25), Ningxia 5300 - 5350, Qinghai 5200 - 5300, Gansu 5250 - 5350, Inner Mongolia 5300 - 5350 (+50); 75 ferrosilicon: Shaanxi 5600 - 5700, Ningxia 5600 - 5650, Qinghai 5600, Gansu 5550 - 5600, Inner Mongolia 5650 - 5700 (+50). The FOB prices were 721030 - 1050(+10), 751090 - 1120 (US dollars/ton,含税). The northern quotation of 6517 silicomanganese was 5650 - 5700 yuan/ton; the southern quotation was 5700 - 5800 yuan/ton (-25) [2] - Hegang set the purchase price of 75B ferrosilicon for January at 5760 yuan/ton, up 100 yuan/ton from December, with a quantity of 3313 tons, an increase of 563 tons from December [2] - In December 2025, the manganese ore dredging volume at Tianjin Port was 2,388,476 tons, a 17.28% increase from November's 2,036,533 tons and a 14.49% decrease from December 2024's 2,793,090 tons. From January to December 2025, the manganese ore dredging volume at Tianjin Port was 23,913,195 tons, a 15.17% increase from the same period in 2024, an increase of 3.15 million tons [3] 3.3 Trend Intensity - The trend intensity of ferrosilicon was 0; the trend intensity of silicomanganese was 0 [3]

1. Report Industry Investment Rating - There is no information about the report's industry investment rating provided in the content. 2. Core Viewpoint of the Report - The LPG futures contract's closing price increased by 28 yuan/ton to 4317 yuan/ton, a 0.65% rise. The national LPG market price went up, with the average price reaching 4360 yuan/ton, a 0.44% increase from the previous workday. The LPG market is expected to operate in a range - bound manner [3]. 3. Summary by Relevant Catalog 3.1 Market Overview - The international LPG market showed a trend of rising first and then falling this week, but the overall price center shifted upward. The non - US supply was tight while market buying interest remained strong. The Middle East's January shipment negotiations were active, and the demand was firm. The Far - East arbitrage window in the European and American markets was still open, but buying interest weakened due to shrinking arbitrage. In the Far - East market, LPG prices rose first and then fell. In the shipping market, freight rates from the Middle East to the Far East and from the US Gulf of Mexico to the Far East both increased slightly [3]. 3.2 Regional Market Conditions 3.2.1 East China Region - The average price of the civil LPG market increased by 13 yuan/ton to 4360 yuan/ton, a 0.30% increase. The market in East China mainly rose this week. The release of December CP last week increased the import cost, supporting the sentiment of upstream and downstream. The refinery supply in Shanghai and Jiangsu decreased, and the overall supply showed an obvious narrowing trend. Chemical demand increased slightly, and downstream enthusiasm for entering the market was strong. The import cost increased, but the price increase of imported gas was less than that of domestic gas [3]. 3.2.2 South China Region - The average price of the civil LPG market increased by 25 yuan/ton to 4360 yuan/ton, a 0.58% increase. The LPG market in South China rose across the board this week. Supply tightness and cost increase were the main supporting factors. For civil gas, terminals led the price increase. Due to delayed ship arrivals, some terminal inventories were low, and importers continuously raised prices. Refineries quickly followed suit. For industrial gas, the supply pressure of refineries was relieved, and the prices also increased [3]. 3.2.3 Shandong Region - The average price of the civil LPG market increased by 10 yuan/ton to 4460 yuan/ton, a 0.22% increase, and the average price of ether - post - carbon - four increased by 6 yuan/ton to 4281 yuan/ton. The civil LPG market in Shandong first remained stable and then rose, reaching a high in nearly two months. The increase in CP led to an obvious rise in import costs, driving up the price of related propane and slightly improving the profitability of downstream chemical plants [3]. 3.3 Price and Spread - Futures prices: The closing price of the main LPG futures contract increased by 28 yuan/ton to 4317 yuan/ton, a 0.65% increase; the settlement price increased by 19 yuan/ton to 4301 yuan/ton, a 0.44% increase. - Inter - month spreads: The spreads between different LPG contracts showed different changes, such as PG2601 - PG2602 being - 15 yuan/ton (down from 96 yuan/ton), and PG2601 - PG2603 being 229 yuan/ton (down 10 yuan/ton). - Cross - variety spreads: For example, PG - 7.33*SC was 999.44 yuan/ton, a 0.50% decrease [3]. 3.4 Cost and Profit - The production cost of PDH - made propylene was 6392 yuan/ton, a 0.06% decrease; the production cost of PDH - made PP was 7575.55 yuan/ton, a 0.79% increase. The production profit of PDH - made propylene was - 397 yuan/ton, a 0.25% decrease; the production profit of PDH - made PP was - 1252.22 yuan/ton, a 7.35% decrease [3]. 3.5 Other Information - Freight rates: Freight rates for different shipping routes remained unchanged. - Exchange - rate and interest - rate: The US dollar index decreased by 0.46%, and SHIBOR - overnight remained basically unchanged at 1.3020% [3].