1. Report Industry Investment Rating - No information provided regarding the industry investment rating in the given reports. 2. Core Views 2.1. Precious Metals - The short - term market for precious metals is affected by geopolitical situations and the upcoming Fed decision. Gold prices are expected to maintain a strong and volatile trend. It is recommended to take profits on gold long positions at high prices and buy out - of - the - money call options instead of taking long positions. [3] - For silver, rising raw material costs may reduce industrial demand, but new demand from AI and other fields may support prices. ETF holdings are falling due to regulatory restrictions, and short - term prices may experience sharp fluctuations. It is advisable to pay attention to risk - control measures and adopt a strategy of buying on dips with light positions. [3] - Platinum and palladium prices are supported by their macro - financial attributes and tight supply, and their price centers are rising in tandem with gold. However, the easing supply in the London spot market may limit the upside. It is recommended to buy on dips and sell at high prices within a day. [3] 2.2. Container Shipping - The container shipping market shows a downward trend in freight rates. The SCFIS and SCFI indices for major routes have declined, and most futures contracts have also decreased. Although there are some positive signs in fundamentals such as an increase in port punctuality and export volume, the overall market remains under pressure. [5] 3. Summary by Relevant Catalogs 3.1. Stock Index Futures Spread Daily Report - **Spot - Futures Spread**: F has a spot - futures spread of 12.51, H has 11.61, IC has - 1.33, and IM has - 24.95. Their historical 1 - year and all - time percentiles vary, and there are also changes compared to the previous day. [1] - **Inter - delivery Spread**: There are significant differences in inter - delivery spreads (such as next - month minus current - month, quarterly - month minus current - month, etc.) among different varieties, and their percentiles also show different levels. [1] - **Cross - Variety Ratio**: Ratios such as CSI 300/Shanghai Stock Exchange 50, CSI 1000/CSI 300, and others have their own values, changes, and percentiles. [1] 3.2. Treasury Bond Futures Spread Daily Report - **IRR and Basis**: Different varieties (TS, TF, T, TL) have their own implied repo rates (IRR) and basis values, along with changes compared to the previous day and their percentiles since listing. [2] - **Inter - delivery Spread**: Each variety has inter - delivery spreads (such as current - quarter minus next - quarter, next - quarter minus the quarter after next), with corresponding changes and percentiles. [2] - **Cross - Variety Spread**: Spreads between different varieties (TS - T, TF - T, etc.) are provided, along with their changes and percentiles. [2] 3.3. Precious Metals Spot - Futures Daily Report - **Domestic Futures Closing Prices**: For AU2604, AG2604, PT2606, and PD2606 contracts, their closing prices on January 27 and 26, price changes, and percentage changes are given. [3] - **Foreign Futures Closing Prices**: Closing prices, price changes, and percentage changes of COMEX gold, silver, NYMEX platinum, and palladium futures on January 27 and 26 are presented. [3] - **Spot Prices**: Spot prices of London gold, silver, platinum, and palladium, as well as Shanghai Gold Exchange's T + D products, are provided, along with their changes and percentage changes. [3] - **Basis**: The basis values of gold TD - Shanghai gold main contract, silver TD - Shanghai silver main contract, etc., their changes, and historical 1 - year percentiles are shown. [3] - **Price Ratios**: Ratios such as COMEX gold/silver, Shanghai Futures Exchange gold/silver, etc., their changes, and percentage changes are given. [3] - **Interest Rates and Exchange Rates**: Values, changes, and percentage changes of 10 - year and 2 - year US Treasury yields, 10 - year TIPS Treasury yields, US dollar index, and offshore RMB exchange rate are presented. [3] - **Inventory and Holdings**: Inventory and holding data of Shanghai Futures Exchange and COMEX for gold and silver, as well as ETF holdings, are provided, along with their changes and percentage changes. [3] 3.4. Container Shipping Industry Spot - Futures Daily Report - **Shipping Indices**: SCFIS (European and US - West routes) and SCFI (composite, European, US - West, and US - East routes) indices show their values, changes, and percentage changes on different dates. [5] - **Futures Prices and Basis**: Futures prices of different contracts (EC2602, EC2604, etc.) and the basis of the main contract are provided, along with their changes and percentage changes. [5] - **Fundamental Data**: Global container shipping capacity supply, port punctuality, port calls, monthly export volume, and overseas economic indicators (such as Eurozone PMI, EU consumer confidence index, US manufacturing PMI, etc.) are presented, along with their changes and percentage changes. [5]

Report on Stock Index Futures Spread Core Information - **Date**: January 23, 2026 - **Analysis of Spread Data**: - **Futures - Spot Spread**: F期现价差 latest value is -4.31, H期现价差 is 8.07, IC期现价差 is 12.41, IM期现价差 is -16.75 [1] - **Inter - Delivery Spread**: For example, 次月 - 当月 spread in different contracts has various values and historical percentile rankings, like -2.60 with a 1 - year percentile of 87.70% and all - time percentile of 54.20% in some cases [1] - **Cross - Variety Ratio**: IC/IF is 1.7799, IC/IH is 2.7440, IF/IH is 1.5417, etc., with corresponding historical percentile rankings [1] Report on Treasury Bond Futures Spread Core Information - **Date**: January 23, 2026 - **Analysis of Spread Data**: - **Basis Spread**: TS基差 is 1.4233, TF基差 is 1.4873, T基差 is 1.6004, TL基差 is 2.0488, with changes compared to the previous day and historical percentile rankings [2] - **Inter - Delivery Spread**: Different contracts' 当季 - 下季, 下季 - 隔季 spreads have specific values and historical percentile rankings, e.g., TS跨期价差 当季 - 下季 is -0.0420 with a 17.50% historical percentile [2] - **Cross - Variety Spread**: TS - TF is -3.4270, TS - T is -5.7420, TF - T is -2.3150, etc., with changes and historical percentile rankings [2] Report on Precious Metals Futures - Spot Core Information - **Date**: January 23, 2026 - **Price and Spread Analysis**: - **Domestic Futures Closing Price**: AU2604合约 closed at 1087.58 yuan/g, AG2604合约 at 23339 yuan/ten grams, etc., with price changes and percentage changes [4] - **Foreign Futures Closing Price**: COMEX黄金主力合约 closed at 4938.40, COMEX白银主力合约 at 96.22, etc., with price changes and percentage changes [4] - **Spot Price**: London gold is 4938.35, London silver is 96.20, etc., with price changes and percentage changes [4] - **Basis Spread**: Gold TD - 沪金主力 is -3.66, Silver TD - 沪银主力 is -10794, etc., with changes and historical percentile rankings [4] - **Ratio**: COMEX金/银 is 51.33, 上期所金/银 is 46.60, etc., with price changes and percentage changes [4] - **Interest Rate and Exchange Rate**: 10 - year US Treasury yield is 4.26%, 2 - year US Treasury yield is 3.61%, etc., with changes and percentage changes [4] - **Inventory and Position**: 上期所黄金库存 is 102009 kg, 上期所白银库存 is 589052, etc., with changes and percentage changes [4]

Report 1: Stock Index Futures Spread Daily Report 1. Industry Investment Rating No information provided. 2. Core View No clear core view presented. 3. Summary by Relevant Content - **Futures - Spot Price Spread**: IF futures - spot price spread was -4.83, H was 2.42, IC was -16.47, and IM was -45.38 [1]. - **Inter - delivery Spread**: For example, IF's next - near delivery spread was -0.40, and H's next - near delivery spread was 0.60 [1]. - **Cross - variety Ratio**: For instance, IC/IF was 1.7290, and IC/IH was 0.0080 [1]. Report 2: Treasury Bond Futures Spread Daily Report 1. Industry Investment Rating No information provided. 2. Core View No clear core view presented. 3. Summary by Relevant Content - **Basis**: TS basis was 1.3432, TF was 1.8720, T was 1.9553, and TL was 0.5772 on January 15, 2026 [2]. - **Inter - delivery Spread**: For example, TS's current - next delivery spread was -0.0040 on January 15, 2026 [2]. - **Cross - variety Spread**: TS - TF was -3.3840, TS - T was -5.6590 on January 15, 2026 [2]. Report 3: Precious Metals Spot - Futures Daily Report 1. Industry Investment Rating No information provided. 2. Core View - The short - term news impact weakens, and the market maintains a strong and volatile trend with reduced fluctuations. Gold long positions above the 20 - day moving average can continue to be held, and out - of - the - money put options can be sold to earn time value [3]. - For silver, the cancellation of photovoltaic export tax rebates after April 1 may lead to a "rush to export" situation. It is recommended to buy on dips with a light position and lock in profits when the price is high [3]. - Platinum and palladium are expected to continue to rise in the medium - to - long - term. In the short - term, they follow the strong trend of gold [3]. 3. Summary by Relevant Content - **Domestic Futures Closing Price**: On January 15, AU2602 contract closed at 1035.20 yuan/g, down 0.52% from the previous day; AG2604 contract closed at 22665 yuan/kg, down 0.43% [3]. - **Foreign Futures Closing Price**: COMEX gold closed at 4620.50 dollars/ounce, down 0.29%; COMEX silver closed at 92.21 dollars/ounce, down 1.05% [3]. - **Spot Price**: London gold was at 4615.52 dollars/ounce, down 0.23%; Shanghai Gold Exchange's gold T + D was at 1033.92 yuan/g, down 0.36% [3]. - **Basis**: Gold TD - Shanghai gold main contract basis was -1.28, and the historical 1 - year quantile was 46.10% [3]. - **Ratio**: COMEX gold/silver ratio was 50.11, up 0.77% [3]. - **Interest Rate and Exchange Rate**: 10 - year US Treasury yield was 4.17%, up 0.5%; 2 - year US Treasury yield was 3.56%, up 1.4% [3]. - **Inventory and Position**: Shanghai Futures Exchange's gold inventory remained unchanged at 100152 kg, and silver inventory increased by 1.54% to 638399 kg [3]. Report 4: Container Shipping Industry Spot - Futures Daily Report 1. Industry Investment Rating No information provided. 2. Core View No clear core view presented. 3. Summary by Relevant Content - **Container Shipping Index**: SCFIS (European route) was 1956.39, up 8.94% from January 5; SCFIS (US West route) was 1323.98, up 5.91% [5]. - **Shanghai Export Container Freight Rate**: SCFI comprehensive index was 1647.39, down 0.54% from December 26; SCFI (European) was 1719 dollars/TEU, up 1.72% [5]. - **Futures Price and Basis**: EC2602 contract closed at 1719.0 points, up 0.06% on January 15; the basis of the main contract was 431.5, up 1.82% [5]. - **Fundamental Data**: Global container shipping capacity supply was 3369.42 million TEU on January 15, almost unchanged from the previous day; Shanghai port's on - time rate was 41.81, up 4.53% in December [5].

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]

Report Investment Ratings - No investment ratings provided in the reports Core Views - In the precious metals market, the gold market has completed its correction. Future market attention may shift to the impact of US economic data on Fed policies and geopolitical situations in South America. Platinum and palladium prices may gradually stabilize, with the platinum price rising due to strong overseas markets. Palladium, with a relatively weaker fundamental situation, may follow the trend. The platinum-palladium ratio is expected to rise, presenting a hedging arbitrage opportunity. Silver may face a pullback risk due to global commodity index rebalancing, and investors are advised to maintain a light long position and use options to lock in profits [3] - In the container shipping industry, the freight rates for European and US routes have increased, with significant growth on the US - West route. The fundamental data shows that the global container shipping capacity supply remains stable, while port - related indicators and overseas economic data present a mixed picture [5] Summary by Category Stock Index Futures Spread - **Price Difference Data**: F, H, IC, and IM have different current - spot price differences and inter - period price differences, with varying changes compared to the previous day and percentile rankings in different time frames. There are also cross - variety ratios such as IC/IF, IC/IH, etc., with corresponding changes and percentile rankings [1] Bond Futures - **Basis and Spread Data**: TS, TF, T, and TL have different basis values, inter - period spreads, and cross - variety spreads, with corresponding changes compared to the previous day and percentile rankings since listing [2] Precious Metals - **Domestic Futures**: AU2602, AG2602, PT2606, and PD2606 contracts all declined in price, with varying decline rates [3] - **Foreign Futures**: Contracts for COMEX gold, COMEX silver, NYMEX platinum, and NYMEX palladium all rose in price, with varying increase rates [3] - **Spot Prices**: The spot prices of London gold and London silver rose, while the spot prices of platinum and palladium declined. The prices of gold T + D and silver T + D on the Shanghai Gold Exchange also declined [3] - **Basis and Ratio**: There are different basis values and cross - variety ratios among various precious metals, with corresponding changes [3] - **Interest Rates and Exchange Rates**: The 10 - year US Treasury yield, 2 - year US Treasury yield, 10 - year TIPS Treasury yield, and the US dollar index all changed slightly, while the on - shore RMB exchange rate declined slightly [3] - **Inventory and Holdings**: The inventories of Shanghai Futures Exchange gold and silver, COMEX gold and silver, and the holdings of SPRD gold ETF and SLV silver ETF all changed to different extents [3] Container Shipping Industry - **Freight Index**: The SCFIS for European and US - West routes increased, with a significant increase on the US - West route. The SCFI comprehensive index and the SCFI for US - West and US - East routes also increased, while the SCFI for the European route declined slightly [5] - **Futures Prices and Basis**: The prices of EC2602 (main contract), EC2604, etc. changed slightly, and the basis of the main contract increased [5] - **Fundamental Data**: The global container shipping capacity supply remained unchanged. Port - related indicators such as the port punctuality rate and port calls in Shanghai, and overseas economic data such as the euro - zone composite PMI, EU consumer confidence index, and US manufacturing PMI all changed to different extents [5]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - The destocking cycle of styrene has ended, and the basis has weakened again. Overseas gasoline crack spreads are weak, reducing the support of overseas gasoline blending for pure benzene. Although the peak of pure benzene arrivals in China has passed, there is still some arrival pressure, and port inventories have continued to accumulate. The downstream styrene start - up has bottomed out and rebounded, while the non - styrene start - up is still poor. Styrene port inventories have rebounded again, entering the pre - holiday inventory accumulation cycle, and the downstream start - up has decreased again in the off - season [1][3] 3. Summary According to the Directory I. Pure Benzene and EB's Basis Structure, Inter - Period Spreads - Pure benzene's main basis is - 100 yuan/ton (+34), and the spread between East China pure benzene spot and M2 is - 135 yuan/ton (- 10 yuan/ton). Styrene's main basis is 71 yuan/ton (+61 yuan/ton) [1] II. Pure Benzene and Styrene Production Profits, Domestic and Foreign Spreads - Pure benzene's CFR China processing fee is 126 dollars/ton (- 6 dollars/ton), and FOB Korea processing fee is 119 dollars/ton (- 6 dollars/ton). Styrene's non - integrated production profit is - 190 yuan/ton (+30 yuan/ton), with an expected gradual compression [1] III. Pure Benzene and Styrene Inventories, Operating Rates - Pure benzene port inventory is 27.30 tons (+1.30 tons). Styrene's East China port inventory is 139,300 tons (+4,600 tons), and East China commercial inventory is 84,550 tons (+2,250 tons). Pure benzene's downstream operating rates vary: caprolactam is 69.20% (- 5.37%), phenol is 76.00% (- 3.50%), aniline is 61.35% (- 14.59%), and adipic acid is 59.60% (+0.40%). Styrene's operating rate is 69.1% (+0.8%) [1] IV. Styrene Downstream Operating Rates and Production Profits - EPS production profit is 186 yuan/ton (+70 yuan/ton), PS production profit is 36 yuan/ton (- 30 yuan/ton), and ABS production profit is - 892 yuan/ton (+57 yuan/ton). EPS operating rate is 51.81% (- 1.96%), PS operating rate is 54.50% (- 3.80%), and ABS operating rate is 70.10% (- 0.43%) [2] V. Pure Benzene Downstream Operating Rates and Production Profits - Caprolactam production profit is - 350 yuan/ton (+0), phenol - acetone production profit is - 902 yuan/ton (+25), aniline production profit is 789 yuan/ton (+178), and adipic acid production profit is - 1018 yuan/ton (+0). Caprolactam operating rate is 69.20% (- 5.37%), phenol operating rate is 76.00% (- 3.50%), aniline operating rate is 61.35% (- 14.59%), and adipic acid operating rate is 59.60% (+0.40%) [1] 4. Strategies - Unilateral: None - Basis and inter - period: Do reverse arbitrage on BZ2603 - BZ2605 when the price is high - Cross - variety: Short BZ2603 and long PX2605 [4]

Group 1: Investment Ratings - No specific industry investment rating is provided in the reports. Group 2: Core Views - The reports mainly present the daily data of futures spreads, including stock index futures, bond futures, precious metals futures, and container shipping futures, such as current prices, historical quantiles, changes from the previous day, and various spread and ratio data, to help investors understand the market situation [1][2][3][4]. Group 3: Summary by Related Catalogs Stock Index Futures Spreads - **Spot - Futures Spreads**: IF was -46.82, with a 1 - year historical quantile of 11.00% and an all - time quantile of 5.60%, down 5.65 from the previous day. IH was -1.83, IC was -132.46, and IM was -15.60 [1]. - **Inter - Period Spreads**: Different contracts of IF, IH, IC, and IM have different spread values and historical quantiles, showing the price differences between different contract periods [1]. - **Cross - Variety Ratios**: Ratios such as CSI 500/CSI 300, CSI 500/SSE 50, and IC/IF are provided, along with their current values, historical quantiles, and changes from the previous day [1]. Bond Futures - **Basis**: TS was 1.5048, TF was 1.0558, T was 1.3050, and TL was 0.8932, with corresponding changes and historical quantiles [2]. - **Inter - Period Spreads**: Different contracts of TS, TF, T, and TL show various inter - period spread values and historical quantiles [2]. - **Cross - Variety Spreads**: Spreads such as TS - TF, TS - T, and TF - T are presented, along with their values, changes, and historical quantiles [2]. Precious Metals Futures and Spot - **Domestic Futures Closing Prices**: AU2602 rose 2.14% to 1000.86 yuan/gram, AG2602 rose 5.42% to 16210 yuan/kilogram, etc. [3]. - **Foreign Futures Closing Prices**: COMEX gold rose 0.10% to 4334.30 dollars/ounce, COMEX silver rose 3.29% to 64.13 dollars/ounce, etc. [3]. - **Spot Prices**: London gold rose 0.11% to 4304.00 dollars/ounce, London silver rose 3.40% to 64.03 dollars/ounce, etc. [3]. - **Basis**: Gold TD - Shanghai gold main contract was -8.74, with a 1 - year historical quantile of 0.40%, etc. [3]. - **Ratios**: COMEX gold/silver ratio decreased 3.09% to 67.59, etc. [3]. - **Interest Rates and Exchange Rates**: 10 - year US Treasury yield rose 0.2% to 4.17%, 2 - year US Treasury yield fell 1.1% to 3.44%, etc. [3]. - **Inventory and Positions**: Shanghai Futures Exchange gold inventory remained unchanged at 91716 kilograms, COMEX gold inventory rose 0.32% to 36120091 ounces, etc. [3]. Container Shipping Industry - **Shipping Indexes**: SCFIS (European route) rose 5.21% to 1589.20 points, SCFIS (US West route) rose 3.00% to 952.10 points, etc. [4]. - **Futures Prices and Basis**: EC2602 (main contract) rose 8.84% to 1871.8, and the basis of the main contract was -282.6, down 116.39% from the previous value [4]. - **Fundamental Data**: Global container shipping capacity supply rose 0.09% to 3364.19 million TEU, Shanghai port on - time rate fell 18.50% to 40.00%, etc. [4].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the reports. 2. Core Views The reports present a comprehensive analysis of various financial markets including stock index futures, bond futures, precious metals, and container shipping. They detail price movements, spreads, and related market indicators for different contracts and time periods, offering insights into market trends and potential investment opportunities. 3. Summary by Related Catalogs Stock Index Futures (Doc 1) - **Price Differences**: Provides price differences for various stock index futures contracts such as IF, IH, IC, and IM, including current - month, next - month, and far - month spreads, as well as inter - period and cross - period spreads. For example, the IF period - to - period spread shows different values and percentage changes [1]. - **Quantile Information**: Presents historical 1 - year and all - time quantiles for price differences, helping to assess the relative position of current spreads [1]. Bond Futures (Doc 2) - **Basis and Spreads**: Details basis values for TS, TF, T, and TL bond futures, along with cross - period and cross - variety spreads. For instance, the T basis on 2025 - 12 - 19 was 1.6707 with a 0.0450 change from the previous day [2]. - **Percentile Data**: Includes the percentile of spreads since the futures contract listing, which is useful for understanding the spread's historical position [2]. Precious Metals (Doc 3) - **Price Movements**: Covers domestic and foreign futures closing prices, spot prices, and their changes for gold, silver, platinum, and palladium. For example, the AU2602 contract price decreased by 0.06% from 980.50 to 979.90 yuan/gram on December 19 [3]. - **Basis and Ratios**: Analyzes basis values between spot and futures prices and price ratios between different precious metals, such as the COMEX gold/silver ratio which decreased by 3.09% to 67.59 [3]. Container Shipping (Doc 5) - **Index Movements**: Tracks the movement of shipping indices like SCFIS and SCFI, showing changes in European and US routes. For example, the SCFIS (European route) increased by 0.10% to 1510.56 points on December 15 [5]. - **Futures and Fundamentals**: Provides futures prices and basis values for container shipping contracts, along with fundamental data such as global container capacity supply, port performance, and overseas economic indicators [5].

Group 1: Stock Index Futures Spread 1. Report Industry Investment Rating No relevant content provided. 2. Core View The report presents the latest values, historical quantiles, and changes compared to the previous day for various stock index futures spreads on December 12, 2025, including IF, IH, IC, and IM, as well as cross - variety ratios [1]. 3. Summary by Related Catalog - **Futures - Spot Spreads**: IF futures - spot spread is - 12.58 (1 - year quantile: 5.04%, all - time quantile: 59.40%); IH is - 7.23 (1 - year: 0.61%, all - time: 30.70%); IC is - 8.49 (1 - year: 90.10%, all - time: 71.40%); IM is - 7.40 (1 - year: 95.00%, all - time: 75.60%) [1]. - **Inter - delivery Spreads**: For IF, spreads like next - month minus current - month is - 16.80, etc.; for IH, spreads such as next - month minus current - month is - 7.20; for IC, next - month minus current - month is - 4.20; for IM, next - month minus current - month is - 4.20 [1]. - **Cross - variety Ratios**: Ratios like CSI 500/CSI 300 is 1.5559, IC/IF is 1.5584, etc., are presented with their changes and quantiles [1]. Group 2: Treasury Bond Futures Spread 1. Report Industry Investment Rating No relevant content provided. 2. Core View The report shows the latest values, changes compared to the previous trading day, and percentiles since listing for various treasury bond futures spreads on December 12, 2025, including TS, TF, T, and TL, as well as cross - variety spreads [3]. 3. Summary by Related Catalog - **Basis**: TS basis is 1.7270 (change: - 0.0774, percentile: 35.30%); TF basis is 1.7233 (change: - 0.0742, percentile: 48.90%); T basis is 1.4883 (change: 0.0223, percentile: 51.10%); TL basis is 1.5214 (change: 0.4679, percentile: 51.70%) [3]. - **Inter - delivery Spreads**: For TS, spreads like current - quarter minus next - quarter is - 0.0040; for TF, current - quarter minus next - quarter is - 0.0350; for T, current - quarter minus next - quarter is 0.1700; for TL, current - quarter minus next - quarter is 0.2100 [3]. - **Cross - variety Spreads**: Spreads like TS - TF is - 3.4110, TS - T is - 5.6260, etc., are provided [3]. Group 3: Precious Metals Spot - Futures 1. Report Industry Investment Rating No relevant content provided. 2. Core View The report provides the closing prices, price changes, and percentage changes of domestic and foreign precious metals futures, spot prices, basis, ratios, yields, exchange rates, inventory, and positions on December 11, 2025 [5]. 3. Summary by Related Catalog - **Domestic Futures Closing Prices**: AU2602 contract is 957.90 yuan/g (increase: 1.50, 0.16%); AG2602 contract is 14488 yuan/kg (increase: 115, 0.80%); etc. [5]. - **Foreign Futures Closing Prices**: COMEX gold is 4309.30 (increase: 51.00, 1.20%); COMEX silver is 63.98 (increase: 1.78, 2.85%); etc. [5]. - **Spot Prices**: London gold is 4279.10 (increase: 51.45, 1.22%); London silver is 63.55 (increase: 1.82, 2.94%); etc. [5]. - **Basis**: Gold TD - SHFE gold is - 5.55 (change: - 0.28, 1 - year quantile: 4.40%); Silver TD - SHFE silver is - 41 (change: - 45, 1 - year quantile: 13.20%); etc. [5]. - **Ratios**: COMEX gold/silver is 67.36 (decrease: - 1.10, - 1.61%); SHFE gold/silver is 66.12 (decrease: - 0.42, - 0.64%); etc. [5]. - **Yields and Exchange Rates**: 10 - year US Treasury yield is 4.14% (increase: 0.01, 0.2%); 2 - year US Treasury yield is 3.52% (decrease: - 0.02, - 0.6%); etc. [5]. - **Inventory and Positions**: SHFE gold inventory is 91302 (increase: 3, 0.00%); SHFE silver inventory is 780600 kg (increase: 38755, 5.22%); etc. [5]. Group 4: Container Shipping Industry Spot - Futures 1. Report Industry Investment Rating No relevant content provided. 2. Core View The report presents the settlement price indices, futures prices, basis, and fundamental data of the container shipping industry on December 12, 2025 [6]. 3. Summary by Related Catalog - **Shipping Indices**: SCFIS (European route) is 1509.10 points (increase: 25.4, 1.72%); SCFIS (US West route) is 960.51 (decrease: - 988.3, - 50.71%); SCFI composite index is 1403.13 points (increase: 9.6, 0.69%) [6]. - **Futures Prices and Basis**: EC2602 (main contract) is 1689.0 points (increase: 23.8, 1.43%); basis (main contract) is - 179.9 (change: - 23.8, 15.25%) [6]. - **Fundamental Data**: Global container shipping capacity supply is 3352.62 FTEU (increase: 0.02, 0.00%); Shanghai port on - time rate is 40.00% (decrease: - 9.08, - 18.50%); monthly export amount is 3303.50 billion US dollars (increase: 249.97, 8.19%) [6].