Group 1: Stock Index Futures Spread Daily Report Report Industry Investment Rating - Not provided in the report. Report Core View - The report provides the latest values of various stock index futures spreads, their changes compared to the previous day, and historical percentile data, helping investors understand the current situation of the stock index futures market [1]. Summary by Relevant Catalog - **Futures - Spot Spreads**: The F futures - spot spread was -74.25, with a 4.00% change from the previous day and a 2.50% historical 1 - year percentile. The H futures - spot spread was -22.91, with a -3.03 change and a 5.70% historical 1 - year percentile. The IC futures - spot spread was -193.12, with a -14.71 change, and the IM futures - spot spread was 18.08, with a 0.9096 change [1]. - **Inter - delivery Spreads**: For different contracts (e.g., next month - current month, far month - current month), various inter - delivery spreads are presented with their changes and historical percentile data. For example, the next month - current month spread of a certain contract was -20.40, with a -1.00 change and a 22.20% historical 1 - year percentile [1]. - **Cross - variety Ratios**: Ratios such as CSI 500/Shanghai - Shenzhen 300, IC/IF, etc., are provided with their changes and historical percentile data. For example, the IC/IF ratio was 2.6480, with a 96.90% historical percentile [1]. Group 2: Treasury Bond Futures Spread Daily Report Report Industry Investment Rating - Not provided in the report. Report Core View - The report provides the latest values of various treasury bond futures spreads, their changes compared to the previous trading day, and historical percentile data, assisting investors in analyzing the treasury bond futures market [2]. Summary by Relevant Catalog - **Basis**: The TS basis was 1.1202, with a 0.0494 change and a 7.40% historical percentile. The TF basis was 0.0588, with a -0.0352 change and a 29.50% historical percentile. The T basis was 0.0502, with a -0.0483 change and a 48.30% historical percentile. The TL basis was 0.0060, with a 27.00% historical percentile [2]. - **Inter - delivery Spreads**: Different inter - delivery spreads for each contract (e.g., current quarter - next quarter) are presented, along with their changes and historical percentile data. For example, the current quarter - next quarter spread of the TF contract was 0.2400, with a 0.0050 change and a 44.10% historical percentile [2]. - **Cross - variety Spreads**: Spreads such as TS - TF, TS - T, etc., are provided with their changes and historical percentile data. For example, the TS - TF spread was -3.5670, with a -0.0210 change and an 8.40% historical percentile [2]. Group 3: Precious Metals Spot - Futures Daily Report Report Industry Investment Rating - Not provided in the report. Report Core View - The report presents the latest prices of domestic and foreign precious metals futures, spot prices, basis, price ratios, interest rates, exchange rates, inventory, and positions, and provides investment suggestions for precious metals [5]. Summary by Relevant Catalog - **Domestic Futures Closing Prices**: The AU2606 contract closed at 1020.10 yuan, up 0.51% from the previous day. The AG2606 contract closed at 18126 yuan/ten grams, up 2.37%. The PT2606 contract closed at 493.10 yuan, down 0.88%. The PD2606 contract closed at 361.40 yuan, up 1.15% [5]. - **Foreign Futures Closing Prices**: The COMEX gold主力 contract closed at 4699.60 dollars, up 3.51%. The COMEX silver主力 contract closed at 75.35 dollars, up 7.36%. The NYMEX platinum主力 contract closed at 1962.30 dollars, up 3.67%. The NYMEX palladium主力 contract closed at 1488.50 dollars, up 5.31% [5]. - **Spot Prices**: The London gold price was 4669.13 dollars, up 3.45%. The London silver price was 75.11 dollars, up 7.24%. The spot platinum price was 1950.00 dollars, up 3.34%. The spot palladium price was 1448.00 dollars, up 1.26%. The SGE gold T + D price was 1015.68 yuan/gram, up 0.67%. The SGE silver T + D price was 18031 yuan/ten grams, up 2.68%. The SGE gold 9995 price was 465 yuan, up 1.10% [5]. - **Basis**: The gold TD - Shanghai gold主力 basis was -4.42, with a 1.50 change and a 46.10% historical 1 - year percentile. The silver TD - Shanghai silver主力 basis was 3.66, with a 0.74 change and a 99.20% historical 1 - year percentile [5]. - **Price Ratios**: The COMEX gold/silver ratio was 62.37, down 3.59%. The SHFE gold/silver ratio was 56.28, down 1.81%. The NYMEX platinum/palladium ratio was 1.32, down 1.56%. The GFE platinum/palladium ratio was 1.36, down 2.01% [5]. - **Interest Rates and Exchange Rates**: The 10 - year US Treasury yield was 4.30%, down 1.19%. The 2 - year US Treasury yield was 3.79%, down 0.8%. The 10 - year TIPS Treasury yield was 2.00%, down 2.0%. The US dollar index was 09.88, down 0.62%. The offshore RMB exchange rate was 6.8879, down 0.41% [5]. - **Inventory and Positions**: The SHFE gold inventory was 106644, unchanged. The SHFE silver inventory was 368667 kg, down 1.54%. The COMEX gold inventory was 31533901, down 0.01%. The COMEX silver inventory was 327820669, up 0.07%. The COMEX gold registered warehouse receipts were 16563243 ounces, down 0.33%. The COMEX silver registered warehouse receipts were 76429739, up 0.53%. The SPDR gold ETF position was 1047, up 0.11%. The SLV silver ETF position was 15274, down 0.09% [5]. - **Investment Suggestions**: If the gold ETF position stops falling and rebounds, it reflects the improvement of the confidence of allocation funds. Investors can try to buy on dips in the range of 4400 - 4500 dollars and pay attention to the short - term resistance of the 20 - day moving average. In the short term, as the US - Iran war eases, silver is expected to stabilize above 70 dollars with gold, and investors can grasp the opportunity of band - type upward movement with the boost of capital sentiment, with the upper resistance at 85 dollars. Platinum is moving upward in the range of 1850 - 2015 dollars, and palladium is fluctuating and consolidating above 1400 dollars. The fundamental situation of palladium is relatively weaker, and investors can continue to hold the long - platinum short - palladium ratio [5].

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]

1. Report on Stock Index Futures Spread 1.1 Core Data - **IF Futures-Spot Spread**: The latest value is -86.32, a change of -12.73 from the previous day, with a 1-year historical quantile of 1.20% and an all-time quantile of 2.00% [1]. - **IH Futures-Spot Spread**: The latest value is -20.25, a change of -3.93 from the previous day, with a 1-year historical quantile of 12.70% and an all-time quantile of 8.10% [1]. - **IC Futures-Spot Spread**: The latest value is -187.77, a change of 17.97 from the previous day, with a 1-year historical quantile of 2.00% and an all-time quantile of 2.40% [1]. - **IM Futures-Spot Spread**: The latest value is -213.66, with relevant quantiles provided [1]. - **Cross-Term Spreads**: Various cross - term spreads for IF, IH, IC, and IM are presented, including differences between different contract months and their changes, historical quantiles [1]. - **Cross-Variety Ratios**: Ratios such as CSI 500/CSI 300, CSI 500/SSE 50, CSI 300/SSE 50, etc., along with their changes and historical quantiles, are reported [1]. 2. Report on Treasury Bond Futures Spread 2.1 Core Data - **Basis**: On March 24, 2026, the TS basis was 1.1278, TF basis was 1.1961, T basis was 1.2398, and TL basis was 0.6196, with corresponding changes and historical percentiles since listing [2]. - **Cross - Term Spreads**: Cross - term spreads for TS, TF, T, and TL are provided, including differences between different seasons and their changes and historical percentiles [2]. - **Cross - Variety Spreads**: Cross - variety spreads such as TS - TF, TS - T, TF - T, etc., along with their changes, are reported [2].

1. Report Industry Investment Rating - No information provided regarding the report industry investment rating. 2. Core Viewpoints 2.1 Stock Index Futures - The report presents the latest values, changes from the previous day, and historical quantiles of various stock index futures spreads, including F, H, IC, and IM, as well as cross - variety ratios such as CSI 500/CSI 300, CSI 500/SSE 50, etc. [1] 2.2 Treasury Bond Futures - It shows the latest values, changes from the previous trading day, and historical quantiles of basis, cross - period spreads, and cross - variety spreads of different treasury bond futures varieties (TS, TF, T, TL). [2] 2.3 Precious Metals - The market for precious metals is in a downward trend. The end of the decline requires a缓和 of geopolitical conflicts, which is difficult to achieve. It is recommended to take a short - side operation for gold. For silver, if the US - Iran war eases, the price may stop falling and stabilize; otherwise, it may fall below $60. Platinum may fall to the $1750 - $1800 range, and palladium may drop to around $1300. [3] 3. Summary by Relevant Catalogs 3.1 Stock Index Futures - **Futures - Spot Spreads**: F futures - spot spread is - 80.62, H is - 18.06, IC is - 200.64, and IM is - 223.43. [1] - **Cross - Period Spreads**: Different cross - period spreads for F, H, IC, and IM are presented, such as F's next - month - current - month spread is - 56.80, etc. [1] - **Cross - Variety Ratios**: Ratios like CSI 500/CSI 300 is 1.6991, CSI 500/SSE 50 is 2.6908, etc. are provided. [1] 3.2 Treasury Bond Futures - **Basis**: TS basis is 0.0189, TF is 0.0599, T is 1.3076, and TL is 0.5330. [2] - **Cross - Period Spreads**: For example, TS's current - quarter - next - quarter spread is - 0.0060, etc. [2] - **Cross - Variety Spreads**: TS - TF is - 3.4610, TS - T is - 5.7310, etc. [2] 3.3 Precious Metals - **Domestic Futures Closing Prices**: AU2604 contract is 1039.22 yuan/gram, AG2606 contract is 17625 yuan/kilogram, etc. [3] - **Foreign Futures Closing Prices**: COMEX gold主力 contract is $4492.00, COMEX silver主力 contract is $67.81, etc. [3] - **Spot Prices**: London gold is $4491.67, London silver is $67.90, etc. [3] - **Basis**: Gold TD - Shanghai gold主力 is 1.38, silver TD - Shanghai silver主力 is 155, etc. [3] - **Ratios**: COMEX gold/silver is 66.24, Shanghai Futures Exchange gold/silver is 58.96, etc. [3] - **Interest Rates and Exchange Rates**: 10 - year US Treasury yield is 4.39%, 2 - year US Treasury yield is 3.88%, etc. [3] - **Inventory and Positions**: Shanghai Futures Exchange gold inventory is 106845, Shanghai Futures Exchange silver inventory is 362495 kilograms, etc. [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]

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].