Group 1 - The core viewpoint of the article emphasizes the characteristics of industrial transfer in China, highlighting the shift from labor-intensive to capital and technology-intensive industries, particularly in the central and western regions [1] - The article notes that the transfer of industries is effectively driving industrial upgrades and value chain elevation, with significant movements in sectors such as steel, non-ferrous metals, petrochemicals, food processing, and new energy [1] - The importance and urgency of promoting industrial transfer are underscored, as it relates to enhancing the resilience and security of supply chains, building a modern industrial system, and constructing a new development pattern [1] Group 2 - Inner Mongolia is identified as a region with significant resource advantages, including abundant wind and solar energy, rich coal resources, and leading rare earth reserves, which can facilitate a new landscape for industrial transfer [2] - The region's agricultural strength is highlighted, with Inner Mongolia being one of the main grain-producing areas in China, and key industrial chains in dairy, meat, and other sectors exceeding a total output value of 700 billion yuan [2] - The development of the bio-manufacturing industry in Inner Mongolia is noted, focusing on a modern industrial structure that includes biopharmaceuticals and traditional Mongolian medicine [2] Group 3 - The article suggests that Inner Mongolia should actively integrate into national strategies, leveraging its development logic and industrial foundation to clarify key directions for industrial transfer [3] - It emphasizes the need to strengthen border advantages, promote trade-logistics-industry coordination, and enhance port construction and cross-border cooperation [3] - The article calls for improvements in infrastructure, including parks and new infrastructure, to enhance capacity for industrial transfer and create a favorable business environment [3]

Report Industry Investment Ratings - **Macro - Finance**: Index futures are expected to fluctuate with an upward bias, and treasury bonds are recommended for bottom - up allocation and are expected to strengthen in a fluctuating manner [1][5] - **Black Building Materials**: Rebar and iron ore are recommended for temporary observation; coking coal and coke are expected to fluctuate [1][7] - **Non - ferrous Metals**: Copper is recommended for cautious trading within a range; aluminum is recommended for short - selling with a light position; nickel is recommended for observation or short - selling on rallies; tin, gold, and silver are recommended for trading within a range [1][10] - **Energy and Chemicals**: PVC, caustic soda, styrene, and rubber are expected to fluctuate weakly; soda ash's 01 contract follows a short - selling strategy; urea and methanol are expected to fluctuate; polyolefins are expected to have wide - range fluctuations [1][19] - **Cotton and Textile Industry Chain**: Cotton and cotton yarn are expected to rebound in a fluctuating manner; apples are expected to fluctuate; PTA is expected to fluctuate within a range [1][35] - **Agriculture and Animal Husbandry**: Pigs and eggs are recommended for short - selling on rallies; corn is recommended for operation within the range of [2300, 2360]; soybean meal is recommended for buying on dips; oils are recommended for short - selling on rallies [1][39] Core Views The report provides investment ratings and trading strategies for various futures products based on their market conditions, supply - demand fundamentals, and macro - factors. It points out that different futures markets show different trends due to factors such as economic data, policy changes, seasonal demand, and cost fluctuations. For example, the stock index futures market shows a pattern of "strong small - cap, stable large - cap", while the bond market is in a path of sentiment repair. In the commodity market, some products are affected by supply - demand imbalances, and some are influenced by external factors such as tariffs and international trade relations [1][5] Summary by Directory Macro - Finance - **Index Futures**: The A - share market showed a differentiated performance on Monday. The CSI 1000 index futures were the most active, while the trading volume of the SSE 50 was low. The market presents a pattern of "strong small - cap, stable large - cap", and the overall trend is expected to be fluctuating with an upward bias [5] - **Treasury Bonds**: The bond market sentiment continued to recover on Monday. Although the intraday market fluctuated, the bulls were dominant. Positive factors are resonating, but the trade talks may boost risk appetite, and the interest rate decline may have some reasonable pull - backs [5] Black Building Materials - **Rebar**: On Monday, the rebar futures price fluctuated. The fundamental supply - demand is relatively balanced, and the price is expected to fluctuate weakly in the short term due to factors such as the decline in demand and the low probability of large - scale fiscal stimulus policies [7] - **Iron Ore**: The iron ore futures price fluctuated on Monday. The supply and demand are relatively balanced, and the price is mainly affected by macro - news. It is expected to fluctuate within the range of 690 - 730, and it is recommended to observe [7] - **Coking Coal and Coke**: The coking coal market has a loose supply - demand pattern, and the price center may continue to move down. The coke market's fundamentals are also loose, and the price is expected to continue to be weak in the short term [8] Non - ferrous Metals - **Copper**: The impact of tariffs on copper prices has increased again, and the copper price is expected to fluctuate within a high - level range. Although the supply is high, the low inventory and supply disruptions still support the price, but the weakening downstream consumption restricts the upward space [10] - **Aluminum**: The bauxite supply in Guinea is disturbed, and the alumina and electrolytic aluminum production capacity is expected to increase. However, due to factors such as the decline in downstream demand and the increase in tariffs, the short - term aluminum price is expected to be weak [12] - **Nickel**: The nickel market has a pattern of high cost and oversupply in the medium - long term. It is expected to fluctuate weakly, and it is recommended to observe or short - sell on rallies [14] - **Tin**: The supply and demand gap of tin ore is improving, but the downstream consumption is affected by tariffs. It is expected to fluctuate, and it is recommended to trade within a range [16] - **Gold and Silver**: Affected by factors such as US economic data, tariff policies, and central bank policies, the prices of gold and silver are expected to fluctuate, and it is recommended to trade within a range [17] Energy and Chemicals - **PVC**: In the long - term, PVC has a pattern of weak demand and high supply. Although the inventory has decreased recently, the price is expected to fluctuate weakly, and it is necessary to focus on factors such as tariff negotiations and domestic stimulus policies [20] - **Caustic Soda**: The caustic soda market has a situation of strong current situation and weak expectation. In June, there are many overhauls, but the demand is weak. It is expected to fluctuate weakly, and it is recommended to focus on factors such as alumina production and inventory [22] - **Styrene**: The styrene market has a pattern of high valuation and loose supply - demand. It is expected to fluctuate weakly, and it is recommended to short - sell on rallies, focusing on factors such as crude oil prices and pure benzene imports [24] - **Rubber**: The rubber market has a situation of limited raw material price decline space and weak demand. It is expected to fluctuate in the short term, and it is necessary to focus on macro - news [25] - **Urea**: The urea market has a pattern of oversupply. It is expected to run weakly, and it is necessary to focus on factors such as compound fertilizer production and urea inventory [28] - **Methanol**: The methanol market has a pattern of high supply and limited demand support. It is expected to run weakly, and it is necessary to focus on factors such as macro - changes and olefin plant operations [30] - **Polyolefins**: The polyolefin market has a pattern of increasing supply pressure and entering the traditional off - season of demand. It is expected to fluctuate weakly in the short term, and it is necessary to focus on factors such as downstream demand and domestic policies [31] - **Soda Ash**: The soda ash market has a pattern of increasing supply and weak downstream demand. The 01 contract follows a short - selling strategy [33] Cotton and Textile Industry Chain - **Cotton**: The global cotton supply - demand is still loose, but due to the warming of Sino - US relations, the cotton price is expected to rebound in a fluctuating manner [35] - **Apples**: The apple market has a stable price, and it is expected to fluctuate within a high - level range due to low inventory [36] - **PTA**: Affected by the decline in crude oil prices and the weakening of downstream polyester demand, the PTA price is under short - term pressure and is expected to fluctuate within a range [36] Agriculture and Animal Husbandry - **Pigs**: The pig market has a pattern of high supply and weak demand. The short - term price is expected to fluctuate at a low level, and it is recommended to short - sell on rallies [39] - **Eggs**: The egg market has a pattern of sufficient supply and seasonal weakening of demand. The short - term price support is weak, and different contracts have different trading strategies [40] - **Corn**: The corn market has a pattern of short - term supply - demand game and long - term tightening of supply - demand. It is recommended to operate within a high - level range and pay attention to substitutes [41] - **Soybean Meal**: The soybean meal market is affected by US soybean weather and import costs. The short - term price is restricted by supply increase, while the long - term price is expected to be strong, and it is recommended to buy on dips [43] - **Oils**: The oil market has a pattern of mixed long - and short - term factors. It is expected to fluctuate in the short term and rebound from the third quarter. It is recommended to trade within a range and pay attention to the oil - meal ratio [49]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - In April 2025, the inventory cycle of the entire industrial sector shifted to "active destocking" [2][15][16] - The upstream, mid - stream, and downstream industries all entered the "active destocking" phase in April 2025 [2][17][18] 3. Summary by Relevant Catalogs 3.1 Inventory Cycle Overview - In April 2025, the year - on - year growth rate of finished product inventory of industrial enterprises decreased by 0.3 percentage points to 3.9% [7][8][9] 3.2 Inventory Cycle Overview (by Industry) - **Upstream Industry**: It accounts for only 2% of the total inventory and returned to "active destocking" in April 2025 after three months [17] - **Mid - stream Industry**: It accounts for 54% of the total inventory, and most of it was in the "active destocking" phase in April 2025 [18] - **Downstream Industry**: It accounts for 43% of the total inventory and was in the "active destocking" phase in April 2025 [19] - **Specific Industries**: In April 2025, electronics was in "passive restocking", electrical machinery was in "active restocking", chemical was in "passive restocking", paper - making, automotive, non - ferrous metals, instrument and meter, and general equipment were in "active destocking" [7]

- The Hang Seng Index rose by 2.2% over the week, closing at 23,792 points, while the Hang Seng Tech Index also increased by 2.2%, closing at 5,286 points[1] - The market was influenced by the anticipation of a call between the US and Chinese presidents, leading to increased trading volume to HKD 235.6 billion, although the average daily turnover decreased by 7.6% to HKD 203.9 billion[1] - The materials and healthcare sectors saw significant gains, with their respective indices rising by 5.6% and 4.1%, driven by stocks in gold, copper, and innovative drug BD transactions in China[1] - The net inflow of HKD 14.9 billion into the Hong Kong Stock Connect indicated a continued preference for high-dividend stocks[1] - The overall market sentiment was supported by a rise in global risk appetite, although the current valuation has significantly recovered, leading to a low AH premium index and a generally volatile market[1] - The call between the US and Chinese presidents helped ease bilateral tensions and reduce uncertainty, potentially improving market sentiment in Hong Kong[1] - However, significant differences remain between the US and China on issues such as tariffs, high-end chip imports, market reforms, industrial subsidies, and fentanyl, suggesting slow and repetitive progress in reaching consensus[1]

Investment Rating - The report maintains an "Overweight" rating for the steel and non-ferrous metals sectors [6]. Core Insights - In late May, the average daily crude steel output of key steel enterprises reached a four-month low, indicating a potential downturn in production [2][45]. - The financing environment index for small and medium enterprises (SMEs) in May 2025 was 49.09, reflecting a month-on-month increase of 2.20%, suggesting slight improvement in liquidity conditions [12][22]. - The report highlights a correlation between M1 and M2 growth rates and the Shanghai Composite Index, with the M1-M2 growth rate difference showing a positive trend [12][22]. Summary by Sections Liquidity - The BCI SME financing environment index for May 2025 is 49.09, up 2.20% month-on-month [12]. - The M1 and M2 growth rate difference was -6.5 percentage points in April 2025, with a month-on-month increase of 1.1 percentage points [12][22]. - London gold prices increased by 0.64% compared to the previous week [12]. Infrastructure and Real Estate Chain - The average daily crude steel output for key enterprises in late May was 2.091 million tons, marking a 4.91% decrease from April [2][45]. - The national capacity utilization rate for blast furnaces was 90.65%, down 0.04 percentage points [45]. - The cement price index decreased by 1.44% this week, while the average price of rebar increased by 0.32% [2][64]. Industrial Products Chain - The operating rate for semi-steel tires was 73.86%, down 4.39 percentage points [2]. - The prices of major commodities showed mixed results, with cold-rolled steel down 0.81% and copper up 0.87% [2]. Export Chain - The new export orders PMI for China in May 2025 was 47.50%, an increase of 2.8 percentage points month-on-month [4]. - The CCFI comprehensive index for container shipping rates was 1154.98 points, up 3.34% from the previous week [4]. Valuation Metrics - The Shanghai Composite Index increased by 0.88%, with the industrial metals sector performing best at +3.24% [4]. - The PB ratio for the steel sector relative to the Shanghai Composite is currently at 0.51, with a historical high of 0.82 [4]. Investment Recommendations - The report suggests that the profitability of the steel sector is expected to recover to historical average levels following the recent revisions to the steel industry standards [5].

Group 1 - The report emphasizes the establishment of a thematic investment database aimed at identifying high-potential opportunities and warning against market peaks, focusing on quantitative screening of four patterns and monitoring trading heat indicators [3][10]. - In the TMT sector, various themes have shown promising patterns, with 1 bottoming pattern in the power equipment industry, 15 breakout patterns primarily in the computer sector, 20 main rising patterns including 6 in telecommunications, 4 in electronics, and 3 in non-ferrous metals, and 2 acceleration patterns in telecommunications and electronics [12][10]. Group 2 - The trading heat for the humanoid robot theme has decreased to 60%, with the leading stock Changsheng Bearing's closing price being 12.1% below its 60-day moving average (MA60). Conversely, the Deepseek theme's trading heat has increased to 62%, with the leading stock Daily Interaction's closing price being 5% below its MA60 [4][16].

Report Industry Investment Ratings No specific industry investment ratings are provided in the report. Core Viewpoints - The market risk preference may continue to rise after the positive signal from the Sino-US presidential call, and the stock index has a clear upward trend in shock, but short - term upward breakthrough needs further accumulation of capital and policy benefits [1]. - The central bank's intention to protect liquidity is clear, the short - end expectation of bonds has improved, but the long - end is weak, and the bond market is in an interval shock [1]. - Gold is affected by short - term risk aversion and long - term favorable factors yet to ferment, showing a shock - strong trend; silver is supported by the high gold - silver ratio [4]. - Copper price is affected by the macro - environment, with supply constraints and cautious demand expectations, and is in an interval shock [4]. - Alumina price is under pressure due to the resumption of production capacity and sufficient ore inventory [4]. - Nickel price is in an interval shock due to the balance between supply recovery and resource - country policy support [4]. - Lithium price is in a weak shock due to oversupply [6]. - Metal silicon industry is expected to accumulate inventory, and the short - term rebound height is limited [6]. - The black building materials sector is affected by macro - events and fundamentals, with prices in shock, and some varieties can hold corresponding option positions [6]. - Coal and coke prices are at the bottom and in shock due to oversupply and weak demand [9]. - Soda ash and float glass are in a shock - weak situation due to oversupply and lack of demand improvement [9]. - Oil price is in a weak shock with a downward center of gravity due to OPEC+ production increase and inventory changes [9]. - PTA supply increases and demand is weak, showing a weak shock trend [11]. - Methanol price may fall due to seasonal demand and import changes [11]. - Polyolefin price is in a downward trend due to supply increase and demand decline [11]. - Cotton price is in an interval shock due to good supply prospects and weak demand [11]. - Rubber price is in a weak shock due to weak demand and seasonal production increase [13]. Summary by Categories Stock Index - The A - share market has been strengthening this week, with trading volume increasing. The stock index is in a shock - upward trend, but short - term breakthrough needs more favorable factors [1]. Treasury Bond - The performance of treasury bonds was differentiated yesterday, with the long - end weak and the short - end strong. The central bank's operation affects market expectations, and the bond market is in an interval shock [1]. Precious Metals - Gold is affected by short - term risk aversion and long - term favorable factors yet to ferment, showing a shock - strong trend. Silver is supported by the high gold - silver ratio, and one can hold short - position out - of - the - money put options [4]. Non - ferrous Metals - **Copper**: Affected by the macro - environment, with supply constraints and cautious demand expectations, copper price is in an interval shock [4]. - **Aluminum and Alumina**: Alumina price is under pressure due to the resumption of production capacity and sufficient ore inventory. Aluminum has supply constraints but demand uncertainty [4]. - **Nickel**: Nickel price is in an interval shock due to the balance between supply recovery and resource - country policy support [4]. Energy and Chemicals - **Lithium**: Lithium price is in a weak shock due to oversupply [6]. - **Metal Silicon**: The metal silicon industry is expected to accumulate inventory, and the short - term rebound height is limited [6]. - **Crude Oil**: Oil price is in a weak shock with a downward center of gravity due to OPEC+ production increase and inventory changes [9]. - **PTA**: PTA supply increases and demand is weak, showing a weak shock trend [11]. - **Methanol**: Methanol price may fall due to seasonal demand and import changes [11]. - **Polyolefin**: Polyolefin price is in a downward trend due to supply increase and demand decline [11]. Black Building Materials - **Steel and Ore**: The black building materials sector is affected by macro - events and fundamentals, with prices in shock. Some varieties can hold corresponding option positions [6]. - **Coal and Coke**: Coal and coke prices are at the bottom and in shock due to oversupply and weak demand [9]. - **Soda Ash and Float Glass**: Soda ash and float glass are in a shock - weak situation due to oversupply and lack of demand improvement [9]. Agricultural Products - **Cotton**: Cotton price is in an interval shock due to good supply prospects and weak demand [11]. - **Rubber**: Rubber price is in a weak shock due to weak demand and seasonal production increase [13].

Group 1: Credit Bond Strategy - The credit bond market is expected to continue in a volatile state, with a focus on interest rate strategies and band trading being more favorable than pure selection of varieties [5][38] - The strategy suggests focusing on short to medium-term credit bonds and high-grade long-term bonds to seek opportunities for interest rate compression [5][38] - The recommendation is to increase allocation in high-grade bonds from local government financing vehicles, real estate, and stable industries during market adjustments [5][38] Group 2: Local Government Financing Bonds - The transformation of local government financing vehicles is entering a complex phase, with potential pricing discrepancies as platforms adapt to new regulations [2][43] - The issuance of local government bonds is expected to remain low due to strict regulatory oversight and the ongoing transition of platforms [2][43] - Focus on short to medium-term bonds from regions with stable cash flows, particularly in Guangdong, Hubei, Jiangsu, and Henan, is recommended [2] Group 3: Financial Bonds and Varieties - High-grade perpetual bonds can be traded in response to interest rate fluctuations, but the trading space is limited and requires high trading standards [3][39] - The strategy includes focusing on high-grade bonds with a maturity of 3-5 years for stable institutions, while actively trading lower-grade bonds during market adjustments [3][39] - The expansion of TLAC non-capital instruments and their comparison with secondary capital bonds is highlighted as an area of interest [3][39] Group 4: Industrial Bonds - Industrial bonds have shown some recovery in profitability, but performance remains varied across sectors, with strong performance in automotive, machinery, and utilities, while real estate and construction sectors lag [4] - The recommendation is to focus on high-quality state-owned enterprises and stable private enterprises for medium-term investments [4] Group 5: Real Estate Bonds - The real estate sector is under pressure, with a recommendation to focus on high-grade bonds from state-owned enterprises while monitoring the recovery of the sector [4] - The potential for policy support in the real estate market could enhance recovery in core cities, but caution is advised for lower-tier cities [4] Group 6: Asset-Backed Securities (ABS) and Public REITs - The market for consumer finance ABS is expanding, with opportunities for variety exploration in a volatile market [3][39] - Public REITs are recommended to balance opportunities in both primary and secondary markets, focusing on stable projects [3][39]

Market Overview - The market experienced fluctuations with mixed performance across the three major indices, with the Shanghai Composite Index up 0.04% and the Shenzhen Component down 0.19% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.15 trillion, a decrease of 138.4 billion from the previous trading day [1] - The market showed a diverse range of individual stock performances, with the number of stocks rising and falling being roughly equal [1] Sector Performance - The chemical and non-ferrous metal sectors showed resilience, with stocks like Zhongrun Resources and Hunan Silver reaching their daily limit [1] - Precious metals saw significant gains, with silver prices surging 4.5% to over $36 per ounce, the highest level since February 2012, driven by concerns over potential U.S. tariffs on key metals and poor macroeconomic data from the U.S. [1] - The chemical sector was active, with stocks such as Bohai Chemical and Danhua Technology hitting their daily limit, influenced by rising raw material prices and increased demand in the new energy and semiconductor sectors [2] Individual Stock Highlights - In the computing power leasing sector, stocks like Nanling Technology and Meili Cloud reached their daily limit, spurred by the Ministry of Industry and Information Technology's new action plan to enhance public computing resource efficiency [3] - The stock market saw a revival in speculative trading, with a notable increase in the number of stocks hitting consecutive daily limits, particularly in the chemical sector and innovative pharmaceuticals [5] - The football concept stocks showed mixed performance, with Co-Creation Turf hitting its daily limit, contributing to a resurgence in market activity [5] Future Market Analysis - The market is expected to maintain a volatile upward rebound structure as long as it does not fall below the 5-day moving average, despite a lack of strong volume for sustained upward movement [6] - The current environment suggests a focus on stock rotation, with opportunities to identify low-entry points in popular sectors or to wait for a clearer leading stock to emerge [6]

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View The report is a daily data report on commodity arbitrage from Baocheng Futures on June 6, 2025, presenting the basis, inter - period spreads, and inter - variety spreads of various commodities including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1]. 3. Summary According to Related Catalogs 3.1 Power Coal - **Basis**: From May 29 to June 5, 2025, the basis was negative, and the values were - 190.4, - 190.4, - 191.4, - 192.4, - 192.4 respectively. The spreads of 5 - 1, 9 - 1, and 9 - 5 were all 0 [2]. 3.2 Energy Chemicals 3.2.1 Energy Commodities - **Basis and Ratio**: The report shows the basis of crude oil, fuel oil, and the ratio of crude oil to asphalt. For example, on June 5, 2025, the ratio of crude oil to asphalt was 0.1332 [6][9]. 3.2.2 Chemical Commodities - **Basis**: The basis data of various chemical commodities such as natural rubber, methanol, PTA, etc. are provided from May 29 to June 5, 2025. For example, the basis of natural rubber on June 5 was 5 yuan/ton [10]. - **Inter - period Spreads**: The inter - period spreads of different contracts (5 - 1, 9 - 1, 9 - 5) for various chemical commodities are presented. For example, the 5 - 1 spread of natural rubber was 25 yuan/ton [10]. - **Inter - variety Spreads**: The inter - variety spreads such as LLDPE - PVC, LLDPE - PP, etc. are given from May 29 to June 5, 2025. For example, on June 5, the LLDPE - PVC spread was 2281 yuan/ton [10]. 3.3 Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from May 29 to June 5, 2025 are provided. For example, the basis of rebar on June 5 was 131.0 yuan/ton [15]. - **Inter - period Spreads**: The inter - period spreads of different contracts for rebar, iron ore, coke, and coking coal are presented. For example, the 5 - 1 spread of rebar was 1.0 yuan/ton [15]. - **Inter - variety Spreads**: The inter - variety spreads such as screw/ore, screw/coke, etc. are given from May 29 to June 5, 2025. For example, on June 5, the screw/ore ratio was 4.22 [15]. 3.4 Non - ferrous Metals 3.4.1 Domestic Market - **Basis**: The basis data of copper, aluminum, zinc, lead, nickel, and tin from May 29 to June 5, 2025 are provided. For example, the basis of copper on June 5 was 230 yuan/ton [24]. - **LME Data**: The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on June 5, 2025 are presented. For example, the LME spread of copper was 93.15 [30]. 3.4.2 London Market - **LME Basis and Related Ratios**: The LME basis, Shanghai - London ratios, etc. are presented, but specific data is not fully detailed in the text [32][33]. 3.5 Agricultural Products - **Basis**: The basis data of soybeans, soybean meal, soybean oil, etc. from May 29 to June 5, 2025 are provided. For example, the basis of soybeans on June 5 was - 58 yuan/ton [40]. - **Inter - period Spreads**: The inter - period spreads of different contracts for various agricultural products are presented. For example, the 5 - 1 spread of soybeans was 31 yuan/ton [40]. - **Inter - variety Spreads**: The inter - variety spreads such as soybean/corn, soybean oil/soybean meal, etc. are given from May 29 to June 5, 2025. For example, on June 5, the soybean/corn ratio was 1.77 [38]. 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from May 29 to June 5, 2025 are provided. For example, the basis of CSI 300 on June 5 was 25.56 [48]. - **Inter - period Spreads**: The inter - period spreads of different contracts for CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, the next - month - current - month spread of CSI 300 was - 38.8 [48].