Group 1: Energy and Chemicals - Crude oil: The crude oil主力 closed at 814.9, up 8.48% from the previous settlement of 751.2, with a trading volume of 197,074 hands and an increase of 43,359 hands. The crude oil指数 closed at 794.5, up 8.79% from 730.3, with a trading volume of 265,761 hands and an increase of 62,124 hands. The Oman crude oil price rose from 598 to 619 [2][3]. - PTA: The PTA主力 closed at 6,834, down 0.87% from 6,894, with a trading volume of 1,965,842 hands and an increase of 145,254 hands. The PTA指数 closed at 6,784, down 0.57% from 6,823, with a trading volume of 2,649,896 hands and an increase of 260,677 hands. The PTA cash - flow cost decreased from 6,976 to 6,834 [2][4]. - PX: The PX主力 closed at 9,914, down 1.08% from 10,022, with a trading volume of 767,082 hands and an increase of 4,190 hands. The PX指数 closed at 9,806, down 0.37% from 9,842, with a trading volume of 929,138 hands and an increase of 19,403 hands [2]. - Rubber: The rubber主力 closed at 16,090, down 2.51% from 16,505, with a trading volume of 303,515 hands and an increase of 4,638 hands. The rubber指数 closed at 16,081, down 2.44% from 16,484, with a trading volume of 402,387 hands and an increase of 18,440 hands [2]. - NR: The NR主力 closed at 12,925, down 2.08% from 13,200, with a trading volume of 80,077 hands and an increase of 9,757 hands. The NR指数 closed at 12,954, down 2.02% from 13,221, with a trading volume of 107,591 hands and an increase of 13,756 hands [2]. Group 2: Building Materials - Glass: The glass主力 closed at 1,065, down 1.30% from 1,079, with a trading volume of 896,639 hands and a decrease of 22,260 hands. The glass指数 closed at 1,100, down 1.17% from 1,113, with a trading volume of 1,083,811 hands and a decrease of 14,627 hands [8]. - Soda ash: The soda ash主力 closed at 1,217, down 0.73% from 1,226, with a trading volume of 804,935 hands and a decrease of 91,426 hands. The soda ash指数 closed at 1,240, down 0.56% from 1,247, with a trading volume of 1,099,782 hands and a decrease of 68,595 hands [8]. - Methanol: The methanol主力 closed at 3,182, up 8.64% from 2,929, with a trading volume of 3,079,462 hands and an increase of 397,346 hands. The methanol指数 closed at 3,099, up 8.17% from 2,865, with a trading volume of 3,715,602 hands and an increase of 527,571 hands [8]. - PP: The PP主力 closed at 9,158, up 4.90% from 8,730, with a trading volume of 1,188,717 hands and an increase of 242,930 hands. The PP指数 closed at 8,927, up 5.02% from 8,500, with a trading volume of 1,514,932 hands and an increase of 336,372 hands [8]. Group 3: Non - ferrous Metals - Copper: The Shanghai copper主力 closed at 94,420, down 4.52% from 98,890, with a trading volume of 205,963 hands and an increase of 99,300 hands [13]. - Aluminum: The Shanghai aluminum主力 closed at 24,180, down 2.64% from 24,835, with a trading volume of 460,368 hands and an increase of 173,095 hands [13]. - Zinc: The Shanghai zinc主力 closed at 22,690, down 3.16% from 23,430, with a trading volume of 104,476 hands and an increase of 356 hands [13]. - Nickel: The Shanghai nickel主力 closed at 131,550, down 2.94% from 135,540, with a trading volume of 398,352 hands and an increase of 137,766 hands [13]. - Tin: The Shanghai tin主力 closed at 345,730, down 6.61% from 370,220, with a trading volume of 233,994 hands and an increase of 35,630 hands [13]. - Alumina: The alumina主力 closed at 3,027, down 1.24% from 3,065, with a trading volume of 980,718 hands and a decrease of 34,778 hands [13]. - Industrial silicon: The industrial silicon主力 closed at 8,285, down 1.78% from 8,435, with a trading volume of 172,736 hands and a decrease of 33,633 hands [13]. - Lithium carbonate: The lithium carbonate主力 closed at 142,600, down 6.37% from 152,300, with a trading volume of 288,571 hands and an increase of 82,682 hands [13]. Group 4: Agricultural Products - Live pigs: The live pig基差 increased from - 375 to - 235, and the pig - grain ratio decreased from 4.3976 to 4.3352 [17][18]. - Corn: The corn基差 decreased from - 49 to - 84 [17]. - Soybean meal: The soybean meal基差 decreased from 314 to 308 [17]. - Rapeseed meal: The rapeseed meal基差 increased from 217 to 237 [17]. - Soybean oil: The soybean oil基差 decreased from 310 to 274, and the soybean oil - palm oil spread decreased from - 1,152 to - 1,180 [17][18]. - Rapeseed oil: The rapeseed oil基差 increased from 590 to 626, and the rapeseed oil - palm oil spread decreased from 88 to 58 [17][18]. - Palm oil: The palm oil基差 decreased from 168 to 74 [17]. - Eggs: The egg基差 increased from - 150 to - 117 [17]. Group 5: Other Commodities - Sugar: The sugar closed at 5,417, up 0.74% from 5,377, with a trading volume of 337,734 hands and a decrease of 31,600 hands [20]. - Cotton: The Zhengzhou cotton closed at 15,150, down 0.98% from 15,300, with a trading volume of 347,047 hands and a decrease of 162,198 hands [20]. - Cotton yarn: The cotton yarn closed at 21,285, down 0.42% from 21,375, with a trading volume of 10,269 hands and a decrease of 274 hands [20]. - Apples: The apples closed at 10,611, up 4.76% from 10,129, with a trading volume of 157,849 hands and an increase of 81,362 hands [20]. - Jujubes: The jujubes closed at 8,825, down 0.62% from 8,880, with a trading volume of 97,800 hands and a decrease of 62,124 hands [20]. - Corn starch: The corn starch closed at 2,719, unchanged from the previous day, with a trading volume of 113,758 hands and an increase of 1,468 hands [20]. - European line container freight: The European line container freight closed at 1,915, down 1.45% from 1,943, with a trading volume of 24,435 hands and a decrease of 7,601 hands [20].

Core Viewpoint - The article discusses a case study of a novice investor's portfolio, highlighting the importance of systematic asset allocation in the current low-interest-rate environment, where index investing has become a common choice [4]. Defensive Players - The investor selected the CSI Dividend Index as a defensive player, which is a stable single-factor index focusing on dividends, despite lacking more attractive factors [7]. - Other defensive strategies include dividend, low volatility, value, fundamental, and cash flow strategies, with various indices available for selection [9]. - It is emphasized that defensive indices cannot replace the role of bonds or money market funds in a multi-asset allocation [10]. Midfield Players - The investor chose the CSI A500 as a core broad-based index, which offers a more balanced distribution across industries, sizes, and styles compared to the CSI 300 [11]. - The CSI 500 was also included to enhance the allocation of mid-cap companies, providing further style rebalancing [12]. - A diverse selection of core broad-based indices is suggested, including the CSI 50, CSI 100, CSI 800, and global indices like the Hang Seng Index and S&P 500, to improve overall portfolio diversification [12][13]. Offensive Players - The investor opted for the ChiNext 50, which represents leading companies in China's technology innovation sector, providing a balanced exposure to both the ChiNext and Sci-Tech boards [14]. - For those looking to expand their offensive strategy, options include the Nasdaq 100, Hang Seng Tech, and various thematic or sector indices [15][16]. Conclusion - The portfolio represents a well-structured approach for novice investors, combining simplicity and effectiveness, demonstrating that a straightforward strategy can be beneficial for long-term investment [17]. - Additionally, the inclusion of a small allocation to oil indices lays the groundwork for future multi-asset diversification [18].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints No overall core viewpoints are presented in the report. It mainly provides data on the current and previous trading days of various futures and spot products, including prices, trading volumes, open interests, and basis differences. 3. Summary by Product Categories Energy and Chemicals - **Crude Oil**: The main contract closed at 488.3, down 1.6 (-0.33%) from the previous day, with a trading volume of 101,539 lots and an open interest of 41,464 lots [2]. The Oman crude oil spot price was 420.0, down 9.0 from the previous day [3]. - **PTA**: The main contract closed at 5312, down 36.0 (-0.67%), with a trading volume of 970,468 lots and an open interest of 1,395,970 lots [2]. The PTA cash - flow cost was 5108, down 29 from the previous day [4]. - **PX**: The main contract closed at 7432, down 30.0 (-0.40%), with a trading volume of 209,251 lots and an open interest of 268,644 lots [2]. The PXN was 312, down 7 from the previous day [4]. - **Rubber**: The main contract closed at 17240, up 355.0 (2.10%), with a trading volume of 272,777 lots and an open interest of 175,091 lots [2]. Metals - **Non - ferrous Metals**: - **Copper**: The main contract closed at 102,670, up 220 (0.21%), with a trading volume of 105,699 lots and an open interest of 184,694 lots [21]. The copper basis was - 875, down 480 from the previous day [22]. - **Aluminum**: The main contract closed at 23,845, up 145 (0.61%), with a trading volume of 266,794 lots and an open interest of 252,168 lots [21]. The aluminum basis was - 325, up 130 from the previous day [22]. - **Zinc**: The main contract closed at 24,570, down 70 (-0.28%), with a trading volume of 94,373 lots and an open interest of 92,762 lots [21]. The zinc basis was - 110, up 5 from the previous day [22]. - **Nickel**: The main contract closed at 141,040, down 480 (-0.34%), with a trading volume of 368,199 lots and an open interest of 205,915 lots [21]. The nickel basis was 2,660, down 1040 from the previous day [22]. - **Tin**: The main contract closed at 414,180, up 13,320 (3.32%), with a trading volume of 163,249 lots and an open interest of 12,801 lots [21]. The tin basis was 720, up 15380 from the previous day [22]. - **Alumina**: The main contract closed at 2,820, down 32 (-1.12%), with a trading volume of 448,156 lots and an open interest of 340,118 lots [21]. The alumina basis was - 167, up from the previous day [22]. - **Industrial Silicon**: The main contract closed at 8,335, down 110 (-1.30%), with a trading volume of 177,274 lots and an open interest of 325,323 lots [21]. The industrial silicon basis was 1,115, up 95 from the previous day [22]. - **Lithium Carbonate**: The main contract closed at 173,660, up 5,820 (3.47%), with a trading volume of 402,461 lots and an open interest of 375,204 lots [21]. The lithium carbonate basis was - 660, up 4070 from the previous day [22]. - **Ferrous Metals**: - **Steel**: The price of HRB400 20MM rebar in Shanghai was 3210, unchanged from the previous day; the price of 4.75MM hot - rolled coil in Shanghai was 3250, up 30 from the previous day [7]. - **Iron Ore**: The price of PB fines at Rizhao Port was 750, up 6 from the previous day [7]. - **Coke and Coking Coal**: The price of coke in Xingtai was 1420, unchanged; the price of coking coal in Liulin was 1500, unchanged [7]. Agricultural Products - **Grains and Oils**: - **Soybean Meal**: The basis was 306, down 3 from the previous day [25]. - **Rapeseed Meal**: The basis was 214, down 54 from the previous day [25]. - **Soybean Oil**: The basis was 462, down 20 from the previous day [25]. - **Rapeseed Oil**: The basis was 795, down 11 from the previous day [25]. - **Palm Oil**: The basis was not clearly presented in a comparable format, but it decreased by 16 from the previous day [25]. - **Livestock and Poultry**: - **Pig**: The pig - grain ratio was 4.8655, down 0.01 from the previous day [26]. The pig basis was - 395, up 170 from the previous day [25]. - **Other Agricultural Products**: - **Sugar**: The main contract closed at 5,285, up 37 (0.71%), with a trading volume of 341,073 lots and an open interest of 462,071 lots [28]. - **Cotton**: The main contract closed at 15,350, down 50 (-0.32%), with a trading volume of 813,206 lots and an open interest of 838,078 lots [28]. - **Cotton Yarn**: The main contract closed at 21,255, down 105 (-0.49%), with a trading volume of 16,761 lots and an open interest of 12,899 lots [28]. - **Apple**: The main contract closed at 9,799, up 73 (0.75%), with a trading volume of 55,197 lots and an open interest of 116,571 lots [28]. - **Jujube**: The main contract closed at 8,935, up 25 (0.28%), with a trading volume of 64,511 lots and an open interest of 117,109 lots [28]. - **Corn Starch**: The main contract closed at 2,658, down 14 (-0.52%), with a trading volume of 91,289 lots and an open interest of 227,785 lots [28]. Financial Futures - **Stock Index Futures**: - **IF**: The main contract closed at 4712.20, down 18.80 (-0.40%), with a trading volume of 55,890 lots and an open interest of 145,477 lots [16]. The IF basis was 14.67, up 11.25 from the previous day [17]. - **IH**: The main contract closed at 3034.60, down 23.40 (-0.77%), with a trading volume of 28,704 lots and an open interest of 60,209 lots [16]. The IH basis was 0.47, down 2.20 from the previous day [17]. - **IC**: The main contract closed at 8537.40, up 19.20 (0.23%), with a trading volume of 68,251 lots and an open interest of 136,686 lots [16]. The IC basis was 19.82, up 2.46 from the previous day [17]. - **IM**: The main contract closed at 8443.40, up 41.60 (0.50%), with a trading volume of 97,454 lots and an open interest of 176,096 lots [16]. The IM basis was 47.22, up 23.52 from the previous day [17]. - **Treasury Bond Futures**: - **2 - year Treasury Bond**: The main contract closed at 102.45, up 0.02 (0.02%), with a trading volume of 7,415 lots and an open interest of 1,225 lots [16]. - **5 - year Treasury Bond**: The main contract closed at 105.89, unchanged, with a trading volume of 17,686 lots and an open interest of 8,352 lots [16]. - **10 - year Treasury Bond**: The main contract closed at 108.33, down 0.03 (-0.02%), with a trading volume of 40,394 lots and an open interest of 6,920 lots [16]. - **30 - year Treasury Bond**: The main contract closed at 111.85, down 0.50 (-0.45%), with a trading volume of 33,225 lots and an open interest of 9,267 lots [16]. - **Precious Metals**: - **Gold**: The main contract closed at 1146.48, up 0.04 (0.00%), with a trading volume of 169,407 lots and an open interest of 151,642 lots [16]. The gold basis was - 1.87, down 5.67 from the previous day [17]. - **Silver**: The main contract closed at 22572.00, up 105.00 (0.47%), with a trading volume of 357,610 lots and an open interest of 173,529 lots [16]. The silver basis was 1189.00, up 1318.00 from the previous day [17]. Shipping - **European Line Container Shipping**: The main contract closed at 1,236, down 68 (-5.19%), with a trading volume of 28,825 lots and an open interest of 36,174 lots [28].

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Report's Core View The report presents the daily data of various futures and spot products, including closing prices, price changes, trading volumes, open interests, basis, spreads, and other related indicators, providing a comprehensive view of the market conditions on May 14, 2025. 3. Summary According to Related Catalogs Steel and Related Products - **Futures Prices**: All steel - related futures showed price increases, with iron ore having the highest increase rate (2.43% for iron ore main contract 2509) [5]. - **Spot Prices**: The spot prices of most products also rose, except for coke and coking coal which remained unchanged [6]. - **Basis**: The basis of most products decreased, indicating the narrowing gap between futures and spot prices [6]. - **Spreads and Ratios**: Some spreads and ratios changed, such as the narrowing of the 05 - 10 spreads for most products and the decrease in the steel mill's profit on the disk [7]. Energy and Chemical Products - **Futures Prices**: All energy and chemical futures prices increased, with methanol having the highest increase rate (3.68% for methanol main contract 2509) [11][16]. - **Spot Prices**: The spot prices of most products rose, except for rubber which slightly decreased [12]. - **Basis**: The basis of different products showed different trends, with PTA's basis increasing significantly [12]. - **Spreads and Ratios**: The spreads between main and far - month contracts of some products changed, and the PXN ratio increased [13]. Financial Futures - **Futures Prices**: Stock index futures prices increased, while bond futures prices decreased [21]. - **Basis**: The basis of stock index futures and precious metals futures increased, except for silver which had a large increase in basis from a negative value [22]. - **Spreads and Ratios**: The spreads between different - term bond futures and the ratio of gold to silver index changed [23]. Agricultural Products - **Futures Prices**: Most agricultural product futures prices increased, with palm oil having the highest increase rate (2.17% for palm oil main contract) [26]. - **Spot Prices**: The spot prices of different products had different trends [28]. - **Basis**: The basis of most products decreased, except for eggs which increased [28]. - **Spreads and Ratios**: The ratios such as pig - grain ratio and oil - meal ratio changed slightly [29]. Non - ferrous Metals - **Basis**: The basis of non - ferrous metals showed different trends, with some decreasing and some increasing slightly [31]. - **Ratios**: The ratios between different non - ferrous metals changed slightly [32].