知识图强,求实奉献,客户至上,合作共赢 叶倩宁 | 硅铁 (SF603) | 5478 | 5434 | | 44 | 0 81% | 60.50% | 折算价:72硅铁合格块:内蒙-天津仓单 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 硅罐 (SM603) | 5790 | 5724 | ୧୧ | | 115% | 38.00% | 折算价:6517硅锰:内蒙-湖北仓单 | | | | 3280 | 3117 | | 163 | 5.23% | 66.50% | HRB40020mm: 上海 | | | 螺纹钢 (RB2605) | | | | | | | | | | 热卷(HC2605) | 3280 | 3282 | -2 | | -0.06% | 17.60% | Q235B: 4.75mm: 上海 | | | 铁矿石 (12605) | 842 | 769 | 73 | | 9.45% | 56.30% | 折算价:62.5%巴混粉(BRBF):淡水河谷:日照港 | | | 焦炭 (J2601) | 1603 | 152 ...

Report Summary 1. Report Industry Investment Ratings No investment ratings are provided in the report. 2. Core Viewpoints - The domestic stock index is resilient, with overall volatility decreasing and waiting for stabilization. The A - share market is in a repricing adjustment in Q4, with limited downside risks and a structural recovery in the technology sector. The index has initially stabilized but with shrinking trading volume, so it is recommended to wait and see, and one can try to lightly sell put options at support levels [3]. - The short - term weak market sentiment in the bond market may continue. Potential drivers to break the oscillation include the implementation of new regulations on bond fund redemption fees, the announcement of the central bank's bond - buying scale at the end of the month, and the release of November economic data. It is recommended to wait and see for the unilateral strategy and pay attention to the cash - and - carry strategy for the 2603 contract [3]. - Gold prices have broken through the previous resistance and are expected to rise further above $4200. Silver follows gold's fluctuations and is relatively strong due to tight inventories. For platinum and palladium futures, on the first trading day, it is advisable to cautiously go long on PT2606 around 405 yuan, with the upper resistance around 425 yuan [3]. 3. Summary by Related Catalogs Financial Sector - **Stock Index**: TMT has a structural recovery, and the index has stabilized with shrinking volume. It is recommended to wait and see and consider lightly selling put options at support levels [3]. - **Treasury Bonds**: Multiple negative factors have led to a decline in bond futures. The short - term weak sentiment may continue. Wait and see for the unilateral strategy and pay attention to the cash - and - carry strategy for the 2603 contract [3]. - **Precious Metals**: Gold prices are expected to rise further, silver is relatively strong, and for platinum and palladium futures, there are specific trading suggestions [3]. - **Shipping Index (European Line)**: The short - term trend is weak [3]. Black Sector - **Steel**: The raw materials are weak, and steel prices maintain an oscillating trend. Close short positions and pay attention to support levels [3]. - **Iron Ore**: It oscillates within the range of 750 - 820 [3]. - **Coking Coal**: It is viewed as oscillating and bearish, with a range of 1050 - 1150, and consider the 1 - 5 reverse spread [3]. - **Coke**: It is viewed as oscillating and bearish, with a range of 1550 - 1700, and consider the 1 - 5 reverse spread [3]. Non - ferrous Sector - **Copper**: The main contract is expected to trade between 85500 - 87500 [3]. - **Aluminum Oxide**: The main contract is expected to run between 2700 - 2850 [3]. - **Aluminum**: It is expected to oscillate in the short - term, with the main contract in the range of 21300 - 21800 [3]. - **Aluminum Alloy**: The main contract is expected to run between 20500 - 21000 [3]. - **Zinc**: The main contract is expected to trade between 22200 - 22800 [3]. - **Tin**: The previous long positions can be held, and the strategy is to go long on dips [3]. - **Nickel**: The main contract is expected to trade between 116000 - 120000 [3]. - **Stainless Steel**: The main contract is expected to oscillate narrowly between 12300 - 12700 [3]. - **Industrial Silicon**: The price is expected to oscillate between 8500 - 9500 yuan/ton [3]. New Energy Sector - **Polysilicon**: It is in a high - level oscillation, with a range of 50000 - 58000 yuan/ton, and cautious trading is recommended [3]. - **Lithium Carbonate**: The intraday volatility has increased significantly, and it is advisable to wait and see [3]. Chemical Sector - **PX**: It is expected to oscillate at a high level in the short - term [3]. - **PTA**: It is expected to oscillate at a high level in the short - term, and the monthly spread can be positively arbitraged at low levels [3]. - **Short - fiber**: The supply - demand outlook is weak, and the processing fee is expected to be compressed. The trading strategy is similar to that of PTA [3]. - **Bottle Chip**: The supply - demand is loose in November, and the processing fee is expected to decline. It is recommended to shrink the processing fee [3]. - **Ethanol**: It is expected to oscillate at a low level, and the 1 - 5 spread can be reverse - arbitraged at high levels [3]. - **Pure Benzene**: The supply - demand outlook is weak, and the rebound is under pressure [3]. - **Styrene**: It may oscillate and consolidate in the short - term [3]. - **LLDPE**: Wait and see due to weak overall trading [3]. - **PP**: There are many unexpected maintenance events, and the downside space is limited. Close short positions [3]. - **Methanol**: The port market is strong, and the MTO spread of the 05 contract is expected to narrow [3]. - **Caustic Soda**: It is expected to run weakly [3]. - **PVC**: The supply - demand contradiction remains, and it oscillates at the bottom. The strategy is to short on rebounds [3]. - **Soda Ash**: The supply - demand pattern is weakening, and hold short positions [3]. - **Glass**: The cold - repair of Hubei production lines has driven a rebound. Close previous short positions and pay attention to the sustainability of production and sales [3]. - **Natural Rubber**: The short - term driving force is limited, and it oscillates. Wait and see [3]. - **Synthetic Rubber**: The upside is under pressure. The medium - term strategy is to short on rebounds, and consider the spread of long RU2601 and short BR2601 [3]. Agricultural Sector - **Meal**: It oscillates narrowly, waiting for new trading themes [3]. - **Hog**: There is still supply pressure. Hold the inter - month reverse spread [3]. - **Corn**: The spot market shows regional differentiation, and the price has fallen after rising. It oscillates narrowly [3]. - **Oilseeds**: It has rebounded slightly, and pay attention to the risk of subsequent pullbacks. The P main contract may test the support at 8200 in the short - term [3]. - **Sugar**: The prospect of increased production exerts pressure, and it oscillates at the bottom [3]. - **Cotton**: The US cotton export data is positive, and it oscillates with an upward bias [3]. - **Egg**: The capacity reduction is slow, and the supply is still loose. Close previous short positions and wait and see in the short - term [3]. - **Apple**: The demand for stored apples is average, and it may run weakly around 9500 in the short - term [3]. - **Jujube**: The prices in the production areas have weakened, and it oscillates at a low level [3].

Report Summary 1. Industry Investment Ratings - Not provided in the report. 2. Core Views - The domestic stock index shows resilience, with the A - share market in a repricing adjustment after the third - quarter reports, having short - term fluctuations and limited downside risks [2]. - The bond market is in a box - shaped oscillation phase, with specific interest rate ranges for different bonds and corresponding trading strategies [2]. - Precious metals are strengthening due to increased calls for interest rate cuts within the Fed, with gold and silver having specific price ranges and trading suggestions [2]. - Various commodities such as steel, iron ore, coal, and non - ferrous metals have different price trends and trading recommendations based on their supply - demand fundamentals [2]. 3. Summary by Categories Financial - **Stock Index**: After the third - quarter reports, the A - share market is in adjustment, with short - term fluctuations. It is recommended to wait and see as the market is in a weak state overall [2]. - **Treasury Bonds**: The short - term bond market is in a box - shaped oscillation. The 10 - year and 30 - year active bond yields have specific fluctuation ranges. Single - side strategies suggest range operations, and short - position investors are advised to speed up the position - shifting process near the end of the month [2]. - **Precious Metals**: Gold is oscillating between $4000 - $4150, and may rise above $4200 if it breaks through the resistance. Silver's resistance is at $52.5, and short - term long - position trials can be made if the volatility increases [2]. Commodities - **Shipping**: The container shipping index (European line) is expected to oscillate upward in the short term, and short positions are advised to be closed [2]. - **Steel and Iron Ore**: Steel prices are expected to stabilize with improved apparent demand. Iron ore is expected to oscillate upward in the range of 750 - 810 [2]. - **Coal and Coking**: Coking coal is viewed as oscillating downward in the range of 1050 - 1150, and coke is also oscillating downward in the range of 1550 - 1700, with a strategy of going long on coke and short on coking coal [2]. - **Non - Ferrous Metals**: Copper prices are oscillating narrowly in the range of 85500 - 86800. Aluminum prices may have further downward space if the position continues to be reduced. Other non - ferrous metals also have their respective price ranges and trends [2]. - **Energy and Chemicals**: Different energy and chemical products such as PTA, short - fiber, and ethanol have various price trends and trading strategies based on their supply - demand situations [2]. - **Agricultural Products**: Agricultural products like soybeans, corn, and palm oil also have different price trends and trading suggestions according to their supply - demand fundamentals [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View - Not provided in the given content. 3. Summary by Categories Metals - **Ferrous Metals**: For silicon - manganese (SM601), the futures price is 5870, the spot price is 5642, with a change of 150 and a rate of 4.89%, and a historical quantile of 63.10%. For hot - rolled coil (HC2601), the futures price is 3280, with a change rate of 19.10% and a historical quantile of 64. Other ferrous metals like iron ore, coke, and coking coal also have their corresponding price, change, and quantile data [1]. - **Non - Ferrous Metals**: Copper (CU2601) has a futures price of 86080, a spot price of 86115, with a historical quantile of 49.58%. Aluminum (AL2601) has a futures price of 21570, a spot price of 21550, with a historical quantile of 52.91%. Other non - ferrous metals such as zinc, tin, and nickel also have detailed price and quantile information [1]. Precious Metals - Gold (AU2512) has a futures price of 937.0, a spot price of 934.3, with a historical quantile of 26.40%. Silver (AG2602) has a futures price of 12150.0, a spot price of 12148.0, with a historical quantile of 89.80% [1]. Agricultural Products - For soybeans, the futures price of soybean meal (M2601) is 2980, and the spot price of common protein soybean meal in Jiangsu Zhangjiagang is 3022.0, with a historical quantile of 32.00%. For oils, the futures price of soybean oil (Y2601) is 8356.0, and the spot price of fourth - grade soybean oil in Jiangsu Zhangjiagang is 8560, with a historical quantile of 41.60%. Other agricultural products like palm oil, rapeseed meal, and corn also have relevant price and quantile data [1]. Energy and Chemicals - For petrochemicals, the futures price of paraxylene (PX601) is 6818.0, and the spot price of paraxylene at China's main port is 6870.0, with a historical quantile of 17.10%. For plastics, the futures price of linear low - density polyethylene (LLDPE) (L2601) is 6833.0, and the spot price in Shandong is 6855.0, with a historical quantile of 28.90%. Other energy and chemical products such as PTA, ethylene glycol, and PVC also have their price and quantile details [1]. Financial Futures - For stock index futures, IF2512.CFE has a futures price of 4555.0, with a historical quantile of 32.30%. For bond futures, 2 - year bond (TS2512) has a futures price of 102.46, with a historical quantile of 23.20%. Other financial futures like 5 - year, 10 - year, and 30 - year bonds also have corresponding data [1].

Report Industry Investment Rating - Not provided Core View of the Report - The release of the 15th Five - Year Plan proposal and the upcoming Sino - US leaders' meeting in South Korea have stimulated the market, with risk appetite significantly increasing. Different sectors in the market show various trends and investment opportunities, influenced by factors such as macro - economic expectations, policy changes, and supply - demand relationships [3]. Summary by Related Catalogs Financial Sector - **Stock Index**: The meeting between China and the US and macro - expectations have stimulated the index to recover. It is recommended to try to sell put options at the support level with a light position or construct a bull call spread to capture the upward potential [3]. - **Treasury Bonds**: Short - term wide - money expectations, Sino - US relations, and profit - taking needs may affect the bond market, leading to possible fluctuations. However, with the recovery of bond market sentiment and the support of the restart expectation of treasury bond trading, there may be trading opportunities for band - up movements. It is advisable to go long on dips and pay attention to the positive arbitrage strategy [3]. - **Precious Metals**: Market risk appetite has continued to rise, causing funds to flow out rapidly. After a significant decline, gold and silver prices rebounded. It is recommended to buy gold at a low price below $4000 after the Fed's decision, and pay attention to the trend of silver at around $47 [3]. - **Container Shipping Index**: The EC main contract shows short - term fluctuations, and it is recommended to go long on dips for the December contract [3]. Black Sector - **Steel**: Steel inventory reduction supports the strengthening of steel prices. It is recommended to pay attention to the previous high pressure for long positions and hold the arbitrage of going long on coking coal and short on hot - rolled coils [3]. - **Iron Ore**: With the decline in shipments and arrivals, and the increase in port inventory and a slight decrease in hot - metal output, iron ore continues to rebound. It is recommended to go long on dips and pay attention to the 1 - 5 spread arbitrage [3]. - **Coking Coal**: The price of origin coal is running strongly, and the downstream replenishment demand has recovered. It is recommended to go long on coking coal 2601 on dips and pay attention to the arbitrage of going long on coking coal and short on coke [3]. - **Coke**: Mainstream coke enterprises have initiated the third round of price increases, with coking coal providing cost support. It is recommended to go long on coke 2601 on dips and pay attention to the arbitrage of going long on coking coal and short on coke [3]. Non - ferrous Sector - **Copper**: The Fed cut interest rates by 25BP as expected. It is recommended to pay attention to the support around 87,000 for the main contract [3]. - **Aluminum and Related Products**: Different aluminum - related products show various trends, and corresponding price ranges and trading strategies are provided, such as focusing on the operating range and support levels [3]. - **Tin**: Powell's hawkish remarks on the December interest - rate cut outlook may cause tin prices to fall in the short term. A strategy of buying on dips during the correction is recommended [3]. - **Nickel and Stainless Steel**: The improvement of macro - sentiment has led to the strengthening of the nickel and stainless - steel markets. Corresponding price ranges for the main contracts are provided [3]. Energy and Chemical Sector - **Crude Oil**: The easing of macro - sentiment and the unexpected reduction of EIA inventory have driven the crude - oil price to recover, but the production - increase pressure from OPEC still limits the rebound height. It is recommended to go short on rallies [3]. - **Urea**: The downstream demand support is still weak, and it is recommended to wait and see. The short - term resistance level is given at 1650 - 1670 yuan/ton [3]. - **PX, PTA, and Related Products**: The cost center has risen, but the rebound space is limited under weak expectations. Corresponding trading strategies such as paying attention to pressure levels and reducing positions on rallies are provided [3]. - **Short - fiber, Bottle - chip, and Other Products**: Different products have different supply - demand and cost - profit situations, and corresponding trading strategies are recommended, such as going short on rallies to narrow spreads [3]. - **Ethanol and Other Chemicals**: For different chemicals, various trading strategies are provided according to their supply - demand relationships and price trends, such as selling out - of - the - money call options on rallies and conducting spread arbitrage [3]. Agricultural Sector - **Grains and Oilseeds**: Different grains and oilseeds show different trends, and corresponding trading strategies such as going long on certain contracts and paying attention to support levels are provided [3]. - **Livestock and Poultry**: The entry of second - fattening pigs has slowed down, and the pig price is oscillating. It is recommended to pay attention to the support around 12,000 [3]. - **Sugar, Cotton, and Other Products**: Different agricultural products have different price trends and trading opportunities, such as paying attention to support and pressure levels and conducting spread arbitrage [3]. Special and New Energy Sectors - **Special Commodities**: Glass, rubber, and industrial silicon show different trends, and corresponding trading strategies such as short - term long - position opportunities and paying attention to price ranges are provided [3]. - **New Energy Commodities**: The prices of polysilicon and lithium carbonate are affected by factors such as the expected establishment of platform companies and fundamental improvements, showing high - level oscillations and a rising price center [3].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints No clear core viewpoints presented in the given content. 3. Summary by Categories Ferrous Metals - **Silicon Manganese (SM601)**: Spot price is 5950, futures price is 5746, basis is 204, basis rate is 3.55%, and historical quantile is 65.10% [1] - **Silicon Iron (SF601)**: Spot price is 5558, futures price is 5376, basis is 182, basis rate is 3.39%, and historical quantile is 81.00% [5] - **Rebar (RB2601)**: Spot price is 3280, futures price is 3212, basis is 68, basis rate is 2.12%, and historical quantile is 47.00% [1] - **Hot - Rolled Coil (HC2601)**: Spot price is 837, futures price is 777, basis is 61, basis rate is 7.84%, and historical quantile is 49.60% [1] - **Coke (J2601)**: Spot price is 1642, futures price is 1603, basis is - 39, basis rate is - 2.40%, and historical quantile is 41.79% [1] - **Coking Coal (JM2601)**: Spot price is 1206, futures price is 1151, basis is 55, basis rate is 4.78%, and historical quantile is 38.00% [1] Non - Ferrous Metals - **Copper (CU2511)**: Spot price is 85800, futures price is 85235, basis is 565, basis rate is - 0.65%, and historical quantile is 9.37% [1] - **Aluminum (AL2511)**: Spot price is 20920, futures price is 20910, basis is 10, basis rate is 0.05%, and historical quantile is 61.45% [1] - **Alumina (AO2601)**: Spot price is 2942, futures price is 2797, basis is 145, basis rate is 5.20%, and historical quantile is 67.62% [1] - **Zinc (ZN2511)**: Spot price is 21940, futures price is 22015, basis is - 75, basis rate is - 0.34%, and historical quantile is 40.00% [1] - **Tin (SN2511)**: Spot price is 281710, futures price is 281700, basis is 10, basis rate is 0.00%, and historical quantile is 48.33% [1] - **Nickel (NISEJI)**: Spot price is 121180, futures price is 121450, basis is - 270, basis rate is - 0.22%, and historical quantile is 71.04% [1] - **Stainless Steel (SS2512)**: Spot price is 13070, futures price is 12560, basis is 510, basis rate is 4.06%, and historical quantile is 90.12% [1] - **Lithium Carbonate (LC2511)**: Spot price is 73000, futures price is 72720, basis is 280, basis rate is 0.39%, and historical quantile is 60.13% [1] - **Industrial Silicon (SI2511)**: Spot price is 9400, futures price is 8570, basis is 830, basis rate is 9.68%, and historical quantile is 56.86% [1] Precious Metals - **Gold (AU2512)**: Spot price is 960.3, futures price is 958.5, basis is - 1.8, basis rate is - 0.19%, and historical quantile is 45.20% [1] - **Silver (AG2512)**: Spot price is 11966.0, futures price is 11961.0, basis is 5.0, basis rate is - 0.04%, and historical quantile is 75.70% [1] Agricultural Products - **Soybean Meal (M2601)**: Spot price is 2917.0, futures price is 2910, basis is 7.0, basis rate is - 0.24%, and historical quantile is 33.50% [1] - **Soybean Oil (V2601)**: Spot price is 8370, futures price is 8252.0, basis is 118.0, basis rate is 1.43%, and historical quantile is 21.90% [1] - **Palm Oil (P2601)**: Spot price is 9322.0, futures price is 9220, basis is - 102.0, basis rate is - 1.00%, and historical quantile is 5.00% [1] - **Rapeseed Meal (RM601)**: Spot price is 2490, futures price is 2357.0, basis is 133.0, basis rate is 5.64%, and historical quantile is 69.90% [1] - **Rapeseed Oil (Oleo1)**: Spot price is 10280, futures price is 9932.0, basis is 348.0, basis rate is 3.50%, and historical quantile is 82.40% [1] - **Corn (C2511)**: Spot price is 2130, futures price is 2101.0, basis is 29.0, basis rate is 1.38%, and historical quantile is 56.30% [1] - **Corn Starch (CS2511)**: Spot price is 2550, futures price is 2401.0, basis is 149.0, basis rate is 6.21%, and historical quantile is 74.10% [1] - **Live Hogs (LH2601)**: Spot price is 11400.0, futures price is 11000, basis is - 400.0, basis rate is - 3.51%, and historical quantile is 31.40% [1] - **Eggs (JD2511)**: Spot price is 2855.0, futures price is 2780, basis is 75.0, basis rate is 2.63%, and historical quantile is 28.20% [1] - **Cotton (CF601)**: Spot price is 14513, futures price is 13270.0, basis is 1243.0, basis rate is 9.37%, and historical quantile is 83.50% [1] - **Sugar (SR601)**: Spot price is 5840, futures price is 5403.0, basis is 437.0, basis rate is 8.09%, and historical quantile is 77.60% [1] - **Apples (AP601)**: Spot price is 8665.0, futures price is 8600, basis is - 65.0, basis rate is - 0.75%, and historical quantile is 15.30% [1] - **Red Dates (CJ601)**: Spot price is 11105.0, futures price is 9500, basis is - 1605.0, basis rate is - 14.45%, and historical quantile is 29.80% [1] Energy and Chemicals - **Para - Xylene (PX601)**: Spot price is 6462.0, futures price is 6312.0, basis is 150.0, basis rate is 2.38%, and historical quantile is 12.40% [1] - **PTA (TA601)**: Spot price is 4422.0, futures price is 4325.0, basis is 97.0, basis rate is 2.24%, and historical quantile is 20.00% [1] - **Ethylene Glycol (EG2601)**: Spot price is 4120.0, futures price is 4057.0, basis is 63.0, basis rate is 1.55%, and historical quantile is 75.20% [1] - **Polyester Staple Fiber (PF512)**: Spot price is 6305.0, futures price is 6050.0, basis is 255.0, basis rate is 4.21%, and historical quantile is 74.10% [1] - **Styrene (EB2511)**: Spot price is 6540.0, futures price is 6540.0, basis is 0, basis rate is 0.00%, and historical quantile is 75.10% [1] - **Methanol (MA601)**: Spot price is 2317.0, futures price is 2298.0, basis is 19.0, basis rate is 0.83%, and historical quantile is 53.90% [1] - **Urea (UR601)**: Spot price is 1600.0, futures price is 1550.0, basis is 50.0, basis rate is 3.23%, and historical quantile is 5.40% [1] - **LLDPE (L2601)**: Spot price is 6990.0, futures price is 6910.0, basis is 80.0, basis rate is 1.16%, and historical quantile is 56.70% [1] - **PP (PP2601)**: Spot price is 6595.0, futures price is 6585.0, basis is 10.0, basis rate is 0.15%, and historical quantile is 48.00% [1] - **PVC (V2601)**: Spot price is 4677.0, futures price is 4580.0, basis is 97.0, basis rate is 2.12%, and historical quantile is 32.40% [1] - **Caustic Soda (SH601)**: Spot price is 2593.8, futures price is 2438.0, basis is 155.8, basis rate is 6.40%, and historical quantile is 70.80% [1] - **LPG (PG2511)**: Spot price is 4498.0, futures price is 4148.0, basis is 350.0, basis rate is 8.44%, and historical quantile is 47.70% [1] - **Asphalt (BU2511)**: Spot price is 3450.0, futures price is 3250.0, basis is 200.0, basis rate is 6.15%, and historical quantile is 93.40% [1] - **Butadiene Rubber (BR2511)**: Spot price is 11000.0, futures price is 10895.0, basis is 105.0, basis rate is 0.96%, and historical quantile is 61.30% [1] - **Glass (FG601)**: Spot price is 1129.0, futures price is 1088.0, basis is 41.0, basis rate is 3.77%, and historical quantile is 61.13% [1] - **Soda Ash (SA601)**: Spot price is 1232.0, futures price is 1162.0, basis is 70.0, basis rate is 6.02%, and historical quantile is 15.75% [1] - **Natural Rubber (RU2601)**: Spot price is 14895.0, futures price is 14250.0, basis is 645.0, basis rate is 4.53%, and historical quantile is 61.45% [1] Financial Futures - **IF2512.CFE**: Spot price is 4606.3, futures price is 4576.4, basis is - 29.9, basis rate is - 0.65%, and historical quantile is 13.40% [1] - **IH2512.CFE**: Spot price is 3001.3, futures price is 2997.4, basis is - 3.9, basis rate is - 0.13%, and historical quantile is 38.10% [1] - **IC2512.CFE**: Spot price is 7294.0, futures price is 7140.2, basis is - 153.8, basis rate is - 2.15%, and historical quantile is 0.40% [1] - **IM2512.CFE**: Spot price is 7483.4, futures price is 7275.2, basis is - 208.2, basis rate is - 2.86%, and historical quantile is 3.10% [1] - **2 - year Treasury Bond (TS2512)**: Spot price is 102.37, futures price is 99.94, basis is - 0.02, basis rate is - 0.02%, and historical quantile is 20.00% [1] - **5 - year Treasury Bond (TF2512)**: Spot price is 105.72, futures price is 99.39, basis is - 0.04, basis rate is - 0.04%, and historical quantile is 21.80% [1] - **10 - year Treasury Bond (T2512)**: Spot price is 108.10, futures price is 100.19, basis is 0.05, basis rate is 0.05%, and historical quantile is 21.10% [1] - **30 - year Treasury Bond (TL2512)**: Spot price is 129.31, futures price is 114.48, basis is 0.28, basis rate is 0.29%, and historical quantile is 37.50% [1]

Report Summary Core Information - The report is a daily spread report for various futures contracts on September 30, 2025, covering black, non - ferrous, agricultural, energy chemical, and financial futures [1][2][3] Summary by Category Black Series - **Silicon Iron (SF511)**: Futures price is 5678, spot price is 5610, basis is 68, basis rate is 1.21%, and historical quantile is 90% [1] - **Silicon Manganese (SM601)**: Futures price is 5950, spot price is 5820, basis is 130, basis rate is 2.23%, and historical quantile is 49.30% [1] - **Rebar (RB2601)**: Futures price is 3240, spot price is 3097, basis is 143, basis rate is 4.62%, and historical quantile is 61.90% [1] - **Hot - Rolled Coil (HC2601)**: Futures price is 3289, spot price is 3350, basis is - 61, basis rate is - 1.85%, and historical quantile is 44.00% [1] - **Iron Ore (I2601)**: Futures price is 837, spot price is 784, basis is 53, basis rate is 6.80%, and historical quantile is 44.70% [1] - **Coke (J2601)**: Futures price is 1647, spot price is 1613, basis is - 34, basis rate is - 2.04%, and historical quantile is 44.16% [1] - **Coking Coal (JM2601)**: Futures price is 1160, spot price is 1154, basis is 6, basis rate is 0.52%, and historical quantile is 24.80% [1] Non - Ferrous Series - **Copper (CU2511)**: Futures price is 82370, spot price is 85510, basis is - 160, basis rate is - 0.19%, and historical quantile is 28.75% [1] - **Aluminum (AL2511)**: Futures price is 20690, spot price is 20730, basis is - 40, basis rate is - 0.19%, and historical quantile is 41.04% [1] - **Alumina (AO2601)**: Futures price is 2904, spot price is 2982, basis is 78, basis rate is 2.70%, and historical quantile is 49.55% [1] - **Zinc (ZN2511)**: Futures price is 21560, spot price is 21800, basis is - 25, basis rate is - 1.0%, and historical quantile is 21.80% [1] - **Tin (SN2511)**: Futures price is 272410, spot price is 271400, basis is - 1010, basis rate is - 0.37%, and historical quantile is 20.83% [1] - **Nickel (NI2511)**: Futures price is 121100, spot price is 121200, basis is 100, basis rate is 0.08%, and historical quantile is 61.45% [1] - **Stainless Steel (SS2511)**: Futures price is 13220, spot price is 12760, basis is 460, basis rate is 3.61%, and historical quantile is 86.69% [1] - **Lithium Carbonate (LC2511)**: Futures price is 73920, spot price is 73550, basis is - 370, basis rate is - 0.90%, and historical quantile is 49.11% [1] - **Industrial Silicon (SI2511)**: Futures price is 8610, spot price is 840, basis is 7770, basis rate is 9.76%, and historical quantile is 57.93% [1] Agricultural Series - **Soybean Meal (MSe01)**: Futures price is 2890, spot price is 2933, basis is - 43, basis rate is - 1.47%, and historical quantile is 29.90% [1] - **Soybean Oil (V2601)**: Futures price is 8150, spot price is 8300, basis is 150, basis rate is 1.84%, and historical quantile is 30.00% [1] - **Palm Oil (P2601)**: Futures price is 9234, spot price is 9150, basis is - 84, basis rate is - 0.92%, and historical quantile is 6.00% [1] - **Rapeseed Meal (RM601)**: Futures price is 2416, spot price is 2530, basis is 114, basis rate is 4.72%, and historical quantile is 66.30% [1] - **Rapeseed Oil (Ole01)**: Futures price is 10093, spot price is 10340, basis is 247, basis rate is 2.45%, and historical quantile is 75.90% [1] - **Corn (C2511)**: Futures price is 2159, spot price is 2280, basis is 121, basis rate is 5.60%, and historical quantile is 92.40% [1] - **Corn Starch (CS2511)**: Futures price is 2483, spot price is 2550, basis is 67, basis rate is 2.70%, and historical quantile is 30.40% [1] - **Live Hogs (H251)**: Futures price is 12295, spot price is 12550, basis is 255, basis rate is 2.07%, and historical quantile is 48.00% [1] - **Eggs (JD251)**: Futures price is 3016, spot price is 3400, basis is 384, basis rate is 12.73%, and historical quantile is 60.80% [1] - **Cotton (CF601)**: Futures price is 13350, spot price is 14942, basis is 1592, basis rate is 11.93%, and historical quantile is 7.50% [1] - **Sugar (SR601)**: Futures price is 5479, spot price is 5890, basis is 411, basis rate is 7.39%, and historical quantile is 73.90% [1] - **Apples (AP601)**: Futures price is 8486, spot price is 8600, basis is 114, basis rate is 1.34%, and historical quantile is 25.80% [1] - **Red Dates (CJ601)**: Futures price is 10915, spot price is 9500, basis is - 1415, basis rate is - 14.86%, and historical quantile is 33.60% [1] Energy and Chemical Series - **Para - Xylene (PX511)**: Futures price is 6686.1, spot price is 6670, basis is - 16.1, basis rate is - 0.24%, and historical quantile is 29.30% [1] - **PTA (TA601)**: Futures price is 4585, spot price is 4652, basis is 67, basis rate is 1.44%, and historical quantile is 28.60% [1] - **Ethylene Glycol (EG2601)**: Futures price is 4295, spot price is 4224, basis is - 71, basis rate is - 1.68%, and historical quantile is 83.80% [1] - **Polyester Staple Fiber (PF511)**: Futures price is 6435, spot price is 6336, basis is - 99, basis rate is - 1.56%, and historical quantile is 68.50% [1] - **Styrene (EB251)**: Futures price is 6915, spot price is 6932, basis is - 17, basis rate is - 0.25%, and historical quantile is 23.30% [1] - **Methanol (MA601)**: Futures price is 2250, spot price is 2260.9, basis is - 10.9, basis rate is - 0.48%, and historical quantile is 11.40% [1] - **LLDPE (L2601)**: Futures price is 7175, spot price is 7184.9, basis is - 9.9, basis rate is - 0.14%, and historical quantile is 68.50% [1] - **PP (PP2601)**: Futures price is 6785, spot price is 6903, basis is 118, basis rate is 1.71%, and historical quantile is 4.10% [1] - **PVC (V2601)**: Futures price is 4896, spot price is 4730, basis is - 166, basis rate is - 3.39%, and historical quantile is 35.30% [1] - **Caustic Soda (SH601)**: Futures price is 2515, spot price is 2500, basis is - 15, basis rate is - 0.60%, and historical quantile is 45.80% [1] - **LPG (PG2511)**: Futures price is 4293, spot price is 4548, basis is 255, basis rate is 5.94%, and historical quantile is 47.30% [1] - **Asphalt (BU2511)**: Futures price is 3466, spot price is 3500, basis is 34, basis rate is 0.98%, and historical quantile is 60.00% [1] - **Butadiene Rubber (BR2511)**: Futures price is 11340, spot price is 11500, basis is 160, basis rate is 1.41%, and historical quantile is 45.10% [1] - **Glass (FG601)**: Futures price is 1128, spot price is 1228, basis is 100, basis rate is 8.86%, and historical quantile is 33.54% [1] - **Soda Ash (SA601)**: Futures price is 1188, spot price is 1278, basis is 90, basis rate is 7.53%, and historical quantile is 18.00% [1] - **Natural Rubber (RU2601)**: Futures price is 15470, spot price is 14700, basis is - 770, basis rate is - 5.04%, and historical quantile is 14.00% [1] Financial Series - **Stock Index Futures** - **IF2512.CFF**: Futures price is 4604.6, spot price is 4620.1, basis is - 15.5, basis rate is - 0.34%, and historical quantile is 28.30% [1] - **IH2512.CHE**: Futures price is 2973, spot price is 2976, basis is 3, basis rate is 0.10%, and historical quantile is 73.80% [1] - **IC2512.CFE**: Futures price is 7232.2, spot price is 7350.6, basis is - 118.4, basis rate is - 1.61%, and historical quantile is 7.00% [1] - **IM2512.CFE**: Futures price is 7337.4, spot price is 7497.8, basis is - 160.4, basis rate is - 2.14%, and historical quantile is 7.00% [1] - **Treasury Bond Futures** - **2 - year Treasury Bond (TS2512)**: Futures price is 102.33, spot price is 102.34, basis is - 0.01, basis rate is - 0.01%, and historical quantile is 21.90% [1] - **5 - year Treasury Bond (TF2512)**: Futures price is 105.51, spot price is 99.22, basis is - 0.01, basis rate is - 0.01%, and historical quantile is 25.40% [5] - **10 - year Treasury Bond (T2512)**: Futures price is 107.66, spot price is 105.87, basis is 0.21, basis rate is 0.19%, and historical quantile is 42.40% [5] - **30 - year Treasury Bond (TL2512)**: Futures price is 113.79, spot price is 120.74, basis is 0.36, basis rate is 0.32%, and historical quantile is 51.20% [5]

Report Information - Report title: All-variety Spread Daily Report [3] - Date: September 29, 2025 [3] Core Content Black Series - **Silicon Manganese (SM601)**: The futures price is 5970, the spot reference price is 5848, the basis is 122, the basis rate is 2.09%, and the historical quantile is 48.00% [1] - **Rebar (RB2601)**: The futures price is 3260, the spot reference price is 3114, the basis is 146, the basis rate is 4.69%, and the historical quantile is 50% [1] - **Hot Rolled Coil (HC2601)**: The futures price is 6.6796 (the unit seems abnormal), the spot reference price is 3370, the basis is 53, the basis rate is 1.72%, and the historical quantile is 42.40% [1] - **Iron Ore (I2601)**: The futures price is 843, the spot reference price is the converted price of 62.5% Brazilian mixed powder (BRBF) from Vale at Rizhao Port, the basis is 790, the basis rate is 44.20%, and the historical quantile is 6.6796 (the unit seems abnormal) [1] - **Coke (J2601)**: The futures price is 1693, the spot reference price is the converted price of quasi - first - class metallurgical coke A13 S0.7.CSR60.MT7 at Rizhao Port, the basis is - 79, the basis rate is - 4.57%, and the historical quantile is 22.55% [1] - **Coking Coal (JM2601)**: The futures price is 1197, the spot reference price is the converted price of S13 G75 main coking coal (Meng 5) at Shaheyi, the basis is - 32, the basis rate is - 2.63%, and the historical quantile is 18.30% [1] - **Silicon Iron (SF511)**: The futures price is 5758, the spot reference price is 5660, the basis is 98, the basis rate is 1.73%, and the historical quantile is 69.00% [6] Non - ferrous Series - **Copper (CU2511)**: The futures price is 82470, the spot reference price is SNN J with energy - using regulations, the basis is - 3012, the basis rate is - 3.65% (calculated), and the historical quantile is 44.37% [1] - **Aluminum (AL2511)**: The futures price is 20745, the spot reference price is SMM A00 aluminum average price, the basis is 25, the basis rate is 0.12%, and the historical quantile is 64.79% [1] - **Alumina (AO2601)**: The futures price is 2901, the spot reference price is SMM alumina index average price, the basis is - 90, the basis rate is - 3.10% (calculated), and the historical quantile is 52.64% [1] - **Zinc (ZN2511)**: The futures price is 21880, the spot reference price is SMM 1 zinc average price, the basis is - 60, the basis rate is - 0.27% (calculated), and the historical quantile is 32.70% [1] - **Tin (SN2511)**: The futures price is 274070, the spot reference price is SMM 1 tin average price, the basis is - 370, the basis rate is - 0.14%, and the historical quantile is 36.45% [1] - **Nickel (NI2511)**: The futures price is 195, the spot reference price is SMM 1 imported nickel average price, the basis is 121380 - 195 = 121185 (calculated), the basis rate is a very large value (calculated), and the historical quantile is 67.29% [1] - **Stainless Steel (SS2511)**: The futures price is 13320, the spot reference price is 304/2B: 2*1240*C: Wuxi Hongwang (including trimming fee), the basis is - 480, the basis rate is - 3.60% (calculated), and the historical quantile is 3.74% [1] - **Lithium Carbonate (LC2511)**: The futures price is 720, the spot reference price is SMM battery - grade lithium carbonate average price, the basis is 73600 - 720 = 72880 (calculated), the basis rate is a very large value (calculated), and the historical quantile is 0.99% [1] - **Industrial Silicon (SI2511)**: The futures price is 8960, the spot reference price is SMM East China oxygen - containing SI5530 average price, the basis is 540, the basis rate is 6.03%, and the historical quantile is 37.07% [1] Precious Metals Series - **Gold (AU2512)**: The futures price is 6758, the spot reference price is Shanghai Gold Exchange gold spot AU (T + D), the basis is - 3.2, the basis rate is - 0.37%, and the historical quantile is 19.60% [1] - **Silver (AG2512)**: The futures price is 10551.0, the spot reference price is Shanghai Gold Exchange silver spot AG (T + D), the basis is - 81.0, the basis rate is - 0.76%, and the historical quantile is not given [1] Agricultural Products Series - **Soybean Meal (M2601)**: The futures price is 2937.0, the spot reference price is the ex - factory price of ordinary soybean meal in Zhangjiagang, Jiangsu, the basis is - 47.0, the basis rate is - 1.60%, and the historical quantile is 29.30% [1] - **Soybean Oil (Y2601)**: The futures price is 8162.0, the spot reference price is the ex - factory price of fourth - grade soybean oil in Zhangjiagang, Jiangsu, the basis is 158.0, the basis rate is 1.94%, and the historical quantile is 31.50% [1] - **Palm Oil (P2601)**: The futures price is 9180, the spot reference price is the delivery price of palm oil at Huangpu Port, the basis is - 56.0, the basis rate is - 0.61%, and the historical quantile is 8.90% [1] - **Rapeseed Meal (RM601)**: The futures price is 2405.0, the spot reference price is the ex - factory price of ordinary rapeseed meal in Zhanjiang, Guangdong, the basis is 125.0, the basis rate is 5.20%, and the historical quantile is 67.50% [1] - **Rapeseed Oil (OI601)**: The futures price is 10162.0, the spot reference price is the ex - factory price of fourth - grade rapeseed oil in Nantong, Jiangsu, the basis is 238.0, the basis rate is 2.34%, and the historical quantile is 75.10% [1] - **Corn (C2511)**: The futures price is 2178.0, the spot reference price is the f.o.b. price of corn at Xuzhou Port, the basis is 102.0, the basis rate is 4.68%, and the historical quantile is 94.00% [1] - **Corn Starch (CS2511)**: The futures price is 2480.0, the spot reference price is the ex - factory price of corn starch in Changchun, Jilin, the basis is 120.0, the basis rate is 4.84%, and the historical quantile is 60.80% [1] - **Live Pigs (H2511)**: The futures price is 15520, the spot reference price is the ex - factory price of live pigs (foreign one - yuan) in Henan, the basis is - 25.0, the basis rate is - 0.20%, and the historical quantile is 40.70% [1] - **Eggs (JD2511)**: The futures price is 3400, the spot reference price is the average price of eggs in Shijiazhuang, Hebei, the basis is 364.0, the basis rate is 11.99%, and the historical quantile is 59.80% [1] - **Cotton (CF601)**: The futures price is 13405.0, the spot reference price is the arrival price of Xinjiang cotton 3128B, the basis is 1550.0, the basis rate is 11.56%, and the historical quantile is 95.70% [1] - **Sugar (SR601)**: The futures price is 2880, the spot reference price is the spot price of white sugar at Liuzhou Station, the basis is 412.0, the basis rate is 7.52%, and the historical quantile is 74.00% [1] - **Apples (AP601)**: The futures price is 8401.0, the spot reference price is the theoretical delivery price of apples (daily/Steel Union), the basis is 199.0, the basis rate is 2.37%, and the historical quantile is 28.70% [1] - **Red Dates (CJ601)**: The futures price is 11285.0, the spot reference price is the wholesale price of first - grade grey dates in Hebei (Steel Union), the basis is - 1785.0, the basis rate is - 15.82%, and the historical quantile is 21.40% [1] Energy and Chemical Series - **Para - xylene (PX511)**: The futures price is 6656.0, the spot reference price is the converted RMB price of para - xylene at China's main ports (CFR), the basis is 19.6, the basis rate is 0.29%, and the historical quantile is 29.80% [1] - **PTA (TA601)**: The futures price is 4595.0, the spot reference price is the market price (intermediate price) of purified terephthalic acid (PTA) in East China, the basis is 51.0, the basis rate is 1.10%, and the historical quantile is 34.70% [1] - **Ethylene Glycol (EG2601)**: The futures price is 4213.0, the spot reference price is the market price (intermediate price) of ethylene glycol (MEG) in East China, the basis is 62.0, the basis rate is 1.47%, and the historical quantile is 80.50% [1] - **Styrene (EB2511)**: The futures price is 6915.0, the spot reference price is the market price of styrene in East China, the basis is - 34.0, the basis rate is - 0.49%, and the historical quantile is 20.30% [1] - **Methanol (MA601)**: The futures price is 2250.0, the spot reference price is the market price of methanol in Taicang, Jiangsu, the basis is - 105.0, the basis rate is - 4.46%, and the historical quantile is 12.00% [1] - **Urea (UR601)**: The futures price is 1610.0, the spot reference price is the market price (mainstream price) of small - particle urea in Shandong, the basis is - 59.0, the basis rate is - 3.54%, and the historical quantile is 3.00% [1] - **LLDPE (L2601)**: The futures price is 7165.0, the spot reference price is the ex - warehouse self - pick - up price (intermediate price) of linear low - density polyethylene (LLDPE) (film grade) in Shandong, the basis is 23.80%, and the historical quantile is 7159.0 (data may be wrong) [1] - **PP (PP2601)**: The futures price is 6893.0, the spot reference price is the ex - warehouse self - pick - up price (intermediate price) of polypropylene (PP) (拉丝级, melt index 2 - 4) in Zhejiang, the basis is - 113.0, the basis rate is - 1.60%, and the historical quantile is 4.60% [1] - **PVC (V2601)**: The futures price is 4740.0, the spot reference price is the market price (mainstream price) of polyvinyl chloride (SG - 5) in Changzhou, China, the basis is - 157.0, the basis rate is - 3.10%, and the historical quantile is 37.30% [1] - **Caustic Soda (SH601)**: The futures price is 2500.0, the spot reference price is the market price (mainstream price) of 32% ion - membrane caustic soda in Shandong, the basis is - 28.0, the basis rate is - 1.10%, and the historical quantile is 43.50% [1] - **LPG (PG2511)**: The futures price is 4548.0, the spot reference price is the market price of liquefied petroleum gas in Guangzhou, the basis is 258.0, the basis rate is 6.01%, and the historical quantile is 47.60% [1] - **Asphalt (BU2511)**: The futures price is 3450.0, the spot reference price is the market price (mainstream price) of asphalt (heavy - traffic asphalt) in Shandong, the basis is 50.0, the basis rate is 1.45%, and the historical quantile is 62.20% [1] - **Butadiene Rubber (BR2511)**: The futures price is 11700.0, the spot reference price is the distribution price of cis - butadiene rubber (Daqing, BR9000) in East China by PetroChina, the basis is 270.0, the basis rate is 2.36%, and the historical quantile is 58.50% [1] - **Glass (FG601)**: The futures price is 1128.0, the spot reference price is the market price of 5mm large - plate glass in Shahe, the basis is - 124.0, the basis rate is - 10.09%, and the historical quantile is 24.52% [1] - **Soda Ash (SA601)**: The futures price is 1203.0, the spot reference price is the market price of heavy - quality soda ash in Shahe, the basis is - 90.0, the basis rate is - 7.48% (calculated), and the historical quantile is 10.06% [1] - **Natural Rubber (RU2601)**: The futures price is 15470.0, the spot reference price is the market price of natural rubber (Yunnan state - owned whole latex) in Shanghai, the basis is - 770.0, the basis rate is - 5.24%, and the historical quantile is 47.70% [1] Financial Futures Series - **Stock Index Futures** - **IF2512.CFE**: The futures price is 4550.0, the basis is - 25.0, the basis rate is - 0.55%, and the historical quantile is 17.60% [1] - **IH2512.CFE**: The futures price is 2941.0, the basis is - 3.4, the basis rate is - 0.11%, and the historical quantile is 76.

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report presents the latest price and basis data of various futures and spot commodities, including ferrous metals, non - ferrous metals, precious metals, agricultural products, and energy chemicals, as well as stock index futures and bond futures, to provide a reference for market participants [1]. 3. Summary by Related Catalogs Ferrous Metals - **Silicon Iron (SF51)**: The spot price is 5758, the futures price is 5786, the basis is - 28, and the basis rate is 0.54%. The historical quantile is 55.30% [1]. - **Silicon Manganese (SM601)**: The spot price is 5970, the futures price is 2038, the basis is 3932, and the basis rate is 31.20% [1]. - **Rebar (RB2601)**: The spot price of HRB400 20mm in Shanghai is 3167, the futures price is 3290, the basis is - 123, and the basis rate is 3.88%. The historical quantile is 56.60% [1]. - **Hot - Rolled Coil (HC2601)**: The spot price of Q235B 4.75mm in Shanghai is 3358, the futures price is 3400, the basis is - 42, and the basis rate is 1.25%. The historical quantile is 36.50% [1]. - **Iron Ore (12601)**: The spot price of 62.5% Brazilian mixed powder (BRBF) at Rizhao Port is 806, the futures price is 853, the basis is - 47, and the basis rate is - 5.51%. The historical quantile is 40.40% [1]. - **Coke (J2601)**: The spot price of quasi - first - grade metallurgical coke at Rizhao Port is 1646, the futures price is 1760, the basis is - 114, and the basis rate is - 6.49%. The historical quantile is 8.35% [1]. - **Coking Coal (JM2601)**: The spot price of S1.3 G75 main coking coal (Meng 5) at Shaheyi is 1235, the futures price is 1185, the basis is 50, and the basis rate is 4.22%. The historical quantile is 15.00% [1]. Non - Ferrous Metals - **Copper (CU2511)**: The SMM electrolytic copper average price is 82505, the futures price is 82710, the basis is - 205, and the basis rate is - 0.25%. The historical quantile is 25.41% [1]. - **Aluminum (AL2511)**: The SMM A00 aluminum average price is 20770, the futures price is 20765, the basis is 5, and the basis rate is 0.02%. The historical quantile is 59.16% [1]. - **Alumina (AO2601)**: The SMM heavy - alumina modulus average price is 3001, the futures price is 2942, the basis is 59, and the basis rate is 2.00%. The historical quantile is 42.95% [1]. - **Zinc (ZN2511)**: The SMM 1 zinc ingot average price is 21800, the futures price is 22045, the basis is - 245, and the basis rate is - 1.11%. The historical quantile is 7.08% [1]. - **Tin (SN2511)**: The SMM 1 tin average price is 273700, the futures price is 273710, the basis is - 10, and the basis rate is 0.00%. The historical quantile is 47.70% [1]. - **Nickel (NISEJI)**: The SMM 1 imported nickel average price is 123225, the futures price is 122990, the basis is 235, and the basis rate is 0.19%. The historical quantile is 70.20% [1]. - **Stainless Steel (SS2511)**: The price of 304/2B:2*1240*C at Wuxi Hongwang (including trimming fee) is 13370, the futures price is 12930, the basis is 440, and the basis rate is 3.40%. The historical quantile is 84.54% [1]. - **Lithium Carbonate (LC2511)**: The SMM battery - grade lithium carbonate average price is 73750, the futures price is 74040, the basis is - 290, and the basis rate is - 0.39%. The historical quantile is 51.10% [1]. - **Industrial Silicon (SI2511)**: The SMM industrial silicon average price is 9500, the futures price is 9055, the basis is 445, and the basis rate is 4.91%. The historical quantile is 32.79% [1]. Precious Metals - **Gold (AU2512)**: The Shanghai Gold Exchange gold spot AU (T + D) price is 854.7, the futures price is 852.0, the basis is 2.7, and the basis rate is 0.32%. The historical quantile is 26.50% [1]. - **Silver (AG2512)**: The Shanghai Gold Exchange silver spot AG (T + D) price is 10411.0, the futures price is 10353.0, the basis is 58.0, and the basis rate is 0.56%. The historical quantile is 26.50% [1]. Agricultural Products - **Soybean Meal (M2601)**: The ex - factory price of ordinary soybean meal in Zhangjiagang, Jiangsu is 2900, the futures price is 2967.0, the basis is - 67.0, and the basis rate is - 2.26%. The historical quantile is 26.50% [1]. - **Soybean Oil (V2601)**: The ex - factory price of grade 4 soybean oil in Zhangjiagang, Jiangsu is 8350, the futures price is 8192.0, the basis is 158.0, and the basis rate is 1.93%. The historical quantile is 31.50% [1]. - **Palm Oil (P2601)**: The delivery price of palm oil at Huangpu Port is 9222.0, the futures price is 9150, the basis is 72.0, and the basis rate is 0.79%. The historical quantile is 6.40% [1]. - **Rapeseed Meal (RM601)**: The ex - factory price of ordinary rapeseed meal in Zhanjiang, Guangdong is 2444.0, the futures price is 2530, the basis is - 86.0, and the basis rate is - 3.40%. The historical quantile is 62.30% [1]. - **Rapeseed Oil (Ol601)**: The ex - factory price of grade 4 rapeseed oil in Nantong, Jiangsu is 10142.0, the futures price is 10330, the basis is - 188.0, and the basis rate is - 1.82%. The historical quantile is 67.70% [1]. - **Corn (C2511)**: The f.o.b. price of corn at Jinzhou Port is 2310, the futures price is 2165.0, the basis is 145.0, and the basis rate is 6.70%. The historical quantile is 96.00% [1]. - **Corn Starch (CS2511)**: The ex - factory price of corn starch in Changchun, Jilin is 2600, the futures price is 2474.0, the basis is 126.0, and the basis rate is 5.09%. The historical quantile is 63.40% [1]. - **Live Hogs (H251)**: The ex - factory price of live hogs (external ternary) in Henan is 12550, the futures price is 12685.0, the basis is - 135.0, and the basis rate is - 1.06%. The historical quantile is 38.50% [1]. - **Eggs (JD2511)**: The average price of eggs in Shijiazhuang, Hebei is 414.0, the futures price is 3490, the basis is 65.0, and the basis rate is 1.86%. The historical quantile is 13.46% [1]. - **Cotton (CF601)**: The arrival price of cotton 3128B in Xinjiang is 15030, the futures price is 13530.0, the basis is 1500.0, and the basis rate is 11.09%. The historical quantile is 94.00% [1]. - **Sugar (SR601)**: The spot price of white sugar at Liuzhou Station is 5890, the futures price is 5485.0, the basis is 405.0, and the basis rate is 7.38%. The historical quantile is 73.30% [1]. - **Apples (AP601)**: The theoretical delivery price of apples is 8600, the futures price is 8446.0, the basis is 154.0, and the basis rate is 1.82%. The historical quantile is 27.40% [1]. - **Red Dates (CJ601)**: The wholesale price of first - grade grey dates in Hebei is 10970.0, the futures price is 9500, the basis is 1470.0, and the basis rate is 15.42%. The historical quantile is 32.50% [1]. Energy Chemicals - **Para - Xylene (PX511)**: The spot price (CFR) of para - xylene at the main port in China, converted to RMB, is 6594.0, the futures price is 6686.8, the basis is - 92.8, and the basis rate is - 1.41%. The historical quantile is 50.90% [1]. - **PTA (TA601)**: The market price (mid - price) of purified terephthalic acid (PTA) in East China is 4530.0, the futures price is 4604.0, the basis is - 74.0, and the basis rate is - 1.61%. The historical quantile is 24.80% [1]. - **Ethylene Glycol (EG2601)**: The market price (mid - price) of ethylene glycol in East China is 4345.0, the futures price is 4257.0, the basis is 88.0, and the basis rate is 2.07%. The historical quantile is 88.60% [1]. - **Polyester Staple Fiber (PF511)**: The market price (mainstream price) of polyester staple fiber (1.4D*38mm (direct - spun)) in the East China market is 6284.0, the futures price is 6425.0, the basis is - 141.0, and the basis rate is - 2.24%. The historical quantile is 76.70% [1]. - **Styrene (EB2511)**: The market price (spot benchmark price) of styrene in East China, China is 7030.0, the futures price is 6992.0, the basis is 38.0, and the basis rate is 0.54%. The historical quantile is 35.10% [1]. - **Methanol (MA601)**: The market price (spot benchmark price) of methanol in Taicang, Jiangsu, China is 2361.0, the futures price is 2250.0, the basis is 111.0, and the basis rate is 4.70%. The historical quantile is 10.80% [1]. - **Urea (UR601)**: The market price (mainstream price) of small - particle urea in Shandong is 1640.0, the futures price is 1661.0, the basis is - 21.0, and the basis rate is - 1.28%. The historical quantile is 8.20% [1]. - **LLDPE (L2601)**: The duty - paid self - pick - up price (mid - price) of linear low - density polyethylene LLDPE (film grade) in Shandong is 7190.0, the futures price is 7169.0, the basis is 21.0, and the basis rate is 0.29%. The historical quantile is 28.30% [1]. - **PP (PP2601)**: The duty - paid self - pick - up price (mid - price) of polypropylene PP (wire - drawing grade, melt index 2 - 4) in Zhejiang is 6860.0, the futures price is 6914.0, the basis is - 54.0, and the basis rate is - 0.79%. The historical quantile is 11.90% [1]. - **PVC (V2601)**: The market price (mainstream price) of polyvinyl chloride (SG - 5) in the Changzhou market, China is 4780.0, the futures price is 4950.0, the basis is - 170.0, and the basis rate is - 3.43%. The historical quantile is 34.10% [1]. - **Caustic Soda (SH601)**: The market price (mainstream price) of caustic soda (32% ion - membrane caustic soda) in Shandong, converted to 100%, is 2641.0, the futures price is 2500.0, the basis is 141.0, and the basis rate is 5.64%. The historical quantile is 29.40% [1]. - **LPG (PG2511)**: The market price of liquefied petroleum gas in Guangzhou is 4548.0, the futures price is 4360.0, the basis is 188.0, and the basis rate is 4.31%. The historical quantile is 42.10% [1]. - **Asphalt (BU2511)**: The market price (mainstream price) of asphalt (heavy - traffic asphalt) in Shandong is 3520.0, the futures price is 3421.0, the basis is 99.0, and the basis rate is 2.81%. The historical quantile is 71.80% [1]. - **Butadiene Rubber (BR2511)**: The Chinese distribution price of cis - butadiene rubber (Daqing, BR9000) in North China is 11445.0, the futures price is 11700.0, the basis is - 255.0, and the basis rate is - 2.23%. The historical quantile is 56.80% [1]. - **Glass (FG601)**: The market price of 5mm large - plate float glass in Shahe is 1128.0, the futures price is 1270.0, the basis is - 142.0, and the basis rate is - 11.18%. The historical quantile is 16.94% [1]. - **Soda Ash (SA601)**: The market price of heavy - soda ash in Shahe is 1225.0, the futures price is 1315.0, the basis is - 90.0, and the basis rate is - 6.86%. The historical quantile is 10.04% [1

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report presents the basis, basis rate, spot reference, spot price, futures price, historical quantile, and other data of various commodities on September 1, 2025, including ferrous metals, non - ferrous metals, precious metals, agricultural products, and energy chemicals, as well as stock index futures and bond futures [1][3]. 3. Summary by Commodity Categories Ferrous Metals - **Silicon Iron (SF51)**: The basis is 112, the basis rate is 2.01%, the spot price is 5678, and the futures price is 5566 [1]. - **Silicon Manganese (SM601)**: The basis information for the 6517 silicon - manganese (Inner Mongolia - Hubei warehouse receipt) shows a spot price of 5970 and a futures - related rate of 56.10% [1]. - **Rebar (RB2601)**: The basis is 180, the basis rate is 5.83%, the spot price is 3270, and the futures price is 3090 [1]. - **Hot - Rolled Coil (HC2601)**: The spot price is 3380, with a change rate of 1.02% [1]. - **Iron Ore (I2601)**: The basis is - 8, the basis rate is - 0.49%, the spot price is 1635, and the futures price is 1643 [1]. - **Coke (J2601)**: Information about the quasi - first - grade metallurgical coke (A13, S0.7, CSR60, MT7) at Rizhao Port is presented [1]. - **Coking Coal (JM2601)**: The basis is - 6, the basis rate is - 0.52%, the spot price is 1145, and the futures price is 1151 [1]. Non - Ferrous Metals - **Copper (CU2510)**: The basis is - 20, the basis rate is - 0.03%, the spot price is 79390, and the futures price is 79410 [1]. - **Aluminum (AL2510)**: The basis is - 10, the basis rate is - 0.05%, the spot price is 20730, and the futures price is 20740 [1]. - **Zinc (ZN2510)**: The basis is - 30, the basis rate is - 0.90%, the spot price is 22140 [1]. - **Tin (SN2510)**: The basis is - 5750, the basis rate is - 2.06%, the spot price is 272900, and the futures price is 278650 [1]. - **Nickel (NI2510)**: The basis is - 100, the basis rate is - 0.08%, the spot price is 121600, and the futures price is 121700 [1]. - **Stainless Steel (SS2510)**: The basis is 455, the basis rate is 3.55%, the spot price is 13270, and the futures price is 12815 [1]. Precious Metals - **Gold (AU2510)**: The basis is - 3.4, the basis rate is - 0.44%, the spot price is 781.7, and the futures price is 785.1 [1]. - **Silver (AG2510)**: The basis is - 21.0, the basis rate is - 0.22%, the spot price is 9365.0, and the futures price is 9386.0 [1]. Agricultural Products - **Soybean Meal (M2601)**: The basis is - 75.0, the basis rate is - 2.45%, the spot price is 2980, and the futures price is 3055.0 [1]. - **Soybean Oil (Y2601)**: The basis is 132.0, the basis rate is 1.58%, the spot price is 8490, and the futures price is 8358.0 [1]. - **Palm Oil (P2601)**: The basis is - 36.0, the basis rate is - 0.39%, the spot price is 9280, and the futures price is 9316.0 [1]. - **Rapeseed Meal (RM601)**: The basis is 57.0, the basis rate is 2.27%, the spot price is 2570, and the futures price is 2513.0 [1]. - **Rapeseed Oil (Ol601)**: The basis is 81.0, the basis rate is 0.83%, the spot price is 9870, and the futures price is 9789.0 [1]. - **Corn (C2511)**: The basis is 79.0, the basis rate is 3.61%, the spot price is 2270, and the futures price is 2191.0 [1]. - **Corn Starch (CS2511)**: The basis is 159.0, the basis rate is 6.36%, the spot price is 2660, and the futures price is 2501.0 [1]. - **Live Pigs (H251)**: The basis is 195.0, the basis rate is 1.44%, the spot price is 13750, and the futures price is 13555.0 [1]. - **Eggs (JD2510)**: The basis is 331.0, the basis rate is 11.26%, the spot price is 3270, and the futures price is 2939.0 [1]. - **Cotton (CF601)**: The basis is 1003.0, the basis rate is 7.04%, the spot price is 15243, and the futures price is 14240.0 [1]. - **Sugar (SR601)**: The basis is 396.0, the basis rate is 7.07%, the spot price is 6000, and the futures price is 5604.0 [1]. - **Apples (AP510)**: The basis is 212.0, the basis rate is 2.53%, the spot price is 8600 [1]. - **Red Dates (CJ601)**: The basis is - 3210.0, the basis rate is - 27.89%, the spot price is 8300, and the futures price is 11510.0 [1]. Energy Chemicals - **Paraxylene (PX511)**: The basis is 96.7, the basis rate is 1.40%, the spot price is 6982.7, and the futures price is 6886.0 [1]. - **PTA (TA601)**: The basis is - 22.0, the basis rate is - 0.46%, the spot price is 4770.0, and the futures price is 4792.0 [1]. - **Ethylene Glycol (EG2601)**: The basis is 65.0, the basis rate is 1.46%, the spot price is 4530.0, and the futures price is 4465.0 [1]. - **Polyester Staple Fiber (PF510)**: The basis is 29.0, the basis rate is 0.44%, the spot price is 6555.0, and the futures price is 6526.0 [1]. - **Styrene (EB2510)**: The basis is 21.0, the basis rate is 0.29%, the spot price is 7185.0, and the futures price is 7164.0 [1]. - **Methanol (MA601)**: The basis is - 143.0, the basis rate is - 6.0%, the spot price is 2230.0, and the futures price is 2373.0 [1]. - **Urea (UR601)**: The basis is - 43.0, the basis rate is 4.20%, the spot price is 1710.0, and the futures price is 1753.0 [1]. - **LLDPE (L2601)**: The basis is - 43.0, the basis rate is - 0.58%, the spot price is 7315.0, and the futures price is 7358.0 [1]. - **PP (PP2601)**: The basis is 30.0, the basis rate is 0.43%, the spot price is 7050.0, and the futures price is 7020.0 [1]. - **PVC (V2601)**: The basis is - 246.0, the basis rate is - 4.97%, the spot price is 4700.0, and the futures price is 4946.0 [1]. - **Caustic Soda (SH601)**: The basis is 26.8, the basis rate is 0.99%, the spot price is 2718.8 [1]. - **LPG (PG2510)**: The basis is 199.0, the basis rate is 4.51%, the spot price is 4608.0, and the futures price is 4409.0 [1]. - **Asphalt (BU2510)**: The basis is - 7.0, the basis rate is - 0.20%, the spot price is 3510.0, and the futures price is 3517.0 [1]. - **Butadiene Rubber (BR2510)**: The basis is 120.0, the basis rate is 1.00%, the spot price is 12100.0, and the futures price is 11980.0 [1]. - **Glass (FG601)**: The basis is - 142.0, the basis rate is - 13.65%, the spot price is 1040.0, and the futures price is 1200.0 [1]. - **Soda Ash (SA601)**: The basis is - 96.0, the basis rate is - 8.00%, the spot price is 1200.0, and the futures price is 1296.0 [1]. - **Natural Rubber (RU2601)**: The basis is - 960.0, the basis rate is - 6.44%, the spot price is 14900.0, and the futures price is 15860.0 [1]. Stock Index Futures and Bond Futures - **IF2509**: The basis is 9.4, the basis rate is 0.21%, the spot price is 4496.8, and the futures price is 4506.2 [1]. - **IH2509**: The basis is 3.5, the basis rate is 0.12%, the spot price is 2976.5, and the futures price is 2980.0 [1]. - **IC2509**: The basis is - 47.1, the basis rate is - 0.67%, the spot price is 7043.9, and the futures price is 6996.8 [1]. - **IM2509**: The basis is - 72.1, the basis rate is - 0.98%, the spot price is 7438.7, and the futures price is 7366.6 [1]. - **TS2512**: The basis is - 0.04, the basis rate is - 0.04%, the spot price is 99.97, and the futures price is 102.42 [1]. - **TF2512**: The basis is 0.05, the basis rate is 0.05%, the spot price is 99.29, and the futures price is 105.52 [1]. - **T2512**: The basis is 0.44, the basis rate is 0.41%, the spot price is 106.25, and the futures price is 107.82 [1]. - **TL2512**: The basis is 0.72, the basis rate is 0.61%, the spot price is 132.09, and the futures price is 116.56 [1].