Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report No information provided. 3) Summary by Related Catalogs Ferrous Metals - For silicon iron (SF603), the spot price is 5648, the futures price is 5548, and the basis is 100 [1]. - For silicon manganese (SM603), the spot price is 5808, the futures price is 5970, and the basis is -162 [1]. - For rebar (RB2605), the spot price is 3290, the futures price is 3140, and the basis is 150 [1]. - For hot - rolled coil (HC2605), the spot price is 3280, the futures price is 3299, and the basis is -19 [1]. - For iron ore (I2605), the spot price is 852, the futures price is 794, and the basis is 58 [1]. - For coke (J2605), the spot price is 1734, the futures price is 1721, and the basis is 13 [1]. - For coking coal (JM2605), the spot price is 1175, the futures price is 1156, and the basis is 19 [1]. Non - Ferrous Metals - For copper (CU2603), the spot price is 100940, the futures price is 101180, and the basis is -240 [1]. - For aluminum (AL2603), the spot price is 23870, the futures price is 24090, and the basis is -220 [1]. - For alumina (AO2605), the spot price is 2733, the futures price is 2641, and the basis is 92 [1]. - For zinc (ZN2603), the spot price is 24450, the futures price is 24350, and the basis is 100 [1]. - For tin (SN2602), the spot price is 389800, the futures price is 389500, and the basis is 300 [1]. - For stainless steel (SS2603), the spot price is 14470, the futures price is 14305, and the basis is 165 [1]. - For lithium carbonate (LC2605), the spot price is 151000, the futures price is 147260, and the basis is 3740 [1]. - For industrial silicon (SI2605), the spot price is 9250, the futures price is 8845, and the basis is 405 [1]. Precious Metals - For gold (AU2604), the spot price is 1045.3, the futures price is 1048.9, and the basis is -3.6 [1]. - For silver (AG2604), the spot price is 23189.0, the futures price is 23136.0, and the basis is 53.0 [1]. Agricultural Products - For soybean meal (M2605), the spot price is 3080, the futures price is 2727.0, and the basis is 353.0 [1]. - For soybean oil (V2605), the spot price is 8450, the futures price is 7996.0, and the basis is 454.0 [1]. - For palm oil (P2605), the spot price is 8648.0, the futures price is 8620, and the basis is -28.0 [1]. - For rapeseed meal (RM2605), the spot price is 2390, the futures price is 2221.0, and the basis is 169.0 [1]. - For rapeseed oil (OI2605), the spot price is 9780, the futures price is 8902.0, and the basis is 878.0 [1]. - For corn (C2603), the spot price is 2355, the futures price is 2281.0, and the basis is 74.0 [1]. - For corn starch (CS2603), the spot price is 2620, the futures price is 2555.0, and the basis is 65.0 [1]. - For live pigs (H2603), the spot price is 13400, the futures price is 11705.0, and the basis is 1695.0 [1]. - For eggs (JD2603), the spot price is 3510, the futures price is 3023.0, and the basis is 487.0 [1]. - For cotton (CF2605), the spot price is 15650, the futures price is 14545.0, and the basis is 1105.0 [1]. - For white sugar (SR2605), the spot price is 5390, the futures price is 5244.0, and the basis is 146.0 [1]. - For apples (AP2605), the spot price is 9400, the futures price is 9345.0, and the basis is 55.0 [1]. - For red dates (CJ2605), the spot price is 8815.0, the futures price is 8000, and the basis is 815.0 [1]. Energy and Chemicals - For p - xylene (PX2603), the spot price is 7106.0, the futures price is 7055.0, and the basis is 51.0 [1]. - For PTA (TA2605), the spot price is 5030.0, the futures price is 4975.0, and the basis is 55.0 [1]. - For ethylene glycol (EG2605), the spot price is 3755.0, the futures price is 3635.0, and the basis is 120.0 [1]. - For polyester staple fiber (PF2603), the spot price is 6435.0, the futures price is 6398.0, and the basis is 37.0 [1]. - For styrene (EB2602), the spot price is 7430.0, the futures price is 7295.0, and the basis is 135.0 [1]. - For methanol (MA2605), the spot price is 2212.0, the futures price is 2207.0, and the basis is 5.0 [1]. - For urea (UR2605), the spot price is 1772.0, the futures price is 1750.0, and the basis is 22.0 [1]. - For LLDPE (L2605), the spot price is 6750.0, the futures price is 6667.0, and the basis is 83.0 [1]. - For PP (PP2605), the spot price is 6575.0, the futures price is 6482.0, and the basis is 93.0 [1]. - For PVC (V2605), the spot price is 4801.0, the futures price is 4560.0, and the basis is 241.0 [1]. - For caustic soda (SH2603), the spot price is 2005.0, the futures price is 1984.0, and the basis is 21.0 [1]. - For LPG (PG2603), the spot price is 4998.0, the futures price is 4092.0, and the basis is 906.0 [1]. - For asphalt (BU2603), the spot price is 3142.0, the futures price is 3080.0, and the basis is -62.0 [1]. - For butadiene rubber (BR2603), the spot price is 11800.0, the futures price is 11605.0, and the basis is 195.0 [1]. - For glass (FG2605), the spot price is 936.0, the futures price is 1070.0, and the basis is -134.0 [1]. - For soda ash (SA2605), the spot price is 1142.0, the futures price is 1192.0, and the basis is -50.0 [1]. - For natural rubber (RU2605), the spot price is 15745.0, the futures price is 15500.0, and the basis is -245.0 [1]. Financial Futures - For IF2603.CFF, the spot price is 4734.5, the futures price is 4728.6, and the basis is -5.9 [1]. - For IH2603.CFE, the spot price is 3075.9, the futures price is 3077.6, and the basis is 1.7 [1]. - For IC2603.CFE, the spot price is 8287.9, the futures price is 8266.0, and the basis is -21.9 [1]. - For IM2603.CFE, the spot price is 8265.6, the futures price is 8186.6, and the basis is -79.0 [1]. - For 2 - year treasury bond (TS2603), the spot price is 102.40, the futures price is 100.09, and the basis is 0.01 (after considering conversion factor) [1]. - For 5 - year treasury bond (TF2603), the spot price is 105.78, the futures price is 99.55, and the basis is 0.07 (after considering conversion factor) [1]. - For 10 - year treasury bond (T2603), the spot price is 108.04, the futures price is 100.42, and the basis is 0.06 (after considering conversion factor) [1]. - For 30 - year treasury bond (TL2603), the spot price is 125.30, the futures price is 110.91, and the basis is 0.35 (after considering conversion factor) [1].

Report Overview - The report is a daily spread report on all varieties dated December 31, 2025, with investment consulting business qualification (Certificate No. [2011] 1292) [2] Commodity Analysis Ferrous Metals - **Silicon Iron (SF603)**: Futures price is 5750, the spot price is 5678, the basis is -72, the basis rate is -1.29%, and the historical quantile is 48.60% [1] - **Silicon Manganese (SM603)**: Futures price is 5942, the basis is -0.37%, and the historical quantile is 21.60% [1] - **Rebar (RB2605)**: Futures price is 3134, the spot price is 3300, the basis is 166, the basis rate is 5.30%, and the historical quantile is 66.60% [1] - **Hot Rolled Coil (HC2605)**: Futures price is 3282, the basis is 17.70%, and the historical quantile is not provided [1] - **Iron Ore (I2605)**: Futures price is 870, the spot price is 789, the basis is -81, the basis rate is -10.22%, and the historical quantile is 61.00% [1] - **Coke (J2605)**: Futures price is 1715, the spot price is 1713, the basis is -2, the basis rate is -0.14%, and the historical quantile is 63.40% [1] - **Coking Coal (JM2605)**: Futures price is 1156, the spot price is 1120, the basis is 37, the basis rate is 3.26%, and the historical quantile is 36.70% [1] Non - Ferrous Metals - **Copper (CU2602)**: Futures price is 97620, the spot price is 98090, the basis is -470, the basis rate is -0.48%, and the historical quantile is 14.37% [1] - **Aluminum (AL2602)**: Futures price is 22180, the spot price is 22565, the basis is -385, the basis rate is -1.71%, and the historical quantile is 0.41% [1] - **Alumina (AO2605)**: Futures price is 2701, the spot price is 2751, the basis is -50, the basis rate is -1.82%, and the historical quantile is 17.62% [1] - **Zinc (ZN2602)**: Futures price is 23230, the spot price is 23380, the basis is -150, the basis rate is -0.64%, and the historical quantile is 23.95% [1] - **Tin (SN2602)**: Futures price is 323500, the spot price is 326330, the basis is -2830, the basis rate is -0.87%, and the historical quantile is 8.95% [1] - **Nickel (NI2602)**: Futures price is 129300, the spot price is 132390, the basis is -3090, the basis rate is 0.62%, and the historical quantile is 400 (not clear if this is correct format) [1] - **Stainless Steel (SS2602)**: Futures price is 13090, the spot price is 13320, the basis is 230, the basis rate is 1.76%, and the historical quantile is 42.91% [1] - **Lithium Carbonate (LC2605)**: Futures price is 118000, the spot price is 121580, the basis is -3580, the basis rate is -2.94%, and the historical quantile is 13.21% [1] - **Industrial Silicon (SIS605)**: Futures price is 335, the spot price is 9250, the basis is 8915, the basis rate is 19.96%, and the historical quantile is not provided [1] Precious Metals - **Gold (AU2602)**: Futures price is 982.2, the spot price is 984.8, the basis is -2.6, the basis rate is -0.27%, and the historical quantile is 29.40% [1] - **Silver (AG2604)**: Futures price is 18119.0, the spot price is 18140.0, the basis is -21.0, the basis rate is -0.12%, and the historical quantile is 49.40% [1] Agricultural Products - **Soybean Meal (M5605)**: Futures price is 2778.0, the spot price is 3060, the basis is 282.0, the basis rate is 10.15%, and the historical quantile is 67.90% [1] - **Soybean Oil (A5e02)**: Futures price is 7878.0, the spot price is 8300, the basis is 422.0, the basis rate is 5.36%, and the historical quantile is 73.30% [1] - **Palm Oil (P2605)**: Futures price is 8620, the spot price is 8658.0, the basis is -38.0, the basis rate is -0.44%, and the historical quantile is 15.50% [1] - **Rapeseed Meal (RM605)**: Futures price is 2403.0, the spot price is 2550, the basis is 147.0, the basis rate is 6.12%, and the historical quantile is 75.90% [1] - **Rapeseed Oil (Oleos)**: Futures price is 9086.0, the spot price is 9820, the basis is 734.0, the basis rate is 8.08%, and the historical quantile is 94.60% [1] - **Corn (C2603)**: Futures price is 2230.0, the spot price is 2330, the basis is 100.0, the basis rate is 4.48%, and the historical quantile is 88.70% [1] - **Corn Starch (CS2603)**: Futures price is 2526.0, the spot price is 2620, the basis is 94.0, the basis rate is 3.72%, and the historical quantile is 42.90% [1] - **Live Hogs (H2603)**: Futures price is 11790.0, the spot price is 12500, the basis is 710.0, the basis rate is 6.02%, and the historical quantile is 68.50% [1] - **Eggs (JD2602)**: Futures price is 2910, the spot price is 2938.0, the basis is -28.0, the basis rate is -0.99%, and the historical quantile is 36.80% [1] - **Cotton (CF605)**: Futures price is 14560.0, the spot price is 15384, the basis is 824.0, the basis rate is 5.66%, and the historical quantile is 34.80% [1] - **Sugar (SR605)**: Futures price is 5258.0, the spot price is 5420, the basis is 162.0, the basis rate is 3.08%, and the historical quantile is 0.00% [1] - **Apples (AP605)**: Futures price is 9200, the spot price is 9200, the basis is 0.0, the basis rate is 23.70%, and the historical quantile is not provided [1] - **Red Dates (CJ605)**: Futures price is 8300, the spot price is 9020.0, the basis is -720.0, the basis rate is -7.98%, and the historical quantile is 58.30% [1] Energy and Chemicals - **Paraxylene (PX603)**: Futures price is 7316.0, the spot price is 7203.0, the basis is -113.0, the basis rate is -1.54%, and the historical quantile is 9.20% [1] - **PTA (TA605)**: Futures price is 5144.0, the spot price is 5100.0, the basis is 44.0, the basis rate is -0.80%, and the historical quantile is 40.00% [1] - **Ethylene Glycol (EG2605)**: Futures price is 3847.0, the spot price is 3710.0, the basis is -137.0, the basis rate is -3.56%, and the historical quantile is 9.60% [1] - **Polyester Staple Fiber (PF602)**: Futures price is 6564.0, the spot price is 6540.0, the basis is -24.0, the basis rate is -0.37%, and the historical quantile is 34.90% [1] - **Styrene (EB2602)**: Futures price is 6860.0, the spot price is 6781.0, the basis is 79.0, the basis rate is 1.17%, and the historical quantile is 46.50% [1] - **Methanol (MA605)**: Futures price is 2219.0, the spot price is 2182.0, the basis is -37.0, the basis rate is -1.67%, and the historical quantile is 15.60% [1] - **Urea (UR605)**: Futures price is 1743.0, the spot price is 1710.0, the basis is -33.0, the basis rate is -1.89%, and the historical quantile is 7.80% [1] - **LLDPE (L2605)**: Futures price is 6461.0, the spot price is 6365.0, the basis is -96.0, the basis rate is -1.49%, and the historical quantile is 3.90% [1] - **PP (PP2605)**: Futures price is 6321.0, the spot price is 6275.0, the basis is -46.0, the basis rate is -0.73%, and the historical quantile is 14.40% [1] - **PVC (V2605)**: Futures price is 4810.0, the spot price is 4500.0, the basis is -310.0, the basis rate is -6.44%, and the historical quantile is 5.80% [1] - **Caustic Soda (SH603)**: Futures price is 2196.9, the spot price is 2273.0, the basis is -76.1, the basis rate is -3.35%, and the historical quantile is 31.80% [1] - **LPG (PG2602)**: Futures price is 4528.0, the spot price is 4097.0, the basis is 431.0, the basis rate is 10.52%, and the historical quantile is 61.90% [1] - **Asphalt (BU2602)**: Futures price is 3038.0, the spot price is 2940.0, the basis is -98.0, the basis rate is -3.23%, and the historical quantile is 30.50% [1] - **Butadiene Rubber (BR2602)**: Futures price is 11565.0, the spot price is 11500.0, the basis is -65.0, the basis rate is -0.56%, and the historical quantile is 22.80% [1] - **Float Glass (FG605)**: Futures price is 896.0, the spot price is 1051.0, the basis is -155.0, the basis rate is -17.30%, and the historical quantile is 8.19% [1] - **Soda Ash (SA605)**: Futures price is 1122.0, the spot price is 1181.0, the basis is -59.0, the basis rate is -5.26%, and the historical quantile is 18.69% [1] - **Natural Rubber (RU2605)**: Futures price is 15300.0, the spot price is 15670.0, the basis is -370.0, the basis rate is -2.42%, and the historical quantile is 74.89% [1] Financial Futures - **IF2603.CFF**: Futures price is 4651.3, the spot price is 4622.2, the basis is 29.1, the basis rate is 0.63%, and the historical quantile is 14.20% [1] - **IH2603.CFE**: Futures price is 3036.6, the spot price is 3035.4, the basis is 1.2, the basis rate is 0.04%, and the historical quantile is 49.70% [1] - **IC2603.CFE**: Futures price is 7458.9, the spot price is 7381.0, the basis is 77.9, the basis rate is 1.06%, and the historical quantile is 6.80% [1] - **IM2603.CFE**: Futures price is 7459.2, the spot price is 7597.3, the basis is -138.1, the basis rate is 1.85%, and the historical quantile is 10.60% [1] - **2 - Year Bond (152603)**: Futures price is 100.13, the spot price is 102.48, the basis is -2.35 (calculated), the basis rate is -1.85%, and the historical quantile is 17.80% [1] - **5 - Year Bond (TF2603)**: Futures price is 105.81, the spot price is 99.51, the basis is -6.3 (calculated), the basis rate is 0.07%, and the historical quantile is 17.90% [1] - **10 - Year Bond (T2603)**: Futures price is 107.94, the spot price is 100.31, the basis is -7.63 (calculated), the basis rate is 0.06%, and the historical quantile is 22.70% [1] - **30 - Year Bond (TL2603)**: Futures price is 126.22, the spot price is 111.80, the basis is -14.42 (calculated), the basis rate is 0.27%, and the historical quantile is 42.50% [1]