Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The report presents the latest price information of various commodities and financial futures on August 11, 2025, including ferrous metals, non - ferrous metals, precious metals, agricultural products, energy and chemical products, and stock index and bond futures, along with data such as historical quantiles, basis, and basis rates [1] 3. Summary by Commodity Categories Ferrous Metals - **Silicon Manganese (SM509)**: The spot price is 6070, the futures price is 6046, the basis is 127, and the basis rate is 57.70%, with a historical quantile of 29.10% [1] - **Silicon Iron (SF509)**: The spot price is 5828, the futures price is 5772, the basis is 56, the basis rate is 0.97%, and the historical quantile is 64.10% [1][5] - **Rebar (RB2510)**: The spot price of HRB400 20mm in Shanghai is 3213 [1] - **Hot - Rolled Coil (HC2510)**: The basis is 42, the basis rate is 5.31%, and the historical quantile is 3450 [1] - **Iron Ore (I2509)**: The basis is - 62, the basis rate is - 3.73%, and the historical quantile is 26.81% [1] - **Coke (J2509)**: The basis is - 88, the basis rate is - 7.7%, and the historical quantile is 14.10% [1] - **Coking Coal (JM2601)**: The basis is - 88, the basis rate is - 7.7%, and the historical quantile is 14.10% [1] Non - Ferrous Metals - **Copper (CU2509)**: The spot price is 78530, the futures price is 78490, the basis is 40, the basis rate is 0.05%, and the historical quantile is 47.29% [1] - **Aluminum (AL2509)**: The spot price is 20685, the futures price is 20650, the basis is - 35, the basis rate is - 0.17%, and the historical quantile is 42.50% [1] - **Alumina (AO2509)**: The basis is 80, the basis rate is 2.53%, and the historical quantile is 55.50% [1] - **Zinc (ZN2509)**: The spot price is 22515, the futures price is 22400, the basis is - 40, the basis rate is - 0.51%, and the historical quantile is 24.37% [1] - **Tin (SN2509)**: The spot price is 268000, the futures price is 267780, the basis is 220, the basis rate is 0.08%, and the historical quantile is 54.79% [1] - **Nickel (NI2509)**: The basis is - 30, the basis rate is - 0.02%, and the historical quantile is 54.58% [1] Precious Metals - **Gold (AU2510)**: The spot price is 787.8, the futures price is 783.3, the basis is - 4.5, the basis rate is - 0.58%, and the historical quantile is 7.40% [1] - **Silver (AG2510)**: The spot price is 9278.0, the futures price is 9249.0, the basis is - 29.0, the basis rate is - 0.31%, and the historical quantile is 28.70% [1] Agricultural Products - **Soybean Meal (M2509)**: The spot price is 3094.0, the futures price is 2930, the basis is - 164.0, the basis rate is - 5.30%, and the historical quantile is 16.40% [1] - **Soybean Oil (Y2601)**: The spot price is 8510, the futures price is 8388.0, the basis is 122.0, the basis rate is 1.45%, and the historical quantile is 20.70% [1] - **Palm Oil (P2509)**: The spot price is 9040, the futures price is 8980.0, the basis is 60.0, the basis rate is 0.67%, and the historical quantile is 26.90% [1] - **Rapeseed Meal (RM509)**: The spot price is 2773.0, the futures price is 2620, the basis is - 153.0, the basis rate is - 5.52%, and the historical quantile is 6.00% [1] - **Rapeseed Oil (O1509)**: The spot price is 9700, the futures price is 9574.0, the basis is 126.0, the basis rate is 1.32%, and the historical quantile is 50.00% [1] - **Corn (C2509)**: The spot price is 2300, the futures price is 2255.0, the basis is 45.0, the basis rate is 2.00%, and the historical quantile is 68.60% [1] - **Corn Starch (CS2509)**: The spot price is 2750, the futures price is 2642.0, the basis is 108.0, the basis rate is 4.09%, and the historical quantile is 52.30% [1] - **Live Pigs (H2511)**: The spot price is 14180.0, the futures price is 13850, the basis is - 330.0, the basis rate is - 2.33%, and the historical quantile is 34.60% [1] - **Eggs (JD2509)**: The spot price is 3362.0, the futures price is 2870, the basis is - 492.0, the basis rate is - 14.63%, and the historical quantile is 7.40% [1] - **Cotton (CF509)**: The spot price is 15063, the futures price is 13640.0, the basis is 1423.0, the basis rate is 10.48%, and the historical quantile is 92.40% [1] - **Sugar (SR601)**: The spot price is 6010, the futures price is 5573.0, the basis is 437.0, the basis rate is 7.84%, and the historical quantile is 79.20% [1] - **Apples (AP510)**: The spot price is 8280, the futures price is 8077.0, the basis is 203.0, the basis rate is 2.51%, and the historical quantile is 33.10% [1] - **Red Dates (CJ601)**: The spot price is 11540.0, the futures price is 9300, the basis is - 2240.0, the basis rate is - 19.41%, and the historical quantile is 7.60% [1] Energy and Chemical Products - **Para - Xylene (PX509)**: The spot price is 6946.6, the futures price is 6726.0, the basis is 220.6, the basis rate is 3.28%, and the historical quantile is 84.50% [1] - **PTA (TA509)**: The basis is - 9.0, the basis rate is - 0.19%, and the historical quantile is 48.70% [1] - **Ethylene Glycol (EG2509)**: The spot price is 4465.0, the futures price is 4384.0, the basis is 81.0, the basis rate is 1.85%, and the historical quantile is 87.70% [1] - **Polyester Staple Fiber (PF510)**: The spot price is 6490.0, the futures price is 6382.0, the basis is 108.0, the basis rate is 1.69%, and the historical quantile is 70.20% [1] - **Styrene (EB2509)**: The spot price is 7345.0, the futures price is 7235.0, the basis is 110.0, the basis rate is 1.52%, and the historical quantile is 50.80% [1] - **Methanol (MA509)**: The spot price is 2383.0, the futures price is 2382.0, the basis is - 1.0, the basis rate is - 0.04%, and the historical quantile is 36.70% [1] - **Urea (UR509)**: The spot price is 1780.0, the futures price is 1728.0, the basis is 52.0, the basis rate is 3.01%, and the historical quantile is 28.20% [1] - **LLDPE (L2509)**: The spot price is 7300.0, the futures price is 7290.0, the basis is 10.0, the basis rate is 0.14%, and the historical quantile is 22.90% [1] - **PP (PP2509)**: The spot price is 7120.0, the futures price is 7062.0, the basis is 58.0, the basis rate is 0.82%, and the historical quantile is 38.60% [1] - **PVC (V2509)**: The spot price is 4993.0, the futures price is 4910.0, the basis is - 83.0, the basis rate is - 1.66%, and the historical quantile is 60.00% [1] - **Caustic Soda (SH509)**: The basis is 54.0, the basis rate is 2.21%, and the historical quantile is 56.20% [1] - **LPG (PG2509)**: The spot price is 4348.0, the futures price is 3774.0, the basis is 574.0, the basis rate is 15.21%, and the historical quantile is 73.90% [1] - **Asphalt (BU2510)**: The spot price is 3760.0, the futures price is 3478.0, the basis is 282.0, the basis rate is 8.11%, and the historical quantile is 88.10% [1] - **Butadiene Rubber (BR2509)**: The basis is - 15.0, the basis rate is - 0.13%, and the historical quantile is 28.10% [1] - **Glass (FG509)**: The spot price is 1104.0, the futures price is 1063.0, the basis is 41.0, the basis rate is 3.71%, and the historical quantile is 78.99% [1] - **Soda Ash (SA601)**: The basis is - 93.0, the basis rate is - 7.51%, and the historical quantile is 5.25% [1] - **Natural Rubber (RU2601)**: The spot price is 15550.0, the futures price is 14500.0, the basis is - 1050.0, the basis rate is - 7.24%, and the historical quantile is 26.04% [1] Stock Index and Bond Futures - **IF2509**: The spot price is 4105.0, the futures price is 4083.2, the basis is - 21.8, the basis rate is - 0.58%, and the historical quantile is 20.40% [1] - **IH2509**: The spot price is 2789.2, the futures price is 2785.4, the basis is - 3.8, the basis rate is - 0.14%, and the historical quantile is 39.70% [1] - **IC2509**: The spot price is 6323.5, the futures price is 6227.0, the basis is - 96.5, the basis rate is - 1.53%, and the historical quantile is 3.30% [1] - **IM2509**: The spot price is 6838.1, the futures price is 6735.0, the basis is - 103.1, the basis rate is - 1.53%, and the historical quantile is 52.00% [1] - **2 - Year Bond (TS2509)**: The spot price is 102.37, the futures price is 100.31, the basis is 0.03, the basis rate is 0.03%, and the historical quantile is 36.30% [1] - **5 - Year Bond (TF2509)**: The basis is 0.07, the basis rate is 0.07%, and the historical quantile is 37.30% [1] - **10 - Year Bond (T2509)**: The basis is 0.07, the basis rate is 0.06%, and the historical quantile is 23.70% [1] - **30 - Year Bond (TL2509)**: The basis is 0.29, the basis rate is 0.29%, and the historical quantile is 40.20% [1]

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - The report presents a daily spread report for all varieties on June 27, 2025, including data on various commodities such as metals, agricultural products, energy, and chemical products, with details on spot prices, futures prices, basis, basis rates, and historical quantiles [1][3]. 3. Summary by Categories Metals - **Ferrous Metals**: For silicon iron (SF509), the spot price is 5528, the futures price is 5384, the basis is 144, and the basis rate is 2.67% with a historical quantile of 76.30%. For silicon manganese (SM509), the spot price is 5676, the futures price is 5790, the basis is -114, and the basis rate is -2.01% with a historical quantile of 45.50%. Similar data is provided for other ferrous metals like螺纹钢 (RB2510), 热卷 (HC2510), 铁矿石 (I2509), 焦炭 (J2509), and 焦煤 (JM2509) [1]. - **Non - Ferrous Metals**: For copper (CU2508), the spot price is 78940, the futures price is 78890, the basis is 50, and the basis rate is 0.06% with a historical quantile of 46.66%. For aluminum (AL2508), the spot price is 20610, the futures price is 20445, the basis is 165, and the basis rate is 0.81% with a historical quantile of 85.41%. Other non - ferrous metals such as zinc (ZN2508), tin (SN2508), nickel (NI2508), stainless steel (SS2508), and lithium carbonate (LC2509) also have their respective data presented [1]. - **Precious Metals**: For gold (AU2508), the spot price is 775.3, the futures price is 773.3, the basis is 2.0, and the basis rate is 0.26% with a historical quantile of 40.10%. For silver (AG2508), the spot price is 8796.0, the futures price is 8773.0, the basis is 23.0, and the basis rate is 0.26% with a historical quantile of 32.70% [1]. Agricultural Products - For soybean meal (M2509), the spot price is 2936.0, the futures price is 2820, the basis is 116.0, and the basis rate is 3.95% with a historical quantile of 12.90%. For soybean oil (Y2509), the spot price is 8140, the futures price is 8000.0, the basis is 140.0, and the basis rate is 1.75% with a historical quantile of 20.00%. Other agricultural products like palm oil (P2509), rapeseed meal (RM509), rapeseed oil (O1509), corn (C2509), corn starch (CS2509), live pigs (LH2509), eggs (JD2508), cotton (CF509), sugar (SR509), apples (AP510), and jujubes (CJ509) are also covered [1]. Energy and Chemicals - For p - xylene (PX509), the spot price is 6959.7, the futures price is 6722.0, the basis is 237.7, and the basis rate is 3.54% with a historical quantile of 87.90%. For PTA (TA509), the spot price is 5030.0, the futures price is 4770.0, the basis is 260.0, and the basis rate is 5.45% with a historical quantile of 84.90%. Other energy and chemical products such as ethylene glycol (EG2509), styrene (EB2508), methanol (MA509), urea (UR509), LLDPE (L2509), PP (PP2509), PVC (V2509), caustic soda (SH209), LPG (PG2508), asphalt (BU2509), butadiene rubber (BR2508), glass (FG509), and soda ash (SA509) are included in the report [1]. Financial Futures - For stock index futures such as IF2509.CFF, the spot price is 3946.0, the futures price is 3904.2, the basis is - 41.8, and the basis rate is - 1.07% with a historical quantile of 6.70%. For bond futures like 2 - year bond (TS2509), 5 - year bond (TF2509), 10 - year bond (T2509), and 30 - year bond (TL2509), their respective data on spot prices, futures prices, bases, basis rates, and historical quantiles are provided [1].