期货日报网讯10月20日，大商所发布公告称，经中国证监会同意，自2025年10月28日晚夜盘交易时起， 大商所将扩大合格境外机构投资者和人民币合格境外机构投资者(统称"合格境外投资者")可交易品种范 围，新增开放线型低密度聚乙烯、聚氯乙烯和聚丙烯月均价期货合约。 ...

Report Information - Report Date: October 13, 2025 [2] - Report Title: All-variety Spread Daily Report [2] Core Data Summary Ferrous Metals - **Silicon Manganese (SM601)**: Spot price is 5950, futures price is 5760, basis is 190, basis rate is 4.74%, historical quantile is 62.70% [1] - **Rebar (RB2601)**: Spot price is 3250, futures price is 3103 [1] - **Hot Rolled Coil (HC2601)**: Spot price is 3350, futures price is 3285, basis is 45.70%, historical quantile is 6.81% [1] - **Iron Ore (I2601)**: Discounted price of 62.5% Brazilian mixed powder at Rizhao Port, futures price data available [1] - **Coke (J2601)**: Spot price is 1667, futures price is 1570, change is -96, change rate is -5.78%, historical quantile is 14.98% [1] - **Coking Coal (JM2601)**: Discounted price of S1.3 G75 main coking coal (Meng 5) at Shaheyi, spot price is 1161, futures price is 1176, historical quantile is 27.10% [1] Non-ferrous Metals - **Copper (CU2511)**: Spot price is 86680, futures price is 85910, basis is 96.04%, historical quantile is 0.90% [1] - **Aluminum (AL2511)**: Spot price is 20980, futures price is 20980, basis is 0, historical quantile is 58.95% [1] - **Alumina (AO2601)**: Spot price is 2965, futures price is 2856, basis is -0.18%, historical quantile is 3.81% [1] - **Zinc (ZN2511)**: Spot price is 22270, futures price is 22230, basis is -40, historical quantile is 51.04% [1] - **Tin (SN2511)**: Spot price is 287400, futures price is 286350, basis is 0.37%, historical quantile is 79.58% [1] - **Nickel (NI2511)**: Spot price is 123050, futures price is 122180, basis is 0.71%, historical quantile is 88.95% [1] - **Stainless Steel (SS2512)**: Spot price is 13270, futures price is 12780, basis is 490, historical quantile is 89.48% [1] - **Lithium Carbonate (LC2511)**: Spot price is 73550, futures price is 72740, basis is 67.84% [1] - **Industrial Silicon (SI2511)**: Spot price is 9450, futures price is 8682, basis is 8.81%, historical quantile is 52.76% [1] Precious Metals - **Gold (AU2512)**: Spot price is 901.6, futures price is 897.7, basis is -3.8, basis rate is -0.42%, historical quantile is 14.10% [1] - **Silver (AG2512)**: Spot price is 11082.0, futures price is 11059.0, basis is -23.0, basis rate is -0.21%, historical quantile is 40.20% [1] Agricultural Products - **Soybean Meal (M2601)**: Spot price is 2900, futures price is 2922.0, basis is -22.0, basis rate is -0.75%, historical quantile is 31.70% [1] - **Soybean Oil (Y2601)**: Spot price is 8460, futures price is 8302.0, basis is 158.0, basis rate is 1.90%, historical quantile is 32.00% [1] - **Palm Oil (P2601)**: Spot price is 9438.0, futures price is 9420, basis is -18.0, basis rate is -0.19%, historical quantile is 16.60% [1] - **Rapeseed Meal (RM601)**: Spot price is 2510, futures price is 2391.0, basis is 119.0, basis rate is 4.98%, historical quantile is 67.50% [1] - **Rapeseed Oil (OI601)**: Spot price is 10370, futures price is 10061.0, basis is 309.0, basis rate is 3.07%, historical quantile is 80.60% [1] - **Corn (C2511)**: Spot price is 2170, futures price is 2125.0, basis is 45.0, basis rate is 2.12%, historical quantile is 64.10% [1] - **Corn Starch (CS2511)**: Spot price is 2560, futures price is 2432.0, basis is 128.0, basis rate is 5.26%, historical quantile is 65.10% [1] - **Live Pigs (H2511)**: Spot price is 11200, futures price is 11320.0, basis is -120.0, basis rate is -1.06%, historical quantile is 39.00% [1] - **Eggs (JD2511)**: Spot price is 2806.0, futures price is 2780, basis is -26.0, basis rate is -0.98%, historical quantile is 39.50% [1] - **Cotton (CF601)**: Spot price is 14630, futures price is 13325.0, basis is 1305.0, basis rate is 9.79%, historical quantile is 86.50% [1] - **Sugar (SR601)**: Spot price is 5870, futures price is 5496.0, basis is 374.0, basis rate is 6.80%, historical quantile is 65.50% [1] - **Apples (AP601)**: Spot price is 8744.0, futures price is 8600, basis is -144.0, basis rate is -1.65%, historical quantile is 11.90% [1] - **Red Dates (CJ601)**: Spot price is 11145.0, futures price is 9500, basis is -1645.0, basis rate is -14.76%, historical quantile is 27.60% [1] Energy and Chemicals - **Para-xylene (PX511)**: Spot price is 6553.1, futures price is 6504.0, basis is 49.1, basis rate is -1.64%, historical quantile is 12.50% [1] - **PTA (TA601)**: Spot price is 4534.0, futures price is 4480.0, basis is -54.0, basis rate is -1.99%, historical quantile is 20.00% [1] - **Ethylene Glycol (EG2601)**: Spot price is 4165.0, futures price is 4100.0, basis is 65.0, basis rate is 1.02%, historical quantile is 75.40% [1] - **Polyester Staple Fiber (PF511)**: Spot price is 6370.0, futures price is 6200.0, basis is 170.0, basis rate is 2.15%, historical quantile is 74.00% [1] - **Styrene (EB2511)**: Spot price is 6775.0, futures price is 6743.0, basis is 32.0, basis rate is 4.43%, historical quantile is 75.10% [1] - **Methanol (MA601)**: Spot price is 2307.0, futures price is 2225.0, basis is -82.0, basis rate is 0.95%, historical quantile is 53.80% [1] - **Urea (UR601)**: Spot price is 1550.0, futures price is 1597.0, basis is -47.0, basis rate is -2.25%, historical quantile is 5.30% [1] - **LLDPE (L2601)**: Spot price is 7100.0, futures price is 7037.0, basis is 63.0, basis rate is 1.82%, historical quantile is 56.50% [1] - **PP (PP2601)**: Spot price is 6755.0, futures price is 6722.0, basis is 33.0, basis rate is 1.34%, historical quantile is 47.80% [1] - **PVC (V2601)**: Spot price is 4735.0, futures price is 4640.0, basis is -95.0, basis rate is -3.74%, historical quantile is 32.10% [1] - **Caustic Soda (SH601)**: Spot price is 2546.9, futures price is 2470.0, basis is 76.9, basis rate is 5.13%, historical quantile is 70.60% [1] - **LPG (PG2511)**: Spot price is 4548.0, futures price is 4070.0, basis is 478.0, basis rate is 6.44%, historical quantile is 47.60% [1] - **Asphalt (BU2511)**: Spot price is 3490.0, futures price is 3328.0, basis is 162.0, basis rate is 10.82%, historical quantile is 93.20% [1] - **Butadiene Rubber (BR2511)**: Spot price is 11500.0, futures price is 11220.0, basis is 280.0, basis rate is 2.67%, historical quantile is 61.10% [1] - **Glass (FG601)**: Spot price is 1207.0, futures price is 1128.0, basis is -79.0, basis rate is -7.00%, historical quantile is 43.90% [1] - **Soda Ash (SA601)**: Spot price is 1240.0, futures price is 1160.0, basis is -80.0, basis rate is -6.90%, historical quantile is 14.07% [1] - **Natural Rubber (RU2601)**: Spot price is 15315.0, futures price is 14650.0, basis is -665.0, basis rate is -4.54%, historical quantile is 59.91% [1] Financial Futures - **IF2512.CFE**: Spot price is 4616.8, futures price is 4592.2, basis is -24.6, basis rate is -0.54%, historical quantile is 18.00% [1] - **IH2512.CFE**: Spot price is 2975.8, futures price is 2974.9, basis is 0.9, basis rate is 0.03%, historical quantile is 62.00% [1] - **IC2512.CFE**: Spot price is 7398.2, futures price is 7266.0, basis is -132.2, basis rate is -1.82%, historical quantile is 0.60% [1] - **IM2512.CFE**: Spot price is 7533.8, futures price is 7340.4, basis is -193.4, basis rate is -2.64%, historical quantile is 4.20% [1] - **2-year Treasury Bond (TS2512)**: Spot price is 102.35, futures price is 0.00, conversion factor is 0.9765, basis is 0.00, basis rate is 0.00%, historical quantile is 27.20% [1] - **5-year Treasury Bond (TF2512)**: Spot price is 105.66, futures price is 99.37, conversion factor is 0.9405, basis is 0.09, basis rate is 0.00%, historical quantile is 27.70% [1] - **10-year Treasury Bond (T2512)**: Spot price is 107.96, futures price is 100.11, conversion factor is 0.9264, basis is 0.10, basis rate is 0.09%, historical quantile is 27.70% [1] - **30-year Treasury Bond (TL2512)**: Spot price is 128.87, futures price is 114.02, conversion factor is 1.1271, basis is 0.35, basis rate is 0.31%, historical quantile is 50.80% [1] Other Metals - **Silicon Ferrosilicon (SF511)**: Spot price is 5436, futures price is 5578, basis is 142, basis rate is 2.61%, historical quantile is 75.30% [5]

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core View There is no clear core view presented in the given content. It mainly provides a comprehensive list of price and related data for various commodities and financial products. 3. Summary by Categories Metals - **Ferrous Metals**: For silicon iron (SF51), the futures price is 5678 with a 0.75% change, and the spot price is 5700 with a -0.39% change. For silicon manganese (SM601), the futures price is 5906 with a 33.30% change. Other ferrous metals like螺纹钢 (RB2601), hot - rolled coil (HC2601), etc., also have their respective price and change data [1]. - **Non - ferrous Metals**: Copper (CU2510) has a futures price of 80940 and a spot price of 80940. Aluminum (AL2510) has a futures price of 20950 and a spot price of 21020 with a -0.33% change. Other non - ferrous metals such as zinc, tin, nickel, etc., also show different price and change situations [1]. - **Precious Metals**: Gold (AU2510) has a futures price of 831.6 and a spot price of 828.0 with a -0.43% change. Silver (AG2510) has a futures price of 10017.0 and a spot price of 9994.0 with a -0.23% change [1]. Agricultural Products - **Oilseeds and Oils**: Soybean meal (M2601) has a futures price of 2960 and a spot price of 3042.0 with a -2.70% change. Soybean oil (Y2601) has a futures price of 8376.0 and a spot price of 8500 with a 1.48% change. Other agricultural products like palm oil, rapeseed meal, etc., also have their price and change data [1]. - **Grains and Others**: Corn (C2511) has relevant price and change information, as well as corn starch (CS2511), eggs (JD2511), cotton (CF601), etc. [1]. Energy and Chemicals - For p - xylene (PX511), the futures price is 6883.1 and the spot price is 6778.0 with a 1.55% change. PTA (TA601), ethylene glycol (EG2601), and other energy - chemical products also have their respective price and change details [1]. Financial Products - **Stock Index Futures**: IF2509.CFE has a futures price of 4533.1 and a spot price of 4527.8 with a -0.12% change. Other stock index futures like IH2509.CFE, IC2509.CFE, etc., also show different price and change situations [1]. - **Treasury Bond Futures**: 2 - year bond (TS2512) has a futures price of 102.37 and a spot price of 99.94 with a -0.02 change. 5 - year bond (TF2512) and 10 - year bond (T2512) also have their price and change data [1].

Core Insights - The Chinese futures market is experiencing robust growth with an increasing variety of products and a more comprehensive system, covering major sectors of the national economy and making progress in areas like international openness and national development [1][3][4] - There is a need for further improvement in areas such as green products, technology-related derivatives, and foreign exchange futures compared to mature overseas markets [1][7] Product Innovation - As of September 12, 2025, there are 157 listed futures and options in China, covering various sectors including agriculture, metals, energy, chemicals, construction materials, shipping, and finance [1] - Recent innovations include the launch of the world's first cultural paper financial derivative, the futures and options for coated printing paper, and the first recycled commodity futures and options for casting aluminum alloy [1][2] - The China Securities Regulatory Commission has approved several new products, including monthly average price futures for linear low-density polyethylene, polyvinyl chloride, and polypropylene, marking a significant expansion in the domestic commodity futures market [2] Strategic Development - The introduction of strategic futures products enhances the market's ability to serve national development strategies, helping enterprises hedge market risks and stabilize operations [3][4] - The futures market is increasingly integrated into national development goals, contributing to food security and rural revitalization through innovative models like "insurance + futures" [3][4] Market Structure and Internationalization - The structure of the futures market is becoming more diverse, effectively meeting the personalized needs of various enterprises, especially in the context of complex macro trade situations [4][6] - The number of futures and options available to qualified foreign investors has expanded to over 90, indicating a growing internationalization of the market [3][6] Policy and Regulatory Support - The rapid development of the futures market is supported by strong policy backing and precise guidance, with the State Council's 2024 opinions providing a framework for high-quality development [6][7] - The market's depth and breadth are continuously improving, with increasing recognition among enterprises of the importance of using futures tools for risk management [6] Future Directions - There is a call for the introduction of futures products that align with high-quality economic transformation, particularly in green energy, carbon emissions, and digital economy sectors [9][10] - The market is expected to play a crucial role in managing financial risks and supporting the internationalization of the RMB, with hopes for the quick launch of RMB foreign exchange futures [10]

Core Insights - The Chinese futures market is experiencing robust growth, with an increasing variety of products and a more comprehensive system, covering major sectors of the national economy [1][2] - There is a need for further development in areas such as green products, technology-related derivatives, and foreign exchange futures compared to mature overseas markets [1][6] - The introduction of innovative futures products is essential for supporting high-quality economic transformation and stabilizing industrial chains [1][3] Product Innovation - As of September 12, 2025, there are 157 listed futures and options products in China, spanning agriculture, metals, energy, chemicals, construction materials, shipping, and finance [1] - Recent innovations include the launch of the world's first cultural paper financial derivatives and the first futures and options for recycled aluminum alloy [1][2] - The China Securities Regulatory Commission has approved several new products, including monthly average price futures for various plastics, indicating a growing diversity in the futures market [2] Strategic Development - The launch of strategic futures products enhances the market's ability to support national development strategies, helping enterprises hedge market risks and stabilize operations [3][4] - The futures market is increasingly integrated into national development goals, contributing to food security and rural revitalization through innovative models like "insurance + futures" [3][4] - The market's openness has expanded, with over 90 futures and options products available for qualified foreign investors [3] Policy and Regulatory Support - The rapid development of the futures market is supported by strong policy backing and collaboration among various stakeholders [4][6] - The State Council's guidelines emphasize the core functions of the futures market in serving the real economy and national strategies, providing a framework for innovation [4][6] - The recognition of the importance of futures tools for risk management among enterprises is growing, laying a solid foundation for further innovation [4] Internationalization and Global Trends - The internationalization of the futures market is progressing, with an increasing number of products covering energy, metals, and agriculture [6] - The cancellation of foreign ownership limits for futures companies has allowed for greater foreign investment [6] - Observing global trends, there is a push for the development of green and technology-related futures products in China, inspired by successful models in overseas markets [7][8] Future Directions - Recommendations for future product development include focusing on green electricity futures, carbon emission rights futures, and derivatives related to new energy and high-value products [8][9] - The need for a more diverse range of risk management tools is emphasized, particularly in light of the evolving macroeconomic landscape [4][6] - The importance of balancing innovation with regulatory oversight is highlighted, ensuring that the futures market can effectively manage risks while fostering growth [9]

Group 1 - The Dalian Commodity Exchange announced adjustments to designated delivery warehouses for several products on September 5 [1] - Shanxi Yaxin New Energy Technology Co., Ltd. has been established as the designated factory warehouse for coke [1] - Haiming United Energy Group Co., Ltd. has been designated as the factory warehouse for coking coal [1] Group 2 - Yuanda Energy Chemical Co., Ltd. has been allowed to relinquish its designated delivery warehouse qualification for styrene, with Yuanda Petrochemical Co., Ltd. now designated [1] - Tianjin Quancheng Logistics Co., Ltd. has been permitted to give up its designated warehouse qualification for linear low-density polyethylene, with China Material Storage and Transportation Guangzhou Co., Ltd. now designated as the delivery warehouse [1] - The original designated warehouse qualifications and related operations of China Material Storage and Transportation Guangzhou Co., Ltd. for linear low-density polyethylene and polypropylene have been incorporated into the group delivery warehouse of Sinotrans Development Co., Ltd. [1] Group 3 - The inventory location for polyvinyl chloride of China Material Storage and Transportation Guangzhou Co., Ltd. has been adjusted to No. 243, Huaguoshan Avenue, Huangpu District, Guangzhou [1] - The aforementioned changes are effective immediately [1]

Group 1 - Bharat Petroleum Corporation Limited (BPCL) plans to evaluate the feasibility of constructing a new refinery and petrochemical complex near the Ramayapatnam port in Andhra Pradesh, India [1] - The project aligns with India's vision of becoming a global refining and petrochemical hub, enhancing BPCL's petrochemical business portfolio [1] - BPCL has made significant progress in the petrochemical sector through major projects in Bina and Kochi, which are on track in terms of engineering progress and funding [1] Group 2 - The Bina facility will feature a steam cracker with an annual capacity of 1.2 million tons of ethylene, with downstream products including linear low-density polyethylene, high-density polyethylene, polypropylene units, and a benzene unit [1] - BPCL plans to increase the crude processing capacity of the Bina refinery from 7.8 million tons per year to 11 million tons per year [1]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the reports. 2. Core View - The reports present a comprehensive overview of price data for various commodities, including metals, agricultural products, energy, and chemical products, along with their corresponding futures prices, basis, basis rates, and historical quantiles. 3. Summary by Commodity Categories Metals - **Ferrous Metals**: - **Silicon Manganese (SM601)**: The spot price is 2898 (converted price: 6517), and the futures price is 6020 with a basis of 172 and a basis rate of 68.10% [1]. - **Rebar (RB2510)**: The spot price of HRB400 20mm in Shanghai is 3138, and the futures price has a change of 5.48% [1]. - **Hot - Rolled Coil (HC2510)**: The spot price is 3389, and the futures price has a change of 7.49% [1]. - **Iron Ore (I2601)**: The converted price of 62.5% Brazilian mixed powder at Rizhao Port is 846, and the futures price has a change of - 6.44% [1]. - **Coke (J2601)**: The converted price of quasi - first - grade metallurgical coke at Rizhao Port has a change of 8.35%, and the futures price has a change of - 5.80% [1]. - **Coking Coal (JM2601)**: The converted price of S1.3 G75 main coking coal (Meng 5) at Shaheyi is 1145, and the futures price has a change of - 71 [1]. - **Non - Ferrous Metals**: - **Copper (CU2510)**: The SMM spot price is 79690 with a change of - 0.37%, and the futures price is 79395. The basis is 295 and the basis rate is 19.37% [1]. - **Aluminum (AL2510)**: The SMM A00 aluminum average price is 20770, and the futures price is 20780 with a basis of 10 and a basis rate of 0.05% [1]. - **Alumina (AO2601)**: The SMM weighted average price is 3242, and the futures price is 3184 with a change of - 0.69% [1]. - **Zinc (ZN2510)**: The SMM 1 zinc ingot average price is 22395, and the futures price is 22240 with a basis of - 155 and a basis rate of 17.29% [1]. - **Tin (SN2509)**: The SMM 1 tin average price is 269700, and the futures price is 269570 with a basis of 130 and a basis rate of 52.08% [1]. - **Nickel (NI2510)**: The SMM 1 imported nickel average price is 120350, and the futures price is 120310 with a basis of 40 [1]. - **Stainless Steel (SS2510)**: The price of 304/2B:2*1240*C at Wuxi Hongwang is 13270, and the futures price is 12880 with a change of 3.03% [1]. - **Lithium Carbonate (LC2511)**: The SMM battery - grade lithium carbonate average price is 82500, and the futures price is 79380 with a change of 3.93% [1]. - **Industrial Silicon (SI2511)**: The SMM future oxygen - passing Si5530 average price is 9350, and the futures price is 8675 with a basis of 675 and a basis rate of 7.78% [1]. - **Silicon Iron (SF511)**: The spot price is 5648 (converted price: 5680), and the futures price has a basis of - 32 and a basis rate of - 0.56% [4]. Agricultural Products - **Soybean Meal (M2601)**: The ex - factory price of common protein soybean meal in Zhangjiagang, Jiangsu is 3117, and the futures price is 3010 with a change of 18.90% [1]. - **Soybean Oil (V2601)**: The ex - factory price of grade 4 soybean oil in Zhangjiagang, Jiangsu is 8610, and the futures price is 8488 with a change of 1.44% [1]. - **Palm Oil (P2601)**: The delivery price of palm oil at Huangpu Port is 9582, and the futures price has a change of 0.08% [1]. - **Rapeseed Meal (RM601)**: The ex - factory price of common rapeseed meal in Zhanjiang, Guangdong is 2547, and the futures price is 2570 with a change of 0.90% [1]. - **Rapeseed Oil (OI601)**: The ex - factory price of grade 4 rapeseed oil in Nantong, Jiangsu is 9891, and the futures price is 10010 with a change of 1.20% [1]. - **Corn (C2511)**: The flat - hatch price of corn at Xizhou Port is 2260, and the futures price is 2154 with a change of 8.83% [1]. - **Corn Starch (CS2511)**: The ex - factory price of corn starch in Changchun, Jilin is 2700, and the futures price is 2481 [1]. - **Live Pigs (LH2511)**: The ex - factory price of live pigs (external ternary) in Henan is 13910, and the futures price is 13750 with a change of - 1.15% [1]. - **Eggs (JD2510)**: The average price of eggs in Shijiazhuang, Hebei is 3160, and the futures price is 3021 with a change of 4.60% [1]. - **Cotton (CF601)**: The arrival price of cotton (3128B) in Xinjiang is 15100, and the futures price is 14120 with a change of 6.94% [1]. - **Sugar (SR601)**: The spot price of sugar at Liuzhou Station is 6030, and the futures price is 5688 [1]. - **Apples (AP510)**: The delivery theoretical price of apples is 8600, and the futures price is 8141 with a change of 5.64% [1]. - **Red Dates (CJ601)**: The wholesale price of first - grade grey dates in Hebei is 8300, and the futures price is 11410 with a change of - 27.26% [1]. Energy and Chemicals - **P - Xylene (PX511)**: The spot price at China's main ports (CFR, converted to RMB) is 7037.3, and the futures price is 6970 with a basis of 67.3 and a basis rate of 0.97% [1]. - **PTA (TA601)**: The market price (intermediate price) in East China is 4860, and the futures price is 4862 [1]. - **Ethylene Glycol (EG2601)**: The market price (intermediate price) in East China is 4555, and the futures price is 4509 with a change of 1.02% [1]. - **Polyester Staple Fiber (PF510)**: The market price (mainstream price) in the East China market is 6596, and the futures price is 6585 with a change of - 0.17% [1]. - **Styrene (EB2510)**: The market price (spot benchmark price) in East China, China is 7330, and the futures price is 7355 with a change of 0.34% [1]. - **Methanol (MA601)**: The market price (spot benchmark price) in Jiangsu, China is 2297.5, and the futures price is 2424 with a change of - 5.22% [1]. - **Urea (UR601)**: The market price (mainstream price) in Shandong is 1745, and the futures price is 1700 with a change of 1.80% [1]. - **LLDPE (L2601)**: The tax - included self - pick - up price (intermediate price) in Shandong is 7290, and the futures price is 7423 with a change of - 1.79% [1]. - **PP (PP2601)**: The tax - included self - pick - up price (intermediate price) in Zhejiang is 7010, and the futures price is 7074 with a change of - 0.90% [1]. - **PVC (V2601)**: The market price (mainstream price) in Changzhou, China is 4770, and the futures price is 5047 with a change of - 5.49% [1]. - **Caustic Soda (SH601)**: The market price (mainstream price) in Shandong is 2732, and the futures price is 2687.5 with a change of 1.82% [1]. - **LPG (PG2510)**: The market price in Guangzhou is 4528, and the futures price is 4447 [1]. - **Asphalt (BU2510)**: The market price (heavy - traffic asphalt) in Shandong is 3520, and the futures price is 3512 with a change of 0.23% [1]. - **Butadiene Rubber (BR2510)**: The distribution price of cis - butadiene rubber (Daqing, BR9000) in East China is 11900, and the futures price is 12010 with a change of - 0.92% [1]. - **Glass (FG601)**: The market price of 5mm large - plate glass in Shahe is 1191, and the futures price is 1044 with a change of - 14.08% [1]. - **Soda Ash (SA601)**: The market price of heavy - grade soda ash in Shahe is 1226, and the futures price is 1337 with a change of 5.46% [1]. - **Natural Rubber (RU2601)**: The market price of natural rubber (Yunnan state - owned whole latex) in Shanghai is 15905, and the futures price is 14850 with a change of - 7.10% [1]. Financial Futures - **Stock Index Futures**: - **IF2509.CFE**: The spot price is 4469.2, and the futures price is 4474.6 with a basis of 5.4 and a basis rate of 0.12% [1]. - **IH2509.CFE**: The spot price is 2992, and the futures price is 2989.9 with a basis of 2.1 and a basis rate of 0.07% [1]. - **IC2509.CFE**: The spot price is 6951.9, and the futures price is 6909.6 with a basis of - 42.3 and a basis rate of - 0.61% [1]. - **IM2509.CFE**: The spot price is 7477.7, and the futures price is 7412.2 with a basis of - 65.5 and a basis rate of - 0.88% [1]. - **Treasury Bond Futures**: - **2 - Year Treasury Bond (TS2512)**: The spot price is 102.39, and the futures price is 102.36 with a basis of - 0.03 and a basis rate of - 0.03% [1]. - **5 - Year Treasury Bond (TF2512)**: The spot price is 105.52, and the futures price is 105.1 with a basis of 0.42 [1]. - **10 - Year Treasury Bond (T2512)**: The spot price is 107.93, and the futures price is 105.73 with a basis of 0.39% [1]. - **30 - Year Treasury Bond (TL2512)**: The spot price is 132.45, and the futures price is 116.72 with a basis of 0.77% [1].

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 Ferrous Metals - Silicon Iron (SF511): Futures price is 5648, up 6 (0.11%) from the previous day, with a historical quantile of 59.40%. The spot price is 5832, with a basis of 188 and a basis rate of 3.22% [1] - Silicon Manganese (SM601): Futures price is 6020, with a spot price of 6517, a basis of 497, and a basis rate of 8.25% [1] - Corn Starch (CS2511): Futures price is 2730, up 232 (9.29%), with a historical quantile of 93.50%. The spot price is 2498 [1] - Rebar (RB2510): Futures price is 3280, up 161 (5.16%), with a historical quantile of 66.20%. The spot price is 3119 [1] - Hot Rolled Coil (HC2510): Futures price is 3400, up 39 (1.16%), with a historical quantile of 34.60%. The spot price is 3361 [1] - Iron Ore (I2601): Futures price is 832, up 62 (8.05%), with a historical quantile of 50.10%. The spot price is 770 [1] - Coke (J2601): Futures price is 1624, down 54 (3.24%), with a historical quantile of 32.01%. The spot price is 1679 [1] - Coking Coal (JM2601): Futures price is 1145, down 17 (1.46%), with a historical quantile of 22.20%. The spot price is 1162 [1] Non - Ferrous Metals - Copper (CU2509): Futures price is 78830, up 140 (0.18%), with a historical quantile of 59.79%. The spot price is 78690 [1] - Aluminum (AL2510): Futures price is 20710, up 80 (0.39%), with a historical quantile of 72.50%. The spot price is 20630 [1] - Alumina (AO2601): Futures price is 3245, up 107 (3.41%), with a historical quantile of 61.23%. The spot price is 3138 [1] - Zinc (ZN2510): Futures price is 22130, down 145 (0.65%), with a historical quantile of 19.16%. The spot price is 22275 [1] - Tin (SN2509): Futures price is 266000, up 70 (0.03%), with a historical quantile of 49.79%. The spot price is 265930 [1] - Nickel (NISE10): Futures price is 119650, up 40 (0.03%), with a historical quantile of 57.29%. The spot price is 119610 [1] - Stainless Steel (SS2510): Information about price changes and historical quantiles is not clearly presented in a standard format, but the spot price is 13170 and the futures price is 12750 [1] - Lithium Carbonate (LC2511): Futures price is 83900, up 4940 (6.26%), with a historical quantile of 90.52%. The spot price is 78960 [1] Precious Metals - Gold (AU2510): Futures price is 771.6, down 1.8 (0.23%), with a historical quantile of 47.30%. The spot price is 773.4 [1] - Silver (AG2510): Futures price is 9182.0, down 10.0 (0.11%), with a historical quantile of 64.90%. The spot price is 9192.0 [1] Agricultural Products - Corn (C2511): Futures price is 2240, up 65 (2.99%), with a historical quantile of 77.10%. The spot price is 2175 [1] - Sugar (SR601): Futures price is 6030, up 360 (6.35%), with a historical quantile of 66.00%. The spot price is 5670 [1] - Soybean Meal (M2601): Futures price is 2980, down 108 (3.50%), with a historical quantile of 18.80%. The spot price is 3088 [1] - Soybean Oil (Y2601): Futures price is 8540, up 82 (0.97%), with a historical quantile of 9.40%. The spot price is 8458 [1] - Palm Oil (P2601): Futures price is 9490, down 102 (1.06%), with a historical quantile of 4.60%. The spot price is 9592 [1] - Rapeseed Meal (RM601): Futures price is 2540, down 3 (0.12%), with a historical quantile of 46.20%. The spot price is 2543 [1] - Rapeseed Oil (Ol601): Futures price is 10010, up 120 (1.21%), with a historical quantile of 48.30%. The spot price is 9890 [1] - Eggs (JD2510): Futures price is 3220, up 187 (6.17%), with a historical quantile of 46.20%. The spot price is 3033 [1] - Apples (AP510): Futures price is 8600, up 506 (6.25%), with a historical quantile of 40.70%. The spot price is 8094 [1] - Cotton (CF601): Futures price is 14030, up 1075 (7.66%), with a historical quantile of 69.50%. The spot price is 12955 [1] Energy and Chemicals - PX (PX511): Futures price is 6966, up 78.9 (1.13%), with a historical quantile of 47.40%. The spot price is 7044.9 [1] - Polyester Staple Fiber (PF510): Futures price is 6614, down 14 (0.21%), with a historical quantile of 40.10%. The spot price is 6600 [1] - Styrene (EB2510): Futures price is 7378, down 3 (0.04%), with a historical quantile of 25.60%. The spot price is 7375 [1] - Urea (UR601): Futures price is 1739, up 1 (0.06%), with a historical quantile of 12.40%. The spot price is 1740 [1] - PP (PP2601): Futures price is 7038, up 12 (0.17%), with a historical quantile of 26.10%. The spot price is 7050 [1] - PVC (V2601): Futures price is 4740, down 279 (5.56%), with a historical quantile of 10.00%. The spot price is 5019 [1] - LPG (PG2510): Futures price is 4478, up 91 (2.07%), with a historical quantile of 36.50%. The spot price is 4387 [1] - Asphalt (BU2510): Futures price is 3483, up 47 (1.35%), with a historical quantile of 61.50%. The spot price is 3530 [1] - Butadiene Rubber (BR2510): Futures price is 11660, up 240 (2.06%), with a historical quantile of 55.20%. The spot price is 11900 [1] - Glass (FG601): Futures price is 1173, down 113 (9.66%), with a historical quantile of 25.00%. The spot price is 1060 [1] - Soda Ash (SA601): Futures price is 1326, down 100 (8.16%), with a historical quantile of 5.88%. The spot price is 1226 [1] - PTA (TA601): Futures price is 4868, down 3 (0.06%), with a historical quantile of 51.30%. The spot price is 4865 [1] - Ethylene Glycol (EG2601): Futures price is 4474, up 36 (0.80%), with a historical quantile of 71.90%. The spot price is 4510 [1] - Methanol (MA601): Futures price is 2405, down 110 (4.57%), with a historical quantile of 10.20%. The spot price is 2295 [1] - LLDPE (L2601): Futures price is 7380, down 90 (1.22%), with a historical quantile of 4.20%. The spot price is 7290 [1] - Natural Rubber (RU2601): Futures price is 15625, down 975 (6.66%), with a historical quantile of 32.29%. The spot price is 14650 [1] Others - Industrial Silicon (SI2511): Futures price is 9250, up 505 (5.77%), with a historical quantile of 34.75%. The spot price is 8745 [1] - Stock Index Futures and Bond Futures - IC2509.CFE: Futures price is 6822.8, down 12.4 (0.18%), with a historical quantile of 64.70% [1] - IH2509.CFE: Futures price is 2942.0, up 13.4 (0.46%), with a historical quantile of 98.30% [1] - IM2509.CFE: Futures price is 7348.6, down 14.3 (0.20%), with a historical quantile of 95.30% [1] - 10 - Year Bond (T2509): Futures price is 107.66, up 0.57 (0.53%), with a historical quantile of 75.80% [1] - 2 - Year Bond (TS2509): Futures price is 100.26, up 0.03 (0.03%), with a historical quantile of 35.30% [1] - 30 - Year Bond (TL2512): Futures price is 131.64, up 1.01 (0.87%), with a historical quantile of 98.50% [1] - 5 - Year Bond (TF2512): Futures price is 99.20, up 0.10 (0.10%), with a historical quantile of 41.90% [1]

Core Insights - The report highlights a structural price recovery in the context of anti-involution, with significant price variations across different sectors, indicating a phase of "structural recovery + inter-industry differentiation" [1][2][3] Price Tracking of Key Production Materials - As of early August 2025, among 49 major products, 19 saw price increases, 28 experienced declines, and 2 remained stable. The price increases were primarily in upstream coal (e.g., anthracite, coke), midstream agriculture (e.g., soybean meal, natural rubber), and downstream chemicals (e.g., sulfuric acid, methanol) [1] - Year-on-year data shows that industrial products are still in a downward trend, but the rate of decline is stabilizing. Steel and some chemical products have begun to recover, while coal, coke, traditional building materials, and certain petrochemical products remain at low levels [1][2] Price Changes Across Industry Chains - Recent data indicates that upstream industries are generally weak, with coal prices declining by 6% to 7%. Oil prices (WTI, Brent) have seen double-digit declines, while natural gas prices, despite being high year-on-year (28%), have significantly narrowed in growth [2] - Midstream industries show signs of recovery, with the bulk commodity index and shipping index rebounding, while downstream industries remain weak, particularly in real estate and traditional Chinese medicine [2][3] Industry Price Sentiment Data - The report analyzes price changes across the supply chain, revealing that upstream resource prices are generally weak but differentiated, with copper, aluminum, and precious metals benefiting, while the oil and coal sectors remain under pressure [3] - The midstream bulk commodity index has rebounded, and the price decline of rebar has narrowed to near stability. However, the building materials sector continues to face significant negative pressure [3]