Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core View of the Report - The report presents the spot prices, futures prices, basis, basis rates, historical quantiles, and spot references of various commodities, including ferrous metals, non-ferrous metals, precious metals, agricultural products, energy and chemicals, and financial futures on December 11, 2025. [1] 3. Summary by Commodity Category Ferrous Metals - **Silicon Iron (SF603)**: Spot price is 5478, futures price is 5434, basis is 44, basis rate is 0.81%, and historical quantile is 60.50%. [1] - **Silicon Manganese (SM603)**: Spot price is 5790, futures price is 5724, basis is 66, basis rate is 1.15%, and historical quantile is 38.00%. [1] - **Rebar (RB2605)**: Spot price is 3280, futures price is 3117, basis is 163, basis rate is 5.23%, and historical quantile is 66.50%. [1] - **Hot Rolled Coil (HC2605)**: Spot price is 3280, futures price is 3282, basis is -2, basis rate is -0.06%, and historical quantile is 17.60%. [1] - **Iron Ore (I2605)**: Spot price is 842, futures price is 769, basis is 73, basis rate is 9.45%, and historical quantile is 56.30%. [1] - **Coke (J2601)**: Spot price is 1603, futures price is 1527, basis is 76, basis rate is 4.95%, and historical quantile is 90.22%. [1] - **Coking Coal (JM2605)**: Spot price is 1160, futures price is 1070, basis is 90, basis rate is 8.41%, and historical quantile is 48.10%. [1] Non - Ferrous Metals - **Copper (CU2601)**: Spot price is 91700, futures price is 91850, basis is -150, basis rate is -0.16%, and historical quantile is 32.70%. [1] - **Aluminum (AL2602)**: Spot price is 21770, futures price is 21935, basis is -165, basis rate is -0.75%, and historical quantile is 9.79%. [1] - **Alumina (AO2601)**: Spot price is 2807, futures price is 2477, basis is 330, basis rate is 13.31%, and historical quantile is 87.22%. [1] - **Zinc (ZN2601)**: Spot price is 23000, futures price is 23075, basis is -75, basis rate is -0.33%, and historical quantile is 43.75%. [1] - **Tin (SN2601)**: Spot price is 316700, futures price is 322630, basis is -5930, basis rate is -1.84%, and historical quantile is 1.45%. [1] - **Nickel (NI2601)**: Spot price is 117000, futures price is 117090, basis is -90, basis rate is -0.08%, and historical quantile is 46.66%. [1] - **Stainless Steel (SS2601)**: Spot price is 12970, futures price is 12555, basis is 415, basis rate is 3.31%, and historical quantile is 75.96%. [1] - **Lithium Carbonate (LC2605)**: Spot price is 92700, futures price is 95980, basis is -3280, basis rate is -3.42%, and historical quantile is 14.09%. [1] - **Industrial Silicon (SI2601)**: Spot price is 9200, futures price is 8250, basis is 950, basis rate is 11.52%, and historical quantile is 62.38%. [1] Precious Metals - **Gold (AU2602)**: Spot price is 951.1, futures price is 956.4, basis is -5.3, basis rate is -0.55%, and historical quantile is 2.20%. [1] - **Silver (AG2602)**: Spot price is 14377.0, futures price is 14373.0, basis is 4.0, basis rate is 0.03%, and historical quantile is 91.00%. [1] Agricultural Products - **Soybean Meal (M2605)**: Spot price is 3040, futures price is 2754.0, basis is 286.0, basis rate is 10.38%, and historical quantile is 67.90%. [1] - **Soybean Oil (Y2605)**: Spot price is 8410, futures price is 8000.0, basis is 410.0, basis rate is 5.13%, and historical quantile is 70.10%. [1] - **Palm Oil (P2605)**: Spot price is 8530, futures price is 8528.0, basis is 2.0, basis rate is 0.02%, and historical quantile is 23.00%. [1] - **Rapeseed Meal (RM605)**: Spot price is 2450, futures price is 2329.0, basis is 121.0, basis rate is 5.20%, and historical quantile is 71.20%. [1] - **Rapeseed Oil (OI601)**: Spot price is 9680, futures price is 9443.0, basis is 237.0, basis rate is 2.51%, and historical quantile is 75.40%. [1] - **Corn (C2601)**: Spot price is 2290, futures price is 2241.0, basis is 49.0, basis rate is 2.19%, and historical quantile is 67.40%. [1] - **Corn Starch (CS2601)**: Spot price is 2650, futures price is 2532.0, basis is 118.0, basis rate is 4.66%, and historical quantile is 60.30%. [1] - **Live Hogs (LH2603)**: Spot price is 11300, futures price is 11310.0, basis is -10.0, basis rate is -0.09%, and historical quantile is 44.90%. [1] - **Eggs (JD2601)**: Spot price is 3020, futures price is 3153.0, basis is -133.0, basis rate is -4.22%, and historical quantile is 27.10%. [1] - **Cotton (CF601)**: Spot price is 14830, futures price is 13780.0, basis is 1050.0, basis rate is 7.62%, and historical quantile is 64.90%. [1] - **Sugar (SR605)**: Spot price is 5480, futures price is 5225.0, basis is 255.0, basis rate is 4.88%, and historical quantile is 26.70%. [1] - **Apples (AP605)**: Spot price is 9000, futures price is 9510.0, basis is -510.0, basis rate is -5.36%, and historical quantile is 7.00%. [1] - **Jujubes (CJ605)**: Spot price is 8600, futures price is 9290.0, basis is -690.0, basis rate is -7.43%, and historical quantile is 61.80%. [1] Energy and Chemicals - **Para - Xylene (PX603)**: Spot price is 6774.0, futures price is 6746.0, basis is 28.0, basis rate is 0.42%, and historical quantile is 33.90%. [1] - **PTA (TA601)**: Spot price is 4610.0, futures price is 4616.0, basis is -6.0, basis rate is -0.13%, and historical quantile is 54.10%. [1] - **Ethylene Glycol (EG2601)**: Spot price is 3665.0, futures price is 3682.0, basis is -17.0, basis rate is -0.46%, and historical quantile is 52.80%. [1] - **Polyester Staple Fiber (PF602)**: Spot price is 6275.0, futures price is 6114.0, basis is 161.0, basis rate is 2.63%, and historical quantile is 79.10%. [1] - **Styrene (EB2601)**: Spot price is 6645.0, futures price is 6469.0, basis is 176.0, basis rate is 2.72%, and historical quantile is 63.80%. [1] - **Methanol (MA601)**: Spot price is 2078.0, futures price is 2053.0, basis is 25.0, basis rate is 1.22%, and historical quantile is 56.60%. [1] - **Urea (UR601)**: Spot price is 1700.0, futures price is 1645.0, basis is 55.0, basis rate is 3.34%, and historical quantile is 33.20%. [1] - **LLDPE (L2601)**: Spot price is 6625.0, futures price is 6561.0, basis is 64.0, basis rate is 0.98%, and historical quantile is 42.30%. [1] - **PP (PP2601)**: Spot price is 6345.0, futures price is 6162.0, basis is 183.0, basis rate is 2.97%, and historical quantile is 72.60%. [1] - **PVC (V2601)**: Spot price is 4330.0, futures price is 4328.0, basis is 2.0, basis rate is 0.05%, and historical quantile is 81.60%. [1] - **Caustic Soda (SH603)**: Spot price is 2218.8, futures price is 2110.0, basis is 108.8, basis rate is 9.15%, and historical quantile is 64.50%. [1] - **LPG (PG2601)**: Spot price is 4498.0, futures price is 4242.0, basis is 256.0, basis rate is 6.03%, and historical quantile is 48.20%. [1] - **Asphalt (BU2602)**: Spot price is 2930.0, futures price is 2940.0, basis is -10.0, basis rate is -0.34%, and historical quantile is 50.10%. [1] - **Butadiene Rubber (BR2602)**: Spot price is 10600.0, futures price is 10605.0, basis is -5.0, basis rate is -0.05%, and historical quantile is 28.00%. [1] - **Glass (FG601)**: Spot price is 968.0, futures price is 964.0, basis is 4.0, basis rate is 0.41%, and historical quantile is 77.52%. [1] - **Soda Ash (SA601)**: Spot price is 1104.0, futures price is 1094.0, basis is 10.0, basis rate is 0.91%, and historical quantile is 53.15%. [1] - **Natural Rubber (RU2605)**: Spot price is 14850.0, futures price is 15215.0, basis is -365.0, basis rate is -2.46%, and historical quantile is 76.73%. [1] Financial Futures - **Stock Index Futures**: - **IF2512.CFE**: Spot price is 4591.8, futures price is 4574.2, basis is -17.6, basis rate is -0.39%, and historical quantile is 26.30%. [1] - **IH2512.CFE**: Spot price is 2988.6, futures price is 2980.8, basis is -7.8, basis rate is -0.26%, and historical quantile is 26.70%. [1] - **IC2512.CFE**: Spot price is 7156.0, futures price is 7122.2, basis is -33.8, basis rate is -0.47%, and historical quantile is 37.00%. [1] - **IM2512.CFE**: Spot price is 7408.2, futures price is 7371.4, basis is -36.8, basis rate is -0.50%, and historical quantile is 50.20%. [1] - **Treasury Bond Futures**: - **2 - Year Treasury Bond (TS2603)**: Spot price is 100.09, futures price is 102.46, basis is -0.05, basis rate is -0.05%, and historical quantile is 13.30%. [1] - **5 - Year Treasury Bond (TF2603)**: Spot price is 99.50, futures price is 105.81, basis is -0.09, basis rate is -0.08%, and historical quantile is 16.50%. [1] - **10 - Year Treasury Bond (T2603)**: Spot price is 100.39, futures price is 108.00, basis is 0.08, basis rate is 0.07%, and historical quantile is 26.20%. [1] - **30 - Year Treasury Bond (TL2603)**: Spot price is 127.54, futures price is 112.68, basis is 0.63, basis rate is 0.56%, and historical quantile is 86.70%. [1]

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].