研究中心 2025/10/31 | 宏 观 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 品种 | 地区 | 更新时间 | 现货折盘 | 现货变动 | 基差 | 基差对应合约 | 基差偏离度 | | IF | | 2025/10/30 | 4710 | -38 | 20 | 2512 | 0.51 | | IH | | 2025/10/30 | 3047 | -16 | 2 | 2512 | 0.17 | | IC | | 2025/10/30 | 7386 | -95 | 87 | 2512 | 0.75 | 黑 色 | 品种 | 地区 | 更新时间 | 现货折盘 | 现货变动 | 基差 | 基差对应合约 | 基差偏离度 | | --- | --- | --- | --- | --- | --- | --- | --- | | 螺纹 | 上海 | 2025/10/30 | 3230 | -10 | 124 | 2601 | 0.48 | | 螺纹 | 北京 | 2025/10/30 | 3270 | -10 | 164 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report Core View No explicit core view presented in the given content. The report mainly provides detailed data on the basis of various commodities. 3. Summary by Commodity Category Macro - On October 24, 2025, the spot price of IF was 4661 with a change of 55, the basis was 26 corresponding to the 2512 contract, and the basis deviation was 0.62 [2] - The spot price of IH was 3046 with a change of 19, the basis was -3 corresponding to the 2512 contract, and the basis deviation was -0.41 [2] - The spot price of IC was 7259 with a change of 116, the basis was 99 corresponding to the 2512 contract, and the basis deviation was 0.81 [2] Black - In Shanghai on October 24, 2025, the spot price of rebar was 3200 with a change of -20, the basis was 154 corresponding to the 2601 contract, and the basis deviation was 0.83 [3] - In Beijing, the spot price of rebar was 3190 with a change of 10, the basis was 144 corresponding to the 2601 contract, and the basis deviation was 0.12 [3] - In Shanghai, the spot price of hot - rolled coil was 3290 with no change, the basis was 40 corresponding to the 2601 contract, and the basis deviation was 0.63 [3] - In Shandong, the spot price of ore was 825 with a change of -6, the basis was 54, and the basis deviation was 0.46 [3] - At Tianjin Port, the spot price of coke was 1656 with no change, the basis was -102 corresponding to the 2601 contract, and the basis deviation was -0.64 [3] - For port warehouse receipts of coking coal, the spot price was 1617 with a change of 3, the basis was 369 corresponding to the 2601 contract, and the basis deviation was 0.80 [3] - At Qinhuangdao Port, the spot price of steam coal was 769 with a change of 2, the basis was -32 corresponding to the 2511 contract, and the basis deviation was -0.17 [3] - For low - price glass in Shahe, the spot price was 1104 with no change, the basis was 12 corresponding to the 2601 contract, and the basis deviation was 0.14 [3] - For low - price glass in Hubei, the spot price was 1070 with no change, the basis was -22 corresponding to the 2601 contract, and the basis deviation was 0.15 [3] - In Yinchuan, the spot price of ferrosilicon was 5600 with a change of 20, the basis was -62 corresponding to the 2601 contract, and the basis deviation was -0.58 [3] - In Inner Mongolia, the spot price of ferromanganese was 6050 with no change, the basis was 208 corresponding to the 2601 contract, and the basis deviation was 0.74 [3] Energy and Chemicals - For port methanol on October 24, 2025, the spot price was 2232 with no change, the basis was -40, and the basis deviation was -0.87 [3] - In Henan, the spot price of methanol was 2350 with no change, the basis was 78 corresponding to the 2601 contract, and the basis deviation was 0.40 [3] - In southern Shandong, the spot price of methanol was 2485 with no change, the basis was 213 corresponding to the 2601 contract, and the basis deviation was 0.55 [3] - In Hebei, the spot price of methanol was 2785 with no change, the basis was 513 corresponding to the 2601 contract, and the basis deviation was 0.97 [3] - In East China, the spot price of PTA was 4436 with a change of 13, the basis was -82, and the basis deviation was -0.83 [3] - In East China, the spot price of PP was 6575 with a change of 15, the basis was -87, and the basis deviation was -0.67 [3] - In North China, the spot price of LLDPE was 6910 with a change of -10, the basis was -59, and the basis deviation was -0.20 [3] - For high - end PVC, the spot price was 4625 with no change, the basis was -90, and the basis deviation was 0.64 [3] - For low - end PVC, the spot price was 4555 with no change, the basis was -160, and the basis deviation was 0.72 [3] - In East China, the spot price of asphalt was 3500 with no change, the basis was 201 corresponding to the 2601 contract, and the basis deviation was 0.22 [3] - In Shandong, the spot price of asphalt was 3350 with a change of 20, the basis was 131 corresponding to the 2601 contract, and the basis deviation was 0.09 [3] - In South China, the spot price of asphalt was 3500 with no change, the basis was 201 corresponding to the 2601 contract, and the basis deviation was 0.49 [3] - For domestic ethylene glycol, the spot price was 4172 with a change of -13, the basis was 95, and the basis deviation was 0.87 [3] - The spot price of soda ash was 1150 with no change, the basis was -79 corresponding to the 2601 contract, and the basis deviation was -0.57 [3] - In Shandong, the spot price of pulp was 4990 with a change of -10, the basis was -250 corresponding to the 2601 contract, and the basis deviation was -0.92 [3] - In East China, the spot price of staple fiber was 6180 with a change of 30, the basis was 40 corresponding to the 2512 contract, and the basis deviation was 0.49 [3] - The spot price of urea was 1490 with no change, the basis was -152 corresponding to the 2601 contract, and the basis deviation was -0.96 [3] - In Shanghai, the spot price of natural rubber was 14960 with a change of 80, the basis was -375 corresponding to the 2601 contract, and the basis deviation was 0.63 [3] - For whole latex natural rubber, the spot price was 14635 with a change of 90, the basis was -700 corresponding to the 2601 contract, and the basis deviation was 0.56 [3] - In Qingdao, the spot price of 20 - number rubber was 1855 with a change of 25, the basis was 707 corresponding to the 2512 contract, and the basis deviation was 0.96 [3] - The spot price of styrene was 6515 with a change of -45, the basis was -24 corresponding to the 2512 contract, and the basis deviation was -0.98 [3] Non - ferrous Metals - On October 24, 2025, the spot price of copper was 86475 with a change of 975, the basis was 10, and the basis deviation was -0.18 [4] - The spot price of international copper was 76775 with a change of 1080, the basis was -1385 corresponding to the 2511 contract, and the basis deviation was -0.76 [4] - The spot price of aluminum was 21110 with a change of 70, the basis was -30, and the basis deviation was -0.22 [4] - The spot price of zinc was 22190 with a change of 90, the basis was -60, and the basis deviation was -0.82 [4] - The spot price of lead was 17300 with a change of 175, the basis was -215, and the basis deviation was -0.43 [4] - The spot price of nickel was 122050 with a change of 750, the basis was 400, and the basis deviation was 0.76 [4] - The spot price of tin was 281900 with a change of 1900, the basis was -2400, and the basis deviation was -0.85 [4] Agricultural Products - In Jiangsu on October 24, 2025, the spot price of 43% soybean meal was 2910 with no change, the basis was -23 corresponding to the 2601 contract, and the basis deviation was -0.07 [5] - In Jiangsu, the spot price of first - grade soybean oil was 8440 with a change of 30, the basis was 246 corresponding to the 2601 contract, and the basis deviation was -0.10 [5] - The average spot price of 36% rapeseed meal in Guangdong was 2460 with a change of -10, the basis was 135 corresponding to the 2601 contract, and the basis deviation was 0.90 [5] - The market average spot price of rapeseed oil was 10283 with no change, the basis was 522 corresponding to the 2601 contract, and the basis deviation was 0.98 [5] - In Guangzhou, the spot price of 24° palm oil was 9050 with a change of 50, the basis was -72 corresponding to the 2601 contract, and the basis deviation was -0.88 [5] - The national spot price of cotton was 14555 with a change of -20, the basis was 1015 corresponding to the 2601 contract, and the basis deviation was 0.57 [5] - In Guangxi, the spot price of white sugar was 5750 with no change, the basis was 304 corresponding to the 2601 contract, and the basis deviation was 0.06 [5] - In Yunnan, the spot price of white sugar was 5830 with no change, the basis was 384 corresponding to the 2601 contract, and the basis deviation was 0.50 [5] - In Shijiazhuang, Hebei, the spot price of fresh eggs was 2960 with a change of 90, the basis was -126 corresponding to the 2512 contract, and the basis deviation was -0.47 [5] - In Dalian, Liaoning, the spot price of fresh eggs was 2890 with a change of 90, the basis was -196 corresponding to the 2512 contract, and the basis deviation was -0.54 [5] - In Dezhou, Shandong, the spot price of fresh eggs was 2750 with a change of 100, the basis was -336 corresponding to the 2512 contract, and the basis deviation was -0.68 [5] - In Shangqiu, Henan, the spot price of fresh eggs was 2800 with a change of 100, the basis was -286 corresponding to the 2512 contract, and the basis deviation was -0.70 [5] - In Bei'an, the spot price of soybeans was 4060 with no change, the basis was -44 corresponding to the 2601 contract, and the basis deviation was -0.80 [5] - In Jiamusi, the spot price of soybeans was 4140 with no change, the basis was 36 corresponding to the 2601 contract, and the basis deviation was -0.45 [5] - In Changchun, the spot price of corn was 2240 with no change, the basis was 107 corresponding to the 2601 contract, and the basis deviation was 0.47 [5] - In Weifang, the spot price of corn was 2360 with no change, the basis was 227 corresponding to the 2601 contract, and the basis deviation was 0.48 [5] - In Changchun, the spot price of starch was 2580 with no change, the basis was 109 corresponding to the 2601 contract, and the basis deviation was 0.12 [5] - In Weifang, the spot price of starch was 2605 with no change, the basis was 174 corresponding to the 2601 contract, and the basis deviation was 0.60 [5] - In Kaifeng, Henan, the spot price of live pigs was 11850 with a change of -80, the basis was -325 corresponding to the 2601 contract, and the basis deviation was -0.92 [5] - In Hebei, the spot price of red dates was 9600 with no change, the basis was -1150 corresponding to the 2601 contract, and the basis deviation was -0.55 [5] - In Shandong, the spot price of apples was 6400 with no change, the basis was -2450 corresponding to the 2601 contract, and the basis deviation was -0.98 [5]

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core View of the Report The report presents the basis data of various futures varieties on October 20, 2025, including macro, black, energy - chemical, non - ferrous, and agricultural products. It shows the spot price, spot price change, basis, basis - corresponding contract, and basis deviation degree of each variety [2][3][4][5]. 3. Summary by Category Macro - The spot price of IF on October 20, 2025, was 4538, with a change of 24, a basis of 31, a basis - corresponding contract of 2512, and a basis deviation degree of 0.76 [2]. - The spot price of IH was 2975, with a change of 7, a basis of 4, a basis - corresponding contract of 2512, and a basis deviation degree of 0.44 [2]. - The spot price of IC was 7070, with a change of 54, a basis of 160, a basis - corresponding contract of 2512, and a basis deviation degree of 0.96 [2]. Black - For Shanghai's rebar, the spot price on October 20, 2025, was 3200, with no change, a basis of 155, a basis - corresponding contract of 2601, and a basis deviation degree of 0.84 [3]. - Beijing's rebar had a spot price of 3190, a change of - 10, a basis of 145, a basis - corresponding contract of 2601, and a basis deviation degree of 0.14 [3]. - Shanghai's hot - rolled coil had a spot price of 3270, no change, a basis of 55, a basis - corresponding contract of 2601, and a basis deviation degree of 0.80 [3]. - Shandong's iron ore had a spot price of 824, no change, a basis of 57, a basis - corresponding contract provided by a third - party, and a basis deviation degree of 0.46 [3]. - Tianjin Port's coke had a spot price of 1656, no change, a basis of - 54, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.40 [3]. - Port - warehouse receipt coking coal had a spot price of 1600, a change of 72, a basis of 312, a basis - corresponding contract of 2601, and a basis deviation degree of 0.32 [3]. - Qinhuangdao Port's thermal coal had a spot price of 753, a change of 9, a basis of - 48, a basis - corresponding contract of 2511, and a basis deviation degree of - 0.26 [3]. - Shahe's low - price glass had a spot price of 1135, a change of - 15, a basis of 44, a basis - corresponding contract of 2601, and a basis deviation degree of 0.36 [3]. - Hubei's low - price glass had a spot price of 1090, a change of - 20, a basis of - 1, a basis - corresponding contract of 2601, and a basis deviation degree of 0.28 [3]. - Yinchuan's ferrosilicon had a spot price of 5530, no change, a basis of - 26, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.34 [3]. - Inner Mongolia's ferromanganese had a spot price of 6050, no change, a basis of 262, a basis - corresponding contract of 2601, and a basis deviation degree of 0.91 [3]. Energy - Chemical - Port methanol had a spot price of 2256, no change, a basis of - 10, a basis - corresponding contract provided by a third - party, and a basis deviation degree of - 0.59 [3]. - Henan methanol had a spot price of 2350, no change, a basis of 84, a basis - corresponding contract of 2601, and a basis deviation degree of 0.47 [3]. - Lunan methanol had a spot price of 2500, no change, a basis of 234, a basis - corresponding contract of 2601, and a basis deviation degree of 0.70 [3]. - Hebei methanol had a spot price of 2630, no change, a basis of 364, a basis - corresponding contract of 2601, and a basis deviation degree of 0.86 [3]. - East China PTA had a spot price of 4299, a change of - 18, a basis of - 85, a basis - corresponding contract provided by a third - party, and a basis deviation degree of - 0.88 [3]. - East China PP had a spot price of 6490, a change of 20, a basis of - 75, a basis - corresponding contract provided by a third - party, and a basis deviation degree of - 0.59 [3]. - North China LLDPE had a spot price of 6840, a change of 10, a basis of - 39, a basis - corresponding contract provided by a third - party, and a basis deviation degree of - 0.10 [3]. - High - end PVC had a spot price of 4630, a change of 15, a basis of - 90, a basis - corresponding contract provided by a third - party, and a basis deviation degree of 0.65 [3]. - Low - end PVC had a spot price of 4560, a change of 45, a basis of - 160, a basis - corresponding contract provided by a third - party, and a basis deviation degree of 0.72 [3]. - East China asphalt had a spot price of 3550, no change, a basis of 409, a basis - corresponding contract of 2601, and a basis deviation degree of 0.88 [3]. - Shandong asphalt had a spot price of 3330, a change of - 30, a basis of 269, a basis - corresponding contract of 2601, and a basis deviation degree of 0.72 [3]. - South China asphalt had a spot price of 3500, no change, a basis of 359, a basis - corresponding contract of 2601, and a basis deviation degree of 0.88 [3]. - Inner - market ethylene glycol had a spot price of 4077, no change, a basis of 74, a basis - corresponding contract provided by a third - party, and a basis deviation degree of 0.70 [3]. - Soda ash had a spot price of 1130, a change of 10, a basis of - 89, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.67 [3]. - Shandong pulp had a spot price of 4960, a change of 10, a basis of - 196, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.74 [3]. - East China short - fiber had a spot price of 6075, a change of - 25, a basis of 47, a basis - corresponding contract of 2512, and a basis deviation degree of 0.56 [3]. - Urea had a spot price of 1490, no change, a basis of - 110, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.88 [3]. - Shanghai natural rubber had a spot price of 14510, a change of 30, a basis of - 300, a basis - corresponding contract of 2601, and a basis deviation degree of 0.74 [3]. - Whole - latex natural rubber had a spot price of 13810, a change of 115, a basis of - 1000, a basis - corresponding contract of 2601, and a basis deviation degree of 0.04 [3]. - Qingdao 20 - number rubber had a spot price of 1825, a change of 10, a basis of 773, a basis - corresponding contract of 2512, and a basis deviation degree of 1.00 [3]. - Styrene had a spot price of 6370, a change of - 115, a basis of 5, a basis - corresponding contract of 2511, and a basis deviation degree of - 0.90 [3]. Non - Ferrous - Copper had a spot price of 85650, a change of 875, a basis of 75, a basis - corresponding contract provided by a third - party, and a basis deviation degree of 0.30 [4]. - International copper had a spot price of 75790, a change of 710, a basis of - 80, a basis - corresponding contract of 2511, and a basis deviation degree of 0.69 [4]. - Aluminum had a spot price of 20930, a change of - 20, a basis of 10, a basis - corresponding contract provided by a third - party, and a basis deviation degree of 0.45 [4]. - Zinc had a spot price of 21870, a change of 20, a basis of - 40, a basis - corresponding contract provided by a third - party, and a basis deviation degree of - 0.60 [4]. - Lead had a spot price of 16925, a change of 25, a basis of - 200, a basis - corresponding contract provided by a third - party, and a basis deviation degree of - 0.31 [4]. - Nickel had a spot price of 121300, a change of - 250, a basis of 400, a basis - corresponding contract provided by a third - party, and a basis deviation degree of 0.78 [4]. - Tin had a spot price of 280000, a change of - 1000, a basis of 660, a basis - corresponding contract provided by a third - party, and a basis deviation degree of 0.35 [4]. Agricultural Products - 43% Jiangsu soybean meal had a spot price of 2870, no change, a basis of - 25, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.08 [5]. - Jiangsu first - grade soybean oil had a spot price of 8540, a change of 50, a basis of 242, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.12 [5]. - Guangdong average - price 36% rapeseed meal had a spot price of 2480, a change of 40, a basis of 130, a basis - corresponding contract of 2601, and a basis deviation degree of 0.88 [5]. - Market average - price rapeseed oil had a spot price of 10420, a change of 77, a basis of 502, a basis - corresponding contract of 2601, and a basis deviation degree of 1.00 [5]. - Guangzhou 24° palm oil had a spot price of 9290, a change of 80, a basis of - 28, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.75 [5]. - National cotton had a spot price of 14480, a change of 45, a basis of 1015, a basis - corresponding contract of 2601, and a basis deviation degree of 0.58 [5]. - Guangxi white sugar had a spot price of 5770, a change of - 20, a basis of 342, a basis - corresponding contract of 2601, and a basis deviation degree of 0.26 [5]. - Yunnan white sugar had a spot price of 5840, a change of - 20, a basis of 412, a basis - corresponding contract of 2601, and a basis deviation degree of 0.58 [5]. - Hebei Shijiazhuang fresh eggs had a spot price of 2890, a change of - 110, a basis of 120, a basis - corresponding contract of 2511, and a basis deviation degree of - 0.05 [5]. - Liaoning Dalian fresh eggs had a spot price of 2820, a change of - 110, a basis of 50, a basis - corresponding contract of 2511, and a basis deviation degree of - 0.16 [5]. - Shandong Dezhou fresh eggs had a spot price of 2750, a change of - 100, a basis of - 20, a basis - corresponding contract of 2511, and a basis deviation degree of - 0.24 [5]. - Henan Shangqiu fresh eggs had a spot price of 2800, a change of - 100, a basis of 30, a basis - corresponding contract of 2511, and a basis deviation degree of - 0.36 [5]. - Bei'an soybeans had a spot price of 4050, no change, a basis of - 36, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.78 [5]. - Jiamusi soybeans had a spot price of 4120, no change, a basis of 34, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.45 [5]. - Changchun corn had a spot price of 2240, no change, a basis of 102, a basis - corresponding contract of 2601, and a basis deviation degree of 0.44 [5]. - Weifang corn had a spot price of 2360, no change, a basis of 222, a basis - corresponding contract of 2601, and a basis deviation degree of 0.45 [5]. - Changchun starch had a spot price of 2580, no change, a basis of 170, a basis - corresponding contract of 2511, and a basis deviation degree of 0.67 [5]. - Weifang starch had a spot price of 2605, no change, a basis of 225, a basis - corresponding contract of 2511, and a basis deviation degree of 0.88 [5]. - Henan Kaifeng pigs had a spot price of 11400, a change of 160, a basis of - 755, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.94 [5]. - Hebei jujubes had a spot price of 9600, no change, a basis of - 1785, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.84 [5]. - Shandong apples had a spot price of 6400, a change of - 1000, a basis of - 2465, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.98 [5].

Report Title - The report is titled "Yongan Basis Morning Report" [1] Core Data Summary Macro - As of October 16, 2025, for IF, the spot price converted to futures was 4618 with a change of 12, the basis was 28, the corresponding contract was 2512, and the basis deviation was 0.70; for IH, the spot price converted to futures was 3019 with a change of 18, the basis was 0, the corresponding contract was 2512, and the basis deviation was 0.04; for IC, the spot price converted to futures was 7232 with a change of -62, the basis was 170, the corresponding contract was 2512, and the basis deviation was 0.98 [2] Black - On October 16, 2025, in Shanghai and Beijing, the spot price converted to futures for rebar was 3190 with no change, the basis was 141, the corresponding contract was 2601, and the basis deviations were 0.72 and 0.08 respectively; for hot - rolled coil in Shanghai, the spot price converted to futures was 3280 with no change, the basis was 61, the corresponding contract was 2601, and the basis deviation was 0.84; for ore in Shandong, the spot price converted to futures was 824 with a change of 2, the basis was 51, the corresponding contract was provided by a third - party, and the basis deviation was 0.42; for coke in Tianjin Port, the spot price converted to futures was 1602 with no change, the basis was -70, the corresponding contract was 2601, and the basis deviation was -0.50; for coking coal with port warehouse receipts, the spot price converted to futures was 1516 with a change of -3, the basis was 330, the corresponding contract was 2601, and the basis deviation was 0.51; for thermal coal at Qinhuangdao Port, the spot price converted to futures was 736 with a change of 8, the basis was -65, the corresponding contract was 2511, and the basis deviation was -0.29; for glass at low - price in Shahe, the spot price converted to futures was 1164 with a change of 14, the basis was 17, the corresponding contract was 2601, and the basis deviation was 0.19; for glass at low - price in Hubei, the spot price converted to futures was 1110 with no change, the basis was -37, the corresponding contract was 2601, and the basis deviation was 0.01; for ferrosilicon in Yinchuan, the spot price converted to futures was 5580 with no change, the basis was -46, the corresponding contract was 2601, and the basis deviation was -0.44; for silicomanganese in Inner Mongolia, the spot price converted to futures was 6050 with a change of -30, the basis was 226, the corresponding contract was 2601, and the basis deviation was 0.83 [3] Energy and Chemicals - On October 16, 2025, for methanol at the port, the spot price converted to futures was 2324 with no change, the basis was 5, the corresponding contract was provided by a third - party, and the basis deviation was -0.27; in Henan, the spot price converted to futures was 2380 with a change of -10, the basis was 61, the corresponding contract was 2601, and the basis deviation was 0.27; in Lunan, the spot price converted to futures was 2515 with a change of -10, the basis was 196, the corresponding contract was 2601, and the basis deviation was 0.48; in Hebei, the spot price converted to futures was 2650 with a change of -10, the basis was 331, the corresponding contract was 2601, and the basis deviation was 0.81; for PTA in East China, the spot price converted to futures was 4371 with a change of 34, the basis was -85, the corresponding contract was provided by a third - party, and the basis deviation was -0.88; for PP in East China, the spot price converted to futures was 6528 with a change of -12, the basis was -90, the corresponding contract was provided by a third - party, and the basis deviation was -0.70; for LLDPE in North China, the spot price converted to futures was 6880 with no change, the basis was -49, the corresponding contract was provided by a third - party, and the basis deviation was -0.16; for high - end PVC, the spot price converted to futures was 4575 with a change of -5, the basis was -90, the corresponding contract was provided by a third - party, and the basis deviation was 0.66; for low - end PVC, the spot price converted to futures was 4475 with a change of -5, the basis was -190, the corresponding contract was provided by a third - party, and the basis deviation was 0.37; for asphalt in East China, the spot price converted to futures was 3550 with no change, the basis was 271, the corresponding contract was 2511, and the basis deviation was 0.52; in Shandong, the spot price converted to futures was 3410 with a change of -50, the basis was 211, the corresponding contract was 2511, and the basis deviation was 0.54; in South China, the spot price converted to futures was 3500 with no change, the basis was 221, the corresponding contract was 2511, and the basis deviation was 0.58; for ethylene glycol in the domestic market, the spot price converted to futures was 4153 with a change of 32, the basis was 64, the corresponding contract was provided by a third - party, and the basis deviation was 0.54; for soda ash, the spot price converted to futures was 1140 with no change, the basis was -95, the corresponding contract was 2601, and the basis deviation was -0.71; for pulp in Shandong, the spot price converted to futures was 4965 with a change of -10, the basis was 109, the corresponding contract was 2511, and the basis deviation was 0.95; for staple fiber in East China, the spot price converted to futures was 6115 with a change of 10, the basis was 23, the corresponding contract was 2512, and the basis deviation was 0.35; for urea, the spot price converted to futures was 1490 with no change, the basis was -114, the corresponding contract was 2601, and the basis deviation was -0.90; for natural rubber in Shanghai, the spot price converted to futures was 14560 with no change, the basis was -340, the corresponding contract was 2601, and the basis deviation was 0.70; for whole latex natural rubber, the spot price converted to futures was 13700 with a change of 5, the basis was -1200, the corresponding contract was 2601, and the basis deviation was -0.62; for 20 - number rubber in Qingdao, the spot price converted to futures was 1825 with no change, the basis was 779, the corresponding contract was 2512, and the basis deviation was 1.00; for styrene, the spot price converted to futures was 6605 with a change of 70, the basis was 5, the corresponding contract was 2511, and the basis deviation was -0.90 [3] Non - ferrous Metals - As of October 16, 2025, for copper, the spot price converted to futures was 85180 with a change of -70, the basis was 70, the corresponding contract was provided by a third - party, and the basis deviation was 0.27; for international copper, the spot price converted to futures was 75495 with a change of -5, the basis was -35, the corresponding contract was 2511, and the basis deviation was 0.73; for aluminum, the spot price converted to futures was 20950 with a change of 30, the basis was 0, the corresponding contract was provided by a third - party, and the basis deviation was 0.29; for zinc, the spot price converted to futures was 21920 with a change of -90, the basis was -40, the corresponding contract was provided by a third - party, and the basis deviation was -0.60; for lead, the spot price converted to futures was 16950 with a change of 50, the basis was -210, the corresponding contract was provided by a third - party, and the basis deviation was -0.40; for nickel, the spot price converted to futures was 121350 with a change of -100, the basis was 400, the corresponding contract was provided by a third - party, and the basis deviation was 0.78; for tin, the spot price converted to futures was 281200 with a change of -500, the basis was -150, the corresponding contract was provided by a third - party, and the basis deviation was -0.16 [4] Agricultural Products - On October 16, 2025, for 43% soybean meal in Jiangsu, the spot price converted to futures was 2900 with no change, the basis was -7, the corresponding contract was 2601, and the basis deviation was -0.03; for first - grade soybean oil in Jiangsu, the spot price converted to futures was 8450 with a change of -10, the basis was 194, the corresponding contract was 2601, and the basis deviation was -0.35; for 36% rapeseed meal with the average price in Guangdong, the spot price converted to futures was 2500 with a change of 10, the basis was 136, the corresponding contract was 2601, and the basis deviation was 0.88; for rapeseed oil with the market average price, the spot price converted to futures was 10407 with a change of -50, the basis was 472, the corresponding contract was 2601, and the basis deviation was 0.99; for 24° palm oil in Guangzhou, the spot price converted to futures was 9190 with a change of -20, the basis was -122, the corresponding contract was 2601, and the basis deviation was -0.97; for cotton nationwide, the spot price converted to futures was 14420 with a change of 20, the basis was 1100, the corresponding contract was 2601, and the basis deviation was 0.67; for white sugar in Guangxi, the spot price converted to futures was 5790 with no change, the basis was 382, the corresponding contract was 2601, and the basis deviation was 0.48; in Yunnan, the spot price converted to futures was 5860 with a change of -10, the basis was 452, the corresponding contract was 2601, and the basis deviation was 0.69; for fresh eggs in Shijiazhuang, Hebei, the spot price converted to futures was 2890 with a change of 110, the basis was 72, the corresponding contract was 2511, and the basis deviation was -0.12; in Dalian, Liaoning, the spot price converted to futures was 2820 with a change of 110, the basis was 2, the corresponding contract was 2511, and the basis deviation was -0.22; in Dezhou, Shandong, the spot price converted to futures was 2750 with a change of 150, the basis was -68, the corresponding contract was 2511, and the basis deviation was -0.34; in Shangqiu, Henan, the spot price converted to futures was 2850 with a change of 150, the basis was 32, the corresponding contract was 2511, and the basis deviation was -0.36; for soybeans in Bei'an, the spot price converted to futures was 4040 with no change, the basis was 22, the corresponding contract was 2601, and the basis deviation was -0.58; in Jiamusi, the spot price converted to futures was 4100 with no change, the basis was 82, the corresponding contract was 2601, and the basis deviation was -0.20; for corn in Changchun, the spot price converted to futures was 2240 with no change, the basis was 129, the corresponding contract was 2511, and the basis deviation was 0.58; in Weifang, the spot price converted to futures was 2360 with no change, the basis was 249, the corresponding contract was 2511, and the basis deviation was 0.55; for starch in Changchun, the spot price converted to futures was 2580 with no change, the basis was 174, the corresponding contract was 2511, and the basis deviation was 0.70; in Weifang, the spot price converted to futures was 2605 with no change, the basis was 209, the corresponding contract was 2511, and the basis deviation was 0.82; for live pigs in Kaifeng, Henan, the spot price converted to futures was 11070 with a change of 50, the basis was -835, the corresponding contract was 2601, and the basis deviation was -0.93; for red dates in Hebei, the spot price converted to futures was 9500 with no change, the basis was -1860, the corresponding contract was 2601, and the basis deviation was -0.91; for apples in Shandong, the spot price converted to futures was 7400 with no change, the basis was -1110, the corresponding contract was 2601, and the basis deviation was -0.66 [5] Other Explanations - Futures prices are the prices of the main contracts. For varieties with night trading, they are the night - trading closing prices; for varieties without night trading, they are the afternoon closing prices of the previous trading day; for non - ferrous metals, they are the noon closing prices of the previous trading day [5] - The deviation degree represents the degree of the basis deviating from the historical 500 trading days (about two years). It is between -1 and 1. 0 means it is at the historical average level. The closer it is to 1, the higher it is than the average; the closer it is to -1, the lower it is than the average. If the number of historical valid data is less than 500, all historical data are used [6] - In the spread, the spot area selects the first area of each variety [6] - Since the basis of thermal coal has no reference value, no data is shown [6]

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core Viewpoints - The consumer market is gradually regaining vitality due to the effective "trade - in" policy and positive May retail sales data [2]. - Policy content from the Lujiazui Forum fell short of market expectations, and broad - based indices showed no obvious upward or downward trends [2]. - The Fed kept interest rates unchanged, and it is still expected that there will be two interest rate cuts this year, but the timing is postponed [2]. - The full - A trading volume remained at about 1.2 trillion yuan per day this week, with a significant contraction on Friday, and broad - based indices were still in a narrow - range oscillation [2]. - The basis of each variety has recovered to some extent near the end of June, and it is still within the time window for long - side enhancement [2]. - The term structure of contracts other than the June contract has shifted upward at the near - end, and the hedging cost is still advantageous, so near - end hedging can be maintained [2]. - The term reverse arbitrage strategy generated certain returns this week [2]. 3) Summary by Related Content This Week's Review - At the beginning of the week, May macro data was released, with retail sales data being eye - catching. In the middle of the week, the Lujiazui Forum was held, but the policy content did not meet market expectations. The Fed kept interest rates unchanged and is still expected to cut rates twice this year with a postponed timing [2]. - The full - A trading volume was about 1.2 trillion yuan per day on average, with a significant contraction on Friday. The broad - based indices were in a narrow - range oscillation. The Shanghai Composite 50 and CSI 300 declined slightly on the weekly line, while the CSI 500 and 1000 declined by 1.7%, and the CSI 2000 declined by more than 2% [2]. - The basis of each variety recovered near the end of June. The annualized premium of IH exceeded 1%, and the discounts of IC and IM converged to around 9% and 12.5% respectively. The term structure of non - June contracts shifted upward at the near - end, and the term reverse arbitrage strategy generated returns [2]. Next Week's Forecast - The model predicts that the basis of IH, IF, IC, and IM will strengthen next week [4].

Investment Rating - The report indicates a cautious outlook on the A-share market, suggesting a focus on trading opportunities post the Two Sessions [1]. Core Insights - The A-share market experienced a rebound after an initial decline, with the CSI 300 index facing resistance at the 850-day moving average, while the weekly indicators turned positive [2]. - The report highlights that the implied volatility of options has decreased, with a notable shift in the maximum open interest strike prices for both call and put options remaining stable [2][33]. - The report emphasizes the performance of the CSI 1000 index, which reached a new high for the year, with indicators showing a bullish trend [2][37]. Summary by Sections 1. CSI 300 Index Options (IO) - The CSI 300 index's weekly K-line chart shows a bullish trend, with the index closing above the 250-week moving average [9]. - The current month’s futures contract is trading at a discount to the underlying asset, while the next month’s contract shows a stable basis [19][22]. - The report notes a decrease in trading volume for options, but an increase in open interest, indicating a potential shift in market sentiment [27][30]. 2. CSI 1000 Index Options (MO) - The CSI 1000 index has maintained a bullish trend, with the weekly indicators remaining positive [35]. - The current month’s options pricing reflects a slight decline, with the maximum open interest for call options at 6600 and for put options at 6000, indicating market positioning [38][31]. - The implied volatility for the CSI 1000 options has shown fluctuations, initially decreasing before rising again [41].