Report Summary Core Information - The report is a daily spread report for all varieties dated July 24, 2025, with data from Wind, Mysteel, and GF Futures Research Institute [2][3][4] Commodity Analysis Ferrous Metals - Silicon iron (SF509) has a futures price of 5878, a basis rate of 1.38%, and a historical quantile of 63.70% [1] - Silicon manganese (SM509) has a futures price of 6020, a basis rate of 82, and a historical quantile of 40.50% [1] - HRB400 20mm rebar (RB2510) futures price is 3380, with a basis rate of 0.35% and a historical quantile of 22.40% [1] - Hot - rolled coil (HC2510) futures price is 3438 [1] - Iron ore (I2509) futures price is 843, with a basis rate of - 12.15% and a historical quantile of 27.50% [1] - Coke (J2509) futures price is 1500, with a basis rate of 3.47% [1] - Coking coal (JM2509) futures price is 1053, with a basis rate of - 83 and a historical quantile of 2.40% [1] Non - ferrous Metals - Copper (CU2509) has a futures price of 79790, a basis rate of 0.25%, and a historical quantile of 64.16% [1] - Aluminum (AL2509) futures price is 20850, with a basis rate of 0.29% and a historical quantile of 65.83% [1] - Alumina (AO2509) futures price is 3239, with a basis rate of - 3.45% and a historical quantile of 14.75% [1] - Zinc (ZN2509) futures price is 22750, with a basis rate of - 0.98% and a historical quantile of 8.75% [1] - Tin (SN2508) futures price is 268900, with a basis rate of 0.13% and a historical quantile of 58.12% [1] - Nickel (NI5509) futures price is 123450, with a basis rate of 0.06% and a historical quantile of 59.16% [1] - Stainless steel (SS2509) futures price is 13070, with a basis rate of 1.32% and a historical quantile of 37.98% [1] Precious Metals - Gold (AU2510) has a futures price of 792.9, a basis rate of - 0.59%, and a historical quantile of 6.20% [1] - Silver (AG2510) futures price is 9475.0, with a basis rate of - 0.18% and a historical quantile of 49.60% [1] Agricultural Products - Soybean meal (M2509) has a futures price of 2920, a basis rate of - 5.65%, and a historical quantile of 5.20% [1] - Soybean oil (Y2509) futures price is 8150, with a basis rate of 0.94% and a historical quantile of 6.80% [1] - Palm oil (P2509) futures price is 9040, with a basis rate of 0.51% and a historical quantile of 21.90% [1] - Rapeseed meal (RM509) futures price is 2758.0, with a basis rate of - 4.64% and a historical quantile of 13.10% [1] - Rapeseed oil (O1509) futures price is 9580, with a basis rate of 1.31% and a historical quantile of 48.00% [1] - Corn (C2509) futures price is 2360, with a basis rate of 1.68% and a historical quantile of 66.20% [1] - Corn starch (CS2509) futures price is 2675.0, with a basis rate of 2.43% and a historical quantile of 28.70% [1] - Live pigs (LH2509) futures price is 14590.0, with a basis rate of - 1.90% and a historical quantile of 36.40% [1] - Eggs (JD2509) futures price is 3220, with a basis rate of - 11.47% and a historical quantile of 8.60% [1] - Cotton (CF509) futures price is 15411, with a basis rate of 8.68% and a historical quantile of 84.80% [1] - Sugar (SR509) futures price is 6120, with a basis rate of 4.90% and a historical quantile of 55.00% [1] - Apples (AP510) futures price is 7956.0, with a basis rate of 51.30% [1] - Red dates (C1601) futures price is 8300, with a basis rate of - 2166% and a historical quantile of 7.90% [1] Energy and Chemicals - Para - xylene (PX509) has a futures price of 6860.0, a basis rate of 1.03%, and a historical quantile of 48.90% [1] - PTA (TA509) futures price is 4784.0, with a basis rate of - 0.08% and a historical quantile of 49.60% [1] - Ethylene glycol (EG2509) futures price is 4436.0, with a basis rate of 1.44% and a historical quantile of 83.10% [1] - Polyester fiber (PF509) futures price is 6432.0, with a basis rate of 2.61% and a historical quantile of 79.60% [1] - Styrene (EB2509) futures price is 7397.0, with a basis rate of 0.72% and a historical quantile of 37.70% [1] - Methanol (MA509) futures price is 2411.0, with a basis rate of 0.17% and a historical quantile of 42.00% [1] - Urea (UR509) futures price is 1773.0, with a basis rate of 3.21% and a historical quantile of 29.80% [1] - LLDPE (L2509) futures price is 7288.0, with a basis rate of - 0.11% and a historical quantile of 17.90% [1] - PP (PP2509) futures price is 7096.0, with a basis rate of 0.55% and a historical quantile of 32.50% [1] - PVC (V2509) futures price is 5070.0, with a basis rate of - 1.5% and a historical quantile of 59.80% [1] - Caustic soda (SH209) futures price is 2593.8, with a basis rate of - 1.90% and a historical quantile of 41.80% [1] - LPG (PG2509) futures price is 4548.0, with a basis rate of 14.65% and a historical quantile of 74.40% [1] - Asphalt (BU2509) futures price is 3845.0, with a basis rate of 6.98% and a historical quantile of 86.30% [1] - Butadiene rubber (BR2509) futures price is 11875.0, with a basis rate of 1.05% and a historical quantile of 41.50% [1] - Glass (FG509) futures price is 1168.0, with a basis rate of - 3.68% and a historical quantile of 51.05% [1] - Soda ash (SA509) futures price is 1338.0, with a basis rate of - 0.75% and a historical quantile of 26.68% [1] - Natural rubber (RU2509) futures price is 14950.0, with a basis rate of - 0.37% and a historical quantile of 91.66% [1] Financial Futures - IF2509.CFE has a futures price of 4119.8, a basis rate of - 0.26%, and a historical quantile of 35.20% [1] - IH2509.CFE futures price is 2802.8, with a basis rate of 0.06% and a historical quantile of 67.10% [1] - IC2509.CFE futures price is 6196.8, with a basis rate of - 1.25% and a historical quantile of 6.20% [1] - IM2509.CFE futures price is 6607.2, with a basis rate of - 1.6% and a historical quantile of 11.80% [1] - 2 - year bond (TS2509) futures price is 102.38, with a basis rate of - 0.01% and a historical quantile of 23.40% [1] - 5 - year bond (TF2509) futures price is 100.75, with a basis rate of 0.00% and a historical quantile of 27.30% [1] - 10 - year bond (T2509) futures price is 100.89, with a basis rate of 0.02% and a historical quantile of 17.80% [1] - 30 - year bond (TL2509) futures price is 119.35, with a basis rate of 0.22% and a historical quantile of 34.60% [1]

- FE HETER | 板块 | 品种 | 主力合约 | 点评 | 操作建议 | | --- | --- | --- | --- | --- | | | | 60955-11 6095HI | | 宏观形势好转带动风险偏好上行,指数已经突破短 期震荡区间上沿,中枢上移过程中,警惕追高风 | | | 股指 | IC2507 | 避险板块坚挺,股指整体向下调整 | 险,可轻仓卖出8-9月5900执行价MO期权收取权 | | | | IM2509 | | 利金。 | | | | T2509 | | 单边策略上短期建议逢调整适当配置多单,接近前 | | | 国债 | TF2509 | 月初资金面延续转松,期债情绪偏强,不过行情暂时缺乏突破 | 高注意止盈,关注经济数据与资金面动向。适当关 | | 金融 | | 609551 | 前局动力 | 注做陡曲线。 | | | | | | 关注美国非农数据若不及预期或进一步提振美联储 | | | 贵金属 | AU2508 | 静待美国非农数据公布 市场博弈美联储提早降息 贵金属持续走 | 宽松转向可能,黄金有望回到3400美元上方;白 | | | | AG2508 | 量 | ...

Report Industry Investment Rating No information provided. Core View of the Report - Due to the impact of risk - aversion sentiment, domestic stock indices continued to fluctuate weakly. It is recommended to make long - term allocations for IH2509 and IF2509, and move positions from IM2506 to IM2509 as the June contract of IM is approaching maturity and its annualized basis rate is relatively high [3]. Summary by Relevant Catalogs Market Performance - As of June 20, 2025, most domestic and foreign indices declined this week. The Nasdaq rose 0.22%, the S&P 500 fell 0.15%, and the Hang Seng Technology Index fell 2.08%. The Shanghai Composite Index fell 0.51%, the CSI 1000 Index fell 1.74%, the SSE 50 Index fell 0.10%, the ChiNext Index fell 1.66%, and the STAR 50 Index fell 1.55%. In terms of industries, most of the 31 Shenwan primary industry indices declined, with sectors such as beauty care, textile and apparel, and pharmaceutical biology falling more than 3%, while only a few sectors such as banking and communications rose [11][12]. Liquidity - In May, the growth rate of social financing was stable, and the growth rate of M2 declined slightly. The net MLF investment in May was 375 billion yuan, and the 10 - year government bond yield was around 1.65%. The growth rate of social financing remained relatively high, with government bond financing being an important support, but credit growth was still weak. The M2 growth rate declined slightly but remained stable overall, the M1 growth rate increased, and the M1 - M2 gap narrowed [22]. Trading Data and Sentiment - The escalation of the Israel - Iran conflict led to the weakening of stock indices this week. The trading volume of the two markets shrank to around one trillion yuan. The number of new A - share accounts opened in January was 1.57 million, in February was 2.83 million, in March was 3.06 million, in April dropped to 1.92 million, and in May continued to drop to 1.555 million [34]. Index Valuation - Index valuations are in the median range. As of June 20, 2025, the latest PB of the Shanghai Composite Index was 14.64 with a quantile of 64.72, and the latest PE of the Wande All - A Index was 19.18 with a quantile of 01.82. In terms of major stock indices, the valuation quantiles are in the order of CSI 1000 > CSI 500 > SSE 300 > SSE 50 [51]. Index Industry Weights (as of December 31, 2024) - In the SSE 50, the weights of banking, food and beverage, and non - bank finance are relatively high, at 19.4%, 16.57%, and 13.07% respectively, and the electronics industry has become the fourth - largest weighted industry. - The weights of the SSE 300 are relatively dispersed, with the top three weighted industries being banking, non - bank finance, and electronics. - The top three weighted industries of the CSI 500 and CSI 1000 are exactly the same, namely electronics, pharmaceutical biology, and power equipment, but the electronics industry in the CSI 1000 has a higher weight [52].