Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report presents the daily arbitrage data of various futures varieties on October 24, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - commodity spreads. 3. Summary by Directory 3.1 Power Coal - The basis data of power coal from October 17 to October 23, 2025, shows that the basis on October 23 was - 31.4 yuan/ton, gradually increasing from - 53.4 yuan/ton on October 17 [1][2] 3.2 Energy Chemicals - **Energy Commodities**: Basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from October 17 to October 23, 2025, are provided, along with the basis data of energy products [7] - **Chemical Commodities**: - Basis data of rubber, methanol, PTA, LLDPE, PVC, and PP from October 17 to October 23, 2025, are presented [9] - Inter - period spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given, including 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads [10] - Inter - commodity spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from October 17 to October 23, 2025, are provided [10] 3.3 Black Metals - Basis data of rebar, iron ore, coke, and coking coal from October 17 to October 23, 2025, are shown [20] - **Inter - period Spreads**: Inter - period spreads of rebar, iron ore, coke, and coking coal are provided, including 5 - 1 month, 9(10) - 1 month, and 9(10) - 5 month spreads [19] - **Inter - commodity Spreads**: Inter - commodity spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from October 17 to October 23, 2025, are presented [19] 3.4 Non - ferrous Metals - **Domestic Market**: Domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from October 17 to October 23, 2025, are provided [29] - **London Market**: LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on October 23, 2025, are given [33] 3.5 Agricultural Products - Basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from October 17 to October 23, 2025, are shown [41] - **Inter - period Spreads**: Inter - period spreads of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are provided, including 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads [40] - **Inter - commodity Spreads**: Inter - commodity spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch from October 17 to October 23, 2025, are presented [40] 3.6 Stock Index Futures - Basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from October 17 to October 23, 2025, are provided [53] - Inter - period spreads of CSI 300, SSE 50, CSI 500, and CSI 1000, including next - month - current - month and next - quarter - current - quarter spreads, are given [55]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Report's Core View - For the 2601 contract of coking coal, the short - term view is oscillatory, the medium - term view is oscillatory, the intraday view is upward, and the reference view is an oscillatory approach. The coking coal is running strongly under the influence of an optimistic atmosphere [1][5]. - For the 2601 contract of coke, the short - term view is oscillatory, the medium - term view is oscillatory, the intraday view is strongly oscillatory, and the reference view is an oscillatory approach. The coke is oscillating strongly with a mix of long and short factors [1][6]. Group 3: Summary by Variety Coking Coal (JM) - The latest quotation of Mongolian coking coal at the Ganqimao Port is 1310.0 yuan/ton, with a week - on - week increase of 3.97%. In the domestic market, the auction of coking coal in Linfen, Shanxi yesterday mostly saw price increases, with a good atmosphere. Although the fundamental support for coking coal is insufficient at present, recent disturbances from weather in major production areas and anti - involution, along with the upcoming Sino - US trade consultations, drive the main coking coal futures contract to run strongly due to strong expectations [5]. Coke (J) - The latest quotation of the flat - price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1520 yuan/ton, remaining unchanged week - on - week; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port is 1470 yuan/ton, with a week - on - week increase of 1.38%. Recently, both the supply and demand of coke have decreased, with a more obvious reduction on the supply side, and the overall inventory in the industrial chain has declined. The fundamental situation is relatively neutral, and the upward drive mainly comes from the coking coal supply side and the expectation of Sino - US trade negotiations [6].

Group 1: Report's Investment Rating - There is no specific report industry investment rating provided in the content [1][5] Group 2: Core Viewpoints - The short - term view of IH2512 is volatile, the medium - term view is upward, and the intraday view is slightly bullish, with an overall view of wide - range volatility due to the game between capital profit - taking willingness and policy - driven positive expectations [1] - For IF, IH, IC, and IM, the intraday view is slightly bullish, the medium - term view is upward, and the reference view is wide - range volatility. In the short term, the stock index is expected to be mainly in wide - range volatility as the game between capital profit - taking willingness and policy - driven positive expectations will dominate the intraday stock index trend [5] Group 3: Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2512, the short - term is volatile, the medium - term is upward, the intraday is slightly bullish, with a wide - range volatility view, and the core logic is the game between capital profit - taking willingness and policy - driven positive expectations [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view of IF, IH, IC, and IM is slightly bullish, the medium - term view is upward, and the reference view is wide - range volatility. Yesterday, each stock index showed a trend of hitting the bottom and then rebounding. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1660.7 billion yuan, a decrease of 29.5 billion yuan from the previous day, indicating cautious market sentiment. The upcoming China - US economic and trade consultations from October 24th to 27th in Malaysia have reduced risk - aversion sentiment and improved market sentiment. Due to the significant increase in the valuation of some stocks and the marginal slowdown of the expected incremental policy benefits at the end of the year, there is still a need for capital to take profits. The game between capital profit - taking willingness and policy - driven positive expectations will dominate the intraday stock index trend [5]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The crude oil 2512 contract is expected to run strongly, with a short - term view of oscillation, a medium - term view of oscillation and weakening, and an intraday view of oscillation and strengthening [1][5] 3. Summary by Related Contents 3.1 Price Movement and Reference Views - The opening price and closing price calculation methods for varieties with and without night trading are specified [2] - Criteria for defining rising, falling, oscillating strongly, and oscillating weakly are provided [3] - Oscillation strength or weakness is only applicable to intraday views, not short - term and medium - term views [4] - The intraday view of crude oil (SC) is oscillating strongly, the medium - term view is oscillating weakly, and the reference view is strongly running. The 2512 contract of domestic crude oil futures closed up 3.48% to 469.8 yuan/barrel on Thursday night and is expected to maintain an oscillating and strong trend on Friday [5] 3.2 Driving Logic - Geopolitical premiums are prominent as the US President Trump cancelled the recent meeting plan between the US and Russian leaders, the US imposed sanctions on Russian oil producers, and South American geopolitical risks emerged. The supply - side expectations are also disturbed, giving support to the prices of domestic and foreign crude oil futures [5] - The current supply - demand situation of the crude oil market is weak. Supply surplus pressure is increasing, demand has entered a seasonal off - peak, and the crude oil inventory accumulation cycle has arrived [5]

投资咨询业务资格：证监许可【2011】1778 号 日内观点：震荡偏强 中期观点：震荡 期货研究报告 宝城期货豆类油脂早报（2025 年 10 月 24 日） 品种观点参考 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为偏弱，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为偏强。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货农产品板块 品种：豆粕（M） 参考观点：震荡偏强 核心逻辑：随着中美贸易谈判公布时间表，豆类市场情绪发生转变。目前国内 12 月份和 1 月份船期 尚有大量采购缺口未完成，随着中美贸易关系的缓和预期渐强，美豆出口前景预期改善推动美豆期价 迎来反弹，进口大豆成本攀升预期影响市场交易情绪。随着前期空头资金出现部分获利了结，期价反 弹压力减轻，豆类期价迎来止跌反弹走势。但现货市场跟涨幅度有限，市场尚未全面回暖，短期期价 反弹空间受到制约。 专业研究·创造价值 1 / 3 请务必阅读文末免责条款 时间周期说明：短期为一周以内、中 ...

1. Report Industry Investment Rating - No information provided on the industry investment rating 2. Core Viewpoints of the Report - The iron ore market presents a situation of strong supply and weak demand, with high - valuation ore prices under pressure and showing a weak and volatile trend. Attention should be paid to the production situation of steel mills [2] - For the iron ore 2601 contract, the short - term and intraday trends are weakly volatile, the medium - term trend is volatile, and attention should be paid to the pressure at the MA60 line. The core logic is that demand has declined from its peak, causing ore prices to weaken under pressure [1] 3. Summary by Related Content 3.1 Variety Viewpoint Reference - For the iron ore 2601 contract, the short - term is weakly volatile, the medium - term is volatile, and the intraday is weakly volatile. The reference view is to pay attention to the pressure at the MA60 line, and the core logic is that demand has declined from its peak, causing ore prices to weaken under pressure. The calculation of the rise and fall amplitude is based on the night - session closing price for varieties with night - session trading and the previous day's closing price for varieties without night - session trading, with the day - session closing price as the end price. The definitions of rise and fall states are also provided [1] 3.2 Market Driving Logic - The supply - demand pattern of iron ore continues to weaken. Steel mill production is weakening, ore demand is declining with an expanding decline, and steel market industrial contradictions are only slightly alleviated with expected continued demand decline. At the same time, domestic port ore arrivals and miner shipments are at high levels, overseas ore supply is active, and domestic ore supply has recovered, increasing supply pressure. Overall, supply is high while demand is weak, the fundamentals are weakening, and high - valuation ore prices continue to be under pressure and run weakly and volatilely [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View - Both Shanghai rubber (RU) 2601 and synthetic rubber (BR) 2512 are expected to run strongly in the short - term and intraday, while showing a weakening trend in the medium - term [1][5][7]. 3. Summary According to Related Catalogs Shanghai Rubber (RU) - **Short - term, Medium - term, and Intraday Views**: Short - term: oscillating; Medium - term: oscillating and weakening; Intraday: oscillating and strengthening; Overall reference view: running strongly [1][5]. - **Core Logic**: Recent Sino - US economic and trade consultations and positive policies from the Fourth Plenary Session of the 20th Central Committee have improved the macro - sentiment. The rubber futures sector has undergone valuation repair. The supply - demand structure of the rubber market has slightly improved, with optimistic automobile production and sales data in China and typhoon interference on the supply side. On Thursday night, the 2601 contract of Shanghai rubber futures closed up 1.44% to 15,445 yuan/ton and is expected to maintain an oscillating and strengthening trend on Friday [5]. Synthetic Rubber (BR) - **Short - term, Medium - term, and Intraday Views**: Short - term: oscillating; Medium - term: oscillating and weakening; Intraday: oscillating and strengthening; Overall reference view: running strongly [1][7]. - **Core Logic**: Similar to Shanghai rubber, positive macro - factors have led to valuation repair in the rubber futures sector. The supply - demand structure of the rubber market has slightly improved, and automobile production and sales data in China are optimistic. On Thursday night, the 2512 contract of synthetic rubber futures closed up 1.13% to 11,230 yuan/ton and is expected to maintain an oscillating and strengthening trend on Friday [7].

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 行情驱动逻辑 螺纹钢供需两端均有所回升，螺纹钢周产量低位回升，但库存去化有限，供应利好效应不强。 与此同时，螺纹需求持续改善，但依旧是近年来同期低位，且下游未见好转，旺季成色不足。总 之，螺纹需求季节性回升，而供应同样增加，供需双增局面下基本面改善有限，库存去化压力未 退，钢价仍将承压，相对利好则是成本支撑，预计走势延续低位震荡运行态势，关注需求表现情 况。 （仅供参考，不构成任何投资建议） 宝城期货螺纹钢早报（2025 年 10 月 24 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | ...

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The reference view for power coal is "oscillation". Although October is the traditional off - season for thermal coal, the price of domestic power coal has accelerated upward this week. The coal price is strongly supported by multiple positive factors, but the impact of weather and other factors is mainly short - term [4] 3. Summary by Related Catalogs 3.1 Price and Market Conditions - As of October 16, the quotation of 5500K at Qinhuangdao Port was 732 yuan/ton, a significant weekly increase of 29 yuan/ton [4] - As of October 16, the total coal inventory of 9 ports in the Bohai Rim was 23.907 million tons, a weekly inventory reduction of 83,700 tons, and the inventory was 56,600 tons lower than the same period last year [4] 3.2 Driving Factors - **Demand - side factor**: While the north is cooling, the southern coastal cities maintain high temperatures, so the coal demand of power plants shows certain resilience. The daily consumption level of thermal coal in 8 coastal provinces is significantly higher than the same period last year, which supports the demand for power coal [4] - **Supply - side factor**: Rain and snow in major production areas such as Shaanxi and Inner Mongolia have affected coal production and transportation, and the strong expectation on the supply side boosts market sentiment due to the anti - involution expectation [4] - **Logistics factor**: The autumn inspection of the Datong - Qinhuangdao Railway and the closure of some northern ports due to strong winds have hindered the turnover of port coal, and the reduction of supply has led to an optimistic market atmosphere [4]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report believes that the methanol 2601 contract is expected to maintain a volatile and stable trend on Friday. Recently, due to the Sino - US economic and trade consultations and the positive policies released by the Fourth Plenary Session of the 20th Central Committee, the macro - sentiment has improved. With the significant strengthening of domestic coal futures prices, the cost - driven logic of methanol is prominent, offsetting the bearish trend created by the weak supply - demand structure. The improvement of macro factors and the strengthening of cost factors help repair the methanol valuation. On Thursday night, the domestic methanol futures 2601 contract showed a narrow - range consolidation, with the futures price slightly rising 0.40% to 2285 yuan/ton [5]. 3. Other Key Points - **Time Cycle Definition**: Short - term refers to within a week, and medium - term refers to two weeks to one month. For the intraday view, there are distinctions of "volatile and strong" or "volatile and weak", while short - term and medium - term views do not make such distinctions [1]. - **Price Fluctuation Criteria**: For varieties with night trading, the starting price is the night - trading closing price; for those without night trading, it is the previous day's closing price. The end price is the day - trading closing price. A decline of more than 1% is considered a fall, a decline of 0 - 1% is "volatile and weak", an increase of 0 - 1% is "volatile and strong", and an increase of more than 1% is considered a rise [2][3]. - **Methanol Market Outlook**: The short - term view of methanol is "volatile", the medium - term view is "volatile and weak", the intraday view is "volatile and strong", and the reference view is "strong operation" [1][5].