宝城期货品种套利数据日报（2025年9月25日）：一、动力煤-20250925

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the report. 2. Core View of the Report The report presents the daily arbitrage data of various futures varieties on September 25, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, spreads, and price ratios. 3. Summary by Directory Power Coal - The basis data from September 18 to September 24, 2025, shows that the basis on September 18 was - 102.4 yuan/ton, gradually increasing to - 95.4 yuan/ton on September 24. The spreads of 5 - month vs 1 - month, 9 - month vs 1 - month, and 9 - month vs 5 - month were all 0.0 [1][2] Energy Chemicals - Energy Commodities: For fuel oil, INE crude oil, and other energy products, basis data from September 18 to September 24, 2025, and price ratio data of crude oil to asphalt are provided. For example, the basis of INE crude oil on September 24 was 135.72 yuan/ton [7] - Chemical Commodities: The basis data of chemical products such as rubber, methanol, PTA, LLDPE, V, and PP from September 18 to September 24, 2025, are presented. For instance, the basis of rubber on September 24 was - 820 yuan/ton. Also, spread and price ratio data for cross - period and cross - variety are given, like the LLDPE - PVC spread on September 24 was 2232 yuan/ton [9][11] Black Metals - Cross - period: The cross - period spreads of rebar, iron ore, coke, and coking coal are shown. For example, the 5 - month vs 1 - month spread of rebar was 60.0 yuan/ton [20] - Cross - variety: The cross - variety price ratios and spreads of black metals from September 18 to September 24, 2025, are given. For example, the rebar/iron ore price ratio on September 24 was 3.93, and the rebar - hot rolled coil spread was - 193.0 yuan/ton [20] - Basis: The basis data of rebar, iron ore, coke, and coking coal from September 18 to September 24, 2025, are provided. For example, the basis of rebar on September 24 was 126.0 yuan/ton [21] Non - Ferrous Metals - Domestic Market: The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from September 18 to September 24, 2025, are presented. For example, the basis of copper on September 24 was 90 yuan/ton [28] - London Market: The LME spreads, Shanghai - London price ratios, CIF prices, domestic spot prices, and import profit and loss data of non - ferrous metals on September 24, 2025, are given. For example, the LME spread of copper was (31.37) [34] Agricultural Products - Basis: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from September 18 to September 24, 2025, are provided. For example, the basis of soybeans No.1 on September 24 was 153 yuan/ton [38] - Cross - period: The cross - period spreads of agricultural products are shown, such as the 5 - month vs 1 - month spread of soybeans No.1 was 50 [38] - Cross - variety: The cross - variety price ratios and spreads of agricultural products from September 18 to September 24, 2025, are given. For example, the soybean oil/soybean meal price ratio on September 24 was 2.77 [38] Stock Index Futures - Basis: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from September 18 to September 24, 2025, are presented. For example, the basis of CSI 300 on September 24 was 36.07 [49] - Cross - period: The cross - period spreads of stock index futures are shown, such as the next - month vs current - month spread of CSI 300 was - 18.4 [49]