一、动力煤：宝城期货品种套利数据日报（2025年11月13日）-20251113

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View The report presents the daily arbitrage data of various futures varieties on November 13, 2025, including basis, inter - period spreads, and inter - variety spreads of power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. 3. Summary by Category 3.1 Power Coal - Basis and Inter - period Spreads: The basis of power coal on November 12, 2025, was 32.6 yuan/ton, showing an upward trend compared to previous days. The spreads of 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month were all 0 [2]. 3.2 Energy Chemicals - Energy Commodities: For fuel oil, the basis on November 12, 2025, was 4.45 yuan/ton. The ratio of crude oil to asphalt and other data such as INE crude oil basis were also presented [7]. - Chemical Commodities - Basis: On November 12, 2025, the basis of rubber was - 470 yuan/ton, methanol was - 13 yuan/ton, PTA was - 85 yuan/ton, LLDPE was 312 yuan/ton, PVC was - 106 yuan/ton, and PP was 35 yuan/ton [9]. - Inter - period Spreads: For example, the 5 - month minus 1 - month spread of rubber was 85 yuan/ton, and that of methanol was 105 yuan/ton [10]. - Inter - variety Spreads: On November 12, 2025, the spread of LLDPE - PVC was 2199 yuan/ton, LLDPE - PP was 329 yuan/ton, PP - PVC was 1870 yuan/ton, and PP - 3*methanol was 149 yuan/ton [10]. 3.3 Black Metals - Basis: On November 12, 2025, the basis of螺纹钢 was 162.0 yuan/ton,铁矿石 was 6.0 yuan/ton,焦炭 was - 84.5 yuan/ton, and焦煤 was 216.0 yuan/ton [20]. - Inter - period Spreads: The 5 - month minus 1 - month spread of螺纹钢 was 60.0 yuan/ton,铁矿石 was - 270 yuan/ton,焦炭 was 1435 yuan/ton, and焦煤 was 58.5 yuan/ton [19]. - Inter - variety Spreads: On November 12, 2025, the ratio of螺/矿 was 3.94,螺/焦炭 was 17972,焦炭/焦煤 was 1.3889, and螺 - 热卷 was - 219.0 yuan/ton [19]. 3.4 Non - ferrous Metals - Domestic Market Basis: On November 12, 2025, the basis of copper was - 190 yuan/ton, aluminum was - 160 yuan/ton, zinc was - 70 yuan/ton, lead was - 250 yuan/ton, nickel was 2060 yuan/ton, and tin was - 1440 yuan/ton [28]. - London Market: On November 12, 2025, the LME升贴水 of copper was (14.10), aluminum was (27.55), zinc was 128.30, lead was (23.90), nickel was (203.90), and tin was 51.00. The沪伦比 and CIF and domestic spot prices were also provided [33]. 3.5 Agricultural Products - Basis: On November 12, 2025, the basis of豆一 was - 107 yuan/ton,豆二 was 294.81 yuan/ton,豆粕 was - 9 yuan/ton,豆油 was 242 yuan/ton, and玉米 was - 17 yuan/ton [41]. - Inter - period Spreads: For example, the 5 - month minus 1 - month spread of豆一 was 43 yuan/ton,豆二 was - 216 yuan/ton [41]. - Inter - variety Spreads: On November 12, 2025, the ratio of豆一/玉米 was 1.89,豆二/玉米 was 1.73,豆油/豆粕 was 2.71,豆粕 - 菜粕 was 564 yuan/ton,豆油 - 棕榈油 was - 478 yuan/ton,菜油 - 豆油 was 1538 yuan/ton, and玉米 - 玉米淀粉 was - 312 yuan/ton [40]. 3.6 Stock Index Futures - Basis: On November 12, 2025, the basis of沪深300 was 17.91,上证50 was 1.50,中证500 was 88.05, and中证1000 was 116.58 [52]. - Inter - period Spreads: The次月 - 当月 spread of沪深300 was - 158,上证50 was - 38,中证500 was - 706, and中证1000 was - 916 [52].