一、动力煤：宝城期货品种套利数据日报（2025年11月14日）-20251114

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report The report presents the daily arbitrage data of various futures varieties on November 14, 2025, including basis, inter - period spreads, and inter - commodity 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 report shows the basis and inter - period spreads (5 - month - 1 - month, 9 - month - 1 - month, 9 - month - 5 - month) of power coal from November 7 to November 13, 2025. For example, on November 13, the basis was 32.6 yuan/ton [2]. 3.2 Energy Chemicals - Energy Commodities: It provides the basis and price ratios of energy commodities such as fuel oil, crude oil, and asphalt from November 7 to November 13, 2025. For instance, on November 13, the basis of fuel oil was - 22.60 yuan/ton [7]. - Chemical Commodities: - Basis: The basis of rubber, methanol, PTA, LLDPE, V, and PP from November 7 to November 13, 2025 is given. On November 13, the basis of rubber was - 590 yuan/ton [9]. - Inter - period Spreads: The inter - period spreads (5 - month - 1 - month, 9 - month - 1 - month, 9 - month - 5 - month) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented. For example, the 5 - month - 1 - month spread of rubber was 100 yuan/ton [10]. - Inter - commodity Spreads: The inter - commodity spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from November 7 to November 13, 2025 are shown. On November 13, the LLDPE - PVC spread was 2216 yuan/ton [10]. 3.3 Black Metals - Basis: The basis of螺纹钢, iron ore, coke, and coking coal from November 7 to November 13, 2025 is provided. On November 13, the basis of螺纹钢 was 174.0 yuan/ton [21]. - Inter - period Spreads: The inter - period spreads (5 - month - 1 - month, 9 - month(10) - 1 - month, 9 - month(10) - 5 - month) of螺纹钢, iron ore, coke, and coking coal are given. For example, the 5 - month - 1 - month spread of螺纹钢 was 57 yuan/ton [20]. - Inter - commodity Spreads: The inter - commodity spreads of螺/矿, 螺/焦炭, 焦炭/焦煤, and 螺 - 热卷 from November 7 to November 13, 2025 are presented. On November 13, the 螺/矿 ratio was 3.95 [20]. 3.4 Non - ferrous Metals - Domestic Market: The domestic basis of copper, aluminum, zinc, lead, nickel, and tin from November 7 to November 13, 2025 is shown. On November 13, the basis of copper was - 290 yuan/ton [30]. - London Market: Information on LME colored metals including LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss on November 13, 2025 is provided. For example, the LME spread of copper was (5.96) [35]. 3.5 Agricultural Products - Basis: The basis of soybeans, soybeans No. 2, soybean meal, soybean oil, and corn from November 7 to November 13, 2025 is given. On November 13, the basis of soybeans was - 109 yuan/ton [42]. - Inter - period Spreads: The inter - period spreads (5 - month - 1 - month, 9 - month - 1 - month, 9 - month - 5 - month) of soybeans, soybeans No. 2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are presented [42]. - Inter - commodity Spreads: The inter - commodity spreads of 豆一/玉米, 豆二/玉米, 豆油/豆粕, 豆粕 - 菜粕, 豆油 - 棕榈油, 菜油 - 豆油, and 玉米 - 玉米淀粉 from November 7 to November 13, 2025 are shown. On November 13, the 豆一/玉米 ratio was 1.89 [41]. 3.6 Stock Index Futures - Basis: The basis of CSI 300, SSE 50, CSI 500, and CSI 1000 from November 7 to November 13, 2025 is provided. On November 13, the basis of CSI 300 was 25.07 [53]. - Inter - period Spreads: The inter - period spreads (next - month - current - month, next - quarter - current - quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are given. For example, the next - month - current - month spread of CSI 300 was - 158 [53].