一、动力煤：宝城期货品种套利数据日报（2025年11月27日）-20251127

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 November 27, 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 Catalog 3.1 Power Coal - Basis data from November 20 to November 26, 2025, shows a decreasing trend from 32.6 yuan/ton on November 20 to 17.6 yuan/ton on November 26 [1][2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - Basis data of fuel oil, crude oil, and asphalt from November 20 to November 26, 2025, is presented, with some fluctuations in the basis values [7] 3.2.2 Chemical Commodities - Basis: From November 20 to November 26, 2025, the basis of rubber, methanol, PTA, LLDPE, V, and PP shows different trends. For example, the basis of rubber decreased from - 400 yuan/ton on November 20 to - 545 yuan/ton on November 26 [9] - Inter - period Spreads: The differences between 5 - month and 1 - month, 9 - month and 1 - month, and 9 - month and 5 - month contracts for rubber, methanol, PTA, etc., are provided. For instance, the 5 - month minus 1 - month spread of rubber is 65 yuan/ton [10] - Inter - commodity Spreads: The spreads between LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3* methanol from November 20 to November 26, 2025, are given. For example, the LLDPE - PVC spread on November 26 is 2255 yuan/ton [10] 3.3 Black Metals - Basis: From November 20 to November 26, 2025, the basis of螺纹钢, 铁矿石, 焦炭, and 焦煤 shows different changes. For example, the basis of螺纹钢 increased from 140 yuan/ton on November 20 to 171 yuan/ton on November 26 [20] - Inter - period Spreads: The differences between 5 - month and 1 - month, 9 - month (10) and 1 - month, and 9 - month (10) and 5 - month contracts for螺纹钢, 铁矿石, 焦炭, and 焦煤 are presented. For example, the 5 - month minus 1 - month spread of螺纹钢 is 20 yuan/ton [19] - Inter - commodity Spreads: The spreads between螺/矿, 螺/焦炭, 焦炭/焦煤, and 螺 - 热卷 from November 20 to November 26, 2025, are shown. For example, the螺/矿 ratio on November 26 is 3.89 [19] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from November 20 to November 26, 2025, is provided. For example, the basis of copper decreased from 170 yuan/ton on November 20 to - 20 yuan/ton on November 26 [29] 3.4.2 London Market - On November 26, 2025, the LME spreads, Shanghai - London ratios, and CIF prices of copper, aluminum, zinc, lead, nickel, and tin are given. For example, the LME spread of copper is 30.83 [32] 3.5 Agricultural Products - Basis: From November 20 to November 26, 2025, the basis of豆一, 豆二, 豆粕, 豆油, 玉米, etc., shows different trends. For example, the basis of豆一 increased from - 87 yuan/ton on November 20 to - 74 yuan/ton on November 26 [36] - Inter - period Spreads: The differences between 5 - month and 1 - month, 9 - month and 1 - month, and 9 - month and 5 - month contracts for various agricultural products are presented. For example, the 5 - month minus 1 - month spread of豆一 is 54 yuan/ton [36] - Inter - commodity Spreads: The spreads between豆一/玉米, 豆二/玉米, 豆油/豆粕, etc., from November 20 to November 26, 2025, are shown. For example, the豆一/玉米 ratio on November 26 is 1.83 [36] 3.6 Stock Index Futures - Basis: From November 20 to November 26, 2025, the basis of沪深300, 上证50, 中证500, and 中证1000 shows different changes. For example, the basis of沪深300 increased from 12.85 on November 24 to 24.63 on November 26 [47] - Inter - period Spreads: The differences between the next - month and current - month, next - quarter and current - quarter contracts for沪深300, 上证50, 中证500, and 中证1000 are given. For example, the next - month minus current - month spread of沪深300 is - 140 [47]