一、动力煤：宝城期货品种套利数据日报（2025年12月11日）-20251211

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report The report presents the arbitrage data of various futures varieties on December 11, 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 Directory 3.1 Power Coal - The basis data for power coal from December 4 to December 10, 2025, shows that the basis was - 10.4 yuan/ton on December 4 and decreased to - 40.4 yuan/ton on December 10. The data of 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads were all 0.0 [1][2] 3.2 Energy Chemicals Energy Commodities - For energy commodities, data such as basis, price ratio, and spreads of fuel oil, INE crude oil, and crude oil/asphalt from December 4 to December 10, 2025, were provided. For example, the price ratio of crude oil/asphalt was 0.37 on December 4 and changed to 0.60 on December 10 [7] Chemical Commodities - Basis: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from December 4 to December 10, 2025, were presented. For instance, the basis of rubber was - 390 yuan/ton on December 4 and - 365 yuan/ton on December 10 [9] - Inter - period Spreads: The inter - period spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol for 5 - 1 month, 9 - 1 month, and 9 - 5 month were given. For example, the 5 - 1 month spread of rubber was - 25 yuan/ton [10] - Inter - commodity Spreads: The inter - commodity spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from December 4 to December 10, 2025, were provided. For example, the LLDPE - PVC spread was 2280 yuan/ton on December 4 and 2211 yuan/ton on December 10 [10] 3.3 Black Metals - Basis: The basis data of螺纹钢, iron ore, coke, and coking coal from December 4 to December 10, 2025, were shown. For example, the basis of螺纹钢 was 145 yuan/ton on December 4 and 183 yuan/ton on December 10 [21] - Inter - period Spreads: The inter - period spreads of螺纹钢, iron ore, coke, and coking coal for 5 - 1 month, 9(10) - 1 month, and 9(10) - 5 month were presented. For example, the 5 - 1 month spread of螺纹钢 was - 1.0 yuan/ton [20] - Inter - commodity Spreads: The inter - commodity spreads of螺/矿, 螺/焦炭, 焦炭/焦煤, and 螺 - hot - rolled coil from December 4 to December 10, 2025, were provided. For example, the 螺/矿 ratio was 3.98 on December 4 and 4.05 on December 10 [20] 3.4 Non - ferrous Metals Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from December 4 to December 10, 2025, were given. For example, the basis of copper was - 10 yuan/ton on December 4 and - 10 yuan/ton on December 10 [30] London Market - Data such as LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss of copper, aluminum, zinc, lead, nickel, and tin on December 10, 2025, were presented. For example, the LME spread of copper was 11.69, and the import profit and loss was - 1205.42 yuan/ton [35] 3.5 Agricultural Products - Basis: The basis data of soybeans No. 1, soybeans No. 2, soybean meal, soybean oil, and corn from December 4 to December 10, 2025, were shown. For example, the basis of soybeans No. 1 was - 85 yuan/ton on December 4 and - 141 yuan/ton on December 10 [41] - Inter - period Spreads: The inter - period spreads of soybeans No. 1, soybeans No. 2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton for 5 - 1 month, 9 - 1 month, and 9 - 5 month were presented. For example, the 5 - 1 month spread of soybeans No. 1 was 35 yuan/ton [41] - 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 December 4 to December 10, 2025, were provided. For example, the 豆一/玉米 ratio was 1.81 on December 4 and 1.85 on December 10 [40][41] 3.6 Stock Index Futures - Basis: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from December 4 to December 10, 2025, were given. For example, the basis of CSI 300 was 15.97 on December 4 and 17.63 on December 10 [52] - Inter - period Spreads: The inter - period spreads of CSI 300, SSE 50, CSI 500, and CSI 1000 for 次月 - 当月 and 次季 - 当季 were presented. For example, the 次月 - 当月 spread of CSI 300 was - 164 [52]