宝城期货品种套利数据日报（2025年12月22日）：宝城期货品种套利数据日报-20251222

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report presents the daily arbitrage data of various futures commodities on December 22, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, mainly showing the basis, inter - period and inter - variety spreads. 3. Summary by Category Power Coal - Basis: From December 15 - 19, 2025, the basis of power coal decreased from - 64.40 yuan/ton to - 98.40 yuan/ton [2] - Inter - period spreads: The spreads of "5 - month minus 1 - month", "9 - month minus 1 - month", and "9 - month minus 5 - month" were all 0 during this period [2] Energy Chemicals Energy Commodities - Basis: Data for fuel oil, INE crude oil, and the ratio of crude oil to asphalt are provided from December 15 - 19, 2025, with different values for each day. For example, the basis of INE crude oil on December 19 was 39.52 yuan/ton [7] Chemical Commodities - Basis: The basis of rubber, methanol, PTA, LLDPE, PVC, and PP from December 15 - 19, 2025 is presented. For example, the basis of rubber on December 19 was - 340 yuan/ton [9] - Inter - period spreads: The inter - period spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the "5 - month minus 1 - month" spread of rubber was - 25 yuan/ton [10] - Inter - variety spreads: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from December 15 - 19, 2025 are provided. For example, the LLDPE - PVC spread on December 19 was 1721 yuan/ton [10] Black Metals - Basis: The basis of rebar, iron ore, coke, and coking coal from December 15 - 19, 2025 is shown. For example, the basis of rebar on December 19 was 201.0 yuan/ton [20] - Inter - period spreads: The inter - period spreads of rebar, iron ore, coke, and coking coal are presented. For example, the "5 - month minus 1 - month" spread of rebar was - 2.0 yuan/ton [19] - Inter - variety spreads: The inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot - rolled coil from December 15 - 19, 2025 are given. For example, the rebar/iron ore ratio on December 19 was 4.01 [19] Non - Ferrous Metals Domestic Market - Basis: The domestic basis of copper, aluminum, zinc, lead, nickel, and tin from December 15 - 19, 2025 is provided. For example, the basis of copper on December 19 was - 980 yuan/ton [30] London Market - LME spreads and related data: On December 19, 2025, the LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss of copper, aluminum, zinc, lead, nickel, and tin are presented. For example, the LME spread of copper was 4.73 [33] Agricultural Products - Basis: The basis of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from December 15 - 19, 2025 is shown. For example, the basis of soybeans No.1 on December 19 was - 32 yuan/ton [39] - 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 are given. For example, the "5 - month minus 1 - month" spread of soybeans No.1 was 35 yuan/ton [39] - Inter - variety spreads: The inter - variety spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch from December 15 - 19, 2025 are presented. For example, the soybeans No.1/corn ratio on December 19 was 1.85 [39] Stock Index Futures - Basis: The basis of CSI 300, SSE 50, CSI 500, and CSI 1000 from December 15 - 19, 2025 is provided. For example, the basis of CSI 300 on December 19 was 41.18 [50] - Inter - period spreads: The inter - period spreads of "next - month minus current - month" and "next - quarter minus current - quarter" for CSI 300, SSE 50, CSI 500, and CSI 1000 are given. For example, the "next - month minus current - month" spread of CSI 300 was - 216 [50]