一、动力煤：宝城期货品种套利数据日报（2026年1月15日）-20260115

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core View The report presents the arbitrage data of various futures varieties on January 15, 2026, including base spreads, inter - period spreads, and inter - commodity spreads for commodities such as thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. 3. Summary by Category 3.1 Thermal Coal - Base spreads for thermal coal on different dates from January 8 - 14, 2026 are - 104, - 102, - 101, - 100, - 100 yuan/ton respectively; the 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads are all 0 [1][2] 3.2 Energy Chemicals 3.2.1 Energy Goods - Base spreads and ratios for energy goods like fuel oil, INE crude oil, and the ratio of crude oil to asphalt on different dates are provided. For example, the base spread of INE crude oil on January 14, 2026 is 38.24 yuan/ton [7] 3.2.2 Chemical Goods - Inter - period spreads for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For instance, the 5 - 1 month spread of rubber is 155 yuan/ton [9] - Inter - commodity spreads for chemicals such as LLDPE - PVC, LLDPE - PP, etc. on different dates are presented. On January 14, 2026, the LLDPE - PVC spread is 1943 yuan/ton [9] - Base spreads for chemical goods on different dates are also provided [10] 3.3 Black Metals - Inter - period spreads for rebar, iron ore, coke, and coking coal are shown. The 5 - 1 month spread of rebar is 31 yuan/ton [19] - Inter - commodity spreads for black metals like rebar/iron ore, rebar/coke, etc. on different dates are given. On January 14, 2026, the rebar/iron ore ratio is 3.85 [19] - Base spreads for black metals on different dates are presented [20] 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - Domestic base spreads for copper, aluminum, zinc, lead, nickel, and tin on different dates are provided. On January 14, 2026, the base spread of copper is - 140 yuan/ton [28] 3.4.2 London Market - LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss for LME non - ferrous metals on January 14, 2026 are given. For copper, the LME spread is 44.29, and the import profit and loss is - 1365.31 yuan/ton [31] 3.5 Agricultural Products - Base spreads for agricultural products like soybeans, soybean meal, soybean oil, etc. on different dates are provided. On January 14, 2026, the base spread of soybeans is - 243 yuan/ton [35] - Inter - period spreads for agricultural products are presented. The 5 - 1 month spread of soybeans is - 4 yuan/ton [35] - Inter - commodity spreads for agricultural products such as soybean/corn, soybean oil/soybean meal, etc. on January 14, 2026 are given. The soybean/corn ratio is 1.90 [35] 3.6 Stock Index Futures - Base spreads for CSI 300, SSE 50, CSI 500, and CSI 1000 on different dates are provided. On January 14, 2026, the base spread of CSI 300 is 1.93 [46] - Inter - period spreads for stock index futures are presented. The spread between the next - month and current - month contracts of CSI 300 is 0.2 [48]