Report Industry Investment Rating No relevant content provided. Core Views of the Report The report provides a comprehensive analysis of various financial and commodity markets, including macro - strategies, agricultural products, black metals, non - ferrous metals, and energy chemicals. It evaluates market trends, influencing factors, and offers corresponding investment suggestions based on different market segments. Summary by Catalog 1. Financial News and Reviews 1.1 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - **News**: Trump's potential removal of Fed governors may affect the Fed's independence, and the US housing price growth in June 2023 was the slowest since 2023 [11][12]. - **Review**: Trump's actions pose a challenge to the Fed's independence, putting downward pressure on the US dollar index [13]. - **Investment Suggestion**: The US dollar index faces downward pressure [14]. 1.2 Macro Strategy (US Stock Index Futures) - **News**: The US consumer confidence index in August fell slightly to 97.4, and the Fed responded to Trump's attempt to fire a governor [15][16]. - **Review**: If Trump successfully fires the governor and nominates a dovish official, market expectations of interest - rate cuts will rise, and US stocks may perform well [18]. - **Investment Suggestion**: Interest - rate cut trading continues to support market risk appetite, and US stocks are expected to fluctuate strongly [19]. 1.3 Macro Strategy (Stock Index Futures) - **News**: The State Council promotes high - quality development of service trade, and China will implement the "Artificial Intelligence +" action [20][21]. - **Review**: The A - share market sentiment has cooled slightly, but there is still upward momentum from the perspective of sentiment and capital [21]. - **Investment Suggestion**: Hold long positions in stock index futures [22]. 1.4 Macro Strategy (Treasury Bond Futures) - **News**: The 17th meeting of the 14th National People's Congress Standing Committee will be held from September 8th to 12th, and the central bank conducted a 405.8 - billion - yuan 7 - day reverse repurchase operation [23][24]. - **Review**: The bond market is mainly in a volatile state, and it is difficult to have a sustainable upward trend without special circumstances [26]. - **Investment Suggestion**: Be cautious with unilateral long positions; consider using long bond positions to hedge potential stock price corrections [26]. 2. Commodity News and Reviews 2.1 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - **News**: Malaysia's palm oil production decreased in August, the US may exempt tariffs on Indonesian palm oil, and Malaysia seeks tax exemption for palm oil raw materials [27][28]. - **Review**: The oil market is in a weak and volatile state, and the impact of production changes is not significant [29]. - **Investment Suggestion**: The oil market is in a volatile state, and it is recommended to buy on dips [30]. 2.2 Black Metals (Coking Coal/Coke) - **News**: The price of metallurgical coke in Lvliang is strong, and some coking enterprises have proposed an 8th - round price increase [31]. - **Review**: The coking coal futures may adjust in the short term, but there is strong support below [32]. - **Investment Suggestion**: The futures price has short - term adjustment pressure, but strong support after adjustment [33]. 2.3 Agricultural Products (Sugar) - **News**: Pakistan initially bought 30,000 tons of sugar, India urged the sugar industry to reach a consensus on export quotas, and Brazil's sugar exports in August increased slightly [34][35][36]. - **Review**: Zhengzhou sugar futures fell due to factors such as approaching delivery and weak market sentiment [36]. - **Investment Suggestion**: Pay attention to the opportunity of going long on the 1 - month contract after a correction, with a target price of around 5,500 yuan/ton [37]. 2.4 Black Metals (Rebar/Hot - Rolled Coil) - **News**: The daily output of key steel enterprises in mid - August increased, and the national construction machinery start - up rate in July was 44.43% [38][39]. - **Review**: Steel prices continued to fluctuate downward, and the market sentiment was slightly weak [39]. - **Investment Suggestion**: Adopt a volatile trading strategy for steel prices [40]. 2.5 Agricultural Products (Pigs) - **News**: Aonong Bio's net profit in the first half of 2025 was 361 million yuan [41]. - **Review**: Near - month pig futures have limited rebound space, and there is a safety margin for the reverse spread structure [41]. - **Investment Suggestion**: Hold a short - term volatile view on the single - side, and pay attention to reverse spread opportunities [41]. 2.6 Agricultural Products (Red Dates) - **News**: The growth of red dates in Xinjiang is normal, and the futures price of the main contract is slightly up [42]. - **Review**: The supply and demand of red dates are weak, and there is uncertainty in production [43]. - **Investment Suggestion**: Adopt a wait - and - see strategy and focus on weather and research results [43]. 2.7 Agricultural Products (Corn Starch) - **News**: Corn starch continues to be weak in both production and sales areas [44]. - **Review**: The spot price of starch is weak, and the CS11 - C11 spread is under pressure [44]. - **Investment Suggestion**: Pay attention to the opportunity of widening the spread [44]. 2.8 Agricultural Products (Corn) - **News**: The growth of new - season corn in Henan is basically normal, with some local drought [45]. - **Review**: Corn futures fluctuate around 2,150 yuan/ton, and attention should be paid to new - crop production [46]. - **Investment Suggestion**: Hold short positions and 11 - 3 reverse spreads, and pay attention to 11 - 1 reverse spreads if the spread strengthens [46]. 2.9 Black Metals (Steam Coal) - **News**: The price of steam coal in Beigang was stable on August 26 [47]. - **Review**: The seasonal pressure on coal prices is increasing, and prices are expected to be weak [48]. - **Investment Suggestion**: Coal prices are expected to remain seasonally weak [48]. 2.10 Black Metals (Iron Ore) - **News**: The scale of the air - conditioning market from January to July reached 172 billion yuan [49]. - **Review**: Iron ore prices are in a weak and volatile state, and the impact of short - term factors on iron ore is limited [49]. - **Investment Suggestion**: Iron ore prices are expected to continue weak and volatile with limited decline [49]. 2.11 Non - Ferrous Metals (Lead) - **News**: Tibet Summit's metal production increased significantly in the first half of the year, and the US may add lead to the key minerals list [50][51]. - **Review**: Lead prices fluctuated upward, but there are concerns about supply and demand [51]. - **Investment Suggestion**: Adopt a wait - and - see strategy in the short term [53]. 2.12 Non - Ferrous Metals (Zinc) - **News**: Tibet Summit's metal production increased significantly in the first half of the year [54]. - **Review**: Zinc prices may fluctuate due to the influence of macro and fundamental factors [55]. - **Investment Suggestion**: Adopt a wait - and - see strategy for single - side trading, and pay attention to mid - line positive spread opportunities [55]. 2.13 Non - Ferrous Metals (Polysilicon) - **News**: Tongwei sold 161,300 tons of polysilicon in the first half of the year, and there were new developments in photovoltaic project component procurement [56][57]. - **Review**: The price of polysilicon is expected to rise, but there are concerns about over - supply [58]. - **Investment Suggestion**: Adopt a bullish view on dips for single - side trading, and pay attention to the 11 - 12 reverse spread opportunity at around - 2,000 yuan/ton [59]. 2.14 Non - Ferrous Metals (Industrial Silicon) - **News**: The US may add industrial silicon to the key minerals list [60]. - **Review**: The fundamentals of industrial silicon are weakening, but the price may be affected by other factors [61]. - **Investment Suggestion**: Pay attention to the production resumption of large factories and trade within the range of 8,200 - 9,500 yuan/ton [61][62]. 2.15 Non - Ferrous Metals (Lithium Carbonate) - **News**: Galan plans to start production of a lithium project in Argentina in the first half of 2026 [63]. - **Review**: The short - term inventory reduction may support the price, but there is supply uncertainty [64]. - **Investment Suggestion**: Pay attention to the opportunity of going long on dips and positive spreads [64]. 2.16 Non - Ferrous Metals (Nickel) - **News**: Indonesia's sovereign wealth fund signed a framework agreement with GEM to develop a green nickel processing center [65]. - **Review**: Nickel prices may be affected by factors such as inventory and supply - demand [66]. - **Investment Suggestion**: Pay attention to short - term trading opportunities and mid - line short - selling opportunities [67]. 2.17 Non - Ferrous Metals (Copper) - **News**: The US may add copper to the key minerals list, and there are developments in copper mining projects [68][69][70]. - **Review**: Copper prices are in a high - level volatile state, and the short - term upward trend is not obvious [71]. - **Investment Suggestion**: Adopt a short - term long - on - dips strategy for single - side trading and a wait - and - see strategy for spreads [71]. 2.18 Energy Chemicals (Crude Oil) - **News**: API crude oil and refined product inventories decreased [72]. - **Review**: Oil prices are in a range - bound state, waiting for new drivers [72]. - **Investment Suggestion**: Maintain range - bound trading and wait for new drivers [73]. 2.19 Energy Chemicals (Carbon Emissions) - **News**: The closing price of CEA on August 26 was 69.69 yuan/ton [73]. - **Review**: The carbon market price is in a narrow - range volatile state [73]. - **Investment Suggestion**: CEA prices are expected to fluctuate in the short term [74]. 2.20 Energy Chemicals (Caustic Soda) - **News**: The price of caustic soda in Shandong was stable on August 26 [75]. - **Review**: The price of caustic soda is expected to remain high, but the upward space is limited [77]. - **Investment Suggestion**: Be cautious when chasing high prices [77]. 2.21 Energy Chemicals (Pulp) - **News**: The price of imported wood pulp showed mixed trends [78]. - **Review**: The fundamentals of pulp are weak, and the price is expected to fluctuate [78]. - **Investment Suggestion**: The pulp market is expected to fluctuate [79]. 2.22 Energy Chemicals (PVC) - **News**: The price of PVC powder decreased slightly [80]. - **Review**: The fundamentals of PVC are weak, but the price is expected to fluctuate [80]. - **Investment Suggestion**: The PVC market is expected to fluctuate in the short term [80]. 2.23 Energy Chemicals (Bottle Chips) - **News**: The export price of bottle chips was partially raised [81]. - **Review**: The inventory of bottle chips is decreasing, but attention should be paid to new capacity [83]. - **Investment Suggestion**: Pay attention to the impact of new capacity on processing fees [83]. 2.24 Energy Chemicals (PTA) - **News**: A 2.5 - million - ton PTA plant in East China will be under maintenance [84]. - **Review**: The short - term supply - demand pattern of PTA has improved, and the price is expected to be strong [84]. - **Investment Suggestion**: Adopt a short - term long - on - dips strategy [85]. 2.25 Energy Chemicals (Styrene) - **News**: A 500,000 - ton/year styrene plant in Shandong is under maintenance [86]. - **Review**: The situation of styrene in September has improved marginally, but there may be pressure in the fourth quarter [87]. - **Investment Suggestion**: Pay attention to policy variables at home and abroad [87]. 2.26 Energy Chemicals (Soda Ash) - **News**: The production of a 5 - million - ton/year soda ash plant in Inner Mongolia is reduced [88]. - **Review**: The price of soda ash is weak, and the market sentiment is not strong [88]. - **Investment Suggestion**: Adopt a short - selling strategy on rallies and pay attention to supply - side disturbances [88]. 2.27 Energy Chemicals (Float Glass) - **News**: The price of float glass in Shahe was stable on August 26 [89]. - **Review**: The glass market is in a volatile state, and the demand improvement is limited [89]. - **Investment Suggestion**: Be cautious with single - side trading and focus on spread trading [90]. 2.28 Shipping Index (Container Freight Rate) - **News**: Premier Alliance adjusted its shipping routes [91]. - **Review**: The spot freight rate is weak, and the supply - demand situation is not optimistic [92]. - **Investment Suggestion**: The 10 - month contract will test the support level of 1,300 yuan/FEU [92].

Report Overview - This is the Baocheng Futures Variety Arbitrage Data Daily Report for August 26, 2025, covering multiple commodity sectors including thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1] Industry Investment Rating - Not provided in the report Core View - The report presents the basis, inter - month spreads, and inter - commodity spreads data of various commodities and stock index futures, which can help investors understand the price relationships and potential arbitrage opportunities in different markets Summary by Commodity Category 1. Thermal Coal - Basis data from August 19 - 25, 2025 shows that the basis on August 19 was - 99.4 yuan/ton, and from August 20 - 25 it was - 97.4 yuan/ton. The spreads of 5 - 1, 9 - 1, and 9 - 5 were all 0.0 during this period [2] 2. Energy Chemicals Energy Commodities - For fuel oil, INE crude oil, and the ratio of crude oil to asphalt, data on basis, ratio, etc. from August 19 - 25, 2025 are provided. For example, the basis of INE crude oil on August 25 was 91.81 yuan/ton [7] Chemical Commodities - Basis data of rubber, methanol, PTA, LLDPE, V, and PP from August 19 - 25, 2025 are given. For instance, the basis of rubber on August 25 was - 1055 yuan/ton. Inter - month spreads (5 - 1, 9 - 1, 9 - 5) and inter - commodity spreads (e.g., LLDPE - PVC) are also presented [9][11] 3. Black Metals - Inter - month spreads (5 - 1, 9(10) - 1, 9(10) - 5) of rebar, iron ore, coke, and coking coal are provided. For example, the 5 - 1 spread of rebar was 34.0 yuan/ton. Inter - commodity spreads (e.g., rebar/iron ore) and basis data from August 19 - 25, 2025 are also included [20][21] 4. Non - Ferrous Metals Domestic Market - Basis data of copper, aluminum, zinc, lead, nickel, and tin from August 19 - 25, 2025 are shown. For example, the basis of copper on August 25 was - 250 yuan/ton [28] London Market - Data on LME non - ferrous metals including LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss on August 22, 2025 are provided [35] 5. Agricultural Products - Basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc. from August 19 - 25, 2025 are presented. Inter - month spreads (5 - 1, 9 - 1, 9 - 5) and inter - commodity spreads (e.g., soybeans No.1/corn) are also included [39] 6. Stock Index Futures - Basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from August 19 - 25, 2025 are provided. Inter - month spreads (next month - current month, next quarter - current quarter) are also given [51][53]

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 August 25, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - variety spreads [1][4][20][26][37][49] 3. Summary by Directory 3.1 Power Coal - The basis and inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of power coal from August 18 to August 22, 2025, are presented. The basis values are - 100.4, - 99.4, - 97.4, - 97.4, - 97.4 respectively, and the inter - period spreads are all 0 [1][2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - The basis, ratio, and other data of fuel oil, crude oil, asphalt, and INE crude oil from August 18 to August 22, 2025, are provided. For example, the basis of INE crude oil on August 22 is 138.38 [6] 3.2.2 Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from August 18 to August 22, 2025, are given. For example, the basis of rubber on August 22 is - 975 [8] - **Inter - period Spreads**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month inter - period spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented. For example, the 5 - 1 month inter - period spread of rubber is 90 [10] - **Inter - variety Spreads**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from August 18 to August 22, 2025, are provided. For example, the LLDPE - PVC spread on August 22 is 2381 [10] 3.3 Black Metals - **Inter - period Spreads**: The 5 - 1 month, 9(10) - 1 month, and 9(10) - 5 month inter - period spreads of rebar, iron ore, coke, and coking coal are presented. For example, the 5 - 1 month inter - period spread of rebar is 37.0 [19] - **Inter - variety Spreads**: The inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from August 18 to August 22, 2025, are provided. For example, the rebar/iron ore ratio on August 22 is 4.05 [19] - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from August 18 to August 22, 2025, are given. For example, the basis of rebar on August 22 is 151.0 [20] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from August 18 to August 22, 2025, are presented. For example, the domestic basis of copper on August 22 is 120 [29] 3.4.2 London Market - The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on August 22, 2025, are provided. For example, the LME spread of copper is (78.38) [33] 3.5 Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc. from August 18 to August 22, 2025, are given. For example, the basis of soybeans No.1 on August 22 is 55 [38] - **Inter - period Spreads**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month inter - period spreads of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc. are presented. For example, the 5 - 1 month inter - period spread of soybeans No.1 is 49 [38] - **Inter - variety Spreads**: The inter - variety spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc. from August 18 to August 22, 2025, are provided. For example, the soybeans No.1/corn ratio on August 22 is 1.85 [38] 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from August 18 to August 22, 2025, are given. For example, the basis of CSI 300 on August 22 is - 16.00 [50] - **Inter - period Spreads**: The inter - period spreads of CSI 300, SSE 50, CSI 500, and CSI 1000, including next - month vs. current - month and next - quarter vs. current - quarter, are presented. For example, the next - month vs. current - month spread of CSI 300 is - 19.0 [52]

Report Industry Investment Rating - Not provided in the content Core View of the Report - The report presents the daily arbitrage data of various futures varieties of Baocheng Futures on August 22, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1][5][21][27][39][50] Summary by Category Power Coal - The table shows the basis and spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of power coal from August 15 to August 21, 2025. The basis on August 21 was - 97.4 yuan/ton, and the spreads were all 0.0 [1][2] Energy and Chemicals Energy Commodities - Data on the basis of energy commodities (fuel oil, INE crude oil, crude oil/asphalt) from August 15 to August 21, 2025 are provided, along with the ratio of crude oil to asphalt and other information [7] Chemical Commodities - The basis data of chemical commodities (rubber, methanol, PTA, LLDPE, V, PP) from August 15 to August 21, 2025 are presented. For example, the basis of rubber on August 21 was - 920 yuan/ton [9] - The table shows the inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of chemical commodities (rubber, methanol, PTA, LLDPE, PVC, PP, ethylene glycol) and inter - variety spreads (LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3*methanol) from August 15 to August 21, 2025 [11] Black Metals - The basis data of black metals (rebar, iron ore, coke, coking coal) from August 15 to August 21, 2025 are given. For instance, the basis of rebar on August 21 was 199.0 yuan/ton [21] - The inter - period spreads (5 - 1 month, 9(10) - 1 month, 9(10) - 5 month) and inter - variety spreads (rebar/iron ore, rebar/coke, coke/coking coal, rebar - hot - rolled coil) of black metals are presented [20] Non - Ferrous Metals Domestic Market - The domestic basis data of non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) from August 15 to August 21, 2025 are shown. For example, the basis of copper on August 21 was 220 yuan/ton [28] London Market - Data on LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) on August 21, 2025 are provided, including LME premium/discount, Shanghai - London ratio, CIF, domestic spot price, and import profit and loss [34] Agricultural Products - The basis data of agricultural products (soybean No.1, soybean No.2, soybean meal, soybean oil, corn, etc.) from August 15 to August 21, 2025 are presented [39] - The inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of agricultural products (soybean No.1, soybean No.2, soybean meal, soybean oil, rapeseed meal, etc.) are shown [39] - The inter - variety spreads (soybean No.1/corn, soybean No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, etc.) of agricultural products from August 15 to August 21, 2025 are provided [39] Stock Index Futures - The basis data of stock index futures (CSI 300, SSE 50, CSI 500, CSI 1000) from August 15 to August 21, 2025 are given. For example, the basis of CSI 300 on August 21 was 5.87 [51] - The inter - period spreads (next month - current month, next quarter - current quarter) of stock index futures are presented [53]

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 August 20, 2025, including basis, inter - period spreads, and inter - commodity spreads for power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1][5][21][27][39][50] 3. Summary by Category Power Coal - **Basis Data**: From August 13 to August 19, 2025, the basis of power coal was - 108.4, - 106.4, - 103.4, - 100.4, - 99.4 yuan/ton respectively. The spreads of 5 - 1 month, 9 - 1 month, and 9 - 5 month were all 0.0 yuan/ton [2] Energy Chemicals Energy Commodities - **Basis and Ratio Data**: For fuel oil, INE crude oil, and the ratio of crude oil to asphalt, data such as basis and ratio from August 13 to August 19, 2025 are provided. For example, the basis of INE crude oil on August 19 was - 1.87 yuan/ton [7] Chemical Commodities - **Basis Data**: For rubber, methanol, PTA, LLDPE, PVC, and PP, basis data from August 13 to August 19, 2025 are presented. For instance, the basis of rubber on August 19 was - 1025 yuan/ton [9] - **Inter - period Spreads**: The inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the 5 - 1 month spread of rubber was 80 yuan/ton [11] - **Inter - commodity Spreads**: The inter - commodity spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from August 13 to August 19, 2025 are provided. For example, the LLDPE - PVC spread on August 19 was 2301 yuan/ton [11] Black Metals - **Inter - period Spreads**: For rebar, iron ore, coke, and coking coal, the 5 - 1 month, 9(10) - 1 month, and 9(10) - 5 month inter - period spreads are presented. For example, the 5 - 1 month spread of rebar was 49.0 yuan/ton [20] - **Inter - commodity Spreads**: The ratios of rebar/iron ore, rebar/coke, coke/coking coal, and the spread of rebar - hot rolled coil from August 13 to August 19, 2025 are given. For example, the rebar/iron ore ratio on August 19 was 4.08 [20] - **Basis Data**: The basis data of rebar, iron ore, coke, and coking coal from August 13 to August 19, 2025 are provided. For example, the basis of rebar on August 19 was 144.0 yuan/ton [21] Non - ferrous Metals Domestic Market - **Basis Data**: For copper, aluminum, zinc, lead, nickel, and tin, the basis data from August 13 to August 19, 2025 are presented. For example, the basis of copper on August 19 was 170 yuan/ton [28] London Market - **LME Data**: Data such as LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss for copper, aluminum, zinc, lead, nickel, and tin on August 19, 2025 are provided. For example, the LME spread of copper was (96.85) [35] Agricultural Products - **Basis Data**: For soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn, the basis data from August 13 to August 19, 2025 are presented. For example, the basis of soybeans No.1 on August 19 was - 6 yuan/ton [39] - **Inter - period Spreads**: The inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) 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 - 1 month spread of soybeans No.1 was 42 yuan/ton [39] - **Inter - commodity Spreads**: The ratios of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, and the spreads of soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch from August 13 to August 19, 2025 are provided. For example, the ratio of soybeans No.1/corn on August 19 was 1.86 [39] Stock Index Futures - **Basis Data**: For CSI 300, SSE 50, CSI 500, and CSI 1000, the basis data from August 13 to August 19, 2025 are presented. For example, the basis of CSI 300 on August 19 was 7.17 [51] - **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 provided. For example, the next month - current month spread of CSI 300 was - 42.6 [53]

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report The report is a daily report on futures variety arbitrage data from Baocheng Futures on August 19, 2025, presenting the basis, inter - period, and inter - variety data of multiple futures varieties including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1][5][21][27][40][51]. 3. Summary by Relevant Catalogs Power Coal - The basis data from August 12 to August 18, 2025, shows that the basis on August 18 was - 100.4 yuan/ton, compared to - 113.4 yuan/ton on August 12. The 5 - 1, 9 - 1, and 9 - 5 inter - period spreads were all 0.0 during this period [2]. Energy Chemicals - **Energy Commodities**: Basis data for fuel oil, INE crude oil, and the ratio of crude oil to asphalt from August 12 to August 18, 2025, are presented. For example, the basis of INE crude oil on August 18 was 163.63 yuan/ton [7]. - **Chemical Commodities**: - Basis data for rubber, methanol, PTA, LLDPE, V, and PP are provided from August 12 to August 18, 2025. For instance, the basis of rubber on August 18 was - 920 yuan/ton [9]. - Inter - period data for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given, such as the 5 - 1 inter - period spread of rubber being 85 yuan/ton. Inter - variety data for LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from August 12 to August 18, 2025, are also presented. For example, the LLDPE - PVC value on August 18 was 2269 yuan/ton [11]. Black Metals - Inter - period data for rebar, iron ore, coke, and coking coal are shown. For example, the 5 - 1 inter - period spread of rebar was 46.0 yuan/ton. Inter - variety data for rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from August 12 to August 18, 2025, are presented. For example, the rebar/iron ore ratio on August 18 was 4.09 [20]. - Basis data for rebar, iron ore, coke, and coking coal from August 12 to August 18, 2025, are provided. For example, the basis of rebar on August 18 was 145.0 yuan/ton [21]. Non - Ferrous Metals - **Domestic Market**: Basis data for copper, aluminum, zinc, lead, nickel, and tin from August 12 to August 18, 2025, are given. For example, the basis of copper on August 18 was 220 yuan/ton [28]. - **London Market**: LME premium/discount, Shanghai - London ratio, CIF, domestic spot price, and import profit/loss data for copper, aluminum, zinc, lead, nickel, and tin on August 18, 2025, are presented. For example, the LME premium/discount of copper was (96.75) [35]. Agricultural Products - Basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc., from August 12 to August 18, 2025, are provided. For example, the basis of soybeans No.1 on August 18 was - 4 yuan/ton [41]. - Inter - period data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc., are given. For example, the 5 - 1 inter - period spread of soybeans No.1 was 41 yuan/ton. Inter - variety data for soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc., from August 12 to August 18, 2025, are also presented. For example, the soybeans No.1/corn ratio on August 18 was 1.86 [41]. Stock Index Futures - Basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from August 12 to August 18, 2025, are provided. For example, the basis of CSI 300 on August 18 was 1.61 [52]. - Inter - period data for CSI 300, SSE 50, CSI 500, and CSI 1000, including the spread between the next - month and current - month contracts and the next - quarter and current - quarter contracts, are presented. For example, the next - month minus current - month spread of CSI 300 was - 39.8 [54].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report presents the daily arbitrage data of various futures varieties on August 18, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - commodity spreads. 3. Summary by Directory Power Coal - The basis data from August 11 to August 15, 2025, shows a trend of change, with values of - 115.4, - 113.4, - 108.4, - 106.4, and - 103.4 respectively. The spreads of 5 - 1, 9 - 1, and 9 - 5 are all 0.0 [1][2] Energy Chemicals - **Energy Commodities**: For fuel oil, INE crude oil, and the ratio of crude oil to asphalt, data such as basis, ratio, and spread are provided from August 11 to August 15, 2025 [6] - **Chemical Commodities** - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from August 11 to August 15, 2025, show different trends of change [8] - **Inter - period Spreads**: The inter - period spreads of 5 - 1, 9 - 1, and 9 - 5 for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented [9] - **Inter - commodity Spreads**: The inter - commodity spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from August 11 to August 15, 2025, are provided [9] Black Metals - **Inter - period Spreads**: The inter - period spreads of 5 - 1, 9(10) - 1, and 9(10) - 5 for rebar, iron ore, coke, and coking coal are given [18] - **Inter - commodity Spreads**: The inter - commodity spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from August 11 to August 15, 2025, are presented [18] - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from August 11 to August 15, 2025, are provided [19] Non - ferrous Metals - **Domestic Market**: The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from August 11 to August 15, 2025, are presented [26] - **London Market**: Data such as LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss for LME non - ferrous metals on August 15, 2025, are provided [32] Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc. from August 11 to August 15, 2025, are presented [37] - **Inter - period Spreads**: The inter - period spreads of 5 - 1, 9 - 1, and 9 - 5 for soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc. are given [37] - **Inter - commodity Spreads**: The inter - commodity spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc. from August 11 to August 15, 2025, are presented [37] Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from August 11 to August 15, 2025, are presented [48] - **Inter - period Spreads**: The inter - period spreads of next - month - current - month and next - quarter - current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are given [50]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on August 15, 2025, providing data for investors to analyze potential arbitrage opportunities. 3) Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On August 15, 2025, the domestic spot price was 79,415, the LME price was 9,685, and the ratio was 8.22. The equilibrium ratio for spot import was 8.17, with a profit of - 184.92 [1]. - **Zinc**: The domestic spot price was 22,510, the LME price was 2,816, and the ratio was 7.99. The equilibrium ratio for spot import was 8.66, with a profit of - 1,868.19 [1]. - **Aluminum**: The domestic spot price was 20,710, the LME price was 2,607, and the ratio was 7.94. The equilibrium ratio for spot import was 8.46, with a profit of - 1,366.84 [1]. - **Nickel**: The domestic spot price was 121,500, the LME price was 14,964, and the ratio was 8.12. The equilibrium ratio for spot import was 8.25, with a profit of - 1,860.66 [1]. - **Lead**: The domestic spot price was 16,650, the LME price was 1,943, and the ratio was 8.60. The equilibrium ratio for spot import was 8.86, with a profit of - 515.45 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next month, three - month, four - month, and five - month contracts and the spot month were - 420, - 440, - 450, and - 450 respectively, while the theoretical spreads were 499, 896, 1302, and 1707 [4]. - **Zinc**: The spreads were - 120, - 105, - 95, and - 110, and the theoretical spreads were 216, 338, 460, and 582 [4]. - **Aluminum**: The spreads were - 60, - 85, - 125, and - 180, and the theoretical spreads were 215, 331, 447, and 563 [4]. - **Lead**: The spreads were - 100, - 80, - 70, and - 45, and the theoretical spreads were 209, 315, 420, and 525 [4]. - **Nickel**: The spreads were - 1280, - 1140, - 950, and - 660 [4]. - **Tin**: The 5 - 1 spread was 1690, and the theoretical spread was 5542 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 15 and - 435, and the theoretical spreads were 75 and 453 [4]. - **Zinc**: The spreads were 90 and - 30, and the theoretical spreads were 65 and 196 [4]. - **Lead**: The spreads were 220 and 120, and the theoretical spreads were 108 and 219 [5]. Cross - Variety Arbitrage Tracking - On August 15, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - contract) were 3.51, 3.81, 4.70, 0.92, 1.23, and 0.75 respectively; for London (three - contract), they were 3.43, 3.73, 4.91, 0.92, 1.32, and 0.70 [5].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The domestic butadiene market has seen minor adjustments. The short - term supply side shows no pressure, with some suppliers' prices remaining firm, but downstream procurement is still based on rigid demand. The domestic butadiene price is around 9400 - 9550 yuan/ton in some areas, and the ex - tank self - pick - up price in East China is around 9200 yuan/ton [3]. - The ex - factory price of domestic cis - butadiene rubber has been raised by 100 - 200 yuan/ton. Market quotations fluctuate greatly, but spot transactions are sluggish, especially after the late - session correction, with low terminal entry willingness. The price of private cis - butadiene rubber in the northern region is around 11600 - 11700 yuan/ton [3]. - For strategy operations, on the single - side, the macro - sentiment has weakened, and the br contract is consolidating. For arbitrage, after the spread widens again, consider going long BR and shorting RU or NR [3]. 3. Summary by Relevant Catalogs Market Conditions of Butadiene and Cis - Butadiene Rubber - **Butadiene**: The closing price of the domestic BR2509.SHF is 11750 yuan/ton, down 0.63%; the settlement price is 11860 yuan/ton, up 0.81%. The trading volume is 80181, up 33.53%, and the open interest is 26557, down 0.49%. The international butadiene price has different changes, such as the FD Northwest Europe price down 0.62% to 800 dollars/ton and the FOB Europe price up 2.53% to 810 dollars/ton [3]. - **Cis - Butadiene Rubber**: The ex - factory price has increased, but the spot transaction is slow. The inventory of merchants has increased by 1.47% to 24150 tons, while the inventory of traders has decreased by 3.06% to 7290 tons. The production has decreased by 5.93% to 2.74 million tons [3]. Price Spreads - **Inter - month Spreads**: The spreads between different contract months of butadiene rubber futures have significant changes, such as the "continuous one - continuous two" spread down 400% to - 15 yuan/ton and the "continuous two - continuous three" spread up 100% to 0 yuan/ton [3]. - **Cross - variety Spreads**: The BR - RU spread is - 4050 yuan/ton, down 0.37%; the BR - NR spread is - 860 yuan/ton, down 2.38%. The spreads between different varieties also show certain fluctuations, like the butadiene - BR spread and the styrene - butadiene - BR spread [3]. Industry Chain Costs and Profits - **Butadiene**: The cost of carbon - four extraction is 7086.46 yuan/ton, down 1.19%, and the profit is 2313.54 yuan/ton, up 3.83%. The cost and profit of oxidative dehydrogenation remain unchanged [3]. - **Cis - Butadiene Rubber**: The cost is 12182 yuan/ton, with a profit of - 682 yuan/ton. The production rate has decreased by 5.93% [3].

Report Summary 1. Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - The report focuses on the cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking of non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on August 11, 2025 [1][3][4][5]. 3. Summary by Directory Cross - Market Arbitrage Tracking - **Copper**: Spot price is 78,540 (domestic) and 9,639 (LME) with a ratio of 8.15; March price is 78,470 (domestic) and 9,709 (LME) with a ratio of 8.08. Spot import equilibrium ratio is 8.17 with a profit of - 15.62 [1]. - **Zinc**: Spot price is 22,480 (domestic) and 2,815 (LME) with a ratio of 7.99; March price is 22,520 (domestic) and 2,815 (LME) with a ratio of 5.99. Spot import equilibrium ratio is 8.66 with a profit of - 1,883.64 [1]. - **Aluminum**: Spot price is 20,650 (domestic) and 2,611 (LME) with a ratio of 7.91; March price is 20,650 (domestic) and 2,614 (LME) with a ratio of 7.91. Spot import equilibrium ratio is 8.49 with a profit of - 1,513.68 [1]. - **Nickel**: Spot price is 119,850 (domestic) and 14,946 (LME) with a ratio of 8.02. Spot import equilibrium ratio is 8.25 with a profit of - 1,763.36 [1]. - **Lead**: Spot price is 16,700 (domestic) and 1,967 (LME) with a ratio of 8.50; March price is 16,850 (domestic) and 1,999 (LME) with a ratio of 11.26. Spot import equilibrium ratio is 8.85 with a profit of - 692.53 [3]. Cross - Period Arbitrage Tracking - **Copper**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 40, 20, 0, - 40 respectively, while theoretical spreads are 494, 887, 1288, 1689 [4]. - **Zinc**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 35, - 30, - 25, - 55 respectively, while theoretical spreads are 216, 338, 459, 581 [4]. - **Aluminum**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 65, - 100, - 140, - 190 respectively, while theoretical spreads are 215, 331, 446, 562 [4]. - **Lead**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 20, 25, 50, 60 respectively, while theoretical spreads are 209, 314, 419, 525 [4]. - **Nickel**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 470, - 310, - 130, 150 respectively [4]. - **Tin**: 5 - 1 spread is 710 with a theoretical spread of 5558 [4]. Spot - Futures Arbitrage Tracking - **Copper**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are - 55 and - 15 respectively, while theoretical spreads are 155 and 596 [4]. - **Zinc**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 70 and 35 respectively, while theoretical spreads are 101 and 232 (also 114 and 228 mentioned) [4][5]. - **Lead**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 125 and 145 respectively, while theoretical spreads are 117 and 228 [5]. Cross - Variety Arbitrage Tracking - Ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc are 3.48, 3.80, 4.66, 0.92, 1.23, 0.75 in Shanghai (triple - continuous) and 3.45, 3.74, 4.86, 0.92, 1.30, 0.71 in London (triple - continuous) [5].