Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals on August 22, 2025, including copper, zinc, aluminum, nickel, lead, and tin, to help investors find potential arbitrage opportunities [1][3][4]. 3. Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price is 78,780 (domestic) and 9,618 (LME) with a ratio of 8.19; March price ratio is 8.11. Spot import equilibrium ratio is 8.17 with a profit of 5.76, and spot export profit is - 338.37 [1]. - **Zinc**: Spot price is 22,230 (domestic) and 2,768 (LME) with a ratio of 8.03; March price ratio is 6.04. Spot import equilibrium ratio is 8.66 with a profit of - 1,755.13 [1]. - **Aluminum**: Spot price is 20,680 (domestic) and 2,575 (LME) with a ratio of 8.03; March price ratio is 8.01. Spot import equilibrium ratio is 8.47 with a profit of - 1,135.10 [1]. - **Nickel**: Spot price is 118,850 (domestic) and 14,798 (LME) with a ratio of 8.03. Spot import equilibrium ratio is 8.25 with a profit of - 1,991.00 [1]. - **Lead**: Spot price is 16,625 (domestic) and 1,933 (LME) with a ratio of 8.63; March price ratio is 11.30. Spot import equilibrium ratio is 8.86 with a profit of - 458.35 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads between different months and the spot month are - 130, - 150, - 160, - 190, while the theoretical spreads are 495, 888, 1,291, 1,693 respectively [4]. - **Zinc**: The spreads are - 45, - 60, - 60, - 65, and the theoretical spreads are 214, 335, 455, 576 respectively [4]. - **Aluminum**: The spreads are 20, - 20, - 55, - 85, and the theoretical spreads are 214, 329, 444, 558 respectively [4]. - **Lead**: The spreads are 20, 35, 55, 80, and the theoretical spreads are 209, 313, 418, 523 respectively [4]. - **Nickel**: The spreads are - 100, 100, 360, 630 [4]. - **Tin**: The 5 - 1 spread is 1,690, and the theoretical spread is 5,536 [4]. Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) are 3.53, 3.82, 4.68, 0.92, 1.23, 0.75 respectively; for London (three - continuous) are 3.52, 3.76, 4.94, 0.93, 1.31, 0.71 respectively [5]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts minus the spot are - 120 and - 250, and the theoretical spreads are 395 and 812 respectively [4]. - **Zinc**: The spreads are 55 and 10, and the theoretical spreads are 153 and 281 respectively [5]. - **Lead**: The spreads are 100 and 120, and the theoretical spreads are 176 and 287 respectively [5].

Group 1 - The core viewpoint emphasizes the increasing importance of the futures market as a professional risk management platform amid profound adjustments in the international economic order and rising uncertainties in the global economy [1] - The futures market's service capabilities have been continuously enhanced, with a rich variety of products and tools introduced, including new futures contracts for polysilicon, casting aluminum alloy, pure benzene, and propylene, bringing the total number of listed commodity futures and options to 131 [1] - The participation of industrial clients in the futures market has significantly increased, with a year-on-year growth of 12.2% in average daily trading volume for industrial clients in 2024, and the total position of industrial clients in 48 major products equivalent to over 200 million tons in the spot market [1] Group 2 - The influence of futures prices has been continuously rising, with domestic application scenarios expanding, and various forms such as hedging, arbitrage, and rights trading being widely adopted [2] - The futures market is increasingly integrated into the national development agenda, supporting rural revitalization and ensuring food security through innovative models like "insurance + futures," while also serving the high-quality development of the manufacturing industry [2] - Among the listed commodity futures and options, 84 are industrial products, accounting for 64%, providing solid support for market participants in stabilizing operations and enhancing supply chain security amid increasing uncertainties [2]

Group 1: Stock Index Futures Market Overview - The four major index futures contracts experienced an overall increase last week, with the CSI 1000 index futures rising the most by 5.21%, while the SSE 50 index futures had the smallest increase of 2.19% [3][11] - The average trading volume for the current, next, and quarterly contracts of IF, IC, IH, and IM increased compared to the previous week, with IH showing the largest increase of 65.56% and IM the smallest at 30.52% [3][11] - As of last Friday's close, the annualized basis rates for the current contracts of IF, IC, IM, and IH were -1.00%, -7.95%, -8.22%, and 1.71% respectively, indicating a narrowing of the basis for IF, IC, and IM, while IH shifted from a discount to a premium [3][11] Group 2: Cross-Period Price Differences - As of last Friday's close, the cross-period price difference rates for the current contracts of IF, IC, IM, and IH were at the 18.10%, 32.40%, 14.20%, and 9.00% percentiles since 2019 [4][12] - Currently, there are no arbitrage opportunities for the IF main contract based on the closing prices, as the required basis rates for both long and short arbitrage strategies do not meet the necessary thresholds [4][12] Group 3: Dividend Forecasts - After August, the strength of dividends is expected to weaken, but it will still impact the four major index futures. The estimated impact of dividends on the September main contracts for the CSI 300, CSI 500, SSE 50, and CSI 1000 indices is 3.62, 1.40, 1.39, and 0.89 respectively [5][11] - The correlation between basis changes and dividend impacts, as well as investor trading sentiment, is expected to remain high under unchanged trading rules for index futures [5][13] Group 4: Market Expectations - The shift to a premium structure for the IH and IF main contracts, along with the continued narrowing of the discount for IC and IM, indicates a sustained positive sentiment towards the A-share market [5][13] - Recent developments, such as the US-China tariff agreement and supportive monetary policy from the central bank, are expected to maintain a stable or narrowing basis in the upcoming week [5][13] Group 5: Recent Sell-Side Strategy Insights - A consensus among 10 brokerage firms indicates that incremental capital is continuously entering the market, with increased activity from foreign and insurance capital, while 8 firms noted a high market sentiment and active trading [6][37] - There is a general positive outlook on technology growth, dividend stocks, and upstream resource sectors among the brokerage firms surveyed [6][37]

Report Summary Report Industry Investment Rating No information provided. Core View The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on August 19, 2025. Summary by Category Cross - Market Arbitrage Tracking - **Copper**: Spot price in China is 79,280, LME price is 9,660, and the ratio is 8.22; for three - month contracts, the domestic price is 78,910, LME price is 9,757, and the ratio is 8.11. The equilibrium ratio for spot import is 8.18, with a profit of 96.04, and the spot export profit is - 446.22 [1]. - **Zinc**: Spot price in China is 22,300, LME price is 2,781, and the ratio is 8.02; for three - month contracts, the domestic price is 22,360, LME price is 2,790, and the ratio is 6.02. The equilibrium ratio for spot import is 8.67, with a profit of - 1806.11 [1]. - **Aluminum**: Spot price in China is 20,550, LME price is 2,596, and the ratio is 7.91; for three - month contracts, the domestic price is 20,570, LME price is 2,596, and the ratio is 7.92. The equilibrium ratio for spot import is 8.47, with a profit of - 1443.86 [1]. - **Nickel**: Spot price in China is 119,300, LME price is 14,860, and the ratio is 8.03. The equilibrium ratio for spot import is 8.26, with a profit of - 1996.18 [1]. - **Lead**: Spot price in China is 16,625, LME price is 1,930, and the ratio is 8.64; for three - month contracts, the domestic price is 16,815, LME price is 1,974, and the ratio is 11.32. The equilibrium ratio for spot import is 8.87, with a profit of - 443.17 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are - 260, - 260, - 270, and - 260 respectively, while the theoretical spreads are 498, 894, 1299, and 1703 [4]. - **Zinc**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are - 120, - 120, - 120, and - 115 respectively, while the theoretical spreads are 215, 337, 458, and 580 [4]. - **Aluminum**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are - 160, - 185, - 225, and - 235 respectively, while the theoretical spreads are 215, 331, 446, and 562 [4]. - **Lead**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are 30, 55, 130, and 95 respectively, while the theoretical spreads are 209, 314, 418, and 523 [4]. - **Nickel**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are 60, 320, 550, and 800 respectively [4]. - **Tin**: The spread between the 5 - 1 contracts is 1270, and the theoretical spread is 5544 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot are - 80 and - 340 respectively, while the theoretical spreads are 446 and 847 [4]. - **Zinc**: The spreads between the current - month and next - month contracts and the spot are 180 and 60 respectively, and the theoretical spreads are 191 and 321 (or 211 and 311 in another record) [4][5]. - **Lead**: The spreads between the current - month and next - month contracts and the spot are 135 and 165 respectively, while the theoretical spreads are 192 and 303 [5]. Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous contracts) are 3.53, 3.84, 4.69, 0.92, 1.22, and 0.75 respectively; for LME (three - continuous contracts), they are 3.50, 3.76, 4.94, 0.93, 1.31, and 0.71 [5].

Group 1 - The domestic futures market for agricultural products showed mixed results, with egg futures experiencing a decline, closing at 3170.00 CNY per 500 kg, down 2.19% from the previous session [1] - High inventory levels of laying hens and increased supply pressure from new production are contributing to the weak performance of the egg market, alongside soft terminal demand and competition from substitutes due to high temperatures [1] - Institutions expect a potential rebound in egg prices due to upcoming school stocking and mid-autumn festival purchases, although the overall trend remains weak due to high production capacity and low spot prices [1] Group 2 - The futures market is under pressure from high inventory levels, leading to a near-term weak outlook while the long-term may improve as production capacity decreases [2] - Current market sentiment is bearish, influenced by weak demand in the spot market, but there is potential for a recovery as seasonal demand may strengthen in the future [2] - Recommendations suggest waiting for stabilization and considering a bullish approach at lower price levels, as the downside risk appears limited [2]

Report Industry Investment Rating - Not provided Core View - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on August 18, 2025 [1][3][4] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On August 18, 2025, the domestic spot price was 79130, LME spot price was 9671, and the spot ratio was 8.19. The equilibrium ratio for spot import was 8.17, with a profit of 79.57. The domestic March price was 79050, LME March price was 9765, and the March ratio was 8.09 [1] - **Zinc**: The domestic spot price was 22450, LME spot price was 2830, and the spot ratio was 7.93. The equilibrium ratio for spot import was 8.66, with a profit of - 2054.98. The domestic March price was 22530, LME March price was 2836, and the March ratio was 5.92 [1] - **Aluminum**: The domestic spot price was 20710, LME spot price was 2621, and the spot ratio was 7.90. The equilibrium ratio for spot import was 8.47, with a profit of - 1487.44. The domestic March price was 20750, LME March price was 2620, and the March ratio was 7.91 [1] - **Nickel**: The domestic spot price was 119400, LME spot price was 14847, and the spot ratio was 8.04. The equilibrium ratio for spot import was 8.26, with a profit of - 1524.77 [1] - **Lead**: The domestic spot price was 16625, LME spot price was 1942, and the spot ratio was 8.60. The equilibrium ratio for spot import was 8.87, with a profit of - 519.03. The domestic March price was 16855, LME March price was 1986, and the March ratio was 11.33 [3] Cross - Period Arbitrage Tracking - **Copper**: On August 18, 2025, the spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, and 五月 - 现货月 were 80, 70, 60, and 60 respectively, while the theoretical spreads were 497, 892, 1296, and 1700 [4] - **Zinc**: The spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, and 五月 - 现货月 were 25, 50, 65, and 55 respectively, and the theoretical spreads were 215, 337, 458, and 580 [4] - **Aluminum**: The spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, and 五月 - 现货月 were 55, 35, - 10, and - 50 respectively, and the theoretical spreads were 215, 330, 446, and 561 [4] - **Lead**: The spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, and 五月 - 现货月 were 120, 125, 145, and 175 respectively, and the theoretical spreads were 209, 313, 418, and 523 [4] - **Nickel**: The spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, and 五月 - 现货月 were - 400, - 230, - 30, and 210 respectively [4] - **Tin**: The 5 - 1 spread was 1190, and the theoretical spread was 5541 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads for the current - month contract - spot and the next - month contract - spot were - 170 and - 90 respectively, and the theoretical spreads were 483 and 933 [4] - **Zinc**: The spreads for the current - month contract - spot and the next - month contract - spot were 30 and 55 respectively, and the theoretical spreads were 204 and 335 [4] - **Lead**: The spreads for the current - month contract - spot and the next - month contract - spot were 105 and 225 respectively, and the theoretical spreads were 199 and 310 [5] Cross - Variety Arbitrage Tracking - On August 18, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) were 3.51, 3.81, 4.69, 0.92, 1.23, and 0.75 respectively, and for London (three - continuous) were 3.50, 3.75, 4.93, 0.93, 1.32, and 0.71 respectively [5]

Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the report. 2) Report's Core View - The report provides cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on August 14, 2025. 3) Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price is 79,510 (domestic) and 9,763 (LME) with a ratio of 8.11; March price is 79,380 (domestic) and 9,842 (LME) with a ratio of 8.05. Spot import equilibrium ratio is 8.16, and the profit is - 39.06. Spot export profit is 42.08 [1]. - **Zinc**: Spot price is 22,560 (domestic) and 2,840 (LME) with a ratio of 7.95; March price is 22,640 (domestic) and 2,841 (LME) with a ratio of 5.94. Spot import equilibrium ratio is 8.65, and the profit is - 1,994.05 [1]. - **Aluminum**: Spot price is 20,760 (domestic) and 2,624 (LME) with a ratio of 7.91; March price is 20,765 (domestic) and 2,629 (LME) with a ratio of 7.91. Spot import equilibrium ratio is 8.48, and the profit is - 1,492.93 [1]. - **Nickel**: Spot price is 121,750 (domestic) and 15,099 (LME) with a ratio of 8.06. Spot import equilibrium ratio is 8.25, and the profit is - 1,531.68 [1]. - **Lead**: Spot price is 16,725 (domestic) and 1,974 (LME) with a ratio of 8.48; March price is 16,940 (domestic) and 2,017 (LME) with a ratio of 11.21. Spot import equilibrium ratio is 8.85, and the profit is - 719.66 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads of next - month - spot, March - spot, April - spot, and May - spot are 370, 370, 390, and 410 respectively, while the theoretical spreads are 497, 892, 1296, and 1700 [4]. - **Zinc**: The spreads of next - month - spot, March - spot, April - spot, and May - spot are 0, 40, 40, and 25 respectively, and the theoretical spreads are 216, 338, 460, and 582 [4]. - **Aluminum**: The spreads of next - month - spot, March - spot, April - spot, and May - spot are 35, 10, - 35, and - 70 respectively, and the theoretical spreads are 215, 331, 446, and 562 [4]. - **Lead**: The spreads of next - month - spot, March - spot, April - spot, and May - spot are 30, 40, 60, and 85 respectively, and the theoretical spreads are 210, 315, 421, and 526 [4]. - **Nickel**: The spreads of next - month - spot, March - spot, April - spot, and May - spot are - 20, 110, 310, and 600 respectively [4]. - **Tin**: The 5 - 1 spread is 1250, and the theoretical spread is 5593 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads of current - month contract - spot and next - month contract - spot are - 430 and - 60 respectively, and the theoretical spreads are 23 and 517 [4]. - **Zinc**: The spreads of current - month contract - spot and next - month contract - spot are 40 and 40 respectively, and the theoretical spreads are 80 and 211 (also mentioned 78 and 207) [4][5]. - **Lead**: The spreads of current - month contract - spot and next - month contract - spot are 175 and 205 respectively, and the theoretical spreads are 105 and 217 [4]. Cross - Variety Arbitrage Tracking - For cross - variety ratios on August 14, 2025: Copper/Zinc (Shanghai "continuous three") is 3.51, Copper/Aluminum is 3.82, Copper/Lead is 4.69, Aluminum/Zinc is 0.92, Aluminum/Lead is 1.23, Lead/Zinc is 0.75; LME (continuous three) ratios are 3.47, 3.75, 4.93, 0.92, 1.32, and 0.70 respectively [5].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Report's Core View The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on August 13, 2025, which helps investors understand the current price relationships and potential arbitrage opportunities in the non - ferrous metals market [1][4][5]. 3) Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On August 13, 2025, the domestic spot price was 79,160, the LME price was 9,681, and the spot import equilibrium ratio was 8.17 with a profit of 84.82. The March price had a ratio of 8.09 [1]. - **Zinc**: The domestic spot price was 22,510, the LME price was 2,823, and the spot import equilibrium ratio was 8.66 with a profit of - 1927.11. The March price ratio was 5.99 [1]. - **Aluminum**: The domestic spot price was 20,640, the LME price was 2,600, and the spot import equilibrium ratio was 8.49 with a profit of - 1445.13. The March price ratio was 7.94 [1]. - **Nickel**: The domestic spot price was 121,600, the LME price was 15,079, and the spot import equilibrium ratio was 8.25 with a profit of - 2046.03 [1]. - **Lead**: The domestic spot price was 16,775, the LME price was 1,966, and the spot import equilibrium ratio was 8.86 with a profit of - 633.39. The March price ratio was 11.25 [3]. Cross - Period Arbitrage Tracking - **Copper**: On August 13, 2025, the spreads between the next month, March, April, and May and the spot month were 0, 60, 20, and 10 respectively, while the theoretical spreads were 497, 892, 1296, and 1700 [4]. - **Zinc**: The spreads were 35, 55, 55, and 35 respectively, and the theoretical spreads were 216, 338, 460, and 582 [4]. - **Aluminum**: The spreads were 15, - 15, - 60, and - 80 respectively, and the theoretical spreads were 215, 330, 446, and 561 [4]. - **Lead**: The spreads were 80, 90, 105, and 135 respectively, and the theoretical spreads were 209, 314, 420, and 525 [4]. - **Nickel**: The spreads were 540, 670, 840, and 1120 respectively [4]. - **Tin**: The 5 - 1 spread was 1330, and the theoretical spread was 5601 [4]. Cross - Variety Arbitrage Tracking On August 13, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) were 3.49, 3.82, 4.67, 0.91, 1.22, and 0.75 respectively, and in London (three - continuous) were 3.46, 3.76, 4.88, 0.92, 1.30, and 0.71 respectively [5].

Report Summary Industry Investment Rating - No industry investment rating information is provided in the reports [1][2][3] Core View - The reports present the cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data of non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on August 12, 2025 [1][3] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On August 12, 2025, the domestic spot price was 79140, LME spot price was 9676, and the spot ratio was 8.12. The equilibrium ratio for spot import was 8.18 with a profit of - 117.15. The domestic three - month price was 79050, LME three - month price was 9759, and the three - month ratio was 8.10 [1] - **Zinc**: The domestic spot price was 22530, LME spot price was 2836, and the spot ratio was 7.94. The equilibrium ratio for spot import was 8.66 with a profit of - 2036.17. The domestic three - month price was 22610, LME three - month price was 2840, and the three - month ratio was 5.94 [1] - **Aluminum**: The domestic spot price was 20630, LME spot price was 2609, and the spot ratio was 7.91. The equilibrium ratio for spot import was 8.50 with a profit of - 1542.06. The domestic three - month price was 20690, LME three - month price was 2617, and the three - month ratio was 7.89 [1] - **Nickel**: The domestic spot price was 120900, LME spot price was 15028, and the spot ratio was 8.05. The equilibrium ratio for spot import was 8.26 with a profit of - 1921.73 [1] - **Lead**: The domestic spot price was 16725, LME spot price was 1974, and the spot ratio was 8.47. The domestic three - month price was 16885, LME three - month price was 2009, and the three - month ratio was 11.24. The equilibrium ratio for spot import was 8.86 with a profit of - 765.90 [3] Cross - Period Arbitrage Tracking - **Copper**: On August 12, 2025, the spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were 560, 590, 570, and 560 respectively, while the theoretical spreads were 494, 887, 1288, and 1689 [3] - **Zinc**: The spreads were 90, 110, 115, and 100 respectively, and the theoretical spreads were 216, 337, 459, and 580 [3] - **Aluminum**: The spreads were 5, - 5, - 40, and - 80 respectively, and the theoretical spreads were 214, 330, 445, and 561 [3] - **Lead**: The spreads were 95, 95, 115, and 160 respectively, and the theoretical spreads were 209, 314, 419, and 524 [3] - **Nickel**: The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were 1180, 1330, 1500, and 1730 [3] - **Tin**: The 5 - 1 spread was 1110, and the theoretical spread was 5566 [3] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were - 635 and - 75 respectively, and the theoretical spreads were 26 and 546 [3] - **Zinc**: The spreads were - 30 and 60 respectively, and the theoretical spreads were 92 and 223 (also mentioned with theoretical spreads of 96 and 221) [3] - **Lead**: The spreads of the current - month and next - month contracts relative to the spot were 65 and 160 respectively, and the theoretical spreads were 97 and 209 [3] Cross - Variety Arbitrage Tracking - On August 12, 2025, for cross - variety arbitrage, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous contracts) were 3.50, 3.82, 4.68, 0.92, 1.23, and 0.75 respectively, and in London (three - continuous contracts) were 3.45, 3.76, 4.87, 0.92, 1.30, and 0.71 respectively [3]

Core Insights - Selecting an appropriate ETF arbitrage strategy is crucial for individual investors, considering factors such as capital strength, risk tolerance, professional knowledge, time commitment, and arbitrage space size [1][3]. Group 1: Factors to Consider - Capital strength is essential; strategies like premium-discount arbitrage and cash-futures arbitrage require significant funds, while intraday swing arbitrage and event-driven arbitrage are more suitable for investors with limited capital [1]. - Risk tolerance plays a key role; intraday swing and event-driven arbitrage involve higher risks, while premium-discount and cash-futures arbitrage are more controllable for conservative investors [1]. - Professional knowledge is necessary for premium-discount and cash-futures arbitrage, as they require price trend predictions and basis analysis, making intraday swing and event-driven arbitrage preferable for non-professionals [1]. - Time commitment is a factor; intraday swing arbitrage demands real-time market observation, while event-driven arbitrage requires ongoing information monitoring. Premium-discount arbitrage is more suitable for those with limited time, needing only to track secondary market prices and net asset values [1]. - The size of the arbitrage space is important; selecting ETFs with significant premium-discount effects and low tracking errors can yield higher returns [1]. Group 2: Tools and Strategies - Utilizing quantitative trading tools can significantly reduce the difficulty of arbitrage trading and enhance efficiency [2].