Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The report presents the daily arbitrage data of various futures products on September 19, 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. 3. Summary by Directory Power Coal - The basis data for power coal from September 12 to September 18, 2025, is presented. On September 18, the basis was - 102.4 yuan/ton, showing a narrowing trend compared to previous days [1][2]. Energy Chemicals - **Energy Commodities**: Basis data for fuel oil, INE crude oil, and the ratio of crude oil to asphalt from September 12 to September 18, 2025, are provided. For example, on September 18, the basis of INE crude oil was 5.25 yuan/ton [7]. - **Chemical Commodities**: - Basis data for rubber, methanol, PTA, LLDPE, V, and PP from September 12 to September 18, 2025, are given. For instance, on September 18, the basis of rubber was - 770 yuan/ton [9]. - Inter - period spreads for rubber, methanol, PTA, etc., and inter - variety spreads such as LLDPE - PVC, LLDPE - PP, etc., from September 12 to September 18, 2025, are presented [10]. Black Metals - **Inter - period Spreads**: Inter - period spreads for rebar, iron ore, coke, and coking coal are provided, including 5 - month minus 1 - month, 9(10) - month minus 1 - month, and 9(10) - month minus 5 - month spreads [20]. - **Inter - variety Spreads**: Inter - variety spreads such as the ratio of rebar to iron ore, rebar to coke, and coke to coking coal, as well as the difference between rebar and hot - rolled coil from September 12 to September 18, 2025, are shown [20]. - **Basis**: Basis data for rebar, iron ore, coke, and coking coal from September 12 to September 18, 2025, are presented [21]. Non - ferrous Metals - **Domestic Market**: Basis data for copper, aluminum, zinc, lead, nickel, and tin in the domestic market from September 12 to September 18, 2025, are provided [28]. - **London Market**: LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data for copper, aluminum, zinc, lead, nickel, and tin on September 18, 2025, are presented [33]. Agricultural Products - **Basis**: Basis data for soybeans, soybean meal, soybean oil, corn, etc., from September 12 to September 18, 2025, are given [38]. - **Inter - period Spreads**: Inter - period spreads for various agricultural products, including soybeans, soybean meal, soybean oil, etc., are provided [38]. - **Inter - variety Spreads**: Inter - variety spreads such as the ratio of soybeans to corn, soybean oil to soybean meal, and the difference between soybean meal and rapeseed meal from September 12 to September 18, 2025, are presented [38]. Stock Index Futures - **Basis**: Basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from September 12 to September 18, 2025, are provided [50]. - **Inter - period Spreads**: Inter - period spreads for CSI 300, SSE 50, CSI 500, and CSI 1000, including the difference between the next - month contract and the current - month contract and the next - quarter contract and the current - quarter contract, are presented [50].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The report provides cross - market, cross - period, and cross - variety arbitrage tracking data for multiple non - ferrous metals including copper, zinc, aluminum, lead, nickel, and tin on September 19, 2025 [1][4][5] 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price is 79,990 (domestic) and 9,871 (LME) with a ratio of 8.17; March price is 79,650 (domestic) and 9,943 (LME) with a ratio of 8.04. Spot import equilibrium ratio is 8.10, and the profit is - 357.73 [1] - **Zinc**: Spot price is 22,020 (domestic) and 2,944 (LME) with a ratio of 7.48; March price is 22,070 (domestic) and 2,920 (LME) with a ratio of 5.86. Spot import equilibrium ratio is 8.55, and the profit is - 3,166.55 [1] - **Aluminum**: Spot price is 20,780 (domestic) and 2,678 (LME) with a ratio of 7.76; March price is 20,785 (domestic) and 2,673 (LME) with a ratio of 7.79. Spot import equilibrium ratio is 8.37, and the profit is - 1,631.16 [1] - **Nickel**: Spot price is 120,900 (domestic) and 15,087 (LME) with a ratio of 8.01. Spot import equilibrium ratio is 8.17, and the profit is - 2,181.20 [1] - **Lead**: Spot price is 17,000 (domestic) and 1,967 (LME) with a ratio of 8.63; March price is 17,175 (domestic) and 2,011 (LME) with a ratio of 10.97. Spot import equilibrium ratio is 8.81, and the profit is - 359.88 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next month, March, April, May and the spot month are - 980, - 910, - 980, - 1000 respectively, while the theoretical spreads are 505, 908, 1319, 1731 [4] - **Zinc**: The spreads between the next month, March, April, May and the spot month are - 235, - 210, - 175, - 145 respectively, and the theoretical spreads are 214, 335, 455, 576 [4] - **Aluminum**: The spreads between the next month, March, April, May and the spot month are - 125, - 125, - 135, - 140 respectively, and the theoretical spreads are 216, 332, 449, 565 [4] - **Lead**: The spreads between the next month, March, April, May and the spot month are 65, 75, 65, 75 respectively, and the theoretical spreads are 211, 317, 424, 530 [4] - **Nickel**: The spreads between the next month, March, April, May and the spot month are - 680, - 450, - 310, 40 respectively [4] - **Tin**: The 5 - 1 spread is 220, and the theoretical spread is 5583 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts minus the spot are 610 and - 370 respectively, and the theoretical spreads are 549 and 848 [4] - **Zinc**: The spreads of the current - month and next - month contracts minus the spot are 260 and 25 respectively, and the theoretical spreads are 201 and 308 [5] - **Lead**: The spreads of the current - month and next - month contracts minus the spot are 100 and 165 respectively, and the theoretical spreads are 189 and 302 [5] Cross - Variety Arbitrage Tracking - **Copper/Zinc, Copper/Aluminum, Copper/Lead, Aluminum/Zinc, Aluminum/Lead, Lead/Zinc**: The Shanghai (three - continuous) ratios are 3.61, 3.83, 4.64, 0.94, 1.21, 0.78 respectively, and the London (three - continuous) ratios are 3.41, 3.70, 4.96, 0.92, 1.34, 0.69 respectively [5]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The report is a daily report on futures product arbitrage data from Baocheng Futures on September 18, 2025, presenting basis, inter - period, and cross - variety data for various futures products [1][5][21][27][39][51] 3. Summary by Relevant Catalogs 3.1 Power Coal - The basis data for power coal from September 11 to September 17, 2025, shows that the basis on September 17 was - 108.4 yuan/ton, gradually increasing from - 126.4 yuan/ton on September 11. The 5 - 1, 9 - 1, and 9 - 5 inter - period spreads were all 0.0 during this period [2] 3.2 Energy and Chemicals 3.2.1 Energy Commodities - For energy commodities, basis data for fuel oil, INE crude oil, and the ratio of crude oil to asphalt are provided from September 11 to September 17, 2025. For example, the basis of INE crude oil on September 17 was 20.13 yuan/ton [7] 3.2.2 Chemical Commodities - **Basis**: The basis data for rubber, methanol, PTA, LLDPE, PVC, and PP from September 11 to September 17, 2025, shows different trends. For instance, the basis of rubber on September 17 was - 830 yuan/ton, improving from - 1005 yuan/ton on September 11 [9] - **Inter - period Spreads**: The 5 - 1, 9 - 1, and 9 - 5 inter - period spreads for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented. For example, the 5 - 1 inter - period spread of PVC was 301 yuan/ton [10] - **Cross - variety Spreads**: The cross - variety spreads such as LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from September 11 to September 17, 2025, are given. For example, the LLDPE - PVC spread on September 17 was 2282 yuan/ton [10] 3.3 Black Metals - **Basis**: The basis data for rebar, iron ore, coke, and coking coal from September 11 to September 17, 2025, shows fluctuations. For example, the basis of rebar on September 17 was 72.0 yuan/ton [21] - **Inter - period Spreads**: The 5 - 1, 9(10) - 1, and 9(10) - 5 inter - period spreads for rebar, iron ore, coke, and coking coal are provided. For example, the 5 - 1 inter - period spread of rebar was 71.0 yuan/ton [20] - **Cross - variety Spreads**: The cross - variety spreads such as rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from September 11 to September 17, 2025, are presented. For example, the rebar/iron ore ratio on September 17 was 3.94 [20] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from September 11 to September 17, 2025, shows different changes. For example, the basis of copper on September 17 was 20 yuan/ton [28] 3.4.2 London Market - Data for LME non - ferrous metals on September 17, 2025, including LME premium/discount, Shanghai - London ratio, CIF price, domestic spot price, and import profit/loss, are provided. For example, the LME premium/discount of copper was (71.13) [33] 3.5 Agricultural Products - **Basis**: The basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc., from September 11 to September 17, 2025, shows trends. For example, the basis of soybeans No.1 on September 17 was 165 yuan/ton [40] - **Inter - period Spreads**: The 5 - 1, 9 - 1, and 9 - 5 inter - period spreads for soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc., are presented. For example, the 5 - 1 inter - period spread of soybeans No.1 was 45 yuan/ton [40] - **Cross - variety Spreads**: The cross - variety spreads such as soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc., from September 11 to September 17, 2025, are given. For example, the soybeans No.1/corn ratio on September 17 was 1.81 [40] 3.6 Stock Index Futures - **Basis**: The basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from September 11 to September 17, 2025, shows changes. For example, the basis of CSI 300 on September 17 was - 2.18 [52] - **Inter - period Spreads**: The next - month - current - month and next - quarter - current - quarter inter - period spreads for CSI 300, SSE 50, CSI 500, and CSI 1000 are provided. For example, the next - month - current - month inter - period spread of CSI 300 was - 10.2 [52]

Group 1: Report Industry Investment Rating - The investment rating for both unilateral and arbitrage strategies is neutral [5] Group 2: Report's Core View - The internal - external ratio of zinc is widening, with the pattern of strong overseas and weak domestic markets continuing. The domestic fundamentals are weak, with high supply pressure, increasing social inventory, and weak spot purchasing enthusiasm. Overseas, there is strong support from rising interest - rate cut expectations and continuous de - stocking. The internal - external ratio has further expanded, but the export window has not opened, and the contradiction between domestic and overseas markets remains [4] Group 3: Summary by Related Catalogs Important Data Spot - LME zinc spot premium is $26.76 per ton. SMM Shanghai zinc spot price is 22,230 yuan per ton, with a premium of - 65 yuan per ton; SMM Guangdong zinc spot price is 22,220 yuan per ton, with a premium of - 100 yuan per ton; Tianjin zinc spot price is 22,210 yuan per ton, with a premium of - 85 yuan per ton [1] Futures - On September 16, 2025, the main SHFE zinc contract opened at 22,290 yuan per ton, closed at 22,255 yuan per ton (down 50 yuan from the previous trading day), with a trading volume of 96,641 lots and a position of 84,991 lots. The highest price was 22,370 yuan per ton, and the lowest was 22,245 yuan per ton [2] Inventory - As of September 16, 2025, the total inventory of zinc ingots in seven regions monitored by SMM was 160,600 tons, a change of 6,400 tons from the previous period. The LME zinc inventory was 48,975 tons, a change of - 1,175 tons from the previous trading day [3] Strategy - Unilateral strategy: Neutral; Arbitrage strategy: Neutral [5]

1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - The report presents the daily arbitrage data of various futures varieties of Baocheng Futures on September 16, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1][5][21][27][39][50]. 3. Summary by Directory 3.1 Power Coal - The report shows the basis and spread data of power coal from September 9 to September 15, 2025. The basis on September 15 was - 115.4 yuan/ton, while the spreads of 5 - 1, 9 - 1, and 9 - 5 were all 0 [2]. 3.2 Energy Chemicals 3.2.1 Energy Commodities - Data on the basis, ratio, and other indicators of energy commodities such as fuel oil, crude oil, and asphalt from September 9 to September 15, 2025 are presented. For example, the basis of INE crude oil on September 15 was 99.61 yuan/ton, and the ratio of crude oil to asphalt was 0.1408 [7]. 3.2.2 Chemical Commodities - The basis, spread, and cross - variety spread data of chemical commodities such as rubber, methanol, PTA, LLDPE, V, and PP are provided. For instance, the basis of rubber on September 15 was - 995 yuan/ton, and the LLDPE - PVC spread on September 15 was 2304 yuan/ton [9][10]. 3.3 Black Metals - Cross - period and cross - variety spread data of black metals including rebar, iron ore, coke, and coking coal are given. For example, the 5 - 1 cross - period spread of rebar was 65.0 yuan/ton, and the screw/ore ratio on September 15 was 3.92 [20]. 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - The domestic basis data of non - ferrous metals such as copper, aluminum, zinc, lead, nickel, and tin from September 9 to September 15, 2025 are presented. For example, the basis of copper on September 15 was 10 yuan/ton [28]. 3.4.2 London Market - Data on LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss of LME non - ferrous metals on September 15, 2025 are provided. For example, the LME spread of copper was (61.93), and the Shanghai - London ratio was 8.02 [34]. 3.5 Agricultural Products - The basis, cross - period, and cross - variety spread data of agricultural products such as soybeans, soybean meal, soybean oil, corn, and rapeseed meal are provided. For example, the basis of soybeans on September 15 was 121 yuan/ton, and the soybean/corn ratio on September 15 was 1.81 [39]. 3.6 Stock Index Futures - The basis and cross - period spread data of stock index futures including CSI 300, SSE 50, CSI 500, and CSI 1000 from September 9 to September 15, 2025 are presented. For example, the basis of CSI 300 on September 15 was 5.26, and the next - month - to - current - month spread was - 9.2 [51].

Core Viewpoint - The recent increase in the hot-rolled coil and rebar price spread (referred to as the "coil-rebar spread") is attributed to various factors, with the fundamental pressure on rebar being the primary reason for the widening spread [1] Group 1: Market Dynamics - As of September 12, the coil-rebar spread for the 2510 contract reached 360 CNY/ton, and for the 2601 contract, it was 237 CNY/ton, both hitting historical highs for the same period [1] - The coil-rebar spread has increased by 175 CNY/ton and 101 CNY/ton respectively since July 31 [1] - Rebar production has been under pressure due to a significant drop in prices following the switch to new national standards last August, leading to a decrease in production amid steel mills' losses [1] Group 2: Inventory and Delivery Pressure - The increase in rebar inventory has been notable, with total inventory rising by 19.69% since early August, while hot-rolled coil inventory only increased by 7.29% [1] - In major delivery regions, rebar social inventory reached 1.3522 million tons, a historical high, while hot-rolled coil inventory stood at 330,100 tons, remaining low compared to the past five years [2] - The number of rebar warehouse receipts reached 252,200 tons, the highest since its listing, while hot-rolled coil receipts were at 58,800 tons, also low compared to historical levels [2] Group 3: Future Outlook and Arbitrage Opportunities - The 2601 contract's price spread is less affected by delivery pressures due to the distance from the delivery month, suggesting that arbitrage activities may influence its strength [3] - The potential for narrowing the 2510 contract spread is limited due to ongoing delivery pressures, while the 2601 contract's future movements will depend on rebar production adjustments and demand improvements in the second half of the year [3] - The production of major home appliances has seen a year-on-year decline of 7.2% in September, indicating potential weakness in hot-rolled coil demand moving forward [3]

Group 1: Report Overview - The report is the Baocheng Futures Variety Arbitrage Data Daily Report for September 12, 2025, covering multiple commodity sectors including thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1] Group 2: Thermal Coal - The table shows the basis, 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads of thermal coal from September 5 to September 11, 2025. The basis on September 11 was - 126.4 yuan/ton, and the spreads were all 0.0 [2] Group 3: Energy Chemicals Energy Commodities - Data on the basis of fuel oil, crude oil, and asphalt, and the ratio of crude oil to asphalt are presented from September 5 to September 11, 2025. For example, on September 11, the basis of INE crude oil was 16.42 yuan/ton, and the ratio of crude oil to asphalt was 0.1413 [7] Chemical Commodities - **Basis**: The basis of rubber, methanol, PTA, LLDPE, V, and PP from September 5 to September 11, 2025 is provided. For instance, on September 11, the basis of rubber was - 1005 yuan/ton [9] - **Inter - delivery spreads**: The 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month 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 30 yuan/ton [10] - **Inter - commodity spreads**: The spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from September 5 to September 11, 2025 are shown. On September 11, the LLDPE - PVC spread was 2352 yuan/ton [10] Group 4: Black Metals Inter - delivery spreads - The 5 - month minus 1 - month, 9 - month(10) minus 1 - month, and 9 - month(10) minus 5 - month spreads of rebar, iron ore, coke, and coking coal are presented. For example, the 5 - month minus 1 - month spread of rebar was 49.0 yuan/ton [19] Inter - commodity spreads - The ratios of rebar to iron ore, rebar to coke, coke to coking coal, and the spread of rebar minus hot - rolled coil from September 5 to September 11, 2025 are given. On September 11, the ratio of rebar to iron ore was 3.88 [19] Basis - The basis of rebar, iron ore, coke, and coking coal from September 5 to September 11, 2025 is provided. On September 11, the basis of rebar was 118.0 yuan/ton [20] Group 5: Non - Ferrous Metals Domestic Market - The domestic basis of copper, aluminum, zinc, lead, nickel, and tin from September 5 to September 11, 2025 is shown. On September 11, the basis of copper was 10 yuan/ton [27] London Market - Data on LME non - ferrous metals including LME premium/discount, Shanghai - London ratio, CIF price, domestic spot price, and import profit/loss for copper, aluminum, zinc, lead, nickel, and tin on September 11, 2025 are presented. For example, the LME premium/discount of copper was (61.54) [34] Group 6: Agricultural Products Basis - The basis of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from September 5 to September 11, 2025 is provided. On September 11, the basis of soybeans No.1 was 115 yuan/ton [39] Inter - delivery spreads - The 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads of various agricultural products are given. For example, the 5 - month minus 1 - month spread of soybeans No.1 was 47 yuan/ton [39] Inter - commodity spreads - The ratios and spreads such as soybeans No.1 to corn, soybeans No.2 to corn, soybean oil to soybean meal, soybean meal minus rapeseed meal, soybean oil minus palm oil, rapeseed oil minus soybean oil, and corn minus corn starch from September 5 to September 11, 2025 are shown. On September 11, the ratio of soybeans No.1 to corn was 1.79 [39] Group 7: Stock Index Futures Basis - The basis of CSI 300, SSE 50, CSI 500, and CSI 1000 from September 5 to September 11, 2025 is provided. On September 11, the basis of CSI 300 was - 13.97 [51] Inter - delivery spreads - The spreads of next - month minus current - month and next - quarter minus current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, the next - month minus current - month spread of CSI 300 was - 53.8 [53]

Report Summary Report Industry Investment Rating - Not provided in the report Core Viewpoints - The report presents cross - market, cross - period, and spot - futures arbitrage tracking data for multiple non - ferrous metals on September 5, 2025, including copper, zinc, aluminum, nickel, lead, and tin, to help investors understand the price differences and profit situations in different trading modes [1][3] Summary by Category Cross - Market Arbitrage - **Copper**: The domestic spot price is 80080, the LME price is 9843, and the spot import equilibrium ratio is 8.13 with a profit of - 163.54 [1] - **Zinc**: The domestic spot price is 21990, the LME price is 2873, and the spot import equilibrium ratio is 8.60 with a profit of - 2715.72 [1] - **Aluminum**: The domestic spot price is 20610, the LME price is 2600, and the spot import equilibrium ratio is 8.42 with a profit of - 1279.10 [1] - **Nickel**: The domestic spot price is 119900, the LME price is 15001, and the spot import equilibrium ratio is 8.21 with a profit of - 1709.79 [1] - **Lead**: The domestic spot price is 16675, the LME price is 1946, and the spot import equilibrium ratio is 8.85 with a profit of - 504.01 [3] Cross - Period Arbitrage - **Copper**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are - 300, - 330, - 390, and - 420 respectively, while the theoretical spreads are 502, 903, 1312, and 1721 [3] - **Zinc**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are - 110, - 110, - 105, and - 90 respectively, while the theoretical spreads are 214, 334, 454, and 575 [3] - **Aluminum**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are - 95, - 100, - 100, and - 135 respectively, while the theoretical spreads are 215, 330, 446, and 561 [3] - **Lead**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are 40, 50, 75, and 70 respectively, while the theoretical spreads are 209, 314, 419, and 524 [3] Spot - Futures Arbitrage - **Copper**: The spreads between the current - month and next - month contracts and the spot are - 15 and - 315 respectively, while the theoretical spreads are 228 and 628 [3] - **Zinc**: The spreads between the current - month and next - month contracts and the spot are 240 and 130 respectively, while the theoretical spreads are 131 and 260 [3] - **Lead**: The spreads between the current - month and next - month contracts and the spot are 145 and 185 respectively, while the theoretical spreads are 134 and 246 [3] Cross - Variety Arbitrage - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in the Shanghai market (three - continuous) are 3.60, 3.87, 4.73, 0.93, 1.22, and 0.76 respectively, and in the LME market (three - continuous) are 3.48, 3.82, 4.99, 0.91, 1.31, and 0.70 respectively [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report is a daily report on futures variety arbitrage data from Baocheng Futures on September 5, 2025, presenting the basis, inter - period, and inter - variety data of various futures varieties including thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. 3. Summary by Related Catalogs 3.1 Thermal Coal - The basis data of thermal coal from August 29, 2025, to September 4, 2025, are - 111.4, - 113.4, - 117.4, - 120.4, - 121.4 yuan/ton respectively, and 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 Commodities - The basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from August 29, 2025, to September 4, 2025, are presented, such as the basis of INE crude oil on September 4 is 142.49 yuan/ton, and the ratio of crude oil to asphalt is 0.1382 [7]. 3.2.2 Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from August 29, 2025, to September 4, 2025, are provided. For example, the basis of rubber on September 4 is - 910 yuan/ton [9]. - **Inter - period**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the 5 - 1 month spread of rubber is 75 yuan/ton [11]. - **Inter - variety**: The inter - variety spreads such as LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from August 29, 2025, to September 4, 2025, are presented. For example, on September 4, LLDPE - PVC is 2354 yuan/ton [11]. 3.3 Black Metals - **Inter - period**: The 5 - 1 month, 9(10) - 1 month, and 9(10) - 5 month spreads of rebar, iron ore, coke, and coking coal are provided. For example, the 5 - 1 month spread of rebar is 48.0 yuan/ton [21]. - **Inter - variety**: The inter - variety data such as the ratio of rebar to iron ore, rebar to coke, coke to coking coal, and rebar - hot rolled coil from August 29, 2025, to September 4, 2025, are presented. For example, on September 4, the ratio of rebar to iron ore is 3.97 [21]. - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from August 29, 2025, to September 4, 2025, are given. For example, the basis of rebar on September 4 is 93.0 yuan/ton [22]. 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from August 29, 2025, to September 4, 2025, are presented. For example, the basis of copper on September 4 is 250 yuan/ton [29]. 3.4.2 London Market - The LME premium/discount, Shanghai - London ratio, CIF, domestic spot price, and import profit/loss data of copper, aluminum, zinc, lead, nickel, and tin on September 4, 2025, are provided. For example, the LME premium/discount of copper is (67.16) [35]. 3.5 Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc. from August 29, 2025, to September 4, 2025, are given. For example, the basis of soybeans No.1 on September 4 is 95 yuan/ton [42]. - **Inter - period**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads of various agricultural products are presented. For example, the 5 - 1 month spread of soybeans No.1 is 46 yuan/ton [42]. - **Inter - variety**: The inter - variety data such as the ratio of soybeans No.1 to corn, soybeans No.2 to corn, soybean oil to soybean meal, etc. from August 29, 2025, to September 4, 2025, are provided. For example, on September 4, the ratio of soybeans No.1 to corn is 1.80 [42]. 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from August 29, 2025, to September 4, 2025, are presented. For example, the basis of CSI 300 on September 4 is 15.81 [54]. - **Inter - period**: The spreads of the next - month minus the current - month and the next - quarter minus the current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are given. For example, the next - month minus the current - month spread of CSI 300 is - 9.4 [54].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report is a daily report on futures arbitrage data from Baocheng Futures on September 4, 2025, presenting the basis, inter - period spreads, and inter - commodity spreads of various futures products including power coal, energy and chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1][5][21][27][41][53]. 3. Summary by Category Power Coal - Basis data from August 28 to September 3, 2025, shows the basis values are all negative and gradually decreasing, with values of - 109.4, - 111.4, - 113.4, - 117.4, - 120.4 respectively. The spreads of 5 - 1, 9 - 1, and 9 - 5 are all 0 [2]. Energy and Chemicals - **Energy Commodities**: Basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from August 28 to September 3, 2025, are presented, along with the basis values of energy products and some ratio data [7]. - **Chemical Commodities**: - Basis data of rubber, methanol, PTA, LLDPE, V, and PP from August 28 to September 3, 2025, are provided [9]. - Inter - period spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given, including 5 - 1, 9 - 1, and 9 - 5 spreads [10]. - Inter - commodity spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from August 28 to September 3, 2025, are presented [10]. Black Metals - **Inter - period Spreads**: The inter - period spreads of rebar, iron ore, coke, and coking coal are provided, including 5 - 1, 9(10) - 1, and 9(10) - 5 spreads [20]. - **Inter - commodity Spreads**: The ratios of rebar to iron ore, rebar to coke, coke to coking coal, and the difference between rebar and hot - rolled coil from August 28 to September 3, 2025, are presented [20]. - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from August 28 to September 3, 2025, are provided [21]. Non - ferrous Metals - **Domestic Market**: The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from August 28 to September 3, 2025, are presented [28]. - **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 September 3, 2025, are provided [36]. Agricultural Products - **Basis**: The basis data of soybeans 1, soybeans 2, soybean meal, soybean oil, corn, etc. from August 28 to September 3, 2025, are presented [42]. - **Inter - period Spreads**: The inter - period spreads of soybeans 1, soybeans 2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are provided, including 5 - 1, 9 - 1, and 9 - 5 spreads [42]. - **Inter - commodity Spreads**: The ratios of soybeans 1 to corn, soybeans 2 to corn, soybean oil to soybean meal, the difference between soybean meal and rapeseed meal, the difference between soybean oil and palm oil, the difference between rapeseed oil and soybean oil, and the difference between corn and corn starch from August 28 to September 3, 2025, are presented [42]. Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from August 28 to September 3, 2025, are presented [54]. - **Inter - period Spreads**: The inter - period spreads of CSI 300, SSE 50, CSI 500, and CSI 1000, including the spreads of next month - current month and next quarter - current quarter, are provided [54].